Public Policy and Welfare
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Our student advisors are here to guide you with:
- Enrolling and eligibility
- Fee and loan information
- Credit and recognition for prior learning
Upon completion of this subject, the student should be able to:
- Use economic concepts and theories to analyse economic decisions.
- Apply economic theory to identify public policy issues and how public policy is influenced by efficiency and equity.
- Apply economic models to analyse key public policies.
- Effectively communicate economics in written format.
- Week 1
- • Supply & Demand
- • Arbitrage, Price Differences & Law of One Price
- • Elasticity
- Week 2
- • Choice
- • Budget Constraints
- • Preferences and Choices
- • Utility Functions and Indifference Curves
- • Public Policy and Choice
- Week 3
- • Demand
- • Derivation and Comparative Statics of Individual Demand
- • Interior and Corner Solutions
- • Substitution and Income Effects
- • Derivation and Comparative Statics of Market Demand
- Week 4
- • Applications I – Taxes and Subsidies
- • Consumption vs Income Taxes
- • Commodity Taxes and Subsidies
- • The impact of Sin Taxes (sugar, alcohol, tobacco, drugs)
- • Fringe Benefits Taxation and Policy
- Week 5
- • Applications II – Education
- • The Australian Education System and its Funding.
- • The choice between Public and Private education.
- • An evaluation of education funding systems: full public, full private, public-private hybrid, voucher system.
- Week 6
- • Applications III – Labour/Leisure Choices
- • The Australian Labour Market
- • Deriving the Labour Supply and Participation Rates
- • The impact of welfare payments, clawback, property income, penalty rates, minimum wages, child care on the labour supply.
- Week 7
- • Applications IV – Intertemporal Choice
- • Borrowers and Savers
- • Rate of Time Preference, Discounting and Interest Rates
- • The impact of interest rates, inflation, credit constraints, changes in future income.
You must either have successfully completed the following subject(s) before starting this subject, or currently be enrolled in the following subject(s) in a prior study period; or enrol in the following subject(s) to study prior to this subject:
Please note that your enrolment in this subject is conditional on successful completion of these prerequisite subject(s). If you study the prerequisite subject(s) in the study period immediately prior to studying this subject, your result for the prerequisite subject(s) will not be finalised prior to the close of enrolment. In this situation, should you not complete your prerequisite subject(s) successfully you should not continue with your enrolment in this subject. If you are currently enrolled in the prerequisite subject(s) and believe you may not complete these all successfully, it is your responsibility to reschedule your study of this subject to give you time to re-attempt the prerequisite subject(s)
Prior Skills and Knowledge: Students enrolling in TAS-BEA200 are expected to have the following basic skills in mathematics (from high school): Basic Algebra – manipulation of equations, solving equations. Linear Functions – plotting functions, identifying slope and intercept. Logarithms and Exponentials – index and log laws. An understanding of simple calculus (simple and partial differentiation) is also useful but will be taught as part of the subject. Students enrolling in TAS-BEA200 are also expected to be able to use: MS Excel and MS Word – to perform simple calculations and produce professional reports.
No additional requirements
BEA200 Public Policy and Welfare shows how economic theory can be directly applied to explain the behaviour of individuals and help solve the decisions that policymakers face. The subject introduces and uses the neoclassical theory of consumer behaviour to initially explain how individuals respond to changes in prices, wages, interest rates and income and how to measure their welfare. The subject then considers both market and non-market public policy options such as sin-taxes, the impact of subsidies, free education vs. vouchers, welfare payments and clawback. The subject concludes by examining concepts of efficiency and social welfare and their measurement in a general equilibrium framework. This subject is a core subject in the Bachelor of Economics and can be taken as a nominated elective in a wide range of other programs throughout the University of Tasmania.
- Quiz (20%)
- Assignment (40%)
- Microeconomic Policy Analysis (40%)
For textbook details check your university's handbook, website or learning management system (LMS).