The Arts Major of Economics requires 112.5 points of study for attainment. This means out of the 300 point program, you have the opportunity to achieve two Majors in your course. Along with this, the Faculty of Arts offers a variety of Breadth Subjects designed to enhance your learning with options from a variety of fields.
Students intending to major in Economics should note that a study score of at least 25 in either Mathematical Methods 3/4 or Specialist Mathematics is a prerequisite for this program. Introductory Microeconomics must be completed before entering Introductory Macroeconomics and Intermediate Microeconomics at level 2. Introductory Macroeconomics must be completed before Intermediate Macroeconomics at level 2.
Students who undertake a major in Economics will complete 112.5 points with 37.5 points taken as Arts discipline subjects, 75 points taken as breadth.
- Students must complete 37.50 points at Level 1 from the list of subjects
- Students must complete 25 points of core and 12.50 points of electives at Level 2 from the list of subjects
- Students must complete three Level 3 subjects (37.50 points) one of which must have a prefix ECON and one must have a prefix ECOM
Current and commencing students must refer to the University Handbook for enrolment purposes.
Sample Study Plans
|Level 1 - Compulsory Subjects|
This subject is an introduction to microeconomic theory and policy. Topics include the theory of perfectly competitive markets, welfare analysis and the role of government in the economy, theory of the firm (production and costs), game theory, and effects of market structure on resource allocation.
Detailed Information ECON10004
An introduction to macroeconomic theory and policy. Topics will include economic aggregates such as production and employment, the general level of prices and inflation, the exchange rate, interest rates, monetary and fiscal policies, the balance of payments and economic growth. Analysis is particularly directed to current macroeconomic problems and policy issues.
Detailed Information ECON10003
|Quantitative Methods 1||12.5|
Quantitative Methods 1
This subject covers the core concepts which underpin quantitative decision analysis in the various specialisations within the faculty. It provides a foundation for all second-year quantitative subjects in the commerce degree. The topics covered are drawn from financial mathematics; measures of location and dispersion; probability, random variables and expected values; sampling design; estimation and testing using the normal and t-distribution; and simple regression and correlation. Excel is used to illustrate applications in accounting, economics, finance, management and marketing.
Detailed Information ECON10005
|Level 2 - Core Subjects|
This subject examines the development of the microeconomic theory of the behaviour of economic agents and how the behaviour of economic agents and government influence the efficiency of the economy. Topics include perfect competition, general equilibrium, market power, intertemporal decision making, decision making under uncertainty and imperfect information.
Detailed Information ECON20002
Intermediate macroeconomic analysis develops the tools, skills and knowledge base necessary to operate as a practicing macroeconomist. These may include: models of long run economic growth; an assessment of the evidence on economic growth and its implications; the flexible-price macroeconomic model in which markets continuously clear; an assessment of the evidence regarding whether prices and wages are flexible or sticky; the sticky price macroeconomic model in which markets do not always clear; assessment of the flexible and sticky price models; the analysis of macroeconomic policy making.
Detailed Information ECON20001
|Level 2 - Elective Subjects (One of either)|
This subject provides an introduction to econometrics, which involves using data and statistical methods to estimate economic relationships, test economic theory, and predict the impact of policy. Topics covered include probability and statistics, single linear regression, multiple linear regression, non-linear regression, model internal and external validity, field and natural experiments, and time series models. Econometric methodology and application will be motivated and illustrated through applications to economics, accounting, finance, marketing, and management.
Detailed Information ECOM20001
|Quantitative Methods 2||12.5|
Quantitative Methods 2
This subject provides students with background mathematical and statistical skills necessary for solving a wide range of commerce problems. It draws heavily on examples from accounting, management and marketing and, to a lesser extent, economics and finance. Topics include: review of statistics; tests of the location of populations; simple and multiple regression for use with time series and cross section data, including interpretation of estimates, hypothesis testing and forecasting, an introduction to diagnostics; Logit models; an introduction to time series methods; autoregressive distributed lag models and testing for stationarity.
