The specialisation in economics gives you the competence and tools to analyse behavior of economic agents, such as firms, consumers and government agencies, and provides a framework to assess the optimality of outcomes to individual agents and to the society at large.
Major in Economics
Using economic theory and data, you will be able to perform competent analyses on diverse topics, including firms’ production decisions, market structures, GDP and growth rates, business cycles and monetary policy, wage formations, environmental regulations, public goods and market failure, optimal resource extraction strategies, energy markets and sustainability.
By specialising in economics, you will be able to answer questions such as: What are the current status and the prospect of renewable energy markets? What is the optimal extraction rate for non-renewable resources? How much is a nature experience worth? And what would be the cost of an oil spill in the Artic? What drives people to work hard?
At UiS Business School, we have a faculty teaching team who are at the forefront in their research fields and actively collaborate with businesses and government agencies.
Meet the faculty teaching team
With the Economics specialisation, you have good job opportunities both in the private business sector (finance, industry, energy) and in the public sector (state and municipality, directorate). Our graduates are working in various related fields, including consultancy, banks and financial services, oil and gas sector, and government agencies.
What will you learn?
In the economics specialisation, you will learn essential terminologies and concepts (such as equilibrium, opportunity cost, public goods, market failure) to understand today’s complex business environment and societal challenges, how to apply them to analyse the real-world issues, and communicate the results effectively to interested parties, such as colleagues, bosses, and clients.
The economics specialisation trains you to “think like an economist” with the versatile theoretical framework and empirical competence, allowing you to yield a unique understanding of societal phenomenons. According to the Future of Jobs Report 2020 by the World Economic Forum, the skills that employers see as critical include analytical skills such as critical thinking and complex problem-solving. These are the type of skills you will obtain in this specialisation.
I have always been interested in the major socio-economic issues related to labour, inequality and natural resources. By specialising in economic analysis, I got the opportunity to delve deeply into these areas.
Students will learn the fundamental principles of microeconomics and macroeconomics. From Semester 2, students also have an opportunity to choose one of the two tracks within economics specialisation: Energy, Resource and Environmental Economics (EREE) and Motivation, Incentives and Labor Economics (MILE).
Semester 1 consists of three courses. One course is unique for the Economics students, wherein two of the courses are taken by all the first-year students at the UiS Business School.
You will start with learning the fundamental principles of microeconomics, including the Theory of Consumers, Theory of Firms, and Functions of Markets.
Business Decisions is a highly interactive course where you will learn exciting business cases from different perspectives, together with students from all the specializations. This is one of the two required courses across specializations.
In Data Analytics, you will learn how to extract useful information from data, as well as the programming skills using a widely popular software R. This is one of the two required courses across specializations.
This semester, you have two compulsory courses (MSB104 and MSB111) and one elective course.
Solving complex tasks and presenting them in a scientific manner is the core of modern business analytics. Solving such tasks requires training, which is at the heart of this course. The course builds on the Data Analytics course and brings its content to a practical application. It is challenged-based and improves the students’ abilities in scientific writing and group work.
The course aims to provide deeper insights into macroeconomic theory and its application to current macroeconomic policy problems. The main topics are economic growth, determination of employment, monetary and fiscal policy in a small open economy, exchange rate determination, the causes and effects of government budget deficits and external imbalances.
Choose one elective course this semester, either from the economics specialisation or an elective from another specialisation profile. Note that as a student majoring in economics, you need to choose at least 10 ECTS and max. 30 ECTS among the economics electives in the 2nd and 3rd semester. You are also required to take at least 10 ECTS outside economics during the 2nd or 3rd semester.
These are the electives from the economics profile you can choose in the 2nd semester:
This course builds an understanding of the global energy situation, energy and climate policies, and the market outlook for various energy carriers. Coverage includes conventional power generation, wind power, solar energy, oil and natural gas. Drivers of demand, supply and price formation will be explored, including their relationship to resource scarcity, technology and innovation, economic factors, and policy variables. Finally, the course explores the macroeconomics of energy market developments for importers and exporters of energy resources.
You will learn the principles underlying both labor demand and labor supply. The main themes include labor supply and individual trade-offs between working and leisure, parental labor.
In your third semester, you can choose to be an exchange student at one of our international partner universities or stay at the University of Stavanger and decide among a wide range of elective courses offered at the UiS Business School (30 ECTS) and/or combine your specialization with an internship.
Alternative 1: Semester abroad as an exchange student
The experience you gain from a semester abroad gives you an international profile that many companies look for in their future employees. Through the UiS Business School exchange programme, you have a unique chance to gain an international perspective on your education. It is also an opportunity to learn a new language and culture. You expand your professional network and get an experience of a lifetime. Read more about student exchange and our partner universities.
Alternative 2: Semester at the University of Stavanger
The semester at the University of Stavanger consists of elective courses equivalent to 30 ECTS. Choose elective courses either from the economics specialisation or electives from other specialisation profiles.
Please note that as a student majoring in economics, you need to choose at least 10 ECTS and max. 30 ECTS among the economics electives in the 2nd and 3rd semester. You are also required to take at least 10 ECTS outside economics in the 2nd or 3rd semester.
These are the economics electives we offer in the 3rd semester:
What is the appropriate level of pollution and how can it be achieved? What is the best management of renewable resources (e.g. fish, forest)? What is the optimal extraction rate for non-renewable resources (e.g. oil, natural gas)? How much is a nature experience worth? And what would be the economic cost of an oil spill in the Arctic? Environmental and resource economics is a branch of economics with explicit focus on the role of the environment and natural resources in the economy, and questions like the ones above are examples of ones that students will learn to address during this course.
What drives people to work hard? Why do we try our best in some settings, while in others we tend to slack off? In this class, we explore how employees are motivated, and tools to increase employees' motivation. We apply microeconomic theory, game theory, behavioural economics and psychology to investigate topics such as incentives, intrinsic versus extrinsic motivation, peer effects, performance feedback, employer recognition, autonomy, competitiveness, reciprocity, procrastination, mindset, purpose and social status.
This semester is all about writing the master’s thesis. Use all the knowledge and skills you obtained throughout the program, tackle an important question that you feel passionate about.
Example master theses topics: Energy, performance, analysis, sustainability, valuation, impact, innovation, covid-19, climate.