National University Of Lesotho

Department of Economics

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Regulations

1. The Department offers a major in Economics in combination with a minor in any one of the following:-

A. Mathematics

B. Business Administration

C. Statistics

2. To study Economics, students must have obtained a credit in mathematics or equivalent at High School level.

3. In each programme of study, all prescribed courses must be taken and passed, i.e. at least 50%.

4. The following courses will have four contact hours per week each, and will be examined at the end of the semester in which they are offered:

EC260, EC261, EC360, EC361,

5. The following courses will have three contact hours per week each, and will be examined at the end of the semester in which they are offered:

EC161, EC162, EC262, EC263,

6. The remaining courses will have three contact hour per week over two semesters.

7. The Department may or may not offer any particular optional course during any given academic year.

The Department offers the following courses, listed with their prerequisites:

Course

Number Course Title Pre-requisite(s)

EC161-3 Elements of Microeconomics None

EC162-3 Elements of Macroeconomics None

EC260-4 Principles of Microeconomics EC161, Ml03 and Ml04 or M111 and M112

EC261-4 Principles of Macroeconomics EC162, Ml03 and Ml04 or M111 and M112

EC360-4 Intermediate Microeconomic Theory EC260, M205 and M206 or M221 and M222

EC361-4 Intermediate Macroeconomic Theory EC261, M205 and M206 or M221 and M222

EC362-6: Introduction to Development Economics EC260 and EC261 or EC262 and EC263

EC363-6: Mathematical Economics EC260, EC261, M205 and M206 or M221 and M222

EC364-6 Econometrics I EC260, EC261, M205 and M206 or M221 and M222, ST271, ST272 and ST276

EC365-6 Introduction to Political Economy EC260, EC261, or EC262 and EC263

EC366-6 History of Economic Thought EC260, and EC261 or EC262 and EC263

EC466-6 Research Project EC360, EC361 and EC364

EC472-6 Econometrics II EC360, EC361 and EC364

Optional Courses

EC461-6 Development Planning and Project Appraisal EC360 and EC361

EC462-6 Regional Economics EC360 and EC361

EC463-6 Agricultural Economics EC360 and EC361

EC465-6 Monetary Economics EC360 and EC361

EC467-6 International Economics EC360 and EC361

EC468-6 Environmental Economics EC360 and EC361

EC469-6 Public Finance EC360 and EC361

EC470-6 Welfare Economics EC360 and EC361

EC471-6 Labour Economics EC360 and EC361

Service Courses

EC262-3 Basic Micro-Economics EC161

EC263-3 Basic Macro-Economics EC162

Major/Minor Combinations

Economics With Minor in Mathematics

Year I

Students must take and pass the following courses below before they can proceed to Year II.

EC161-3 Elements of Microeconomics

EC162-3 Elements of Macroeconomics

M111-5 Algebra, Trigonometry, and Analytic Geometry

M112-5 Calculus I

ST171-3 Introduction to Statistics I

ST 172-3 Introduction to Statistics II

CL001-2 Computer Awareness

CSS100-8 Communication Skills

Plus: A selection of optional courses comprising 3 credit hours per week per semester from any of the following departments: Business Administration, Political and Administrative Studies, and Sociology.

Year II

Students must take and pass the following courses before they can proceed to Year III.

EC260-4 Principles of Microeconomics

EC261-4 Principles of Macroeconomics

ST271-4 Statistical Methods I

ST272-4 Statistical Methods II (Pre-requisite ST276-4)

M221-6 Linear Algebra

M222-6 Calculus II

Plus: A selection of optional courses comprising a minimum of 4 credit hours per week per semester from any of the following departments: Mathematics and Computer Science, Business Administration, Political and Administrative Studies, and Sociology.

Year III

Students must take and pass the following courses before they can proceed to Year IV.

EC360-4 Intermediate Microeconomic Theory

EC361-4 Intermediate Macroeconomic Theory

EC362-6 Development Economics

EC364-6 Econometrics I

EITHER

EC366-6 History of Economic Thought

EC365-6 Introduction to Political EconomyB

M332-4 Real Analysis

M333-4 Differential Equations

Plus: A selection of courses comprising 3 credit hours per week per semester from any of the following departments: Maths and Computer Science, Business Administration, Statistics, and Sociology.

