WELCOME TO ECON 100 (click read more to see the syllabus)
WASHINGTON
& LEE UNIVERSITY
Williams School of Commerce, Economics, and Politics
Williams School of Commerce, Economics, and Politics
ECONOMICS
100 – Introduction to Economics
8:30 –
9:30 –MWF Huntley 323
Professor
James F. Casey ‘91
Office Hours:
MWF 1:30-2:30
and T 9:00-10:30 and by appointment
Mission Statement of the University:
Washington and Lee University provides a liberal arts
education that develops students' capacity to think freely, critically, and
humanely and to conduct themselves with honor, integrity, and civility.
Graduates will be prepared for life-long learning, personal achievement,
responsible leadership, service to others, and engaged citizenship in a global
and diverse society.
Some of my favorite Quotes
from famous economists
For it may be observed, that in all
Polytheistic religions, among savages, as well as in the early ages of Heathen
antiquity, it is the irregular events of nature only that are ascribed to the
agency and power of their gods. Fire burns, and water refreshes; heavy bodies
descend, and lighter sub- stances fly upwards, by the necessity of their
own nature;; nor
was the invisible hand of Jupiter ever apprehended
to be employed in those matters.
The Theory of Economics does not furnish a
body of settled conclusions immediately applicable to policy. It is a method
rather than a doctrine, an apparatus of the mind, a technique of thinking which
helps its possessor to draw correct conclusions.
The
ideas of economists and political philosophers, both when they are right and
when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else.
Practical men, who believe themselves to be quite exempt from any intellectual
influences, are usually the slaves of some defunct economist.
The important
point shouldn’t be “don’t formalize”; it should be that formalism is there to
open your mind, not close it, and if the real world seems to be telling you
something inconsistent with your model, the problem lies in the model, not the
world.
Course
Overview:
ECON 100 is the gateway course to the Williams School of
Commerce, Economics, and Politics. It serves as a broad introduction to
the study of economics – both Micro and Macro. With only 12 weeks to
introduce you to the wild and wonderful world of economics – we need to make
choices. This is actually the first
lesson of this course - Economics
is the study of choice.
Our general purpose is to gain an
understanding and appreciation for the basic principles of economics. The
framework for this course centers on a set of questions. Here are a few
examples. How should one decide how much to study? Should I go to the movies or put $10 in my
savings account? Should I go to
college? How should we measure
economy-wide economic performance? What causes fluctuations in inflation,
unemployment, and economic growth? Can government policies help reduce
these fluctuations? How does the US economy fit into the global economy?
What is the relationship between the economy and the environment? Our
goal throughout the term is to use what we learn to better understand and
explain current events in the world - including austerity measures, the
financial crisis and reform, global climate change, Trade and economic
stimulus, to name a few. My hope is that you will become more informed
citizens, better able to judge the current debates in global economic
policy-making.
Learning Objectives
The
course learning objectives focus on broad knowledge attainment and critical
thinking skills.
By
the end of the semester, students should:
•
Be familiar with the
basic principles of economics and be able to perform rudimentary economic
analyses using graphs
•
Be familiar with
current and emerging domestic and global economic policy debates
•
Demonstrate critical thinking, analytical and writing skills with respect to fundamental
economic problems
Required Reading Materials:
Text: Mankiw,
Principles of Economics, 8th ed. 2018.
The Economist https://www.economist.com/ - Get a 12-week introductory offer.
Other: http://jfcasey.blogspot.com/
Requirements
and Grading:
(1)
Class Participation: 10%
(2)
Weekly Review Quizzes (5): 20%
(3)
Chapter Quick Quiz 15%
(4)
Exam 1:
25%
(5)
Exam 2:
30%
(1)
You will be expected to come to class prepared to discuss the day’s
topics and to ask questions if you have them. If you do not have
any questions pertaining to the assigned readings, I will assume you understand
the material and move on to the next topic.
(2)
Quizzes will occur on random Fridays before class begins. They
will consist of 4 or 5 questions covering material from Monday’s and Wednesday’s
class discussion.
(3) These will be due at
the beginning of Monday’s class.
(4)
We will have an hour exam in class at the end of week 7 covering the
material from Section I.
(5)
We will have a comprehensive final exam.
This exam will consist of approximately 90% coverage from Section II and
10% Section I.
Classroom and Course conduct:
As
a courtesy to your classmates, please turn off all cellphones at the start of
class. Please use the restroom before class and try not to get up during
class to leave the room. If you are having an emergency, then please feel free to leave
without my permission. Lastly, be on time – please try not to enter the
classroom late.
