ECON 3525 - Economic Policy Analysis III
North Terrace Campus - Semester 2 - 2019
General Course Information
Course Code ECON 3525 Course Economic Policy Analysis III Coordinating Unit School of Economics Term Semester 2 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Prerequisites ECON 2507 & ECON 2506 Incompatible ECON 3523 Assumed Knowledge ECON 2504 Restrictions Available only to BEc students Course Description In this course students will cumulatively write an evaluation of an economic policy. This course is the capstone experience for students in the BEc. For this, students will be applying their knowledge from core economics courses such as Microeconomics, Macroeconomics and Econometrics to evaluate economic policy. This experience will enable students to comment on economic policy questions in a rigorous and informed manner.
Course Coordinator: Dr Steven Hail
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesOn successful completion of this course, students will be able to:
- Provide a balanced and coherent discussion of conceptual, methodological and ethical issues underlying the identification, selection, implementation and evaluation of a variety of micro and macro-economic policy proposals.
- Apply what has been learned during the first two years of their undergraduate studies in economics to the description and evaluation of either specific economic policies, or sets of economic policies, relating to three major economic issues: innovation, inequality and environment.
- Construct effective reports, both individually and in groups, of a professional standard, to communicate the results of their analysis to non-economists.
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) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1-3 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
1-3 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
1-3 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
1-3 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- Able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
1-3 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
Required ResourcesStudents are requested to obtain the following inexpensive e-book, which will be used on the course in 2019:
Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth
Michael Jacobs (Editor), Mariana Mazzucato (Editor)
ISBN: 978-1-119-12095-7 August 2016 Wiley-Blackwell 224 Pages
In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it.
"Thought provoking and fresh - this book challenges how we think about economics.”
Gillian Tett, Financial Times
Other readings and other resources will be provided on the MyUni site.
Recommended ResourcesThe following books are relevant, accessible, and relatively inexpensive:
Mazzucato, Mariana. 2015. The Entrepreneurial State - Debunking Public vs. Private Sector Myths. New York: Public Affairs.
Atkinson, Anthony B. 2015. Inequality - What can be done? Cambridge, MA: Harvard University Press.
Raworth, Kate. 2017. Doughnut Economics - Seven Ways to Think Like a 21st-Century Economist. London: Random House.
Online LearningMyUni - http://www.myuni.adelaide.edu.au
A variety of online Resources will be provided via the above site, during the course.
Learning & Teaching Activities
Learning & Teaching ModesThe lectures will summarise and review important economic concepts and principles relating to the issues which students are required to research and write about. There will sometimes - although not always - be one class-room based lecture a week, with the other lecture slot taken up by a relevant presentation given by a prominent economist, which is available on-line. During other weeks, both lectures will be class-room based.
The tutorials will allow for students to discuss these issues, to present their ideas to their fellow students and tutors, and to provide feedback to their fellow students.
Attendance of tutorials is compulsory for all students taking this course.
Attendance of lectures is highly recommended.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.Lectures - some may be on-line lectures given by lecturers outside the University of Adelaide: 2 Hours per week.
Tutorials: 1 Hour per week.
Research and writing expectation: 6 Hours per week.
Learning Activities SummaryWeek 1: Lectures - Introduction to Economic Policy Analysis III; No Tutorials
Weeks 2-3: Lectures and Tutorials - The Purpose of Economic Policy (Course Learning Outcome 1).
Weeks 4-5: Lectures and Tutorials - Economic Policy and Inequality (Course Learning Outcome 2 and 3).
Weeks 6-8: Lectures and Tutorials - Economic Policy and Innovation (Course Learning Outcomes 2 and 3).
Weeks 9-10: Lectures and Tutorials - Economic Policy and Environment (Course Learning Outcomes 2 and 3).
Weeks 11-12: Lectures and Tutorials - Presentations (Course Learning Outcomes 1, 2 and 3).
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Task Task Type Length Due Weighting Learning Outcome Essay: On the purpose of economic policy Individual 2,000 words, excluding references Friday of Week 5 15% 1, 2 and 3 Extended journalism: Economic policy and innovation Individual 2,000 words, excluding references Due on the Friday of Week 9 15%
1, 2 and 3
Economic journalism: Economic policy and environment Individual 1,000 words, excluding references Due on the Friday of Week 12 15% 1, 2 and 3 Formal Report and Presentation: Economic Policy and Inequality Group 5,000 words, excluding references Due on the Friday of Week 10 30%
(Report 20%) (Presentation 10%)
1, 2 and 3
Tutorial Participation Individual N/A Throughout Semester 10%
1 and 2
Tutorial Presentations Individual N/A Throughout Semester 15%
1 and 2
There is no final examination.
To pass this course, students need to secure an overall mark of at least 50%.
Assessment Related RequirementsTo pass this course, students need to secure an overall mark of at least 50%.
There is no final examination.
1) Short Individual Essay: 2,000 words – suggested limit (Due: Friday of Week 5). 15% Weight.
What should be the purpose of economic policy, and what role can and should economists play in guiding economic policy decisions.
2) Balanced and Directed Individual Extended Piece of Journalism: 2,000 words – strict limit (Due: Friday of Week 9). 15% Weight.
What role should the Government play in the promotion of technological change and innovation? Assess the effectiveness of current and past innovation policies in Australia.
3) Major Group Report: Inequality and Policy in Australia : 5,000 words– strict limit (Due: Friday of Week 10). 30% Weight (20% for the report and 10% for the presentation).
How unequal is Australia? What forms does this inequality take? What has happened to the degree of inequality in Australia over time? How does Australia compare with other high income countries? What are the main social and economic drivers of inequality? What are the main social and economic consequences of inequality? What impact have previous economic policy decisions had on inequality in Australia? Recently, both a Universal Basic Income and a Job Guarantee have been suggested as possible policy measures, to address inequality and other issues. Consider the arguments for and against each of these proposals. Assess the impact of current economic policies on inequality, and provide recommended options for policy reforms.
4) Individual Opinion Journalism: 1,000 words-strict limit (Due: Friday of Week 12). 15% Weight.
Provide a piece of economics journalism related in some way to environmental issues, ecological economics and policy. You should be arguing from a particular point of view. Your arguments should be well-researched and supported by evidence. You may choose the topic yourself. If it is deemed to be irrelevant, you will lose marks.
5) Tutorial Presentations (15%) and Participation (10%). 25% Weight.
SubmissionAll assessments are to be submitted electronically on the MyUni site, by the dates listed in the Assessment Summary above.
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.
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