Economic Policy

Economic Policy

Major

A major in Economic Policy requires 48 credit points from this table including:
(i) 6 credit points of 1000-level core units
(ii) 6 credit points of 1000-level selective units
(iii) 6 credit points of 2000-level core units
(iv) 6 credit points of 2000-level selective units
(v) 24 credit points of 3000-level selective units, including 6 credit points of Interdisciplinary Project units

Minor

A minor in in Economic Policy requires 36 credit points from this table including:
(i) 6 credit points of 1000-level core units
(ii) 6 credit points of 1000-level selective units
(iii) 6 credit points of 2000-level core units
(iv) 6 credit points of 2000-level selective units
(v) 12 credit points of 3000-level selective units

1000 level units of study

Core
ECON1040 Principles of Economics

Credit points: 6 Session: Semester 1 Classes: 2x1hr lecture/week, 1x1hr tutorial/week Prohibitions: ECON1001 or BUSS1040 Assessment: 1x1500wd Essay (30%), 1x2hr Final Exam (50%), 2x500wd Written Assignment/Task (20%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed for students who have an interest in economics and its application to critical issues in everyday life. Students will gain an understanding of how the economy works; how individuals, firms and governments form and shape their decisions using economic principles; and the role of public policy on outcomes including the trade-offs faced in making policy decisions. Students will develop skills to critically analyse real-world issues using the perspective of an economist, and communicate ideas and arguments about economics in a logical, coherent and evidenced based manner.
Selective
ECON1003 Quantitative Methods in Economics

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: MATH1111 or MATH1011 or MATH1001 or MATH1901 or MATH1906 Assessment: in-class tests (25%), Mid-semester test (25%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study provides an introduction to the quantitative methods used in economics and business. Emphasis is placed on developing the skills to set up models to study real-world phenomena, using appropriate techniques to manipulate and analyse these models and their economic interpretation. In this unit particular emphasis will be placed on the intuition of the models studied, making extensive use of a range of economic examples and business applications. It is important to note that while mathematical techniques are used in this unit, this unit is not intended as a substitute for mathematics units offered by the School of Mathematics and Statistics. Students wishing to pursue further study in mathematics, such as a major in mathematics, should consult the Faculty of Science Handbook for offerings by the School of Mathematics and Statistics. Note this unit is not available to students from the Faculty of Science.
ECON1005 The Australian Economy

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assessment: 1x500wd equivalent Oral Presentation (20%), 1x1500wd equivalent Learning Journal (20%), 1x1000wd Essay (20%), 1x1.5hr Final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit explores the Australian economy and introduces students to the application of economic reasoning and techniques to real-world problems. A focus of the unit is how government policy is affected by the influences brought to bear by the both domestic issues and the international environment. Each issue is addressed within an economic framework. The methods of instruction, learning and assessment are designed to develop a range of graduate attributes, with an emphasis on developing communication skills and creative thinking.
ECON1006 The Economics of Everything

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assessment: 1x1000wd assignment (25%), 1x1hr mid-semester test (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
From school teachers manipulating test scores, to criminal behaviour, economics is increasingly being used to analyse non-market issues. This unit provides insights on these issues using an economic perspective. An underlying premise of this analysis is that people respond to incentives created by rules and institutions, sometimes in perverse or unintended ways. This unit studies real-world cases, including compulsory testing in schools, crime and punishment, corruption, and the role of government in correcting market failures. This unit also considers the implications for traditional economic analysis if information is imperfect and people are not fully rational.

2000 level units of study

Core
ECOS2020 Economic Data Analysis

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1040 Prohibitions: ECMT1010 or ECMT1011 or ECMT1012 or ECMT1013 or MATH1015 or MATH1005 or MATH1905 or STAT1021 or ECOF1010 or BUSS1020 or ENVX1001 Assessment: 4x250wd individual assignments (20%), 1x1hr mid-semester test (30%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit develops the knowledge and skills for the use of data in economic contexts. Students are introduced to techniques commonly used for data description, statistical inference and regression models. Throughout emphasis is placed on the essential interplay between econometric theory, economic applications and how data can inform economic policy.
Selective
ECOS2001 Intermediate Microeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2001 or ECON2901 or ECOS2901 Assessment: Tutorial participation (10%), 2x in-class tests (40%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.
ECOS2002 Intermediate Macroeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1002 or ECON1040 Prohibitions: ECON2002 or ECON2902 or ECOS2902 Assessment: Mid-semester test (30%), assignments (20%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
This unit of study develops models of the goods, money and labour markets, and examines issues in macroeconomic policy. Macroeconomic relationships, covering consumption, investment, money and employment, are explored in detail. Macro-dynamic relationships, especially those linking inflation and unemployment, are also considered. Exchange rates and open economy macroeconomics are also addressed. In the last part of the unit, topics include the determinants and theories of economic growth, productivity and technology, the dynamics of the business cycle, counter-cyclical policy and the relationship between micro and macro policy in the context of recent Australian experience.
ECOS2901 Intermediate Microeconomics Honours

