Economics (Degree)

About the degree

Economics is a diverse, fascinating discipline that studies a wide range of issues that shape the broad framework of society – political, social and commercial. The School of Economics has a proud history as one of the most highly ranked centres in economics globally. This is reflected in our degrees, which promote a deep understanding of the key concepts of economics with a focus on contemporary issues of Australian and international importance. Our graduates are leaders in their fields. They also go on to further study at some of the finest institutions in the world.

As a student undertaking the Bachelor of Economics, you must complete a program in economics which includes at least one major from the School’s list of undergraduate majors. You will choose a minor or a second major from a range of subject areas including humanities, social sciences, business and STEM. You will also complete 12 credit points of Open Learning Environment (OLE) units. This will provide you with exciting opportunities for an enriched degree experience.

You will be equipped with the key skills to work in fields such as the financial and banking sectors, leading policy institutions and NGOs, the commodities and futures markets, financial journalism, business and consulting.

Requirements for completion

Bachelor of Economics

To qualify for the award of the Bachelor of Economics, a candidate must complete 144 credit points, comprising:
(i) a minimum of 84 credit points from Table A for the Bachelor of Economics or Table S from the Business School, including a program in Economics (72 credit points);
(ii) a minor (36 credit points) or second major (48 credit points) other than Economic Policy from Table A for the Bachelor of Economics or Table S;
(iii) 12 credit points of units of study in the Open Learning Environment selected from Table O; and
(iv) any additional electives from Table A for the Bachelor of Economics or Table S.

Bachelor of Economics and Bachelor of Advanced Studies

To qualify for the award of the Bachelor of Economics and Bachelor of Advanced Studies, a candidate must complete 192 credit points, comprising:
(i) a minimum of 84 credit points from Table A for the Bachelor of Economics or Table S from the Business School, including a program in Economics (72 credit points);
(ii) a second major (48 credit points) other than Economic Policy from Table A for the Bachelor of Economics or Table S;
(iii) 12 credit points of units of study in the Open Learning Environment selected from Table O;
(iv) A minimum of 24 credit points from Table A for the Bachelor of Economics or Table S at 4000 level, including a research, community, industry or entrepreneurship project of at least 12 and up to 36 credit points; and
(v) any additional electives from Table A for the Bachelor of Economics or Table S.

Bachelor of Economics and Bachelor of Advanced Studies with honours

To be awarded Honours, meritorious students complete 48 credit points of honours study in their fourth year of the Bachelor of Economics and Bachelor of Advanced Studies. In order to be eligible for honours study, students must complete the requirements of two majors, including the major of the discipline in which they wish to undertake honours study, within the first three years of the combined degree. For details of the specific requirements for entry into and for the completion of honours in this program, students should refer to http://sydney.edu.au/arts/economics/undergrad/honours.shtml

Economics Program

The Economics program requires 72 credit points from Table A for the Bachelor of Economics, including 42 credit points in core units and an embedded major in one of Agricultural and Resource Economics, Econometrics, Economics, or Financial Economics.

Core units

The Bachelor of Economics and embedded Economics program require the completion of 42 credit points in core units of study – four 1000 level units and three 2000 level units as follows:

• ECMT1010 Introduction to Economic Statistics
• ECMT1020 Introduction to Econometrics
• ECON1001 Introductory Microeconomics
• ECON1002 Introductory Macroeconomics
• ECMT2150 Intermediate Econometrics
• ECOS2001 Intermediate Microeconomics / ECOS2901 Intermediate Microeconomics Honours
• ECOS2002 Intermediate Macroeconomics / ECOS2902 Intermediate Macroeconomics Honours

Students complete a major in at least one of Agricultural and Resource Economics, Econometrics, Economics, or Financial Economics as a requirement of the program and degree. A minor or second major can be completed from these options or from the majors and minors other than Economic Policy listed in Table S.

First year

In the first year, you will build the foundations of your Economics training by studying microeconomics (which examines how individuals and firms make choices), macroeconomics (which studies the big areas of the economy like employment, inflation and money) and econometrics (which is the analysis of economic data). The core first year units introduce students to the basic tools and concepts essential for economic analysis.

