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Unit of study_

ECOP1001: Economics as a Social Science

Semester 2, 2020 [Normal day] - Camperdown/Darlington, Sydney

Economic issues are central to the world in which we live. Economists hold very different views about the cause of these issues, how the economic system works and how it could work differently to improve outcomes for society. This unit explores the principal schools of economic thought - Classical, Marxian, Institutional, Neoclassical and Keynesian - and considers how different economic theories explain the nature of the economic system in which we live, shape views about policies implemented by governments, and advocate different policy solutions to persistent economic and social problems.

Unit details and rules

Unit code ECOP1001
Academic unit Political Economy
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Troy Henderson, troy.henderson@sydney.edu.au
Lecturer(s) Lynne Chester, lynne.chester@sydney.edu.au
Troy Henderson, troy.henderson@sydney.edu.au
Tutor(s) Ethan Gannon, ethan.gannon@sydney.edu.au
Type Description Weight Due Length
Assignment Online quizzes
10 Multiple Choice Quizzes (10 questions per quiz)
20% Ongoing -
Outcomes assessed: LO1 LO2
Assignment Issues paper
Multiple Choice Quiz and online post
15% Week 06
Due date: 27 Sep 2020 at 23:59
250 words
Outcomes assessed: LO4 LO5 LO8
Assignment Essay 1
Essay
35% Week 09
Due date: 25 Oct 2020 at 23:59
2250 words
Outcomes assessed: LO1 LO2 LO4 LO5 LO7 LO8
Assignment Essay 2
Essay
30% Week 12
Due date: 20 Nov 2020 at 23:59
2000 words
Outcomes assessed: LO3 LO4 LO5 LO6 LO7 LO8

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

 

Distinction

75 - 84

 

Credit

65 - 74

 

Pass

50 - 64

 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Topic 1: Understanding the economic system Independent study (2 hr) LO1 LO7
Topic 1: Introduction to study in political economy Workshop (1 hr)  
Week 02 Topic 2: Defining and analysing capitalism Independent study (2 hr) LO1 LO2 LO7
Topic 2: Analysing issues from a political economy perspective Workshop (1 hr) LO2 LO7
Week 03 Topic 3: Classical political economy Independent study (2 hr) LO1 LO3 LO6
Topic 3: Economic growth and measuring progress Workshop (1 hr) LO2 LO6 LO7
Week 04 Topic 4: Marxian economics Independent study (2 hr) LO1 LO3 LO6
Topic 4: Class, inequality and income distribution Workshop (1 hr) LO2 LO6 LO7
Week 05 Topic 4: Marxian economics Independent study (2 hr) LO1 LO3 LO6
Topic 4: Capital accumulation and economic crises Workshop (1 hr) LO2 LO6 LO7
Week 06 Topic 5: Neoclassical economics Independent study (2 hr) LO1 LO3 LO6
Topic 5: Exchange and the market Workshop (1 hr) LO2 LO6 LO7
Week 07 Topic 5: Neoclassical economics Independent study (2 hr) LO1 LO3 LO6
Topic 5: Labour and the minimum wage Workshop (1 hr) LO2 LO6 LO7
Week 08 Topic 6: Institutional economics Independent study (2 hr) LO1 LO3 LO6
Topic 6: Power, corporations and the state Workshop (1 hr) LO2 LO6 LO7
Week 09 Topic 6: Institutional economics Independent study (2 hr) LO1 LO3 LO6
Topic 6: An example of institutions: student debt Workshop (1 hr) LO2 LO6 LO7
Week 10 Topic 7: Keynesian economics Independent study (2 hr) LO1 LO3 LO6
Topic 7: Keynesian economic management Workshop (1 hr) LO2 LO6 LO7
Week 11 Topic 7: Keynesian economics Independent study (2 hr) LO1 LO3 LO6
Topic 7: The macroeconomy Workshop (1 hr) LO2 LO6 LO7
Week 12 Topic 8: Contemporary political economy Independent study (2 hr) LO1 LO3 LO6
Topic 8: Explaining our contemporary world Workshop (1 hr) LO2 LO6 LO7

Attendance and class requirements

  • Attendance: All classes will be online. There will be online lectures and ‘drop in’ workshops. The lectures will pre-recorded and students are expected to independently view. The weekly ‘drop in’ workshops provide a forum for students to discuss the topic for that week, assessment tasks, readings and any other questions that they have about their studies.
  • Lecture recordings: All online lectures will be pre-recorded and made available to students on the LMS. 
  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of online classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

These two (relatively inexpensive) books are used throughout this unit so you should consider purchasing:

  • Chang, H-J. 2014. Economics: The User’s Guide, London: Pelican.
  • Chang, H-J. 2011. 23 Things They Don't Tell You About Capitalism, London: Pelican.

These ar available also as Kindle books.

Another textbook which you will find useful is:

  • Stilwell, F. 2013. Political Economy: The Contest of Economic Ideas, 3rd edition, Melbourne: Oxford University Press. 

All other listed readings for this unit can be accessed online from Fisher Library and other sources.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. Demonstrate literacy in basic economic concepts.
  • LO2. Demonstrate an understanding of the strengths and limitations of basic analytical tools used in economic analysis.
  • LO3. Distinguish the principal schools of economic thought in terms of their historical origins, their political orientation and their contemporary relevance.
  • LO4. Independently gather information from library and other sources.
  • LO5. Apply information collected to construct answers to economic questions.
  • LO6. Explain the connections between different views on economic issues and different schools of economic thought.
  • LO7. Demonstrate the capacity for thinking critically about contemporary political economic issues.
  • LO8. Prepare clearly written arguments about political economic issues.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

More online activities for students have been introduced for Semester 2, 2020. The weekly tutorial has been redesigned as a 'drop in' workshop with a less formal discussion structure. One written assessment task has been redesigned as a shorter online task.

More information about this unit can be found on Canvas.

Work, health and safety

There are no specific work, health and safety requirements for this unit.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.