Thoughts on level 4000 EC modules (Part 1)

Seeing that I'm a lot more free this week, I decided to do a post out of spontaneity. Before I go into the modules, I'd like to say that it's not really advisable to leave all the 8 level 4000 modules to your final year. Cos' in each semester, you'll be taking 4 level 4000 modules and they're mostly pretty heavy. Of course, depending on the modules, some might not be so heavy. But not to forget, EC4103 has been added as a new compulsory module and having gone through it, I think it would be good to clear at least 2 or better yet, 3 level-4000 modules in your penultimate year. Right, so for a start, let me talk about the level 4000 modules that I have already completed. For those that I am planning to take or others that I would have loved to take, I'll leave it to some other time. By the way, I'll skip EC4103 for now cos' it's a compulsory module and I don't care to talk too much about it but anyway, one word summarizes it: burden.

1. EC4301 Microeconomic Analysis III

And so I cleared this module last semester. Results aren't out yet so this will probably be more objective than the one I'm gonna have in my module review. Practical-wise, the bell curve is steep which yeah, is gonna screw me up. That aside, for people who don't really appreciate the theoretical side of EC, this module is not for you. You always hear friends or even random tutorial mates around you cursing how sucky it is to have to clear EC4101 and EC4102 when there's no use for it. And for them, the change of the module codes to EC4301 and EC4302 is definitely welcomed with open arms. Given that these are no longer compulsory modules, the cohort size especially for EC4302 has become real small. Personally, I am not a big fan of microeconomics. I hate to say this but I took the module just to fulfill the requirements of my specialization and not out of pure interest or whatsoever. But having taken the module, I have to say I really kinda like the part on consumer theory (that is the first part of the module) as well as the very last section on mechanism design. The only thing that I have issues with for the mechanism design part was that I wish the lecturer could have built up a lot more and skip some of the earlier chapters like the one which you calculate the utility of lottery and differentiate among risk-averse, risk-neutral and risk-loving consumers or the one on asymmetric information. Seriously, I dislike asymmetric information cos' they're just too simplistic at undergraduate level. It's realistic but simplistic. As ironic as that sounds, I mean the topic of asymmetric information is realistic because you really see it everywhere in reality. Yet the way it's taught is too simplistic. There's not even a model to begin with and all I learnt from this chapter is the implication of asymmetric information; the equilibrium is not Pareto-efficient. So the big question is, if the module wasn't part of the requirements for the specialization, would I have taken it? It's hard to say but it's the sort of module that I wouldn't have chosen right from the start but yet not regret after taking it regardless of my grade. 

2. EC4302 Macroeconomic Analysis III

I love this module. First, I love macroeconomics. Second, Prof Aamir just added on to my interest in this module. Third, I finally gained some insights into macroeconomic models. I remember as much as the difficulty of the midterms and finals was so "insane" that everyone thought they're gonna be screwed up by the really steep bell curve, I studied this module pretty religiously during my Y3S1. I always had questions out of the context of the textbook and lecture notes. That's how interested I was. But I have to say this is generally a module that you either love or hate. You're either completely immersed in it like I was (okay kinda exaggerated) or you're cursing every bit of it. Like the case for EC4301, if you can't appreciate theoretical EC, don't take this module. Halfway through or actually even before that, you will start questioning the usefulness of this highly theoretical module. And when that happens, chances are you're not gonna do so well for this module. More importantly, you're not gonna get anything out of this module.

3. EC4303 Econometrics III

I gotta say this module was a lot less than or probably different from what I had expected. In my imagination, it is hardcore theory: lots of matrix algebra, lots of derivations and lots of proving. But in the reality, it was zero matrix algebra, minimal vector algebra, almost no derivations and little proving. And doesn't help that it's likely to pull my CAP not upwards but downwards. All these aside, I do not regret taking this module. If given a choice, I would still have chosen this module despite it being entirely different from what I had expected. If you're gonna aspire to be an economist or do anything along the application of EC, you know damn well that econometrics is a must to know and not just know, you gotta be good at it. I'm not good at econometrics. I just took it out of pure interest to learn more about the various techniques and of course, applying them to software. What's econometrics if you can't use the appropriate software to apply the theories. So it's unavoidable that in any econometrics module be it EC3303, EC3304 or EC4303, there will for sure be some sort of Stata or R involved. Once you find yourself skipping those exercises in EC3303 and EC3304 not because you think they're lame and that you most definitely can handle such statistical software but because you can't be bothered, then by the same token, don't bother to take EC4303 as well. There are people in this class whom you can tell they're there just for the sake of the specialization and others who are truly passionate about learning econometrics. I gained quite a lot in terms of statistical methods plus the application side of them so no matter what grade I get eventually, I'm glad that I took this module.

4. EC4332 Money and Banking II / EC4331 Monetary Economics and Policy

And EC4331 just got removed again this coming semester. Such a shame. Honestly, I didn't really love this module when I was taking it. Maybe it was because EC4302 kinda diluted a bit of my interest. But I gotta say you can only truly appreciate the module once you start applying the stuff learnt. When you're going through it, you just find yourself doing algebra mindlessly and it is so theoretical that you wish you can drop the module without a blemish on your transcript. Like EC4302, there was no application side to it during my time. You can't blame Prof Martin for it cos' there's only so much he can go through in one semester. So if you aren't interested in how monetary policy is practised in reality, do not attempt this module. You will probably be bored to death or before you get bored to death, you might be worked to death. This is not a light module because of the homework. But in terms of studying, it gets lighter as the semester progresses on. Assuming the syllabus doesn't undergo drastic changes for EC4331, the heavy workload usually comes in during the first 5 weeks of the semester. One reason is because people taking it might not have adapted to the kinda learning techniques it requires. But the more tangible reason is that the first 5 weeks suck the time out of your weekend if you decide to commit yourself faithfully to completing the weekly homework. And you should complete the homework to the best you can every week. If you put in your utmost effort to do so, your grade will be more or less guaranteed. So should you or should you not take EC4331? Let's say the module finally returns in the next academic year, if you find an interest in monetary policy-making, then this module is definitely for you. Or actually if you like economic modelling in general, just take it. Personally, I took the module because I saw that it is pretty challenging and it's quite different from other level 4000 electives in the sense that it's a lot more quantitative. I didn't really know what I was in for when I took it but now that EC4331 is named as such, it's pretty obvious it's gonna be on monetary economics.

And that's all the level 4000 modules I've taken so far. Stay tuned for Part 2~