Year IV

Students must take and pass the following courses before they can graduate.

EC466-6 Research Project

EC472-6 Econometrics II

Plus: 4 optional courses selected from Economics Year Four courses.

Economics With Minor in Business Administration

Year I

Students must take and pass the following courses below before they can proceed to Year II.

EC161-3 Elements of Microeconomics

EC162-4 Elements of Macroeconomics

M103-4 Algebra I for Social Sciences

M104-4 Calculus I for Social Sciences

ST171-3 Introduction to Statistics I

ST 172-3 Introduction to Statistics II

BA160-6 Introduction to Business Administration

CL001-2 Computer Awareness

CSS100-8 Communication Skills

Year II

Students must take and pass the following courses before they can proceed to Year III.

EC260-4 Principles of Microeconomics

EC261-4 Principles of Macroeconomics

BA261-6 Financial Accounting I

BA271-6 Management Process

ST271-4 Statistical Methods I

ST272-4 Statistical Methods II ST276-4 Introduction to Probability

M205-3 Algebra II for Social Sciences

M206-3 Calculus II for Social Sciences

Year III

Students must take and pass the following courses before they proceed to Year IV.

EC360-4 Intermediate Microeconomic Theory

EC361-4 Intermediate Macroeconomic Theory

EC362-6 Development Economics

EC363-6 Mathematical Economics

EC364-6 Econometrics I

BA361-4 Financial Accounting II

EITHER

EC366-6 History of Economic Thought

EC365-6 Introduction to Political Economy

BA364-4 Financial Management I

Year IV

Students must take and pass the following courses before they can graduate.

EC466-6 Research Project

EC472-6 Econometrics II

BA467-6 Financial Management II

Plus 3 optional courses selected from Economics Year Four courses.

Economics with Minor in Statistics

Year I

Students must take and pass the following courses below before they can proceed to Year II.

EC161-3 Elements of Microeconomics

EC162-3 Elements of Macroeconomics

ST171-3 Introduction to Statistics I

ST172-3 Introduction to Statistics II

CSS100-8 Communication Skills

CL001-2 Computer Awareness

Either

M111-5 Algebra, Trigonometry, and Analytic Geometry

M112-5 Calculus I

M103-4 Algebra I for Social Sciences

M104-4 Calculus I for Social Sciences

Year II

Students must take and pass the following courses before proceeding to year III:

EC260-4 Principles of Microeconomics

EC261-4 Principles of Macroeconomics

ST271-4 Statistical Methods I

ST272-4 Statistical Methods II

Either

M205-3 Algebra II for Social Sciences

M206-3 Calculus II for Social Sciences

M221-6 Linear Algebra I

M222-6 Calculus II

Plus: A selection of optional courses comprising 4 credit hours per week per semester if M205 and M206 are taken from any of the following departments: Maths and Computer Science, Business Administration, Political and Administrative Studies, and Sociology.

Year III

Students must take and pass the following courses before proceeding to Year III.

EC360-4 Intermediate Microeconomics Theory

EC361-4 Intermediate Macroeconomics Theory

EC362-6 Introduction to Development Economics

EC363-6 Mathematical Economics

EC364-6 Econometrics I

ST372-4 Survey Methods and Applications

ST383-4 Actuarial Statistics

EITHER

EC365-6 Introduction to Political Economy

EC366-6 History of Economic Thought

Year IV

Students must take and pass the following prescribed courses before they can graduate.

EC466-6 Research Project

EC472-6 Econometrics II

Plus: 4 optional courses selected from economics Year Four courses.

Post-Graduate Diploma in Economics

1. General Information

1.1 Department of Economics offers a programme leading to a Post-Graduate Diploma in Economics. General information about Graduate work at the National University of Lesotho is available from the Faculty of Postgraduate Studies of the National University of Lesotho.

1.2 The Objective of The Diploma Program

The objective of the program is to give serving lower to middle level management personnel in Government, parastatal, as well as private enterprises accredited training that will increase their productivity. The diploma program is specialized and practically oriented, it is also flexible with the ability of being tailored to the needs of the clientele.