Detailed Information ECON20003
|Economics: Level 3 Subjects|
The objectives of the subject are to introduce new techniques of microeconomic analysis; and to study applications of microeconomic theory to a range of situations involving behaviour of consumers and firms, and market interaction. Topics include game theory and oligopoly, economics of information, behaviour under uncertainty and general equilibrium analysis.
Detailed Information ECON30010
This subject examines multiple regression analysis and its use in economics, management, finance, accounting and marketing. Topics will include the properties of estimators, hypothesis testing, specification error, multicollinearity, dummy variables, heteroskedasticity, serial correlation. Empirical assignments undertaken by the student form an integral part of the subject.
Detailed Information ECOM30001
|History of Economic Thought||12.5|
History of Economic Thought
The development of economic theory, emphasising the works of the classical and neoclassical economists and Keynes. The subject will be concerned with looking at modern economic theory from an historical perspective. Students will be expected to read original works as well as secondary literature.
Detailed Information ECON30008
|Economics of the Law||12.5|
Economics of the Law
This subject addresses the economic principles underlying various areas of the law and which are relevant to legal practice. Three main issues will be studied. The first is competition law and consumer protection. The second is property rights, including intellectual property. The third main area concerns issues of damages and compensation. The course will develop economic tools to analyse these legal issues. These include incomplete contracting, oligopoly analysis and incomplete information.
Detailed Information ECON30018
Set theory, univariate calculus and optimisation are reviewed and applied to the theory of the firm and the theory of consumer demand. Linear algebra concepts including matrix operations, vector spaces and quadratic forms are introduced and applied to problems in economics and econometrics. Applications of multivariate calculus including constrained optimisation, the envelope theorem and Kuhn-Tucker conditions are covered.
Detailed Information ECON30020
|Economics of Financial Markets||12.5|
Economics of Financial Markets
The subject is a combination of principle and practice. It provides an overview of the economic principles governing financial markets; then provides insights into some important empirical and practical issues concerning the operation of financial markets; and concludes with a discussion of some practical issues associated with Australian financial markets.
Detailed Information ECON30024
Extensions of the multiple regression model are examined. Topics include causal and statistical interpretations of regression models, instrumental variables, panel data and time series regression models and relevant statistical theory.
Detailed Information ECOM30002
|Economics of Food Markets||12.5|
Economics of Food Markets
Topics include the reasons for, and the economic analysis of, government intervention in food production, food distribution and food consumption; agri-food policies in selected countries; food standards and international trade, world food security; and agriculture in the World Trade Organization (WTO).
Detailed Information ECON30007
This subject is an introduction to advanced study of macroeconomics. An integrated theoretical framework – a simple life cycle model – is used to explore the central issues of macroeconomics. Major topics to be covered include: income determination and economic growth, economic fluctuations and business cycle, fiscal and monetary policy, open economy and international trade.
Detailed Information ECON30009
This subject is an introduction to the field of industrial organisation. Industrial organisation deals with the structure, management, and performance of firms and markets. It is concerned with firm behaviour and strategy, the implications of firm behaviour for economic efficiency, and the role public policy plays in promoting efficiency. Most of the time, models of perfect competition and monopoly fail to explain the composition and behaviour of most industries in modern capitalist economies. Our goal in this class is to depart from those two idealised models and to explain why industries are composed of a few large firms instead of many small ones. We will be looking at the strategic in...
Detailed Information ECON30003
|Money and Banking||12.5|
Money and Banking
This course provides an overview of the economic principles that underlie the operation of banks and other financial institutions. The impact of monetary policy in Australia will also be examined with particular emphasis on the roles played by the Reserve Bank and other banking and financial institutions. Topics may include how economic theory applies to financial markets; the process of financial intermediation; available financial statistics; the money supply process and the implementation of monetary policy; money in the macroeconomy; the recent behaviour of major financial aggregates; the 1997/98 Asian economic crisis; financial regulation and deregulation; the monetary transmission m...
