ECO101: Principles of Microeconomics

This course exposes students to basic economic vocabulary, the Economist’s toolkit as well as basic economic theories. The thrust of the subject Economics, deals with how individuals and societies tackle the main economic problem of scarcity. Economists use graphs and equations to demonstrate various economic concepts and ideas. It is vital therefore, that you are able to read and use the graphs and equations to support any economic arguments you make. Topics to be covered in the course include: The Basic Economic Problem; Consumer behaviour; Producer behaviour; Interaction between Demand and Supply.

Upon completion of the theory of demand and supply, the course then examines of the theory of the firm under conditions of perfect competition, monopoly, monopolistic competition and oligopoly. This course lays a foundation for your subsequent economics courses.

ECO102: Principles of Macroeconomics

This course covers current debates on the workings of the aggregate economy, including unemployment, inflation, economic growth, national debt, financial markets, money and banking systems, and international trade.

ECO103: Introduction to Microeconomics (for Non-Majors)

The goal of this course is to show students how to use economic ideas to make smart choices in life. The course focuses on core concepts that one can use regularly, to make smart choices in life as a consumer, a businessperson, and as an informed citizen. Most of the course will focus on microeconomics. The course provides concise microeconomic fundamentals without the mathematical details.  The course will not count for economics majors and commerce students.

ECO201: Microeconomics I

Theories of the household and of the business firm and their implications for the demand and supply of final products and productive factors are treated in this course.  Focus is also done on the distribution of income in the economy.

ECO202: Microeconomics II

Market structures such as Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly are covered in depth in this course.  This course is actually a continuation of ECO201 which is done in the first semester.

ECO203: Macroeconomics I

This course builds on the principles of economics taught in ECO102 and examines the overall behaviour of the Swazi economy.

Whereas microeconomics focuses on individual decision makers (consumers, producers, workers, employers), macroeconomics deals with broad economic aggregates such as national income; the overall level of prices, employment, and unemployment; and the money supply. Topics covered include the meaning and measurement of gross national product, business cycles, the effects of government expenditure and taxation.

ECO204: Macroeconomics II

This course builds on the principles of macroeconomics taught in ECO203 and examines the overall behaviour of the Swazi economy. Macroeconomics deals with broad economic aggregates such as national income; the overall level of prices, employment, and unemployment; and the money supply. Topics covered include causes of inflation and unemployment, and international trade and the balance of payments.

ECO205: Mathematics for economists I

The objective of this course is to introduce the candidate to some fundamental mathematical techniques and programming tools commonly used in advanced economics courses.  At the end of the course the candidate is expected to be able easily a) apply quantitative techniques in the analysis of economic phenomena and to carry out analytical empirical research using such techniques; b) develop independently models which they consider appropriate for economic analysis and policy formulation in given environments; and c) understand the difference between economic theory and the applied economics courses.

ECO 206: Mathematics for Economists II

This course builds on the mathematical techniques done in ECO205 and widens it to now cover the statistical economics part. The objective of this is to equip students so that they can: a) apply statistical techniques in the analysis of economic phenomena and to prepare them to be able to apply statistical tools in empirical research; b) learn to develop independently models which they consider appropriate for economic analysis and policy formulation in given environments; c) understand the difference between economic theory and the applied economics courses; and d) understand the theoretical basis of the statistical techniques.

ECO207:   History of Economic Thought I

This course surveys the main schools in the history of the development of economic thought, beginning with the Classical school and works of Adam Smith, Ricardo, Says and others.  It then reviews challenges to the classical school by Marx, Marginalists, and subsequent key figures like Marshall, Walras and the Neoclassicalists.  Economic thought associated with the early 20th century transitionalists are briefly addressed, including economists such as Wicksell, Schumpeter, Fisher, and others.  Selected chapters of Keynes “General Theory” is discussed in depth, focusing in particular on Keynes in areas of investment, interest rate theory and money demand. The other part of this course is covered in detail in ECO208.

ECO208: History Of Economic Thought II

This course is a continuation of ECO207.  It covers the post 1945 revisions of Keynes and Neoclassical economics in the form of early and late “IS-LM”analysis.  The course further investigates the Monetarist school of thought which was spearheaded by Milton Friedman, the Rational Expectations which were developed by Lucas, Real Business Cycle theorists, and Post-Keynesian school.  The course concludes with a consideration “Efficient Markets” theory and the views of its critics such as Tobin, Hyman Minsky and others.  Throughout the course, economic theories will be examined in light of the inter-relationship between theory, policies and economic conditions such as the current financial and economic global crises since 2006.