Never
use your laptop for non-class purposes (e.g., e-mail, web
surfing). If, in my judgment, you ever become “sucked into” your laptop,
you will first be given a warning. If you continue to use your laptop for non-class purposes
after the warning, not only will you be forbidden to use a laptop in class, but
your participation grade will be reduced by one letter grade. I may
forbid all laptop use in class if laptops become a distraction.
It
is important to note that lectures and class discussion will complement rather
than substitute for the reading, sometimes providing alternative approaches.
Therefore, both reading and attendance are strongly advised, and arrangements
should be made to find out what was covered in class when attendance becomes
impossible.
I
will make every attempt to respond to class-related emails within 24 hours.
This policy does not apply to weekend days, so please do not expect responses
to emails during the weekend. Also, I will also not respond to emails asking
questions that are clearly answered on the syllabus or via prior emails: e.g.
when is the problem set due?
Questions
about grading of any assignment or exam must be addressed within one week of
its return. Questions must be presented in writing. I make plenty of
mistakes so don’t be afraid to
ask.
Outline
and assigned readings:
WEEK 0 –
WEEK 1 – Introduction
to Economics
Friday: Mankiw
3
WEEK 2 – How Markets
CAN Work
Monday: Mankiw
4
Wednesday: Mankiw 4
WEEK 3 - How Markets
CAN Work (continued)
Monday: Mankiw
7
Wednesday: Mankiw 7
WEEK 4 – Market
Failures: The Real World
Monday: Mankiw
10
Wednesday: Mankiw
11
WEEK 5 – Theoretical
Firm Behavior
Monday: Mankiw
13
Wednesday: Mankiw
14
Friday: Reading
Day
WEEK 6 – Market
Structures
Monday: Mankiw
15
Wednesday: Mankiw
16
Friday: Mankiw
17
WEEK 7 – Poverty,
Inequality, and Discrimination
Monday: Mankiw
18 and https://www.epi.org/publication/understanding-the-historic-divergence-between-productivity-and-a-typical-workers-pay-why-it-matters-and-why-its-real/
Wednesday: Mankiw
19
WEEK 8 – Introduction
to Macroeconomics
Wednesday: Mankiw
24
Friday: Mankiw
28
WEEK 9 – Growth and
Money
Monday: Mankiw
25
Wednesday: Mankiw
26
Friday: Mankiw
29 and 30
WEEK 10 – A
Macroeconomic Model and Policy
Monday: Mankiw
33
Wednesday: Mankiw
34
Friday: Mankiw
36 and https://www.theatlantic.com/politics/archive/2016/12/how-barack-obama-failed-black-americans/511358/
WEEK 11 - A
Macroeconomic Model and Policy (continued)
WEEK 12 –
Open-Economy Macro
Monday: Mankiw
31
Wednesday: Mankiw
32
Friday: Review
for Final
Official
and Important University Policies and Statements:
STATEMENT OF COMMITMENT TO DIVERSITY
Washington
and Lee affirms that diverse perspectives and backgrounds enhance our
community. We are committed to the recruitment, enrichment, and retention of
students, faculty, and staff who embody many experiences, cultures, points of
view, interests, and identities. As engaged citizens in a global and diverse
society, we seek to advance a positive learning and working environment for all
through open and substantive dialogue (Revised and Approved by the Board of
Trustees, February 11, 2018).
DISABILITY ACCOMMODATIONS
Washington
and Lee University makes reasonable academic accommodations for qualified
students with disabilities. All undergraduate accommodations must be approved
by the Title IX Coordinator and Director of Disability Resources. Students
requesting accommodations for this course should present an official
accommodation letter within the first two weeks of the term and schedule a meeting outside of class time to
discuss accommodations. It is the student’s responsibility to present this
paperwork in a timely fashion and to follow up about accommodation
arrangements. Accommodations for test-taking must be arranged with the
professor at least a week before the date of the test or exam, including finals
(Committee on Courses and Degrees July 28, 2017). For more information,
please see https://www.wlu.edu/the-college/for-students/disability-accommodations.
MEETING BASIC NEEDS
Any
student facing issues of food insecurity, lacking a safe and stable place to
live, or any other situation that they believe may affect their well-being or
performance in this course is urged to: 1) contact a Dean in Student Affairs for
support; and 2) notify the instructor, who may be able to offer additional
assistance.
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