Economics of Wealth Creation

Course code ECON3005
Available in 2015
2015 Course Timetables

Description

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. The later includes discussion of bootstrapping where business ideas are developed within the context of financial constraints, but where economic resources are still required to be mobilised to commercialise new products and services.

The course explores how building wealth in the firm is linked to developing intellectual capital and knowledge management, that in turn promote production and product development. 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.

Availability

Callaghan Campus

  • Semester 2 - 2015

Learning Outcomes

1. Assess competing arguments on 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 comparing competing ideas in spatial and industry economics.

5. Engage in team processes to analyse and communicate research.

Content

This course includes but is not limited to the following topics:

  1. Sources of wealth creation.
  2. The role of the property market in investment and production.
  3. Risk in business, and economic development.
  4. The entrepreneur in economic theory.
  5. Sustainable competitive advantage in business.
  6. The entrepreneurial process in practice.
  7. Wealth creation and knowledge management.
  8. Innovation and product development.
  9. The role of inter-firm relations, networks and business clusters.
  10. National and regional innovation strategies and government policy.

Assumed Knowledge

ECON1001 ECON2001

Assessment Items

Presentation: Group Work (Presentation and Report)

Written Assignment: Tutorial Assignments

In Term Test: Mid Term Test

Formal Examination: Final Examination

Contact Hours

Lecture

Face to Face On Campus 2 hour(s) per Week for Full Term

Tutorial

Face to Face On Campus 1 hour(s) per Week for 12 Weeks