Download ECON 103 - Principles of Macroeconomics Professor Mark Pingle

COURSE OUTLINE
Principles of Macroeconomics
Silver Core Curriculum Template
Professor Mark Pingle
February 10, 2015
ECON 103 - Principles of Macroeconomics
Sec. 1001, TR 11:00 AM - 12:15 PM
Professor Mark Pingle
Office: AB 319C
Office Hours: MW 10:00 - 1100 AM
Course Description: This “core” social science course for the University of Nevada introduces 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 a
market economy.
Core Social Science (CO6) and Development of CO1 and CO3: This class fulfills the core social science requirement:
“Students will learn how to systematically analyze human social conditions (e.g., individuals, groups, communities, and
cultures). In particular, students will learn to observe, theorize, model, experiment, and/or interpret as a means of inquiring
into human social relations.” This course also develops CO1 (effective communication and composition) and CO3 (critical
analysis and use of information) through requiring effective communication in writing (in assignments and on exams) and
through requiring critical thinking and critical analysis (in assignments and on exams).
Required Course Materials:
(1) US Macroeconomic Statistics: A Set of Figures and Data Tables to Supplement a Macroeconomics
Course, Mark A. Pingle, 19th Edition, 2014.
(2) Principles of Macroeconomics, Mark A. Pingle, 2014.
Grading:
20% Midterm 1
20% Midterm 2
35% Final: Monday, December 15; 10:15-12:15 PM
15% Assignments---Three assignments, each of equal weight
5% Quizzes
5% Participation
Penalties for Irresponsible Behavior: 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.
Each student must turn in all 3 assignments. If an assignment is not received, then the will receive an F course grade.
Attendance will not be taken each class, but participation points will be lost if you are absent when attendance is taken.
Assignments: The first assignment involves applying some “data manipulation techniques,” which allow you to learn more
from a set of data. The second assignment is a writing assignment, given to help you develop your writing skills in an
economic context. The third assignment allows you to practice using a macroeconomic model that will be used extensively
at the end of the course to describe how the economy works and to predict the impacts of various economic policies.
Quizzes: You will be given regular quizzes through Web Campus on the vocabulary found in your reading.
Participation: The most significant factor determining how much you will learn is the extent to which you seek to make
economic ideas your own, incorporating them into your understanding of the world. Participation is a key to making the
ideas your own. Participation includes,
o Attending class
o Doing practice problems
o Asking questions: This is your primary job as a student. Ask about what is not clear from the reading,
about a homework problem you do not understand, about something you observe in everyday life.
1
Posting items to Web Campus discussion board and reading what others have posted.
Coming to class prepared, which means you have read the assigned readings, done any problems given for
practice, and are read up on current events through the Wall Street Journal editorial page or some other
editorial source.
o Participating when specific opportunities to earn participation credit are offered (e.g. guest speaker on
campus)
Core Curriculum: This course meets the Social Science requirements of the University’s current Core Curriculum. In the new
Silver Core starting Fall 2016, this course will satisfy CO6 (Cultures, Societies & Individuals): Students will learn how to
systematically analyze human social conditions (e.g., individuals, groups, communities, and cultures). In particular, students
will learn to observe, theorize, model, experiment, and/or interpret as a means of inquiring into human social relations. This
course will also develop discipline-specific competency in both CO2 (Quantitative Reasoning) and CO3 (Critical Analysis &
Use of Information).
o
o
Student Learning Outcomes:
• Using data, and various quantitative techniques for presenting and analyzing data, students will demonstrate the
ability to describe observed macroeconomic phenomena.
• Using supply and demand modeling and other theoretical tool, students will demonstrate the ability to provide
explanations (i.e. provide theories) for the observed changes in macroeconomic data.
• Students will demonstrate the ability to critically analyze the macroeconomic policies government might use to
stabilize the economy or promote economic growth.
ACADEMIC DISABILITY: Any student with a disability needing academic adjustments or accommodations is asked to
speak with me or the Disability Resource Center (Thompson Building Suite 100) as soon as possible to arrange for
appropriate accommodations.
Academic Success Services: Your student fees cover usage of the Math Center (784-4433 or www.unr.edu/mathcenter/),
Tutoring Center (784-6801 or www.unr.edu/tutoring/), and University Writing Center (784-6030 or
http://www.unr.edu/writing_center/). These centers support your classroom learning; it is your responsibility to take
advantage of their services. Keep in mind that seeking help outside of class is the sign of a responsible and successful
student.
