Economics (Major)

Unit outlines will be available through Find a unit outline two weeks before the first day of teaching for 1000-level and 5000-level units, or one week before the first day of teaching for all other units.
 

Economics

Major

A major in Economics requires 48 credit points from this table including:
(i) 12 credit points of 1000-level core units of study
(ii) 12 credit points of 2000-level core units of study
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major.
(iii) 18 credit points of 3000-level selective units of study
(iv) 6 credit points of Interdisciplinary Project units

Minor

A minor in Economics requires 36 credit points from this table including:
(i) 12 credit points of 1000-level core units
(ii) 12 credit points of 2000-level core units
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major.
(iii) 12 credit points of 3000-level selective units

1000-level units of study

Core
ECON1001 Introductory Microeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: BUSS1040 or ECON1040 Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: online quizzes (10%), 1xMid-semester test (30%), 1xEssay (10%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. Prior knowledge of mathematics is assumed.
ECON1002 Introductory Macroeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Intensive June,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: 1500wd written assessments (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolmentin the following sessions:Intensive June
Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

2000-level units of study

Core
Students choose between ECOS2001 or ECOS2901 as appropriate.
ECOS2001 Intermediate Microeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2001 or ECON2901 or ECOS2901 Assessment: Tutorial participation (10%), 2x in-class tests (40%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.
or
ECOS2901 Intermediate Microeconomics Honours

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040) with a minimum Distinction grade (75%) Prohibitions: ECOS2001 or ECON2001 or ECON2901 Assumed knowledge: ECOS2903 or MATH2070 or MATH2970 Assessment: 2x250wd assignments (10%), 1x1.5hr mid-semester test (35%), 1x2.5hr final exam (45%), participation (10%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students are strongly advised to undertake one of ECOS2903 or MATH2070 or MATH2970 either concurrently with or prior to ECOS2901.
This unit is comprised of lectures based upon the curriculum for ECOS2001 Intermediate Microeconomics, supported by a seminar for one hour a week. The content of lectures reflect a more analytical and critical treatment of the topics than ECOS2001. The topics, which build on the theory of consumer and firm behaviour and market structure, include game theory, oligopoly, general equilibrium and welfare, externalities and public goods and the economics of information.
Students choose between ECOS2002 or ECOS2902 as appropriate.
ECOS2002 Intermediate Macroeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1002 or ECON1040 Prohibitions: ECON2002 or ECON2902 or ECOS2902 Assessment: Mid-semester test (30%), assignments (20%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
This unit of study develops models of the goods, money and labour markets, and examines issues in macroeconomic policy. Macroeconomic relationships, covering consumption, investment, money and employment, are explored in detail. Macro-dynamic relationships, especially those linking inflation and unemployment, are also considered. Exchange rates and open economy macroeconomics are also addressed. In the last part of the unit, topics include the determinants and theories of economic growth, productivity and technology, the dynamics of the business cycle, counter-cyclical policy and the relationship between micro and macro policy in the context of recent Australian experience.
or
ECOS2902 Intermediate Macroeconomics Honours

