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Code Title / Subject
ECA0001 MBA Economic Management: Discuss How Companies Can Make The Most Of Opportunities Offered By Increasing Economic Integration
According to Wild J., (2003) regional economic integration is the process whereby countries in a geographic region cooperate with one another to reduce or eliminate barriers to the international flow of products, people, or capital. Similarly, Hill C., (2003) stated that by regional economic integration we mean agreements among countries in a geographic region to reduce, and ultimately remove, tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other [3,500 words]
ECA0002 Fujifilm - Kodak Duopolistic Competition in Japan and the United States
Pioneer in the world of photography, Kodak made the first camera, easy to use and accessible to nearly everyone. For a long time, the company dominated, its home market, of course, but also foreign markets like Japan. But in 1934, the Fuji Photo Company (Fujifilm) was created and a duopolistic competition began between the two companies in Japan and the USA. In 1995, Kodak complained against Japan, alledging that Fujifilm and Japans Ministry of International Trade and Industry (MITI) conspired to exclude it from Japans distribution outlets. But, two and a half year later, the WTO ruled in favor of Fujifilm and MITI. The aim of this paper is to explain the competition between Fujifilm and Kodak with the product life cycle, game theory and the exchange of hostage hypothesis of international trade and investment [3,500 words]
ECA0003 Oil Exports From OPEC & The Effect Of Quotas
Oil is like any other commodity in the sense that it follows the laws of supply and demand. However, given that oil is such an important input to worldwide economic activity and given is unequal distribution throughout the world, oil supply and demand is unevenly divided between countries, being more demanded by those with big and growing economies and whose reserves are concentrated in the Middle East. To further distort the supply side of the equation, there is OPEC. The Organisation of Petroleum Exporting Countries is an association formed by most of the largest oil producing nations, in what to all practical effects amounts to a cartel. One of their strongest measures is to impose a production quota on all members, a mechanism which will be further explained later. The purpose of this paper is to prove whether the price of oil has risen due to the influence of OPEC in the amount of oil produced and the instability in the Middle East, among other factors [3,000 words]
ECA0004 Economic Principles: In Oligopoly Markets Price and Output Decisions are Indeterminate.” Explain and Discuss
An oligopoly is a market with only a few sellers, each offering a product similar or identical to the others. If the product is homogenous, there is a pure oligopoly. If the product is differentiated, there is a differentiated oligopoly. Since there are only a few sellers of a product, the actions of each seller affect the others. That is, the firms are usually mutually interdependent. The key point to make regarding markets price and output decisions are that there is no single theory of oligopoly (equivalent to that of perfect competition or monopoly) that exists because the behaviour of oligopolistic firms are determined by the strategic reaction and behaviour of their rivals and these reactions will differ according to the market situation. Therefore the markets price and output decisions are indeterminate [1,200 words]
ECA0005 Advanced Macroeconomics: Economic Growth - The Solow Model and Its Critics
When we want to study the behaviour of the economy in the long-run term, we can no longer focus on the fluctuations but on growth instead. After studying the evolution of the output per capita of some rich countries, economists have come out with three main unexplained facts: (1) Growth has been very strong during the last 50 years, (2) Growth has slowed down since the mid-1970’s and (3) Output per capita among those countries has converged over time. Although we cannot take the study of a few rich countries as significant, we can use it to find out the main focus of attention of the growth models that will derive: (1) A theory that explains growth must also be able to explain the lack of growth (either in other periods of time or in other countries), (2) Convergence among countries and (3) It is not so much the lower growth that needs to be explained but the periods of fast growth experienced by some countries [2,500 words]
ECA0006 Analysis into Oil Pricing
The volatility of the oil price has led to changes in the structure of the oil sector, encompassing both the oil companies and their various contractors. In particular there has been consolidation both horizontally and vertically in the traditional contracting supply chain. In recent years the continued pressures on costs has encouraged sharing of responsibilities between the oil companies and their various contractors in particular there has been consolidation both horizontal and vertically in traditional contracting supply chain. Crude oil behaves much as any other commodity with wide price swings in times of shortage or oversupply. The crude oil price cycle may extend over several years responding to changes in demand as well as OPEC and non-OPEC supply [3,000 words]
ECA0007 Illustrate What Is Meant By General Equilibrium In The IS-LM Model. Show How The Model Can Be Amended To Reflect The Current Conduct Of Monetary Policy In Setting The Short-Term Interest Rate
This assignment will explain how fiscal and monetary policy interact to influence interest rate and aggregate demand. Also I am going to look at the IS-LM model which determines real GDP and the real interest rate. Currently it is the interest rate that is the instrument of monetary control chosen to achieve a 2% CPI inflation target two years ahead. We can modify the IS-LM model in a somewhat inadequate way to show how setting interest rates will work by effectively determining real GDP, and through the short-run Phillips curve. [1,500 words]
ECA0008 Analysis Into The Italian Economy