2. Departmental Regulations

2.1.1 Admission into the program will be contingent upon acceptance by the admissions committee on the recommendations of the Department of Economics, Faculty of Social Sciences and Board of Postgraduate. A successful completion of a bachelor’s degree in an appropriately related discipline, (preferably in Economics, or with Economics as one of the major subject), with proficiency in Economics, Statistics and Mathematics is required. Students with special deficiencies may be required to make up such deficiency, particularly in economic theory, mathematics and statistics prior to entry into the program. The Department of Economics shall make a determination on deficiencies.

2.1.2. Applicants for admission must submit the following to the Faculty of Postgraduate Studies:

i) three copies of transcripts of their undergraduate work;

ii) three letters of recommendation from persons qualified to evaluate the applicants academic ability;

iii) proof of practical experience; and

iv) other pertinent information that may be required by the Faculty of Postgraduate Studies. The deadline for receiving applications is the last day of March of each year.

3. The Programme of Study:

3.1. Duration

The programme of study will normally take two academic semesters, residency is required and students shall normally be enrolled for a period of one academic year. Progression from one semester to the another will depend on successful completion of work in the preceding semester.

3.2. Courses in The Post Graduate Diploma in Economics

Semester one

EC510-4 Microeconomics

EC511-4 Macroeconomics

EC512-4 Quantitative Techniques

EC513-4 Macroeconomic Analysis (Policy Analysis) I

Semester two

EC514-4 Macroeconomic Analysis (Policy Analysis) II

EC515-4 Project Appraisal

EC516-4 Environmental Economics

EC517-4 Development Planning

EC518-4 Trade and Development

4.0 Assessment

4.1. Students will be assessed on taught courses only.

4.2. Internal assessment will account for 50 percent of the final grade, while the final written examination will account for the other 50 percent.

4.3. For the purpose of the award of the diploma:

4.3.1. A student is allowed to obtain a grade of "D" in not more than two courses.

4.3.2. A student must obtain an overall mean of at least a "C".

5.0. Supplementary Examinations

5.1. A student may be allowed a supplement in not more than one course per semester in which a grade of D has been obtained.

5.2. The supplementary grade shall not exceed a "C".

6.0. Transfer to Masters Programme

6.1 A student may be allowed to transfer to the M.Sc. programme in the Department provided such student has:

6.1.1 Obtained an overall mean of at least a “B”.

6.1.2 Obtained a mean of at least a “B” in the following courses:

EC510, EC511 and EC512.

Master of Science in Economics

1. General Information

Department of Economics offers a graduate programme leading to the degree of Master of Science in Economics in collaboration with the African Economic Research Consortium participating Universities in Anglophone Africa. General information about Graduate work at the National University of Lesotho is available from the Faculty of Postgraduate Studies of the National University of Lesotho. The degree awarded will be a M.Sc. (Economics) of the National University of Lesotho.

II. The Objective of the Graduate Degree Program

The objective of this program is to fulfil the manpower needs for highly trained economists in government, private and parastatal organizations. It will also meet the needs of private individuals that choose to invest in their own personal development.

2. Departmental Regulations

Requirements for Admission Into the M.Sc Programme.

A. Admission into the Graduate programme will be contingent upon acceptance by the Admissions Committee on the recommendation of the Department of Economics and the Faculty of Postgraduate Studies. A successful completion of a bachelor's degree (at least a second class second division or its equivalent) is required prior to entering the program. Students with special deficiencies may be required to make up such deficiency, particularly in economic theory, mathematics and statistics prior to entry into the program. The Department of Economics shall make a determination on deficiencies.

B. Applicants for admission must submit the following to the Faculty of Postgraduate Studies:

i) Three copies of transcripts of their undergraduate work.

ii) Three letters of recommendation from persons qualified to evaluate the applicants’ academic ability.

iii) Other pertinent information that may be required by the Faculty of Postgraduate Studies.

Applicants for admission shall be considered by the last day of March of each year.