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: 65% in (ECON1001 or BUSS1040 or ECON1040) and 65% in ECON1002 Prohibitions: ECOS2002 or ECON2002 or ECON2902 Assessment: 1500wd total written assignments (30%), 1x1hr mid-semester exam (30%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit is comprised of lectures based upon the curriculum for ECOS2002 Intermediate Macroeconomics, supported by a seminar for one hour a week. The content of lectures reflects a more intensive treatment of the topics than ECOS2002. Topics covered include: models of the goods, money and labour markets; macro-economic relationships such as consumption, investment, demand for money and labour demand and supply; macro-dynamic relationships, especially those linking inflation and unemployment; exchange rates and open economy macroeconomics; theories of economic growth; productivity and technological change; the dynamics of the business cycle; and the relationship between micro- and macro-economic policy.
Selective
ECMT2150 Intermediate Econometrics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECMT1010 or MATH1905 or MATH1005 or MATH1015 or DATA1001 or DATA1901 or ENVX1002) and (ECMT1020 or MATH1002 or MATH1902 or DATA1002 or DATA1903) or (BUSS1020) Prohibitions: ECMT2110 or ECMT2950 Assessment: 2x500wd written assignments (20%), 1x1.5hr mid-semester test (30%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit provides an introduction to the econometrics of cross-section and panel data. We start with a discussion of the assumptions underlying the simple and multiple linear regression model. We then build an understanding of the econometric methods available when these assumptions do not hold. More specifically, we cover heteroscedasticity and GLS, omitted variable bias, measurement error and instrumental variables. We finish with an introduction to using pooled cross sections and panel data for policy analysis and to estimate treatment effects. Throughout the unit, emphasis is placed on economic applications of the models and practical computer applications are incorporated.
ECMT2950 Intermediate Econometrics - Advanced

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (A minimum of 65% in (ECMT1010 or MATH1905 or MATH1005 or MATH1015 or DATA1001 or DATA1901 or ENVX1002)) and (a minimum of 65% in (ECMT1020 or MATH1002 or MATH1902 or DATA1002 or DATA1903)) or (a minimum of 65% in BUSS1020) Prohibitions: ECMT2110 or ECMT2150 Assessment: 1x1.5 hours Midsemester exam (30%), 1x2 hours Final exam (50%), 3x330wd each Assignments (20%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit provides a thorough introduction to the econometrics of cross-section and panel data. We begin with a detailed discussion of the assumptions and statistical properties of the multiple linear regression model. We explore the econometric methods available when these assumptions do not hold. More specifically, we cover linear probability models, heteroscedasticity and GLS, omitted variable bias, measurement error, instrumental variables, quantile regression and models for pooled cross-section and panel data well-suited to policy analysis and the estimation of treatment effects. Throughout, we discuss economic applications and utilise practical computer applications where appropriate.
ECOS2004 Money and Banking

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 and ECON1002) or (ECON1040 and ECON1002) or BUSS1040 Assessment: 3x500wd assignment (20%), 1x1000wd essay (20%), 1x1hr mid-semester test (20%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Students will learn how a modern financial system operates and the relationships between the financial system and the economy, with a particular emphasis on understanding business cycles. We will study how money/capital changes hands between agents over time, both directly and through institutions. We will study how these exchanges affect the economy, and how central banks and other policy institutions monitor, influence and regulate these exchanges. There will be an equal emphasis on understanding the modern financial system and on analysing monetary policy and financial regulation.
ECOS2025 East Asian Economies

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or ECON1002 or BUSS1040 or ECON1040 Assessment: 5x200wd equivalent quizzes (25%), 1x70mins mid-semester test (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study analyses the economic experiences and policies of key East Asian countries with significant economic ties with Australia. The unit will first introduce how some of these countries achieved the miraculous post-war economic growth and analyse their growth success using economic models. The unit identifies the key issues and challenges facing these countries in both social and global contexts. Emphasis will be placed on the bilateral and multilateral economic relations of East Asian countries with Australia.
ECOS2201 Economics of Competition and Strategy

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week and 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2201 or ECOS3005 Assessment: 2xMid-semester tests (40%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit introduces new and comprehensive methods for the analysis and formation of business strategy. The unit analyses strategies for developing competitive advantages, including product differentiation, cost advantages and product life cycles; implementing incentives, control, firm boundaries, and internal firm decision-making mechanisms; implementing pricing, auction and signalling practices; assessing industry attractiveness and the regulatory/trade practices environment; and managing industry cooperation and conflict. Students are taught a set of tools that they can bring to bear on new problems. Understanding competitive dynamics and strategic thinking are emphasised. Case studies and problem-solving form an important part of the teaching method.
ECOS2307 The European Economy

