Welcome Address:Institute of Education





This Department runs an undergraduate programme, which is designed to lead to the award of the Bachelor of Science Degree in Economics, B. Sc. (Econs). The programme is briefly described below.

In addition to this, courses taught in the department are taken by students registered for programmes outside the Department. Such students come mainly from the other Department in the Faculty of Social Science and from the Faculty of Education and Technology.The programme which is normally Expected to last 3-4 sessions, (six – eight semesters), contains comprehensive coverage of courses whose primary purpose is to provide thorough training in both the technique and Application of economic analysis, with particular reference to problems of contemporary Nigeria within the world context. The required courses seek to ensure coverage of the fundamental theory and methods which should be the minimum expected of any economist. The elective courses virtually all branches of economics and business studies and allow for specialization in these fields.

General Information
All students who wish to take courses in Economics are strongly advised to familiarize themselves with the course system regulations and the Departmental Course System Syllabus. They should consult with their Advisors before proceeding to register for any course.
These regulations and syllabus must be carefully studies before registration is effected. 300 level students are particularly advised to carefully study both 300 and 400 level syllabuses and regulations. This is to enable them to rationally select their 300 level courses having in mind what 400 level courses they may wish to take in their final year.
Student Societies
Students in this Department can, and are encourage to, become members of three student run societies. Each of this societies is identified and its objectives and activities briefly described below:

Nigerian Economics Students Association
The membership of this Association is open to all undergraduates majoring in Economics. Its objectives are to provide a forum for dissemination of economic thought and to encourage its members to engage in academic and objective analysis of Nigeria economic problems.

In pursuance of these objectives, the association periodically organizes lectures, symposia, seminars etc and publishes magazines (“Newsletter Economic” or the University economist.)International Association of Students in Economics & Management (AISEC)As the name indicates, this an international students’ organization which has a chapter in Ibadan. Its objectives are to link management with the academic and student communities, and to provide practical experiences in organises lectures, seminars, training workshop conference and international exchange programmes for its members.

Extra-Curricular Activities
In addition to the special activities organized by the student – societies previously identified, students of Economics are also expected to participate actively in the community life of the University wide student body.
Furthermore, this Department arranges an excursion, once a year industrial locations where final year students can learn at first hand about various production processes and problems. This annual industrial tour is organized by a member of staff.

Course Code Course Title
Eco 101 Introductory Economics I
Eco 104 Introductory Mathematics for Economists I
Eco 201 Principles of Economics I
Eco 204 Introductory Mathematics for Economists II
Eco 301 Microeconomic Theory
Eco 303 Structure of the Nigerian Economy
Eco 305 Project Analysis I
Eco 311 Introduction to Accounting
Eco 315 Business Finance
Eco 341 Mathematics for Economists
Eco 342 Introduction to Operations Research
Eco 351 Introduction to International Economics
Eco 361 Monetary and Financial Institutions
Eco 371 Elements of Public Finance
Eco 401 Microeconomics
Eco 402 Macroeconomics
Eco 403 Original Essay
Eco 441 Introductory Econometrics II (Applied)
Eco 451 Theory of International Trade
Eco 461 Monetary Theory and Policy
Eco 471 Public Sector Economics
Eco 481 History of Economic Thought
Eco 102 Introductory Economics II
Eco 103 Nigerian Economy in Perspective
Eco 202 Principles of Economics II
Eco 203 Applied Economics
Eco 302 Macroeconomic Theory
Eco 312 Principles of Accounting
Eco 314 Economics of Marketing
Eco 321 Economic Development Theory
Eco 343 Introductory Econometrics I
Eco 362 Monetary Theory
Eco 402 Macroeconomics
Eco 403 Original Essay
Eco 405 Project Analysis II
Eco 411 Management Accounting
Eco 413 Financial Accounting
Eco 442 Operations Research
Eco 452 International Finance
Eco 483 Economic History of Nigeria
Eco 492 Economics of Human Resources
M.Sc /M.Phil /Ph.D. Programme in Economics
A. Some Practical Hints
1. Your are coming to a programme in which some level of maturity and ability to take initiative has to be assumed This is especially true in the area of being able to determine your own particular needs and how these can be met within what the programme has to offer Experience with previous classes has shown that most people still come into the graduate programme like an average undergraduate student having .the lecturer known best. type of disposition Your creativity, initiative and general enthusiasm would to a large extent determine how much you are able to contribute to the life of the department. through your involvement in the programme
2. Some level of rigour and assumptions regarding some minimum level of undergraduate exposure is to be expected in the handling of courses to be offered particularly in the compulsory courses. Given that incoming class is drawn from varying background, you would general1y be expected to be willing to work harder through extra remedial reading on their own to improve on their background.
3. While other courses can be audited at the undergraduate and may be dictated by needs and interests of each student, the 30 unit requirement for the M.Sc Programme has to be met from the list of courses being offered within the M.Sc. Programme, ECONS 701. 711.713,751 and 752 are compulsory courses as well as the non-credit earning ECONS 702 and 799. These give a total of 21 units. In addition, each student is required to select courses from at least two areas of specialization up to a maximum of 15 units, giving a maximum work load of 36 units. These are seven of such areas this session.
4. The graduate seminar will not be a formal course as such, rather it is
designed as a training ground on.
(a) how to keep abreast with developments in the literature and advances in the discipline:
(b) how, to engage in academic disputations, present research findings and benefit from exposure to one's peers:
(c) discovering and developing your research interests and topic for the M Sc. project Report on on-going or completed graduate research.
5. Whatever the programme has to offer is essentially embodied in the participants within the programme and their interactions. Students are encouraged to discover and take interest in the research pursuits of lecturers of their choice especially for the purpose of selecting project, topics and assigning of supervisors. For those who are unable to make such a discovery. They of course would be arbitrarily assigned. The former makes for a productive working relationship
6. Assignment to supervisors will be done at the beginning of the second semester for the M. Sc. Project and fresh M. Phil/Ph. D. students and possibly a bit earlier for the M. Phil/Ph. D. students who have just qualified for these programmes.
  As usual we would expect each student to be involved in some teaching through grading or handling of tutorials and team invigilation as an integral part of the training and exposure involved in the programme.
The Economics Department is one of the founder department of the Faculty of Social Sciences. It is the first Department of Economics in Nigeria. Its size has increased tremendously since inception.
Postgraduate Economics students (just like the undergraduate) are selected carefully. So that everyone admitted into the Department should be able to successfully complete the programme.
The Department currently runs three of academic programmes. These are
(1) the one-calendar Master of Science (M. Sc.) programme.
(2) The Master of Philosophy (M. Phil.) programme; and
(3) The Doctor of Philosophy (Ph. D.) programme.
These programmes will now be discussed in greater details.

