Students

ECON3056 – Evolution of Economic Ideas

2026 – Session 1, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff
Wylie Bradford
wylie.bradford@mq.edu.au
Credit points Credit points
10
Prerequisites Prerequisites
120cp at 1000 level or above including (ECON1020 or MQBS1030)
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit discusses why economics is the way it is, past contributions to economic knowledge, whether there has been progress in economic thinking, and how would we know it. The unit considers the history of economic thought from a non-standard and enlightening perspective. Rather than tracing a chronology of authors and schools of thought, students examine the evolution of theories and ideas from their origins (sometimes in antiquity) to their modern forms. This puts economics in context and enables students to appreciate historical, social and philosophical influences on the development of economic thought. Topics may include theories of value, distribution, growth and economic cycles.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Identify the distinguishing characteristics of key schools of thought and stages in the development of economic theory.
  • ULO2: Evaluate the major theoretical approaches to the analysis of economic issues, the assumptions on which they are based, and their implications.
  • ULO3: Analyse and describe the important individual contributors to the development of economics.
  • ULO4: Exhibit the ability to interpret economic reasoning as presented in varying literary forms at different points in time.
  • ULO5: Show a clear capacity to critically assess and compare current and historical approaches to the development of economics.

General Assessment Information

General Assessment Information

As reflections will be based on unit content (recorded lectures) the marks for blogs will be affected by the amount of relevant content viewed. Watch rates of lecture videos will be tracked via ECHO360 and will partly determine marks for individual blogs. Note also that attendance at tutorials for which work is being submitted is necessary for the reflective component to be marked.

See the guides to assessment tasks available on iLearn for more detail.

Note also that assessment tasks have multiple assessment points. Details provided in the task descriptions on iLearn. The 'due date' shown above refers to the final submission point in each case, as a discrete date is required to be entered.

Late Submission Penalties

If you submit your assessment late, 5% of the total possible marks will be deducted for each day (including weekends), up to 7 days. Submissions more than 7 days late will receive a mark of 0.

Example 1 (out of 100):

If you score 85/100 but submit 20 hours late, you will lose 5 marks and receive 80/100.

Example 2 (out of 30):

If you score 27/30 but submit 20 hours late, you will lose 1.5 marks and receive 25.5/30.

Extensions

Automatic short extension: Some assessments are eligible for automatic short extension. You can only apply for an automatic short extension before the due date.

Special Consideration: If you need more time due to serious issues and for any assessments that are not eligible for Short Extension, you must apply for Special Consideration. Need help? Review the Special Consideration page for further details.

Assessment Tasks

Name Weighting Hurdle Due Groupwork/Individual Short Extension AI Approach
Professional practice: Critical reflection 35% No 05/06/2026 Individual Yes Open AI
Skills development: Reflective dialogue 40% No 09/06/2026 Individual Yes Open AI
Skills development: Peer discussion 25% No 30/05/2026 Individual Yes Open AI

Professional practice: Critical reflection

Assessment Type 1: Portfolio
Indicative Time on Task 2: 25 hours
Due: 05/06/2026
Weighting: 35%
Groupwork/Individual: Individual
Short extension 3: Yes
AI Approach: Open AI

The purpose of this assessment is for you to critically think about the nature of the development of economic ideas, and practice how to communicate your understanding of the process.

 

You will participate in class discussions based on a set of questions, documenting discussions. You will then submit of a two A4-page critical reflection on the class discussion of the tutorial content and identifying the significant new points and why they are significant.

 

Skills in focus:

  • Critical thinking and problem solving
  • Discipline knowledge
  • Communication skills

Deliverable(s): Three documented discussions and 2 double-spaced A4-Pages reflection

 

Individual assessment
On successful completion you will be able to:
  • Identify the distinguishing characteristics of key schools of thought and stages in the development of economic theory.
  • Analyse and describe the important individual contributors to the development of economics.
  • Exhibit the ability to interpret economic reasoning as presented in varying literary forms at different points in time.
  • Show a clear capacity to critically assess and compare current and historical approaches to the development of economics.

Skills development: Reflective dialogue

Assessment Type 1: Reflection task
Indicative Time on Task 2: 30 hours
Due: 09/06/2026
Weighting: 40%
Groupwork/Individual: Individual
Short extension 3: Yes
AI Approach: Open AI

The purpose of this task is for you to develop appreciation of the evolution of economic thought through critical reflection, and begin to develop your own awareness of the interrelatedness of ideas.

 

You will reflect on the content covered thus far, identifying the most important point(s) you took away from them, and explaining why, and how they relate to the content you covered in your previous blog post.

 

Skills in focus:

  • Discipline knowledge
  • Critical thinking and problem solving
  • Communication skills

Deliverable(s): Individual iLearn Blog

 

Individual assessment
On successful completion you will be able to:
  • Identify the distinguishing characteristics of key schools of thought and stages in the development of economic theory.
  • Evaluate the major theoretical approaches to the analysis of economic issues, the assumptions on which they are based, and their implications.
  • Analyse and describe the important individual contributors to the development of economics.
  • Exhibit the ability to interpret economic reasoning as presented in varying literary forms at different points in time.
  • Show a clear capacity to critically assess and compare current and historical approaches to the development of economics.

Skills development: Peer discussion

Assessment Type 1: Problem-based task
Indicative Time on Task 2: 15 hours
Due: 30/05/2026
Weighting: 25%
Groupwork/Individual: Individual
Short extension 3: Yes
AI Approach: Open AI

 The purpose of this assessment is for you to practice how to put forward ideas and construct a persuasive argument amongst peers.

 

You will be expected to contribute to the discussion, both in response to the original stimulus question provided and to what other students have contributed.

 

Skills in focus:

  • Critical thinking and problem solving
  • Communication skills
  • Discipline knowledge

Deliverable(s): Written submission on iLearn discussion thread

 

Individual assessment
On successful completion you will be able to:
  • Identify the distinguishing characteristics of key schools of thought and stages in the development of economic theory.
  • Evaluate the major theoretical approaches to the analysis of economic issues, the assumptions on which they are based, and their implications.
  • Show a clear capacity to critically assess and compare current and historical approaches to the development of economics.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • Academic Success for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation.

3 An automatic short extension is available for some assessments. Apply through the Service Connect Portal.

Delivery and Resources

There is no set text. A guide to reading resources will be supplied on iLearn. Recorded lecture content will be provided and available weekly. Tutorials will be in face-to-face format (there are no online classes in this unit).

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit connect.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Academic Success

Academic Success provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via the Service Connect Portal, or contact Service Connect.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/. 

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Unit information based on version 2026.03 of the Handbook