How to get a head start in undergraduate economics

Some of you may be heading for university level economics.

In the past I have worked with several A Level Economics students going into undergraduate economics at universities such as Cambridge.

Getting that head start has had lots of benefits for these students.

It allows you to do better in your exams. It also gives you more time to focus on other things you want to do at university, whether that’s careers, societies or having a good time!

Here are some tips for how to get a head start in undergraduate economics over the summer break.

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Find information on the upcoming economics modules

Look for the course information you can find online. This includes:

• The first year modules.
• Textbook recommendations.
• Any information about the topics covered in each module.
• If available, the previous year’s problem sets.

Use these to get a sense of the course structure and the type of content you can expect. If you’re able to get ahead on problem sets, that’s a bonus!

Review key undergraduate models and theories

There are of course the most commonly taught models, like indifference curve theory, producer profit maximisation and cost minimisation, classical and Keynesian macroeconomic models and simple linear regression.

Alternatively, think about an area of economics that interests you and read up on possible economic theories or areas for interest or research.

Here is a list of standard economics models typically taught in undergraduate economics:

• Consumer theory – indifference curves and utility maximisation.
• Producer theory – profit maximisation and cost minimisation. Leading to the supply curve and cost curves.
• Game theory – one-shot games such as the prisoner’s dilemma, mixed strategies and pure strategy Nash equilibria, sequential games and infinitely repeated games.
• IS-LM or IS-MP macroeconomic models.
• Solow economic growth models.
• Linear regression, including hypothesis testing, Gauss Markov assumptions and quasi-experimental methods.
• Mathematical techniques including the Lagrangian and probability.

You should of course tailor this to your university modules in first year.

Practising mathematics for economics

Think about how economics can use maths

Mathematics becomes much more important for economics at university, compared with undergraduate economics.

Maximisation of profit or utility can be turned into a calculus problem.

The word “marginal”, if you’ve seen it in economics before, can be thought of as, essentially, a derivative.

Statistics and econometrics also matter. Look into how econometrics uses natural experiments and think about how probability can be useful in economics. Look up these topics and get used to thinking about them and working on them.

Familiarise yourself with economic research

There are critiques of how undergraduate economics is taught. The focus on mathematical aspects of economics will suit some students but not others.

I recommend students read reports or papers for the areas that you find interesting.

You could have a look at research using top economics journals, such as the Journal of Economic Perspectives or the Journal of Economic Literature. These two journals are easier to read, compared to the more mathematically heavy papers in other journals. Instead of this, you could also search for a particular topic area using Google Scholar.

Alternatively you can also find reports by think tanks or consultancies on topics you’re interested in.

This also helps to remember why you’re studying economics. It also helps bring it back to reality when at times, it can be very theoretical.

General tips

Get organised

Depending on the difficulty of the university course, your own ability, and your goals, you may have a lot to do or less to do at university. Whatever the case, it’s important to plan, so you can get the most out of your university experience.

Consider your goals for university and beyond

Do you want to be a top student? What are you considering doing after university? Are you thinking about joining societies or partaking in other activities?

The more you want to do, the better organised you’ll have to be. But if you don’t know what you want to do, that’s ok and surprisingly, most people are in the same boat. You can try different things and see what you like!

Take a break from studying

University can be a long commitment and you don’t want to suffer from burnout! After working on your A-levels, a well-deserved break may be in order.

Even if you’re not planning on studying economics at university level, think about how these tips may apply to your desired course.