MONASH UNIVERSITY FACULTY HANDBOOKS
Business & Economics Handbook 1996
Published by Monash University
Clayton, Victoria 3168, Australia
Caution
Copyright © Monash University 1996
ISBN 1320-6222
Authorised by Academic Registrar, April 1996
OUTLINE OF GRADUATE STUDIES -ClaytonPart 2
CONTENTS
- Graduate Diploma in Economic Studies - GradDipEcSt
- Graduate Diploma in Economics - GradDipEc
- Graduate Diploma in Health Economics and Evaluation - GradDipHlthEcEv
- Graduate Diploma in Industrial and Employee Relations - GradDipIndEmpRels
Course code: 0172
General
The Graduate Diploma in Economic Studies is aimed at graduates of disciplines
other than economics and commerce, graduates who have taken only the equivalent
of first-year economics or economics/commerce graduates of more than ten years
standing. Specialisations in economics, econometrics and economic history are
available. Students who achieve a high standard will be able to progress to
graduate work.
Course objectives
On completion of the course students should:
+ have supplemented their undergraduate qualifications with a substantial
knowledge of the economic principles, the quantitative methods, and the logical
processes necessary for analysing the forces that govern the behaviour of
households, business enterprises, governments and the economy as a whole;
+ have an understanding of the issues underlying major economic policy
decisions and an ability to appraise the implications of those decisions for
their own organisations;
+ have developed an ability to apply their theoretical training
effectively to the solution of practical problems in the wide range of
decision-making environments and the wide range of careers that are open to
graduates in business, the public sector, and the professions;
+ be able to communicate effectively in their areas of expertise, both
orally and in writing;
+ have had the opportunity to develop the skills, knowledge and motivation
necessary for postgraduate study;
+ have developed specialised skills and knowledge in one or more of the
areas of specialisation available - economics, econometrics, or economic
history.
Entrance requirements
Admission to the course is open to applicants who have qualified for a pass
degree from a recognised tertiary institution. It is preferred that applicants
have successfully completed Year 12 mathematics or equivalent. For the
econometrics specialisation it may be necessary for students without a tertiary
background in statistics to undertake the first-level statistics subject prior
to entry to the course.
Duration
Normally one year full-time, or equivalent part-time. The course may need to be
taken over three semesters due to the sequential nature of some subjects.
Credit for work previously undertaken
Substitutions rather than course credits are the rule. Students who have passed
subjects with content and standard similar to those of the four core subjects
within the economics and economic history specialisations are expected to
substitute other subjects; for example, for a person with a
mathematics/statistics background it may be appropriate to substitute a
higher-level econometrics subject for ECM4440 or ECM4451/2 or both. It is
assumed that students who have already passed subjects of a content and
standard similar to that of the other four subjects would not normally wish to
enrol in the diploma, but if there should be such students, a similar
substitution rule will apply. Substitution is only available for subjects
completed within the previous ten years.
Course structure
The course consists of eight semester-length subjects.
Economics specialisation
1 Four core subjects:
+ ECO4610 Microeconomics
+ ECO4620 Macroeconomics
+ ECM4440 Business and economic statistics
+ ECM4451/2 Business and economic statistics (sequence as appropriate)
Due to the sequential nature of ECM4440 and ECM4451/2, students will not be
able to take all the first four subjects in the first semester of their course.
Together with the background required for the other subjects, this implies that
a student with no prior economics or statistics may need to take more than two
semesters to complete the course.
2 At least two of the following:
+ ECO3660 Monetary economics
+ ECO3680 Economic growth
+ ECO3690 International economics
+ ECO3710 Labour economics
+ ECO3810 Public finance
3 Not more than two other third or second-year subjects taught by the
departments of Economics or Econometrics (Clayton) and available in the
Bachelor of Economics degree, of which not more than one may be from outside
the Department of Economics or from second year.
