ECON 1113 (Section 002): Principles of Macroeconomics (Syllabus) Professor: Gregory Burge (Dr. B) Office Location: 430 Cate Center Building 1 E-mail: gburge@ou.edu Class: Dale Hall 200, MWF 11:30-12:20 What is Macroeconomics all about? Economics centers on the concepts of markets & choice. Macroeconomics focuses on economic outcomes at the national level. Questions like Why are certain countries rich while others are poor? and Why do some countries experience growth while others stagnate? are complicated. They are also best addressed after becoming familiar with a set of tools that facilitate a deep understanding of economic outcomes. Course Objectives: Upon completion of this course, my goal is that you are able to: 1. Understand and explain basic macroeconomic concepts, laws, and theories. 2. Apply your understanding of economics to current events, as well as being able to distinguish between correct and incorrect economic logic. 3. Take away a long lasting interest in economics and the economy. Classroom Expectations: While attendance will be incentivized in multiple ways, there is no formal attendance grade. My hope is that this experience will spark an ongoing interest in understanding the economy and that you will want to come to class. Specifically, my expectations are: 1. You consistently attend class. Attendance has repeatedly been shown to improve learning and retention. Also, those attending class earn higher grades on average. 2. You arrive on time. If you are late, please sit towards the back of the classroom. When using the restroom, respect your classmates by leaving/entering quietly. 3. You should TALK during class. [This one has qualifiers!] You should ask questions in class and feel free to quietly talk about the material being covered with those sitting close to you during class meetings. You should not let any of those conversations reach a level where they bother others around you and you should not talk about things unrelated to the material being covered. 4. You should stay plugged in. [More qualifiers!] All laptops, I-pads, phones, and so on can be used during class. However, they should be used to enhance learning not for other activities. In all cases, activities distracting others will be immediately dealt with. Please feel free to grab the attention of myself or a TA during class if there is a problem it s a big room and hard to monitor. 5. Above all else, you MUST always show respect and courtesy to one another. Absolutely no rude/disparaging remarks directly at a classmate will be tolerated. Learning the subject matter of economics frequently leads to open discussions of controversial issues. Topics like illegal immigration, trade policy, regulation, subsidies/taxes, and wealth/poverty/inequality will come up. The classroom is a place to respect all students views on these topics, even those that differ from your own. THIS ALSO APPLIES TO COURSE DISCUSSION BOARDS where ALL comments should be respectful and professional.
Textbook The required text for the course is Macroeconomics: Principles, Problems, and Policies, 21 st edition, by McConnell, Brue, and Flynn. To succeed in this class, it is critical that you spend time learning economics both inside and outside of the classroom. You need to purchase the e-book version with Connect access. You can do this through the OU bookstore, the Connect website, or the course website which has a direct link to the purchase. When you purchase the e-book, you have the option to purchase the physical textbook for a reduced price. That choice is up to you. If you have a problem using the Connect website, you should contact them at http://mhhe.com/support or call 1-800-331-5094 rather than contacting me or one of my teaching assistants. Finally, two copies of the print textbook are currently on reserve at Bizzell Library. Canvas & Class Communication: The Canvas website has a number of helpful resources. The Canvas website also links directly to Connect, providing easy access to your on-line homework, practice exams, and e-book. These collectively provide a great platform to engage with questions that are very similar to exam questions. A document giving you a step-by-step set of instructions on how to link up directly with Connect is also available on the Canvas Website. Office Hours: Economics is best learned by actively working out problems and applying the concepts. Office hours are a chance for these applications. Attending office hours is encouraged particularly for students that are struggling to master the material. Morning & afternoon office hours will be held nearly every weekday. Due to the bulk of offerings, any single session that needs to be cancelled due to unforeseen circumstances (illness, emergency, and so on) will not be made up. Action Tutoring sessions will also be held they communicate with me and I try to post the times/places in my announcements. Day Early afternoon Slot Later afternoon Slot Mon. 1:00-2:00, Dr. B, 430 CCD1 4:30-5:30, Mrs. Xiao Liu, 236 CCD1 Tue. 1:00-2:00, Mr. Brent Norwood, 222 CCD1 4:30-5:30, Mrs. Saini Das, 226 CCD1 Wed. 1:00-2:00, Dr. B, 430 CCD1 4:30-5:30, Mrs. Xiao Liu, 236 CCD1 Thu. 1:00-2:00, Mr. Brent Norwood, 222 CCD1 4:30-5:30, Mrs. Saini Das, 226 CCD1 Course Teaching Assistants: Mrs. Saini Das sainidas@ou.edu Mrs. Xaio Liu xiao.liu@ou.edu Mr. Brent Norwood bnorwood09@ou.edu Develop relationships with these great people and ask questions about the course to one of them PRIOR to emailing me. If a question comes to a TA and they need my input, they will forward it to me. Also, please ask administrative questions on the Canvas Discussion Boards this way the answer can be viewed by the entire class.
