Environmental Economics - Oberlin College

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Gregory Mankiw, Principles of Economics: Fifth Edition. (earlier editions are acceptable). Robert Frank .... Mankiw: Ch. 26, 29-31. VIII. Macroeconomic policy.
PRINCIPLES OF ECONOMICS Econ 101 MWF 1:30 – 2:20 PM

Spring 2009 King 306

----------------------------------------------------------------------------------Instructor: Jordan F. Suter E-mail: [email protected] Office: Rice Hall 227 Phone: 440.775.8484 Office Hours: Mon. 10 – 11:30 AM, Tues. 2 – 4 PM, Wed. 2:30 – 4 PM, and by appointment

----------------------------------------------------------------------------------Course Objectives: The primary objective of this course is to enable students to better understand the role that economics plays in shaping the world around them. The course aims both to prepare students for further study in the field of economics and to teach students that do not plan on taking additional economics courses the core concepts of the discipline. The study of economics involves learning how to reason through problems rather than memorizing a set of predefined solutions or truths. By understanding the important role that incentives play in shaping how scarce resources are allocated, students will improve their ability to comprehend a wide range of contemporary issues based on sound economic reasoning. Readings and Course Documents: The Blackboard system will be used as a repository for all course related documents. This includes problem sets, course announcements, and the course schedule. Out of class readings from the books listed below will be assigned for each class. The specific readings covered in a given class will be announced in class and are provided in the course schedule. Gregory Mankiw, Principles of Economics: Fifth Edition. (earlier editions are acceptable) Robert Frank, The Economic Naturalist: In Search of Explanations for Everyday Enigmas. Grading: 6 Problem Sets (20%) – Problem sets will be handed out every other Wednesday and students will be given exactly one week to complete each assignment. You can work with at most one other person and if you choose to do so you must turn in one problem set with each of your names written at the top. Problem sets are to be turned in at the beginning of class and late assignments will not be accepted under any circumstance. The grade of the lowest of the six problem sets will be dropped. Two Midterm Exams (45%) – The exams will include multiple choice, short answer, and essay questions based on the material covered in lectures and assigned readings. The higher of the two midterm grades will be worth 25% of your grade, while the lower will be worth 20%. There will be no make-ups for the midterm exams. If you have a medical excuse or family emergency and cannot attend the exam, you must let me know at least 48 hours in advance and provide proper documentation.

Final Exam (35%) – A cumulative final will be given during the exam period. It is your responsibility to make sure that your travel plans do not conflict with the exam time, which is 9 – 11 AM on Wednesday, May 13th. Extra Credit (Up to 2 points) – You have the option of writing your own “Economic Naturalist” essay, which uses a concept covered in class to describe a phenomenon that you encounter in life. Please limit your essay to 2 pages. Well written essays will receive 1 point of extra credit, while outstanding essays will receive as much as 2 points. Final grades will be based out of 100 percent and assignments and exams will be weighted according to the values given above. Letter grades will be assigned using the following scale: A (100 – 90), B (89 – 80), C (79 – 70), D (69 – 60), F (59 and below). Pluses and minuses are possible for each letter grade of C and higher and are awarded as follows; B+ (89 – 87), B (86 – 83), B- (82 – 80), etc. Please note that according to College policy, if you are taking the course P/NP you must attain a grade of at least a C- to pass the course. Honor Code: All provisions of the Honor Code (https://oncampus.oberlin.edu/courses/1/SLdean/content/_187961_1/honorcode.pdf) apply to this course. Exams must be individual work and if you work on a problem set with another student, you must indicate your partner’s name. Expectations and Feedback: I expect students to attend every class and to have done the assigned readings. It is also my expectation that you will be open-minded and considerate towards the thoughts and ideas of all of your fellow classmates. In return, I will strive to conduct organized and insightful class sessions and to treat your intellectual work with fairness and impartiality. I greatly value feedback related to course subject matter, lecture pace, style, etc. Feel free to send me email, talk in person, or drop a note in my mailbox in the Economics Department with feedback. Services for Students with Disabilities: If you have a documented disability and wish to discuss academic accommodations, please contact me as soon as possible so that we can set up the appropriate arrangements. Further information is available online (http://new.oberlin.edu/student-life/safety-andwellness/differently-abled.dot). Course Outline: I.

Introduction to the discipline ƒ

II.

Supply and Demand ƒ

III.

Economic principles, economics as a social science Mankiw: Ch. 1 – 3 Frank: Introduction Market mechanics, measuring market performance, taxes, trade Mankiw: Ch. 4 – 9; Frank: Ch. 2

Market failure ƒ

Positive and negative externalities, public goods Mankiw: Ch. 10 – 11; Frank: Ch. 5

IV.

Firm decision making and market power ƒ

V.

Firm production decisions and organization Mankiw: Ch. 13 – 15, 17; Frank: Ch. 4

Labor markets and inequality ƒ

VI.

Markets for the factors of production, income inequality and poverty Mankiw: Ch. 18, 20

Macroeconomic variables ƒ

VII.

National income accounting, inflation, unemployment Mankiw: Ch. 23 – 25, 28

Financial system and monetary policy ƒ

VIII.

Fractional reserve banking, Federal Reserve system, exchange rates Mankiw: Ch. 26, 29-31

Macroeconomic policy ƒ

Short term economic trends, monetary vs. fiscal policy Mankiw: Ch. 33

Course Schedule (Readings are subject to change but problem sets and exams are fixed): Section I. Introduction

Date Feb 2 - 6 Feb 9 - 13

II. Supply and Demand

Feb 16 - 20 Feb 23 - 27

Reading

Assignment

Mankiw: Ch. 1, 2, 3 Frank: Intro Mankiw: Ch. 4, 5

PS #1 Handed out

Mankiw: Ch. 6, 7 Frank: Ch. 2 Mankiw: Ch. 8, 9

PS #2 Handed out PS #2 Due (2/25)

Mar 2 III. Market Failure

Mar 4 - 6 Mar 9 - 13

IV. Firm Decision Making and Mar 16 - 20 Market Power Mar 23 - 27 V. Labor and Inequality

Mar 30 April 6 April 8

April 10 VI. Macroeconomic Variables April 13 - 17 and Growth VII. Financial System and Monetary Policy VIII. Macroeconomic Policy

April 20 - 24 April 27 May 1 May 4 - 8 May 13

PS #1 Due (2/11)

Mankiw: Ch. 10, 11 Frank Ch. 5 Mankiw: Ch. 13, 14

Midterm Exam 1 PS #3 Handed out PS #3 Due (3/11)

Mankiw: Ch. 15, 17 Frank Ch. 4 Spring Break

PS #4 Handed out

Mankiw: Ch. 18, 20 Frank Ch. 3

PS #4 Due (4/1) Midterm Exam 2

Mankiw: Ch. 23 Mankiw: Ch. 24, 28, 25

PS #5 Handed out

Mankiw: Ch. 26, 29 Financial Crisis Mankiw: Ch. 30, 31

PS #5 Due (4/22)

Mankiw: Ch. 33

PS #6 Due (5/6)

PS #6 Handed out

Final Exam (9 - 11am)