SEMESTER AT SEA COURSE SYLLABUS Colorado State University, Academic Partner Voyage: Fall 2018 Discipline: Economics Course Number and Title: ECON 202 Principles of Microeconomics Division: Lower Faculty Name: Randy Bluffstone Semester Credit Hours: 3 Prerequisites: One (1) college algebra OR one (1) calculus course COURSE DESCRIPTION This course is an introduction to economic analysis and select topics in microeconomics. It is designed for the student who has little or no background in economics, but wants to understand something about the analytical power of economics. The only requirement is an open mind. The economics of consumers, law, firms, taxation, industrial structure, the environment, gender, agriculture, and the family are all sub-branches of microeconomics that may be touched on during the course. Economic models are quite important tools to help us understand real world behaviors and in this course we will discuss some of the most important and widely accepted microeconomic models. Though deriving models using economic theory will be a main focus of the course, there will also be a major emphasis on applying those models to real world policy issues and problems. Examples of controversial topics that may be discussed include regulation and antitrust, pollution control, rent control, illicit drugs and taxation. LEARNING OBJECTIVES This course is designed to introduce you to the subject of economics as it pertains to the behavior of consumers, firms, industries and markets. By the end of this course students should be able to: 1. Understand basic microeconomic issues using examples from around the world and especially port locations. 2. Understand key microeconomic theories and analytical methods. 3. Be able to critically analyze and explain situations you encounter in the real world using microeconomic principles. 4. Appreciate how good economic thinking can help you as a local and global citizen. REQUIRED TEXTBOOK AUTHOR: TITLE: Paul Krugman and Robin Wells Microeconomics 1
PUBLISHER: Worth Publishers ISBN #: 978-1429283427 DATE/EDITION: 2012/3 rd Edition TOPICAL OUTLINE OF COURSE K&W Refers to the Krugman and Wells textbook Depart Hamburg, Germany September 9 A1 September 11: Economic Key Principles (K&W Ch. 1) A2 September 13: Tradeoffs and Trade (K&W Ch. 2) Barcelona and Valencia, Spain September 15-18 A3 September 19: Key Observations on Economic Issues in Spain. Tradeoffs and Trade Continued, Graphs (K&W Ch. 2) A4 September 21: Supply and Demand (K&W Ch. 3) Study Day September 23: No Class A5 September 24: Supply and Demand Continued (K&W Ch. 3) Problem Set 1 Distributed A6 September 26: Simulating Supply and Demand in an Auction Tema, Ghana September 27-30 Community Programming October 2: No Class A7 October 3: Key Observations on Economic Issues in Ghana. Consumer and Produce Surplus (K&W Ch. 4) Problem Set 1 Due and Reviewed A8 October 5: Price Controls and Quotas: Meddling with Markets (K&W Ch. 5) Hour Exam #1 Cape Town, South Africa October 7-12 A9 October 13: Key Observations on Economic Issues in South Africa. Price Controls and Quotas: Meddling with Markets (K&W Ch. 5) 2
A10 October 15: Elasticity (K&W Ch. 6) Problem Set 2 Distributed Study Day October 16: No Class A11 October 18: Taxes (K&W Ch. 7) Reading: Why do Developing Countries Tax so Little? Port Louis, Mauritius October 19 Study Day October 21: No Class A12 October 22: Application of Elasticity Ideas Reading: Food vs. Fuel: Diversion of Crops Could Cause More Hunger Problem Set 2 Due and Reviewed. A13 October 24: Field Assignment. Submit paper and discuss data on prices of services, luxuries and staple foods in Europe and Africa Reading: The Rise of the Middle Kingdoms: Emerging Economies in Global Trade Cochin, India October 25-30 Reflection and Study October 31: Global Studies Reflection A14 November 2: Key Observations on Economic Issues in India. International Trade (K&W Ch. 8) Reading: 20 Years of India s Liberalization: Experiences and Lessons (Chapters 1 and 2 only). Problem Set 3 Distributed Yangon, Myanmar November 4-8 A15 November 9: Key Observations on Economic Issues in Myanmar. Decision Making by Individuals and Firms (K&W Ch. 9) Problem Set 3 Due and Reviewed Community Programming November 11: No Class A16 November 12: Production by Firms (K&W Ch. 11) 3
