ECON 1002 - Australia in the Global Economy I

North Terrace Campus - Semester 2 - 2014

How has the global economy shaped Australia? How has Australia become so rich? What are the current economic issues Australia faces? Lectures will look into some of Australia's economic history as well as examining some of the country's current issues such as labour markets and industrial relations, international trade and finance, Australia's political economy, its agricultrue, mining and manufacturing sectors. The course will deepen students' understanding of the world around us and its impact on the way we live and work.

  • General Course Information
    Course Details
    Course Code ECON 1002
    Course Australia in the Global Economy I
    Coordinating Unit Economics
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Assessment Typically tutorial work, essays or papers and/or small group discovery experience, final exam
    Course Staff

    Course Coordinator: Professor Ralph-Christopher Bayer

    A/Prof Ralph-C Bayer
    Director of AdLab &
    Acting Head of School
    School of Economics

    Office hours: By appointment only, +61 8 8313 4666
    Office location: Nexus 10 Building, Level 4, Room 4.19
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.


    Mondays 12:00 noon – 1 pm, Napier, LG28
    Thursdays 12:00 noon – 1 pm, Engineering South, S111
  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:
    1 Understand how Australia developed into the Economy it is now
    2 Make an economic argument
    3 Evaluate the appropriateness of economic arguments
    4 Become familiar with general concepts in economics (e.g. GDP, demand, exchange rate, etc)
    5 Be expected to write concise comments on economic issues
    6 Complete a group project and present the result
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1,4
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 2,3
    Skills of a high order in interpersonal understanding, teamwork and communication. 6
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1,2,3,4,5
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 6
  • Learning Resources
    Required Resources
    Ian W. McLean (2013): “Why Australia Prospered – The Shifting Resources of Economic Growth”, Princeton University Press

    Note: this book is not a classical text-book. It is rather an economic history of Australia
    Recommended Resources
    In case additional resources become relevant this will be communicated in the lectures and the tutorials.
    Online Learning

    MyUni ( will be used to communicate efficiently as a group and to post material such as articles, reading lists, class notes, etc.

  • Learning & Teaching Activities
    Learning & Teaching Modes
    The course will use a wide variety of learning modes. Lectures will vary between core lectures given by the lecturer in charge and guest lectures. While the core lectures provide the academic economics knowledge, guest lectures are designed to provide practical background and real world relevance. Tutorials will be used for solving tutorial questions and student presentations.

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    On average beyond attending lectures and tutorials, students are expected to spend about 4 hours per week for reading, solving practice examples, preparing projects and studying. The time required may vary across students and topics.
    Learning Activities Summary

    Part I: A brief economic history of Australia
    • Week 1 Introduction – The facts
    • Week 2 Early colonial prosperity
    • Week 3 Gold rush – from boom to bust
    • Week 4 Successive negative shocks – a long depression
    • Week 5 Boom after World War II
    • Week 6 Shocks, policy shifts and another boom
    Part II: The Australian economy today
    • Weeks 7 to 12 Contemporary topics (guest lectures and case studies)
    Specific Course Requirements
    There are no specific course requirements for this course.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Mid-term Exam 25%
    Homework Assignment 15%
    Group Project 15%
    Final Exam 45%
    Assessment Detail
    • The midterm exam covers the history part of the course. No materials or calculators are allowed
    • There will be four assignments students can hand in the best two assignments are counted
    • In the group project students are asked to work together in groups and to prepare a presentation about an economic institution or a sector
    • The final exam covers the whole course.
    Except in cases outlined in the University Policy on modified arrangements for assessment, work that is submitted late is not accepted. Students are given feedback on their work (assignment and project report) within 2 weeks of submission.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy ( course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
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