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This unit aims to introduce students to the wide range of economic ideas and concepts which are deployed in debates on economic issues in Australia today. The intention is to provide students with the economic literacy to allow them to appraise the discussion of economic questions which appears in the media, rather than to spend time on describing the current state of affairs, namely:
1 The basic philosophical positions with respect to the fundamental question about the appropriate role of the market and the state.
2 The simple economic analysis of the market and the theory of market failure and 'government failure'.
3 The criticisms of this framework as a basis for policy making.
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