Hour Exam #2 Ho Chi Minh City, Vietnam November 14-18 A17 November 19: Key Observations on Economic Issues in Vietnam. Production by Firms (K&W Ch. 11) Reading: Is China Socialist? Study Day November 21: No Class A18 November 22: Competitive Markets (K&W Ch. 12) Reading: Does competition create or kill jobs? Shanghai, China November 24-29 A19 November 30: Key Observations on Economic Issues in China. Competitive Markets (K&W Ch. 12) Problem Set 4 Distributed Kobe, Japan December 2-6 A20 December 7: Key Observations on Economic Issues in Japan. Monopoly (K&W Ch. 13) A21 December 9: Monopoly (K&W Ch. 13) A22 December 11: Oligopoly (K&W Ch. 14) Problem Set 4 Due and Reviewed. Problem Set 5 Distributed. Study Day December 12: No Class (International Date Line Crossing (2 days) A23 December 13: Monopolistic Competition (K&W Ch. 15) A24 December 15: Independent field assignment. Submit paper and discuss data on prices of services, luxuries and staple foods in developed and developing Asia Problem Set 5 Due and Reviewed. Honolulu, Hawaii December 16 Study Day December 18: No Class A25 December 19: Final Exam 4
Arrive San Diego, California December 23 FIELD WORK Semester at Sea field experiences allow for an unparalleled opportunity to compare, contrast, and synthesize the different cultures and countries encountered over the course of the voyage. In addition to the one field class, students will complete independent field assignments that span multiple countries. We will utilize the beginning of the class meeting immediately following each port visit to discuss key observations on economic issues in that country. Field Class & Assignment The Field Class for this course is on Thursday, 29 November in Shanghai, China. Field Class attendance is mandatory for all students enrolled in this course. Do not book individual travel plans or a Semester at Sea sponsored trip on the day of your field class. Field Classes constitute at least 20% of the contact hours for each course, and are developed and led by the instructor. Field Class Title: Contemporary Economic Development in China Field Class Description: Visit to Shanghai Jiao Tong University (SJTU) to discuss the research of economics faculty members and receive a briefing on key economic development issues, international trade and investment and environmental protection in China. Lunch at Shanghai Jiao Tong University. Roundtable discussion with SJTU students and informal discussions on issues of common interest. Visit to the Shanghai Futures Exchange, where a variety of ferrous and non-ferrous metals, oil products and rubber futures are traded. Visit guided by SJTU faculty members and students, which will provide ample opportunity for one-on-one discussions. Learning Objectives: 1. Appreciate how microeconomic models can be applied to the Chinese context 2. Understand the critical role of the environment in economic policy 3. Gain understanding of Chinese economic development. Field Class Assignment and Due Date: One week after the port visit concludes, students should submit a 3 to 5 page paper (typed, double spaced) that discusses the economic development of China in light of their port experiences and field class material. Independent Field Assignments 5
Independent Field Assignments/Cross-Country Price Analysis Students will work in teams of 3 to examine prices of services, luxury goods and staple foods in all countries visited. Each team will submit two five-page, typed papers, including tables of data that analyze the data and discuss results. Specific guidance to be provided separately. Exams Exams will take 60 minutes, except the final exam, which will take 80 minutes. All examinations will be made up of 50% short answer questions and 50% essay questions. Problem Sets Problem sets are designed to provide critical practice with the techniques of microeconomics. They are graded primarily on the basis of effort. Problem sets should be typed except for graphs, which can be hand-drawn. Problem sets should be done individually, but discussion between students and advice is allowed. GRADING SCALE Pluses and minuses are awarded as follows on a 100% scale: Excellent Good Satisfactory/Poor Failing 97-100%: A+ 93-96%: A 90-92%: A- 87-89%: B+ 83-86%: B 80-82%: B- 77-79%: C+ 70-76%: C 60-69%: D Less than 60%: F METHODS OF EVALUATION Course Evaluation / Due Dates: Please Mark Your Calendar Methods Of Evaluation Grading Scale Due Date* (See Topical Course Outline) Hour Exam 1 15% 5 October Field Assignment/Price Analysis Report 1 5% 24 October Hour Exam 2 15% 12 November Field Class Participation 10% 29 November Field Class Written Reflection 10% 7 December Field Assignment/Price Analysis Report 2 5% 15 December Final Exam 20% 19 December Problem Sets 10% Various Attendance and Participation 10% Always Total 100% * May be Subject to Change 6