Economic history specialisation
1 As for the economics specialisation.
2 At least three of the following:
+ ECO2500/ECO3500 Imperialism and development in Asia
+ ECO2510/ECO3510 Australian economic history
+ ECO2520/ECO3520 Rise of capitalism
+ ECO2530/ECO3530 Economic history of Victoria
+ ECO2540/ECO3540 American business history
+ ECO2550/ECO3550 Business in Asia
+ ECO2560/ECO3560 European economic history since 1945
+ ECO3570 The international economy since 1945
only one of which may be a second-year subject.
3 Not more than one other second or third-year subject taught by the Department
of Economics or Econometrics (Clayton) and available in the Bachelor of
Economics degree.
Econometrics specialisation
1 Four subjects from the following, at least one being selected from those
starred:
+ ECM2400 Econometrics*
+ ECM2420 Survey methods and managerial statistics
+ ECM2430 Actuarial statistics
+ ECM2450 Applied forecasting for business and economics
+ ECM2480 Decision models for managers
+ ECM3400 Econometric theory*
+ ECM3410 Applied econometrics
+ ECM3430 Applied econometric modelling
+ ECM3450 Time series analysis for business and economics
+ ECM3460 Financial econometrics
+ ECM3480 Decision analysis for managers
2 At least two subjects from:
+ Second or third-year subjects taught by the Department of Economics
(other than ECO2000 Microeconomics and ECO2010 Macroeconomics)
+ ECO4610 Microeconomics
+ ECO4620 Macroeconomics
Students whose qualifying degree is in economics may, with the permission of
the head of the Department of Econometrics, substitute other subjects for the
two economics subjects.
3 Two subjects from the preceding lists or from second and third-year subjects
available in the Bachelor of Economics degree.
Progression to Graduate Diploma in Economics
Students who achieve an average of 65 marks in the Graduate Diploma in Economic
Studies may be invited to progress to the Graduate Diploma in Economics.
Course code: 0171
General
The Graduate Diploma in Economics provides more advanced training at the
fourth-year level to economics graduates wanting a thorough grounding in modern
economic analysis. The diploma is offered in the specialisations of economics,
econometrics and economic history.
Course objectives
On completion of the course students should:
+ be familiar with current developments in economics at an advanced
level;
+ be able to function as professional economists in business, government
or academia;
+ be able to understand recent developments in economic research, and
effectively communicate this understanding both orally and in writing;
+ have had the opportunity to develop the skills, knowledge and motivation
necessary for further graduate level studies;
+ have the capacity for independent critical evaluation of current
economic research and policy issues;
+ have developed specialised skills and knowledge in one of the streams
available in the Graduate Diploma of Economics - economics, econometrics or
economic history.
Entrance requirements
Entry to the course is open to applicants who have qualified for a pass degree
with a major in economics or commerce, with an average grade of credit or above
from a recognised tertiary institution. Applicants will be expected to cope
with work of honours standard; the academic and employment records of pass
graduates will be examined for evidence of ability to perform at the required
level. Applicants lacking some of the necessary economic and/or quantitative
background could be admitted subject to successful completion of preliminary
undergraduate courses in these areas.
Duration
Normally one full-time year or two part-time years of study.
Course structure
The course consists of six semester-length subjects, plus a policy seminar.
Economics specialisation
1 Two core economics subjects:
+ ECO4650 Microeconomic theory
+ ECO4660 Macroeconomic theory
2 One quantitative subject chosen from:
+ ECM2400 Econometrics
+ ECM3400 Econometric theory
+ ECM3410 Applied econometrics
+ ECM3440 Practical econometrics
The subject selected will depend on previous training in quantitative methods.
Students who have previously completed a subject or subjects equivalent to
these quantitative subjects will be required to substitute another subject from
the list of optional subjects.
3 Optional subjects as follows:
+ not more than one third-year level subject taught by the Departments of
Economics or Econometrics (Clayton) and available in the Bachelor of Economics
degree;
+ fourth-year level subjects from the honours program in the Departments
of Economics or Econometrics (Clayton), including graduate subjects available
to honours students.
