Outline

Overview

One of the most contentious issues in economic debates concerns the role of the state in responding to contemporary economic and social problems such as financial crises, ruptures in relations with major trading partners, or pandemics like COVID-19. In this unit, you will interrogate the contemporary economic policies of the Australian state. You will consider: how these macroeconomic policies have evolved as they have been shaped by different economic theories, interests, and ideologies; how these policies actually operate in practice; and, how a nation-state’s economic policies are influenced by international economic factors.

Unit details and rules

Academic unit	Political Economy
Credit points	6
Prerequisites ?	12 credit points at 1000 level in Political Economy
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Susan Schroeder, susan.schroeder@sydney.edu.au

Assessment

The census date for this unit availability is 31 August 2026

Details
Criteria

Type	Description	Weight	Due	Length	Use of AI
Written work	Essay 3 Multiple-choice with extended explanations/justifications as to why particular choices were selected	30%	Formal exam period Due date: 20 Nov 2026 at 23:59 Closing date: 30 Nov 2026	1500 words	AI allowed
Outcomes assessed:
Out-of-class quiz	Early Feedback Task Multiple-choice questions	0%	Week 03 Due date: 21 Aug 2026 at 23:59 Closing date: 28 Aug 2026	estimated 20-30 min	AI allowed
Outcomes assessed:
Written work	Essay 1 Compares two frameworks to demonstrate analytical depth and critical ability	25%	Week 05 Due date: 04 Sep 2026 at 23:59 Closing date: 18 Sep 2026	1000 words	AI allowed
Outcomes assessed:
Written work	Essay 2 Demonstrate analytical depth and ability to locate and present empirical support	35%	Week 10 Due date: 16 Oct 2026 at 23:59 Closing date: 30 Oct 2026	2000 words	AI allowed
Outcomes assessed:
Contribution	Tutorial Participation Active participation in tutorials	10%	Weekly	In class	AI allowed
Outcomes assessed:
= 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

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy (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 guide to grades.

Use of generative artificial intelligence (AI)

You can use generative AI tools for open assessments. Restrictions on AI use apply to secure, supervised assessments used to confirm if students have met specific learning outcomes.

Refer to the assessment table above to see if AI is allowed, for assessments in this unit and check Canvas for full instructions on assessment tasks and AI use.

If you use AI, you must always acknowledge it. Misusing AI may lead to a breach of the Academic Integrity Policy.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

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 University expects students to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

Our website provides information on academic integrity and the resources available to all students. This includes advice on how to avoid common breaches of academic integrity. Ensure that you have completed the Academic Honesty Education Module (AHEM) which is mandatory for all commencing coursework students

Penalties for serious breaches can significantly impact your studies and your career after graduation. It is important that you speak with your unit coordinator if you need help with completing assessments.

Visit the Current Students website for more information on AI in assessments, including details on how to acknowledge its use.

