Capital and Dynamics (ECOS3019)

UNIT OF STUDY

Fundamental to the theory of value, income distribution and output is a coherent treatment of the concept of capital. The definition and measurement of 'capital' is essential to the explanation of relative prices, and hence integral to any explanation of distributive shares in national income. It is also indispensable to a proper understanding of debates over the theory of output. The aim of the unit is to provide a comprehensive account of the different approaches to capital theory (e.g. in traditional aggregative neoclassical theory, general equilibrium theory and classical/Sraffian inspired models) and to highlight their significance for different views about value, distribution and output. This account necessarily involves some focus on the intersection of capital theory and the theory of dynamics as it applies to multi-sectoral/multi-commodity models, including growth theory, the dynamics of inter-industry competition, the analysis of technological progress and the intertemporal dynamics of production in the context of exhaustible natural resources.

Further unit of study information

Classes

1x2 hr lecture/week, 1x1hr tutorial/fortnight

Assessment

2x in-class tests (40%) and 2hr Final exam (60%)

Faculty/department permission required?

No

Unit of study rules

Prerequisites and assumed knowledge

(ECOS2001 or ECON2001 or ECOS2901 or ECON2901) and (ECOS2002 or ECON2002 or ECOS2902 or ECON2902)

Prohibitions

ECOS3001

Study this unit outside a degree

Non-award/non-degree study

If you wish to undertake one or more units of study (subjects) for your own interest but not towards a degree, you may enrol in single units as a non-award student.

Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.