The Italian economy has changed dramatically since the end of World War II. From an agriculturally based economy, it has developed into an industrial state ranked as the world’s sixth largest market economy. The formation of the European Union has focussed considerable attention on this region of the world economy. Experts and practitioners alike have been interested in examining whether the EU has really benefited the states within it and if so to what extent. This short term paper examines the relative economic performance of a major economy within the EU, Italy, in order to understand how it performed within the last 5 years. [2,000 words]
ECA0009 MSc: Explain How To Calculate The Degree Of Misalignment Of The Real Exchange Rate And To Assess The Implications Of Such Misalignment For Economic Performance In Developing Countries
The integration of the world economy in the past decade or so has generated important changes in the way economic policy is conducted in both industrial and developing countries.  In implementing macroeconomic policy countries can no longer ignore the external sector.  There is, in fact, a growing recognition that the real exchange rate is one of the most important macroeconomic variables.  Its evolution greatly affects both the payments position and the international competitiveness of a country.  Moreover, when the real exchange rate deviates from its long-run, sustainable equilibrium level-that is, where there is a real exchange rate misalignment-severe macroeconomic disequilibriums usually result [2,500 words]
ECA0010 Fixed Exchange Rate Regimes and Monetary Independence: A Single Country Approach
This MSc Economics paper follows the theoretical approach of Shambaugh (2004) and attempts to investigate the theory of the impossible trinity. According to Mundell and Krugman a country can choose between two of three monetary policy options: a fixed exchange rate, capital mobility and monetary independence. Unlike the majority of studies in the literature a single country approach is employed to test this hypothesis. In particular, the paper focuses on the small open economy of Barbados. The country has maintained a fixed exchange rate regime since 1975 and is therefore perfect for testing the hypothesis under the assumption of a credibly pegged exchange rate regime [5,000 words]
ECA0011 Theory of Absolute Cost Advantage
Mercantilism stretched over nearly three centuries, ending in the last quarter of the eighteenth century. It was the period when the nation-states were consolidating in Europe. For the purpose of consolidation, they required gold that could best be accumulated through trade surplus. In order to achieved trade surplus, their governments monopolized trade activities, provided subsidies and other incentives for export, and restricted imports. Since most European countries were colonial powers, they imported low cost raw material from their colonies and exported high cost manufactured goods to the colonies. They also prevented colonies from producing manufacturing. All this was done in order to generate export augmentation and import restriction lay at the root of the mercantilist theory of international trade. [4,500 words]
ECA0012 The Theoretical Case for and Against its Use in Cost Benefit Analysis
This paper examines the validity of the use of existence value in cost-benefit analysis, blending together tools of economic theory and meta-ethical value analysis. The technical issues of definition and the theoretical justification for using the contingent valuation method are discussed. This is followed by a consideration of what existence value is trying to categorize, and whether the ‘welfarist’ approach embedded in neoclassical welfare analysis is an appropriate framework for understanding such values. Finally, arguments for and against the use of existence value in cont-benefit analysis are assessed, concluding in a ‘third way’ that accepts it as a valid category of values to be considered in the project evaluation process, but asserts that the total valuation framework is not an appropriate method for assessing existence value for both economic and meta-ethical reasons [8,500 words]
ECA0013 The Economic Concept of Elasticity of Demand
This essay seeks to demonstrate the understanding of the economic concept of elasticity of demand. I intend to examine two fundamental concepts, supply and demand and in doing so this essay will look at defining and discussing income and cross price elasticity, consider the significant changes of elasticity overtime by using numerical examples and graphs, and finally apply this theory to the construction industry. First and foremost, the theory of supply and demand is one of the essential theories of economics.  Supply is the amount of product that a producer is willing and able to pay at a particular price, whereas demand is the amount of product that a buyer is willing and able to buy at a specific price. The model for supply and demand shows the relationship between a product’s accessibility and the interest shown in it. [2,000 words]
ECA0014 Business Economics: Factors Influencing Prices in the Global Oil Market
This assignment is all about the factors that can influence prices in the global oil market. Especially, how other factors can cause increase or decrease in the oil price. I will begin with the crisis in 1970s and if we ever see again something like that in the future. Secondly, I will write about the world oil producers and how all the oil mechanism works and finally I will finish with the factors influencing the prices giving examples from the past. The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan) [2,000 words]
ECA0015 The Pros and Cons of Economic Expansion in Mainland China
In recent years, the economic expansion has increased a lot in Mainland China. It’s no doubt that the economic expansion brought many advantages to Mainland China, however, there also some disadvantages. This essay shows both of the pros and cons of economic expansion in Mainland China, for example, the increase of GDP and the environment problems. There will also talk about the effect of economic expansion on industries and give a specific industry as an example. First of all, I will give some background about this topic. The economic expansion is a kind of economic activity, it describe the level of economic activity of the goods and services available in the market place. Economic growth is a measurement of national income and national income can be measured by income, output and expenditure of an economy. If there is a high rate of economic growth, it means that the income, output and expenditure are increasing. [1,000 words]
ECA0016 Macroeconomic Environment: Is the World heading into a World recession?
