Economics
Associate Professor Ian Ward
6 points * Two 1-hour lectures and one 1-hour tutorial per week * First, second semester * Clayton * Prohibitions: ECO1020, ECO1100
Objectives On completion of this subject students should be familiar with the `economic way of thinking' about a broad range of individual, business and government choices and decisions; able to apply economic principles to explain and analyse Australian economic institutions, economic decisions and performance; able to make informed and critical assessment and criticism of the public debate on many economic policy issues; able to proceed to the study of other economics subjects which have an introduction to microeconomics as a prerequisite.
Synopsis The nature and scope of economics; different economic systems; economic policy analysis and evaluation; main bodies of economic thought and the role of ideology; examples of household, business and government economic decision problems; consumer choice, product demand and factor supply; enterprise choice, product supply and factor demand; market analyses of contemporary issues; competitive market long run equilibrium; market power; market failure and concerns for efficiency and equity; assessment of selected current examples of government involvement in the Australian economy.
Assessment Written (2000-word assignment and class tests): 30% * Examination (2 hours): 70%
Recommended texts
McTaggart D and others Economics Addison-Wesley, 1992
or
Stiglitz J Economics Norton, 1993