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ECC5953/ECF595 Faculty of Business and Economics


Semester 1 2022

Faculty of Business and Economics

ECC5953/ECF5953 Economics



Due Date: Friday in Week 10, 13 May 2022
Weighting/Value: 15%

Word limit: Must not exceed 1,500 words
Submission details: On-Line submission via Moodle Submission. The Moodle Submission will have the integrated Turning to check the similarity score (Pease see https://guides.lib.monash.edu/turnitin for more information). Please ensure the similarity score is lower than 20%; otherwise, essay will be returned for rewriting and late submission penalty will apply (see below).

  • To reduce the similarity,
    • First and foremost, complete your assignment by yourself and independently.
    • Secondly, you should NOT repeat the questions in your assignment tasks. Please be noted, this assignment is not a Q&A, but an essay – so please embed these questions in your essay.
    • Thirdly, you may put all references in a separate document to be uploaded separately along with your main text.
    • Fourthly, make sure to upload your assignment coversheet via a separate link in Moodle.
  • Plagiarism is strictly prohibited. You should familiarize yourself with what is plagiarism and university guidelines on plagiarism available here:
  • Penalties for late lodgement: Please read the following policy document for details:

In particular:

1.11  Unless an extension or special consideration has been granted, or otherwise specified in the learning management system, students who submit an assessment task after the due date will receive a late-submission penalty of 10 per cent of the available marks in that task. A further penalty of 10 per cent of the available marks will be applied for each additional day (24-hour period), or part thereof, the assessment task is overdue.

1.12  Tasks submitted more than seven days after the due date will receive a mark of zero for that task.

  • Assessment coversheet: Work submitted for assessment must be accompanied by a completed copy of the Faculty Cover Sheet which has been signed by the student. No assignment will be accepted or marked if it is not accompanied by a signed Cover Sheet. Your name, I.D. number, and the name of the staff member should be shown on the Cover Sheet.

Assignment cover link: https://www.monash.edu/business/current-students/course-planning-admin- resources-and-advice

  • Assessment coversheet should be submitted as a SEPERATE document via Moodle Submission; otherwise, you may fail the compliance check.
  • Please use the material available on how to write a good essay on the university website here:
  • You should retain a copy of the work submitted until results are finalized.

Estimated return date: Marked assignments will be returned to students before the final exam.

Please retain the marked assignment until the result is finalised.

Additional information: Special Consideration: applications for special consideration for within semester assessment must be submitted to the Chief Examiner no later than two (2) university working days before the assignment due date. Please check eligibility requirements carefully. See http://www.monash.edu.au/exams/special-consideration.html

Criteria for marking:

Coherence of argument (10 marks) Relevance to the topic: demonstrate the collection of adequate data and figures to support your arguments (5 marks)Logical consistency: demonstrate the understanding and appropriate use of economic rationales in the paper (5 marks)
Originality (2 marks) Demonstrate your creativity in the use of facts to support your arguments
Presentation (2 marks) Having a well-structured executive summary and conclusion section Demonstrate the appropriate use of language and the style of charting in presentation
Referencing (1 mark)   Having a minimum of three (3) references (books or articles written in English from reputable publishers*), in addition to the references mentioned in this instructional paper Demonstrate appropriate use of reference style in the paper (footnotes, endnotes, and etc.)   Note: In the current context, reputable publishers include international organizations, governments, universities, and well-known commercial publishers. Citing newspaper articles is allowed but with caution in checking the sources of information.

Citation requirements: Please follow Section 3.2 of Monash University Q Manual for referencing and citation.

Details of task

Read the articles

  • “Global productivity is slowing down: Three possible explanations”
  • “What’s needed to improve productivity growth”
  • “Australian productivity trends and the effect of structural change”

Write an essay to address the following questions:

  • What is the difference between the labor productivity and the total factor productivity (TFP)? Why is productivity improvement important for our living standard and well-being?
  • What are the current productivity trends in Australia?
  • Use your own words to reflect the three reasons for the productivity slowdown in OECD countries?
  • Which of these three reasons is more convincing to you? Explain your answer using a real-world example.
  • Is there any other reason which might contribute to the productivity slowdown?
  • What sorts of productivity-enhancing reforms we need to maintain the long-term growth and job creation in Australia, especially after the COVID-19 pandemic?

Please note: students must write an essay to address these questions in a coherent way, rather than a Q&A style writing.