Math Prerequisite and Competency: The prerequisite for ECON 103 is completion of the Core Math requirement, an ACT of
22, an SAT of 500, or concurrent registration in MATH 126 or higher. Success in economics requires competency in basic
math skills
Grading Scale: Grades will be reported regularly on Webcampus according to a four point scale (4.0=A, 3.0=B, 2.0=C,
1.0=D, and 0.0=F) with one decimal place. Your course grade will be converted back into a letter grade, with +/-, at the end
of the semester.
Academic Integrity: Students are expected to adhere to the ethical code as described in the UNR Student Handbook, and you
commit to these principles by enrolling in this class. Academic dishonesty in any form is unacceptable, and penalties range
from failing the exam or assignment to being dismissed from the university. We consider any violation of academic integrity
to be a very serious matter.
Audio and Video Recording: Unauthorized video or audio recordings of this class is prohibited by law and the Board of
Regents. This class may be recorded only with the written permission of the instructor, and only for personal use. In order to
accommodate students with disabilities, some students may have been given permission to record class lectures and
discussions, and student comments during class may thus be recorded.
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 these, and much focus will be placed upon these in class.
1.
2.
3.
4.
5.
6.
7.
8.
Opportunity cost
Specialization and trade
Trade is mutually beneficial
Invisible Hand
Arbitrage
Price system
Burden of debt
Availability of credit
2
9. Production and its relationship to income and wealth
10. Law of diminishing returns
11. Competition and its relationship to technological improvement
12. Classical theory of income distribution
13. Inflation tax
14. Effect of inflation on debtors and creditors
15. Importance of saving
16. Investment and its relationship to saving and capital stock
17. Autonomous spending multiplier
18. Principles of insurance
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. Most of the 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.
Date
8/25
8/27
Topic
Economics as Social Science: What is economics?
Origins of market system
9/1
9/3
9/8
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
First Midterm
Labor Demand
Labor Supply
Labor Market
Assignment 2 given
Labor Market Shocks
The Aggregate Supply Curve
The Dynamic Supply-Side
Barter
Money
The Federal Reserve and Money
Money Supply and Money Demand
Classical Monetary Theory
Keynesian Monetary Theory
Review for second midterm
Second Midterm
The Circular Flow
Catch up Day
Consumption, Savings, and Investment
9/10
9/15
9/17
9/22
9/24
9/29
10/1
10/6
10/8
10/13
10/15
10/20
10/22
10/27
10/29
11/3
11/5
11/10
11/12
11/17
11/19
11/24
11/26
Assignment Due
None; I1, I2
CH1
CH2 2.1-2.2; I3, I4
None
CH2 2.3-2.4; I5, I6
Fig 1-4 and App. B in Statsbook;
Statsbook Table 3 and Fig 5, 6, 9-12
Fig 33-43; I7, I8
CH3; Fig 20, 21, 28, 48-50
Appendix: “Mathematical Tools”
CH4 4.1-4.4; Fig 7-8, 15-16; I7; Assign 1
CH4 4.5; Fig 19, 44-47; I9, I10
CH4 4.6
None
None
CH5 5.1; Fig 23; I11, I12, I13, I14
CH5 5.2;
CH5 5.3.1-5.3.2
CH5 5.3.3-5.4
CH6 6.1-6.2
CH6 6.3-6.5
CH7 7.1
CH7 7.2-7.3; Fig.29-32
CH7 7.4
CH8 8.1-8.2; Assignment 2
CH8 8.3
CH8 8.4-8.5; Fig 21
None
None
CH9 9.1; Fig 5-10
None
CH9 9.2; Fig 11-14; I15
CH9 9.3; Fig 17-18; I16
The Aggregate Demand Curve
Laissez Faire Adjustments
Monetary Policy
Fiscal Policy---Government Purchases
Assignment 3 given
Fiscal Policy---Net Taxes
CH9 9.4
CH10 10.1
CH10 10.2.1; I17
CH10 10.2.2
CH10 10.2.3
3
12/1
12/3
12/8
12/10
12/15
Monetary Policy
Fiscal Policy---Government Purchases and Net Taxes
An increase in population
Capital accumulation and tech. improvement
Insurance and gambling
Prep Day: Special Review Session for Final
Final; 10:15-12:15PM
4
CH10 10.3.1
CH10 10.3.2-10.3.3
CH10.3.5
CH10 10.3.3-10.4; Assignment 3
None; I18
Attendance not required