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/fortnight Prerequisites: 12 credit points at 1000 level Assessment: 1x2000wd research project (50%), 1x1000wd Mid-semester test (20%), 1x1.5hr Final exam (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
What economic challenges and opportunities does Europe face? This unit analyses Europe's economic framework and policy experience, its economic institutions and the unique relationship European countries have with each other and the rest of the world. Particular attention is paid to the unique constraints that European policymakers face. This unit provides a practical understanding of European economic management for those who may encounter Europe while working in the private or public sectors. No prior knowledge of Economics is required.
ECOS2903 Mathematical Economics A

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: A minimum of 65% in (ECON1001 or BUSS1040 or ECON1040) and 65% in ECON1002 Prohibitions: ECON2903 Assessment: 1000wd total assignments (25%), 1x1.5hr mid-semester exam (35%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to the third year economics honours program must take this unit or MATH2070
This unit provides an introduction to mathematical techniques commonly employed by economists. Students who wish to proceed to final year Economics Honours must complete either ECOS2903 or MATH2070. Topics include: limits, continuity, differentiation of single- and multi-variable functions, unconstrained and constrained optimisation.

3000-level selective units of study

ECOS3002 Development Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1500wd written assessment (30%), 1x1hr mid-semester exam (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit examines the economic transformation of less-developed countries from microeconomic and macroeconomic perspectives. It covers applied topics such as education, health, nutrition, demographics, labour, agriculture and the private sector, focusing on how policies attempt to overcome market and institutional failures that are particularly acute in the developing world. Focus is given to applying theoretical and empirical tools necessary to conceptualise, analyse and interpret various issues in economic development. Applied examples from developing countries are used throughout the unit.
ECOS3003 Hierarchies, Incentives and Firm Structure

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECON3003 or ECOS2306 Assessment: 1x250wd equivalent problem set (10%), 1x750wd written assignment (15%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit deals with the coordination and motivation problems faced by firms. More specifically this unit examines: whether firms use price or command mechanisms to allocate resources within firms; the problems associated with designing incentive contracts; the principles of efficient contract design and; the real world applications of those principles. The final section deals with the manner in which the coordination and motivation problems faced by firms determines their financial, vertical and horizontal structure.
ECOS3004 History of Economic Thought

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 or ECOP2011 or ECOP2001 or ECOP2012 or ECOP2002 Assessment: Essay (20%), Mid-semester test (30%) and 70min Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Where do the current beliefs - theories, doctrines, postulates and attitudes - of modern economics come from? If current theories and doctrines have a definite historical beginning, what schools of thought did they supplant? Are there alternative or dissident views which subsisted alongside mainstream economics in the twentieth century - and if so, what are they and where did they originate from? This unit seeks to answer these questions, as well as others. It provides an overview of the development of economic ideas from the seventeenth to the twentieth century, combined with a more intensive focus on the thought of certain key figures in that history. The particular topics covered include: the formation of economics to 1776; Adam Smith; classical economics from Smith to J.S. Mill; the rise of marginalist economics; John Maynard Keynes; and orthodox and heterodox currents in twentieth century economics.
ECOS3005 Industrial Organisation

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS2201 Assessment: Mid-semester test (35%), problem sets (5%) and 2hr Final exam (60%) Mode of delivery: Block mode
This unit of study examines the nature of inter-firm rivalry in industries with market power. It explores the various ways in which firms can increase their market power by: extracting more surplus from consumers, by colluding with rivals or by excluding entrants. The unit also analyses the international competitiveness of industries in the context of industry assistance and the prevalence of foreign multinationals. Competition policy is also discussed.
ECOS3006 International Trade

