|Prof. Ault office #310
Phone: (740) 654-6711x243
Economics, 15th ed., McConnell/BRUE
Economic Concepts, Bingham (optional)
Everyday Economic Statistics, Clayton & Giesbrecht
The purpose of the course is to identify and explain the four basic questions of macroeconomics as outlined in the syllabus. Lectures and class discussion will be based upon the textbook material relating to the basic theory of national output, income and employment analysis, economic problems and economic institutions.
|A = 90-100%
B = 80-89
C = 65-79
D = 55-64
F = < 55
|(0-400 pts.) Four exams - multiple choice/short answer
(0-10) There MAY be short quizzes or problems during the term
We strongly recommend that you show for class! A courtesy call would be appreciated if you have a conflict. There will be a five minute break with no catering of meals for late returnees. You are expected to be here. You are responsible for all assigned work, all exams, all materials covered, knowing about schedule changes, when exams are scheduled, and when assignments are due . . . whether or not you come to class. ABSENCE IS NOT AN EXCUSE for not knowing about or doing assignments or exams.
UNIT 1 -- The American Economy: Its Structure &
|A. Tools of Economic Analysis
WSJ CHS: 1&2 (pp. 1-46)
Handouts: Spillovers & Taxes
|B. Four Basic Questions of Macroeconomics (an overview)
1. How do we MEASURE total output of economy's goods & services?
a. statistics2. What DETERMINES the level of total output?a. theory3. What CAUSES CHANGES in the level of total output?a. theory4. How can we CONTROL the changes in the level of total output?a. policy1. fiscal
|C. Mixed Capitalism: The Economic Functions of Government & the Goals of Capitalism|
|D. The Public Sector (Gov't): Facts of American Capitalism|
|E. National Income Accounting (basic question #1)
1. Measuring the economy = performance
UNIT TWO --Basic Macroeconomic Questions
|A. What Causes Changes in Level of Output?
1. The business cycle: unemployment & inflation
Bingham: 5, 6
(pp. 153 - 200)
WSJ: 3, 4, 5
|B. What Determines the Level of Output?
1. Overview of macro theory
|Collect Project Data|
UNIT THREE - How Can We Control GDP Changes? Monetary
|A. Institutions & Functions of Money & Banking
Submission of project
|B. How Banks Create Money|
|C. The FED & Monetary Policy|
|D. Monetarism & Milton Homework:preliminary|
|E. Comparison of Policies (value judgements)
1. Keynesian: demand mgt.
UNIT FOUR: How Can We Control GDP Changes? Fiscal Policy.
|A. Fiscal Policy||McConnell: 11, 12, 16, 18|
|B. Federal Budget Deficits Results in Federal Debt||Bingham: 6 (203-216)|
|C. Inflation & Unemployment Again||WSJ Homework: Submit Project|
UNIT FIVE: Domestic Growth & the World Economy
|A. The Economics of Growth & Productivity
WSJ: pp. 131-140
|B. Comparative Advantage
|C. Economics of Free Trade & Protectionism