The economic system is too complex to be analysed descriptively. Most economic decisions require strategic thinking, prediction of expected responses corresponding to each decision and the modelling of complex interactions among multiple economic agents. Mathematical modelling of economic interactions and the use of econometric techniques to evaluate the validity of these models using observed data, have transformed economics into a scientific discipline. This specialisation will be attractive to students with well-developed analytical abilities. Students will use mathematics to learn principles of economics, and to develop skills to formulate economic theories in a mathematical form that can be confronted by data. They will also learn econometric methods that enable them to estimate and test these models using empirical evidence and to quantify economic predictions.
This area of study entry applies to students commencing this course in 2018 and should be read in conjunction with the relevant course entry in the Handbook.
Any units listed for this area of study relate only to the 'Requirements' outlined in the component of any bachelors double degrees.
Unit codes that are not linked to their entry in the Handbook are not available for study in the current year.
- The following three units (18 points):
- ECC2000 Intermediate microeconomics
- ECC3840 Mathematical economics
- ETC3400 Principles of econometrics*
* Capstone unit.
- One of the following pairs of mathematics units (12 points):
- ETC2440 Mathematics for economics and business and ETC2520 Probability and statistical inference for economics and business
- ETC2440 Mathematics for economics and business and ECC2610 Game theory and strategic thinking
- MTH1020 Analysis of change and MTH1030 Techniques for modelling
- MTH1030 Techniques for modelling and one of either MTH2010 Multivariate calculus or MTH2021 Linear algebra with applications
- Three units (18 points) from the following or any unit not taken in (b) with at least two units at level 3:
- ECC2010 Intermediate macroeconomics
- ECC2360 Environmental economics
- ECC2600 Behavioural economics
- ECC3660 Monetary economics
- ECC3670 Economics of developing countries
- ECC3690 International economics
- ECC3710 Labour economics
- ECC3810 Public finance
- ECC3830 Industrial organisation and regulation
- ETC2450Not offered in 2018 Applied forecasting for business and economics
- ETC2520 Probability and statistical inference for economics and business
- ETC3410 Applied econometrics
- ETC3450 Time series analysis for business and economics
- ETC3460 Financial econometrics
- MTH2032 Differential equations with modelling
- MTH3051 Introduction to computational mathematics
- MTH3140 Real analysis
- MTH3241 Random processes in the sciences and engineering
- Four units (24 points) selected from those offered by the Faculty of Business and Economicsoffered by the Faculty of Business and Economics (http://www.monash.edu.au/pubs/handbooks/units/index-byfaculty-bus.html) at Clayton and not already completed
Successful completion of this specialisation can be counted towards meeting the requirements for the following single degree:
- B2004 Bachelor of Commerce Specialist
Students in other single bachelor's degrees are not eligible to complete this specialisation.
Successful completion of this specialisation can be counted towards meeting the requirements for the Bachelor of Commerce Specialist component in the following double degrees:
- B2014 Bachelor of Commerce and Bachelor of Commerce Specialist
- B2024 Bachelor of Commerce Specialist and Bachelor of Arts
- B2009 Bachelor of Commerce Specialist and Bachelor of Computer Science
- B2015 Bachelor of Commerce Specialist and Bachelor of Information Technology
- B2016 Bachelor of Commerce Specialist and Bachelor of Science
- E3003 Bachelor of Engineering (Honours) and Bachelor of Commerce Specialist