UNF ECO 2013 - Principles of Macroeconomics

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PRINCIPLES OF MACROECONOMICSJan. 12 Last day for Drop/Add, late registrationMarch 14Changes through time, economic growth, productivity and wealth creation(as opposed to wealth re-distribution). Long-tern growth and theories ofgrowth. Savings or consumption, Ah, that is the question (present vs. future – ‘instant-’ vs. ‘delayed-gratification’). [See: Scott Peck, The Road Less Traveled or People of the Lie]. Investment and capital; interest rates and GDP. The underpinnings of financial decisions. The nature and operation of labor markets; employment, unemployment, and wages. Myths and realities – Is it really the worst economy since the Great Depression? [For verification, go to: the U.S. Department of Labor, Bureau of Labor Statistics website: www.bls.gov. Look at the Unadjusted and adjusted unemployment rates for 1986 through 2006 – pay particular attention to 1993-1994; 1996 in comparison with 2002 through 2004] Money supply growth, inflation. Review the CPI and the use of the ‘Inflation calculator’ on the BLS website. Economic growth Business cycles and cycle theory.PRINCIPLES OF MACROECONOMICSTerm: Spring 2007Course Number: ECO 2013 – 741; MWF [10:00 – 10:50]ECO 2013 -- 743; MWF Meeting Times Monday, Wednesday & Friday @ 10:00 - 10:50 [039- 1016] and Location: “ “ “ “ @ 11:00 - 11:50 [039-1016] Course Description No prerequisites. This course cannot be used to satisfy upper-level and Prerequisites: requirements for a degree in business administration and/or economics.The course is intended to provide students with an introduction to the principles of macroeconomics, income determination and national income accounting. The approach to the materials is both diagnostic and prescriptive (policy). A primary focus of analysis is on the use of monetary and fiscal policy to accomplish the goals of full employment, economic growth and price stability. Instructor: Louis A. Woods, PhD.University of North Carolina, Chapel Hill.Office Hours: Monday, Wednesday, & Friday – 9:30 – 10:00; 12:00 to 1:00; and by appointment.Phone: [904] 620-2641E-mail: [email protected] Texts: R. Glenn Hubbard & Anthony P. O’Brien. 2006. Macroeconomics. First Edition. Pearson/Prentice-Hall.James D. Gwartney, Richard L. Stroup & Dwight R. Lee. 2005. Common Sense Economics: What Everyone Should Know About Wealth and Prosperity. New York, NY: St. Martin’s Press. James Madison Institute.Outside Readings: In addition to the assigned reading material in the text, each student is expected to read a total of ten (10) articles (not editorials or book reviews)from scholarly journals over the term. Time, Businessweek, Fortune, The Wall Street Journal, etc. are all popular periodicals and DO NOT qualify asscholarly journals. Several examples of scholarly journals are Harvard Business Review, Business Economics, Journal of Developing Areas, LandEconomics, Journal of Marketing. Some students may prefer to read the daily articles found on the Mises Institute website (www.mises.org); the 1Foundation for Economic Education website (www.fee.org) or Economic Insights found at the Dallas Federal Reserve Bank’s website (www.federal reserve.org). Each of the articles should be reviewed, summarized or outlined as a written report on 5" x 8" note-cards. These reports are to be turned in on a weekly basis, beginning the week of January 18. Additional Each student is expected to be well informed on current economic issues --Requirements: both domestic and international -- by reading the Investor’s Business Daily (especially the Monday issues, which are sold on the newsstands on Saturday) or the Wall Street Journal; and by viewing Market Wrap on CNBC (now MSNBC), Nightly Business Report (PBS), or Lou Dobbs on CNN on a daily basis.There will be Exercises’ handed-out periodically in class for students to complete. These exercises involve reading the text, supplementary reading materials and answering questions relating to materials, including materials found on the internet, to demonstrate an understanding of the materials. Each exercise will have a full value of 10 (ten) points -- which will be incorporated into the final grade.There will be NO opportunities for ‘make-up’ or ‘late-submittals of class’ assignments WITHOUT a written excuse from a Hospital Administrator, a Doctor or a Judge for an unexcused absence.Course Outline and Schedule: Jan. 8 -Spring Term 2007Spring Term 2007 May 4January 8 First Day of Classes Introduction/background/housekeepingJan. 8 - Introduction to economics and key questions and issues: Feb. 9 What is economics? What are the tools that are used in economics?What are the critical elements of macroeconomics and of economic reasoning? These topics will be illustrated using editorial materials from current popular media sources, written by professional economists.Production possibilities, economic growth, benefits of specialization and exchange/trade. The role of markets, supply and demand. Market equilibrium. Macroeconomic concepts. Overview of Gwartney, Stroup & Lee’s [Common Sense Economics, 2005.] “Ten Key Elements of Economics”, 3-31] Major definitions and relationships. Time – the measure of many things. National income accounts; inflation and techniques for adjustment. Hubbard and O’Brien, Chapters 1-6.READ CAREFULLY:2** Frédéric Bastiat’s (1805-1850) “That Which is Seen, and That Which is Not Seen,” (1850, printed posthumously); available @ www.bastiat.org. Yes, I fully realize that Bastiat is an old, dead European male, nonetheless, his ideas remain as true today as they did in the middle of the 19th Century. Hence, material from this essay will be included on quizzes. Read the first paragraph closely and study the I. THE BROKEN WINDOW. Compare Bastiat’s ideas with Gwartney, Stroup & Lee’s “Key Elements of Economics,” # 10: “Too Often Long-Term Consequences, or the Secondary Effects, on an Action Are Ignored,” (27-31). Somehow I prefer the way Gwartney and Stroup put in the earlier version of their book [What Everyone Should Know About Economics and Prosperity, 1993]: “Key Elements of Economics,” # 10: Ignoring Secondary Effects and Long-term Consequences is the Most Common Source of Error in Economics,” (27-9)Bastiat begins his essay with the following statement:In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to


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UNF ECO 2013 - Principles of Macroeconomics

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