Courses

Undergraduate Modules

1st Level Economics

ECS1501: Economics 1A

The economic problem; different economic systems; measuring economic activity; the South African economy; the economist's analytical toolkit; introduction to price theory; price elasticity; theory of consumer choice; introduction to production theory; perfect and imperfect competition.

ECS1601: Economics 1B

2nd Level Economics

ECS2601: Microeconomics

The role of microeconomics; demand and supply, elasticity; consumer behaviour: the indifference approach; production, production functions and cost curves (using isoquants); perfect competition; monopoly; monopolistic competition and oligopoly; general equilibrium and welfare

ECS2602: Macroeconomics

The national economy in an international context; the Keynesian model: consumers, producers and government; the IS-LM model: financial institutions, money and interest rates; the IS-LM model: the foreign sector. National accounting identities; the AD-AS model; the objectives of macroeconomic policy; fiscal policy; policy problems and schools of thought; inflation and unemployment

ECS2603: South African economic indicators

Measurement in economics; national accounts; economic growth; business cycles; employment and unemployment; inflation; international transactions; wages and income distribution; fiscal indicators; financial indicators; social indicators

ECS2604: Labour Economics

Labour supply; labour demand; minimum wages; job search process; migration and job turnover; external labour markets; internal labour markets; wage differences; unionised labour markets and collective bargaining; union growth and goals; the bargaining process; strike activity; discrimination in the labour market; income inequality; South African applications and examples

ECS2605: The South African financial system

Introduction to the South African financial system; the national financial accounts; money and the creation of credit; interest rates; the South African Reserve Bank and the Corporation for Public Deposits; banks and the Postbank; other financial institutions; financial markets and financial instruments in South Africa; monetary policy in South Africa.

ECS2606: Environmental economics

Economics and the environment; the causes of environmental degradation; economic decision-making; environmental economics - control measures; natural resource economics - control measures; applications

ECS2607: Economics of tourism

Economic History

ECS2608: Economic history of the world

This module covers the development of the modern international economy. Topics covered include: the causes of economic growth, long-term capital movements, international migration, commercial policy, foreign trade, the growth of the multilateral payments network, the rise and fall of the gold standard, the spread of industrialisation, the impact of the First World War, the Great Depression and the disintegration of the international economy during the 1930s.

ECS2609: Economic history of South Africa

This module covers the development of the Western market economy in South Africa. Topics covered include: the origins of the indigenous pre-capitalist economy, the development of the Cape Colony from a refreshment station to a far-flung colony of settlement under the Dutch East India Company (1652-1795), South Africa during the agricultural era (1795-1870), the impact of the mining revolution (1870-1910) and the gradual industrialisation of South Africa after 1910.

3rd Level Economics

ECS301D: Monetary economics

The nature and problems of a monetary economy: the supply of money; the demand for money; interest rates. The relation between money and economic activity: Monetarists vs Keynesians. Monetary policy: a general perspective; the South African case.

ECS302E: International trade

Causes and consequences of international trade: classical, modern and factor proportions theory. Government intervention in trade: tariffs and quotas. Economic integration and cooperation: customs unions and World Trade Organisation. Trade policy and economic development.

ECS303F: International finance

Foreign exchange markets and exchange rates. Balance of payments. Balance of payments adjustment mechanisms. Exchange rate theories. Macroeconomic policy in an open economy. International monetary systems and organisations.

ECS304G: Public economics

The role of government: market failure and public choice theory. The economics of public expenditure. The economics of taxation: efficiency and equity of taxes. Personal, company, consumption and wealth taxation. The public debt. Intergovernmental fiscal relations.

ECS306J: History of economic thought

Classical Economics (Smith, Ricardo). Critique of Classical Economics (Marx). Neoclassical Economics (Jevons, Walras, Menger, Marshall). The American institutional approach (Veblen). Keynesian Economics.

ECS307K: Econometric techniques

Introduction to statistical estimation techniques that are applied in economics. The module comprises the following: Introductory statistical overview; simple regression; multiple regression; statistical hypothesis testing; data problems; multicollinearity; heteroscedasticity; autocorrelation; dummy variables; lag models; causality tests. It is a practical module which entails a significant number of calculations.

NB: Experience has shown that it is highly desirable for students to bave some backgound in mathematics and/or statistics and/or a good mathematical ability and/or statistics and/or a good mathematical ability to cope with this econometrics course.

Honours

The two-year honours course consists of five papers chosen from the following options. Microeconomics (MICECHV) and Macroeconomics (MACECHJ) are both compulsory in the first year of study.

MICECHV: Microeconomics
This paper consists of five divisions, namely an introduction to microeconomics, revision of neoclassical microeconomics, criticism of neoclassical microeconomics, subsequent developments in microeconomic theory, and microeconomic policy. Post-neoclassical material covered in the course includes alternative pricing theories, nonprice competition, industrial organisation (market structure, conduct and performance), managerial and behavioural theories of the firm, the theory of contestable markets, and the new institutional economics.

MACECHJ: Macroeconomics
In this paper the students are introduced to Keynes's General Theory of Employment, Interest and Money. Subsequent attempts to fuse Keynesian and classical views into a so-called neoclassical synthesis are investigated. Modern classical and post Keynesian views are examined. The students are introduced to controversies with regard to the role of expectations. Macroeconomic theory relating to a small open economy is analysed.