The following Departmental requirements seek to clarify general provisions in the Postgraduate school regulations as they affect the Department.

1. Master of Science (M. Sc.)
This is one-calendar year full-time programme. The programme consist of courses and a project; the courses offered are listed in another section here. Each of the courses carries 3 units. (A full-time student is expected to register for a minimum of 12 units and a maximum of 36 units per session.) Some courses can be taken, with special permission from outside the Department. The compulsory courses for all students are: ECONS 711, 712, 713, 751 and ECONS 701. Other courses are regarded as electives.
2. Evaluation of M. Sc. Candidates
(a) The minimum units for graduation shall be 30 units including the project. The average mark for the programme is based on grades score in all the courses taken including project. Examination grades in each course are recorded as percentage marks, and are interpreted as follows: (see general regulation 12)
(b) Candidates who, having satisfied all requirements for the calendar year of master’s may be recommended on the basis of their weighted average (W. A.) for:
(i) the award of a terminal masters (40-49% W. A.)
(ii) registration for M. Phil (50-54% W. A.)
(iii) Registration for Ph. D. (60% and above W. A.) in the case where a candidate ineligible (and also recommended) for conversion to M. Phil/Ph. D. he may:
(1) (1) Opt to receive an M. Sc. As a terminal degree or
(2) Waive the right to the degree and proceed directly to candidacy for M. Phil.
(3) Candidates recommended for Ph. D automatically receives the M. Sc. Whether he wishes to continue or not
3. Master of Philosophy (M. Phil)
The duration of the master of philosophy (M. Phil) programme is not normally less than four semesters form the first day of registration. However, period of study originally approved for one calendar year (M.Sc) or a period of study for a higher degree of a recognized institution may be accepted (on strong recommendation of the department and the faculty and with the approval of the postgraduate school.) as an equivalent part of the period of study for degree of M. Phil. In no circumstances, however, shall a period exceeding twelve calendar months s waived for such a candidate.
An M.Phil candidate is expected to take some 700 level course. These are basically reading courses which are examined by term papers only. The maximum requirement (in the case of such courses) is 6 unit while the minimum is 3 units. This program can be done on part time basis.
Doctors of Philosophy (Ph. D)
The Ph.D programme shall normally not less than 6 semesters from the first date of registration. Also, for this programme, a period of study originally approved for the one-calendar year M. Sc. Or for the M. Phil. Or a period of study for higher degree of a recognized institution (on the strong recommendation of the Postgraduate School) may be accepted as satisfying a specified part of the period of study for the Ph. D. in no circumstances, however, maybe a period exceeding 12 calendar months be waived for a candidate.
A Ph. D. programme is essentially a research programme, and, as such, can be done on part-time basis
4. Duration of M. Sc./M.Phil /Ph.D.

Going by our experience, part-time registration within the M.Sc. programme is being discouraged. Course duration will be for a minimum of one-calendar year registration at the end of which the registration lapses.

