Principles of
Macroeconomics
Required Text: Robert H. Frank and Ben S. Bernanke,
Principles of Macroeconomics (McGraw-Hill/Irwin, Brief edition) Introduction. Chapters 1 - 2. How to print out PowerPoints without wasting paper. Demand and Supply. Chapter 3. Answer key to demand and supply worksheet Measuring inflation and economic activity. Chapters 4 - 7 To adjust figures for inflation check out the following: http://www.jsc.nasa.gov/bu2/inflateCPI.html To get some historical perspective check out the following: http://www.j-bradford-delong.net/TCEH/Slouch_title.html Click here for a song! Click here for the lyrics. Basic Macroeconomic analysis and fiscal policy. Chapters 10-11. Money, Banking and Monetary Policy. Chapters 8-9-12. Click here for fun and games at the FED. Modern Macroeconomics. Chapter 13.
Purpose of the course: To introduce you to the branch of economics known as Macroeconomics. Macroeconomics deals with the causes, consequences and control of inflation and economic recession. We also explore the causes of economic growth and discuss what can be done to promote stability and economic growth . Following Boulding you can think of Microeconomics as study of economic organisms (firms, households, the government and the foreign sector) and macroeconomics as the study of the ecosystem in which those organisms both compete and cooperate. Although economists make much of the benefits of self-interest in Macroeconomics we learn that often what is rational from the individual's perspective is not rational for the entire economy. I hope to help you develop the tools needed to read or listen to reports on where inflation, corporate profits, interest rates, economic growth, the stock market, unemployment and so on may be in the near future. After taking EC201 you should be able to not only follow expert opinion but to also evaluate the worth or merit of such opinions. Even if you hire experts to advise you, when experts disagree you must have the tools to decide for yourself whose advice to follow.
Course objectives: (1) To familiarize you with macroeconomic concepts. (2) To increase your awareness of how important these concepts are to business planning, financial analysis and being a good citizen. (3) To help you further develop your higher order thinking skills. Course objectives: (1) To familiarize you with macroeconomic concepts. (2) To increase your awareness of how important these concepts are to business planning, financial analysis and being a good citizen. (3) To help you further develop your higher order thinking skills.
In this class, you must demonstrate that you fully comprehend what we cover and are comfortable In this class, you must demonstrate that you fully comprehend what we cover and are comfortable applying ideas from class to the real world. You are then encouraged to challenge the premises that form the basis of any given argument (once both of us are sure that you understand the argument being presented on its own terms). Reality is far too complex to provide you with a set of ready-made answers. We will go well beyond mere knowledge of "facts" and procedures and basic comprehension to application, analysis, and evaluation of existing ideas. Some of you may go one step further to the creation of new ideas (or theories or explanations) on your own! I would very happy if I could help you get to this point over the next four weeks.
Course Grade How much you are learning will be measured principally* through homework assignments. There will be at least four homework assignments. *(Please note that several smaller assignments may be given over the course of the next four weeks. The points awarded on these will become part of your longer assignment scores.)
Rules of the Road 1.) Attendance and Attendance represents the minimal degree of participation. The key reason for this is that I don't give lectures. I conduct classes. There is an important difference between the two. In a lecture, a student sits passively in front of the professor and receives the little pieces of wisdom that the professor decides to share or "profess". He or she is the "sage on the stage". ( The word lecture itself comes from the Latin word lectus or a derivative of the Latin legere "to read". You have got a text and can read on your own. I don't need to lecture or read to you. Lectures should have gone out with the printing press.) In a class or group (check the dictionary for the derivation of the word class), the student is expected to be just that, part of the group. Our group is dedicated to the study of Macroeconomics. My role is to help guide you through your process of learning. In other words, my job is to be a "guide on the side" rather than the "sage on the stage". What you learn and how much you learn depends on the connections you draw between what we are talking about in class, what you are reading about and working on outside of class and what YOU already know and understand; what you bring to Ec201. If we don't talk or communicate through writing , either in class or outside of class, I have no way of knowing if you are making the sort of connections you need to make to learn Macroeconomics. 2.) Study habits. Don't get behind. Most people can't absorb Economics without working things out on their own, outside of class. This is because of the higher order thinking skills used. In other words, there is a far more to this class than memorizing a bunch of definitions and learning a handful of procedures. You should try to study at least two hours for every hour in the classroom. You should review your notes, takes notes on what you have read, make a list of questions you have, bring them to me to clarify points you are confused about. Do this before you have too much to catch up on. Also read the assigned material at least once before class meets. Then read the assigned chapters after class as you review your notes.
3.) Notes. Excellent advice but often ignored! It would be a good idea to invest in a separate notebook for 201 and leave the back side of each page blank. On the blank sheets facing the pages that you've written your class notes, go through and write down the formulae and graphs we've used, what in plain everyday English we're doing, why you would care, and, in the examples we've gone through, what sort of conclusions we have gotten. 4.) If this were a job, during meetings you want to be attentive, ask questions and contribute to the meeting as much as you could. If this were a job, you would want to make sure you did at least as much as was expected of you and that you produced tangible evidence this work! Also note that I am will be your best friend if I feel that you are putting in the effort. I really enjoy teaching. What I do not enjoy is dealing with people who think there are must be some sort of shortcut to mastering this material and who refuse to put in the effort. 5.) If you have questions about the assignments and quizzes ask as soon as you can. 6.) Motivation. It is my job to teach you this subject. It is YOUR job to convince yourself that what you are learning here is important and relevant. It is also YOUR job to convince yourself that what we cover in this class is interesting and worth the time you will have to invest in studying. Problems with a course frequently start at the point where the student makes up his or her mind that the entire topic is not worth the close attention it demands to master it. Also although it is unlikely that you will feel that we are going too slowly over the material if you do feel this to be the case please let me know. I will happily give you other material to look at. This material will add additional depth to what we are working through together in class. |