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	Introduction - Challenges we face today	Lecture (2 hr)
Week 01	Introductions and The Unit	Tutorial (1 hr)
Week 02	Employment.	Lecture (2 hr)
Week 02	Employment. Tutorial: Compare the two frameworks with respect to the types of impediments that interfere with the labour market's ability to balance supply and demand? How does adherence to Say's law influence the role of the State? What types of data would you need to monitor the health of the labour market?	Tutorial (1 hr)
Week 03	Production (output) and Say's law.	Lecture (2 hr)
Week 03	Production (output) and Say's law. Tutorial: What is the relationship between the labour market and the output produced? How does Say's law influence the role of the State? What types of data would you use to monitor productive activities?	Tutorial (1 hr)
Week 04	Explanations of economic instability (recessions) and the role of the state for attenuating them.	Lecture (2 hr)
Week 04	Explanations of instability (recessions) Tutorial: What are the sources of instability in Keynes’s approach? In the pre-Keynesian approach? Contrast the role for policy. What types of indicators would you use to monitor for instability?	Tutorial (1 hr)
Week 05	Inflation and Stagflation.	Lecture (2 hr)
Week 05	Inflation and Stagflation. Tutorial: What are the sources of inflation in the approaches that you've seen so far? How does your experience of inflation today compare? What types of data would you use to monitor for inflation?	Tutorial (1 hr)
Week 06	National Debt and Sustainability.	Lecture (2 hr)
Week 06	National Debt and Sustainability. Tutorial: What is the outlook for Australia's budget deficit and debt burden? How do other countries compare? Sources of data for monitoring sovereign debt.	Tutorial (1 hr)
Week 07	Trade and Globalization.	Lecture (2 hr)
Week 07	Trade and Globalization. Tutorial: In what ways is globalization of trade being undermined? What are the sources of data that you would use to monitor changes trade?	Tutorial (1 hr)
Week 08	Financialization, Inequality and Instability.	Lecture (2 hr)
Week 08	Financialization, Inequality and Instability. Tutorial: How does financialization reflect inequality and exacerbate it? What types of data would you use to monitor the development and impact of financialization?	Tutorial (1 hr)
Week 09	Climate Change and Transition Mechanisms (Green New Deal/New Deal).	Lecture (2 hr)
Week 09	Climate Change and Transition Mechanisms (Green New Deal/New Deal). Tutorial: How does climate change threaten economic and financial stability? Employment? What types of data would you use to monitor for changes & impacts?	Tutorial (1 hr)
Week 10	The Theory of Human Need, the Informal and Third Sectors, and Sustainable Development (Goals)	Lecture (2 hr)
Week 10	THN, Informal/Third sectors and SDGs Tutorial: What is the difference between the Third and Informal sectors? What are the key features of the THN? How do they align with National Income Accounting and the UN's SDGs? Where would you get data?	Tutorial (1 hr)
Week 11	Additional developments in heterodox monetary policy (Post Keynesians and others)	Lecture (2 hr)
Week 11	Recent developments in heterodox monetary policy (Post Keynesians and others) Tutorial: What are the main criticisms that Post Keynesian make at conventional interpretations of Keynes' General Theory? How do policy recommendations differ as a result?	Tutorial (1 hr)
Week 12	Recent developments in industrial policy (heterodox and mainstream)	Lecture (2 hr)
Week 12	Recent developments in Industrial Policy Tutorial: What types of relationship between the public and private sectors is Mazzucato attempting to forge? How do her ideas vary from, say, Joseph Stiglitz's.	Tutorial (1 hr)
Week 13	Heterodox contributions to financial fragility (indicators) and incomes policy (UBI vs. UBS)	Lecture (2 hr)
Week 13	Tutorial: recitations and strategies for final assessment.	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

See reading list and e-reserve for readings. There may be additional material provided in the modules.

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. critically analyse and competently discuss the underlying macroeconomic frameworks of the predominant policy stances since the Great Depression
LO2. understand how the history of economic and social events has influenced the development of the role of the state, economic thinking and policy design
LO3. demonstrate the ability to conduct independent research that builds on the class materials in an original way
LO4. recognise and evaluate the alternative political economic traditions and their policy recommendations
LO5. engage with peers regarding various issues in economic policy
LO6. learn sources of data as well as how to access them and present data.

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.

ECOP2612 was flipped a few years ago to be more topics-focused. Theory is introduced to help expand your understanding of selected phenomena. There is an emphasis on how the state's role needs to evolve to meet future challenges. This year (2026) introduces students to sources of empirical evidence to support their ideas.

Additional information

Style preference: Harvard citation

All components are compulsory.

Check out the Progress in Political Economy (PPE) blog for further teaching and study resources. PPE is a venue for thought about political economy in and beyond the academy. It is linked to faculty members, students, alumni, journalists, and others associated with the Discipline of Political Economy at the University of Sydney. At Sydney, ‘political economy’ means studying the economy within its social and political context and therefore treating economics as a social science.

Disclaimer

Important: the University of Sydney regularly reviews units of study and reserves the right to change the units of study available annually. To stay up to date on available study options, including unit of study details and availability, refer to the relevant handbook.

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

Assessment criteria

Use of generative artificial intelligence (AI)

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

Additional information

Additional information

Disclaimer

On this page

Useful links

ECOP2612: Economic Policy and the State

Semester 2, 2026 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Assessment criteria

Use of generative artificial intelligence (AI)

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

Additional information

Additional information

Disclaimer

On this page

Useful links