M.Phil: This would be over a minimum period of four semesters full time registration and a maximum period half the maximum period allowed for the Ph.D. According to the existing regulations, maximum period allowed for Ph.D. registration or an equivalent period pro-rata for a combination of part- time and full time registration. Part time registrations is to be allowed only after the first four semesters, (if the student is yet to meet the degree requirement), after which the student can extend his registration for a maximum of two semesters of full time studies or four semester of part time studies.
5. Evaluation of M.Phil/Ph.D. Studies (a) (i) There will no longer be automatic change of registration from M.Sc. to
Ph.D merely on the basis of obtaining a weighted average of 60% and above at the M.Sc. exam. Change of registration will be based on recommendation of thesis committee earliest at the end of the third semester of registration for the M.Sc. Failing to satisfy this requirement the registration becomes effective for M.Phil only.
(ii) In effect for operational purpose the four way classification in regulation is reduced to a three way classification of successful M. Sc. students at the end of two semesters of full time studies into terminal M. Sc., M. Phil /Ph.D.(b) (i) Admission of all candidates with masters degree will be into the
M. Phil /Ph. D. category in the first instance. They all will be required to take all the compulsory courses in the M. Sc. programme.
(ii) At the end of two semesters a weighted average of all the compulsory courses will be considered and:
• A below 40 weighted average would be regarded as a failure and such candidate would be required to withdraw.
• 40 – 59% weighted average regardless of failure in any of the courses would quality the candidate for M. Phil registration.• A 60% and above weighted average qualities the candidate for a potential Ph.D. registration subject to a successful thesis proposal to be evaluated earliest at the end of the third semester of registration; otherwise registration reverts back to M. Phil.(iii) Any one in the category of students who fell he or she has already done enough course work, would be allowed the option of presenting himself /herself for the examination whenever the courses are due for examination without necessarily attending the classes.
M.Sc (Econs)/M.Phil/Ph.D Programme
Course Allocation
First Semester
Course Code Course Title
Eco 701* M.Sc Project
Eco 702* Research Seminar I
Eco 711* Microeconomic Theory I
Eco 712* Macroeconomic Theory I
Eco 713* Introductory Econometrics I
Eco 714 Monetary Economics
Eco 716 Public Sector Economics
Eco 717 International Economics I
Second Semester
Eco 701* M.Sc Project
Eco 799* Research Seminar II
Eco 715 Development Economics
Eco 723 Petroleum and Energy Economics
Eco 724 Health Economics
Eco 752 Macroeconomic Theory II
Eco 753 Introductory Econometrics II - Applications
Eco 757 International Economics II

Collaborative Ph.D Programme
2003/2004 Session
First Semester
Eco 811* Microeconomic Theory I
Eco 812* Macroeconomic Theory I
Eco 813* Quantitative Methods I (Maths for Economists)
Second Semester
Eco 851* Microeconomic Theory II
Eco 852* Macroeconomic Theory II
Eco 853* Quantitative Methods (Econometrics)
*Compulsory Courses
M.Sc (Banking & Finance) Programme
First Semester
Course Code Course Title
MBF 702 Quantitative Techniques in Banking and Finance
MBF 703 Managerial Economics
MBF 705 Financial Systems
MBF 709 Bank Lending and Credit Administration
MBF 711 Investment Analysis
MBF 721 Practical Project
MBF 722 Financial Management
MBF 770 Management Information System I
Second Semester
MBF 701 Monetary Theory and Policy
MBF 704 Operations Research in Banking and Finance
MBF 706 Management Theory
MBF 715 Banking Laws and Regulations
MBF 720 Seminar in Money, Banking and Finance
MBF 721 Practical Project
MBF 727 Security Markets and Portfolio Theory
MBF 771 Management Information System II
First Semester  
Course Code Course Title
MBA 701 Basic Maths & Statistics for Management
MBA 703 Financial Statements - Preparation and Interpretation
MBA 705 Economic Theory
MBA 722 Financial Management
MBA 723 Tax Planning and Management
MBA 741 Foundation of Personnel & Industrial Psychology
MBA 761 Introduction to Marketing
MBA 762 Consumer Behaviour
MBA 770 Management Information System I
Second Semester
MBA 702 Introduction to Quantitative Techniques in Management
MBA 704 Business Policy
MBA 706 Management Theory
MBA 711 Operations Management
MBA 721 Financial Analysis
MBA 727 Securities Markets and Portfolio Theory
MBA 747 Social Psychology and Personnel Management
MBA 763 Marketing Research
MBA 771 Management Information System II
MBA 783 Elements of Business Law

