Postgraduate Diploma: Economics

Purpose

The primary purposes of the qualification, closely tied to the rationale, serve to consolidate, advance and deepen students' expertise in the various areas of economics to prepare them for a career in business and government.

Rationale

The rationale for the qualification is to provide in-depth, specialised education, training and scholarship in the field and practice of explaining and analysing economic issues at postgraduate level. Students will be able to predict economic outcomes and make recommendations regarding suitable economic actions. Students will also be able to identify and constructively evaluate economic policies in South Africa, the Sub-Saharan region and the world economy. The qualification prepares graduates for career-focused employment.

Candidates accessing this qualification should also

• Be able to read and critically evaluate academic text in English and communicate information and their own ideas orally and in written text that is grammatically correct, well structured, clear and concise, using accepted standards of scientific and academic writing (NQF Level 7).
• Be able to independently and responsibly plan, schedule and take responsibility for the success of their learning in a structured and open distance learning (ODL) tuition environment and appropriately manage their time according to required outcomes.
• Be able to identify access, retrieve and integrate information from scholarly or professional literature.
• Be able to use technology to such an extent that they can access and participate in the various modules that comprise the qualification by means of online delivery and also use the library and other electronic services in support of the learning (myUnisa) and any other additional resources related to the qualification modules.
• Have all learning implicitly assumed to be in place by the admission criteria as formulated in Access to the Qualification.

Recognition of Prior Learning

Recognition of Prior Learning will be applied in line with the regulations of the Quality Council for Higher Education and the Recognition of Prior Learning Policy and the procedures of the University of South Africa.

Access to the Qualification

The following is required for registration of this degree

• A Bachelor's degree with economics as a major.
• An average of 60% for all the required modules in economics passed at NQF Level 7.
• The successful completion of two modules in Statistics; Descriptive Statistics and Probability (STA1501), Statistical Inference (STA1502) or their equivalents.
• The successful completion of one module in Decision Sciences; Quantitative Modelling (DSC1520) or its equivalent.

The qualification has a total of 120 credits, and all the modules have 24 credits each.

There are two compulsory modules and a choice of three out of five modules.

Compulsory modules

• Macroeconomics I.
• Microeconomics II.

Electives: Choose three of the following five

• Econometrics.
• Money, Banking and Financial Markets.
• International Economics.
• Public Economics.
• Development Economics.

A Postgraduate Diploma student in Economics should be a well-rounded person who is able to

• Demonstrate a comprehensive and systematic knowledge base, having a coherent and critical understanding of the principles, theories and methodologies in economics.
• Demonstrate advanced scholarship in the various specialisation areas of economics by systematically reviewing knowledge and interrogating multiple sources of knowledge in the various areas of economics.
• Use a range of specialised knowledge, skills and techniques to critically evaluate and formulate alternative economic policies and actions.
• Apply knowledge of and insight into the theory and practice of economics to address/solve complex and/or real-life problems locally and globally.
• Demonstrate capacity to manage and self-assess learning tasks autonomously, professionally, responsibly and ethically with due consideration of his/her continued academic growth and development.

Critical Cross-Field Outcomes

Critical Cross-Field Outcomes include those specified in the Exit-Level Outcomes of the qualification and those specified in the learning outcomes for approved modules for the coursework as appropriate to the student's field of practice.

This qualification promotes, in particular, the following Critical Cross-Field Outcomes

• Identify and solve challenging, complex and real-life economic problems in an organisational context and make decisions using advanced critical and independent thinking.
• Autonomously collect, analyse, research, organise and critically evaluate information and make sound judgements, reflecting critical self-reflection and a consideration of consequences.
• Work effectively with others as members of a team, group, organisation or community by taking full responsibility for their own work, decision making and use of resources.
• Organise and manage themselves and their own activities responsibly and effectively, develop their own learning strategies which sustain independent learning and academic or continued professional development and interact effectively within the learning or professional group as a means of enhancing learning.
• Communicate effectively using visual and/or language skills in the mode of oral and/or written presentations. This includes researching, reviewing, evaluating, producing and communicating information in specialised contexts in order to develop creative responses and insights, rigorous interpretations and solutions to problems and issues appropriate to the context.
• Demonstrate an understanding of the world as a set of related systems by recognising that problem solving contexts do not exist in isolation. This includes operating effectively within a system, or managing the system based on an understanding of the roles and relationships between elements of the system.
• Promote responsible citizenship by contributing towards the wellness within private and public organisations and the social and economic development of society at large.

The following set of generic assessment criteria apply to the qualification as a whole

• Identify, describe and explain core economic concepts and principles.
• Review, critique and evaluate current research and multiple sources of scholarly or professional literature in economics in an intellectually independent manner and make sound theoretical judgements by using well-reasoned, theory-driven and evidence-based arguments.
• Accurately identify, evaluate and interpret economic problems by taking into consideration the local and global economic, socio-political and legal contexts as well as governance and ethics aspects.
• Critically evaluate economic policies (e.g. macro policy, monetary policy, fiscal policy, competition policy, etc.) and suggest alternative policies.
• Apply quantitative tools (e.g. statistics and econometrics) in analysing economic problems and trends.
• Demonstrate that economic interrelationships can be discussed in written reports for the private and public sectors in compliance with basic scientific requirements.
• Appropriately use standard procedures, processes or techniques to theoretically deal with or empirically investigate unfamiliar complex, abstract or real-life world problems in a particular area of specialisation.
• Manage learning tasks autonomously, professionally and ethically and display a high level of intellectual independence.

Integrated Assessment

For the qualification to be awarded, a candidate must have successfully achieved the outcomes of each of the compulsory modules that constitute the qualification.

Evidence of learning competency (knowledge, skills, attitudes and expertise) and of the candidate's ability to achieve the purpose of the qualification as a whole at the time that the qualification is awarded is required by means of comprehensive and integrated assessment system (constituting a range of formative and summative assessments). Continuous formative and summative assessment methods are used in the form of written assignments and exams.

Formative and summative assessment will be conducted within the guidelines of the Unisa Assessment Policy. The student's summative assessment mark will comprise a year mark (10%) that will be gained from the specified number of compulsory assignments and a written examination in each module which comprises 90% of the total summative assessment mark. The pass mark shall be a minimum of 50% acquired from both continuous and summative assessment in a proportionate ratio; 75% shall constitute a pass with distinction.

Assessors should assess and give credit for evidence of learning that has already been acquired through formal, informal and non-formal learning and experience.

Lecturers responsible for the module and external markers (assessors) will act as assessor practitioners in accordance with the Unisa Assessment Policy. Formative and summative assessment will be conducted within the guidelines of the Unisa Assessment Policy. Student support will be provided in accordance with Unisa ODL and Learner Support policies and guidelines.