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COURSE OUTLINE Principles of Macroeconomics Economics 103: 9:00-9:50 MWF Professor Mark Pingle Office AB 318D; 784-6634; [email protected] Office Hours: Monday and Friday 10:00-11:30 and by appointment Fall 2003 Course Description: This is a “core” social science course for the University of Nevada, introducing the student to macroeconomics. Macroeconomics is a branch of economics that focuses on the economic system as a whole. Upon successfully completing this course, the student will have an elementary understanding of (1) US macroeconomic history since the beginning of the Great Depression, (2) how a market economy works, and (3) how government can influence an economy through policy changes. Required Course Materials: (1) US Macroeconomic Statistics: A Set of Figures and Data Tables to Supplement a Macroeconomics Course, Mark A. Pingle, 8th Edition, 2003. To be distributed at a cost of $10. Make checks payable to Omicron Delta Epsilon (Or just ODE) (2) Principles of Macroeconomics, Mark A. Pingle: To be distributed at a cost of $10. Make checks payable to Omicron Delta Epsilon (Or just ODE) (3) Aplia Subscription: Aplia is company that provides on-line tutorials, news articles, practice quizzes, graded quizzes, and more. The fee is $21 paid by you to Aplia directly. You will register on-line. (See handout for detailed information.) Optional Course Materials: You will have the option to read one of the following two classic books by Adam Smith and receive extra credit toward. (See below for details.) (4) Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations. To be ordered individually. You can get it from Amazon.com or other vendors. However, you can also order it direct from Oxford University Press at www.oup-usa.org/isbn/0192835467.html (5) Smith, Adam, Theory of Moral Sentiments. To be ordered individually. You can order it from Amazon.com at http://www.amazon.com/exec/obidos/ASIN/1573928003/103-9600131-6371028 Grading: 20% Midterm 1; Monday, September 26 20% Midterm 2; Monday, November 3 30% Final; Thursday, December 11, 9:45AM-11:45AM 15% Three “major” assignments---each of equal weight. 15% Aplia “minor” assignments, class participation, and class preparation. As a student, learning is your job, a job you should take seriously. Irresponsible behavior will impact your course grade in the following ways: Assignments turned in late will be docked one letter grade per class period until they are received. Attendance will be taken periodically and will count toward participation. The participation and preparation portion of the course grade will be reduced to zero for any student who is recorded missing 3 or more classes. Students must do all 3 assignments. If an assignment is not received, then the will receive an F course grade. After Assignment 1, all students will have to pass a “technical skills competency test.” Those who are unable to pass the test must obtain credit for this technical skills competency requirement by meeting with the instructor. Students failing to do so will receive an F course grade. Extra Credit Opportunity: For reading one of the two books by Adam Smith listed above, you will receive extra credit that amounts in an increase of one of your midterm grades by one full letter grade (e.g. B grade moves to A grade.) To receive this extra credit, you will have to write an acceptable 3 page book report that summarizes what you have gained by reading the book. You will also have to attend a special class session (probably at noon on campus near the end of the semester). In this special session, you will be expected to participate in a discussion of the book. Those who do not effectively participate in this discussion will not receive credit for reading the book. 1 Holidays (No Class): Labor Day: Monday, September 1 Nevada Day (Observed): Friday, Oct.31 Thanksgiving Vacation: Friday, November 28 Salient Economic Ideas: Among the many ideas discussed in the course, these economic ideas are labeled here as being particularly significant. You will be tested on each of these ideas on two different occasions. 