Economics (Major)

Economics

Major

A major in Economics requires 48 credit points from this table including:
(i) 12 credit points of 1000-level core units of study
(ii) 12 credit points of 2000-level core units of study
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major
(iii) 24 credit points of 3000-level selective units of study which includes 6 credit points of Interdisciplinary Project units

Minor

A minor in Economics requires 36 credit points from this table including:
(i) 12 credit points of 1000-level units
(ii) 12 credit points of 2000-level core units
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major
(iii) 12 credit points of 3000-level selective units

1000 level units of study

ECON1001 Introductory Microeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: BUSS1040 or ECON1040 Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: online quizzes (10%), 1xMid-semester test (30%), 1xEssay (10%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Science. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.
ECON1002 Introductory Macroeconomics

Credit points: 6 Session: Intensive February,Intensive June,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: 1500wd written assessments (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Sciences. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

2000 level units of study

Core

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 Corequisites: ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015 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.
or
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.
ECOS2002 Intermediate Macroeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1002 or ECON1040 Corequisites: ECMT1020 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.
or
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.
Selective
ECMT2150 Intermediate Econometrics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015) and ECMT1020 Prohibitions: ECMT2110 Assessment: 4x250wd Individual Assignments (20%), 1x1hr Mid-semester Test (30%), 1x2hr Final Exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit will provide an introduction to the key issues involved in with the econometrics of cross-section and panel data. The topics this unit will cover include: instrumental variables; estimating systems by OLS and GLS; simultaneous equation models; discrete-choice models; treatment effects; and sample selection. Throughout the unit, emphasis will be placed on economic applications of the models. The unit will utilise practical computer applications, where appropriate.
ECOS2004 Money and Banking

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 and ECON1002) or (ECON1040 and ECON1002) or BUSS1040 Assessment: 3x500wd assignment (20%), 1x1000wd essay (20%), 1x1hr mid-semester test (20%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Students will learn how a modern financial system operates and the relationships between the financial system and the economy, with a particular emphasis on understanding business cycles. We will study how money/capital changes hands between agents over time, both directly and through institutions. We will study how these exchanges affect the economy, and how central banks and other policy institutions monitor, influence and regulate these exchanges. There will be an equal emphasis on understanding the modern financial system and on analysing monetary policy and financial regulation.
ECOS2025 East Asian Economies

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or ECON1002 or BUSS1040 or ECON1040 Assessment: 5x200wd equivalent quizzes (25%), 1x70mins mid-semester test (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study analyses the economic experiences and policies of key East Asian countries with significant economic ties with Australia. The unit will first introduce how some of these countries achieved the miraculous post-war economic growth and analyse their growth success using economic models. The unit identifies the key issues and challenges facing these countries in both social and global contexts. Emphasis will be placed on the bilateral and multilateral economic relations of East Asian countries with Australia.
ECOS2201 Economics of Competition and Strategy

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week and 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2201 or ECOS3005 Assessment: 2xMid-semester tests (40%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit introduces new and comprehensive methods for the analysis and formation of business strategy. The unit analyses strategies for developing competitive advantages, including product differentiation, cost advantages and product life cycles; implementing incentives, control, firm boundaries, and internal firm decision-making mechanisms; implementing pricing, auction and signalling practices; assessing industry attractiveness and the regulatory/trade practices environment; and managing industry cooperation and conflict. Students are taught a set of tools that they can bring to bear on new problems. Understanding competitive dynamics and strategic thinking are emphasised. Case studies and problem-solving form an important part of the teaching method.
ECOS2307 The European Economy

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/fortnight Prerequisites: 12 credit points at 1000 level Assessment: 1x2000wd research project (50%), 1x1000wd Mid-semester test (20%), 1x1.5hr Final exam (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
What economic challenges and opportunities does Europe face? This unit analyses Europe's economic framework and policy experience, its economic institutions and the unique relationship European countries have with each other and the rest of the world. Particular attention is paid to the unique constraints that European policymakers face. This unit provides a practical understanding of European economic management for those who may encounter Europe while working in the private or public sectors. No prior knowledge of Economics is required.
ECOS2903 Mathematical Economics A

