UNIVERSITY OF SOUTH AFRICA DEPARTMENT OF ECONOMICS

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1 UNIVERSITY OF SOUTH AFRICA DEPARTMENT OF ECONOMICS A. 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 Student s 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 non-degree purposes for one or more third-year modules (at the discretion of the HOD) to enable him or her to comply with the 60 per cent requirement. 2. CONCURRENT REGISTRATION FOR AN UNDER- GRADUATE COURSE/MODULE(S) FOR NON-DEGREE PURPOSES With the special permission of Senate, students may register for 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

2 2 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. 3. THE HONOURS DEGREE IN ECONOMICS The Honours degree in Economics consists of five papers and is spread over at least two years. The choice of papers is subject to the approval of the Head of the Department. Microeconomics (MICECHV) and Macro-economics (MACECHJ) 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 (MICECHV) and - Macroeconomics (MACECHJ) and must, in their second year of study, register for a further three papers, chosen from the following list of five: - Money, Banking and Financial Markets (MONECHG) - International Economics (IERH /0/04) - Public Economics (PECH /0/0G) - Development Economics (DEVH /0/0L) - 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.

3 3 As indicated in section 1 students who have obtained an average mark of less than 60% for Economics III must register for one or more third level modules in Economics (at the discretion of the HoD) at Unisa for non-degree purposes to enable him or her to comply with the 60 per cent requirement. 4. SYLLABI Microeconomics (MICECHV) This paper consists of an introduction to microeconomics, revision and re-evaluation of neoclassical microeconomics, post-neoclassical 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 (MACECHJ) 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 socalled neo-classical synthesis are investigated. Modern classical and post Keynesian views are examined. Students are introduced to controversies with regard to the role of expectations. Macroeconomic indicators and policy issues are also examined against a contemporary South African background. Money, Banking and Financial Markets (MONECHG)

4 4 In a modern economy where money is a financial asset issued by the banking sector, the topics of money, banking and financial markets are closely interrelated. The paper seeks to give a theoretical as well as practical treatment of the role of money in the economy, the ways in which it can stimulate as well as disrupt economic activity. An historical overview is provided of how money and banking has changed over the centuries, from a simple commodity money system to a modern fiat money system. The prominent features of all the important financial institutions and financial markets are discussed, with special emphasis on latest trends. The logic of monetary policy conducted by the South African Reserve Bank (SARB) is explained against the backdrop of its inflation targeting framework. International Economics (IERH /0/04) This paper introduces the student to the pure theory of international trade, trade policy, the balance of payments and international economic policy and the international monetary system. The theory is applied in the context within which South African foreign trade and investment occurs. Public Economics (PECH /0/0G) 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. Development Economics (DEVH /0/0L)

5 5 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-dis/ciplined to study with the minimum of guidance. A review tutorial letter is despatched for each paper. The letter indicates the prescribed reading 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. Many of the courses require application of the theory to pertinent issues in the South African economy Students must submit three assignments per paper. The completion of assignments forms the most important part of study for the Honours degree. It is the only way in which

6 6 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. 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 submitting the first assignment. The marks per assignment contribute towards a year mark (up to a maximum of 10% of the final mark) if students submit their assignments on time. 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 RP 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 B. MASTER S AND DOCTOR S DEGREES A summary of the guidelines for registration and re-registration for higher degrees 8 You will find the full Guidelines on the Unisa website - see under Department of Economics, and then under higher degrees. If you do not have access to the internet please contact the relevant Convener to request a hard copy of the Guidelines. Master s and Doctor s degrees are normally referred to collectively as higher degrees. To obtain a Master's degree in the Department of Economics at Unisa, a student must write what is referred to as a dissertation, and for a Doctor s degree the requirement is a written thesis. The Department of Economics at Unisa does not offer coursework or examination courses at the higher degree level. An applicant must satisfy three conditions for admission, registration and re-registration: - the formal requirement which covers the applicant's academic qualifications - the proposed title - the research proposal 1. Formal Requirement To register for a Master's degree in economics an applicant must have an Honours degree in economics from an accredited South African university, or an equivalent degree from an accredited foreign university. Students must have achieved at least an average mark of 60 per cent for their Honours in Economics. Students with less than the required 60% minimum admission requirement may, at the discretion

9 9 of the Head of the Department, register for one or more papers in Economics Honours at Unisa or an equivalent tertiary education institution to improve their average sufficiently for admission to the Master s degree. For a Doctor s degree the requirement is a Master's degree in economics from an accredited South African university, or an equivalent degree from an accredited foreign university. A student must have achieved an average mark of at least 60% for a Masters degree in economics. The Department of Admissions and Registrations examines the applicant's academic record to establish if the academic qualifications are in order. Before accepting a student for a Doctorate, the Department of Economics may require proof of the prospective student's writing ability, for example, a copy of his or her Master's dissertation or a long essay prepared in partial fulfilment of a coursework Master's degree. NB: In South Africa, an Honours degree in economics consists of a minimum of one year full-time study of economics at postgraduate level, following on a minimum three-year undergraduate degree with economics as a major subject (i.e. at least half the third-year credits). The term "Honours" has a different meaning in many other countries and does not necessarily signify that the candidate has completed at least four years of study in economics and that the last year was devoted entirely to the study of economics at postgraduate level. Students who have done a four year undergraduate degree passing with Honours have therefore NOT done the equivalent of a South African Honours degree in Economics. A South African Master's degree in economics consists of at least one year full-time study devoted entirely to economics, following on an Honours degree in economics.