4 Policy seminar:
+ ECO4860 Policy seminar
Economic history specialisation
1 Two core economic history subjects:
+ ECO4530 Economic history
and one other subject taken from the following:
+ ECO4510 Economic history of contemporary Europe
+ ECO4540 History of economy and environment
+ ECO4550 Population and development
2 Two economics subjects chosen from:
+ ECO2000 Intermediate microeconomics
+ ECO2010 Intermediate macroeconomics
+ ECO3660 Monetary economics
+ ECO3680 Economic growth
+ ECO3690 International economics
+ ECO3710 Labour economics
+ ECO3810 Public finance
The subjects selected will depend on previous training in economics. Students
who have previously completed a subject or subjects equivalent to these
economics subjects will be required to substitute another from the list of
optional subjects.
3 Two optional subjects at least one of which must be an economic history
subject:
+ not more than one third-year level subject taught by the departments of
Econometrics (Clayton) or Economics, available in the Bachelor of Economics
degree;
+ third year level economic history subjects;
+ fourth-year level subjects from the honours program in the Departments
of Economics or Econometrics (Clayton), including those graduate subjects
available to economic history honours students.
4 Policy seminar
+ ECO4860 Policy seminar
Econometrics specialisation
1 At least three core subjects with at least one being selected from those
starred:
+ ECM3430 Applied econometric modelling
+ ECM3450 Forecasting for business and economics
+ ECM3460 Financial econometrics
+ ECM4400 Econometric theory*
+ ECM4410 Applied econometrics*
+ ECM4420 Microeconometrics
+ ECM4430 Quantitative economic policy
+ ECO4850 Mathematical economic theory
2 Three optional subjects selected from the above subjects or from any of the
subjects available to a Bachelor of Economics honours student in
econometrics.
3 Policy seminar
+ ECO4860 Policy seminar
or
+ ECM4490 Econometric issues seminar (where students do not have an
appropriate background for ECO4860)
Progression to Master of Economics
Students are required to pass all six subjects plus the policy seminar to
qualify for award of the diploma. A final average grade equivalent to honours
IIB (70 marks) or better is required in order for candidates to be eligible for
entry to the Master of Economics. Students wishing to proceed to the Master of
Economics in economics should note that ECM2410/ECM3440 Practical econometrics,
or an equivalent subject, is a prerequisite for entry.
Course code: 0967
General
The Graduate Diploma in Health Economics and Evaluation is designed to provide
students who already possess a basic degree in economics with the skills
necessary to pursue a future career as academic or policy-oriented economists,
as administrators in the health sector, or as health-care evaluators. It
introduces economists to the basic concepts of epidemiology and bioethics and
trains participants in research methods by having them undertake a project
during their placement at an approved institution.
Course objectives
On completion of the course students should:
+ have the skills necessary to pursue a future career as academic or
policy oriented economists, as administrators in the health sector, or as
health care evaluators;
+ be familiar with the major issues of health economics and the techniques
of health economics and evaluation;
+ have an understanding of the basic concepts of epidemiology and
bioethics;
+ have an ability to research, analyse and implement health related
projects.
Entrance requirements
Entry to the course is open to applicants who have qualified for a pass degree
in economics or an equivalent qualification from a recognised tertiary
institution. Students are selected on the basis of academic achievement and
relevant employment experience.
Fees
The Graduate Diploma in Health Economics and Evaluation is a fee-paying course.
Fees for 1996 will be $7550. Financial support in the form of a fee-waiver may
be available in some circumstances, in which case the student would be liable
for the Higher Education Contribution Scheme (HECS). Requests for a fee-waiver
must be made in writing to the dean and should be submitted with the
application.
Scholarships
It is envisaged that a number of scholarships will be offered in 1996. Further
information can be obtained from the secretary, CHPE, PO Box 65, Fairfield
3080.