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Corequisites: ECOS2901 Prohibitions: ECON2903 Assessment: 2x1hr mid-semester exam (50%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to the third year economics honours program must take this unit or MATH2070
This unit provides an introduction to mathematical techniques commonly employed by economists. Students who wish to proceed to final year Economics Honours must complete either ECOS2903 or MATH2070. Topics include: limits, continuity, differentiation of single- and multi-variable functions, unconstrained and constrained optimisation.

3000 level selective units of study

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.
ECOS3003 Hierarchies, Incentives and Firm Structure

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECON3003 or ECOS2306 Assessment: 1x250wd equivalent problem set (10%), 1x750wd written assignment (15%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit deals with the coordination and motivation problems faced by firms. More specifically this unit examines: whether firms use price or command mechanisms to allocate resources within firms; the problems associated with designing incentive contracts; the principles of efficient contract design and; the real world applications of those principles. The final section deals with the manner in which the coordination and motivation problems faced by firms determines their financial, vertical and horizontal structure.
ECOS3004 History of Economic Thought

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 or ECOP2011 or ECOP2001 or ECOP2012 or ECOP2002 Assessment: Essay (20%), Mid-semester test (30%) and 70min Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Where do the current beliefs - theories, doctrines, postulates and attitudes - of modern economics come from? If current theories and doctrines have a definite historical beginning, what schools of thought did they supplant? Are there alternative or dissident views which subsisted alongside mainstream economics in the twentieth century - and if so, what are they and where did they originate from? This unit seeks to answer these questions, as well as others. It provides an overview of the development of economic ideas from the seventeenth to the twentieth century, combined with a more intensive focus on the thought of certain key figures in that history. The particular topics covered include: the formation of economics to 1776; Adam Smith; classical economics from Smith to J.S. Mill; the rise of marginalist economics; John Maynard Keynes; and orthodox and heterodox currents in twentieth century economics.
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.
ECOS3012 Strategic Behaviour

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS3901 Assessment: Mid-semester test (35%), online quizzes (20%) and 2hr Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
To think and act strategically, one needs to evaluate the effect of one's actions on the actions of others. As most economic decisions are strategic, such as the decision to lower a price or introduce a new tax, economics, if it is to avoid simplistic models, requires a theoretical framework capable of illuminating strategic behaviour. This unit offers a comprehensive, critical introduction to the theory which purports, not only to satisfy this theoretical need, but also potentially to unify the social sciences: game theory. After examining important concepts of game theory, the unit investigates the repercussions for the theory of bargaining and for the evolution of social institutions.
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
ECOS3016 Experimental and Behavioural Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x1hr15min mid-semester test (25%), 1x1000wd written assignment (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Experimental economics uses experimental methods to evaluate the performance of economic models, institutions and policies. Behavioural economics combines experimental and field evidence with insights from neighbouring disciplines such as psychology, to develop richer economic models of decision-making. This unit will develop the key research methods and major findings of each of these fields, and explore both theoretical and practical implications. Students will read a number of seminal research papers in both experimental and behavioural economics, and will have opportunities to participate in classroom experiments.
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.
ECOS3018 Economics of Growth

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902) Assessment: 2x in-class tests (40%) and 1.5hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
At the heart of an understanding of the dynamics of market or capitalist economies is an understanding of economic growth. This unit is an introduction to the analysis of economic growth including a comparison of competing explanations within formal growth theory. It considers the connection between growth and distribution, growth and technical progress, the role of economic policies and economic institutions in promoting growth as well as the limitations on growth associated with exhaustible natural resources. Lectures also provide some consideration of the empirical evidence on different explanations of growth.
ECOS3020 Special Topic in Economics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECOS2001 or ECON2001) and (ECOS2002 or ECON2002)) or ((ECOS2901 or ECON2901) and (ECOS2902 or ECON2902)) Assessment: Assessment dependent on topic Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students must seek written permission from the School of Economics Undergraduate Coordinator to enrol in this unit.
Study of a special topic in Economics. Topics will vary from semester to semester according to staff availability and the presence of visitors. If taught in both semesters, the topic in Semester 2 will be different to that of Semester 1.
ECOS3021 Business Cycles and Asset Markets