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: problem sets (5%), Mid-semester test (35%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study provides a systematic analysis of the theory of international trade and trade policy. Initially differences between countries are emphasised as the source of trade and the gains from trade. Models that are examined include the Classical-Ricardian model, the Heckscher-Ohlin model and the Specific-Factors model. Next economics of scale and imperfect competition are introduced as sources of trade and gains from trade. The unit concludes with an examination of empirical studies aimed at testing trade theories. The analysis of trade policy begins with a discussion of the instruments of trade policy, in particular, tariffs and quotas and their effect on welfare. This discussion is then extended to the case of imperfect competition and strategic trade policy.
ECOS3007 International Macroeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2002 or ECOS2902 or ECOS2040 Assessment: assignments (20%) and Mid-semester test (20%) and 1x2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit studies macroeconomic theory and policy in a global trading world. The microfoundations of the various sectors are examined in the context of an open economy. The evolution of international money and capital markets is described, the operation of the foreign exchange market is examined, showing how its microstructure affects its macro performance. Theories and tests of the efficiency of international capital markets are surveyed, as well as core theories and tests of exchange rate and asset price determination. The unit develops the macroeconomic implications of monetary and fiscal policies for small and large open economies for different regimes.
ECOS3008 Labour Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Essay (25%), Mid-semester test (25%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit aims to provide an understanding of labour markets and related issues such as work conditions, pay and employment levels. Labour supply and demand, theories of wage determination, labour mobility and discrimination are examined. It also analyses the role of trade unions and labour market contracts. These topics are applied to current issues in Australian labour markets such as enterprise bargaining, the role of centralised wage fixing systems, training and other labour market programs. Policies designed to improve the functioning of the labour market are examined and particular attention is given to the problem of persistent unemployment.
ECOS3010 Monetary Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 or ECOS2040 Prohibitions: ECON3010 Assessment: multiple choice test (30%) and written paper (20%) and 70min Final exam (50%) Mode of delivery: Block mode
This unit provides an overview of the main elements of monetary economics, with emphasis upon macroeconomic issues - analysis of economic processes in which money enters the picture in an essential manner. The content primarily concerns economic principles and theory, but there is also considerable focus on the Australian monetary system and monetary policy in particular. The particular topics covered include: functions of money; the concept of 'liquidity'; money demand; determinants of money supply changes; financial crises and the 'lender of last resort' function of central banking; the Reserve Bank of Australia and the Australian Prudential Regulation Authority; term and risk structures of interest rates; alternative theories of the level of the rate of interest; the monetary policy transmission mechanism; monetary policy instrument choice; central bank credibility; policy reaction functions; the global monetary system; and Reserve Bank market operations.
ECOS3011 Public Finance

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Mid-semester test (20%), assignment (30%) and 3hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Public Finance is about the taxing and spending decisions of governments. The unit covers a wide range of public finance topics. After an introduction to welfare economics and the role of government in the economy, the unit focuses on the revenue side of the budget: tax incidence, efficient and equitable taxation, the Australian system of revenue raising, issues of tax reform and the theory and practice of public utility pricing. It then focuses on the expenditure side of the government budget: public goods, externalities, and programs aimed at redistribution. It also introduces techniques of policy evaluation.
ECOS3012 Strategic Behaviour

