Outline

Overview

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	Yes

Teaching staff

Coordinator	Michael Beggs, michael.beggs@sydney.edu.au

Assessment

The census date for this unit availability is 31 March 2025

Details
Criteria

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: 13 Jun 2025 at 23:59	1500 words
Outcomes assessed:
Presentation	Tutorial leadership and write-up n/a	15%	Multiple weeks	1000 words
Outcomes assessed:
Participation	Tutorial participation n/a	10%	Ongoing	n/a
Outcomes assessed:
Online task	Early feedback task Multiple choice test in Canvas	0%	Week 03 Due date: 14 Mar 2025 at 23:59	10-15 minutes
Outcomes assessed:
Assignment	Essay n/a	40%	Week 08 Due date: 17 Apr 2025 at 23:59	2000 words
Outcomes assessed:
= hurdle task ? = AI allowed ? = early feedback task ?

Early feedback task

This unit includes an early feedback task, designed to give you feedback prior to the census date for this unit. Details are provided in the Canvas site and your result will be recorded in your Marks page. It is important that you actively engage with this task so that the University can support you to be successful in this unit.

Assessment summary

Essay, tutorial leadership write-up, and final assignment

Questions and detailed information for each assessment can be found on Canvas.

Early feedback task

This multiple choice test will become available at the end of Week 2, and is due on Friday of Week 3. It does not count toward your final grade, but must be completed to pass the unit. It will check your understanding of material from readings and classes for Weeks 1-3. The intention is to check your engagement with the unit and give you some early feedback before the census date.

AI and referencing policy for submitted work (tutorial write-up, essay, and final assignment):

Do not use generative AI to create text for your assignments.

Every assignment must include several citations with page numbers for the specific part of the source you are referring to (not the page number range for the whole chapter or article).

We will discuss this policy and the reasons for it in class at the beginning of semester. In summary:

I have set all submitted assignments to 'no AI,' because there is no option to set 'restricted AI' for unsecured assessments (i.e. anything outside supervised tests and exams).
However, you can use as part of your thinking and development process if you find that useful. (In any case, that is undetectable.) Translation software is absolutely fine.
Treat any text generated by AI/large language model applications as you would any source text (papers, books, articles) for academic integrity purposes. That is, copying it verbatim or paraphrasing it without attribution is a form of plagiarism. If you have good reason for including AI-generated text, put quotation marks around it (or block quote) and cite it transparently.
Every assignment must include several citations with page numbers for the specific part of the source you are referring to (not the page number range for the whole chapter or article). Most references to sources you cite should include such page numbers, whether you are quoting a text or summarising points from it. This is good scholarly practice - making it easier for readers to trace your sources. It also makes it hard to directly use AI-generated text in your essays, because these tools do not generate reliable references to scholarly literature. Even AI tools that specifically promise to insert reliable references are extremely unreliable at best - don't be scammed. I routinely check citations while marking.
The reason for this policy is that essays and similar writing assignments are designed to help you learn to research and make your own arguments. Writing is thinking. Learning to write original research essays is a critically important part of a social science education. Secured assessment like formal exams may test recall, but do not assess research or critical thinking very well, because of the tight time constraint.

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.

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

Except for supervised exams or in-semester tests, you may use generative AI and automated writing tools in assessments unless expressly prohibited by your unit coordinator.

For exams and in-semester tests, the use of AI and automated writing tools is not allowed unless expressly permitted in the assessment instructions.

The icons in the assessment table above indicate whether AI is allowed – whether full AI, or only some AI (the latter is referred to as “AI restricted”). If no icon is shown, AI use is not permitted at all for the task. Refer to Canvas for full instructions on assessment tasks for this unit.

Your final submission must be your own, original work. You must acknowledge any use of automated writing tools or generative AI, and any material generated that you include in your final submission must be properly referenced. You may be required to submit generative AI inputs and outputs that you used during your assessment process, or drafts of your original work. Inappropriate use of generative AI is considered a breach of the Academic Integrity Policy and penalties may apply.

The Current Students website provides information on artificial intelligence in assessments. For help on how to correctly acknowledge the use of AI, please refer to the  AI in Education Canvas site.

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.

Learning support

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 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. 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

Weekly schedule

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

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.

Outcomes
Graduate qualities

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
Learning outcomes

Responding to student feedback

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Essay, tutorial leadership write-up, and final assignment

Early feedback task

AI and referencing policy for submitted work (tutorial write-up, essay, and final assignment):

Assessment criteria

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

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ECOP2011: Economic Theories of Capitalism

Semester 1, 2025 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Essay, tutorial leadership write-up, and final assignment

Early feedback task

AI and referencing policy for submitted work (tutorial write-up, essay, and final assignment):

Assessment criteria

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

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect