ECO 375
Government and Business
Spring 2015
Online Office Hours: Wednesday’s 8:30-9:30 p.m. in Chat or by appointment
Instructor:
William K. MacReynolds. Ph.D.
wkmacrey@uncg.edu
703-772-5365 (cell)
Course Description:
The goal of this course is to help students think analytically about the role of the government in the
economy and to address some fundamental philosophical and practical disputes concerning that
issue. We will explore the history of capitalism and review fundamental economic concepts.
Students will analyze the role of the government by studying different views on current political and
economic issues including pollution, health care, the financial crisis, budget deficits, poverty, and
the distribution of income.
Prerequisites: ECO 201 or the equivalent
Course Objectives:
At the end of this course, students should be able to:
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Understand the development of economic thought regarding markets and government and
how these economic ideas and theories have evolved over time.
Be familiar with the various, contending, schools of economic thought.
Understand that scarcity gives rise to choice, that every choice has an opportunity cost, and
that trade-offs always exist and apply this principle to policy analysis.
Explain the concepts of economic efficiency and the welfare gains that are realized from
efficient markets.
Understand the functions and limits of the market as a means of distributing scarce
resources.
Explain the role of prices as a rationing mechanism. Identify, explain, and give examples of
market failures.
Achieve a level of economic “literacy” which can be used to evaluate current economic
issues, including the economic stimulus package, the financial crisis, CEO compensation,
antitrust enforcement and government bailouts.
Understand the scope and size of government.
Understand how government regulation works and that there are untended consequences
to regulation.
Required Textbook:
“Readings for Government and Business” A book created by William K. MacReynolds 2013 Pearson
306 pages ISBN 1-269-08861-0. Purchase the text at the UNCG bookstore. It is not available online.
Academic Integrity
Students must conform to all existing principles found in UNCG’s Academic Integrity Policy and the
Student Code of Conduct. The Academic Integrity Policy requires that all work undertaken must be
carried out in good faith and with due regard for the integrity of the learning process. For more
information, see http://academicintegrity.uncg.edu/complete/
Organization of the Course:
This course consists of five units which will be covered sequentially. Each unit has a number of
lessons, an assignment, required and recommended readings and an exam. Students must
complete each unit (including the examination) by the unit due date – no exceptions. Exams are
taken online and are timed. Points will be deducted for exams taken and assignments provided that
go over the allowed time limit or are late. A zero grade will be earned if the submission is more than
one week late. In addition, there will be 5 discussion topics (one for each unit) available for
comment within your assigned groups. The course begins on Monday, January 12, 2015 at 8:00
a.m. and ends at midnight on Monday, April 27, 2015. There is no final exam.
Communication and Attendance:
Use the “Questions for the Professor” forum to post questions or concerns regarding this course.
Only issues that are personal should be emailed to the instructor. The “Questions for the Professor”
site is checked frequently and is the best way to communicate with the instructor. There are
assignments and discussions that students must complete in discussion boards dedicated to each
unit. Attendance is based upon logging into Canvas and completing the assignments on time. At
the discretion of the professor, students will be dropped from the course if they fail to complete
any or all of the Unit 1 assessments (discussion, assignment or exam) during the first grading period
which ends Saturday, January 31 at midnight.
Grades: Unit Exams
Exams consist of multiple choice questions and are based upon required readings and lesson
material. There are five exams – one for each unit. Each exam is worth 10% of your final grade or
50 points each. Exams will be available approximately 3 days before the due date. Exams are timed
and will last no more than 75 minutes. There is no final comprehensive exam. When taking the
exams online, arrange for a period of time for yourself without distractions to meet the allowed
time limit. Make sure you have a reliable internet connection as you may not restart the exam.
Should you experience an electrical outage in your area, please inform the instructor as soon as
possible via cell phone text message and/or email. For all assignments and exams, it is best to
complete it well before the due date and time to avoid any possible mishaps.
Grades: Unit Assignments
There is a written assignment for each unit. These assignments will be based upon required
readings. The assignment is due by a given date (see below) and will be the same date as the unit
exam due date. Your answers will be short and concise – anywhere from 2 to 4 paragraphs. Each
assignment is worth 5% of your final grade or 25 points each for a total of 125 points (25% of your
final grade). Do not fail to complete an assignment even if late. Grading is based upon how well
the essay answers the question using ideas from the required readings and your own analysis. In
addition, outside references to support your answer will add points to your essay. For example, a
well written essay can be “graded” as good or very good (see below) and can become excellent by
showing that you researched your answer. The best essays are concise and full of information (not
opinion). When an opinion appears to be asked for, utilize information and analysis to support your
point of view. Excellent (24,25), Very good (22,23), Good (20,21), Average (18,19) and Poor (17 and
below) are typical grades on the unit assignments. Errors in syntax or spelling can lower the point
score making a very good essay just a good essay so make sure to edit your work. Again, complete
the assignment well ahead of time so you can give it your best effort. An excellent essay (24 or 25
points) covers multiple aspects of an answer with analytical thinking, has no syntax or spelling
errors and utilizes tow outside references. A good answer (20 or 21 points) gives a clear answer to
the question covering the major parts of the question with one or two syntax or spelling errors and
has one outside reference. A score of “13,” for example, can mean that there was an effort to use
analysis, but the answer missed the major aspect of the question and was incomplete and difficult
to read because of errors. Comments will be given in some cases. Make sure your work is
completely original.
Grades: Discussion Topics
Discussion topics occur for each unit. They will come from the lessons and readings. You may earn
up to 25 points for each discussion topic for a total of 125 points or 25% of your final grade. You
must submit your initial post on the discussion question by the midpoint date (see below) of the
unit to obtain 15 points. You then have until the due date and time for the unit to comment on two
posts made by other students. Use analysis and information in your posts. Opinions gain no
points. Theories, information, hypothetical comments or even stating how and why the situation is
confusing and difficult to know much about will gain points as will well-postulated questions for the
gclass to ponder. Trite comments about how much you agree or disagree with something written
will not suffice. You must explain your points. The discussion topic is like having a conversation
with the instructor and other students on the subject matter given to you.
Grading: Overall Scale
492-500 A+
463-491 A
450-462 A-
441-449 B+
414-440 B
400-413 B-
390-399 C+
365-389 C
350-364 C-
339-349 D+
316-338 D
300-315 Dbelow 300 F
Unit Subjects and Due dates
Due dates are given below for each unit. These dates indicate the last day (at midnight) the Unit
assignment and exam can be submitted without a late penalty. By midnight of the idpoint date, your
initial post on the discussion question is due.
SUBJECT
UNIT
DUE DATE
Student Introduction
0
Wednesday 1/14
A History of Economic Thought
1
Saturday, 1/31 (midpoint 1/22)
Markets and the Role of Government
2
Thursday, 2/19 (midpoint 2/10)
The Scope of Government: Regulation:
Incentives and Unintended Consequences
3
Wednesday, 3/18 (midpoint 2/28)
The Federal Reserve and Recent Financial
Crisis
4
Wednesday, 4/8 (midpoint 3/30)
Economic Growth, Fiscal Policy and
The Size of Government
5
Monday, 4/27 (midpoint 4/19)