The main objective of this essay is to discuss a question: “Is the world heading into a world recession?”  In order to do so we will look at economic trends in the largest world economies and also in the emerging markets. We will look in more detail at the subprime mortgage crisis in the USA, credit crunch (financial sector), interest rates movements, unemployment, and growth rates. Furthermore we will discuss decoupling argument. In order to answer and analyse our main question we will refer to the economic theory. I think firstly we need to object that all talks about world recession started after multiple debates about USA recession. What really our main question sound is: If USA will go to recession, what impact it will have on the world economy? [1,500 words]
ECA0017 Business Operations in Emerging Economies
The past 50 years has witnessed the development of China’s investment and cooperation with Africa.  When China established diplomatic relations with Egypt in 1956, the trade between China and the entire Africa continent was merely 12 million US dollars. Until 1980, although following the Opening- up policy, the volume of trade was still no more than 1.13 billion US dollars. However as the China’s economy fast developed in the recent 10 years and the economic and trade conditions improved in African countries, the relations and cooperation between the two have surged to a new peak. Since 2001, the value of the bilateral trade has increased at the annual rate of 40%. And in 2005, the figure reached 39.74 billion US dollars, with China’ export of 18.68 billion and import of 21.06 billion respectively, twice as much as that in 2003. And in 2006, it soared to 55.5 billion, in which export form China was 26.7 billion and import was 28.8 billion. China has established investment projects in 49 African countries and has overtaken UK and emerged the third largest trade partner with Africa after the US and France. [3,000 words]
ECA0018 To What Extent Has Britain Suffered From An Overvalued Exchange Rate Over The Last Two Decades?
During the course of my investigation I will be doing a research on whether Britain has suffered from an overvalued exchange rate of pound sterling over the last twenty years. Firstly, I will be looking at the determinants of exchange rate in order to find out the factors affecting the exchange rate of a currency such as pound sterling against another. In this way, I will be able to figure out if UK’s currency, pound sterling, is overvalued or not. Secondly, the history of both British exchange rate and economy will be analysed and looked at to see whether Britain has actually suffered from the overvalued exchange rate for the last two decades. I am planning to begin this coursework by defining exchange rate and explaining its effect on the economy. This includes the impact of the exchange rate on balance of payment, interest rate and economic growth, as well as other economic variables and vice versa. Moreover, the reasons for the fluctuations on the pound exchange rate against other currency will be verified and discussed as an example to see the connection between economic variables and exchange rate. In addition, it will be vital to clarify on the basis of what we consider a currency to be overvalued. For example, a tourist might think British pound is overvalued whereas people from Britain might think foreign currencies are undervalued, therefore it is important to understand how we define overvalued exchange rate. [4,500 words]
ECA0019 An Evaluation into Various Methods a Firm Can Use To Estimate Its Cost of Equity: Whenever a firm makes a profit, it can take two possible actions. On the one hand it could pay out the cash as a dividend. On the other hand the firm can invest the extra cash in a project. The project could be building a new factory for example. The aim of this project would be to provide future cash flows that would increase shareholder wealth. The project should only be undertaken if its expected return is greater than that of a financial asset of comparable risk. In this study I will be looking at the different ways of measuring the cost of equity and why it is important to measure it accurately. From the firm’s perspective, the expected return is the cost of equity capital. The capital asset pricing model (CAPM) is one method for calculating this. However, before we look at the model, we must understand how the concept was derived. Stanford professor William Sharpe and the late finance specialists John Lintner and Fischer Black focused on calculating what part of a security’s risk can be eliminated by diversification and what part cannot. The result was the capital asset pricing model. The basic concept behind the model is that there is no premium for bearing risks that can be diversified away (unsystematic/specific risk) [3,000 words]
ECA0020 What are the main institutions and assets of futures markets? Discuss the relationship between spot and forward prices. A financial derivative is an instrument based on or ‘derived’ from underlying assets such as shares, bonds, commodities or currencies. In general, it is an obligation to buy or sell the underlying asset at an agreed price and time in the future. Since it takes only a small down payment (margin) to purchase such an obligation, any movement in the value of the underlying asset above or below the agreed price can produce immense profits or losses relative to the original down payment. The number of instruments invented in the past few years which fit this definition is vast, and their use has become so pervasive that some professionals no longer regard the simplest derivatives, such as futures and options. It was Aristotle who first recorded a suspicion that all might not be well where derivatives were concerned. Around 330 BC, in the first book of his Politics, he wrote down the first detailed description ever recorded of an options contract in a story about the philosopher Thales of Miletus. Aristotle claims that Thales invented options. [4,300 words]