Third Semester
MBA 729 Seminar on Current Issues in Accounting and Finance
MBA 764 Marketing Seminar
MBA 789 Project Evaluation
MBA 799 Practical Project
In many respects, the last two decades have been momentous at the University of Ibadan. Without much exaggeration, the protracted and multi-faceted problems facing the university in general and the Department of Economics in particular have combined to severely erode the credibility of our claim to being a global centre of academic excellence that continues to produce well-trained Ph.D graduates for which it was well known in the first half of its history as an institution. The key challenge is how to re-establish and sustain a robust programme of doctoral training that would support the much-desired world class academic standards in this 21st century. Clearly, the current state of events presents the Department with a set of challenges in re-establishing its position in the upper tier of the global knowledge community in Economics. The search for innovative ideas and options concerning the upgrading our Ph.D programme has become imperative as the university seeks for new strategic directions in its quest to be re-established as a world class citadel of learning through its new Vision and Mission Document. In the search for new strategic directions and the re-engineering that UI and the Department require a number of important changes must take place and imaginative responses to existing problems militating against quality assurance are required. A complete overhaul of our current Ph.D programme, which has been in place for more than 20 years, is a sine qua non in the quest to be globally competitive. The training of well-educated doctoral graduates globally has changed to incorporate taught courses at the Ph.D level. For our graduates to be globally competitive we need to give them first class training that would situate them comfortably in this highly competitive and dynamic world. The changes contained in this proposal which involves the department’s participation in the Collaborative Ph.D in economics programme are likely to yield three broad expectations. First, the Department would become not just the best in Africa, but also one able to compare and compete favourably with any other in the world of learning and research in economics. Second, it is envisaged that the products of our re-engineered Ph.D programme will be of such high qualities that they will always have a competitive edge in the new knowledge-based global economy. Third, the department will thus become the first choice university for post-graduate studies not just for Nigerian and African students, but for students from Asia, Europe, the Americas, and Oceania. This is not a heroic ambition by any means: UI was already approaching this status between the second half of the 1960s and the 1970s. The achievement of these laudable objectives demands a radical change in our approach to Ph.D training. The purpose of this proposal is to set out the desired changes in our programme that will facilitate the realization of these goals. The changes we are proposing for the consideration of the PG Board is contextualized in a new and innovative Collaborative Ph.D Degree Programme in Economics, a recent innovation in support of higher education in Africa supported by a number of international donor agencies under the umbrella of the African Economic Consortium AERC based in Nairobi, Kenya. The programme is expected to begin at four universities, namely, University of Cape Town for the Southern Africa region, University of Dar es Salaam for Eastern Africa, University of Ibadan for English-speaking West Africa and University of Yaounde II for Francophone Africa. The Collaborative Ph.D Degree Programme in Economics will allow several world class academics from other parts of the world to visit the Department to teach, conduct joint research with our staff and give seminars.
The objective of the programme is to further strengthen teaching and research capacity in sub-Saharan Africa (SSA) countries, increase the pool of potential researchers and policy analysts, and reduce the need for African countries to purchase training abroad when services of comparable quality can be provided at home at reasonable cost. The programme will integrate theory, tools and African applications into academic teaching, ensuring that the theory is firmly grounded on the empirical side and relevant to the African context. It will support a PhD programme that maximizes both quality and relevance. Its distinguishing feature will be the integration of theory, tools and African applications in the academic programme. The programme will include a high level of theory grounded in African empirical realities. The Programme will be implemented along a collaborative framework with degree awarding institutions selected competitively but distributed equitably along regional lines. The Programme will facilitate the gradual build up of a community of African scholars who have the expertise and the vocation to identify relevant research issues and provide leadership in addressing them. The Programme will invigorate our Ph.D programme and enable us to take advantage of other opportunities to rebuild our teaching and research capacities.
Entry into the Collaborative Ph.D. Programme shall be on a competitive basis. The criteria for admitting students to the Programme will include the following: An applicant must have a good first degree in Economics or a related field -- a first class or upper second class degree, or equivalent.
  1 The degree must be from a recognised university.
2. The applicant must also have a good Master's degree in Economics (with a course work component) from a recognised institution.
3. Eligible candidates shall be required to take a Selection Test and attend an Oral Examination both of which shall be conducted by the Department of Economics of the University of Ibadan. Possession of other qualifications such as the Graduate Record Examination (GRE) scores in Economics and literary and mathematical aptitude tests shall be added advantages.
4. Evidence of attachment to, or sponsorship by, an institution in Sub-Saharan Africa engaged in economic management, research, and/or training in the public sector in the region.

There are three components of the new programme. The first is an intensive course work whose primary aim is to push the students further toward the contemporary intellectual frontiers of knowledge through a series of intensive courses taught by African scholars and leading international experts. This would be followed by the students preparing for and taking the comprehensive examinations. Thereafter the students will be involved with thesis research, fieldwork, and data gathering and analysis under the primary guidance of their departmental supervisors. This process will end with a post-fieldwork seminar to enable students to present preliminary results of their research. Provision will also be made for students to present research findings at major international conferences and to learn from them about new theoretical and methodological developments and important ongoing policy concerns, to enrich and broaden further their research interests.The Programme seeks to complement existing doctoral programmes rather than to provide a substitute. Entering PhD students will have completed master's level course work in the following three core courses: Microeconomic Theory, Macroeconomic Theory and Quantitative Methods.Three Workshops will be organized to assist students during their research phase. The Workshops are:
1. Research Proposal Workshop: This will be at the end of the second year (in June). The students will be required to present and defend before a panel of experts as well as their fellow students their Ph.D. Research Proposals. 2. Post-Field Work Workshop: This will take place in June, at the end of the third year. Students will be required to present preliminary results of their research before a panel of experts and their fellow students as in the first Workshop.3. Workshop on Draft Theses: At the end of the first half of the fourth year (in December), the third Workshop will be held. Students will present their draft Ph.D. theses before a similar audience. This will be the final input by outsiders into the students' research, just before the students defend the theses.
3.1 Summary of Programme Tasks
Table 1 presents a summary of the main Programme tasks over each of the four academic years. In the first year, 40 weeks are devoted to the teaching of core courses. Most of the 40 weeks of the second year are devoted to the intensive teaching of elective courses, preparation for the comprehensive examinations and research associated with the development of a research proposal. Thereafter, students will attend a thesis proposal workshop at the end of the second year.In the third year, 28 (of the 40) weeks will be taken up by fieldwork and data gathering and seven weeks of analysis. Up to four weeks will be devoted to the write-up of a paper containing the preliminary thesis results and one week is spent at the post-field work seminar.In the fourth and final year, 24 (of the 40) weeks will be devoted to further analysis of research materials, which will end up first as a draft thesis whose main elements are written up for presentation during the one-week dissertation workshop. Then further refinements are expected to transform this into a finalized thesis to be defended at the end of the year.Table 1: Programme tasks in weeks (wks)
Task   Programme Years  
  1 2 3 4
Course Work        
- Core courses 40 - - -
- Elective courses - 13 - -
- Comprehensive exams - 6 - -
- Thesis proposal - 16 - -
- Field work - - 28 -
- Analysis - - 7 24
- Proposal - 4 - -
- Post field work paper - - - -
- Draft of thesis - - 4 6
- Dissertation seminar paper - - - 2
- Thesis finalization and defense - - - 7
Workshops - 1 - -
- Thesis proposal - - 1 -
- Post field work - - - 1
- Dissertation        
Total 40 40 40 40

It should be noted that not all students would proceed with the programme at the same pace. Some may complete the programme earlier than the four years provided, while others may take a little longer. For budgeting purposes, we have assumed that all students complete the programme within the four years provided.

