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Principles of Macroeconomics Economics 201 Section 200 Course Outline and Reading Assignments University of Colorado Spring 1984 Paul Wojick Office: Econ 317 Office hours: M 1:00-2:00 T 9:00-10:00 F 12:00-1:00 Office phone: 492-6653 Course Desciption This course has been deve loped with the intention of introducing students to the ideas and analysis which comprise the field of macroeconomics. In focusing on this particular aspect of economics, we will be involved in an effort to identify the major forces that affect the operation and performance of an economy as we attempt to develop a basic understanding of both how an economy works and how well an economy works. We will also concern ourselves with analysing the potential which public policy holds for improving the performance of an economy and achieving the national goals (such as full employment, pric e stability, economic growth and an equitable distribution of income) that are formulated through the political process. The thing that makes work in this field particularly interesting is that there is still, as we will see, a lot of room for disagreement among economists on all of these matters. Because of this, understanding the economic policy questions facing this country and its elected officials (not to mention the usually heated debate surrounding these questions) requires, on the most fundamental level, a clear understanding of the nature of the questions and problems themselves, and then a basic comprehension of the major competing points of view. With these thoughts in mind, your goa ls for this course, if for no other reason than the fact that these things will be expected of you, should be as follows: Learning basic concepts such as demand, supply, GNP, consumption, investment, etc. Understanding the sort of problems, such as unemployment and inflation to which an economic system may be susceptible . Understanding the manner in which basic concepts and the processes associated with these concepts are integrated into simple models of how the economy works. Learning hew the models developed in class are applied to the analysis of particular economic problems and proposed solutions to these problems. The proposed outline of course topics and reading assignments is found below. I do, however, reserve the right to make changes in the event that we spend more or less than the anticipated amount of time covering a particular subject. The assigned texts are: Bradley R. Schiller, The Macro Economy Today, Random House, New York, 1983. Robert B. Carson, Macroeconomic Issues Today, St. Martin's Press, New York, 1983 Course Outline: Date Topics Jan. 25-27 Introduction Assignment Schiller Ch. 1 Carson Intro. Jan. 30-Feb. 3 The operation of markets and determination Ch. 2 of relative prices as part of the economic process . Feb. 6-8 The role of government in the economy. Ch. 3 Feb. 10-15 Quantifying the performance of an economy . Developing the analytical categories. Ch. 4 Feb. 17-27 Two major macroeconomic problems: Unemployment and inflation. Ch. 5, 6 Feb. 29 EXAM I March 2- 16 Dealing with major macroeconomic problems. Ch. 7,8,9 Understanding the Keynesian theoretical system and its policy implications. March 19-23 Understanding money and the monetary system. Ch. 10 March 26-30 Spring Break April 2-4 The Federal Reserve System and the supply of money. Ch. 11 April 6-13 Dealing with major macroeconomic problems. Understanding monetary policy, the monetarist perspective, and the Keynesian-Monetarist debate. Ch. 12 April 16-20 Dealing with major macroeconomic problems. The emergence of a new point of view: Supply Side Economics. Ch. 13 April 23 EXAM II April 25 If we're so smart, why don't things work better? April 27 The policies of the current administration. Ch. 15 April 30-May 2 The growth of an economic system over time . Ch. 17 May 4-11 U.S. markets as part of a worldwide system of markets. Ch. 18,19 Issue 7 May 14 An alternative means of organizing a society's productive resources . Ch . 21 Issue 8 May 22 FINAL EXAM - Tuesday 11:30 am - 2:30 pm Issue 5,6 Issue 3,4 Issue 1,2 Ch. 14 Grading: Your grade in this course will be determined as follows: 1) There will be two hourly exams, each of which will count 25% of your grade. There will be no make-up examinations of any kind given in this course. If you miss an exam, and have a legitimate excuse, the weight of the final exam will increase proportionately. If you miss an exam and do not see me about it, your score on the exam will be a zero. 2) Recitation will account for 15% of your grade . You will be given four short quizzes. Only your three best scores will count toward your grade. 3) A comprehensive final examination will be given . It will count 35% of your grade if your score on the final is equal to or lower than your average on previous work in this class. If, however, your performance on the final is better than your previous average and you have completed all other work in the course, your grade will be completely determined by your score on the final.