INTRODUCTION AND GENERAL COURSE
INFORMATION
|
COURSE |
Principles
of Macroeconomics: ECON% 202 * (old
number ECO 201} |
|
QUARTER |
Fall
2009 |
|
INSTRUCTOR |
J.
Hubert |
|
OFFICE
|
Room 301 |
|
PHONE |
587
2037 (work) |
|
E-MAIL |
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|
GMAIL |
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|
WEB
PAGE |
|
|
OFFICE
HOURS |
10:00
– 10:50 AM daily 7:30
– 8:00 AM by request |
|
TEXTBOOK |
Principles
of Macroeconomics, N. Gregory Mankiw, 5th edition ISBN: 978-0-3-2423695-8
|
|
|
Econ Supplemental Readings (Reserve
Desk, SCCC Library) Online
Readings http://seattlecentral.org/faculty/jhubert/readings.html The
Wall Street Journal ** |
|
PREREQUISITES |
MAT
098 (Intermediate Algebra) and ENG 101 (recommended) |
* Note:
Macroeconomics,
ECON% 202, satisfies the Global Studies requirement (this applies to only
macroeconomic courses taught by Mr. Hubert) and the Quantitative/Symbolic Reasoning
requirement for the A. A. Degree.
Macroeconomics,
ECON% 202, is linked with the Bus 200 law class Winter Quarter.
Macroeconomics,
ECON% 202, may be linked with the Bus 210 statistics class Fall and Spring
Quarters.
**
A reduced price student subscription is available.
ECONOMICS
·
"The
Theory of Economics does not furnish a body of settled conclusions immediately
applicable to policy. It is a method rather than a doctrine, an apparatus of the
mind, a technique of thinking which helps its possessor to draw correct
conclusions."
John Maynard Keynes
·
Economics
as an "engine for the discovery of concrete truth."
Alfred Marshall, "The Present Position of Economics" (1885)
·
"I
don't know a thing about macroeconomics, and I thank God for it every
day."
George Stigler, The Margin, September 1985, Graduate of Broadway High
School, Seattle, Nobel Laureate in Economics
· Economics is the study of how to best allocate scarce resources among competing uses: guns or butter types of questions.
Standard Textbook Definition
·
”Ethics deals with
morality and I would contend that capitalism is an amoral economic
model.” *
Business Administration Program Review 2002
* Note: We will spend some time addressing this rather thoughtless comment.
MACROECONOMICS, ECON% 202
Economics 202, a macroeconomics
course, focuses on the economy as a whole (or major subdivisions of it) and the
relationship of economies with one another. It should be emphasized that
economics is a behavioral or social science that examines individual choice.
Choice involves a complex set of variables that would include cultural and
social characteristics. One cannot understand economics without a firm
understanding of people or peoples. Topics to be discussed include: scarcity,
choice, determinants of supply and demand, national income and wealth, the
public sector, measures of economic activity - unemployment, inflation,
business cycles and output - money and banking, fiscal and monetary policies,
financial markets and international trade and finance.
Any examination of
macroeconomics requires a global perspective: International trade reflects the
values and norms of various trading partners; institutional, legal, cultural
and sociological factors influence both supply and demand of goods and services
which, in turn, determine the economic relationships between nations. The
demand for cocaine in the United States determines, in part, its relationship
with Columbia and Columbia’s decisions regarding its production output mix.
Another example: many cultures and religions frown on or actually place
restrictions on usury; any such restriction on lending tends to constrain
commerce and development and, of course, hinder any income redistribution.
We will examine a variety of
markets and regions, which might include: Japan, North and South Korea, China,
several African countries, Germany, Hong Kong, Singapore, and Columbia.
The course will include a
comparison and analysis of different types of market structures: from socialist
countries, such as England, Sweden, Cuba, and China to more market-oriented
economies.
In this course we will attempt
to relate economic theory to the real world.
EDUCATIONAL
PHILOSOPHY AND COURSE GOALS:
My educational philosophy is
incorporated in the macroeconomics course goals and objectives:
1. To
achieve a fundamental understanding of macroeconomic theory, concepts, and
terminology.