REGULATIONS GOVERNING THE AWARD OF THE DEGREE Examinations shall be conducted in accordance with existing regulations of the Postgraduate School, University of Ibadan. To qualify for the award of Ph.D the following conditions must be fulfilled. After successfully completing the SIX (6) core courses and any combination of two sets of elective courses (for a total of 4 elective courses), each student will sit comprehensive examinations in four areas (Microeconomics, Macroeconomics, and two elective fields). The student will proceed to the thesis stage (to register for ECON 699) only after successfully completing the comprehensive examinations. In addition the student must satisfy all other postgraduate school regulations governing the award of the Ph.D degree.

4.4.1 Core Courses:
ECON 801: Microeconomics I
ECON 802: Microeconomics II
ECON 806: Macroeconomics I
ECON 807: Macroeconomics II
ECON 811: Quantitative Methods I
ECON 812: Quantitative Methods II

4.4.2 Elective Courses
ECON 816: Agricultural Economics I
ECON 817: Agricultural Economics II
ECON 821: Industrial Economics I
ECON 822: Industrial Economics II
ECON 826: Labour Economics I
ECON 827: Labour Economics II
ECON 831: Health Economics I
ECON 832: Health Economics II
ECON 836: Environmental Economics I
ECON 837: Environmental Economics II
ECON 841: Monetary Economics I
ECON 842: Monetary Economics II
ECON 846: Public Sector Economics I
ECON 847: Public Sector Economics II
ECON 851: International Economics I
ECON 852: International Economics II
ECON 856: Development Economics I
ECON 857: Development Economics II
ECON 861: Econometrics I
ECON 862: Econometrics II
4.4.3 Thesis:ECON 899: Ph. D. Thesis
As pointed out earlier, the Programme will consist of both a coursework component and a thesis. The detailed structure of the programme is as follows:The courses specified above are full- year (two semester) courses; they will be taught over two semesters.4.4.1 Core Courses:ECON 801: Microeconomics I
ECON 602: Microeconomics II
ECON 606: Macroeconomics I
ECON 607: Macroeconomics II
ECON 611: Quantitative Methods I
ECON 612: Quantitative Methods II
4.4.3 Elective CoursesECON 616: Agricultural Economics I
ECON 617: Agricultural Economics II
ECON 621: Industrial Economics I
ECON 622: Industrial Economics II
ECON 626: Labour Economics I
ECON 627: Labour Economics II
ECON 631: Health Economics I
ECON 632: Health Economics II
ECON 636: Environmental Economics I
ECON 637: Environmental Economics II
ECON 641: Monetary Economics I
ECON 642: Monetary Economics II
ECON 646: Public Sector Economics I
ECON 647: Public Sector Economics II
ECON 651: International Economics I
ECON 652: International Economics II
ECON 656: Development Economics I
ECON 657: Development Economics II
ECON 661: Econometrics I
ECON 662: Econometrics II
4.4.3 Thesis:ECON 699: Ph. D. Thesis
4.5 Detailed Course Description Below is a detailed description of the courses.

