Cyprus International University Course Portal

The method of econometric research aims, essentially, at a conjunction of economic theory and actual measurements, using the theory and technique of statistical inference as a bridge pier. Econometrics is an amalgam of economic theory, mathematical economics, economic statistics, and mathematical statistics. Economic theory makes statements or hypotheses that are mostly qualitative in nature. For example, the microeconomic theory states that other things remaining the same, a reduction in the price of a commodity is expected to increase the quantity demanded of that commodity. But the theory itself does not provide any numerical measure of the relationship between the two.  It is the job of the econometrician to provide such numerical estimates. Stated differently, econometrics gives empirical content to most economic theories.
The main concern of mathematical economics is to express economic theory in mathematical form (equations) without regard to measurability or empirical verification of the theory. Econometrics, as noted previously, is mainly interested in the empirical verification of the economic theory. 

Economic statistics is mainly concerned with collecting, processing, and presenting economic data in the form of charts and tables. These are the jobs of the economic statistician. But the economic statistician does not go any further, not being concerned with using the collected data to test economic theories. Of course, one who does that becomes an econometrician.
Although mathematical statistics provides many tools used in the trade, the econometrician often needs special methods in view of the unique nature of most economic data, namely, that the data are not generated as the result of a controlled experiment. The econometrician, like the meteorologist, generally depends on data that cannot be controlled directly. 

In econometrics the modeler is often faced with observational as opposed to experimental data. This has two important implications for empirical modeling in econometrics. First, the modeler is required to master very different skills than those needed for analyzing experimental data. . . . Second, the separation of the data collector and the data analyst requires the modeler to familiarize himself/herself thoroughly with the nature and structure of data in question

The course will deal with broad issues in the following area; 

Basic principles of public finance; The functions of government and government expenditure; Tax theory and policy;  and Public policy.

The course covers both the monetary as well as the real side of International Economics. the subjects covered include the presentation of the rules of the game of the gold standard before proceeding to the explanation of the current international monetary system. The types and nature of different flows of funds internationally is presented before an analysis of the balance of payments. This followed by an analysis of the determination and variations in exchange rates presently in operation under the dollar standard. Special emphasis is placed on the importance of changes in interest rates as instigators of flows of funds internationally. There is also a presentation and examination of international financial centers like new York, Frankfurt, Shanghai and London.  The study of international financial markets is followed by studies of theories in international trade from David Ricardo to Hechsher-Ohlin. Finally, different forms of economic integration are presented followed by a study of tariffs, quotas and quantitative restrictions.

ECON 374 is designed to teach you and evaluates the working of different economic systems. The course examines the major economic systems of the world, in both theory and practice. The approach will generally focus on encouraging a general understanding of how economic systems work and how economic theory interacts with government policy, history, and culture to explain economic performances and to answer the basic economic problems and questions of what to produce, how to produce and for whom to produce.
You will be taught widely the diversities of economic system through selected basic theoretical and conceptual issues comparison criteria, using the well-known economic systems of capitalism, socialism, planned and unplanned economic system and market economies as practiced in the selected countries covered are treated in-depth to embody the institutional arrangements in contrast to the USA, UK, Japan, Netherlands, Indian and Nigerian situations. Finally, the economics of the USSR, China, Yugoslavia, Hungary and Cuba are treated following a brief discussion of Marxian Economics such that doctrinal issues in the development of the discipline particularly methodologies are treated in the context of contemporary economic system of Asian tigers , Brazil and Nigeria.