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040) with a minimum Distinction grade (75%) Corequisites: (ECOS2903 or MATH2070) and (ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015) Prohibitions: ECOS2001 or ECON2001 or ECON2901 Assessment: 2x Mid-semester tests (50%) and 2.5hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit is comprised of lectures based upon the curriculum for ECOS2001 Intermediate Microeconomics, supported by a seminar for one hour a week. The content of lectures reflect a more analytical and critical treatment of the topics than ECOS2001. The topics, which build on the theory of consumer and firm behaviour and market structure, include game theory, oligopoly, general equilibrium and welfare, externalities and public goods and the economics of information.
ECOS2902 Intermediate Macroeconomics Honours

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1002 or ECON1040) with a minimum Distinction grade (75%) Prohibitions: ECOS2002 or ECON2002 or ECON2902 Assessment: Essay (20%), Mid-semester test (30%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit is comprised of lectures based upon the curriculum for ECOS2002 Intermediate Macroeconomics, supported by a seminar for one hour a week. The content of lectures reflects a more intensive treatment of the topics than ECOS2002. Topics covered include: models of the goods, money and labour markets; macro-economic relationships such as consumption, investment, demand for money and labour demand and supply; macro-dynamic relationships, especially those linking inflation and unemployment; exchange rates and open economy macroeconomics; theories of economic growth; productivity and technological change; the dynamics of the business cycle; and the relationship between micro- and macro-economic policy.

3000 level units of study

Selective
ECOS3002 Development Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1500wd written assessment (30%), 1x1hr mid-semester exam (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit examines the economic transformation of less-developed countries from microeconomic and macroeconomic perspectives. It covers applied topics such as education, health, nutrition, demographics, labour, agriculture and the private sector, focusing on how policies attempt to overcome market and institutional failures that are particularly acute in the developing world. Focus is given to applying theoretical and empirical tools necessary to conceptualise, analyse and interpret various issues in economic development. Applied examples from developing countries are used throughout the unit.
ECOS3005 Industrial Organisation

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS2201 Assessment: Mid-semester test (35%), problem sets (5%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study examines the nature of inter-firm rivalry in industries with market power. It explores the various ways in which firms can increase their market power by: extracting more surplus from consumers, by colluding with rivals or by excluding entrants. The unit also analyses the international competitiveness of industries in the context of industry assistance and the prevalence of foreign multinationals. Competition policy is also discussed.
ECOS3006 International Trade

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: problem sets (5%), Mid-semester test (35%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study provides a systematic analysis of the theory of international trade and trade policy. Initially differences between countries are emphasised as the source of trade and the gains from trade. Models that are examined include the Classical-Ricardian model, the Heckscher-Ohlin model and the Specific-Factors model. Next economics of scale and imperfect competition are introduced as sources of trade and gains from trade. The unit concludes with an examination of empirical studies aimed at testing trade theories. The analysis of trade policy begins with a discussion of the instruments of trade policy, in particular, tariffs and quotas and their effect on welfare. This discussion is then extended to the case of imperfect competition and strategic trade policy.
ECOS3007 International Macroeconomics

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2002 or ECOS2902 Assessment: assignments (20%) and Mid-semester test (20%) and 1x2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit studies macroeconomic theory and policy in a global trading world. The microfoundations of the various sectors are examined in the context of an open economy. The evolution of international money and capital markets is described, the operation of the foreign exchange market is examined, showing how its microstructure affects its macro performance. Theories and tests of the efficiency of international capital markets are surveyed, as well as core theories and tests of exchange rate and asset price determination. The unit develops the macroeconomic implications of monetary and fiscal policies for small and large open economies for different regimes.
ECOS3008 Labour Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Essay (25%), Mid-semester test (25%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit aims to provide an understanding of labour markets and related issues such as work conditions, pay and employment levels. Labour supply and demand, theories of wage determination, labour mobility and discrimination are examined. It also analyses the role of trade unions and labour market contracts. These topics are applied to current issues in Australian labour markets such as enterprise bargaining, the role of centralised wage fixing systems, training and other labour market programs. Policies designed to improve the functioning of the labour market are examined and particular attention is given to the problem of persistent unemployment.
ECOS3010 Monetary Economics

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Prohibitions: ECON3010 Assessment: multiple choice test (30%) and written paper (20%) and 70min Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit provides an overview of the main elements of monetary economics, with emphasis upon macroeconomic issues - analysis of economic processes in which money enters the picture in an essential manner. The content primarily concerns economic principles and theory, but there is also considerable focus on the Australian monetary system and monetary policy in particular. The particular topics covered include: functions of money; the concept of 'liquidity'; money demand; determinants of money supply changes; financial crises and the 'lender of last resort' function of central banking; the Reserve Bank of Australia and the Australian Prudential Regulation Authority; term and risk structures of interest rates; alternative theories of the level of the rate of interest; the monetary policy transmission mechanism; monetary policy instrument choice; central bank credibility; policy reaction functions; the global monetary system; and Reserve Bank market operations.
ECOS3011 Public Finance

