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Economics at Uni... (1 Viewer)
- Thread starter blahmeh
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In Micro 1 and Macro 1 (the two core economic subjects at UNSW for Commerce/Economics students) I found that heaps of the stuff we learnt was an extension of what we learnt back in HSC economics. eg. We looked at stuff like what the consumption function is made up of.
But I haven't done any other economics courses so this is only a reflection on my first year at uni.
Oh yeah, and http://en.wikipedia.org/wiki/Econometrics
But I haven't done any other economics courses so this is only a reflection on my first year at uni.
Oh yeah, and http://en.wikipedia.org/wiki/Econometrics
I'm majoring in economics and econometrics (probably) at sydney university. I don't think it's very similar to hsc economics. Introductory microeconomics in first year is very simple- but it's more theory and graphs than what I did in school (mainly preliminary y11 economics course). Introductory macroeconomics is also very theory based, without the integration of practical aspects (though quite generally) like current interest rate policy etc like I used to do in year12.
Right now I'm completing honours stream intermediate microeconomics and it's much more mathematically based than first year. First year= learning basic theories and applying them in really simple situations, second year= mathematical constructions of different problems etc. It gets quite harder and it's almost as if nothing you learnt in first year applies anymore- it really is just foundational and introductory, where nothing from school is really that relevant or useful.
Econometrics is a mix up of statistics, economics and maths. It teaches you the tools you need for analysing relationships between and changes in economic variables. It's not too bad, very easy in first year, but once you get to second year (this is at sydney uni, i'm not sure about others) there's more algebraic and mathematical application like with economics.
Right now I'm completing honours stream intermediate microeconomics and it's much more mathematically based than first year. First year= learning basic theories and applying them in really simple situations, second year= mathematical constructions of different problems etc. It gets quite harder and it's almost as if nothing you learnt in first year applies anymore- it really is just foundational and introductory, where nothing from school is really that relevant or useful.
Econometrics is a mix up of statistics, economics and maths. It teaches you the tools you need for analysing relationships between and changes in economic variables. It's not too bad, very easy in first year, but once you get to second year (this is at sydney uni, i'm not sure about others) there's more algebraic and mathematical application like with economics.
Paladin6000
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examine the changing directions and composition of australia's trade, evaluating the impact of this change on economic policy and economic performance
help on the second part of this question would be much appreciated
thanks^^
help on the second part of this question would be much appreciated
thanks^^
Pretty much cover everything and more in the first term of uni as you do in 2 years of high school, at least in terms of concepts go. I know some course in second semester at ANU has around a 50% failure rate if that says anything.
I did economics during high schoool. Its a step up from yr 11 and 12 stuff, in the way that we tend to quantify alot theories we learnt back in yr 12. This is what im noticing so far (i do macroeconomics at maq- only uni which does macro first)
First year - introduction to concepts and general principles - graphics diagrams. Pretty rosey images of neo-classical economics. University generally makes you do one unit along the lines of 'introduction to econometrics'.
Second year - the mechanics behind these principles (intermediate micro & macro) - basically you deal with the maths behind the graphs - derivatives galore. You usually do 'intermediate econometrics' to ensure you get the maths, start doing a lot of regression analysis and diagnostics.
Third year - policy implications and issues (advance micro and macro), more realistic portrayals of the economy. 'Advance econometrics' is usually optional, but it extends upon regression analysis, you get to learn pompous stuff like 'maximum likelihood estimator', 'probit models', '2SLS & endogeniety' etc... Basically, by this stage, you can go through any economic journals and understand every inch of it.
Of course, you also get to do more interesting stuff then studying how the economy ticks, there's usually electives which deals with normative aspects of economics, stuff like the political economy or history of economic thought.
Second year - the mechanics behind these principles (intermediate micro & macro) - basically you deal with the maths behind the graphs - derivatives galore. You usually do 'intermediate econometrics' to ensure you get the maths, start doing a lot of regression analysis and diagnostics.
Third year - policy implications and issues (advance micro and macro), more realistic portrayals of the economy. 'Advance econometrics' is usually optional, but it extends upon regression analysis, you get to learn pompous stuff like 'maximum likelihood estimator', 'probit models', '2SLS & endogeniety' etc... Basically, by this stage, you can go through any economic journals and understand every inch of it.
Of course, you also get to do more interesting stuff then studying how the economy ticks, there's usually electives which deals with normative aspects of economics, stuff like the political economy or history of economic thought.
UWS-Uni-Student
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I wouldnt know as I didnt do Economics in High School
but;
Microeconomics: goes into history of economics, application of economic theories, Laws of diminishing returns, Neo-classical economics, supply & demand, among other topics
but;
Microeconomics: goes into history of economics, application of economic theories, Laws of diminishing returns, Neo-classical economics, supply & demand, among other topics
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Preface:blahmeh said:
Finished a stats major, currently doing subject on 3yrd year subject on "econometrics in finance".
My perspective:
Too much emphasis on regression and time series model purely for prediction. (need more continuous time models)
Lacks mathematical rigour, Seems to be more about explaining general concepts rather than getting down into the nitty gritty of real model building, analysis, testing, etc. Also, too much reliance on econometric software (you should be learning how to write estimation routines of you own, not just calling them!)
Course seems to move at a painfully slow rate.
Conclusion: Better to combine maths/stats with economics if you want to have a real understanding/wider breadth of knowledge which mean you can read journals in econometrics, stats, finance, actuarial science, etc.
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