Economics of Wealth Creation
This course builds on the microeconomic principles developed in first and second year by extending students knowledge of markets and the firm to the role of the entrepreneur and innovation in the wealth creation process. This includes discussion of how business ideas are commercialised within the context of market uncertainty and financial constraints.
The course explores how building wealth in the firm is linked to developing intellectual capital and knowledge management, that in turn promote production development and production. This theme is expanded to the concept of knowledge sharing through inter-firm alliances and networks that sometimes develop into industry clusters. Government policies to support these processes of business development, technological progress and innovation are reviewed. Drawing on case studies and policy analysis, this course will provide a critical understanding of the innovative behaviour of firms and corporate management strategy.
- Semester 2 - 2015
1. Assess competing arguments concerning the theory of the firm and the role of the entrepreneur.
2. Demonstrate a deep analytical understanding of public policy issues relating to investment, small business development and innovation.
3. Assess and analyse information that is pertinent to debates over wealth creation.
4. Engage in critical thinking through analysing theories in urban and industrial economies.
5. Engage in team processes to analyse and communicate research.
This course includes but is not limited to the following topics:
- Sources of wealth creation.
- The role of the property market in investment and production.
- Risk in business, and economic development.
- The entrepreneur in economic theory.
- Sustainable competitive advantage ffor firms.
- The entrepreneurial process in practice.
- Wealth creation and knowledge management.
- Innovation and product development.
- The role of inter-firm relations, networks and business clusters.
- National and regional innovation strategies and government policy.
This course replaces the following course(s): . Students who have successfully completed are not eligible to enrol in ECON3005.
Presentation: Group Work (Presentation and Report)
Written Assignment: Tutorial Assignments
In Term Test: Mid Term Test
Formal Examination: Final Examination
Face to Face On Campus 2 hour(s) per Week for Full Term
Face to Face On Campus 1 hour(s) per Week for 12 Weeks