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS3901 Assessment: Mid-semester test (35%), online quizzes (20%) and 2hr Final exam (45%) Mode of delivery: Normal (lecture/lab/tutorial) day
To think and act strategically, one needs to evaluate the effect of one's actions on the actions of others. As most economic decisions are strategic, such as the decision to lower a price or introduce a new tax, economics, if it is to avoid simplistic models, requires a theoretical framework capable of illuminating strategic behaviour. This unit offers a comprehensive, critical introduction to the theory which purports, not only to satisfy this theoretical need, but also potentially to unify the social sciences: game theory. After examining important concepts of game theory, the unit investigates the repercussions for the theory of bargaining and for the evolution of social institutions.
ECOS3013 Environmental Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2005 or AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x1500wd Essay (25%), 1hr Mid-semester test (25%), 1x2hr Final exam (50%) Mode of delivery: Block mode
The natural environment is invariably affected by production and consumption in our modern economy. In particular, environmental outcomes are important in the presence of market failures (externalities and public goods). This unit focuses on developing a student's detailed understanding of the economic techniques used by policymakers to address environmental issues. These techniques include: Pigovian taxes and subsidies; regulation with asymmetric information; marketable permits; pricing contributions for public goods; optimal damages; and the allocation of property-rights and market failures.
ECOS3015 Law and Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: assignments (20%), Mid-semester test (30%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Law and economics examines the economic role of law and legal institutions on the actions of economic agents. The economic analysis of law is founded on models of human behaviour and examines how decision making is affected by different legal regimes. The behavioral approach gives rise to a set of principles that can be applied widely across disparate areas of the law, and is becoming increasingly important world-wide, as such analysis is often utilized in courts and public policy forums. The unit begins with a revision of relevant tools of economic analysis. Subsequently, it studies the economics of various branches of law such as: property; contract; nuisance; accident and liability law; and, criminal law
ECOS3016 Experimental and Behavioural Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x1hr15min mid-semester test (25%), 1x1000wd written assignment (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Experimental economics uses experimental methods to evaluate the performance of economic models, institutions and policies. Behavioural economics combines experimental and field evidence with insights from neighbouring disciplines such as psychology, to develop richer economic models of decision-making. This unit will develop the key research methods and major findings of each of these fields, and explore both theoretical and practical implications. Students will read a number of seminal research papers in both experimental and behavioural economics, and will have opportunities to participate in classroom experiments.
ECOS3017 Health Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x1000wd essay (25%), 1x1hr mid-semester test (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The purpose of this unit is to introduce the student to the methods of health economics and demonstrate how these methods can be applied to analyse issues in health policy and management. This unit will teach the student to use economic analysis to understand critical issues in health care and health policy. Topics covered include the institutions of the Australian system of health care and health statistics, evaluation techniques, production of health, demand for health care and technology, moral hazard and adverse selection in health insurance markets, health labour markets, including physician-patient interactions, managed care, regulation and payment systems for providers, comparative health systems, the pharmaceutical industry, health policy and social insurance.
ECOS3018 Economics of Growth

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902) Assessment: 1x1500wd written assignment (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The aim of this course is to understand the key features of economic growth, both theoretically and empirically. The first part of the unit will introduce theoretical models from the recent literature on the economics of ideas, growth and development, social infrastructure, population, and natural resources. These will be used to develop an analytical framework of economic growth in historical perspective and across countries. The relationship between growth, technical progress, income distribution along with the role of economic policies and institutions will be considered. Sources of differences in income and growth across countries will also be examined.
ECOS3020 Special Topic in Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECOS2001 or ECON2001) and (ECOS2002 or ECON2002)) or ((ECOS2901 or ECON2901) and (ECOS2902 or ECON2902)) Assessment: Assessment dependent on topic Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students must seek written permission from the School of Economics Undergraduate Coordinator to enrol in this unit.
Study of a special topic in Economics. Topics will vary from semester to semester according to staff availability and the presence of visitors. If taught in both semesters, the topic in Semester 2 will be different to that of Semester 1.
ECOS3021 Business Cycles and Asset Markets

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902)) or (ECOS2040 and ECMT2130) Assessment: 1x1hr Mid-semester test (25%), 1x1000wd Empirical report (25%), 1x2hrExam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit of study provides theoretical and empirical training in analysing macroeconomic fluctuations and the interactions between the real economy and asset markets. The unit of study will introduce theoretical models of the business cycle to identify sources of economic fluctuations. It then provides a theoretical framework in which the asset market-the real economy can be analysed. In addition to theoretical analysis, the unit will develop empirical tools for analysing economic and financial indicators as well as evaluating the performance of theoretical models. The role of government policy will also be discussed by taking both Australian and global episodes.
ECOS3022 The Economics of Financial Markets