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Mid-semester test (20%), assignment (30%) and 3hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Public Finance is about the taxing and spending decisions of governments. The unit covers a wide range of public finance topics. After an introduction to welfare economics and the role of government in the economy, the unit focuses on the revenue side of the budget: tax incidence, efficient and equitable taxation, the Australian system of revenue raising, issues of tax reform and the theory and practice of public utility pricing. It then focuses on the expenditure side of the government budget: public goods, externalities, and programs aimed at redistribution. It also introduces techniques of policy evaluation.
ECOS3013 Environmental Economics

Credit points: 6 Session: Intensive January,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x1500wd Essay (25%), 1hr Mid-semester test (25%), 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The natural environment is invariably affected by production and consumption in our modern economy. In particular, environmental outcomes are important in the presence of market failures (externalities and public goods). This unit focuses on developing a student's detailed understanding of the economic techniques used by policymakers to address environmental issues. These techniques include: Pigovian taxes and subsidies; regulation with asymmetric information; marketable permits; pricing contributions for public goods; optimal damages; and the allocation of property-rights and market failures.
ECOS3015 Law and Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: assignments (20%), Mid-semester test (30%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Law and economics examines the economic role of law and legal institutions on the actions of economic agents. The economic analysis of law is founded on models of human behaviour and examines how decision making is affected by different legal regimes. The behavioral approach gives rise to a set of principles that can be applied widely across disparate areas of the law, and is becoming increasingly important world-wide, as such analysis is often utilized in courts and public policy forums. The unit begins with a revision of relevant tools of economic analysis. Subsequently, it studies the economics of various branches of law such as: property; contract; nuisance; accident and liability law; and, criminal law
ECOS3017 Health Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x1000wd essay (25%), 1x1hr mid-semester test (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The purpose of this unit is to introduce the student to the methods of health economics and demonstrate how these methods can be applied to analyse issues in health policy and management. This unit will teach the student to use economic analysis to understand critical issues in health care and health policy. Topics covered include the institutions of the Australian system of health care and health statistics, evaluation techniques, production of health, demand for health care and technology, moral hazard and adverse selection in health insurance markets, health labour markets, including physician-patient interactions, managed care, regulation and payment systems for providers, comparative health systems, the pharmaceutical industry, health policy and social insurance.
ECOS3024 Economic History

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1200wd essay (20%), 1x1hr mid-semester test (30%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit covers topics in economic history from the advent of European 'modernity' in the 17th century to the late 20th century. A major focus is identifying the main social, institutional and economic forces that explain the unprecedented development of the world economy over the past 300 years. Topics include the first industrial revolution in Britain, the industrialization of Western Europe and the United States, the 1930s Great Depression and recovery, post-World War II reconstruction and 'golden era' of growth, and East Asia's meteoric growth performance.
ECOS3025 The Economics of Regulation

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 500wd equivalent problem sets (10%), 1x1.5hr mid-semester test (40%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Market outcomes can be undesirable when self-interested firms reduce welfare for consumers and society. This unit of study focuses on the regulation of firms in markets with imperfect competition. We analyse regulation of natural monopolies, focusing on the key issue of asymmetric information between the regulator and the monopolist. In this unit we also examine oligopoly markets in which firms can reduce welfare through collusion, price fixing and vertical restraints. Emphasising real-world examples, we examine competition policy and merger regulation.
ECOS3026 Economics of Crime

This unit of study is not available in 2019

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x1500wd policy paper (30%), 1xresearch paper presentation (1000wd equivalent)(20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study applies economic concepts and theory to analyse criminal behavior. This unit will provide an overview of core issues and recent advances in the economics of crime. In the unit students will critically analyse topics related to the criminal justice system, including incarceration, policing, gun ownership and regulation of illicit drugs. Within an economic framework, the unit will also consider the role that social programs and other social conditions -- such as education, poverty, family structure and even environmental factors (such as lead exposure) -- play in affecting crime and violence.

Interdisciplinary Project unit of study

ECON3998 Industry and Community Project

Credit points: 6 Session: Intensive December,Intensive February,Intensive January,Intensive July,Semester 1,Semester 2 Prerequisites: Interdisciplinary Impact in any major Mode of delivery: Normal (lecture/lab/tutorial) day
This unit is designed for third year students to undertake a project that allows them to work with one of the University's industry and community partners. Students will work in teams on a real-world problem provided by the partner. This experience will allow students to apply their academic skills and disciplinary knowledge to a real-world issue in an authentic and meaningful way.
ECON3999 Interdisciplinary Impact

Credit points: 6 Session: Semester 1,Semester 2 Prerequisites: 12 credit points at 2000 level in Economic Policy Prohibitions: Interdisciplinary Impact in another major Mode of delivery: Normal (lecture/lab/tutorial) day
Interdisciplinarity is a key skill in fostering agility in life and work. This unit provides learning experiences that build students' skills, knowledge and understanding of the application of their disciplinary background to interdisciplinary contexts. In this unit, students will work in teams and develop interdisciplinarity skills through problem-based learning projects responding to 'real world problems'.