INTRODUCTION AND GENERAL COURSE
INFORMATION
|
COURSE |
Principles
of Macroeconomics: ECON% 202 * (old
number ECO 201} |
|
QUARTER |
Spring
2008 |
|
INSTRUCTOR |
J.
Hubert |
|
OFFICE
|
Room
301 |
|
PHONE |
587
2037 (work) 938 1134 (home) |
|
E-MAIL |
|
|
WEB
PAGE |
|
|
OFFICE
HOURS |
10:00
– 10:50 AM daily 7:30
– 8:00 AM by request |
|
TEXTBOOK |
Principles
of Macroeconomics, N. Gregory Mankiw, 4th 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 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, is 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.
· 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:
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 and other
publications.
Lectures will incorporate
PowerPoint technology. Selected
PowerPoint presentations will be accessible at:
ECON% 202
PowerPoint Presentation
SEMINAR GROUPS
Study groups may be organized to
address and analyze a variety of economic issues. Active participation is
encouraged.
EXAMS AND QUIZZES:
There will be a short quiz every
Friday - beginning on April 4th, a 50-minute midterm exam on Friday, May 9th,
and a 50-minute final exam on Tuesday, June 10th. The class will meet again at
10:30 a.m., Wednesday, June 11th, 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 do your reading when it is assigned.
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 9 |
Consumers,
Producers & Efficiency of Markets Application:
the Costs of Taxation Application:
International Trade |
|
5 |
10 11 |
Measuring a
Nation’s Income Measuring the
Cost of Living |
|
6 |
|
Midterm Exam: Friday, May 9th |
|
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 |
|
|
|
Final
Exam: Tuesday, June 11th |
|
12 |
|
Post-exam
session:
10:30,
Wednesday, June 11th * |
* Final exams will be returned
and correct answers will be discussed.
Students have the option to contest their answers, in writing, by 8:00
on June 12th.
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.
· And finally please…turn off all cell phones and
beepers prior to entering the classroom.