Consumer Theory: Preferences Utility and Demand, indirect utility, Expenditure functions and duality theory; revealed preferences; measurement of household welfare due to price changes; price indices; consumer behaviour under rationing; labour supply and inter temporal consumer choice. Theory of Production and Supply: Production and linear activity models; cost and profit functions and duality; alternative models of the firm; Game Theory: Introduction and definitions; extensive and normal form representation of a game; simultaneous move games and games of incomplete information; dynamic games. Theory of Markets: Perfect competition; monopoly; imperfect competition; the economics of regulation and deregulation. Economic Choice Under Uncertainty: Expected utility; risk and uncertainty; stochastic dominance and state dependent utility. Topics in Information Economics: Insurance; asymmetric information and incomplete markets; information asymmetry and moral hazard; adverse selection; signalling.
General Equilibrium Theory and Welfare: General equilibrium theory in pure exchange and production economies; Welfare economics and Pareto optimality; competitive equilibrium (existence, uniqueness and stability); core equivalence theory and related topics; applied general equilibrium models. Theory of Social Choice: Social choice theory; welfare economics and axiomatic bargaining. Market Failure: Externalities and Public goods; other market failures: missing indivisibilities and increasing returns, second best, rent seeking, transactions costs and information failures. The Microeconomics of Households: Rural household models; intra-house hold resource allocation. New Institutional Economics: Property rights and transaction costs; theory of entitlements.• ECON 805: MACROECONOMICS IA Review of Basic Macroeconomics Models: Evolution of macroeconomics and its relevance to Africa; Is there an African theory of macroeconomics? Aggregate demand and supply; the static and dynamic IS-LM models; general scope of development macroeconomics. The Theory of Aggregate Consumption Behaviour: Inter temporal consumption behaviour under certainty and uncertainty; overlapping generation models e.g. the Ramsey model; empirical studies of consumption and saving models to; Africa and other developing areas. The theory of Investment: Investment in an optimising framework under certainty and under uncertainty theory if investment under rationing (of credit foreign exchange etc.); government policy, private investment and foreign investment; empirical studies of investment behaviour in African and other developing countries. The Labour Market: Labour Market segmentation and macroeconomics implications; search costs and wage rigidities; search and efficiency wage models; empirical characteristics of labour markets in developing countries. Money and Financial Markets: Theories of the demand for and supply of money; financial intermediation; money and financial market equilibrium; interest determination; financial represtion; financial deepening and financial widening; informal financial sector and markets. Government sector, Fiscal Policy and the Government Budget Constraint: The role of government in the macroeconomy ; categorisation of government outlays; fiscal deficit and its financing; inter temporal government budget constraint; aggregate budget constraint and Walras law; the Ricardian equivalence and its limitations; issues of the government budget process and expenditure in Africa; empirical studies of African and other developing countries government sectors. Inflation and Expectations: Determinants of inflation: the Phillips curve; adaptive and rational expectations; dynamic time inconsistency, overall inflation policy and implications; inflation in developing countries. • ECON 806: MACROECONOMICS II
Open Economy Macroeconomics:
Extensions of the basic IS-LM model to the foreign sector; balance of payments theories; internal and external balance and the theory of economic policy; Dutch disease; two-sector dependent model; theory of exchange rate determination and exchange rate regimes; exchange rate regimes in Africa; parallel foreign exchange markets and the unification problem; trade liberalization and the macro-economy; macroeconomic policy in open economics; external debt and capital flight; macroeconomic policy in an African setting. Theory and Application of Economic Growth Models: Sources of growth; growth models (Harrod , Solow-Swan, endogenous); money in a growth model; the two- sector growth model; explaining the slow growth in African economies; policies for growth in Africa. Stabilization and Adjustment Policies: Overview of stabilization and adjustment policies; optimal stabilization theory; stabilization and structural adjustment policies in African and other developing countries; new initiatives. Special Topics in Macroeconomics: Disequilibrium macroeconomic models; the new macroeconomics; macroeconomic modelling of African economics.
This course consists of three components: mathematics for economists, statistical inference and econometrics. The topics to be covered are as follows:Set theory and Trigonometry. Linear Algebra: Vectors, matrices; subspaces, ranks and determinants; eigenvalues, eigenvectors; symmetric matrices; quadratic forms. Calculus: Sequences, limits, continuity; calculus of one and several variables; implicit functions concave functions and convex functions. Static Optimisation: Constrained and unconstrained optimisation; integral calculus. Dynamics: Ordinary differential equations; systems of ordinary differential equations; difference equations; systems of differences equations. Dynamic Optimisation: Calculus of variation; optimal control theory; dynamic programming. • ECON 812: QUANTITATIVE METHODS IIReview of Basic Concepts in Econometrics: Probability and distribution theory; statistical inference. The Classical Linear Regression Model; hypothesis testing; violation of Gaussain and normality assumptions; functional form; additional estimators; systems of equations; limited dependent variables; time series econometrics; panel data analysis.
Theoretical and Empirical Issues: The profit maximization hypothesis; behaviour of farmers under risk and uncertainty; agricultural household models; the theory of share tenancy. Supply Response: Theory of supply; estimation methods and empirical results. Agricultural Labour: Employment and Unemployment; rural-urban migration; demographic consideration. Agriculture Labour: Employment and unemployment; rural-urban migration; demographic consideration. Agriculture and Policy: Rationale and tools for government intervention. Approaches to Policy Analysis: Partial equilibrium analysis; sectoral analysis. Structural Adjustment Programmes: SAP’s ; the new initiatives.
Food Policy Analysis: Pricing and Marketing: food security. Technological Change: Theory of generation of technology; technology transfer; research and extension; impact of technological change on resource allocation and the environment; application to Africa. The Role of Infrastructure and Rural Institutions: Physical and social infrastructure; rural financial institutions (rural banks, microfinance institutions, agricultural banks, rural credit schemes, etc.), land markets and tenure. Co-operatives, Community- Based Institutions, NGOs and Other Farmer Organizations. Poverty Alleviation and Role of Agriculture in Development: Agriculture, poverty and growth; poverty alleviation; agriculture and development; applications to Africa. • ECON 821: INDUSRIAL ECONOMICS I
Approaches to Industrial Economics. Role of Industry in Economic Development: Patterns of structural change and economic development; development of world industry and global trends in industrial structure; development of industry and industrial structure in Africa. Further Analysis of Industrial Structure, Conduct and performance. Industrial concentration; costs, economie of scale and technology; oligopoly models; dynamic pricing and non-price behaviour, dimensions of performance; industrial structure and interactions. Analysis of Firm Structure and Behaviour: Goals of firms; firm structure, organization and control; size and growth of firms; globalisation and the development of firms.


