UNIVERSITY OF SOUTH AFRICA DEPARTMENT OF ECONOMICS THE HONOURS BACHELOR'S DEGREE

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1 UNIVERSITY OF SOUTH AFRICA DEPARTMENT OF ECONOMICS THE HONOURS BACHELOR'S DEGREE For details about the general rules for admission to postgraduate studies, students should consult Part 1 of the Calendar. Part 1 covers topics such as the documents which must accompany an application, the number of papers for which students must register, and rules related to reregistration, duration of study and applications for cancellation or postponement. 1. ADMISSION TO THE COURSE Students who have passed Economics III with an average of at least 60%, can be admitted to the Honours course in Economics, provided they have complied with the general rules for admission to the studies for the Honours BA, Honours BCom or Honours BAdmin degrees. Students who did not achieve an average of 60% for Economics III may register for only Macroeconomics (MACECH-J) or Microeconomics (MICECH-V) in the first year of postgraduate study. 2. CONCURRENT REGISTRATION FOR AN UNDERGRADUATE COURSE/MODULE(S) FOR NON-DEGREE PURPOSES With the special permission of Senate, students may register for not more than one undergraduate course (or the corresponding number of modules on the same level) for non-degree purposes (NDP) concurrently with an Honours course, provided that the NDP course/module(s) has a bearing on their Honours studies, or provided that they submit a written justification which is acceptable to the University. Students must apply before the closing date for registration for the undergraduate course/ module(s) for permission for concurrent registration.

2 3. THE HONOURS DEGREE IN ECONOMICS 2 The honours degree in Economics consists of five papers and should be spread over at least two years. The choice of papers is subject to the approval of the Head of the Department. Microeconomics (MICECH-V) and Macroeconomics (MACECH-J) are compulsory papers for the honours degree in Economics. Students who have obtained an average mark of 60% or more for Economics III must, in their first year of study, register for both: Microeconomics (MICECH-V) and Macroeconomics (MACECH-J) and must, in their second year of study, register for a further three papers, chosen from the following list of five: - Monetary Economics (MONECH-G) - International Economics (IERH/0/0-4) - Public Economics (PECH/0/0-G) - Development Economics (DEVH/0/0-L) - An honours paper in a related subject (such as Business Management). The student must have passed the final (undergraduate) course of this subject. The permission of the Heads of the Departments concerned must be obtained. Students who have obtained an average mark of between 50% and 59% (inclusive) for Economics III must register for Microeconomics (MICECH-V) or Macroeconomics (MACECH-J)

3 3 in their first year of study (not both). Such students will usually take at least another two years to complete the remaining four papers. A student who has obtained 60% or more for Economics III and who wishes to register for more than two papers in the first year of study must apply in writing for such permission. The application must provide reasons for the request and should be addressed to the Registrar (Academic), Department of Economics. 4. SYLLABUSES Microeconomics (MICECH-V) This paper consists of an introduction to microeconomics, revision and re-evaluation of neoclassical microeconomics, postneoclassical microeconomic theory and microeconomic policy. Post-neoclassical material covered in the course includes alternative pricing theories, nonprice competition, industrial economics, managerial and behavioural theories, the theory of contestable markets, and the new institutional economics. Game theory is introduced and used in a substantial portion of the prescribed work. Macroeconomics (MACECH-J) 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 neo-classical 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.

4 4 Monetary Economics (MONECH-G) 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 International Economics (IERH/0/0-4) 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. Public Economics (PECH/0/0-G) 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 alleviate poverty, public spending and government budgeting. The revenue side of government also receives attention as the economic implications of the taxation of personal income and corporate income, taxes on goods and services, and wealth are analysed. Reference is made to South African issues as far as possible.

5 5 Development Economics (DEVH/0/0-L) 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. 5. METHOD OF TUITION It is taken for granted that honours students are sufficiently motivated and self-disciplined to handle the study material with the minimum of guidance. A review tutorial letter is despatched for each paper. The letter indicates the prescribed literature and usually also includes an introduction to the field of study. Tutorial letters are despatched to students after all formalities in connection with their registration have been finalised. In each of the fields of study a number of books are prescribed, which are supplemented by periodical articles and chapters from books. A lively interest in economic issues and in developments both in the South African economy and on the international level is indispensable if students wish to profit from their honours studies. Apart from the theoretical side of the work, you will be required in the macroeconomics course to complete an assignment on economic indicators. This provides an introduction to South African Economic statistics. In both the Micro and Macro papers, students are required to submit four assignments. In the other papers, students submit three assignments per paper. The completion of assignments forms the most important part of study for the honours degree. It is the only