Student Evaluation: Homework on Connect: You have 18 on-line assignments. They come from the LearnSmart application and are designed to help you learn the material in a manner tailored to your own style and strengths. The homework is worth 20% of your final grade. You can and should score extremely well that is my intent and it should be your goal. The LearnSmart homework requires a certain number of correct replies before the assignment is complete. Missed questions don t count against your grade, but they make the assignment longer. If you guess your way through the homework (e.g., getting tons wrong but eventually enough correct to satisfy the goal) you only cheat yourself out of valuable learning. Unfamiliarity with the concepts will harm the 80% of your grade coming from exams. Exams: You will have Exam 1, Exam 2, Exam 3, Exam 4, and an optional make-up Exam that can be used to replace your lowest score (including a 0) on Exams 1-3. They are given in class and strictly timed. All students who want to use the DRC for extended testing windows are encouraged to do so. The optional make-up is cumulative over the material covered on Exams 1-3 (Chapters 1-13). For this reason, absolutely no individual make-up exams will be given for Exams 1-3. The 2 hour period final slot on Monday, May 7 th, from 1:30-3:30 pm, will be used to administer both Exam #4 and the optional make-up exam. If you have an emergency and you miss the final, contact me as soon as possible. All exams are multiple choice. Calculators may be used, but NOT laptops, I-pads, cell phones, etc. YOU NEED YOUR OU ID to turn in the exam. The information you enter on your Exam Scan Tron will be checked against your OU ID card when you finish. Exam Curve: 10 points will be added to each natural exam score, including the optional make-up exam. The scores in Canvas will ALREADY have these 10 points added. There is no other curve for the course and there is no individual extra credit. [Collective class extra credit may be given at instructor s discretion.] Grades & Grade Calculation: Calculate the SUM: [Exam 1 + Exam 2 + Exam 3 + Exam 4 + HW Average] Note: be sure to have replaced Exam 1, 2, or 3 with the Make-up if it is higher. Letter grades are A: 450 points or more B: 400 points or more C: 350 points or more D: 300 points or more F: 299 points or less To address the unavoidably arbitrary nature of these cutoffs, I already have a curve on each exam score. NO GRADES WILL BE ADJUSTED on the basis of being close.
Students with Disabilities: All students deserve adequate opportunities to demonstrate their mastery of the material. Students that desire testing accommodation (i.e., a less crowded space or additional time) should register with the OU Office of Disability Services (ODS). Excused absences and religious holidays: University approved/excused documented absences from class will be accepted. The same holds for religious observances. However, there is no attendance grade, so this only affects Examinations. As mentioned though, there are no make-ups for Exams 1-3, as the make-up can replace a miss. In rare cases where two or more exams both occur on dates of excused absences, I will make special arrangements concerning the make-up exam. Honor Code Statement: Academic dishonesty will not be tolerated. I assume familiarity with the honor code. Academic Misconduct is defined as any act that improperly affects the evaluation of a student s academic performance or achievement. Violations of the code will be taken seriously and can result in failure or worse. Please see http://integrity.ou.edu. Careers in Economics: Economics majors succeed in a wide variety of jobs. While positions in private sector businesses are the most common, economics majors often find themselves in education, law, medicine, international relations, banking/finance, insurance, non-profits, consulting, think-tank s, government, and countless more areas. Do these folks do well? The U.S. Bureau of Labor Statistics reported the average 2016 salary of economists was $112,860. Of course, that is an average including highly experienced workers. Payscale.com estimated workers with an economics BA degree earn $90,000 on average when they have between 5 and 10 years of experience. They also report late-career (20+ years of experience) salaries top out at an average above $130,000. For more information please visit: https://www.aeaweb.org/resources/students/careers Anyone interested in an Economics degree, or even just in taking more classes in Econ should visit with the team of adviser s and staff in the Economics Department or Price College of Business.