ECO301: Intermediate Microeconomics

The objective of the course is to introduce the fundamental methodology and concepts of microeconomics theory.  The course is an advanced treatment of topics covered in ECO201 and ECO202.  Extensions will be on the treatment of market structures and the theory of general equilibrium.  In this course, basic comparative static microeconomic theory is developed and applied to situations of both constrained and unconstrained optimization problems.  Thus a good dose of calculus, algebra and statistical tools is indispensable.

ECO302: Intermediate Macroeconomics

The objective of the course is to introduce the fundamental methodology and concepts of macroeconomic theory.  The course builds on what has been offered in ECO203 and ECO204. The macroeconomic theory at this stage focuses on the neoclassical economic theory; however efforts are made to expose students to other paradigms such as Institutional and Marxian economic theories, whenever possible.  This course introduces other macroeconomic concepts such as the open macroeconomics and aggregate supply.

ECO303: Development Theory

The main objective of the course is to expose students to the general theoretical aspects of development. At the end of the course students must have an understanding of the meaning and concepts of development as well as the theories of economic growth and development.

ECO304: Development Problems and Policies

The course exposes students to various aspects of development, especially problems and policies that are relevant to developing countries in general and Eswatini in particular. These comprise issues of significance facing economies such as poverty, population, migration, labour under-utilization, Structural Adjustment Programmes, Regional Economic Integration in Southern Africa, education and development.

ECO305: Project Development and Financial Analysis

The purpose of this course is to provide students with a systematic and rigorous way of thinking about measurements of benefits and costs when evaluating projects, programs or regulations.  It introduces students to the theory and practice of project evaluation and related techniques with an emphasis on practical aspects.  Whilst a financial analyst for a private, profit making entity focuses only on the net cash flows the entity receives from a project, an Economist has to consider a proposal’s economic costs and benefits from a societal perspective.  Therefore, the course will cover the steps involved in the valuation of these benefits and costs.  The various criteria for project profitability (IRR, NPV, BCR, etc.) will be explained and applied.  The techniques are practised and illustrated with exercises and case studies.

ECO306: Economic and Social Analysis of Projects

The course gives students insight into project analysis and control. The course places emphasis on the importance of project monitoring to ensure maximum return. The course also contains detailed information on the project evaluation process, methods and techniques. Students get exposed to concepts of risk and uncertainty and their importance in project evaluation. The course provides a detailed discussion of the concept of externalities and their relevance in project evaluation. Students are also introduced to the concept of shadow pricing and its importance in social projects. The techniques are practiced and illustrated with exercises and case studies.

ECO307: Introduction to Econometrics I

This is a new core course for third year economics undergraduate student. It is an advanced treatment of courses such as ECO206. Topics include: definition and methodologies of econometrics; the simple linear regression model; statistical tests of estimators; multiple regression analysis.

ECO308: Introduction to Econometrics II

This is a new core course for third year economics undergraduate student. This course builds on the econometric techniques done in ECO307 and widens it to now cover the following topics: Econometric problems such as: autocorrelation, multi-collinearity, errors in variables, heteroscedasticity and their solutions.

ECO311:  Economic Policy I

The aim of this course is to contribute to any level of government policy formulation, analysis and policy making processes.  The course introduces students to the basic ingredients of policy analysis rooted in the macroeconomics concepts such as National Income Accounting,  Eswatini’s Economic Policy,  Economic Strategies for Job Creation and Poverty Reduction, Eswatini’s Corruption Rating, Open economy in the long run, Trade policy viewpoints, Closed economy in the short run, Aggregate demand in the open economy, Stabilization policies.

ECO312: Economic Policy II

The course builds on the monetary theories and techniques students will have taken from ECO311. It provides the theoretical and empirical analysis of macroeconomic policies pursued by developing countries. Topics include the determination of exchange rates and relative prices in small economies; the examination of government spending, taxation, banking, trade, and labour market policies; and the evaluation of market-oriented economic reform programs.

