The Economics Department
Social Science subjects are extremely popular at Stowe. More students study the Social Sciences at university than any other group of subjects, and employers recognise the useful work skills they develop.
Economics is taught only in the Sixth Form at Stowe and is an increasingly popular A Level choice. The Department aims to provide students with not only an academic understanding of these subjects, but also a broader appreciation of the economic issues faced both in the UK and globally. The subject offers the opportunity for students to engage in discussion and learn about some of the major crisis facing the UK today including immigration, globalisation, oil shortages and the situation in the middle east.
Head of Department: Mr Kevin Ryce
A Level
Economics (AQA)
Economics tries to identify how firms and whole economies should operate if they are to maximise output, profits and welfare. Theoretical models are used to simplify the real world in order to gain a better understanding of key issues. For a thoughtful student, Economics provides an invaluable tool for analysing a wide variety of problems faced by governments.
In the Lower Sixth issues such as the Welfare State, the effects of competition on the behaviour of firms and government policies designed to control growth, inflation and unemployment are examined. In the Upper Sixth, these themes are examined in greater depth, including a detailed study of the current state of the British economy and the evolving European economic system.
AS - Lower Sixth
Markets and Market Failure
Basic tools of economics are introduced, together with insights about how firms behave in various competitive situations. The government's impact on the economy is considered. Reasons why governments should and should not intervene in the economy are analysed. Many topical issues such as the minimum wage, welfare state and pollution are discussed.
The National Economy
Macro-economic issues are considered such as inflation, unemployment and trade. Government policies which affect interest rates, taxation and trade etc. are analysed and their drawbacks assessed.
A2 - Upper Sixth
Business Economics and the Distribution of Income
More detailed micro-economic models are studied including perfect competition, monopoly and oligopoly. Students will analyse how decisions are made by firms in these market structures and the limitations of the models in the real world. This module also studies the labour market and the factors which influence relative wage rates and the distribution of income and wealth.
Government Policy, the National and International Economy
Gives students a working knowledge of recent trends and developments in the economy. Developments in the UK will be seen in the context of the globalisation of the world economy and membership of the European Union. Assessment of the effectiveness of current government policy and alternative courses of action will be considered.
Combinations, Skills Needed and Requirements
A good economist is able to use abstract theories and apply them to everyday problems so that real-world policies can be sensibly evaluated. Students coming from a mathematical or science background tend to have an advantage in terms of understanding the basic theory. However, students with an arts background have an advantage in terms of being able to write fluently about policies and problems. A 'B' grade in GCSE Mathematics, and competence in a writing subject such as English or History must also have been demonstrated. Economics bridges the Arts/Science divide and is excellent for those wishing to broaden their subject choice. There is no ideal combination, as it is equally likely to be taken by those who consider themselves to be scientists or interested in the arts. Normally Sixth Formers should make a choice between Economics or Business Studies.
The Russell Group Choices document states that there are some subjects considered 'hard' and Economics along with Politics are considered in this category.
After university, economists go on to a wide variety of careers from the Civil Service to the City. Their abilities to apply ideas are highly valued by employers, helping to explain why they are amongst the best paid graduates.