Schedule: Date Topic McConnell Chapter Jan 17 (W) Syllabus, Course Introduction, The Economic Approach. Syllabus, Discussion Jan 19 (F) Limits, Alternatives, and Choices Chapter 1 Jan 22 (M) The Market System and the Circular Flow of Resources Chapter 2 Jan 24 (W) The Market System and the Circular Flow of Resources Chapter 2 Jan 26 (F) Demand, Supply, and Market Equilibrium Chapter 3 Jan 29 (M) Demand, Supply, and Market Equilibrium Chapter 3 Jan 31 (W) Market Failures: Public Goods & Externalities Chapter 4 Feb 2 (F) Market Failures: Public Goods & Externalities Chapter 4 Feb 5 (M) Government s Role and Government Failure Chapter 5 Feb 7 (W) Flex-Time for Finishing Material and in-class Review/discussion Friday, February 9 th EXAM #1 Chapters 1-5 Feb 12 (M) An Introduction to Macroeconomics Chapter 6 Feb 14 (W) Measuring Domestic Output and National Income Chapter 7 Feb 16 (F) Measuring Domestic Output and National Income Chapter 7 Feb 19 (M) Economic Growth Chapter 8 Feb 21 (W) Economic Growth Chapter 8 Feb 23 (F) Business Cycles, Unemployment, and Inflation Chapter 9 Feb 26 (M) Business Cycles, Unemployment, and Inflation Chapter 9 Feb 28 (W) Flex-Time for Finishing Material and in-class Review/discussion Friday, March 2 nd EXAM #2 Chapters 6-9
Mar 5 (M) Basic Macroeconomic Relationships Chapter 10 Mar 7 (W) Basic Macroeconomic Relationships Chapter 10 Mar 9 (F) The Aggregate Expenditures Model Chapter 11 Mar 12 (M) The Aggregate Expenditures Model Chapter 11 Mar 14 (W) The Aggregate Expenditures Model Chapter 11 Mar 16 (F) Aggregate Demand and Aggregate Supply Chapter 12 Mar 19 (M) No Class Have a Great Spring Break! Mar 21 (W) No Class Have a Great Spring Break! Mar 23 (F) No Class Have a Great Spring Break! Mar 26 (M) Aggregate Demand and Aggregate Supply Chapter 12 Mar 28 (W) Fiscal Policy, Deficits, and Debt Chapter 13 Mar 30 (F) Fiscal Policy, Deficits, and Debt Chapter 13 Apr 2 (M) Flex-Time for Finishing Material and in-class practice/discussion Wednesday, Apr 4 th EXAM #3 Chapters 10-13 Apr 6 (F) Money, Banking, and Financial Institutions Chapter 14 Apr 9 (M) Money, Banking, and Financial Institutions Chapter 14 Apr 11 (W) Money Creation Chapter 15 Apr 13 (F) Money Creation Chapter 15 Apr 16 (M) Interest Rates and Monetary Policy Chapter 16 Apr 18 (W) Interest Rates and Monetary Policy Chapter 16 Apr 20 (F) Interest Rates and Monetary Policy Chapter 16 Apr 23 (M) Financial Economics Chapter 17 Apr 25 (W) Financial Economics Chapter 17 Apr 27 (F) International Trade Chapter 20 Apr 30 (M) International Trade Chapter 20 May 2 (W) International Trade Chapter 20 May 4 (F) Flex-Time for Finishing Material and in-class practice/discussion Monday, May 7 th EXAM #4 & Optional Cumulative Make-Up Exam (1:30-3:30 PM) Chapters 14-17, 20