EAST GEORGIA COLLEGE

A unit of the University System of Georgia

131 College Circle

Swainsboro, Georgia 30401-2699

(478) 289-2159

 

Spring 2010

Semester

 

ECON 2105: Macroeconomics

 CRN: 20103, 20104, 20105, 20106, 20107

 

 

I.       

 

Instructor:   Mr. Jermaine Whirl, MBA

                    Instructor of Economics

                                                           

II.       

 

Office information: Location, Phone, E-Mail, and Hours

 

Office: Statesboro Center, 1525 A Fair Road, Statesboro, GA 30460

Phone: (912) 688-6974             Fax:  (912) 486-7058

E-mail: jwhirl@ega.edu

Office Hours:             Website: www.ega.edu/facweb/jwhirl

 

Monday, Wednesday, & Friday - 8:00AM-10:00AM

Tuesday & Thursday- 9:30AM-11:30AM;

(appointments also available)

 

III. Course number, title, and description:

          

ECON 2105 Principles of Macroeconomics

 

The American economy and its place in the global economy. The impact of government
policies on economic performance is emphasized.

 

Macroeconomics is the study of interactions among economics variables such as national output, employment, consumption, and money supply. Macroeconomics is concerned with the health and growth of the total economy. We will investigate the economic measurements that are regularly used to track the performance of the economy. The roles that government policies play in regulating and stabilizing economic activities will be emphasized.

 

Several economic theories and models will be introduced, including brief introduction to economic history, Austrian, Keynesian, Monetarist, Classical, and Neo Classical Economics.  The strengths and weaknesses of each will be evaluated.

 

This course is a taught in a very interdisciplinary approach, which combines history, political science, sociology, and business. As this course begins it will be taught as a history economic journey with all the relevant macroeconomics topics included. The professor chose this method to make the material easier to understand, relevant to historical data, and to emphasis the policy decisions in their relations to macroeconomic theory.

 

 http://www.ega.edu/facweb/jwhirl/ECON_S1.gif

 

IV..       

Prerequisites:    None (Learning Support Math, Reading, & English; Should be completed  

before enrolling in this course!) Basic algebraic skills would be advantageous too!

 

 

 

V.     

 

Textbooks: Macroeconomics by Hubbard 2nd ed. Pearson- Prentice Hall (Recommended) 

 

VI.        

Course Objectives:

 

The college assesses student learning based on the achievement of 11 general education-learning outcomes.

Understand and be able to explain the basic economic concepts of demand and supply and price determination.           

Understand the historical development or macroeconomic theories.

Understand and be able to use basic macroeconomic concepts and measurements

Understand the relationship between the private and the public sectors of the economy.

Be able to analyze the contributions to the macroeconomic problems of inflation and unemployment.

Understand the effects of fiscal and monetary policies on the performance of the economy.

Understand the influence major macroeconomic theories have had on government policies.

Appreciate the impact of global competition on an economy.

Understand the current economic conditions of the world

 

 

 VII.

       

 

VIII.     

 

Grading:

 

90 -100%    A

80 - 89%     B

70 - 79%     C

60 - 69%     D

59% or less  F

 

IX.   

 

Absence Policy:

 

There is no attendance policy for this course. However, there typically is a high correlation between grades and attendance. I.E. those who attend class usually succeed in the course!

 

 

X.         

 

Make-up Policy:

 

Assignments and test can be completed after the scheduled submission time it student receives prior permission from the instructor. If prior permission is not granted the student will receive a grade of ZERO. Quizzes cannot be made-up.

 

 

XI.    

 

Plagiarism:

 

Plagiarism & Academic Dishonesty (please see EGC Student Handbook http://www.ega.edu/counseling_center/handbook2008.pdf

 

XII.    

 

ADA Statement (can be found at http://www.ega.edu/counseling_center/disabilityaccommodations.htm

                                                           

XIII.        

 

Course Withdrawal Policy Statement: Students are responsible for their own academic progress. Decisions regarding withdrawal from courses should only be made after consultation with an academic advisor. Before withdrawing from a course, students must meet with a Financial Aid representative to discuss their personal financial aid situation. More information regarding withdrawal from courses can be found in the EGC catalog at http://www.ega.edu/registrar/catalog/Catalog0809.pdf

 

XIV.