ECA0021 An analysis on how capital markets influence the decisions of managers – Can its influence be socially harmful? This essay deals with the effect of the capital market on the principal agent problem. It will be assumed that managerial incentives cannot perfectly motivate management to act in the best interests of shareholders and the public and the essay will analyse the different methods through which the capital markets influences managers to be more efficient. The essay will analyse the role of takeovers, competition and the threat of bankruptcy and closure, labour markets and the role of creditors. Each of these methods will be considered in turn and analysed in terms of how they induce efficiency in management, faults in the previously considered theory and lastly any socially harmful effects that arise out of each method. For instance the threat of takeovers will be considered to induce efficiency in management as they fear being replaced, however this threat might not be credible due to the possibility of share holder free riding and lastly takeovers have costly social effects such as reducing the incentive to invest human capital in careers and reducing the development of trust. [2,400 words]
ECA0022 Economists tend to have reservations about the desirability of horizontal mergers but are less concerned about vertical mergers and agreements - Horizontal mergers are generally seen as leading to an increase in concentration within markets, hence causing a fall in consumer welfare. For this reason, economists are traditionally worried about potential horizontal mergers, but not vertical mergers, which are generally seen as a means of increasing overall welfare. This black and white analysis of horizontal and vertical mergers is not true in all cases. There are instances where horizontal mergers actually lead to an increase in welfare, just as there are cases in which vertical mergers lead to a loss in welfare through vertical constraints. I will start by distinguishing the difference between a vertical and a horizontal merger, examining cases in both, where welfare can either be gained or lost, thus showing that in order for policy makers to ensure and maintain competitive markets, which is desirable, it is necessary to examine each case of a potential merger individually, assessing the potential for both welfare, and shareholder value creation or destruction. [2,600 words]
ECA0023 The Elimination of competitors is the main motivation for mergers - There are many motives behind mergers, including but not exclusively the elimination of competition.  There are others such as Reduction of Costs i.e. Economies of Scale using complementary resources, Improved Management of target Company, Financing of Target Company, Tax Benefits i.e. increase tax shield, Diversification into other markets gaining market share/strengthening market share contribute as motives also.  However, this essay will focus on the contribution of Economies of Scale as a motive, the theory behind the motive supported by the case study of Upjohn and Pharmacia and empirical evidence to counterbalance the theory.  Secondly Market Share Theory, its contribution, which as Griffiths' proposed may help the company withstand economic environment. Finally Value Discrepancy Hypothesis, the theory behind it illustrated by the AOL and the Warner Merger. [1,600 words]
ECA0024 Explain the idea of strategic entry deterrence. How does multi-market contact affect firms’ abilities to collude? Strategic moves can be defined as any move that is designed to influence the behaviour of other firms. Strategic entry deterrence therefore involves any action taken by an incumbent firm that seeks to discourage potential entrants from entering into and competing in the market, even if it is not profit maximising to do so in the short-run.  This distinction allows us to compare two types of barriers to entry, innocent barriers and strategic barriers, the latter of which will be the focus of this section of my essay. How can a firm strategically discourage entry into its market?  If the incumbent firm is producing the monopoly level of output, and thereby making supernormal profits, there is an incentive for new firms to enter the market and attempt to capture some of these profits. One way the incumbent can deter entry, therefore, is to produce a higher quantity at a lower price than the monopoly level, a strategy known as limit pricing. [2,000 words]
ECA0025 Assess the efficiency of market undervalued or overvalued shares and determine if it is possible to develop trading rules which will beat the market: When investors put money into the stock market, they aim to make a profitable return on the capital they have invested. Many try to not only profit from their investments, but to beat the market. This essay will discuss the theory that the market is so efficient that it cannot be beaten and any abnormal profits made by investors is purely by chance. If the market is as efficient as Fama, the founder of the Efficient Market Hypothesis suggests then fundamental and technical analysis is of no use. So how can investors such as Warren Buffet make millions investing in stocks if performance is random? Mclaney, 2000, described an efficient capital market as, “When security prices at all times rationally reflect all available, relevant information, the market in which they are traded is said to be efficient.” If this statement is true, any new information about a firm will be noticeable in the market price of security very quickly. It will also be incorporated into the price of stocks rationally both in terms of size and direction of security price movement. [4,500 words]