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902) Assessment: 1x1hr Mid-semester test (25%), 1x1000wd Empirical report (25%), 1x2hrExam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit of study provides theoretical and empirical training in analysing macroeconomic fluctuations and the interactions between the real economy and asset markets. The unit of study will introduce theoretical models of the business cycle to identify sources of economic fluctuations. It then provides a theoretical framework in which the asset market-the real economy can be analysed. In addition to theoretical analysis, the unit will develop empirical tools for analysing economic and financial indicators as well as evaluating the performance of theoretical models. The role of government policy will also be discussed by taking both Australian and global episodes.
ECOS3022 The Economics of Financial Markets

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902) Assessment: problem sets (20%), Mid-semester test (25%) and 2hr Final exam (55%) Mode of delivery: Normal (lecture/lab/tutorial) day
Financial assets play a vital role coordinating the actions of savers and investors; consequently, they play a crucial role in creating wealth and facilitating economic activity. The aim of this unit is to explore the economic principles underlying: the pricing and development of financial assets; the trade-off between risk and return and the how investors construct portfolios in response to this trade-off. The focus is on the economics of financial markets: the factors of demand and supply; risk and uncertainty; incomplete contracts and renegotiation; and asymmetric information and its implications. We will emphasize the key aspects of markets for financial assets and the main differences to markets for consumption goods. The unit also examines the development of financial institutions and current issues in financial markets.
ECOS3023 Personnel Economics

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Problem sets (10%), 1x1000wd assignment (20%), 1x1hr mid-semester test (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Personnel economics deals with the analysis of human resource issues within organisations. Throughout the unit of study, students will be introduced to economic concepts and analytical tools that provide a rigorous framework with which to analyse these relationships. Topics covered include recruitment and hiring decisions; turnover of staff; remuneration and motivation schemes designed to enhance productivity; and, the analysis of team production within the modern business organisation. Empirical studies that test theoretical predictions will also be considered throughout the unit.
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.
ECOS3027 Economics of the Family

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x200wd Online Discussion Post (10%), 1x1000wd Essay (30%), 1x1hr Mid-semester Test (20%), 1x2hr Final Exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit applies economic concepts and theory to analyse the family. The unit explores the empirical support for the theories, evaluates explanations for recent demographic and labour market trends, and examines the implications of using the family as the foundation of analysis of economic activity in society. Topics covered include family formation, trends in educational attainment, the changing roles of men and women in the labour market and the household, and the effects of government policies on the family.
ECOS3901 Advanced Microeconomics Honours

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2901 with a minimum distinction grade (75%) or ECOS2001 with a minimum High Distinction grade (85%) Corequisites: ECMT2150 or ECMT2110 Prohibitions: ECOS3012 Assessment: Mid-semester test (30%), problem sets (10%) and 2.5hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to fourth year economics honours must also complete at least one additional 3000-level ECOS unit during their degree, except where both ECOS3903 and ECOS3904 are selected.
ECOS3901 Advanced Microeconomics is the second unit of study in the microeconomics sequence in the Economics Honours program. The goal of the unit is to provide a working knowledge and understanding of the most powerful methods of analysis and discourse in modern microeconomic theory. We build on the foundations of ECOS2901 and ECOS2903 to continue progress toward the frontier of microeconomics.
ECOS3902 Advanced Macroeconomics Honours

