Macroeconomics (Economy and Society)

Bachelor’s programme in Economy and Society

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If a family buys loaves of bread in a year, GDP does not care whether they are all white bread or whether the family can choose from wheat, rye, pumpernickel, and many others—GDP just looks at whether the total amount spent on bread is the same. Likewise, GDP has nothing much to say about which technology and products are available.

The standard of living in, for example, or was not affected only by how much money people had—it was also affected by what they could buy. No matter how much money you had in , you could not buy an iPhone or a personal computer.

In certain cases, it is not clear that a rise in GDP is even a good thing. If a city is wrecked by a hurricane and then experiences a surge of rebuilding construction activity, it would be peculiar to claim that the hurricane was therefore economically beneficial. If people are led by a rising fear of crime to pay for installation of bars and burglar alarms on all their windows, it is hard to believe that this increase in GDP has made them better off. Does a rise in GDP overstate or understate the rise in the standard of living? The fact that GDP per capita does not fully capture the broader idea of standard of living has led to a concern that the increases in GDP over time are illusory.

It is theoretically possible that while GDP is rising, the standard of living could be falling if human health, environmental cleanliness, and other factors that are not included in GDP are worsening. Fortunately, this fear appears to be overstated. In some ways, the rise in GDP actually understates the actual rise in the standard of living.

For example, the typical workweek for a US worker has fallen over the last century from about 60 hours per week to less than 40 hours per week. Life expectancy and health have risen dramatically, and so has the average level of education. Since , the air and water in the United States have generally been getting cleaner.

New technologies have been developed for entertainment, travel, information, and health. A much wider variety of basic products like food and clothing is available today than several decades ago.

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GDP does not capture leisure, health, a cleaner environment, the possibilities created by new technology, or an increase in variety. On the other side, rates of crime, levels of traffic congestion, and inequality of incomes are higher in the United States now than they were in the s. Moreover, a substantial number of services that used to be provided, primarily by women, in the nonmarket economy are now part of the market economy that is counted by GDP.

By ignoring these factors, GDP would tend to overstate the true rise in the standard of living. GDP is rough, but useful. A high level of GDP should not be the only goal of macroeconomic policy—or broader government policy. But, even though GDP does not measure the broader standard of living with any precision, it does measure production well, and it does indicate when a country is materially better or worse off in terms of jobs and incomes. In most countries, a significantly higher GDP per capita occurs hand in hand with other improvements in everyday life along many dimensions, like education, health, and environmental protection.

No single number can capture all the elements of a concept as broad as standard of living. Nonetheless, GDP per capita is a reasonable, rough-and-ready measure of the standard of living. GDP helps us measure standard of living, but how do we know how the economy is doing? To determine the state of the economy, we need to examine economic indicators, such as GDP. Calculating GDP is quite an undertaking.

Real GDP informs us that the recession of to was a severe one and that the recovery from that has been slow but is improving. Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier.

Limitations of GDP

Year 2 modules will vary depending on second year destination choices. All students undertake an independent research project in their second year, which culminates in a dissertation of approximately 20,—25, words. The programme is delivered through a combination of lectures, seminars, tutorials and research supervision. Assessment is by written examination, coursework and dissertation; language courses involve an oral examination. For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website.

Graduates of this programme are qualified to progress to doctoral research in the European area; others may advance to careers in governmental or international organisations, and may specialise in finance, commerce, analysis or consultancy. Others may seek a career in diplomacy, or in journalism, or in non-governmental organisations.

Graduates of the programme have taken leadership positions in distinguished private and public sector organisations including the IMF, EBRD, OSCE, NATO, United Nations, in risk control, banks and financial institutions, diplomacy and media, and the civil service and many have also continued to doctoral studies. Scholarships, internship opportunities and excellent links with other universities in the region provide further benefits.

The International Master's in Economy, State and Society is fast becoming the programme of choice for students with a serious interest in the economies, states and societies of the wider European region.

Career prospects

Our specialist library is unrivalled in the UK and our central London location provides an ideal environment for research. Our close contacts with employers, policymakers and alumni afford excellent opportunities for networking and career development.

Economy, State and Society: Economics and Business MA (International)

Definitely the place to study and do research at the beginning of the 21st century. Students are advised to apply as early as possible due to competition for places. Those applying for scholarship funding particularly overseas applicants should take note of application deadlines. This programme is designed to attract and challenge the brightest European Union and international students as well as professionals wishing to retrain to acquire European expertise and meet the challenges of the changing global environment.

Evidence of English language ability is essential but there are no other language prerequisites. Applicants in the final stages of their undergraduate degree may apply but must present their transcript of marks no later than 31 August for the year of entry. For more information see our Applications page. Together with essential academic requirements, the personal statement is your opportunity to illustrate whether your reasons for applying to this programme match what the programme will deliver.

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Socioeconomics

Slavonic and East European Studies. Economics and Business MA International The International Master's in Economy, State and Society is a unique, innovative, dynamic yet firmly established postgraduate programme offered by a consortium of leading European universities. Key information Programme starts September Modes and duration Full time: Application dates All applicants. Entry requirements Normally an upper second-class Bachelor's degree in a relevant discipline from a UK university or an overseas qualification of an equivalent standard.

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