Department of Economics Essays - Economics, Economy, Macroeconomics

Department of Economics Essays - Economics, Economy, Macroeconomics Department of Economics Howard University Principles of Economics I Econ-001 Kristen E. Broady, Ph.D. Academic Support Bldg. B, Room 323 Howard University Email: [emailprotected] Personal Email: [emailprotected] Office Phone: 202-806-7740 Cell Phone: 803-920-3072 Office Hours: TR 1:00 p.m. - 5:00 p.m. Other times by appointment TEXTBOOK: Paul Krugman and Robin Wells, Economics in Modules , 3rd edition, Macmillan, 2014. Supplementary Readings: Thomas Swartz and Frank Bonello, Taking Sides, Clashing Views of Controversial Economic Issues, 11th edition, The Dushkin Publishing Group Inc., 2004. Ellen Frank et al, eds., Real World Macro, 26th Edition, Dollars & Sense Economic Affairs Bureau, 2009. Campbell R. McConnell, Stanley L. Brue and Seam M. Flynn, Economics, CUSTOM edition, McGraw Hill, 2009. mcconnell18e.com Course Description: Principles of Economics I is the first course of a two semester course sequence in introductory economics. These courses introduce the student to the basic principles of economic theory and policy. Economics is a systematic discipline, which studies the production and distribution of goods and services in a world with unlimited human aspirations but finite productive resources. How economists conceptualize the diverse problems arising from the tension between unlimited desires and fixed resources will be discussed. The basic methods of thought and tools of analysis which economists use will be described. The students will be introduced to the important policy issues which make economics a lively and controversial field. The main body of economic theory is typically divided into macroeconomics and microeconomics. Principles I is mainly focused on macroeconomics, the study of how aggregate (large) units of the economy behave. Macroeconomics studies the behavior of such important aggregate variables as total household consumption and savings, total business investment, government expenditures, the level of wages and employment, and the overall stock of money and credit. Macroeconomic theory studies these questions by dividing the economy into three types of inter-related markets; the market for labor, the market for goods and services, and the market for monetary and financial assets. Macroeconomic policy is concerned with unemployment, inflation, economic growth, and economic equity at the national level. On the other hand, microeconomics (principles of economics II) is concerned with the study of individual households and firms, and specific industries and markets. Students can find a vast amount of economics related material on the internet. Some selected links (URL's) are given in the Economics Department web site coas.howard.edu/economics/ Objectives of the Course: The purpose of this course is to introduce the student to the basic principles of macroeconomic theory and policy. Upon successful completion of the course, students should become familiar and comfortable with: . The methods of thought and tools which facilitate economic analysis. . The historical and contemporary facts of the economy at the macro-level, such as the history of the business cycle, inflation, productivity, economic growth, income distribution, and structural change. . The most important institutions of the economy such as the household sector, the business sector, the financial system, the tax system, and the federal budget. . The economic relationships used in macroeconomic theory such as the consumption function, the investment function, the aggregate expenditure function, the aggregate demand function, and the aggregate supply function. . The concept of macroeconomic equilibrium and disequilibrium . Alternative theoretical models of macroeconomic behavior such as the classical model, the Keynesian model, and the monetarist model. . Important historical episodes of macroeconomic policy application such as the Great Depression of the 1930s, wage and price controls during World War II, the Kennedy tax cut of the 1960s, the oil price inflation of the 1970s, "Reaganomics" of the 1980s, the Clinton economic program of the 1990s, and the Great Recession of the late 2000s. General Course Requirements: The program of study consists of lectures, class discussions, reading assignments, written assignments and written examinations. Students are responsible for attending classes regularly and completing all assignments in a timely manner. A minimum of three examinations will be given during the semester. A departmental comprehensive final examination will be given at the end of the semester. The final examination will count for thirty percent (30%) of the final grade. Any student who does not take a quiz or examination must obtain permission of the instructor in order to take a substitute or a make-up test. A student who does not secure such approval will receive a grade of `F' (or zero) for the quiz or examination missed. Your instructor may require additional readings during the course. Final Grade Determination: The final grade of the student in this course will be based on his/her overall