ECA0026 What are the implications for demand in the short and long run of undercharging for road transport? The demand for road transport is a derived demand, derived from the demand to transfer both the population and goods between different locations and is heavily influenced by both time and space, subjected to regular fluctuation creating the characteristic peak and off peak situation upon urban roads.  This results from the immediate consumption of a road, if it is to be considered as a good, preventing the possibility of storing the good for periods of greater demand. The demand placed upon road transport is therefore affected by three main factors; the price of road transport, the price of alternative transport services, and individual income. However the true cost of road transportation is hard to quantify as there are many external costs not considered by an individual when calculating the marginal cost and benefit ratio before undertaking a journey. These externalities include the cost of congestion, especially during peak periods adding to the cost of fuel and time to the journey, air pollution and its resulting effects upon human health and the environment, noise pollution effecting property value in areas surrounding busy roads, and the costs of traffic law enforcement. [1,700 words]
ECA0027 Industrial Economics - “Firms are usually proposing too few products.” Discuss in the light of Harold Hotelling’s Linear City Model and Richard Schmalensee’s 1978 Paper on breakfast cereals: Many firms in industries face a downward sloping residual demand curve. They engage in monopolistic competition, they have market power and yet they make no economic profit. One of the most important reasons why this is the case is product differentiation. Consumers view the products in an industry as different, as imperfect substitutes. These goods are said to be differentiated or heterogeneous. I f customers view the products in an industry as different then it is possible for a firm to raise it’s price above that of its competitors without losing all its customers. These industries are characterised by monopolistic as opposed to oligopolistic competition and therefore there is free entry and exit. [2,400 words]
ECA0028 How are budget airlines such as Easyjet able to offer such cheap prices? Use economic analysis to explain your answer: Before 1987, European air travel was strictly controlled.  Everything from flying schedules to the amount of passengers each national airline could carry was negotiated between governments.  This has now changed, and today any airline holding a valid Air Operators Certificate in the EU cannot be prevented from operating on any route within the EU.  This development of ‘open skies’ in Europe led to the development of budget airlines. Before this liberalization of civil aviation, it was extremely difficult to travel from London to Nice for less than £200, whereas now you can get to Nice for no more than £20 with Easy jet, one of the leading budget airlines that are around.  Easy jet is named the ‘webs favourite airline’ and Ryanair, another leading budget airline, is the only European carrier to make profits in each of the last 13 years.  So, how do they keep their fares so low and still do better than the traditional charter airlines like British Airways?  They all follow the Southwest philosophy. [1,500 words]
ECA0029 What role do efficiencies play in the analysis of mergers? How does this study further an understanding of competition analysis in the political economy? At the close of the twentieth century, the global economy was beset by a spate of mergers, predominantly taking place in industrialized countries. In 2010, it was reported that corporations in the United States [US] accounted for over 56% of worldwide merger activity that year, securing $4.84 trillion of the aggregate $7.48 trillion.  This merger ‘wave’ was induced by the undercurrents of antitrust law,  which in turn was responding to the political and social milieu. Mergers between large corporate entities are not simply determined by economic reasoning – they have a significant impact on society and as such political involvement is inevitable. To gain a comprehensive understanding of mergers, and the reasons why certain eras are marked with merger waves, it is essential to recognize the political forces surrounding them. This approach provides an insight into the global political economy, making our discussion of mergers meaningful. [3,600 words]
ECA0030 Explain the transaction cost theory of vertical integration. How does this help explain why some firms moved more rapidly into e-commerce than did others?. In this paper I attempt to explain how successful Transaction Cost theory of vertical integration is in explaining why some businesses have moved into e-commerce faster than others. Please note that by ‘faster’ I do not specifically mean the speed at which the adoption has taken place. More emphasis is put on the extent of adoption and the extent of products or services offered online. While there is countless literature on the impact of the Internet on transaction costs, very little is available explaining why vertically integrated firms may be at an advantage adopting an e-commerce strategy. In fact it seems the only empirical study in the field has been carried out by Gartner & Stillman1, who analysed the apparel industry in particular to identify several factors that contribute to this tendency. However it is limited in the sense that it considers B2C (business-to-consumer) e-commerce only, while B2B (business-to-business) is equally important, if not more. B2B will account for 87% of online sales in 2010 (IDC). C2C and C2B e-commerce lines are not very important at this stage due to their size. [2,800 words]
ECA0031 Assess the Importance of Price Research - Pricing decisions seem to be one of the most perplexed problems facing management. Price is closely related to the product itself. It is often difficult to gain a competitive advantage through pricing strategy; it is easy to be come non-competitive through poor pricing practices. It is possible to isolate pricing decisions; two broad areas can be separated. First, business firms are faced with the problem of establishing pricing policies and strategies. These are the broad guidelines under which more specific pricing activities take place. Second, managers are faced with the actual task of determining specific prices. The most important factors bearing on price policy decisions are external environmental elements and internal constraints. Research for policy decisions tends to rely on studies of industry structure and examination of internal secondary data. This research reveals the nature of price as a competitive variable and constraints on the flexibility of pricing. [2,800 words]