6 6 way in which students' reasoning capacity and knowledge can be tested before they sit for the examination. It also develops the students' ability to formulate and analyse economic issues. Furthermore students benefit from their lecturers' criticism and suggestions. If an assignment does not meet the required standard students will be requested to re-submit it or to submit another assignment. Assignments should provide evidence of knowledge and insight, and may not merely be a reproduction of the contents of the prescribed sources. The consultation of additional sources is strongly recommended. Attention is also paid to grammar and style. The work submitted should be clearly legible - typed, if possible. The due dates for the assignments are provided in the first tutorial letter for each paper. 6. ADMISSION TO THE EXAMINATION Admission to the examination is gained by obtaining at least 50 percent for each assignment. Admission to the examination is gained separately in each paper. 7. GENERAL If students fail to submit satisfactory work without being able to provide adequate reasons, the Head of the Department may recommend that they not be allowed to register again. (See General Rule PG6(2) in Part 1 of the Calendar.) Until the middle of May students may apply to reduce the number of papers for which they are registered and are referred to "Applications for cancellation" in Part 1 of the Calendar.

7 7 Notwithstanding any possible interpretation which can be attached to the rules and regulations as set out in this information brochure, the rules and regulations will apply as they appear in Parts 1 and 4 of the Calendar. Honours study involves specialisation in a subject of which the basis has been laid at undergraduate level. Economic students should be familiar with most of the fields mentioned in section 4. In the honours course the students study these areas in greater detail and are encouraged to think about the problems which they pose. By comparison with the undergraduate courses the students have to work far more independently and in the process they should be able to develop a feeling for original research. If the students succeed in these respects, they may be admitted to study for a masters' degree where the emphasis is almost exclusively on independent research. Questions about the honours course should be addressed to: Prof R P Viljoen Director: Honours Studies Department of Economics UNIVERSITY OF SOUTH AFRICA PO Box 392 UNISA 0003 Tel: (012) Fax: (012) viljorp@unisa.ac.za

8 8 TEACHING STAFF PROFESSORS * T J Steenekamp MCom (UP), DCom (Unisa) O A Akinboade BA (Nigeria), MSc, DPhil (Oxon) J A du Pisanie MCom, DCom, MBA (UP) D Hodge BA (UCT), MCom (Witwatersrand), PhD (Rhodes) P J Mohr MCom, DCom(Stellenbosch) T vd Merwe BA(Hons) (RAU), MA, DLitt et Phil (Unisa) ASSOCIATE PROFESSORS GP Brown JC Lötter GC vd Merwe PH van Eeghen RP Viljoen MCom (Unisa) BA, MA, DPhil (Stellenbosch) MCom (UP) BCom(Hons), MEcon (Stellenbosch), MCom, DCom (Unisa) BCom, MCom (UPE), BCom(Hons) (Stellenbosch) SENIOR LECTURERS D Bekker AC Bijker J P Boshoff M Botha E J Inggs MR Marais Hons BCom, MCom (Unisa) BSc(Agric) (Stellenbosch), Hons BA (Unisa), MCom (UP) MCom (UOVS) BCom (Stellenbosch), BCom(Hons) (UP), MCom (Unisa), HED BJourn, MA (Rhodes) BCom(Hons), LLB (UP) * Head of Department

9 9 SENIOR LECTURERS (Continued) P Lalthapersad FHB Serfontein FK Siebrits CJ van Zyl MD Uys MA (Durban-Westville), PhD (Vista) BCom (RAU), Hons BCom, MCom (Unisa) MCom (Stellenbosch) BCom (PU vir CHO), Hons BCom, MCom (Unisa), HED BCom(Hons) (RAU), MCom (Unisa), HED, LECTURERS E J du Toit R Bezuidenhout GJP Burger JF le Roux WJ le Roux K Szebeni E Ziramba BCom(Hons) (PU vir CHO) BCom(Hons) (UP), MCom (PU vir CHO) MCom (Stellenbosch) BCom (Hons) (UP) BCom (Hons) (UP), HED BEd (Hungary), BCom, Hons BA, Hons BCom (Unisa) MSc (Zimbabwe) UNISA