26817 Business and Political Economy

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

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

UTS: Business
Credit points: 3 cp

Subject level:

Postgraduate

Result type: Grade and marks

There are course requisites for this subject. See access conditions.

Description

This subject develops students' understanding of the complex economic environment and equips them with skills and tools to navigate and be prepared for changes in that environment. It explores the roles of the two most important Australian macroeconomic policy institutions, the Treasury and the RBA, in order that participants gain a deeper understanding of contemporary political and economic affairs. It further equips students with the most practical tool of economics – supply and demand analysis. It develops students' analytical skills to examine the impact of macroeconomic forces on market conditions, interest rates, and inequality and to frame strategic insights on this basis.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1.	Derive equilibrium price and quantity outcomes using supply and demand diagrams, and manipulate them to model real-world phenomenon
2.	Use the policy levers available to the Reserve Bank of Australia and the Federal Treasury to simulate a model of the economy run over an election cycle
3.	Critically evaluate the causes and consequences of inequality, both in the economy and the workplace

Contribution to the development of graduate attributes

This subject is designed to develop critical thinking, creativity and analytic skills. The training in supply and demand develops analytic skills. A policy simulation develops students’ creativity and critical thinking skills. And the discussion of inequality with strengthen their analytic skills as they grow to understand the problem, and their creativity as they seek solutions both in the economy and their workplace.

This subject contributes to the development of the following graduate attribute(s):

Intellectual rigour and innovative problem solving

Teaching and learning strategies

This subject is delivered through a mix of online learning, three live online webinars and online consultation. The subject features a mix of theoretical concepts and application in the contemporary context that is designed to apply evidence-based judgement, analytical and creative skills to solve complex business problems.

Students have access to online resources, and self-directed learning activities and are expected to study online content provided via the UTS learning management system. They are required to complete online learning activities, which will help identify knowledge gaps and inform discussions. They are required to engage in online discussions with their peers and academics. Webinars are designed to present the theory and practice of the subject’s content. Students are required to complete pre-work activities before attending webinars. Discussions focus on the application of concepts, techniques and methods.

A mandatory, on-line formative assessment provides students with further feedback to direct their self-study. Ongoing general and individual feedback will be provided throughout the subject via consultation sessions. A summative assessment provides feedback on students' comprehension and application of learning. Students also receive formal feedback on assessment tasks.

Content (topics)

Markets modelled as Supply and Demand curves
Australia’s major macroeconomic institutions: the Federal Treasury and the RBA
Inequality

Assessment

Assessment task 1: Quiz (Individual)*

Objective(s):	This addresses subject learning objective(s): 1 and 2
Weight:	30%
Criteria:	Proficiency in solving market for prices and quantities Display understanding of key institutions and their policy levers *Note: Late submission of the assessment task will not be marked and awarded a mark of zero.

Objective(s):

This addresses subject learning objective(s):

1 and 2

Weight:

30%

Criteria:

Proficiency in solving market for prices and quantities
Display understanding of key institutions and their policy levers

*Note: Late submission of the assessment task will not be marked and awarded a mark of zero.

Assessment task 2: Scenario Analysis Report (Individual)

Objective(s):	This addresses subject learning objective(s): 1, 2 and 3
Weight:	70%
Criteria:	Analysis and calculations Effective use of government policy levers Clear and persuasive writing Creative exploration of personal experience Professional and respectful discussion of a workplace context

Minimum requirements

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

References

Crash-course economics youtubes (in Canvas)

Various web resources on Treasury and RBA (in Canvas)

Movie of Thomas Piketty’s Capital in the 21st Century (available in library)

Menzies, G. (2020) ‘Economy: welcome to a shadow world’ Chapter 3 of Western Fundamentalism (available in library)

Fact sheets at Publica https://publica.org.au/wp-content/uploads/2021/11/Publica-Inequality.pdf (made available at the time of subject)