Industrial Policy and Industrialization Strategies: Static and dynamic welfare implications under various market conditions; macroeconomic policies, market reforms and industrial structure; industrialisation options and strategy, studies of industrial patterns and performance in Africa and other developing areas. Impact of Stabilization and Structural Adjustment Programmes on Industry in a Developing Country. Impact of Poverty and the new Initiatives on Industrialization in Africa: Industrial growth and poverty eradication; small-scale industries and poverty eradication; industry and environmental degradation in Africa; the informal sector and industry in developing countries.
Introduction: Scope of and philosophical perspectives in labour economics; Marxist , Marxian and other approaches to labour as a factor of production. Labour Supply: Short run labour supply analysis; inter temporal labour supply models. Labour Demand: Demand in competitive and non-competitive markets. Equilibrium and Employment Determination: Neoclassical models; wage structures; institutional models. Economics of Imperfect Information; The information problem; employee job search and behaviour; employer search behaviour; applications to Africa. Economics of Labour Unions: Union behaviour: objectives and instruments; effects of trade unions on wages, labour supply and profitability; trade unions and macroeconomic growth and stability. Trade unions in Africa. • ECON 827 LABOUR ECONOMICS IStabilization and Structural Adjustment Programmes and Labour Markets in Africa: African labour markets in an era of adjustment. Unemployment and Underemployment: Problem of definition and measurement; Data problems; Types and causes of unemployment; unemployment in Africa; unemployment among females and the youth; measuring the cost of unemployment. Employment Policies in Africa: Supply-side policies; demand-size policies; industrial relations and organization. Labour Migration: Internal and international labour migration; economic consequences of migration; the performance of immigrants; the brain drain in Africa and how to stem it. Income Distribution and Poverty: Measures and theories of income distribution; causal perspectives on poverty; Is there a theory of poverty determination? Income distribution, equity and poverty; income redistribution policy; applications to Africa. Special Topics in Labour Economics: Human resource development; economics of labour market discrimination. • ECON 831: HEALTH ECONOMICS I
Introduction to the Economics of Health Care:
Health and economic development; Demand for Health and Health Care Services: The competitive market solution, theoretical models of preferences for health, empirical analysis of the demand for health. Human Capital: Human capital theory; health capital and human capital; health production functions; determinants of health; value of life; returns to human capital; applications of human capital theory to human capital policy. The supply of health services: Determinants of supply; estimation of hospital cost functions, health care technologies; case studies. Structure of Selected Markets for Health Inputs and Services: Health care finance: uncertainty and medical insurance; externality models of health; economic objectives of health care systems; a model of the medical referral system in developing countries; epidemiology and health care evaluation; cost effectiveness analysis in health care; case studies of cost effectiveness. ECON 832: HEALTH ECONOMICS IIPolitical Economy Issues and Health Sector Reforms in Developing Countries: Health care reforms; historical overview of major health policy changes); the economics of HIV/AIDS; special topics in domestic and international health (traditional medicine in national health systems; economic crises and adjustment policies and their impact on health; health status and burden of disease across countries. Health, poverty and economic growth: in African and other developing countries; health in the macroeconomy; the economics of ageing and social insurance.
Environment and Development; Sustainable development; environmental externality; environmental public goods; international environmental externality. Optimal utilisation of environmental resources: Dynamic optimisation; non-renewable resources; renewable resources; common and community property resources; dealing with uncertainty and irreversibility; economics of recycling and re-use; applications (e.g. to forestry and deforestation). Environmental Pollution: air pollution, water pollution; sanitation and health; waste management; application to biodiversity loss.

The Valuation of Environmental Resources: Components of value; estimation of willingness to pay/ willingness to accept compensating and equivalent variation contingent valuation; other valuation methodologies; estimation of environmental production functions; resource and environmental accounting; applications (e.g. to the value of wild life). Policy Options: Market Based Instruments; regulation and standards; property rights reform; environmental policy in Africa; energy and the environment. Integrated Management of Environmental Resources: Project level analysis; environmental impact assessment; strategic environmental planning; trade and the environment; debt and the environment; application to structural adjustment programmes (SAPs).

Money in the Macroeconomy : Issues in monetary economics; changing paradigms in monetary Economics; information, credit rationing and macroeconomic policy. The Demand for Money: Review of classical, Keynesian and Monetarist theories of the demand for money; traditional versus the McKinnon-Shaw approaches to the demand for money in developing countries; shopping-time models; cash-in models; overlapping generation models, studies of the demand for money in Africa. The Supply Of Money: Review of theories on the supply of money; flow of funds approach to the determination of money supply; balance of payments, fiscal balance and the money supply process; exogeneity vs endogeneity of money supply; empirical studies of money supply in African and other developing countries. Money and Inflation: Review of various schools of thought on money as a determinant of inflation; adaptive and rational expectations; seigniorage and the inflation tax; empirical studies of inflation in Africa. Central Banking and Monetary Policy: Issues in the autonomy of the Central Bank; credibility, reputation, and dynamic inconsistency; targets and instruments; Central Banks reaction functions; the term structure of interest rates; effectiveness of monetary policy; the informal financial sector and monetary policy effectiveness. Monetary policy in developing countries.