ECO401: Monetary Theory I

This course introduces students to the basic concepts used in monetary economics together with the main monetary economic theories and techniques. It builds on the micro-economic and macro-economic courses students have studied in their earlier years. Topics to be covered include: the nature and scope of monetary economics, which includes the nature of the financial system, monetary policy and inflation, theories of money supply and demand, monetary policy transmission mechanism and the theory of optimum currency area.

ECO402: Monetary Theory II

The course builds on the monetary theories and techniques students will have from taking ECO402. It is ensures that students can apply the theory to study how monetary policy affects economic activity in any economy and in Eswatini in particular. Topics include: relationship between finance and growth, financial stability and the Monetary authority, Financial sector in Eswatini and financial crises: causes, effects and remedies.

ECO403: International Trade I

The course covers the following international trade concepts: Theory of comparative advantage; the impact of trade on welfare and income distribution; Economic analysis of trade barriers; and the analysis of international labour and capital.

ECO404 International Trade II

This course is a continuation of the ECO403. It analyzes the international financial system and its effect on macroeconomics policies.

It also focuses on the determination of exchange rates and their impact on the trade balance.  It further looks at international monetary institutions and their reforms.

ECO405: Public Finance

The course covers the role of government in the operation of the economic system (theory of public sector economics). Students are exposed to the fundamentals that govern the determination of public expenditure and taxation at central and local government levels. At the end of the course students must have an understanding of the role and existence of the public sector. (3L)

ECO406: Public Finance II

The course looks at the effects of government policies on the allocation of scarce resources (efficiency) and income distribution (equity). It focuses on the public sector in Eswatini and issues of significance facing the economy such as government spending, income distribution, government revenue sources etc. At the end of the course students must have an understanding of the current issues in public sector economics.

ECO407: Economics of Agriculture

This course is designed to provide the advanced undergraduate student in Economics an insight into aspects of Agricultural Economics which are relevant to the socio-economic development of developing nations in general and Eswatini in particular. The course content is developed in such a way that it draws examples from the Eswatini as much as possible.

ECO408: Agricultural Policies and Rural Development

The aim of the course is to lay emphasis on the role of agricultural policies in the development of agriculture in developing economies. The focus is also on rural development and its importance. This is because the quality of life in rural areas is directly influenced by the policies relevant to farm output and input supply and rural development programmes.

ECO409: Labour Economics I

Students of the labour economics course study the determinants of supply and demand in labour markets that are segmented by regions, occupants, and other characteristics of workers.  Students in this course also study the effect of human capital formation, immigration, and demographic change on wages and employment.

ECO410: Labour Economics II

This course is a continuation of the labour economics done in ECO409.  The course now emphasizes on the effects of government policies ranging from living wage laws.  Students examine the influence of unions on labour market outcomes as well.

ECO411: Planning Economics I

The course material covers three main elements of economic and strategic planning: Conducting Strategic Analysis; Developing Strategic Direction and Implementing Strategic options. It covers topics such as planning process, forecasting and strategy formulation. The course is delivered through a combination of practical coursework and classroom lectures. Planning is integral part of solving economic problems that challenge us in the region and is the core mission of most Economic Planning Ministries in government.

ECO412: Planning Economics II

This course is a continuation of the economics done in ECO411.  It covers topics such as planning and budgeting, balanced scorecard, Strategy Execution. Research has shown that Strategic Planning is one of the more popular functions performed by Economists in private and public sector enterprises. This course was designed for final year students in the Department of Economic. The focus of the course is on how to conduct strategic planning at the level of the firm, industry, community or national economic development. The course will be pragmatic and interactive. Students will work together to apply strategic planning methodology, tools and techniques to a chosen organization, private or public or economic sector.

ECO 413: Transport Economics I

Transportation Economics applies microeconomic theory to transportation issues. The course equips students in better understanding the basic concepts of economic analysis with respect to transportation.  It also helps students to develop the capacity to apply the economics concepts to specific situation in the transportation sector.  Topics include: application of economics concepts with respect to transportation; transport planning and decision making; and externalities caused by transport.

ECO 414: Transport Economics II

This course is a continuation of the transport economics done in ECO413.  It covers the following topics: role of transport in economic development; and proposed solutions to transport problems, especially those relating to congestion, public transport, and the environment.