In ECON1001 students will be introduced to the key tools that they will use throughout their major, including the concepts of scarcity, opportunity cost, marginal analysis, efficiency and market failure. Students will be also be introduced to game theoretic models of strategic interaction.

Similarly, in ECON1002 students will learn the basic tools and concepts of macroeconomic analysis. These include methods of measuring economic performance (eg select and utilise relevant techniques and principles to analyse economic events) and models of explaining short-run output, such as the Keynesian income-expenditure model. Students will also be introduced to the basic mechanics of monetary and fiscal policy. ECMT1010 Introduction to Economic Statistics introduces the basic statistical tools of analysis and how to manipulate economic data.

ECMT1020 Introduction to Econometrics introduces regression analysis, the most important tool in econometrics. Students work with both macroeconomic and microeconomic data as a way to introduce interpretation of economic phenomena using statistical analysis. In this unit, the difference between correlation and causation is also introduced.

Second year

The tools of microeconomic analysis are further developed in ECOS2001. Students will learn models of consumer budgets, preferences and utility, providing the foundation of individual and market demand. This will allow the development of individual and market demand. Similarly, students analyse firm production, costs and the profit maximisation problem.

For the first time students will be introduced to general equilibrium models of the economy. Models of imperfect competition and strategic interaction, first introduced in ECON1001 are further developed. For example, students analyse models with incomplete information. In addition, game theoretic tools of analysis are used to model economic activities with both simultaneous and sequential moves. These models students provide a framework to in which to analyse the effectiveness of government intervention in the economy. From this, students will be able to analyse and interpret economic events using economic models

ECOS2002 develops each student’s macroeconomic skills, introducing them to the IS-LM model, models analysing output and price equilibrium (AD-AS models) so as to the role of wages and prices in adjustment to equilibrium output, fiscal policy, monetary policy, demand and supply ‘shocks’. Models of consumption, investment and economic growth (the Swam-Solow model) will be presented.

The tools of microeconomic analysis are further developed in ECMT2150. This unit outlines many of the common issues that arise using economic and financial data (autocorrelation in macroeconomic and financial time-series data, multicollinearity, heteroscedasticity, endogeneity, and sample selection bias), and potential solutions.

Third year

You will further your knowledge in these core areas and begin to explore the breadth of the discipline through an extensive range of electives across every major area of economics. The BEc develops the technical and analytic skills you need to assess and interpret economic data and events.

Honours

Sydney’s School of Economics is one of a handful of schools that provide a dedicated Honours stream from second year, with smaller classes to facilitate greater interaction with academic staff and other students. Our program is built upon a core of advanced microeconomics and macroeconomics courses. We also require students to strengthen their mathematical and data analysis skills. This core of subjects prepares students for a wide range of electives in their Honours year. The courses are challenging, and as students undertake advanced coursework and conduct independent research they develop their analytical, problem solving, writing, presentation and time-management skills.

Preparation for the final honours year in Economics at the University of Sydney begins in the second year of the undergraduate degree, with dedicated honours program units in both the second and third year. Entry into the Economics honours program is also possible in the third and fourth years, but the entry criteria are higher for students who take this pathway than for students who begin in their second year. Students entering in later years will also need to complete some units from the second and third years of the honours program.

The minimum requirement for entry into Honours is an average of 70 percent or above and a major in the intended subject area. For details please see sydney.edu.au/arts/economics/undergrad/honours.shtml

The Honours year requires 48 credit points including:
(i) 18 credit points of 4000-level Honours thesis units of study
(ii) 30 credit points of 4000-level Honours seminar units of study

Advanced Coursework

The requirements for advanced coursework in Economics are described in the degree resolutions for the Bachelor of Arts/Bachelor of Advanced Studies.

24-36 credit points of advanced study will be included in the table for 2020.

Contact and further information

School of Economics
sydney.edu.au/arts/economics
Email:

Example pathways