The entire book— one quarter on long-run growth, labor markets, inflation, consumption, and investment Chapters 1. This would be a great way to teach this course.
Every chapter in this manual also has a sample lecture that you can use, written on a topic that students typically have a tough time with.
In the case studies I provide some additional facts or theories that might help to flesh out a lecture or provoke classroom discussion. For math-averse students, Chapter 5 Solow may be omitted if necessary, while key parts of Chapter 6 Growth and Ideas may be covered without difficulty Sections 6.
That means that instructors can still teach the economics of ideas a largely math-free topic , yet avoid the math of the Solow model. This instruction manual does something different: it is written to help you do a better job teaching with this innovative textbook. In this manual, I walk through each chapter from beginning to end, discussing how you might approach topics that students often find troublesome—for instance, the Solow steady state, making sense of the three ways to measure GDP, or what the Fisher equation really means.
I always try to point out which topics you can safely gloss over or omit, and I often mention an illustration or two that might make your lectures a bit more relevant. In particular, do our students really own an understanding of the subject matter or do they simply borrow an understanding for the course? One of my teaching objectives is to ensure, as much as possible, that students own an understanding of economics. To that end, I begin the introductory class with a set of unfolding questions.
I start with the most basic question, What is economics? The better students respond with the textbook definition given in principles, which is fine. But then I ask the question, Would your brother or sister, friend or parent understand that answer? Most students respond by saying no. So the next question is, Why study economics? Because of the economic problem. What economic problem? Not having enough resources or goods to meet needs and desires. What causes scarcity? Resource constraints inherent in nature and the process of social interaction that create wants and desires for goods.
Again, via modified Heilbroner, How does a society, regardless of space and time, confront scarcity? What economic system does most of the world use today to confront scarcity? Students will say capitalism or markets. What are markets? Markets are the process whereby buyers and sellers interact to determine prices and quantities. What two approaches do we have for studying markets? Microeconomics, the study of the individual parts of the economy, and macroeconomics, the study of the economy as a whole.
Introduction to Macroeconomics 3 with emphasis on factors like economic growth, economic fluctuations, unemployment, inflation, and international economic relations. Microeconomics is rooted in the writings of Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations I like to say the full title—it sums up what most of economics is about. Smith showed that markets promote order and stability by allowing individuals to freely express self-interest through markets, and that the expression of self-interest promotes the social good.
Of course, if Smith is correct then markets, as a set of institutions, become a set of goods that promote social welfare. Well, what about macroeconomics? Where did it come from? If anything, macroeconomics was the consequence of market failures as evidenced by the Great Depression. To illustrate the market failures, Keynes invoked fallacies of composition in reasoning, like the paradox of thrift that wage deflation in isolation can stabilize a labor market, but wage deflation in the economy as a whole will do little to reduce unemployment and may actually destabilize the economy.
According to this legislation, government should pursue policies to promote maximum employment, production, and purchasing power. In addition, this legislation created the Council of Economic Advisors and the Joint Economic Committee to advise the president and Congress on the economy.
Subsequently, macroeconomics, along with microeconomics, became part of every core economics curriculum. Although there is little disagreement as to how to teach microeconomics, tension remains as to how to teach macroeconomics. In particular, conflict occurs over whether to emphasize the long run or the short run.
Today, the U. Clearly the emphasis in policy has shifted to the short run, but long-run concerns remain. The unemployment rate rose from 4. Two of the big three U. Unprecedented steps were taken by the Federal Reserve and the U.
Treasury to bail out the financial sector and to save the automakers. An economic stimulus bill was passed that included tax credits for first-time homebuyers, cash for clunkers, tax cuts, and funding for so-called shovel-ready projects to name a few. Moreover, despite bailouts and the stimulus, we have seen the money supply M2 grow by 8 percent in , 2. The threat of worldwide recession remains. This experience has taken the economics profession by surprise, and is currently causing us to reevaluate what we think about how the economy works.
A generation ago, such topics would barely have been mentioned, but with the rise of globalization, the spread of markets around the world, and a new concern about global growth prospects, a new emphasis in economics has emerged.
Back then, many macroeconomists thought they could control the overall level of GDP on a year-to-year basis. In those days, we spent the semester talking about how to control the demand for goods and services in the economy. Back then, we thought we actually could control things. There are increases in the.
The key problem of economics is scarcity—and the miracle of long-term economic growth is that most of the things people want are a little bit less scarce each year. Given that the U. It only fluctuates from year to year by about 1. Lucas ran some estimates and found that the average person would be willing to pay about 0. This suggests that modern unemployment insurance is pretty good insurance already. For poorer people, every dollar counts more. But Lucas was trying to come up with an average estimate of how much the typical American would pay to get rid of business cycles.
They find that people would rather work a steady hour week than work 45 hours most of the time with some random layoffs thrown in. And of course, surveys and common sense do show that people hate being out of work.
Over the course of 50 years the economics profession has gone from the notion that business cycles could be tamed Samuelson and the Keynesians to the ideas of Lucas and others that markets are self-regulating and that government intervention has ill or nil effects. In light of current events, you will be challenged throughout this course with questions regarding what should be done to end recessions and reduce unemployment. For a nice review of the current debate, see the aforementioned New Yorker article.
Based on personal preference. Ingredients: Inputs, the model itself, and outputs. Of course, you could just collapse this to equilibrium labor supply and equilibrium wage without losing much of interest. This is largely because some poor countries have a history of high inflation, so that one unit of their currency becomes worth very little compared to the dollar. High inflation is rare in rich countries, and much more common in poor countries.
This is a worked exercise. Please see the text for the solution. Informally, it tells us how sensitive workers are to wages when deciding how much to work. This is just what we expect: The supply of labor increased exogenously, and workers were willing to work the same hours at a lower wage.
In equilibrium, firms decided to hire more workers at a new, lower wage. The wage rises a bit, to which workers respond by supplying more labor. If the demand and supply functions are straight lines, then there must be a unique solution.
Jones runs through the production, expenditure, and income approaches, and emphasizes that the labor share in the United States is roughly constant well worth emphasizing, since it helps justify the CobbDouglas production function that plays a major role later. Interest rates and the unemployment rate are deferred to later chapters, so you can focus your energies on an intellectual triumph that we economists usually take for granted: the definition of GDP.
What should we leave out? How can we add up things that are wildly dissimilar— automobile production and grocery store employment and resales of homes and on and on—into one number that tells us what is happening?
Simon Kuznets found a reasonable way to do this, and was awarded the Nobel Prize in economics largely for creating the definition of GDP that we use today. Economists and citizens take GDP for granted—but it really is one of the great intellectual contributions to economics. What did we ever do without it? In addition, you may want to emphasize that the system of national accounts constitutes a set of accounting identities—statements that are true by definition.
These definitions are important in framing questions and finding answers. Definitions are an essential part of economic theory. The national accounts provide ample definitions for asking questions. A useful analogy comes from medicine. How can you tell whether a human being is healthy?
Doctors have settled on a few key variables for summing up human health: body temperature, blood pressure, heart rate, and breathing rate. The first two of the vital signs, in par ticular, could be measured in a number of ways—so doctors had to settle on the one best way to measure body temperature and blood pressure. Even today, many doctors push to include a fifth or sixth vital sign— oxygen levels in the blood, pupil size, emotional distress, pain—but the profession as a whole resists these efforts.
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