Criteria for Grading Exam Questions Percentage of Criteria Points Received 100% Complete correct answer, nothing missed; demonstrates in-depth, full understanding of the subject matter. 90-99% Virtually complete, correct answer; something small missed; perhaps a calculation error; answer suggests less than complete understanding of the topic. 80-89% Mostly complete and correct answer; significant, but still incomplete understanding of the subject addressed by the question. 70-79% Partially correct, incomplete answer; Evidence of partial understanding of the topic. ATTENDANCE/ENGAGEMENT IN THE ACADEMIC PROGRAM Attendance in all Semester at Sea classes, including the Field Class, is mandatory. Students must inform their instructors prior to any unanticipated absence and take the initiative to make up missed work in a timely fashion. Instructors must make reasonable efforts to enable students to make up work which must be accomplished under the instructor s supervision (e.g., examinations, laboratories). In the event of a conflict in regard to this policy, individuals may appeal using established CSU procedures. Participation in class discussions is encouraged, but not required due to differing levels of comfort with speaking up in groups. Attendance is required and evaluation of attendance makes up 10% of the course grade. LEARNING ACCOMMODATIONS Semester at Sea provides academic accommodations for students with diagnosed learning disabilities, in accordance with ADA guidelines. Students who will need accommodations in a class, should contact ISE to discuss their individual needs. Any accommodation must be discussed in a timely manner prior to implementation. A letter from the student s home institution verifying the accommodations received on their home campus (dated within the last three years) is required before any accommodation is provided on the ship. Students must submit this verification of accommodations to academic@isevoyages.org as soon as possible, but no later than two months prior to the voyage. 7
STUDENT CONDUCT CODE The foundation of a university is truth and knowledge, each of which relies in a fundamental manner upon academic integrity and is diminished significantly by academic misconduct. Academic integrity is conceptualized as doing and taking credit for one s own work. A pervasive attitude promoting academic integrity enhances the sense of community and adds value to the educational process. All within the University are affected by the cooperative commitment to academic integrity. All Semester at Sea courses adhere to this Academic Integrity Policy and Student Conduct Code. Depending on the nature of the assignment or exam, the faculty member may require a written declaration of the following honor pledge: I have not given, received, or used any unauthorized assistance on this exam/assignment. RESERVE BOOKS FOR THE LIBRARY None FILM REQUEST None ELECTRONIC COURSE MATERIALS AUTHOR: Timothy Besley and Torsten Persson JOURNAL/BOOK TITLE: Why do Developing Countries Tax so Little?, Journal of Economic Perspectives VOLUME: 28 DATE: Fall 2014 PAGES: 99-120 AUTHOR: Gordon Hanson JOURNAL/BOOK TITLE: The Rise of the Middle Kingdoms: Emerging Economies in Global Trade, Journal of Economic Perspectives VOLUME: 26 DATE: Spring 2012 PAGES: 41-63 AUTHOR: B. Naughton ARTICLE/CHAPTER TITLE: Is China Socialist? JOURNAL/BOOK TITLE: Journal of Economic Perspectives VOLUME: 31 DATE: Winter 2017 PAGES: AUTHOR: David J. Tenenbaum 8
JOURNAL/BOOK TITLE: Food vs. Fuel: Diversion of Crops Could Cause More Hunger Environmental Health Perspectives VOLUME: 116 (6) DATE: June 2008 PAGES: A254-A257 AUTHOR: Klaus Tilmes JOURNAL/BOOK TITLE: Does competition create or kill jobs? World Bank Blog http://blogs.worldbank.org/psd/does-competition-create-or-kill-jobs VOLUME:N/A DATE: 11/18/2015 PAGES: N/A AUTHOR: UNCTAD JOURNAL/BOOK TITLE: 20 Years of India s Liberalization: Experiences and Lessons (Chapters 1 and 2 only). UN Conference on Trade and Development. http://unctad.org/en/publicationslibrary/osg2012d1_en.pdf VOLUME: N/A DATE: 2012 PAGES: Chapters 1 and 2 ADDITIONAL RESOURCES None 9