ECA0032 Male real earnings increased so much during the industrial revolution that claims about declining or static standards of living for the working class can be dismissed. Discuss.The standard of living of the working class is not only dependent on male real earnings, but also on unemployment, female and child real earnings, environmental conditions (working conditions, housing conditions, sanitary conditions) and institutional conditions (freedom, political rights, civil rights). Economic history has followed the path of development economics and tried to integrate these factors to get a more accurate picture of how living standards changed in the past. The discussion of how the standard of living for the working classes changed during the industrial revolution period from 1750 to 1850 has received new influence from work done by Floud using heights of army recruits during that period as indicator of health status and from work done by Lindert and Williamson (1983) giving new data for male nominal earnings, including rent in the cost of living index and adjusting for the weight of the different items in the index. [1,500 words]
ECA0033 To what extent did the interwar motor industry overcome its pre-war difficulties and become one of the industrial success stories of the inter-war period? The pre-war motor industry was in its infancy and suffered from a lack of investment backing, high production costs, an over engineered end product and a saturation of small family orientated manufactures. Developments in the industry often came from pioneering engineers with components being imported off the continent for the British industry. Britain was lagging behind other European nations. The industry established itself in the inter-war period by relying on entrepreneurs and engineers, such as Herbert Austin who built the first four wheeled English car by 1900. Austin also built the first low horse-power car to substitute the motor-cycle side-car and public transport. The pre-war industry had high production costs with poor managerial leadership with most manufacturers being family run, resulting in little asset growth within the company as profits were quickly distributed to employees or family. [3,300 words]
ECA0034 Examine the impact of the international oil-price rise of 1973 on the economies of Western Europe. The international oil-price rise of 1973 had a significant impact on the economies of Western Europe because it was the catalyst that aggravated existing and accumulating problems already present in the economic structure. There had been a decline in world economic growth in the late 1960s, and though there was rapid economic recovery in Western Europe by 1973, the economy was still unstable and had inherited problems.  I believe this caused the decline of economic growth. The Organisation of Petroleum Exporting Countries (OPEC) had increased the initial price of oil by four times by 1974. [1,500 words]
ECA0035 Present a report, which outlines and evaluates the main contributions Friedrich Von Hayek (1889-1992) made to our understanding of macroeconomics. The Austrian born economist Friedrich Von Hayek presented some of the most influential theories on markets in the 20th century.  As a defender of the free market and of classical liberal principles he believed that we must move away from a state-controlled or “planned” economy and towards a society based upon freedom of association and exchange according to the rule of law.  He is credited as being the most prodigious classical liberal scholar of this century” and has been described as the central pioneering figure in changing the course of economic thought in the twentieth century. [2,200 words] 
ECA0036 Explain why managerial theories of the firm have developed, and how the predictions from these models differ from those of the profit maximising approach - Over the years, many economists have attempted to gain an insight into the running of different firms, in the hope of establishing a greater understanding of precisely what is their basic objective.  The economist Adam Smith was the first to come up with the hypothesis that a firm’s aim is always to maximise profits.  However, in recent decades, economists have questioned the reasoning behind Smith’s neo-classical theory of the firm, and have put forward their own alternatives.  This essay will begin with a discussion of what, exactly, the neo-classical theory is, in which I will define the theory, and demonstrate how it works, before moving on to a discussion of its shortcomings.  Following this I will go on to explain the reasoning behind criticism of the neo-classical theory, and just why other economists were, and still are compelled to come up with alternatives. [2,300 words] 
ECA0037 (MSc) Existence Value: The Theoretical Case for and Against its Use in Cost Benefit Analysis - This paper examines the validity of the use of existence value in cost-benefit analysis, blending together tools of economic theory and meta-ethical value analysis.  The technical issues of definition and the theoretical justification for using the contingent valuation method are discussed. This is followed by a consideration of what existence value is trying to categorize, and whether the ‘welfarist’ approach embedded in neoclassical welfare analysis is an appropriate framework for understanding such values.  Finally, arguments for and against the use of existence value in cont-benefit analysis are assessed, concluding in a ‘third way’ that accepts it as a valid category of values to be considered in the project evaluation process, but asserts that the total valuation framework is not an appropriate method for assessing existence value for both economic and meta-ethical reasons. [8,500 words] 
