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2013/2014 BA-HA_HU3A Principles of macroeconomics
| English Title | |
| Principles of macroeconomics |
Course information |
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| Language | English |
| Exam ECTS | 7.5 ECTS |
| Type | Elective |
| Level | Bachelor |
| Duration | Summer |
| Course period | Summer
Please check www.cbs.dk/summer for the course schedule. |
| Time Table | Please see course schedule at e-Campus |
| Study board |
Study Board for BSc in Economics and Business
Administration
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| Course coordinator | |
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| Last updated on 16-08-2013 | |
| Learning objectives | |||||||||||||||||||||||||
| Analytical Skills
-Articulate and discuss the concepts covered in the preliminary assignment The Price of Everything: A Parable of Possibility and Prosperity -Explain the broad conceptual nature of economics, its connections to human flourishing, its broad and general goals, and the reasons for these goals -Be able to explain comparative advantage -Be able to explain gains from exchange -Understand and discuss cost-benefit analysis within a basic supply and demand framework -Analyze the effects of price controls on a market -Articulate the microeconomic foundations of macroeconomics -Understand the basic framework of National Income Accounting -Interpret the importance of changes in major economic indicators including GDP and unemployment data -Explain basic economic growth models and the effects of economic growth and productivity on standard-of-living -Explain the business cycle and its effects on labor and capital
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| Course prerequisites | |||||||||||||||||||||||||
| It is recommended that students have successfully completed a course in basic algebra. No other prerequisites are required. | |||||||||||||||||||||||||
| Prerequisites for registering for the exam | |||||||||||||||||||||||||
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Compulsory assignments
(assessed approved/not approved)
mandatory Mid-term Assignment: You will be required to write a 2-3 page paper which analyzes some article pertaining to a change in supply, change in demand, or the effects of some price control on markets. Your paper must include a graphical analysis accompanied by a solid explanation of the isuse, the assumptions, the change you are modeling, and the observed or expected effects of the change. This project will be due at the beginning of Class Meeting 5. I am not looking for a summary of what reporters write but rather a critical reading of and commentary on what they write. This assignment means that you must have some contact with the financial/economics news of the world. Your sources might include: The Economist, The Wall Street Journal, Forbes, Business Week, Investor's Business Daily, or the financial/business section of a major newspaper such as the New York Times or the Washington Post or The Times of London. The paper should showcase your ability to relate course materials to the economic news of the day. All papers must be typed and double-spaced and accompanied by a short bibliography. If the analysis is from a specific article, a copy of that article needs to be attached. |
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| Examination | |||||||||||||||||||||||||
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| Course content and structure | |||||||||||||||||||||||||
| The Principles of Macroeconomics is
the introductory, foundational course for all of macroeconomic
theory. It provides the framework for intermediate theory
courses and is any student's introduction to the analysis of
economies at the aggregated (national or state) level.
Outline the skills and competences that the course will help to develop. The skills and competencies addressed in this course are explained in the two following sections of this form: 'Learning objectives' and 'The course's development of personal competencies.' Describe the content-related elements of the course, i.e., how the course is structured and what the key problems to be addressed are. Macroeconomics is the study of the behavior of an entire economy aggregated across all of the individual decision-making units. It deals primarily with economic aggregate measures of productivity, employment, and price levels. Macroeconomic theory is marked by diverse prespectives. A number of alternative schools of thought exist, each stressing different paths to the ultimate goals of growth in real output, full employment, and price stability. Some of the different schools of thought include: Keynesianism, Monetarism, and Rational Expectations. Topics which we will cover include: the national debt, interest rates, government spending, the measurement of economic aggregates, monetary policy, and fiscal policy. Your understanding of the material can be greatly enhanced by following the economic and financial news over the period of this course. You should acquire the background necessary to be able to formulate your own informed opinions on the workings of a macroeconomy. The course's development of personal competences: Types of personal and interpersonal competences that the student will develop and practice during this course. Personal and Interpersonal Competences Self-motivation Ability to understand complex systems and connections Develop analytical prowess Build confidence in knowledge of the economy Build confidence in the handling new and varied tasks Attention to details Attention to the 'big picture' Ability to meet deadlines Ability to access and interpret business and economic news Ability to work effectively with peers Build networking ability |
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| Teaching methods | |||||||||||||||||||||||||
| The course is primarily lecture-based
though short case studies are included in the textbook and these
will be covered in class. Periodically, I will also use in-class
group work focused on a specific case, situation, or to problem
solve.
Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings to be read before the start of classes with a related task or tasks in the first two classes in order to ‘jump-start’ the learning process.Read this novel: The Price of Everything: A Parable of Possibility and Prosperity, 224 pages. (Available at: http://www.amazon.com/dp/0691143358/ref=rdr_ext_sb_ti_sims_1) Author: Russell Roberts Publisher: Princeton University Press Publication Date: August 24, 2009 ISBN-10: 0691143358 ISBN-13: 978-0691143354 |
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| Expected literature | |||||||||||||||||||||||||
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The Price of Everything: A Parable of Possibility and
Prosperity, 224 pages.
Modern Principles: Macroeconomics, Second Edition ©2012, 481
Pages
Class Meeting 1 - Introduction
Class Meeting 4 - Economic Growth and Productivity
Class Meeting 5 - Personal Finance, Political Economy and Public
Choice
Class Meeting 6 - Business Fluctuations, Employment,
Money, and Inflation
Class Meeting 7 - Business Fluctuations, Aggregate Demand and
Aggregate Supply, the Transmission of Policy
Class Meeting 9 - Macroeconomic Policy and Institutions - Fiscal
Policy and Congress
Class Meeting 11 - Macroeconomics Course Review
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