ECO415: Industrial Economics I

Students apply basic economic principles to the study of the structure, conduct, and performance of local firms and industries. The course constitutes a methodological and theoretical introduction into the tools, methods and approaches used all over the course. It provides a quick review of game theoretic concepts, followed by the discussion of the nature of markets, the firm and the agency relations within business organizations. The course also covers imperfect competition in static and dynamic settings, theoretical and empirical studies of collusion, entry and accommodation, product differentiation, monopolistic behaviour, vertical integration and determinants of the market structure.

ECO416: Industrial Economics II

This course is a continuation of the economics done in ECO415. Students examine the influence of public policy on local firms and industries. This course is devoted to industrial policy and efficiency analysis, including government regulation and natural monopolies reforms with examples and applications.  Field visits to local firms and presentations by local business managers and government officials comprise much of the course content.

ECO417 Applied Project in Economics

The objective of the course is to expose students to the skills necessary to conduct meaningful and structured research in economics.  It is the only course where a research project is written and is submitted before the end of final examinations in May.

ECO419: Econometrics I

The course is an application of the econometrics courses studied in ECO307 and ECO308.  It covers the basic tools of estimation, inference and forecasting of cross sectional data, time-series and panel data models.  The course emphasizes the intuitive understanding and practical application of this basic econometric analysis.

ECO420: Econometrics II

This course is a continuation of the econometric analysis done in ECO419.  It is a more elaborate treatment of Econ 419 with particular emphasis on correlation theory and Econometric theory; the simultaneous equations models; limited dependent variable models (Probit & Logit Models).

ECO421: Structure of the Swazi Economy I

The course provides an overview of the Eswatini Economy and how the economy is influenced by world developments, given its openness. It is evident that the economy is faced with a lot of challenges, which include: low economic growth, growing fiscal imbalance, rising unemployment, high poverty levels, high HIV/AIDS prevalence, and low performance of the agricultural sector. At the end of this course students are expected to be conversant with the challenges facing the economy as they use both microeconomic and macroeconomic analysis to gain detailed understanding of, and interrelationship among sectors and major economic aggregates. The course lays emphasis on the role of the agricultural sector and the financial sector in the development process of the Swazi economy.

ECO422: Structure of the Swazi Economy II

The course provides an overview of the Eswatini Economy and how the economy is influenced by world developments, given its openness.

It is evident that the economy is faced with a lot of challenges, which include: low economic growth, growing fiscal imbalance, rising unemployment, high poverty levels, high HIV/AIDS prevalence, and low performance of the agricultural sector. At the end of this course students are expected to be conversant with the challenges facing the economy as they use both microeconomic and macroeconomic analysis to gain detailed understanding of, and interrelationship among sectors and major economic aggregates. The course lays emphasis on the role of the foreign sector, and the public sector in the development process of the Eswatini economy.

ECO423: Health Economics I

An introduction to the application of the theories and principles of microeconomics to issues in health care.  The course increases understanding of microeconomic theory and the basic structure of health care delivery and health care financing in developed and developing countries.

ECO424: Health Economics II

This course is a continuation of courses done in ECO423.  The course examines the role of government in health and health insurance.  It examines the theoretical reasons for government intervention in health and health insurance, the related empirical evidence and how government has to intervene.

ECO425: Environmental Economics I

The course develops the theory of resource and environmental economics and applies it to analyze real-world policy issues.  It covers the economics of exhaustible and renewable resources and discusses how economic approaches can be used to control externalities and pollution.

ECO426: Environmental Economics II

This course is a continuation of courses done in ECO425.  This course now delves much into the environmental policies of economies.  It emphasizes the connection between economic understanding and improved public policy. 

The course focuses on the role in the economic system of environmental amenities such as clean air and clear water.  The problems associated with estimating economic costs and benefits of such amenities are also carefully examined.

ECO 427: Corporate Finance I

This course provides an introduction to the theory, the methods, and the concerns of corporate finance. The main topics include: 1) the time value of money and capital budgeting techniques; 2) uncertainty and the trade-off between risk and return; 3) security market efficiency; 4) optimal capital structure, and 5) dividend policy decisions.

ECO428: Corporate Finance II

This course is a continuation of courses done in ECO427.  The objective of this course is to study the major decision-making areas of finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as a complement and supplement to ECO427. Some areas of financial management not covered in ECO427 are covered in this course. These may include leasing, mergers and acquisitions, corporate   reorganizations, financial planning and working capital management, and some other selected topics. Other areas that are covered in ECO427 are covered more in depth and more rigorously in this course. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.