ECA0038 Outline and critically assess the validity of the efficient market hypothesis (EMH) This essay critically assesses the efficient market hypothesis (EMH) by examining empirical evidence that tests its validity. The main focus is on whether or not information can be used to predict future returns. Information is given a broad definition in this context and includes all publicly available information. Some of the predictions and truths of the efficient market hypothesis are also examined. In the process, the design of tests used in the evidence contributes significantly to their results. Consequently, mention is made of the procedures of tests prior to results being examined. [2,300 words] 
ECA0039 Examine the major areas of disagreement between Keynesians and monetarists. Comment briefly on the view that their disagreements are as much a matter of ideology as of economics. John Maynard Keynes, who published “The General Theory of Employment, Interest and Money” in 1936, founded Keynesian Theory. During the 1930s the Classical economic theory failed to state the reasons for the economic problems in the great depression. They could not explain why the economy settled into equilibrium at a high rate of unemployment. While Keynes was convinced that because of imperfect markets a modern economy could be at equilibrium at any rate of unemployment. “[T]he postulates of classical theory are applicable to a special case only and not the general case, the situation which it assumes being a limiting point of the possible positions of equilibrium. Keynes concluded that an active fiscal policy is necessary to reduce high rates of unemployment. Throughout the 1960s and 1970s economists started to critique the Keynesian Theory and propounded a theory that stressed the efficiency of the free-market mechanism and the overriding importance of the money supply in economic policy. The monetarist concepts were originated from the Classical economics but they modified some of the Classical views. [2,200 words] 
ECA0040 In oligopoly markets price and output decisions are indeterminate. Explain and discuss. An oligopoly is a market with only a few sellers, each offering a product similar or identical to the others. If the product is homogenous , there is a pure oligopoly. If the product is differentiated, there is a differentiated oligopoly. Since there are only a few sellers of a product, the actions of each seller affect the others. That is, the firms are usually mutually interdependent. The key point to make regarding markets price and output decisions are that there is no single theory of oligopoly (equivalent to that of perfect competition or monopoly) that exists because the behaviour of oligopolistic firms are determined by the strategic reaction and behaviour of their rivals and these reactions will differ according to the market situation. Therefore the markets price and output decisions are indeterminate. [1,200 words] 
ECA0041 Is the Consumer Always Sovereign in the Free Enterprise Market Economy? Theoretically, the free enterprise market economy produces a situation in which the law of supply and demand, in conjunction with a competitive economic environment and well-informed consumers guarantees consumer sovereignty. The consumer possesses a significant advantage over suppliers who must compete for their custom, effectively placing economic power in their hands. However, problems arise when this theory is applied to the realities of national and international business economics. These disparities will be examined further in this paper. [2,500 words]
ECA0042 Discuss Adam Smith - After two centuries, Adam Smith remains a towering figure in the history of economic thought. Known primarily for a single work, ‘An Inquiry into the nature an causes of the Wealth of Nations.’ (1776), the first comprehensive system of political economy, Smith is more properly regarded as a social philosopher whose economic writings constitute only the capstone to an overarching view of political and social evolution. If his masterwork is viewed in relation to his earlier lectures on moral philosophy and government, as well as to allusions in The Theory of Moral Sentiments (1759) to a work he hoped to write on “the general principles of law and government, and of the different revolutions they have undergone in the different ages and periods of society”, then The Wealth of Nations may be seen not merely as a treatise on economics but as a partial exposition of a much larger scheme of historical evolution. [3,900 words]
ECA0043 Discuss Marx’s Theory of Value by Focusing on Abstract and Concrete Labour - The labour theory of value is a doctrine that was established by the classical economists, particularly by Adam Smith and David Ricardo; it “states that the value of a good is determined by the amount of labour input needed to produce that good” .  In order to explain this, the labour theory of value can be separated into 2 divisions; (Value in use and value in exchange) “The word VALUE, it is to be observed, it has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys.  The one may be called ‘value in use’; the other, ‘value in exchange’.  The things which have the greatest value in use have frequently little or no value in exchange… Those which have the greatest value in exchange have frequently little or no value in use.”  [3,000 words]
ECA0044 The Life of Adam Smith: Adam Smith was one of the greatest political economists and philosophers of the 18th century. He started of his career as a lecturer at Glasgow University where was appointed Professor of logic and later switched to the post of Professor of moral philosophy. A well-educated man, he had knowledge and interests in a variety of subjects such as history, science, astronomy, philosophy, and physics. He was also a linguist and knew English, Latin, Greek, French, and Italian. His books “The Theory of Moral Sentiments” and “An Inquiry into the Nature and Causes of the Wealth of Nations” were both very well received. He revolutionized trade and economics of the 18th and 19th century by advocating free trade, privatisation and liberalization of the economy. Adam Smith’s ideas on economics have resulted in economic expansion, world trade, and privatisation of the market. [2,300 words]