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2902 with a minimum distinction grade (75%) or ECOS2002 with a minimum High Distinction grade (85%) Corequisites: ECMT2150 or ECMT2110 Assessment: Mid-semester test (30%), Take-home assignments (10%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to fourth year economics honours must also complete at least one additional 3000-level ECOS unit during their degree, except where both ECOS3903 and ECOS3904 are selected.
ECOS3902 Advanced Macroeconomics is a third year honours unit of study in macroeconomics. Its main objective is to develop a framework for thinking about macroeconomic questions. This unit is designed for the students enrolled in the Economics Honours stream. ECOS2901, ECOS2902, ECOS2903 and ECOS3901 are prerequisites and the corequisite is ECOS3903,or ECMT3110 plus one of ECMT2120, ECMT3120, ECMT3130, ECMT3160 or ECMT3170.
ECOS3903 Applied Microeconometrics

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECMT2150 with a minimum Distinction grade (75%) Assessment: assignments (10%), referee report (15%), Mid-semester test (25%) and 2hr Final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit of study is designed to provide students with various topics in applied microeconomics. Estimation of the labour supply elasticity, returns to schooling, and returns to training programs are examples of topics this unit will cover. Various empirical topics in international trade, environmental economics, and health economics will also be discussed. Students will explore econometric methodologies extensively used in applied microeconomics (e.g., instrument variables, generalise methods of moments, panel data methods, probit and logit models, Tobit model, and sample selection model).
ECOS3904 Applied Macroeconometrics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECMT2150 with a minimum Distinction grade (75%) Assessment: 1x1hr Mid-semester test (20%), computer assignments (30%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit provides an introduction to econometric theory and methods that can be useful for understanding applied (mostly macroeconomic/finance) models and research. It also aims to provide students with the necessary analytical tools for undertaking applied research using time series data and discusses how time series techniques can be applied to other areas of economics such as international trade, energy economics, economics of terrorism. This unit can be both complementary to and substitutive for Applied Microeconometrics, which focuses on empirical methods in applied microeconometrics.

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.
A specific interdisciplinary unit for this major commences in 2020. In 2019, the alternative interdisciplinary project units of study available within the major are one of the following: ECOS3022 or ECOS3008 or ECOS3013 or ECOS3017 or ECOS3022.

Honours

Honours in Economics requires 48 credit points from this table including:
(i) 30 credit points of 4000 level Honours seminar units of study
(ii) 18 credit points of 4000 level Honours thesis units of study

Honours seminar units of study

ECON4901 Advanced Microeconomic Analysis

Credit points: 6 Session: Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (20%), 1x 1.5hr Mid-semester test (35%), 1x 2hr Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to provide advanced understanding of microeconomic theory. Topics may include individual choice; game theory; group decision making; general equilibrium; and mechanism design. While the course will heavily emphasize theory, practical applications will also be covered. This unit of study will enable students to undertake postgraduate studies in microeconomics.
ECON4902 Advanced Macroeconomic Analysis

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (25%), 1x 1000wd Numerical/replication project (25%), 1x 2.5hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit will teach students the latest academic research in advanced macroeconomics, focusing on business cycles and monetary policy. Students will learn essential macroeconomics tools and theories: micro-founded rational expectations, dynamic stochastic general equilibrium (DSGE) models. Students will learn the role of nominal frictions within a New Keynesian/New Neoclassical framework and their implication for monetary policy. This unit of study will enable students to undertake postgraduate studies in macroeconomics.
ECON4904 Topics in Labour Economics

Credit points: 6 Session: Semester 2 Classes: 1x3hr seminar/week Assessment: 2x 1500wd Assignments (25%), 1x 1hr (1000wd equivalent) Mid-semester test (25%), 1x 2hr (2000wd equivalent) Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study surveys contemporary research in labour economics. The field of labour economics is very broad, dealing with fundamental issues ranging from resource allocation to distributional equity and social welfare. The subject matter covers the determinants of wages, employment and unemployment; insurance and incentive mechanisms; and the behavioural effects and welfare impacts of institutions and public policies. In this unit students will have the opportunity to analyse theoretical models and their empirical applications.
ECON4905 Topics in Industrial Organisation