2. To
be able to interpret and analyze economic data (employing quantitative
methods).
3. To
understand the global economy: national regional, international, as well as the
cultural issues, which affect behavior.
4. To
enter into the point of view of societies other than Western Europe or North
America.
5. To
develop an independent ability to apply economic tools (including quantitative
methods) in critical thinking about a variety of issues.
6. To
understand the diverse elements of a global society.
7. To
understand the diversity of perspective that exists within localities, regions
and societies so as to avoid over generalization and stereotyping.
8. To
be prepared for advanced economic courses.
The primary goal of my
introductory economics courses is to enable students to apply "the
economic way of thinking." Thinking like an economist involves using
chains of deductive reasoning in conjunction with simplified models of reality.
The learning process involves the application of a limited number of important
concepts and economic tools to examine relevant real world issues and problems.
The initial, and possibly the
most important, step in this process is to make economics fun (or at least
interesting). It is my contention that, far from being a dry, dismal science,
economics provides students with the tools necessary to critically examine
issues and make sound decisions...skills necessary to function in any society.
John Maynard Keynes summarized this notion well:
"It is this ability to readily utilize economic
theory in the analysis of real world issues that makes its study fun."
CRITICAL THINKING
The emphasis in
my classes is on analysis; this approach tends to challenge my students. To
quote R. Jackson Wilson, Professor of History at Smith College:
"Students come to us having
sat around for twelve years expressing attitudes toward things rather than
analyzing. They are always ready to tell you how they feel about an issue, but
they have never learned how to construct a rational argument to defend their
opinions."
ACADEMIC RIGOR
I
feel strongly that my college transfer courses must be taught at the same level
of rigor and content as comparable courses at four-year institutions. (To do
less penalizes our transfer students.)
Students occasionally find this level of rigor somewhat challenging!
A significant portion of time
is allocated to the analysis of contemporary issues. We enjoy confronting
conventional wisdom. For example, consider the myths regarding the benefits of
minimum wage laws: economic theory and empirical evidence strongly supports the
notion that minimum wage laws tend to hurt the poor, especially young black
males.
DISCLAIMER
Finally, consider the following
disclaimer by René Descartes, circa 1625:
"At the same time, recalling my insignificance, I affirm nothing, but submit all these opinions to the authority of the Catholic Church, and to the judgment of the more sage; and I wish no one to believe anything I have written, unless he is personally persuaded by the evidence of reason."
I share Descartes’
concern regarding persuasion. I wish no one to believe anything presented in
this class unless he or she is personally “persuaded by the evidence of reason”
and/or empirical evidence.
METHODS OF INSTRUCTION:
The hybrid nature of this class will include both classroom and
web-based settings. (The hybrid
structure is a work-in-process, which will be modified with student feedback
over the quarter.):
CLASSROOM SETTING:
Lecture and collaborative techniques: I combine traditional lectures
with a host of other approaches including small group work, short individual
and group presentations, and current events from the Wall Street Journal, New
York Times and other publications.
Lectures will incorporate PowerPoint technology. Selected PowerPoint presentations will be
accessible at:
ECON%
202 PowerPoint Presentation
WEB-BASED-BASED SETTING:
Wednesdays will be allocated to Internet web-based
activities. Google tools will be
incorporated into the class. Student
study groups will use Google-based web sites containing readings and
assignments; Google-chat will allow groups to discuss readings and prepare
consensus responses. Consensus
responses may be presented in the classroom setting. Web-based exams will be used to maximize classroom time.
Google Web-based examples:
http://sites.google.com/a/seattlecentral.edu/economics/
http://sites.google.com/a/seattlecentral.edu/business-ethics/
An economic reading example:
http://seattlecentral.edu/faculty/jhubert/commonsense.html
EXAMS AND QUIZZES:
There will be a short quiz
every Friday - beginning on October 2nd, a 50-minute midterm exam on Friday,
October 30th, and a 50-minute final exam on Friday, December 11th. The class will
meet again at 10:30 a.m., Tuesday, December 15th, for a post-exam review of the
final exam.
