ECON1020 Lecture Notes - Lecture 1: Global Warming, Economic Inequality
Lecture 1
Thursday, 22 February 2018
2:00 PM
<<ECON1020 Lecture 1.pdf>>
• Macroeconomics is the study of the economy as a whole, including topics such as inflation,
unemployment, and economic growth
• 12 big economic issues facing us today
o Global warming
o Economic growth
o Economic inequality
o Migrations, refugees
o Emerging economies
o Wars, terrorism
o Population growth
o Debt and financial crisis
o Business cycles
o Unemployment and inflation
o Depleting natural resources
o Governance
• Economic growth rates between countries is very variable
• GDP is Growth Domestic Product
•
• Emerging economies are those which are in a transitional phase between 'developing' and
'developed'
• Their growth rates tend to be significantly higher than those of developed countries e.g.
China and India
• Due to their large populations, as these economies develop, the effects on the global
economy and global politics are transformational
• War and terrorism are caused by political causes and economic causes
• Public policy is all about governance
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