10 10 2. The Proposed Title Even if the formal requirement has been met, an applicant s registration will be approved only after a provisional title has also been cleared with the Department of Economics. The Higher Degrees Committee (HDC) in the Department of Economics will not accept a title that implies that the dissertation or thesis will be devoted almost entirely to application or empirical work. Some 80% of the dissertation or thesis should be dedicated to a study of the global literature on the topic, in other words mainly economic theory. Application to a particular country or reporting on the candidate's own empirical work should be limited to one chapter, preferably the last or penultimate. The previous chapters must be analytical rather than purely descriptive in nature, based on a study of the relevant literature. The proposed title, accompanied by an explanation in a few paragraphs (about one page), must be submitted to the relevant Convenor of the HDC who will refer it to the HDC for consideration. The title and explanation should be edited properly. If the HDC is satisfied with the proposed area of study (and the formal requirement is met), the applicant will then be allowed to register and will then be required to submit an acceptable research proposal within the first year of registration. For more information consult the Guidelines on the Unisa website. 3. The Research Proposal After receiving the necessary permission, the applicant must

11 11 prepare a typed and properly edited research proposal for submission to the relevant Convenor (HDC) who will refer it to the HDC for consideration. The proposal must lay out the intended field of study in the prescribed format (see the Guidelines). Such a research proposal will take at least a few months to prepare since the applicant will have to read widely on the topic. If the Committee does not approve the proposal, the applicant will be informed of the problem areas, and will be invited to submit a revised proposal. The comments of the Committee are intended as constructive criticism. The Committee may see merit in a proposal, and yet think that the applicant could approach certain chapters in different ways or present the material in a different sequence. The majority of proposals go through at least two or three drafts before they are finally accepted. The applicant must submit an acceptable research proposal within the first year of registration. Failing that, the applicant will not be allowed to re-register for a second year and the opportunity to study for the relevant degree will be lost. Another requirement that is relevant to foreign students who have received permission to work on the dissertation (thesis) is that such a student must be prepared to visit the supervisor (promoter) at least once during the period of study (at the student s own cost). All administrative enquiries (for example requests for application forms, information about payments etc) should be directed to the Department of Admissions and Registrations.

12 12 Enquiries directed to the incorrect department will result in unnecessary delays. If you are seriously interested in applying to do a master s or doctor s degree through the Department of Economics, the first step should be to study the Department s Guidelines for registration and re-registration for higher degrees which are on the Unisa website. Convener of Higher Degrees Committee: Doctoral studies Master s studies Prof JA du Pisanie Prof D Hodge dpisaja@unisa.ac.za hodged@unisa.ac.za (012) (012)

13 13 TEACHING STAFF PROFESSORS * T vd Merwe BA(Hons) (UJ), MA, DLitt et Phil (Unisa) O A Akinboade BA (Nigeria), MSc, DPhil (Oxon) J A du Pisanie MCom, DCom, MBA (UP) D Hodge Bbus Sc (UCT), BA (UCT), MCom (Witwatersrand), PhD (Rhodes) TJ Steenekamp MCom (UP), DCom (Unisa) ASSOCIATE PROFESSORS P Lalthapersad- Pillay JC Lötter AG Oosthuizen GC vd Merwe PH van Eeghen RP Viljoen MA (Durban-Westville), PhD (Vista) BA, MA, DPhil (Stellenbosch) BCom, BCom (hons), MCom (UNW), DCom (UJ) MCom (UP) BCom(Hons), MEcon (Stellenbosch), MCom, DCom (Unisa) BCom, BCom (Hons), MCom (UPE) (Stellenbosch) SENIOR LECTURERS AC Bijker JP Boshoff EJ Inggs BSc(Agric) (Stellenbosch), Hons BA (Unisa), MCom (UP) MCom (UOVS) BJourn, MA (Rhodes) * Head of Department

14 14 MR Marais FHB Serfontein T van der Vyver MD Uys CJ van Zyl BCom(Hons), LLB (UP) BCom (UJ), Hons BCom, MCom (Unisa) MCom (UOVS) BCom(Hons) (UJ), MCom (Unisa), HED, BCom (NWU), Hons BCom, MCom (Unisa), HED LECTURERS LA Braimoh GJP Burger EJ du Toit JF le Roux WJ le Roux R Lötter RM Malefane K Mangondo S Nhamo E Ziramba BA (NUL), MCom (KZN) MCom (Stellenbosch) BCom(Hons) (PU vir CHO) BCom (Hons) (UP) BCom (Hons) (UP), HED BCom(Hons) (UP), MCom (PU vir CHO) BA Econ (KZN), MPhil (Ghana) BCom(Hons) (Unisa), MCom Unisa BSc Hons (Zimbabwe), MA (Botswana) MSc (Zimbabwe) UNISA