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902)) or (ECOS2040 and ECMT2130) Assessment: problem sets (20%), Mid-semester test (25%) and 2hr Final exam (55%) Mode of delivery: Normal (lecture/lab/tutorial) day
Financial assets play a vital role coordinating the actions of savers and investors; consequently, they play a crucial role in creating wealth and facilitating economic activity. The aim of this unit is to explore the economic principles underlying: the pricing and development of financial assets; the trade-off between risk and return and the how investors construct portfolios in response to this trade-off. The focus is on the economics of financial markets: the factors of demand and supply; risk and uncertainty; incomplete contracts and renegotiation; and asymmetric information and its implications. We will emphasize the key aspects of markets for financial assets and the main differences to markets for consumption goods. The unit also examines the development of financial institutions and current issues in financial markets.
ECOS3023 Personnel Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: Problem sets (10%), 1x1000wd assignment (20%), 1x1hr mid-semester test (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Personnel economics deals with the analysis of human resource issues within organisations. Throughout the unit of study, students will be introduced to economic concepts and analytical tools that provide a rigorous framework with which to analyse these relationships. Topics covered include recruitment and hiring decisions; turnover of staff; remuneration and motivation schemes designed to enhance productivity; and, the analysis of team production within the modern business organisation. Empirical studies that test theoretical predictions will also be considered throughout the unit.
ECOS3024 Economic History

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1200wd essay (20%), 1x1hr mid-semester test (30%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit covers topics in economic history from the advent of European 'modernity' in the 17th century to the late 20th century. A major focus is identifying the main social, institutional and economic forces that explain the unprecedented development of the world economy over the past 300 years. Topics include the first industrial revolution in Britain, the industrialization of Western Europe and the United States, the 1930s Great Depression and recovery, post-World War II reconstruction and 'golden era' of growth, and East Asia's meteoric growth performance.
ECOS3025 The Economics of Regulation

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2040 Assessment: 500wd equivalent problem sets (10%), 1x1.5hr mid-semester test (40%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Market outcomes can be undesirable when self-interested firms reduce welfare for consumers and society. This unit of study focuses on the regulation of firms in markets with imperfect competition. We analyse regulation of natural monopolies, focusing on the key issue of asymmetric information between the regulator and the monopolist. In this unit we also examine oligopoly markets in which firms can reduce welfare through collusion, price fixing and vertical restraints. Emphasising real-world examples, we examine competition policy and merger regulation.
ECOS3027 Economics of the Family

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: 1x200wd Online Discussion Post (10%), 1x1000wd Essay (30%), 1x1hr Mid-semester Test (20%), 1x2hr Final Exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit applies economic concepts and theory to analyse the family. The unit explores the empirical support for the theories, evaluates explanations for recent demographic and labour market trends, and examines the implications of using the family as the foundation of analysis of economic activity in society. Topics covered include family formation, trends in educational attainment, the changing roles of men and women in the labour market and the household, and the effects of government policies on the family.
ECOS3028 Macroeconomics of Fiscal Policy

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr seminar/week Prerequisites: ECOS2002 Assessment: 1x2.5hr Final exam (50%), 1x1.5hr Mid-semester test (40%), 1x500wd equivalent Problem sets (10%) Mode of delivery: Normal (lecture/lab/tutorial) day
The objective of the course is to examine the role of the government in influencing individual behavior and the macro economy through fiscal policy, that is, government spending, taxation, and social insurance programs (such as social security and unemployment insurance). In this course we will develop and use a dynamic theoretical model of individual decisions and study how government tax and transfer policies, government debt and deficits affect these decisions. The theoretical predictions of these models will then be related to data and empirical findings.
ECOS3031 Heterodox Perspectives on Macroeconomics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902 ) Assessment: 2x1hr mid-semester exam (40%), 1x2.5hr final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit provides an introduction to heterodox approaches to macroeconomics. This entails a fundamental departure from mainstream (i.e. marginalist) theoretical foundations. Lectures begin with the implications of a modern classical/Sraffian perpectives for the theory of value and distribution, including the explanation of the real wage and the rate of interest. This necessarily points to the celebrated capital-theoretic critique of traditional approaches to the theory of output and employment. Lectures proceed to alternative (demand-led) perspectives on growth, including discussion of modern Kaleckian and multi-commodity models, as well as heterodox views on macroeconomic policy.
Textbooks
Refer to the unit of study outline https://www.sydney.edu.au/units
ECOS3032 Globalisation and Finance

