“The power of a theory is exactly proportional to the diversity of situations it can explain.”Elinor Ostrom
Economics is a highly regarded academic discipline, the application of which is relevant to the real world. Every news programme, political debate and discussion, and many of our everyday conversations are littered with economic concepts.
The study of Economics teaches you how to think, to analyse numerical and written data, to evaluate different points of view and to express yourself clearly on paper and verbally in class discussion. There is no requirement for prior study at GCSE. What is imperative is a keen awareness of topical issues and an appreciation of the links between the economic and political environment.
A level Economics provides opportunities for pupils to apply their knowledge and skills to real-life case studies and data exercises.
Students apply economic theory to the analysis of current economic problems and issues, developing a good knowledge of recent trends and developments in the UK economy and the complexity and conflicts that may arise with regard to government economic policies. They also gain an appreciation of the interrelationship between micro and macroeconomics, an analytical and evaluative appreciation of economic concepts and theories from the perspective of the market and the national and international economic environment. Pupils also examine the micro economy, including basic micro economic models such as demand and supply, the operation of the price mechanism and causes of market failure. Key concepts are the economic problems of scarcity and choice.
We expect students to have an avid interest in the external environment in which we all operate and to be aware of issues of topical relevance in the news media.
Last year, the department organised an annual conference in November to which the most eminent of speakers were invited and at which there were approximately 200 attendees including those from local and not so local schools.
Subject prefects run the Economics society where topical issues are hotly debated and discussed. Pupils also enter competitions such as those facilitated by the Bank of England and the Institute for Fiscal Studies.
A biennial overseas trip to San Francisco run in conjunction with Business and Computer Science is very popular in terms of uptake and benefit.