23580 Contemporary Economic Perspectives (Capstone)

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Subject handbook information prior to 2024 is available in the Archives.

UTS: Business: Economics
Credit points: 6 cp

Subject level:

Undergraduate

Result type: Grade and marks

Requisite(s): (23567 Intermediate Microeconomics OR 25567 Intermediate Microeconomics)) AND ((23568 Intermediate Macroeconomics OR 25568 Intermediate Macroeconomics)
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 23600 Economic Policy and Analysis (Capstone) AND 25580 The Global Economy (Capstone)

Description

This capstone subject outlines an economic perspective on contemporary issues and discusses how macro- and microeconomic economic policies can affect individuals, businesses and society. It focuses on lessons learnt from the application of economic principles to contemporary global and national challenges, such as economic growth, poverty and inequality, environmental degradation and sustainability, Indigenous matters, and also discusses examples of policy interventions in specific domains, e.g., macroeconomic demand management, trade taxes, health, labour, financial markets. Students develop expertise in economic analysis of social and business issues and policies and learn about its applicability and limitations.

Subject learning objectives (SLOs)

1.	analyse the economic determinants of international trade and exchange rates
2.	use mainstream economic models to examine other issues associated with a global economy
3.	explain criticisms of mainstream economics (Free Market Liberalism) based on undesirable policy outcomes or the underlying worldview of proponents
4.	explain the role and policies of key international organisations

Course intended learning outcomes (CILOs)

This subject also contributes specifically to the following program learning objectives:

• Apply evidence, creativity and critical reasoning to solve business problems (1.1)
• Communicate information clearly in a form appropriate for its audience (2.1)
• Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)
• Make judgements and business decisions consistent with the principles of social responsibility, inclusion and knowledge of Indigenous peoples (3.1)

Contribution to the development of graduate attributes

This capstone subject draws together material examined in Intermediate Microeconomics and Macroeconomics in order to obtain an economic perspective on contemporary globalisation, with an emphasis on reinforcing core concepts and their inter-relationships. With the basic material from earlier subjects mastered, there is considerable scope for creative and critical thinking as ethical issues and dilemmas are faced. Economic policy decisions affect different stakeholders in different ways and a key theme in the subject is conflict concerning change. Many workplaces and professional environments involve negotiating different perspectives and values of stakeholders and so the Global Economy provides an overarching framework within which contemporary global issues may be debated.

Events such as Brexit and the Trump presidency are indicative of a profound change in the attitude of many people to globalization in particular, and economics more generally. These developments will influence society for many years to come.

This subject contributes to the development of the following graduate attributes:

• Intellectual rigour and innovative problem solving; via the overview of the major applied to contemporary problems
• Communication and collaboration; via the groupwork assignment and the individual presentation
• Social responsibility and cultural awareness; via the reflections on the limits of mainstream economics
• Professional and technical competence; via the mastery of key models and their application to contemporary business and policy challenges

Teaching and learning strategies

This subject is taught using interactive lectures and tutorials. It provides students with opportunities to develop their public speaking and presentation skills, and to draw on pre-class preparation to engage with the lecturer and other students in class discussion on the key ideas examined in the subject.

An aim of this subject is to help you develop academic and professional language and communication skills to succeed at university and in the workplace. During the course of this subject, you will complete a milestone assessment task that will, in addition to assessing your subject-specific learning objectives, assess your English language proficiency.

Content (topics)

• Gains from trade
• International trade and the intra-national movements of Factors
• Comparative advantage, trade based on autarky prices (Hecksher-Ohlin results), trade and the return to factors (Stolper-Samuelson results), other models of trade
• Trade policy
• Open economy macroeconomics and the transmission of global shocks
• Global environmental issues
• Immigration
• Exchange rates
• Student reflection on limitations of mainstream theory

Assessment

Assessment task 1: Oral Presentation (Individual)*

Objective(s):	This addresses subject learning objective(s): 2 This addresses program learning objectives(s): 2.1
Weight:	10%
Criteria:	Logical sequencing of slides in presentation with Informative headings Demonstrate understanding of mainstream models Clear and engaging verbal communication Keeping to time *Note: Late submission of the assessment task will not be marked and awarded a mark of zero.

Assessment task 2: Assignment (Group)

Objective(s):	This addresses subject learning objective(s): 1, 2, 3 and 4 This addresses program learning objectives(s): 2.2
Weight:	30%
Criteria:	Clear and appropriately-referenced writing Creative connection of economic frameworks to complex real-life situation Analytic skills correctly applying theory to the situation Articulation of policy and business relevance of economic theory

Assessment task 3: In-class quizzes (Individual)*

Objective(s):	This addresses subject learning objective(s): 1, 2, 3 and 4 This addresses program learning objectives(s): 1.1 and 3.1
Weight:	60%
Length:	30 minutes per quiz. Approx 1000 words
Criteria:	Creative and accurate application and extension of frameworks taught in class Comprehensiveness of response including clear and logical argument Use of ethical frameworks: consequentialist (utilitarian or otherwise), deontological, virtue Critical analysis of assumptions of models and awareness of the effects of alternative assumptions. Identification of policy or human impact of economic ideas *Note: Late submission of the assessment task will not be marked and awarded a mark of zero.?

Minimum requirements

Students must achieve at least 50% of the subject’s total marks.

Required texts

Krugman P.R., Obsfeld M. & Melitz M.J., International Economics: Theory and Policy, 10th or 11th edition, New York: Pearson.