MONECHG: Monetary Economics
This paper builds on the monetary economics covered at undergraduate level. It attempts to achieve a healthy balance between purely theoretical discussions and those relating to the institutional framework of a monetary economy (with special reference to South Africa). Particular attention is paid to the role of monetary policy in South Africa since 1990.

IERH004: International Economics
The students are introduced to the pure theory of international trade, economic growth and international trade, trade policy, the balance of payments and international economic policy and the international monetary system. The theory is applied in the institutional framework within which South African foreign trade occurs. Aspects covered include South Africa's external trade, the international trade strategy of South Africa, the exchange rate system in South Africa and the South African balance of payments.

PECH00G: Public Economics
The topics studied in this paper include the economic rationale for government intervention in the market economy, collective choice, government failure, fiscal decentralisation and measures to reduce poverty. The revenue side of government also receives attention and taxation of personal income and corporate income, taxes on goods and services, and wealth are also analysed. Reference is made to South African issues as far as possible.

DEVH00L: Development Economics
This paper focuses on the economic development of less developed countries including South Africa. The issues investigated include contemporary views on development; domestic and international developmental problems and strategies; and the possibilities of sustainable development. The role of the state in the development process is also examined. The multi-disciplinary nature of development issues is emphasised.

Paper in a related subject
An honours paper in a related subject (in which the student has passed the final course) subject to the approval of the heads of the departments concerned.

Higher Degrees

Doctorates and master's degrees are normally referred to collectively as higher degrees. The Department of Economics at Unisa does not offer coursework or examination courses at the higher degree level.

A master's dissertation must prove the candidate's ability to work independently [rule PG15(4)]. A good summary and critical evaluation of the international literature on a topic is regarded as adequate for a master's dissertation. On the other hand, a doctoral thesis must show proof of ORIGINAL WORK and must be a decided CONTRIBUTION to the knowledge of and insight into the subject [rule PG23(3)].

For further information contact:

The Directorate Student Admissions and Registrations: Senior Qualifications at mandd@unisa.ac.za or 012 429 4158.

Enquiries directed to the incorrect department, e-mail address or telephone number will result in unnecessary delays.

Certificate Programme in Economics and Public Finance
(NB: This certificate programme is suspended until further notice. No new registrations will be accepted.)

Why enrol for this programme?
The programme teaches students the basic principles of economics. A basic knowledge of these principles provides students with a better understanding of the economic environment in which they operate daily. The programme is aimed at all public sector employees( ie employees of government departments, parastatals, provincial and local governments), non-governmental organisations (NGOs) and private sector employees who want to obtain a better understanding of economic issues.

Objectives of the programme
The programme aims to create an understanding of:

• what economics is
• the nature of the South African economy
• the economics of a number of development issues
• the economics of public finance

Contents of the programme
The syllabus consists of four modules:

Module 1: INTRODUCTION TO ECONOMICS AND PRICE THEORY (PEPF01-4)

• What economics is
• The interdependence between households and firms
• The economist's analytical toolkit
• Markets and price determination
• Perfect and imperfect competition
• The labour market

Module 2: MACROECONOMIC THEORY AND POLICY (PEPF02-5)

• The South African economy
• Measuring the performance of the economy
• Determination of national income
• Money, the exchange rate and balance of payments
• Unemployment, economic growth and inflation

Module 3: ECONOMIC DEVELOPMENT ISSUES (PEPF03-6)

• Nature of economic development
• Poverty and income distribution
• Health and education
• Roles of market and the state
• International trade theory and policy
• Foreign finance and aid

Module 4: PUBLIC FINANCE (PEPF04-8)

• Market failure and the role of government
• Public choice and government failure
• Government expenditure growth
• The economics of taxation: equity and efficiency
• Personal income tax and property taxation
• Intergovernmental fiscal relations

Entrance requirements
Candidates for this programme should be in possession of a matric certificate or an equivalent qualification or appropriate experience.

Duration of the programme
The programme can be completed in one academic year. Registration commences in January of each year. Modules PEPF01-4 and PEPF02-5 are only offered in the first semester and modules PEPF03-6 and PEPF04-8 in the second semester. Students with a university qualification in economics may apply to be exempted from PEPF01-4 and PEPF02-5.

Evaluation/Certification
Instruction is through the medium of distance teaching. A one-day group discussion will be held in Pretoria in each semester. Two assignments are set per module, one of which is compulsory for admission to the examination. Examinations are held in May and October of each year. Successful candidates will be awarded a Certificate for the Programme in Economics and Public Finance by the University of South Africa.

Successful students with a senior certificate but without matric exemption qualify for Senate discretionary exemption and will also be exempted from Economics I, should they be interested in pursuing a degree through Unisa.

Fees and information for registration
The cost is R4 400-00, or R2 200 per semester (two modules), which includes all study material, tuition and examination fees (excluding textbooks). Fees may be paid in two instalments.

Certificate lecturers	Title	Office No	Telephone	E-Mail
Steenekamp, T.J.	Prof	Club 1 Hazelwood 1-11	012 429-4449	steentj@unisa.ac.za
Van der Merwe, T.	Prof	Club 1 Hazelwood 2-20	012 429-4094	vdmert@unisa.ac.za
Oosthuizen, A.G.	Prof	A.J.H. vd Walt - 5-35	012 429-4011	toostuiz@unisa.ac.za
Le Roux, W.J.	Mr	Club 1 Hazelwood 1-10	012 429-4772	lrouxwj@unisa.ac.za