Principles of Macroeconomics Econ 1-2207 Fall MMXIII Instructor: G. Nebbia E-mail: gnebbia@elcamino.edu Home Page: http://www.bizecon-oddysey.com August 30, 2013 Dec 13, 2013 Fridays 9:30 am to 12:40 pm Course Syllabus PREREQUISITES Social Science 122 REQUIRED TEXTBOOK Math 73 or Math 80 (intermediate algebra) Macroeconomics, by Paul Samuelson (19th ed.) COURSE DESCRIPTION This course introduces students to the principles that explain the operation of the national economy. Topics to be analyzed include consumption of products, exchange, aggregate output, the money supply, national income, price level, economic growth, international trade, international finance, and macroeconomic policies. Diego de Rivera; Man in the crossroads- 1932 1
Course Textbook Readings Module 1 Chapters 2 and 3 READING ASSIGNMENTS Assigned Readings 2. Chapters 4B, 5, 6 and 7 Leon Trotsky: The Curve of Capitalist Development; http://www.marxists.org/archive/trotsky/1923/04/capdevel.htm 3. Chapters 8 and 9, 10 and 17 4. Chapters 11, 12 Paul Krugman: The Saving- Investment identity: http://books.google.com/books?id=jggyx4ocbjcc&pg=pa640&lpg=pa64 0&dq=Paul+Krugman+Saving+investment+identity&source=bl&ots=XPaG KqHlnp&sig=EZr_3eSjDO- AYSd7ia91NH4vR- 0&hl=en&sa=X&ei=IMAKUoXuC7Lw2gXSsoHIDQ&ved=0CEoQ6AEwBA#v =onepage&q=paul%20krugman%20saving%20investment%20identity& f=false 5. Chapters 13, 14 Globalization and its human consequences: The Red Tail: http://www.wsws.org/en/articles/2010/07/redt- j06.html 6. Chapter 15, 16 COURSE LENGTH This course consists of 47.5 hours of classroom time, including tests and quizzes. Students are expected to arrive on time, and to participate in classroom discussions and exercises. A student may be dropped from class when unexcused absences from class exceed 10 percent. COURSE OBJECTIVES 1) Define and describe the principal tools utilized in economic analysis. 2) Describe the central economic problem of scarcity and the economic resources available to produce the goods and services that satisfy society's material wants. Define scarcity and describe how it relates to economic decision-making. 3) Explain the significance of demand and supply and how prices are determined in markets. 4) Analyze the economic roles played by households, businesses, governments, and international trade in the US and global economy. 5) Calculate the Gross Domestic Product, the rate of unemployment and the rate of inflation utilizing numerical data. 6) Understand the Identity between Savings and Investment in a globalized national economy. 7) Examine the primary determinants of economic growth in an economy. 8) Analyze how various economic changes impact national output, unemployment and inflation using an Aggregate Demand/Aggregate Supply model 9) Describe and discuss the principal tools of fiscal policy and how the federal government uses these tools to correct unemployment problems and inflation. 10) Evaluate the operations of private banks and the role the private banking system plays in the conduct of The Federal Reserve System s and other central banks monetary policies. 11) Identify the principal tools of monetary policy available to the Federal Reserve System and assess how they are utilized to correct problems of unemployment and inflation. 12) Calculate the balance of payments utilizing numerical data and discuss how foreign exchange rates are determined. 13) Describe and analyze international trade and the types of restrictions governments impose on international trade. 2
STUDENT LEARNING OUTCOMES Related to the learning objectives, SLOs are the specific observable and measurable results related to a learning experience. For this course the specific SLOs are: 1. Using tools of economic analysis, student will be able to explain basic concepts or ideas. This includes: a. Identifying the key determinants of AD and AS b. Explaining i. Sticky prices and wages and ii. Liquidity crunches. iii. Savings and Investment identity in an open economy c. Analyzing the role of the financial system: 2. Using tools of economic analysis, write an essay a. on the current economic crisis in the global economy, b. or on the state of economic equality /or inequality Alice confronts the economic problem (from Through the Looking-Glass and What Alice Found There, 1872) TEAM BASED LEARNING and grades Under Team Based Learning (TBL), each student will be part of a group. Each team is essentially a knowledge factory and each team member is a co producer in this factory and is partially responsible for the success of the team and for the Team Grade. Quizzes will account for 20 percent of each team member s final grade. Individual performance within the team will account for another 10 percent of the final grade. The final exam 30 percent of the final grade, the class essay 30 percent, and blog participation 10 percent. 3
The hunting of the snark- Lewis Carrol 1876 The method of this class (Team Based Learning) is complemented by individual performance blog writing assignments and in the final exam. Thirty percent of the grade is based on the blog discussions and on an 800- word (max) essay on a current economic topic. There will be several blog discussions. Every week a topic will appear on my website: bizecon-oddysey.com for you to comment on. GRADING OUTSIDE THE TEAM The following matrix describes the criteria that I will use on the essay: Student Performance IDEAS Controlling idea Supporting ideas Use of details Awareness of purpose Sense of completeness ORGANIZATION Introduction/body/ending Sequence of ideas Grouping of ideas Effective transitions Awareness of purpose STYLE Sentence variety Word choice Audience awareness Personal voice Outstanding Responses are fully focused and contain a wealth of ideas and examples. uses the tools and concepts of economics critically to explain and analyze the topic. The organization of ideas supports the writer s focus. Ideas are grouped in a logical manner. Effective and varied transitions are used. utilizes carefully crafted phrases to create a sustained tone and an authoritative voice. Word choice reflects an advanced vocabulary. Above Responses are Responses are consistently focused sufficiently focused and contain ample and contain some ideas and examples. ideas and examples. shows that uses a few he/she understands economic definitions the tools and concepts of economics. appropriate and the sequencing of ideas is logical. Varied transitions are used. tone of the responses enhance the persuasive purpose. appropriate. Sentences are varied. generally appropriate and the ideas are clearly sequenced, but may be repetitive. Transitions are used tone are appropriate. adequate, but may be simple or ordinary. Some sentence variety is evident. Below. shows poor use of economic concepts and definitions. formulaic or inappropriate. The response may lack a clear introduction or conclusion. Transitions are rare. tone are uneven. simple, ordinary, or repetitive. There is minimal variation in sentence length and structure. 4
CONVENTIONS Sentence formation Subject-verb agreement Standard word forms Punctuation, spelling, and capitalization demonstrates full command of the English language. No errors are evident. demonstrates knowledge of the English. Errors are minor and do not interfere with meaning. demonstrates sufficient control of the conventions of written English. Errors may interfere with meaning, but are not distracting. demonstrates minimal control of the English. Errors are frequent and interfere with meaning. The final exam (30 % of grade) will be graded according to the following rubric: FINAL EXAM RUBRIC: SLOs Student Performance Outstanding Above Below 1a X X X 1b X X X 1c X X X 1bi X X 1bii 1biii X X The fine print. Does not show competency with 1a, 1b, or 1c. ADA Statement: El Camino College is committed to providing educational accommodations for students with disabilities upon the timely request by the student to the instructor. A student with a disability, who would like to request an academic accommodation, is responsible for identifying herself/himself to the instructor and to the Special Resources Center. To make arrangements for academic accommodations, contact the Special Resources Center Student Code of Conduct http://www.elcamino.edu/administration/board/boarddocs/5500%20%20academic%20honesty.pdf Student Rights and Grievances Procedure 5530 http://www.elcamino.edu/administration/board/policies.asp Office Hours: Friday after class in ArtB 320 5