(Writing Intensive)

I can also be reached by email addressed to: bcandley@bellsouth.net

Course Outline:

The purpose of this course is to introduce you to economics in general and macroeconomics in particular. We will proceed by:

2. examining historical episodes to illuminate each issue;

3. considering differing viewpoints or "schools of thought" about each issue, where a key distinction will be the appropriate role of government; 4. developing theories to understand and evaluate the different views about the issues; and 5. interpreting the evidence to evaluate the different views; an important aspect of this interpretation will be learning to differentiate between positive (or testable) and normative (or subjective) statements regarding the issues.

The specific goal of this course is to allow you, by the end of the semester, to understand and evaluate current economic issues as discussed in the popular media. That is, you should be able to distinguish between positive (or testable) and normative (or subjective) statements in an article. You should also be able to understand the theoretical models used in or implied by the article. You should be able to draw historical parallels with the issues involved, and you should be able to identify the orientation of the author on the issues. In short, the goal of this course is for you to learn to think like an economist.

This course will investigate the ten topics listed below. The investigation will revolve around reading, writing, class discussion, and other activities. For each topic you will be given a list of suggested readings, a list of study questions to guide your reading, and one or more written or discussion assignments.

You should strive to be a discriminating reader and listener. Students often take the text (or what the instructor has to say) as gospel truth. Economic issues are open to a variety of interpretations. On many issues, there is no single consensus among the experts. For example, I personally disagree with several of the things you will read this semester, but it is important for you to be exposed to all sides of the arguments. Your strategy should be to read carefully, ask questions, reflect on what you have learned, and then decide for yourself. It is perfectly acceptable to disagree with my conclusions, as long as you can clearly explain your position with sound reasoning and evidence.

1. The Economic Problem and the Economic Way of Thinking

2. What Most Economic Questions Can Be Broken Down to: Demand and Supply

3. Alternative Ways of Solving the Economic Problem:

..... Command versus the Market Pricing System

4. The Role of Money and the Banking System

5. A First Look at the Macro Economy (or What is GDP?)

6. What is the State of the Economy and How Does One Tell:

...... How to Take an Economic Temperature

7. The Role of Government in the Market Economy

8. What Determines the Level of Economic Activity?

9. What Determines Changes in Aggregate Economic Activity:

.......Economic Growth and Business Cycles

10. Stabilization Policy: Solving Contemporary Economic Problems

This will not be a course where you can simply attend class, sit back and take notes. Rather, you should be prepared to take an active role in the course. What you learn is ultimately your responsibility, but I am here to help in any way I can. Most of your learning should occur outside of class time. The purpose of our class meetings will be to guide, direct, and reinforce your learning outside of class.

Homework and Class Participation 20%

Two (2) mid-term examinations 20% each

Cumulative Final Exam 40%

This class will use Ralph T. Byrns and G.W. Stone, Macroeconomics (6^th edition)as primary text. It is available in the College Bookstore. I have also placed several copies "on reserve" in the library as well as a variety of shorter, more specialized books and articles.

In addition to the Byrns and Stone required textbook, I recommend that you utilize the following sources:

Irvin B. Tucker, Survey of Economics, 1998

Milton and Rose Friedman, Free to Choose, 1980

Robert Heilbroner, The Making of Economic Society, 1997

As an alternative, you might want to check out any of the following on-line texts:

Robert Schenk, CyberEconomics: A Semi-Interactive, Almost-Multimedia Way to Learn Economics, 1999

Roger McCain, Essential Principles of Economics: A Hypermedia Text , 1999

Beth Ingram, Principles of Macroeconomics (audio lectures with Powerpoint slides), 1997

Orley Amos, A Pedestrian's Guide to the Economy, 1997

Finally, I expect you to keep track of current economic events by reading any national newspaper such as The Washington Post or The Wall Street Journal.

NOTE: This course contains a lot of new and difficult material. If you do not understand something, please ask me to explain it. That is my job.