Detailed Information ECON30005
Environmental issues will be addressed with the aid of economic theory. Topics include sustainability of economies; pollution as an externality; approaches to dealing with pollution in different countries; methods of valuing the environment and environmental damage; effect on future generations; environmental amenity as a public good; and the environment and economic development.
Detailed Information ECON30011
This subject introduces students to empirical research demonstrating economically important patterns of behaviour that violate standard rationality assumptions, and to theorectical research aimed at capturing these behavioural patterns in tractable models. Most of the semester will be devoted to behavioural aspects of individual decision making, such as temptation and present-biased preferences, prospect theory, reference-dependent preferences, and over-confidence. We will also cover happiness research and behavioural public economics. This subject can be profitably taken alongside ECON30022, which in addition to the design of experiments also covers behavioural aspects of strategic inter...
Detailed Information ECON30019
Experimental Economics is a branch of economics that uses controlled experiments to evaluate theories and behavioural assumptions, as well as to test policies and their implementation. The subject will introduce students to experimental methods as applied in economics and present key findings from laboratory and field experiments. The first lecture in most weeks will be devoted to running experiments where students will experience different economic situations. The second lecture will present the theories underlying the experimental games and will use the experimental data from the first lecture (as well as other experimental data) as a vehicle for discussion. By comparing actual individu...
Detailed Information ECON30022
|Time Series Analysis and Forecasting||12.5|
Time Series Analysis and Forecasting
Normally topics will include current techniques used in forecasting in finance, accounting and economics such as regression models, Box-Jenkins, ARIMA models, vector autoregression, causality analysis, cointegration and forecast evaluation, and ARCH models. The computer software used is Eviews.
Detailed Information ECOM30004
|Computational Economics and Business||12.5|
Computational Economics and Business
This subject covers the application of computer based techniques to solve the problems encountered in economics and business. The techniques covered include the construction and use of hierarchical data sets, the use of multivariate graphics and statistics in the context of data mining applications, the elements of computer simulations, and the application of linear programming for the analysis of productivity in the context of data envelopment analysis. One aspect of this subject is the introduction of students to different software options. Possible software to be considered will be SAS, Stata, GAUSS, SPSS, TSP, EMS, Scientific Word, and Eviews.
Detailed Information ECON30025
|Applied Microeconometric Modelling||12.5|
Applied Microeconometric Modelling
This subject examines estimation and testing of microeconometric models based on cross-sectional and panel data and quantitative and limited dependent variables. Illustrative application topics normally will include labour economics, consumer demand and finance. The computer software used is Stata.
Detailed Information ECOM30003
|International Trade Policy||12.5|
International Trade Policy
This subject will cover the determinants, patterns and effects of international trade within a general equilibrium framework, where the interrelationships amongst product and factor markets in an economy are explicitly taken into consideration. It deals with how trade is affected by government policies and international trading agreements. It introduces basic analytical tools for evaluating the welfare and income distributional consequences of trade policies from both an industry and national perspective. The theories are related to current issues in international economics, such as globalisation, regional trading blocs and trade policies generally in Australia and the rest of the world.
Detailed Information ECON30001
This subject will address economy-wide issues in economic development. The main objectives of the subject are to examine the key determinants of economic growth and the actual development experience of selected countries. Special emphasis will be placed on drawing policy lessons from the latest research and country experience of growth and development. The subject will cover topics such as social welfare, education, institutions, corruption, microfinance, foreign aid, the geography of economic development, and theories of economic growth and development.
Detailed Information ECON30002
|Economic Analysis and Policy||12.5|
Economic Analysis and Policy
This subject focuses on the application of economics to the analysis of policy issues facing governments in Australia and overseas. The subject begins with a general introduction on the application of principles of microeconomics for guiding the formulation of policy options and their interpretation. It then explores in detail specific topics drawn from health economics, microeconomic reform, income distribution, poverty or other relevant policy areas. For each specific topic the subject presents and evaluates results in the literature and analyses future policy options and their effects.
Detailed Information ECON30013