Not offered in 1996. 316-201 Intermediate Macroeconomics and 316-202 Intermediate Microeconomics. Two 1-hour lectures and a 1-hour tutorial per week. On completion of this subject, students should be able to:

• describe the distinctive aspects of the economic approach to the study of contemporary economic problems;
• describe the main instiutional features and key developments in the Australian economy;
• evaluate the usefulness and the limitations of economic theory for understanding the Australian economy;
• appreciate the manner in which economic theory can be applied to understand the behaviour of the Australian economy and to assist in evaluating contemporary policy debates;
• extend their knowledge of the Australian economy through the independent study of theory and policy issues in this area.

This subject focuses on the application of economic analysis to current policy issues in the Australian economy. Topics covered may include budgetary policy, monetary policy, incomes policy, microeconomic policy, environmental policy and external policy. Particular attention will be paid to the political and social institutions involved in the policy-making process. A 2-hour examination at the end of the semester (80%), and class assignments totalling approximately 2,000 words (20%).