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECOS2001 and ECOS2002) or ECOS2040 Assessment: 1x15 min group presentation (20%), 1x1hr mid-semester test (30%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The course will focus on how globalisation and financial innovation led to the 2008 financial crisis, and the monetary policy and regulatory responses to which this gave rise. It focuses on what lessons this presents for policy making and for investment decisions in the private sector. Issues examined include the robustness of financial systems in the West, China and elsewhere as new global issues arise such as stranded assets and global pandemics. Students will be provided with a toolkit of concepts to understand these issues including risk, derivatives, securitisation, and, regulatory and tax arbitrage.
Textbooks
Refer to the unit of study outline https://www.sydney.edu.au/units
ECOS3901 Advanced Microeconomics Honours

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: A minimum of ((65% in ECOS2901) or (75% in ECOS2001)) and ((65% in ECOS2902) or (75% in ECOS2002)) and 65% in (ECOS2903 or MATH2070 or MATH2970) Corequisites: ECMT2150 or ECMT2950 or ECMT2110 Assessment: Mid-semester test (30%), problem sets (10%) and 2.5hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to fourth year economics honours must also complete at least one additional 3000-level ECOS unit during their degree, except where both ECOS3903 and ECOS3904 are selected.
ECOS3901 Advanced Microeconomics is the second unit of study in the microeconomics sequence in the Economics Honours program. The goal of the unit is to provide a working knowledge and understanding of the most powerful methods of analysis and discourse in modern microeconomic theory. We build on the foundations of ECOS2901 and ECOS2903 to continue progress toward the frontier of microeconomics.
ECOS3902 Advanced Macroeconomics Honours

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: A minimum of ((65% in ECOS2901) or (75% in ECOS2001)) and ((65% in ECOS2902) or (75% in ECOS2002)) and 65% in (ECOS2903 or MATH2070 or MATH2970) Corequisites: ECMT2150 or ECMT2950 or ECMT2110 Assessment: Mid-semester test (30%), Take-home assignments (10%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students intending to proceed to fourth year economics honours must also complete at least one additional 3000-level ECOS unit during their degree, except where both ECOS3903 and ECOS3904 are selected.
ECOS3902 Advanced Macroeconomics is a third year honours unit of study in macroeconomics. Its main objective is to develop a framework for thinking about macroeconomic questions. This unit is designed for the students enrolled in the Economics Honours stream. ECOS2901, ECOS2902, ECOS2903 and ECOS3901 are prerequisites and the corequisite is ECOS3903,or ECMT3110 plus one of ECMT2120, ECMT3120, ECMT3130, ECMT3160 or ECMT3170.
ECOS3903 Applied Microeconometrics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: A minimum of ((65% in ECOS2901) or (75% in ECOS2001)) and 65% in (ECMT2150 or ECMT2950 or ECMT2160) Assessment: assignments (10%), referee report (15%), Mid-semester test (25%) and 2hr Final examination (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit of study is designed to provide students with various topics in applied microeconomics. Estimation of the labour supply elasticity, returns to schooling, and returns to training programs are examples of topics this unit will cover. Various empirical topics in international trade, environmental economics, and health economics will also be discussed. Students will explore econometric methodologies extensively used in applied microeconomics (e.g., instrument variables, generalise methods of moments, panel data methods, probit and logit models, Tobit model, and sample selection model).
ECOS3904 Applied Macroeconometrics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: A minimum of ((65% in ECOS2902) or (75% in ECOS2002)) and 65% in (ECMT2130 or ECMT2150 or ECMT2950 or ECMT2160) Assessment: 1x1hr Mid-semester test (20%), computer assignments (30%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit provides an introduction to econometric theory and methods that can be useful for understanding applied (mostly macroeconomic/finance) models and research. It also aims to provide students with the necessary analytical tools for undertaking applied research using time series data and discusses how time series techniques can be applied to other areas of economics such as international trade, energy economics, economics of terrorism. This unit can be both complementary to and substitutive for Applied Microeconometrics, which focuses on empirical methods in applied microeconometrics.

