Sydney is home to Australia’s most high-flying education institutions. The oldest university in Australia, University of Sydney is among the institutions in the city. Others include Australian catholic university and University of New South Wales.

There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.

Australia has a subsidized higher education for students pursuing the undergraduate degrees. They also give loan and grants for the post graduate students. Higher learning starts at undergraduate degree level to a doctoral degree offered in any field of study.

A bachelor's degree is given to students who fulfill the necessary requirements given by the college or university they are attending. The requirements include three to seven years of focus on a subject, typically referred to as a major or concentration.