3. Financial Assistance

Apart from individual and public sponsorships, the department may provide financial support for outstanding graduate students primarily through teaching and research assistantships. Applications for assistantships should be completed at least four months prior to the term of first enrolment and addressed to the Head of the department. The assistantships will be limited for two years. Each assistantship will be subject to an annual review as to satisfactory performance in the degree work.

4. The Programme of Study:

4.1. Duration

The Masters of Science programme of study will normally take two years. The first two semesters will take core courses in Advanced Microeconomic Theory, Advanced Microeconomics Theory, Mathematical Methods, Econometrics Methods and Applications, as well as Policy Analysis and Economic Management. Students will then take a minimum of two elective courses and a thesis.

The program is divided into three stages with progression from one stage to the other depending on successful completion of the preceding stage. The stages are as follows:

4.2. The First Year of Study: August to May (Stage I)

Core Courses: (taken at N.U.L.)

EC500-6 Microeconomics

EC501-6 Macroeconomics

EC503-6 Mathematical Methods in Economics

EC504-6 Econometrics Methods and Applications

EC505-6 Policy Analysis and Economic Management

4.3.1. The Second Year of Study (STAGE II)

EITHER

At least two elective courses on areas of specialization will be taken at NUL.

At least two elective courses on areas of specialization will be offered in the AERC’s Joint Facility for Electives (JFE) where students from all participating universities will be jointly taught.

4.3.2. The Second Year of study (STAGE III)

(to be taken at N.U.L.)

EC699-6 Thesis

4.3.2 Course Offering

The Department reserves the right to offer or not to offer an elective course during any given academic year.

5. Assessment

5.1. Students will be assessed on Coursework and thesis.

5.2. Grades obtained by the student in the elective courses offered in the Joint Facility for Electives will be transferred to the Department and will count towards the overall average

5.3. Internal assessment will account for 50 percent of the final grade, while the final written examination will account for the other 50 percent. The thesis will be assessed on a satisfactory/unsatisfactory basis.

5.4. For the purpose of the award of the degree:

5.4.1. A student is allowed to obtain a grade of "C" in not more than two courses.

5.4.2. A student must obtain an overall average of at least a "B".

6.0. Supplementary Examinations

6.1. A student may be allowed a supplement in not more than two courses per year in which a grade of C has been obtained.

6.2. The supplementary grade shall not exceed a "B".

7.0. Thesis Requirements

7.1. A supervised thesis shall be submitted to the supervisor who will arrange the oral examination.

7.2. There shall be a students' thesis committee consisting of the supervisor and two other members one of whom shall be from the department of Economics at the National University of Lesotho. The third may or may not be a member of the said department.

7.3. The students' thesis committee shall ensure that there is acceptable progress on the thesis, and that it conforms to acceptable standards.

7.4. If the third member of the thesis committee is not a member of the department of Economics permission must be sought from the Head of Department with guidance of the supervisor.

7.5. The thesis shall be presented orally and shall be examined by a departmental panel of examiners. The panel of examiners shall consisting of the student's thesis committee, one other member of the department of economics who is not a member of the student's thesis committee, and a representative of the Faculty of the Postgraduate Studies, who shall be chairperson and an external examiner.

7.6. The thesis shall normally be passed on consensus, but where this is not possible, the panel of examiners shall vote on whether the thesis is satisfactory or unsatisfactory. A simple majority vote is required for the thesis to be declared satisfactory.

7.7. The chairperson of the panel of examiners shall report examination results to the student's faculty, and the Faculty of Postgraduate Studies.

7.8. If the thesis is declared unsatisfactory by the departmental panel of examiners, the panel may allow the student to resubmit the thesis within a period not exceeding four months.

7.9. If after the second attempt the thesis is still unsatisfactory, the student will be discontinued from the programme.

News

NUL Launches the International IDEA Project
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The National University of Lesotho through the Department of Political and Administrative studies launched a project on “Democratic Accountability in Service Delivery of Policing in Lesotho”.

Publication’s Day kicks off to a good start
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The National University of Lesotho on Thursday 1^st September 2011 invited government officials, stakeholders and staff to its first Publication’s Day.

NUL to build a new teaching facility valued at M10 million
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The National University of Lesotho has received a grant to the value of M10 million from the government of Lesotho, through the Ministry of Education of Training.