Interdisciplinary project unit of study

If you are completing two majors and both of your majors are from the Faculty of Arts and Social Sciences, please select the ECOS3997 Interdisciplinary Impact in Economics or ECMT3997 Interdisciplinary Impact in Econometrics unit of study for your first major, and an Industry and Community Project unit of study for your second major.
If you are completing two majors but only one of your majors is from the Faculty of Arts and Social Sciences, please select the Interdisciplinary Impact unit of study for that major.
If you are completing one major only and that major is from the Faculty of Arts and Social Sciences, please select the Interdisciplinary Impact unit of study for your major.
ECOS3997 Interdisciplinary Impact in Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: 12 credit points at 2000 level from one of the following majors: Economics; Econometrics; Financial Economics; Environmental, Agricultural & Resource Economics Assessment: 1x1000wd Quantitative Analysis (10%), 1x2500wd Final Report (60%), 1x1000wd Media Presentation (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is concerned with the application of economic principles to problems in an interdisciplinary context. It builds on theoretical knowledge acquired in previous studies and introduces methods of applied economic analysis to real-world problems. Initially, a research problem will be presented by a guest lecturer. Supporting lectures will be delivered by the unit coordinator on the nature of research, appropriate theoretical concepts, quantitative methods and communication. Students will have an opportunity to define a research problem, conduct a literature review, analyse data, and present research results in an interdisciplinary context.
ECMT3997 Interdisciplinary Impact in Econometrics

Credit points: 6 Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECMT2150 or ECMT2950) and ECMT2160) or (ECOS2901 and (ECMT2150 or ECMT2950)) Prohibitions: ECOS3903 Assessment: 1x1000wd written assignment (20%), 1x1000wd presentation (20%), 1x2500wd final report (50%), participation (10%) Mode of delivery: Normal (lecture/lab/tutorial) day
Students will apply microeconomic and econometric principles to problems in an interdisciplinary context. This unit builds on theoretical knowledge in microeconomics and applying new methods of micro-econometric analysis to real-world problems. Students will explore methodologies extensively used in applied microeconomics including instrument variables, GMM, panel data methods, probit and logit models, Tobit model, and sample selection models. Various empirical topics will be discussed in an interdisciplinary context. Students will have an opportunity to define a research problem, conduct a literature review, analyse data, and present research results in an interdisciplinary context.
Textbooks
Refer to the unit of study outline https://www.sydney.edu.au/units
ECON3998 Industry and Community Project

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Intensive July,Semester 1,Semester 2 Classes: Refer to the unit of study outline https://www.sydney.edu.au/units Corequisites: Interdisciplinary Impact in any major. Assessment: Refer to the unit of study outline https://www.sydney.edu.au/units Mode of delivery: Normal (lecture/lab/tutorial) day
This interdisciplinary unit provides students with the opportunity to address complex problems identified by industry, community, and government organisations, and gain valuable experience in working across disciplinary boundaries. In collaboration with a major industry partner and an academic lead, students integrate their academic skills and knowledge by working in teams with students from a range of disciplinary backgrounds. This experience allows students to research, analyse and present solutions to a real¿world problem, and to build on their interpersonal and transferable skills by engaging with and learning from industry experts and presenting their ideas and solutions to the industry partner.