The University of Sydney Faculty of Economics Handbook 1997 Editors Mary Ferguson Richard Holden GregPatmore Faculty of Economics Handbook 1997 © The University of Sydney 1996 ISSN 1034-2621 The University of Sydney N.S.W. 2006 Telephone (02) 9351 2222 Facsimile (02) 93514433 (Faculty of Economics) Semester and vacation dates 1997 Semester Day 1997 First Semester and lectures begin Monday 3 March Easter recess Last day of lectures Thursday 27 March Lectures resume Monday 7 April Study vacation -1 week beginning Monday 16 June Examinations commence Monday 23 June Second Semester and lectures begin Monday 28 July Mid-semester recess Last day of lectures Friday 26 September Lectures resume Tuesday 7 October Study vacation -1 week beginning Monday 10 November Examinations commence Monday 17 November Set in 10 on 11.5 point Palatino by the Publications Unit, The University of Sydney and printed in Australia by Printing Headquarters, Sydney. Text printed on 80gsm bond, recycled from milk cartons. Message from the Dean iv Introduction vi Merewether Building vii 1. Which degree? 1 2. Bachelor of Economics 6 3. Bachelor of Economics (Social Sciences) 20 4. Bachelor of Commerce 32 5. Postgraduate studies 47 6. The Faculty of Economics 49 7. Departments and courses of study 52 Accounting 53 Agricultural Economics 58 Anthropology 60 Computer Science 62 Econometrics 68 Economic History 72 Economics 76 Economics/Law 89 Education 90 Finance 92 Geography 96 Government and Public Administration 100 Industrial Relations 110 Interdepartmental courses and programs 112 Marketing 114 School of Philosophy 116 Psychology 120 School of Studies in Religion 122 Social Work and Social Policy 123 8. Other faculty information 127 Enrolment 127 Discontinuation 127 Computer facilities 127 Lecture and seminar rooms 127 Examinations and further tests 128 Restriction upon re-enrolment 129 Prizes and scholarships 130 Societies 132 Libraries 133 Publications 134 Research units 134 Professional organisations 136 Appendix: explanation of symbols 138 Main campus map 140 The Department of Finance has developed world- class research facilities to analyse the stock market, the futures exchange, and address such problems as regulating insider trading in these institutions. The Department has established a highly successful foundation the Asia-Pacific Capital Markets Foundation (ACMF) which in turn has had a leading role (along with the Departments of Marketing and Econometrics) in building research infrastructure. In 1996 the Department took a leading role in winning a co-operative Australian Research Council Industry grant for a research facility called the National Microeconomic Modelling Laboratory (MEMLab).The original grant of $700 000 has been augmented by funds from the University and from the various exchanges and banks to bring together almost $2 million to establish MEMLab as a world-class computer research facility. While this is of critical importance to our postgraduate students, it also has great significance for undergraduates. Honours students in Finance will be able to work in the Laboratory helping to solve real problems. Their efforts will not only further their education but introduce them into the heart of the financial and commercial world, thus making them I welcome cordially all new and continuing students highly employable and, better yet, the training and to the Faculty of Economics! The year 1997 will see acquaintances made in such research should provide momentous changes to the Australian higher the foundation for a significant long term career in education system. Government fundingis contracting, finance. student contributions are increasing, and rumours and dire predictions abound. While I do not want to In the Department of Marketing similar oppor­ underestimate the challenges facing the University of tunities abound. It has recently established the Sydney, I am happy to observe that the Faculty of Australian Asia-Pacific Institute of Retailing and Economics has a bright future and offers many Service Studies (AURASS). This organisation stresses opportunities to students. innovation, excellence in retailing and services For the last seven years the Faculty of Economics marketing and has key links with the European has been restructuring its undergraduate and Institute of Retailing and Service Studies, the Canadian postgraduate programs. The emphasis has been the Institute of Retailing and Service Studies and a similar continuous introduction of new courses while we also organisation in the United States, headquartered at retain our long standing fields of excellence in subjects the University of Florida. AURASS focuses on real such as Economics, Economic History, Government, problems, especially innovations in the areas that are Industrial Relations, and Econometrics. Currently we directly relevant to understanding and predicting have, in addition to our traditional Bachelor of market processes in the retailing and services sector. Economics degree, the relatively new Bachelor of Of special interest are such subjects as consumer Economics (Social Sciences) together with wholly new demand forecasting, competitive analysis, new programs in the field of Commerce: the Bachelor of product introduction and pricing. As in the case of Commerce and the Master of Commerce degrees. We Finance, senior Honours students have the opportunity have also vibrant double degree programs with the to absorb a wealth of both theoretical and practical Facultiesof Engineering(BE/BCom), Arts (BA/BCom knowledge as well as to make contacts, not only in or BA/BEc), Law (BCom/LLB or BEc/LLB), and Australia but across the world. Science (BSc/BCom). The Department of Industrial Relations provides Over the past four years new majors have arisen in similar opportunities through its Key Centre, the Finance, Marketing, and Human Resources Australian Centre for Industrial Relations Research Management. We hope to start a new major in the field and Teaching (ACIRRT). This body works closely of Management of Information Systems. All of these with employers, unions, and government, to solve new ventures have been staffed by world-class scholar- major problems in such fields as enterprise bargaining teachers and opportunities available to students have and also to accumulate data of use to business and never been more varied or taught at a higher quality. union managers. To give students some idea of the progress being Research and study opportunities in the new made in the Faculty I give the following examples. departments augment a long, on-going, tradition of research in Government, Economic History, Economics, and Accounting. For example, the Department of Government is currently involved in researching microeconomic reform, the role of the state in economic development and government business relations in East Asian countries. Other research in the Department analyses the politics of Australian childcare. In Economic History, research is being undertaken in the fields such as the industrial development of Japan, the evolution of the German economy, the growth of big business in Australia and the role of the French in the South Pacific. The Faculty of Economics, therefore, not only provides a wide range of courses of study but an opportunity to become an expert in an important area which can lead to job opportunities and enormous personal satisfaction. The problem facing students is to find out about all of these opportunities. Many of them will not be chronicled in the handbook. The best place to start is at the departmentlevel. All departments will be happy to explain what they are doing and how students can benefit from current ongoing scholarship. Every lecturer and professor is a goldmine of information and students should take time to ask questions and find an area of interest that satisfies them. I urge each and every student not to miss these opportunities since the long-term benefits are so great. In this quest for knowledge and self-growth I wish every student well in the year ahead. Stephen Salsbury Professor of Economic History Dean, Faculty of Economics The Faculty of Economics handbook is designed to provide a complete guide to the Faculty and its courses. Undergraduate students should turn immediately to chapters 1 to 4 written with their needs in mind. Prospective postgraduate scholars should find most necessary informationinchapter5.Allstudents should read the sections later in the handbook devoted to the Faculty of Economics itself and to each of the teaching departments within the Faculty. For further information about the University, see the separate publication University of Sydney Diary which is available free from the Student Centre or from the University of Sydney Union outlets. MEREWETHER BUILDING LEVEL2 LEVEL 1 Note: T/;e Departmental Offices for Finance, Industrial Relations and Marketing are in the Institute Building Bachelor of Economics, Bachelor of which are of central importance to the academic Economics (Social Sciences) or Bachelor of discipline of economics and to some of the specialised Commerce? career patterns for graduates in economics. Some of you may already have made a firm choice The BEc(SocSc) restricts access to some subjects about which of the Faculty's three degrees is for you; which have a strong professional focus (for example, others may still wonder what the differences are. In full sequences in accounting and commercial law), bo th cases you should read the next few pages carefully but Table A includes a wider range