Financial Institutions and Financial Intermediation: The financial intermediation process; financial development versus economic development; the “stylised facts “ of the impact of financial development on economic development; a critique of the McKinnon-Shaw hypothesis; regulation and deregulation; credit rationing; the informal financial sector; financial crisis; financial policy; studies of the financial intermediation process in Africa.International Financial Institutions and Policy: The international payments mechanism; a review of the Gold Standard, the Breton Woods system, the Dollar Standard and the current payments system; programming models; stabilization policies and packages; IMF/ World Bank and Africa; monetary unions. Money in the Open Economy: Money and the balance of payments; monetary policy under alternative exchange rate regimes; stabilization of interest and exchange rates; the policy mix; policy co-ordination; the debt problem in Africa. Money and Economic Growth: A review of Keynesian and Neoclassical barter growth models; money in growth models; financial development and growth models.• ECON 846: PUBLIC SECTOR ECONOMICSOverview of Welfare Economics: Pareto optimality; efficiency conditions in a two-period inter temporal model; theory of second best. Market Failure: The Rationale for Government Intervention: public goods; externalities, risk and uncertainty; income distribution; information asymmetry. Government Failure: Review of causes; rent seeking; Is there a role for Government in economic activity? Public Expenditure Theory: Review of resource allocation, pricing and incentive mechanisms; public choice theory; voting models; applications to Africa. Public Enterprises: Role and Pricing. • ECON 847: PUBLIC SECTOR ECONOMICSCost-benefit analysis and investment rules. Theory of Taxation: Review of a good tax, equality, efficiency and productivity of a tax; tax incidence and incentive effects; theory of optimal taxation. Tax Policy: Overview of Tax Design, direct and indirect taxation and tax reforms, African taxation and tax reform studies and experiences. Public Debt: Causes, Measurement and financing of fiscal deficits; Domestic and external debt, debt and economic growth; overview of public debt in Africa.
A Review of Basic Models of Trade and Empirical Evidence. Imperfect Competition, Intra- Industry Trade and Empirical Evidence: Neo-factor proportions theory, increasing returns to scale and trade; oligopoly and trade; empirical evidence. International Trade Policy: A review of instruments of intervention, theory of domestic distortions, and DRCs; strategic trade policy; economic integration; political economy of trade policy. Trade Policy and Economic Development: Trade strategy and industrialisation; structure of protection in Africa; trade reforms and adjustment; structure of exports from developing countries; trade shocks and performance; Terms of Trade; export pessimism and growth; empirical evidence. • ECON 852: INTERNATIONAL ECONOMICS II
Open Economy Accounting:
Review of national income, balance of payments and monetary accounting; short-run and long-run balance of payments equilibrium. Reviews of Theories and Models of Foreign Exchange Rate Determination: From flow approach to rational expectations; balance of payments determination under freely floating exchange rates; volatility in exchange markets, speculation and bubbles. Review of Models of Balance of Payments Adjustments: From the specie flow mechanism to the current theories; applications to Africa.Fiscal and Monetary Policy under Fixed and Flexible Exchange Rates: Theory and evidence; Central Bank intervention; foreign exchange bureaux and liberalised foreign exchange markets; globalisation and the efficacy of financial policy. International Capital Movements: The transfer problem; MNCs and foreign direct investment; the international debt problem; debt, poverty and growth; impact of capital controls and capital account liberalization; the African experience.• ECON 856 : DEVELOPMENT ECONOMICS I
The meaning of development; the scope of development economics, development and underdevelopment.Review of Approaches to the Study of Development: The Economics of Growth: Review of Keynesian and Neoclassical growth models (Harrod-Domar, Lewis, Fei and Ramis, etc.); factors of production; population, income distribution, trade, the environment and governance and growth and development. Income Distribution, Poverty and Growth: Theory and evidence; attacking poverty and inequality: options; the Africans experience. The Economics of Population and Development: the population debate; unemployment and underemployment; measurement problems; rural and urban migration; economics of labour transfers within and across borders, applications of concepts to Africa. Agricultural stagnation, agrarian structures and the Green Revolution: Stagnation and structures; the green revolution and lessons for Africa; technology transfer; modernizing agriculture.
ECON 857: DEVELOPMENT ECONOMICS IIThe meaning of development; the scope of development economics, development and underdevelopment.Review of Approaches to the Study of Development: The Economics of Growth: Review of Keynesian and Neoclassical growth models (Harrod-Domar, Lewis, Fei and Ramis, etc.); factors of production; population, income distribution, trade, the environment and governance and growth and development. Income Distribution, Poverty and Growth: Theory and evidence; attacking poverty and inequality: options; the Africans experience. The Economics of Population and Development: the population debate; unemployment and underemployment; measurement problems; rural and urban migration; economics of labour transfers within and across borders, applications of concepts to Africa. Agricultural stagnation, agrarian structures and the Green Revolution: Stagnation and structures; the green revolution and lessons for Africa; technology transfer; modernizing agriculture. The Economics of Education: Investment in education; education and development: Issues, theory and policy; the Brain Drain in Africa. International Trade and Development: Approaches / theory and policy; Is trade an engine of growth in Africa? Capital flight and growth; liberalization: issues, approaches and sequencing; private investment, aid and development. Development Planning: Rationales, ideology, theory and practice; policy mix and ‘policy package’ for development; globalisation and development.• ECON 861 : ECONOMETRICS IA Quick Survey of Tools used in Econometrics: Matrix algebra and calculus; probability and distribution theory; statistical inference; computational techniques. Basic and Advanced Results for the classical Linear Regression (CLR) model: Estimation and Inference in the CLR Model; Inference and prediction; non-linearity specification; asymptotic theory, alternative estimates of the CLR model, non-linear regression models. Relaxing some Assumptions of the CLR Model: GMM estimation and generalised regression; heteroscedasticity; auto correlated disturbance; multicollineartiy; limited dependent variables; simultaneous equation models


Topics in Applied Micro and Macroeconometrics : Regression with lagged variables; time series models; models with discrete dependent variables. Policy Modelling Application in African Countries: Macroeconometric Modelling of African Economics; Analysis of African Policy Models.


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