Duration
Normally full-time over one year, or part-time over two years.
Course structure
The diploma consists of four compulsory and three elective subjects plus a
three-month placement (normally during the summer semester). The placement must
be conducted at an institution acceptable to the course coordinator at Monash
University (for example the CHPE, CHERE or the participant's place of work).
During placement, a student is expected to complete an applied project under
the direction of a supervisor. The project constitutes part of the formal
assessment and must be completed by March of the year following enrolment.
Core subjects
First semester
+ ECO4650 Microeconomic theory
+ ECO4870 Health economics
Second semester
+ Evaluation methods and epidemiology (to be held off-campus as a
cross-institutional subject at Melbourne University)
+ ECO4990 Economic evaluation of health services
Summer semester
+ MGC5990 Health industry-based learning
Electives
Individual combinations of electives are subject to approval by the course
coordinator.
Department of Econometrics
+ ECM3440 Practical econometrics or ECM3410 Applied econometrics
+ ECM4420 Microeconometrics
+ ECM4430 Quantitative economic policy
Department of Economics
+ ECO4660 Macroeconomic theory
+ ECO4840 Industrial organisation
+ ECO5650 Price theory
+ ECO5720 Labour theory
+ ECO5790 Benefit-cost analysis
+ ECO5810 Public goods and public welfare
+ ECO5830 Welfare economics
+ ECO5870 Aspects of applied health economics
MBA programs (Clayton)
+ MBA6200 Hospital administration
+ MBA6270 Health services law
+ MBA6280 The Australian health care system
+ MBA6430 Health policy and planning
The Centre for Human Bioethics
+ HBM5204 Ethical issues in patient care, reproduction and genetics
+ HBM5102 Questions of life and death
Progression to Master of Economics
Students are required to pass all seven subjects plus the health industry based
learning placement to qualify for award of the diploma. A final average grade
equivalent to honours IIB (70 marks) or better is required in order for
candidates to be eligible for entry to the Master of Economics. Students
wishing to proceed to the Master of Economics in economics should note that
ECM2410/ECM3440 Practical econometrics, or an equivalent subject, is a
prerequisite for entry.
Course code: 0201
General
The Graduate Diploma in Industrial and Employee Relations is designed for
persons who are working, or intending to work, in any area of industrial
relations, management, personnel or trade union activities. The course focuses
upon the workplace aspects of industrial and employee relations, and links
industrial relations and employee management practices with the broader issues
of economic policy, wage and labour policy, efficiency and productivity. The
institutional and legal framework for industrial and employee relations is also
covered in detail.
Course objectives
On completion of the course students should have:
+ the analytical and practical skills to gain employment or advancement in
this field;
+ a detailed knowledge of workplace aspects of industrial and employee
relations;
+ an understanding of the links between industrial relations and employee
management practices and the broader issues of economic policy, wages and
labour market policies, and the legal framework;
+ advanced written and oral communication skills.
Entrance requirements
Admission to the course is open to candidates who have qualified for a pass
degree or an equivalent qualification from a recognised tertiary institution.
There is no requirement that a candidate should have previously studied
industrial relations. Admission to the program, and selection of the
appropriate subjects, will depend upon the candidate's academic and
disciplinary background.
Structure
Students must pass seven subjects from the industrial and employee relations
program. Each subject will consist of a weekly three-hour seminar. Not every
subject will be available each year; they will be offered on a two-year
rotational basis.
Duration
In normal circumstances the duration of the course is one full-time year or two
part-time years.
Progression to Master of Industrial and Employee Relations
Progression will depend on the successful completion of the seven subjects at a
high credit level average (70 marks). Students progressing to the masters
degree from the Graduate Diploma in Industrial and Employee Relations are
required to undertake two additional subjects, a case study and a thesis of
approximately 20,000 words. The option to undertake a masters degree by
coursework and research paper is not available.
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