1. Opportunity cost 2. Specialization and trade 3. Trade is mutually beneficial 4. Price system 5. Burden of debt 6. Availability of credit 7. Production and its relationship to income and wealth 8. Law of diminishing returns 9. Competition and its relationship to technological improvement 10. Classical theory of income distribution 11. Inflation tax 12. Effect of inflation on debtors and creditors 13. Importance of saving 14. Investment and its relationship to saving and capital stock 15. Principles of insurance 16. Autonomous spending multiplier Lectures and Assignments: Each class will begin with an opportunity for students to ask questions, and there will be a current events discussion at the beginning of most classes. Students are expected to read at least one current periodical (e.g. Wall Street Journal, Newsweek) regularly. Those students who participate more regularly in class discussions will receive more credit toward the participation portion of the course grade. Except for the “minor” Aplia assignments and the “major” that are underlined, all assignments in the “Assignments Due” column are reading assignments. CH refers to the “classnotes,” Fig. refers to the Statsbook., and the symbols I1, I2, I3,… refer to Salient Economic Ideas. Aplia refers to assignments online at the Aplia website. All Aplia assignments must be completed by 7:30 AM on the day they are due. Date 8/25 8/27 8/29 9/1 9/3 9/5 9/8 9/10 9/12 9/15 9/17 9/19 9/22 9/24 9/26 9/29 10/1 10/3 10/6 10/8 10/10 10/13 10/15 Topic Economics as Social Science What is economics? Origins of market system Labor Day (No class) Model market and command economies Data presentation and production facts Assignment 1 given Expenditure and income components of output The role of government Economic performance; Major macro concerns Preparing for Model Building Production: The source of wealth Labor productivity measures (and marginal thinking) Production Possibilities and the concept of cost Review for first midterm Assignment Due None CH1; I1, I2, Aplia 1 (Pretest) CH2 2.1-2.2; I3; Aplia 2 (Discuss in Class) CH2 2.3-2.4; I4; Aplia 3 Fig 1-4 and App. B in Statsbook; Aplia 4 (Discuss in Class) Statsbook Table 3 and Fig 5,6, 9-12 Fig 33-43; I5, I6; Aplia 5 CH3; Fig 20, 21, 28, 48-50; Assign 1 Appendix: “Mathematical Tools”; Aplia 6, Aplia 7 CH4 4.1-4.4; Fig 7-8, 15-16; I7; Aplia 8 (Posttest) CH4 4.5; Fig 19, 44-47; I8, I9; Aplia 9 (Discuss) CH4 4.6; Aplia 10, Aplia 11 Aplia 12, Aplia 13 Complete Math Competency None CH5 5.1; Fig 23; I10, I11, I12 First Midterm Labor Demand Assignment 2 given Labor Supply Labor Market Labor Market Shocks The Aggregate Supply Curve The Dynamic Supply-Side Barter Money CH5 5.2; CH5 5.3.1-5.3.2 CH5 5.3.3-5.4; Assignment 2 (Draft); Aplia 14 CH6 6.1-6.2; Aplia 15 CH6 6.3-6.5; Aplia 16 CH7 7.1; Aplia 17 CH7 7.2-7.3; Fig.29-32 2 10/17 10/20 10/22 10/24 10/27 10/29 10/31 11/3 11/5 The Federal Reserve and Money Money Supply and Money Demand Classical Monetary Theory Keynesian Monetary Theory The Circular Flow Review for second midterm Nevada Day (No Class) Second Midterm Consumption, Savings, and Investment 11/7 11/10 11/12 11/14 The Aggregate Demand Curve Laissez Faire Adjustments Monetary Policy Fiscal Policy---Government Purchases Assignment 3 given Fiscal Policy---Net Taxes Insurance and gambling Monetary Policy Fiscal Policy---Government Purchases and Net Taxes Gambling and Insurance: Principles and their role in society Thanksgiving vacation (no class) An increase in population Capital accumulation and tech. improvement Review for Final First portion of final (During class time) Second portion of final; 9:45a.m.-11:45a.m 11/17 11/29 11/21 11/24 11/26 11/28 12/1 12/3 12/5 12/8 12/11 CH7 7.4 CH8 8.1-8.2; Aplia 18, Aplia 19 CH8 8.3; Aplia 20 CH8 8.4-8.5; Fig 21; Aplia 21 CH9 9.1; Fig 5-10; Aplia 22 (Discuss) None 3 CH9 9.2; Fig 11-14; I13; CH9 9.3; Fig 17-18; I14 CH9 9.4, SM III-1-2 CH10 10.1; Assignment 2 CH10 10.2.1; I16 CH10 10.2.2 CH10 10.2.3 None; I5 CH10 10.3.1 CH10 10.3.2-10.3.3 None CH10.3.5 CH10 10.3.3-10.4; Assignment 3 None