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Unit outline_

ECOP2011: Economic Theories of Capitalism

Semester 1, 2024 [Normal day] - Camperdown/Darlington, Sydney

This unit is designed to extend your understanding of the workings of the evolving capitalist economy. You will do this by critically engaging with economic theory which will deepen your knowledge of different schools of economic thought introduced to you in ECOP1001. This critical engagement will enable you to evaluate the fundamental economic features of capitalism such as: the role of markets in social provisioning and capital accumulation; class and inequality; the workings of money and finance; the nexus between unemployment and inflation; the tension between economic growth and the environment; and innovation and technological change.

Unit details and rules

Academic unit Political Economy
Credit points 6
Prerequisites
? 
12 credit points at 1000 level in Political Economy
Corequisites
? 
None
Prohibitions
? 
ECOP2001
Assumed knowledge
? 

None

Available to study abroad and exchange students

No

Teaching staff

Coordinator Michael Beggs, michael.beggs@sydney.edu.au
The census date for this unit availability is 2 April 2024
Type Description Weight Due Length
Assignment Take-home assessment
Two questions chosen from two lists of three questions each.
35% Formal exam period
Due date: 07 Jun 2024 at 23:59
1500 words
Outcomes assessed: LO1 LO2 LO3 LO4
Online task Tutorial leadership and write-up
n/a
15% Multiple weeks 1000 words
Outcomes assessed: LO1
Participation Tutorial participation
n/a
10% Ongoing n/a
Outcomes assessed: LO1
Assignment Essay
n/a
40% Week 08
Due date: 19 Apr 2024 at 23:59
2000 words
Outcomes assessed: LO2 LO1 LO4 LO3

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

Written work demonstrates initiative and ingenuity in research and reading, pointed and critical analysis of material, innovative interpretation of evidence, makes an insightful contribution to debate, engages with values, assumptions and contested meanings contained within original evidence, develops abstract or theoretical arguments on the strength of detailed research and interpretation. Properly documented; writing characterised by creativity, style, and precision.

Distinction

75 - 84

Written work demonstrates initiative in research and reading, complex understanding and original analysis of subject matter and its context, both empirical and theoretical; makes good attempt to ‘get behind’ the evidence and engage with its underlying assumptions, takes a critical, interrogative stance in relation to argument and interpretation, shows critical understanding of the principles and values underlying the unit. Properly documented; writing characterised by style, clarity, and some creativity.

Credit

65 - 74

Higher Credit: Evidence of extensive reading and initiative in research, sound grasp of subject matter and appreciation of key issues and context. Engages critically and creatively with the question, and attempts an analytical evaluation of material. Makes a good attempt to critique various interpretations, and offers a pointed and thoughtful contribution to an existing debate. Some evidence of ability to think theoretically as well as empirically, and to conceptualise and problematise issues. Well written and documented.

Lower Credit: Written work contains evidence of comprehensive reading, offers synthesis and critical evaluation of material on its own terms, takes a position in relation to various interpretations. In addition, it shows some extra spark of insight or analysis. Demonstrates understanding of broad historical significance, good selection of evidence, coherent and sustainable argument, some evidence of independent thought.

Pass

50 - 64

Higher Pass: Written work meets basic requirements in terms of reading and research, and demonstrates a reasonable understanding of subject matter. Offers a synthesis of relevant material and shows a genuine effort to avoid paraphrasing, has a logical and comprehensible structure and acceptable documentation, and attempts to mount an argument, though there may be weaknesses in particular areas.

Lower Pass: Written work contains evidence of minimal reading and some understanding of subject matter, offers descriptive summary of material relevant to the question, but may have a tendency to paraphrase; makes a reasonable attempt to organise material logically and comprehensibly and to provide scholarly documentation. There may be gaps in any or all of these areas.

Fail

0 - 49

Work may fail for any or all of the following reasons: unacceptable levels of paraphrasing; irrelevance of content; presentation, grammar or structure so sloppy it cannot be understood; submitted very late without extension.

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.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

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.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 Capitalism and models of capitalism Lecture (2 hr)  
Week 02 Classical theories of value / Neoclassical theory of demand Lecture (2 hr)  
Theories of value Tutorial (1 hr)  
Week 03 The firm, supply and pricing: neoclassical vs. post-Keynesian Lecture (2 hr)  
The firm, supply and pricing Tutorial (1 hr)  
Week 04 The system as a whole Lecture (2 hr)  
The system as a whole Tutorial (1 hr)  
Week 05 Labour markets and institutions Lecture (2 hr)  
Labour markets and institutions Tutorial (1 hr)  
Week 06 What is capital? Why is profit? Lecture (2 hr)  
What is capital? Why is profit? Tutorial (1 hr)  
Week 07 Money and finance Lecture (2 hr)  
Money and finance Tutorial (1 hr)  
Week 08 Effective demand and investment Lecture (2 hr)  
Effective demand and investment Tutorial (1 hr)  
Week 09 Inflation, unemployment and distributional conflict Lecture (2 hr)  
Inflation, unemployment and distributional conflict Tutorial (1 hr)  
Week 10 Growth and distribution: the neoclassical vision Lecture (2 hr)  
Growth and distribution: the neoclassical vision Tutorial (1 hr)  
Week 11 Debating growth and distribution Lecture (2 hr)  
Debating growth and distribution Tutorial (1 hr)  
Week 12 Capitalism and technological change Lecture (2 hr)  
Capitalism and technological change Tutorial (1 hr)  
Week 13 Review and final assessment prep Lecture (2 hr)  
Review and final assessment prep Tutorial (1 hr)  

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.

  • Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.

  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

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

Please find the Reading Guide for this unit on the Canvas site. All readings can be accessed through the Library eReserve, available on Canvas, or via direct link to web items from the Reading Guide.

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. understand the conceptual underpinnings of the relevant theories
  • LO2. understand their limitations and the reasons for disagreement within economics
  • LO3. understand the political and historical context of the theories
  • LO4. formulate and express well-grounded views about the workings of the capitalist economy and theories about it.

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.

Over the years this unit is regularly revised in light of recent feedback, and to link to current events. Most recently, the unit has replaced some discussion of price theory with a less abstract section on the labour market and institutions.

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.