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Unit outline_

ECOP6101: Political Economy: A Primer

Semester 2, 2022 [Normal day] - Remote

The unit introduces the core concepts of political economy through the lens of the principal schools of economic thought - Classical Political Economy, Marxian Economics, Neoclassical Economics, Institutional Economics, Keynesian Economics and Contemporary Political Economy. You will consider each school’s historical origins, their methodological approaches, analytical tools, policy prescriptions and insights. You will learn about the foundations for the application of political economic reasoning to advance understanding of contemporary issues like the climate crisis, precarious employment, energy impoverishment, the contemporary university business model, and global pandemics.

Unit details and rules

Academic unit Political Economy
Credit points 6
Prerequisites
? 
None
Corequisites
? 
None
Prohibitions
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Lachlan Deacon, lachlan.deacon@sydney.edu.au
Type Description Weight Due Length
Assignment Essay 1
Research Essay
50% Mid-semester break
Due date: 30 Sep 2022 at 23:59
3000 words
Outcomes assessed: LO1 LO11 LO10 LO9 LO8 LO7 LO6 LO5 LO4 LO3 LO2
Assignment Essay 2
Research Essay
50% Week 13
Due date: 06 Nov 2022 at 23:59
3000 words
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8 LO9 LO10 LO11

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

The following grade descriptors will apply to this assessment:

Fail (Below 50%)

Work not of an acceptable standard.

Work may fail for any or all of the following reasons: unacceptable levels of paraphrasing; irrelevance of content; presentation, grammar or structure so sloppy it cannot be understood; submitted very late without extension.

Low Pass (50-54%)

Work of an acceptable standard.

Written work contains evidence of minimal reading and some understanding of subject matter, offers descriptive summary of material relevant to the question, but may have a tendency to paraphrase; makes a reasonable attempt to organise material logically and comprehensibly and to provide scholarly documentation. There may be gaps in any or all of these areas.

Medium Pass (55-59%)

Work of a satisfactory standard.

Written work meets basic requirements in terms of reading and research, and demonstrates a reasonable understanding of subject matter. Offers a synthesis of relevant material and shows a genuine effort to avoid paraphrasing, has a logical and comprehensible structure and acceptable documentation, and attempts to mount an argument, though there may be weaknesses in particular areas.

High Pass (60-64%)

Work has considerable merit, though Honours is not automatically recommended.

Written work contains evidence of a broad and reasonably accurate command of the subject matter and some sense of its broader significance, offers synthesis and some evaluation of material, demonstrates an effort to go beyond the essential reading, contains clear focus on the principal issues, understanding of relevant arguments and diverse interpretations, and a coherent argument grounded in relevant evidence, though there may be some weaknesses of clarity or structure. Articulate, properly documented.

Note that roughly 45-50% of students in junior levels of study and 25-50% of students in senior level units of study will receive marks within the Pass range each semester.

Low Credit (65-69%)

Competent work, demonstrating potential to complete Honours work, though further development needed to do so successfully.

Written work contains evidence of comprehensive reading, offers synthesis and critical evaluation of material on its own terms, takes a position in relation to various interpretations. In addition, it shows some extra spark of insight or analysis. Demonstrates understanding of broad historical significance, good selection of evidence, coherent and sustainable argument, some evidence of independent thought.

High Credit (70-74%)

Highly competent work, demonstrating clear capacity to complete Honours successfully.

Evidence of extensive reading and initiative in research, sound grasp of subject matter and appreciation of key issues and context. Engages critically and creatively with the question, and attempts an analytical evaluation of material. Makes a good attempt to critique various interpretations, and offers a pointed and thoughtful contribution to an existing debate. Some evidence of ability to think theoretically as well as empirically, and to conceptualise and problematise issues. Well written and documented.

Distinction (75-84%)

Work of a superior standard.

Written work demonstrates initiative in research and reading, complex understanding and original analysis of subject matter and its context, both empirical and theoretical; makes good attempt to ‘get behind’ the evidence and engage with its underlying assumptions, takes a critical, interrogative stance in relation to argument and interpretation, shows critical understanding of the principles and values underlying the unit. Properly documented; writing characterised by style, clarity, and some creativity.

High Distinction (85%+)

Work of exceptional standard.

Written work demonstrates initiative and ingenuity in research and reading, pointed and critical analysis of material, innovative interpretation of evidence, makes an insightful contribution to debate, engages with values, assumptions and contested meanings contained within original evidence, develops abstract or theoretical arguments on the strength of detailed research and interpretation. Properly documented; writing characterised by creativity, style, and precision.

 

.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Why Study Political Economy? Seminar (2 hr) LO2 LO3
Week 02 Early Political Economy – From Antiquity to Mercantilism Seminar (2 hr) LO4
Week 03 Classical Political Economy Seminar (2 hr) LO5 LO6
Week 04 Karl Marx Seminar (2 hr) LO8
Week 05 The Science of Neoclassical Economics Seminar (2 hr) LO7
Week 06 John Maynard Keynes Seminar (2 hr) LO11
Week 07 Veblen, Galbraith and the Institutional School Seminar (2 hr) LO9
Week 08 Essay Writing Seminar (2 hr) LO6 LO10
Week 09 Feminist Political Economy Seminar (2 hr) LO8
Week 10 Work, Labour and Social Reproduction Seminar (2 hr) LO9
Week 11 Ecology & Environment Seminar (2 hr) LO6
Week 12 Inequality Seminar (2 hr) LO9
Week 13 The Pandemic and Political Economy Seminar (2 hr) LO11

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.

  • Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.

  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Students are expected to read the Core Readings available on Canvas – see the seminar page each week.

The Optional Extras are there for your interest and may be useful in conducting research for the essays.

The main set textbook we'll use in the first half of the unit is:

Stilwell, Frank (2012), Political Economy: The Contest of Economic Ideas (Melbourne: Oxford University Press).

A useful collection of original texts, structured the same way as the course, is:

Stilwell, Frank & Argyrous, George (eds.) (2011), Readings in Political Economy: Economics as a Social Science (Prahran, Victoria: Tilde University Press).

Other general outlines of economic thought that can be useful are:

Heilbroner, Robert (1986), The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers (New York: Simon & Schuster).

Sandmo, Agnar (2011), Economics Evolving: A History of Economic Thought (Princeton, NJ: Princeton University Press).

Stanford, Jim (2008), Economics for Everyone: A Short Guide to the Economics of Capitalism (London: Pluto Press).

Screpanti, Ernesto & Zamagni, Stefano (2005), An Outline of the History of Economic Thought (Oxford: Oxford University Press).

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. The objectives of ECOP6101 can be specified in terms of the knowledge and skills students are expected and encouraged to acquire and develop. By the completion of this unit you should have:
  • LO2. • a general familiarity with the basic concepts in the language of economics;
  • LO3. • an understanding of core concepts and basic analytical tools used in political economic analysis;
  • LO4. • an understanding of the principal schools of thought in economics, their historical origins, their political orientation and their contemporary relevance;
  • LO5. • the ability to independently gather information from library and other sources;
  • LO6. • the ability to apply information collected to particular economic questions;
  • LO7. • Methodological skills;
  • LO8. • the capacity to explain the connections between different economic viewpoints (e.g. on policy issues) and the theoretical frameworks of competing schools of economic thought;
  • LO9. • a demonstrated capacity for thinking critically and constructively about contemporary economic issues;
  • LO10. • an ability to prepare clearly written summaries of arguments about political economic issues;
  • LO11. • experience in contributing orally to discussions about political economic issues, adapting and developing arguments in the light of additional evidence and alternative viewpoints.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

Unit content has been updated

Disclaimer

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