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (20%), 1x 1.5hr Mid-semester test (30%), 1x 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit is concerned with the study of the economic theory of industrial organisation with an emphasis on oligopoly behaviour and its market outcomes. The unit examines market competitiveness in the framework of general equilibrium theory, as pioneered by Arrow and Debreu; monopoly and nonlinear pricing strategies; dynamic oligopoly; welfare outcomes of industrial organisation; and some aspects of government policy and regulation, especially in relation to mergers and collusion.
ECON4906 Topics in Economic Development

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 3x 750wd Assignments (15%), 1x 1250wd Essay (35%), 1x 1000wd Take-home exam (25%), 1x 1.5hr (1500wd equivalent) Final exam (25%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to train students in current theoretical and empirical developments in the field of development economics. Specific topics change from time to time as development economics can cover most fields of economics with a particular application to developing countries. Examples of topics include: development finance; firms in emerging markets; poverty traps and social interactions; and history and institutions in the context of economic development.
ECON4907 Classics in History of Economic Thought

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 1x 2500wd Seminar paper (50%), 1x 2hr (2000wd equivalent) Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit studies classic works by the most influential scholars in the historical development of economic theory. Two classic works will be studied in the unit: Adam Smith's (1776) An Inquiry into Nature and Causes of the Wealth of Nations; and John Maynard Keynes's (1936) The General Theory of Employment, Interest and Money. From time to time other classics may be studied instead, such as: David Ricardo's (1817) Principles of Political Economy, Alfred Marshall's (1890) Principles of Economics or Knut Wicksell's (1901-06) Lectures on Political Economy.
ECON4909 Topics in Microeconomic Analysis

This unit of study is not available in 2019

Credit points: 6 Session: Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 2500wd Assignment (50%), 1x 2hr (2000wd equivalent) Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit covers the latest policy-relevant developments in the field of advanced microeconomics. It will cover several microeconomic topics using multiple economics approaches: after the traditional theoretical approach, students will be exposed to a combination of empirical evidence, experimental evidence, and current behavioural economics perspectives. Examples of topics include: incentives; discrimination; altruism; decision-making under uncertainty; gift-exchange; and time-preference.
ECON4910 Topics in Macroeconomic Analysis

Credit points: 6 Session: Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (25%), 1x 1000wd Project (25%), 1x 2.5hr (2500wd equivalent) Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to provide an understanding of the latest theoretical and empirical policy-relevant developments in the field of advanced macroeconomics. The focus is on both theoretical understanding and the practical application of state-of-the-art modelling techniques. Examples of topics include: international macroeconomics; international trade; economic growth; and economics of taxation.
ECON4913 Topics in Economic History

This unit of study is not available in 2019

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 4x 1500 Assignments (35%), 1x 1.5hr (1500wd equivalent) Mid-semester test (30%), 1x 1.5hr (1500wd equivalent) Final exam (35%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit studies selected topics in economic history, with an emphasis on the history of economic development over the last 300 years since the advent of capitalism. Topics may include the commercial revolution and expansion of international trade in the seventeenth and eighteenth centuries; the role of the slave trade; the industrial revolution; the evolution of international economic relations in the 19th and 20th centuries; the Great Depression; post-World War II recovery and the growth 'Golden Age' of 1950-1973.
ECON4914 Microeconometric Modelling

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (25%), 1x 1.5hr Mid-semester test (30%), 1x 2hr Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit concentrates on mainstream models and estimation and inference methods that are widely used in most empirical investigations in applied microeconomics. The unit has a topics-based structure, and theory and applications are closely integrated. Examples of topics include parametric and semi-parametric estimation methods applied to cross-section and panel data; treatment evaluation; models of cross-sectional dependence; quantile and mixture regressions; density estimation; Bayesian regression analysis.
ECON4915 Macroeconometric Modelling

