ECON 2001.01 Lecture Notes - Lecture 10: Macroeconomics, Wi-Fi, Aggregate Demand

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Published on 6 Feb 2020
School
Ohio State University
Department
Economics
Course
ECON 2001.01
Professor
Principles of Macroeconomics (ECON 2002.01) Course number: 27182
1
Principles of Macroeconomics
(ECON 2002.01)
Syllabus
COURSE BASIC INFORMATION
Course Name: Principles of Macroeconomics (ECON 2002.01)
Course Number: 27182
Class Location: Ramseyer Hall 59
Lecture time: WeFr 3:55 PM-5:15 PM
Office Hours: We 1.30pm-2.30pm,
Th 10.30am-11.30am
Fr 1.30pm-2.30pm or by appointment
INSTRUCTOR
Instructor: Senad Sinanovic, Ph.D.
Office Location: Arps Hall 407
Email: sinanovic.1@osu.edu
For all non-emergency communication use Carmen.
In case of an emergency, please use my email but please use following format for the subject
line
o Subject: “Course number, time of class-…subject”
For example, “Subject: ECON 2002.01, 3.55pm -…text….”
PURPOSE OF THE COURSE AND OBJECTIVES:
Economics is the study of how individuals and societies allocate their limited resources to satisfy their
nearly unlimited wants. Economic questions can be generally speaking divided into two categories: micro-
and macro-economic questions. Microeconomics is the study of the individual units that make up the
economy, such as individuals, households, and firms. Macroeconomics is the study of overall aspects and
workings of an economy, such as inflation, growth, employment, interest rates, and productivity of the
economy as a whole.
The purpose of this class is two-folded: i) to teach you tools that you can use to analyze economic policies
and make a more informed choice in your life, and ii) to prepare you for upper-level economics courses in
case you decided to pursue Economics as a major or a minor.
The objectives of the course are
1. to train you to think like an economist,
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Principles of Macroeconomics (ECON 2002.01) Course number: 27182
2
2. to be able to distinguish between normative and positive economic statements,
3. to understand why individuals and societies engage in trade,
4. to understand the role of prices in the economy,
5. to understand measures economists use to assess the performance of the economy,
6. to understand the drivers of long-run economic growth,
7. to understand the drivers of business fluctuations (short-run),
8. to understand the role of fiscal and monetary policy.
These objectives will be achieved by first mastering following five foundations:
1. Incentives,
2. Trade-offs,
3. Opportunity costs,
4. Marginal thinking, and
5. The principle that trade creates value.
And, then applying these principles through economic models that
explain trade flows (Comparative and Absolute Advantage),
explain forces behind Supply and Demand,
explain the economic growth in the long-run (Solow Model)
explain the economic growth in the short-run (aggregate demand and supply).
As much as possible, we will apply the economic model to real-world examples. If we are successful, by
the end of the semester you will be able to distinguish between economic sense and economic nonsense
when reading the newspaper, listening to political speeches, etc. This is an important skill, and a rare one
judging by the amount of economic nonsense there is out there.
Hence, you will be expected to not only learn the principles (i.e. memorize the course content) but to also
apply them. And, to learn to apply economic principles you MUST practice doing so.
THE GENERAL EDUCATION REQUIREMENT-SOCIAL SCIENCE
This course satisfies General Education Requirement-Social Science: Organizations and Polities.
Goals: Students understand the systematic study of human behavior and cognition; the structure of
human societies, cultures, and institutions; and the processes by which individuals, groups, and societies
interact, communicate, and use human, natural, and economic resources.
Expected Learning Outcomes (Organizations and Polities):
1. Students understand the theories and methods of social scientific inquiry as they apply to the
study of organizations and polities.
2. Students understand the formation and durability of political, economic, and social organizing
principles and their differences and similarities across contexts.
3. Students comprehend and assess the nature and values of organizations and polities and their
importance in social problem solving and policymaking.
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Principles of Macroeconomics (ECON 2002.01) Course number: 27182
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Students will achieve learning outcome 1) by understanding the role of prices in a market economy
(model of demand and supply); by understanding the sources of long-run economic growth (Solow
Model); and, by understanding the short-run fluctuations in the economic growth (aggregate demand
and supply).
Students will achieve learning outcome 2) by understanding the source of wealth of nations, proximate
vs. ultimate factors of economic growth.
Students will achieve learning outcome 3) by understanding the role of proximate and ultimate factors
in driving the long-run economic growth; and, by understating the role of fiscal and monetary policy in
managing business fluctuations.
PRE-COURSE REQUIREMENTS
It should be noted that, in order to ensure logical consistency, economists make extensive use of
mathematics. The mathematics you will employ in this class is reasonably simple: graphs and algebra.
However, if you are uncomfortable with basic mathematics, and/or have been away from your
mathematics for some time, I recommend you do some reviewing before the class begins (it will save
heartache later on).
COURSE MATERIALS
E-book and online homework: Sapling for Modern Principles of Macroeconomics (REQUIRED)
Cost: $60 if bought directly at the Saplings web site after you register account.
If you buy access card from the bookstore, the cost will be $104.
Book: Modern Principles: Modern Principles of Macroeconomics, 4th ed, Tyler Cowen and Alex Tabarrok
(Optional)
Tutorial on how to join the course:
o Step 1: Creating a Student Account
IMPORTANT: Use your schools email address to register for the account
and your name as is on Carmen
o Step 2: Registering for your Course
Associated website: https://carmen.osu.edu/ will be kept up to date and is your first source of
information. All slides/assignments/home-works/ etc. will be posted. Most materials will be posted
electronically rather than distributed as handouts.
iClicker: During lectures, we will use iClickers to promote thinking and discussion, thus enhancing your
understanding of the material. You will get 1.0 points for answering iClicker questions correctly, 0.9 points
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