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Unit of study_

ECOS3031: Heterodox Perspectives on Macroeconomics

Semester 2, 2022 [Normal day] - Camperdown/Darlington, Sydney

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.

Unit details and rules

Unit code ECOS3031
Academic unit Economics
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
(ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902 )
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Graham White, g.white@sydney.edu.au
Type Description Weight Due Length
Final exam (Record+) Type B final exam Final Exam
Final Exam
60% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3
In-semester test (Record+) Type B in-semester exam Mid-Semester Exam #1
Mid-semester exam
20% Week 07
Due date: 16 Sep 2022 at 18:00

Closing date: 16 Sep 2022
1 hour
Outcomes assessed: LO1 LO2
In-semester test (Record+) Type B in-semester exam Mid-Semester Exam #2
Mid-semester exam
20% Week 11
Due date: 21 Oct 2022 at 18:00

Closing date: 21 Oct 2022
1 hour
Outcomes assessed: LO1 LO2
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?
Type B in-semester exam = Type B in-semester exam ?

Assessment summary

  • Mid-Semester Exam #1: Will likely be multple choice – proctored exam, late penalties not applicable
  • Mid-Semester Exam #2: Will likely be essays – proctored exam, late penalties not applicable
  • Final Exam: Will likely be a combination of multiple-choice and essays – proctored exam, late penalties not applicable

Assessment criteria

Result Mark range Description
     
HD 85-100 To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an exceptional standard as defined by grade descriptors or exemplars established by the faculty
D 75-84 To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a very high standard as defined by grade descriptors or exemplars established by the faculty.
CR 65-74 To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a good standard as defined by grade descriptors or exemplars established by the faculty.
P 50-64 To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an acceptable standard as defined by grade descriptors or exemplars established by the faculty.
F 0-49 To be awarded to students who, in their performance in assessment tasks, fail to demonstrate the learning outcomes for the unit at an acceptable standard established by the faculty. This grade, with
corresponding mark, should also be used in cases where a student fails to achieve a mandated standard in a compulsory assessment, thereby failing to demonstrate the learning outcomes to a satisfactory standard. In such cases the student will receive the mark awarded by the facultyup to a maximum of 49.
     

 

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.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

All assessments are proctored exams, late penalties not applicable

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
Weekly A detailed list of lecture topics for this unit and required readings is provided in the Canvas site for this unit Lecture and tutorial (3 hr) LO1 LO2 LO3

Attendance and class requirements

PLEASE NOTE: Your grade for this unit will be based on your understanding of lecture material and that understanding requires a serious commitment to attendance at lectures and Q&A sessions as well as doing the required reading.

As later year students, I expect nothing less than regular attendance at classes, whether this attendance is in person or remote via Zoom.

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 see the ‘Modules’ section of the Canvas site for this unit for a detailed list of lecture topics and readings.

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 openness to new ways of thinking and appreciate the importance of intellectual curiosity and reflection as the foundation for continuous learning
  • LO2. Critically evaluate underlying theories, concepts, assumptions, limitations and arguments in economics; exercise critical judgement and critical thinking to create new modes of understanding
  • LO3. Develop coherent arguments when recommending solutions and critically evaluating theories in economics

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.

Changes to the content have been made since the last iteration (Semester 2, 2021).

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.