Since we all tend to have
"off" days or miss the occasional class because of sickness or some
other legitimate reason, only the highest 6 quiz grades will be included in the
grading algorithm.
(Note: Test times and dates are inviolate, that is,
alternative test dates or times will not be scheduled. Makeup exams/quizzes
will not be provided.)
NOTE: Scantron forms may be required for
quizzes and exams.
GRADING: *
|
Quizzes (6) |
120 points |
|
Exams (2) |
200 points |
|
Homework ** |
To Be Determined |
*
Subject to revision
**
All homework must be completed in order to receive a passing grade.
GRADE COMPUTATION
(estimated):
GRADING MATRIX *
|
|
|
Grade* |
Minimum
% of total points |
|
3.5 |
90
% |
|
2.5 |
76
% |
|
1.5 |
62
% |
|
0.7 |
51
% |
|
0.0 |
Less
than 51 % |
* Approximation
only
Note: NC grades will not be given.
READINGS:
The textbook and supplemental reading
assignments represent your main learning tools. Textbook assignments are set
forth below. Supplemental readings will be assigned on an ad hoc basis. Please
be prepared to discuss readings on the date posted in the assignments web page.
Articles from The Wall Street
Journal* or other economic related publications will
be assigned on a frequent basis. Students will be held responsible for all
assigned readings.
Lectures will cover important
and/or difficult topics and I will assume that you have completed the reading
assignment prior to the lecture. You will be held accountable for all materials
presented in the lectures. I strongly suggest that you rewrite your lecture
notes following class. This process will help you organize materials and identify
potential problem areas.
* Note: A subscription is not
required for the course. Subscriptions
are agreements between the student and The Journal; the instructor is not
involved in the agreement.
Note: This is a college level text that includes
applied mathematics. It is in your best interest to allocate sufficient time
for study. I recommend two hours per day (seven days a week).
Ultimately you will be
responsible for the topics assigned whether discussed in the lectures or not.
Note: New material may be introduced in lectures.
COURSE SYLLABUS
(Tentative)
|
WEEK |
CHAPTER |
TOPIC |
|
1 |
1 2 |
Ten
Principles of Economics Thinking Like
an Economist |
|
2 |
3 4 |
Interdependence
and the Gains from Trade The
Market Forces of Supply and Demand |
|
3 |
5 6 |
Elasticity
and its Application Supply
and Demand and Government Policies |
|
4 |
7 8 |
Consumers,
Producers & Efficiency of Markets Application:
the Costs of Taxation |
|
5 |
9 |
Application: International Trade Midterm
Exam: Friday, October 30th |
|
6 |
10 11 |
Measuring a Nation’s Income Measuring the Cost of Living
|
|
7 |
12 13 |
Production
and Growth Saving,
Investment, and the Financial System |
|
8 |
14 15 |
The Basic
Tools of Finance Unemployment
and its Natural Rate |
|
9 |
16 17 |
The Monetary
System Money Growth
and Inflation |
|
10 |
18 19 |
Open-Economy
Macroeconomics: Basic Concepts A
Macroeconomic Theory of the Open Economy |
|
11 |
20 21 |
Aggregate
Demand and Aggregate Supply The Influence
of Monetary and Fiscal Policy on Aggregate Demand |
|
11 |
|
Final
Exam: 11:00 a.m., Friday, December 11th |
|
12 |
|
Post-exam
session:
10:30,
Tuesday, December 15th * |
* Final exams will be returned and
correct answers will be discussed.
Students have the option to contest their answers, in writing, by 8:00
a.m. Wednesday, December 16th.
NOTES:
If you
need course adaptations or accommodations because of a disability; if you have
emergency medical information to share with me; or you need special
arrangements in case the building must be evacuated; please make an appointment
with me as soon as possible.
District
regulations prohibit children in the classroom.
College
regulations
prohibit food or beverages in the classroom.
Academic
dishonesty will not be condoned in my classes. Note: cheating is punishable by expulsion from
the class.
Finally,
please…turn
off all cell phones and beepers prior to entering the classroom.
Aplia Registration
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Student Registration and Payment Instructions |
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