Economics is a science that welcomes inquisitive students and encourages critical thinking through a wide range of topics. Courses in the major enhance students’ analytical abilities, quantitative skills, and intuitive thinking that are essential for success in any career. In these courses, students are confronted with questions relating to economic outcomes, political developments, and social processes as well as learn a variety of methodologies—primarily empirical and theoretical analysis—that they then use to analyse and answer these questions. A sustained engagement with such questions prepares Economics majors to become astute observers, critical commentators, and engaged members of the world.

This page contains a (partial) catalogue of the courses that have been offered by Economics in recent years. It also provides a short description of the core courses that all Economics majors are required to take as part of their degree requirements.

Gateway Courses

Principles of Economics (YSS1203)

Much of economic analysis is concerned with the study of choice: choices made by consumers (buy the latest iPhone or save the money?), choices made by firms (what and how much to produce and what prices to charge?) and choices made by policy–makers (bailout or nationalise banks in times of crisis?). These questions are all within the purview of economic analysis. This course serves as an introduction to economics and the basic mathematical tools for economic analysis. It covers topics in microeconomics, macroeconomics, systems of equations, and univariate calculus.

Required Courses

Econometrics (YSS2211)

Does going to college increase your earnings or do people with high earnings potential simply go to college? Do episodes of cross-border air pollution in Singapore have a major impact on the economy? This course introduces students to the statistical methods that economists use to answer these and similar questions. More generally, this is an introduction to the methods used to examine empirical relationships and test economic models, primarily regression analysis. Although much of the course will focus on the derivation of methodology, emphasis is placed on learning by considering and replicating specific case studies that address current economic questions.

Intermediate Microeconomics (YSS2203)

Microeconomics analyses individual decision making and its implications for economic outcomes. Here the term ‘individual’ can be used broadly to include firms and households. We deconstruct the supply and demand by analysing consumers’ choices as the outcome of rational utility maximisation and producers’ decisions as the result of profit maximisation under various market structures. We study how the equilibrium of supply and demand in competitive markets generates efficient outcomes. We then analyse the many instances when markets fail to be efficient. This course also places special emphasis on the mathematical foundations of theoretical models. In particular, we will study and apply techniques in multivariate calculus as well as unconstrained and constrained optimisation.

Intermediate Macroeconomics (YSS2214)

In part, economics is concerned with the study of how individuals make decisions and how these decisions affect, and in turn are affected by, the distribution of limited resources in society. This course introduces students to the formal analysis of the economy as a whole. The goal is to understand how decisions by consumers, firms, and households affect markets and the social welfare implications of such choices as well as the effect of government and monetary policies on the economy. This course also places special emphasis on the mathematical foundations of theoretical models.

Advanced Courses

Advanced Econometrics (YSS3207)

This course covers advanced topics in econometrics. The focus is on financial and time series econometrics. Additionally, asymptotic theory and panel data methods are addressed in more depth than in YSS2211. This course mixes applied work and econometric theory: theoretical foundations are first covered, and then applications of the theory in real life are analysed.

Advanced Microeconomics (YSS3208)

This broadly covers the same broad range of topics as YSS2203. However, it features a more intensive treatment of consumer and producer theory. It also covers additional topics like approaches to externalities and public goods, choice under uncertainty, contracting under hidden actions or hidden information, game theory, and general equilibrium theory.

Advanced Macroeconomics (YSS3248)

This course serves as an advanced introduction to modern macroeconomic analysis. Students will come to understand the causes and consequences of fluctuations in macroeconomic activity. We will explore at a deeper level some of the topics covered in YSS2214 as well as other topics such as economic growth, the nexus of finance and macroeconomics, and overlapping generations models.

Capstone Courses

Capstone I (YSS4104)

This research seminar has several components. Faculty will generally organise a series of workshops on research methods. Students will find a topic of interest and specify an appropriate research question for their capstone research, explore the existing related literature, identify an appropriate research design to address the question, and learn how to apply empirical and theoretical skills acquired from their courses to their specific question. At a minimum, each student will also be expected to prepare a detailed research proposal by the end of the term.

Capstone II (YSS4104)

The second semester will be a continuation of the process started in Capstone I. Students will continue to develop their proposals and carry out their projects, culminating in both a presentation of their research results and a written paper.

Elective Courses (Applied Courses)

Behavioural Economics (YSS3203)

The field of behavioural economics draws on insights from other disciplines, but especially psychology, to enrich our understanding of economic behaviour and decision making. Individuals frequently make decisions that systematically depart from the predictions of rational choice models. In this course, we seek to understand these departures by integrating the psychology of human behaviour into economic analysis. In addition, special focus will be put on decision-making in the context of bounded rationality (that is, constrained choice due to scarce information or time to make decisions).

Development Economics (YSS3204)

This course focuses on understanding the process of economic development. It is structured around four main questions: (1) Why are some countries much poorer than others? (2) What are the main barriers to the process of economic development? (3) What are the main barriers to escaping poverty? and (4) Why do these barriers exist and persist?

International Finance (YSS3224)

This course is an overview of international macroeconomic theory and policy. It considers
simple economic models to build understanding of international financial markets and the interrelationship among economic aggregates such as exchange rates, income, and interest rates. Models will be applied to understand the effects and implications of macroeconomic policies in the international arena. The course may also consider relevant current issues. Students should have a working knowledge of algebra and graphical techniques.

International Trade (YSS3205)

In this course, we will study the theoretical and empirical foundations and policies of international trade at a fairly abstract and rigorous level. The course materials and lectures routinely employ mathematics. The issues that are addressed include the causes of international trade, the gains from trade, and the effects of trade and investment barriers. The course also considers real-world issues related to the interactions between trade and development and the negotiation of trade agreements.

Labour Economics (YSS3244)

In this course, we investigate the mechanisms by which labour resources are allocated in market economies of various stripes. Labour market outcomes are intrinsically linked to several decisions: Which school should one attend? What neighbourhood should one live in? What personal image should one project? This course analyses how all these decisions impact the allocation of labour.

Political Economy (YSS3220)

This course focuses on understanding how interactions between political actors influence economic decisions and outcomes.

Public Economics (YSS3243)

Public economics studies economic policy. The course considers microeconomic approaches to understanding how externalities are dealt with, how public goods are provided, and how tariffs and taxes are set.

Urban Economics (YSS3265)

In this course, students will use economic models and empirical tools to understand the rationale for the modern city as well as consider solutions to the various issues of congestion, housing affordability, and public good provision that nearly all cities face.

Elective Courses (Core Courses)

Introduction to Game Theory (YSS1205)

Game theory studies strategic interactions where the involved parties impact others and their welfare through their individual decisions. In such situations, it becomes necessary to think not only about how one should act in trying to further their own goals but also in trying to anticipate the actions of others (who are also trying to further their own goals). Game theory has wide ranging applications and is used to model strategic interactions in both the human and non-human worlds. This course introduces students to concepts in game theory and their applications.

Mathematics for Economists (YSS3233)

Much of economics uses mathematical expressions to precisely describe economic concepts and applies mathematical techniques to analyse economic models. This course will cover topics in mathematics that are essential for the study of many branches of economics. Topics include univariate and multivariate calculus, constrained and unconstrained optimisation, linear algebra, and differential equations. Special emphasis will be placed on economic applications.