Credit points: 6 Session: Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1000wd Assignments (25%), 1x 1000wd Project (25%), 1x 2.5hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit is designed to provide an understanding of selected topics of current academic research in the area of advanced empirical macroeconomics. The course develops tools and reviews basic models of business cycles and monetary policy. The unit then applies these tools and models to actual macroeconomic data to enhance understanding of the workings of these models, with an emphasis on their merits and shortcomings.
ECON4948 Special Topic in Economic Analysis 1

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1500wd Assignments (30%), 1x 1hr (1000wd equivalent) Mid-semester test (25%), 1x 2hr (2000wd equivalent) Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
Study of an advanced topic in Economics. Topic may vary from semester to semester according to staff availability and the presence of visitors. Examples of topics include Behavioural Economics; International Trade; International Macroeconomics; and Health Economics. This unit of study will use advanced theoretical and empirical techniques to help equip students to undertake postgraduate studies in economics.
ECON4949 Special Topic in Economic Analysis 2

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1500wd Assignments (30%), 1x 1hr (1000wd equivalent) Mid-semester exam (25%), 1x 2hr (2000wd equivalent) Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
Study of an advanced topic in Economics. Topic may vary from semester to semester according to staff availability and the presence of visitors. Examples of topics include Behavioural Economics; International Trade; International Macroeconomics; and Health Economics. This unit of study will use advanced theoretical and empirical techniques to help equip students to undertake postgraduate studies in economics.
ECON4954 Topics in Analysis of Panel Data

Credit points: 6 Session: Semester 1 Classes: 1x3hr seminar/week Assessment: 1x 1000wd equivalent Group assignment (20%), 1x 1.5hr (1500wd equivalent) Mid-semester test (30%), 1x 2hr (2000wd equivalent) Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Research in economics, finance, marketing and accounting has been enriched by increased availability of panel data. A 'panel' refers to the pooling of observations on a cross section of households, countries, firms or individuals over several time periods, offering major advantages over conventional cross-sectional or time series data sets. This unit teaches students a comprehensive set of tools for the analysis of panel data, enabling students to both critically assess and contribute to applied economic research.
ECON4998 Special Topic in Econometrics 1

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1500wd Assignments (30%), 1x 1hr (1000wd equivalent) Mid-semester test (30%), 1x 2hr (2000wd equivalent) Final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Study of an advanced topic in Econometrics. Topic may vary from semester to semester according to staff availability and the presence of visitors. Examples of topics include: Bayesian Econometrics; Nonparametric and Semiparametric Econometrics; Econometrics for Big Data; Spatial Econometrics; and Financial Econometrics. This unit of study will develop advanced econometric techniques to equip students to undertake postgraduate studies in economics.
ECON4999 Special Topic in Econometrics 2

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x3hr seminar/week Assessment: 3x 1500wd Assignments (30%), 1x 1hr (1000wd equivalent) Mid-semester test (30%), 1x 2hr (2000wd equivalent) Final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Study of an advanced topic in Econometrics. Topic may vary from semester to semester according to staff availability and the presence of visitors. Examples of topics include: Bayesian Econometrics; Nonparametric and Semiparametric Econometrics; Econometrics for Big Data; Spatial Econometrics; and Financial Econometrics. This unit of study will develop advanced econometric techniques to equip students to undertake postgraduate studies in economics.

Honours thesis units of study

ECON4810 Economics Honours Thesis 1

Credit points: 6 Session: Semester 1,Semester 2 Classes: 7 x half-hour supervision meetings/semester, on average. Assessment: 1x Honours thesis (100%) Mode of delivery: Supervision
In this unit students will design a research project appropriate to the scope of a 13,500 word Economics Honours thesis in any economics field. Each student will match with a research supervisor from the Economics who will give them feedback on their independent research.
ECON4820 Economics Honours Thesis 2

Credit points: 12 Session: Semester 1,Semester 2 Classes: 7 x half-hour supervision meetings/semester, on average. Assessment: 1x 13500wd Honours thesis (100%) Mode of delivery: Supervision
In this unit students will complete a research project appropriate for a 13,500 word Economics Honours thesis in any economics field. Each student will match with a research supervisor from the Economics who will give them feedback on their independent research.