ECA0045 Why does non-cooperative collusion operate effectively within oligopolistic markets? In an oligopoly market, firm profits are not maximised at equilibrium and so entering an overt or tacit collusive agreement to coordinate pricing and output actions can create a monopoly outcome where each firm gains higher profits. Overt collusion involves an illegal explicit agreement whereby firms cooperate with one another, whereas tacit collusion is an informal agreement with no succinct communication or cooperation regarding actions. Though the firms raise their own surplus by colluding; from a welfare perspective, collusion is inefficient. The monopoly outcome reduces total economic surplus via deadweight loss incurred by higher prices and lower output than what is socially the optimum.  Both cooperative and non-cooperative collusion yield this outcome, and so competition authorities wish to deter both forms.  This essay will explore the settings in which non-cooperative collusion operates most effectively, which will lead to an understanding of why competition authorities find difficulty in detecting it, let alone deterring it. [2,300 words]
ECA0046 Even without a formal agreement firms in oligopolistic markets may be able to sustain joint monopoly equilibrium. Discuss. To understand what the question is asking, a definition of an oligopolistic market is required before I will attempt to answer. An oligopolistic market is characterized by few firms and many buyers, there are a sufficiently small number of firms for interdependence to exist, meaning that each firms prospects depend on rivals as well as their own policies. This interdependence can lead to attempts at communication, coordination and collusion. All decisions made are strategic and rivals responses will have been taken into account. Each time a firm in an oligopolistic market adjusts either price or quantity, any revenue gain is at the expense of its competitors. The competitors whose profit margins are affected are likely to respond by altering their own price or quantity. From this we can understand why there is an incentive for firms to collude. [2,000 words]
ECA0047 Environmental Economics: Is a taxation solution to the pollution externality problem preferable to other solutions? Economics studies two forms of externalities.  An externality is something that, while it does not monetarily affect the producer of a good, it does influence the standard of living of society as a whole. A positive externality is something that benefits society, but in such a way that the producer cannot fully profit from the gains made.  A negative externality is something that costs the producer nothing, but is costly to society in general. Negative externalities, unfortunately, are much more common.  A company that pollutes loses no money in doing so, but society must pay heavily to take care of the problem pollution caused. The problem this creates is that companies do not fully measure the economic costs of their actions. Neither the market nor private individuals can be counted on to prevent this inefficiency in the economy, so the government must intervene. [2,100 words]
ECA0048 If pollution and environmental damage by chemical firms depends on their output, production method and location, advise on the optimum policy response by Government. Specifically review the micro economic relating to externalities and the relative merits of alternative policy instruments. An externality is a cost or benefit from an economic transaction that parties ‘external’ to the transaction bear. Externalities can be either positive, when an external benefit is generated, or negative, when an external cost is imposed upon others. They occur when a decision causes costs or benefits to third parties, often, though not necessarily, from the use of a public good (for example, production which causes pollution may impose costs on people making use of the public good air). In other words, the participants do not bear all of the costs or reap all of the gains from the transaction. As a result, in a competitive market too much or too little of the good may be produced and consumed from the point of view of society, depending on incentives at the margin and strategic behaviour. [2,100 words]
ECA0049 Who Benefits From Neo-Liberal Globalisation? Neo-liberal globalisation represents the materialisation of ‘Neo-liberalism’, a collection of economic policies developed during the last twenty-five years, which rely on a set of simplistic assumptions about human behaviour. In practice, neo-liberal policies bear grave social and ecological consequences, undermine democratic principles, and ensure the rich become richer while the poor become poorer. Ultimately, nobody benefits from the creation of a dichotomous world. Consequently, despite its competitive focus, the neo-liberal system produces no winners. Neo-liberalism originated as a new form of liberalism, a theory prominent throughout the late 19th and early 20th centuries. Liberal theorists championed free trade, free competition, the elimination of government intervention in economic affairs, and individual liberty. [2,000 words]
ECA0050 Discuss how Protectionism has been used as a major economic tool by both developed and developing countries. Highlight the usual forms of protectionism employed and the consequent influence on the domestic manufacturing sector - Protectionism is defined as the policy of protecting domestic industries from foreign competition by means of various barriers to trade. These include tariffs, quotas, subsidies, Voluntary Export Restrictions, stringent quality requirements and boycott or sanctions. We will look at each of these later in the paper.Economic theory strongly disapproves of protectionism; the central argument in favour of free trade devoid of restrictions is the Theory of Comparative Advantage. This proposes that each country should produce that good which its particular combination of factors of production are most suited to, for example a country with surplus labour and shortage of capital should produce labour intensive goods and similarly a country with a surplus of capital and shortage of labour should produce capital intensive goods. 

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