 

  1. Campus Emergency Policy:
    1. In the event the fire alarm is sounded, everyone must evacuate the building at once and in a calm and orderly fashion, using the nearest exit. In the event of a severe weather warning everyone must proceed immediately to the nearest designated shelter area which are marked by a small tornado symbol. All severe weather shelter locations are posted on the EGC website. Each student should, on the first day of class, determine the location of the nearest exit and the nearest designated shelter area for each of his or her classrooms. If you have difficulties locating either ask your instructor to assist you.
    2. The Connect-ED system is a communication service that enables East Georgia College administrators and security personnel to quickly contact all East Georgia College students, faculty and staff with personalized voice and text messages that contain emergency-related campus information (e.g., campus closing, campus threat, health scare, etc.) With Connect-ED, East Georgia College students can be reached and provided with vital instructions anywhere, anytime, through their cell phones, home phones, e-mail, TTY/TDD receiving devices, or other text-receiving devices. (http://www.ega.edu/connected.pdf)
    3. EGCS students should make themselves familiar with Georgia Southern University’s Emergency Response Plan http://services.georgiasouthern.edu/ess/Emergency%20Response%20Plan.pdf

In the event of an emergency, EGCS students should follow the instructions of EGCS faculty and staff members and GSU campus officials.

 

XV.

 

Additional Course Requirements: Maybe asked to bring a wall-street journal to class.

 

XVI.

 

Tentative Syllabus:

 

Economic History & Economic Systems

 

I.                    What is it?

a.       Political Philosophers or Moral Philosophers (no economists?- yet)

b.      Physiocrats vs. Mercantilists

c.       Comparative Economic Systems Intro

d.      New Social Science (What makes it a science?)

 

II.                 Understanding 1776!

a.       Smith, Adam (Wealth of Nations)/ (New Economic System)

b.      Classical Economics

 

Economic Foundations

 

III.               Economics Today Foundations:

a.       Scarcity Management

                                                              i.      Why does Michael Jordan make more money than the president?

b.      Factors of Production/ Production Possibilities Frontier

c.       Alfred Marshall (The mathematician speaks of economics)

                                                              i.      Principles of Economics Textbook- What 

 

IV.              Demand and Supply Analysis

a.       Classical theory

b.      Understanding the invisible hand

                                                              i.      Labor Market Analysis

                                                            ii.      Why do teachers make less than engineers? Is this fair?

                                                           iii.      Becoming an Untouchable- The World is Flat

 

V.                 David Ricardo- Investor, business man, educated on the market, politician (economist?)

a.       International Trade, Comparative advantage, Absolute Advantage

b.      President Woodrow Wilson: Understanding Open Borders

 

Macroeconomics Specifics

 

VI.              Tools of Macroeconomics

a.       GDP (& Deflator), CPI, GNP, PPI

b.      Jobs and Unemployment

c.       Inflation, Savings & Investment (Interest Rates)

 

VII.            Long-run economic growth

a.       Malthusian Stagnation

b.      Understanding the 1920s

Fiscal Policy

 

VIII.         1930’s The Great Depression

a.       John M. Keynes (The Beginnings of Macroeconomics)

b.      FDR and Governmental programs

c.       Industrial Policy

d.      AS-AD/ Potential GDP Growth

e.       Business Cycles- Short Run corrections

f.        Government Spending/ Deficits

g.       Taxes

h.      Stabilizers

i.        The end of classical?

                  j.      Loanable Funds Market- Crowding Out, Crowding In?

 

 

Monetary Policy

 

IV.              Where is the Federal Reserve?   (1919)

a.       Money

b.      Milton Friedman suggests that the Classical Theory is not dead yet.

c.       Equation of Exchange

d.      Neo-Classical Vs. Keynesian- Which one are you? Who is right?

e.       Fed creation, purpose, establishment, failures and successes

f.        Tools of the Fed- Regulation- OTS, OCC, SEC, FDIC

g.       Bank Failures?

h.      Where is Fiscal Responsibility? Do we need them?

 

IX.              International Finance

a.       Moral Hazard

b.      Exchange rates

c.       Asymmetric information

 

Policy Debates

 

X.                 Current Macroeconomic Debates

a.       Deficits or Debt

b.      National Debt:

c.       Supply Side economics- Voodoo Economics- Does it actually work

d.      Austrian Economics- Keynes and the Classicalist are both wrong: It’s all about Rational Expectations (Markets are too complicated to    regulate) Markets have perfect information; no need for correction: WOW!

 

 

Outside Reading Sources:

 

“New Ideas from Dead Economist”- Todd G. Buchholz        

“The Worldly Philosophers”- Robert Heilbroner

“Econopower”- Mark Skousen

“The World is Flat”- Thomas Friedman

 

 

 

 

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