SMU Classification: Restricted
School of Economics
Academic Year 2021-22
Term 1
COR2100 ECONOMICS AND SOCIETY
Instructor Name
: Wong Fot Chyi
Email
: fcwong@smu.edu.sg
Office
: Adjunct Faculty Office, Level 5, SOE
Tel
:
1. Course Description
In this course, we introduce students to the economic way of thinking about societal issues. We
use the themes of incentives and empiricism to illustrate the power of simple economic ideas,
and their ability to explain, predict, and improve what happens in the world.
The course will examine how market activities are shaped by both the private and public sector.
It will allow students to appreciate how free markets and government policies affect society,
creating winners and losers, and to understand the societal trade-offs implicated in an economy.
The course will also examine debates on the importance of social institutions in contributing to
economic growth, and on economic policies surrounding the global economic and financial
crises.
2. Learning Objectives
At the end of the course, students are expected to be able to:
•
use evidence-based economics approach to explain real-life issues and phenomena as
it plays out in our society
•
develop critical thinking skills to analyze local and global societal issues using key economic principles
The syllabus will be covered during the 12-week semester, and is split into two main parts
covering three key topics each. Class sessions are of 3-hour duration per week.
Topics
Societal issues
Part I: Incentives, trade-offs, and welfare among the members of society
1 Trade and markets
Private and public action in local and global markets
2
How households make decisions
Private incentives and social welfare
3
How businesses make decisions
The successes and failures of capitalism
Part II: The churning of the economy and implications for the larger society
4
Measuring aggregate well-being
Wealth, inequality, and happiness
5
Economic growth
Social institutions and development
6
Managing the economy
Policy actions in the larger society
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3. Pre-requisite/Co-requisite/Mutually Exclusive Course(s)
None.
4. Assessment Methods
Assessment Categories Weightage (%)
Class Participation
15
Online Quiz
10
Mid-term Test
15
Group Project
20
Final Exam
40
Total
100
5. Course Assessment Details
Class Participation: SMU education policy requires class participation to promote learning
through critical exchange of ideas and engagement of mind. Students are strongly encouraged
to participate in class discussions and to ask questions to promote their understanding of the
course content. Understandably each individual student has a different learning strategy and
that some students are more reserved than others. Students should therefore not feel
pressured to talk just for the sake of the class participation grade. Students should also not
feel pressured to keep quiet because they think that their comments or questions are “stupid”.
The class is a learning environment that seeks to promote students’ understanding of the
course material and to develop their analytical skills and critical reasoning.
Online Quizzes: The nine (9) online lesson quizzes are meant to reinforce your
understanding of the key concepts we learn in class. Each quiz will comprise 20 questions
each, and the score for ALL quizzes will count towards 10% of the course grade. The quiz
will be available online for a week on the eLearn page of your respective sections and the time
limit for each quiz will be 50 minutes. You can take the quiz at any time during the period when
it is available but you will be allowed only one attempt from the moment that you start the quiz.
Your score and the answer keys to the questions will be available after the close of each quiz.
Students are responsible to take the quizzes when their availability is announced on eLearn.
The quizzes will not be reopened after they are closed, and students who fail to submit their
responses for any quiz will get zero for that quiz.
Group Project: There will be 8-9 broad topics for group projects. Each group will comprise 4
to 5 students randomly assigned by the instructor. The assignment of groups and broad project
topic will be done in Week 7 of the term or earlier. In lieu of the case studies / articles assigned
to each group, students can research and select their own case studies / articles in the same
topic area from credible sources (e.g. Economist, Wall Street Journal, New York Times,
Business Times or journals). Please consult the instructor and seek clearance for the case
study / article the group has selected.
In-Class Presentation: All group presentations are scheduled in Weeks 12 and 13 if
these are held in class. Each group will make a 20-minute presentation followed by a
5-minute class discussion. Each group is required to submit a MS PowerPoint
presentation file and group project report on the eve of your assigned presentation
week. You are expected to make good use of economic theories and concepts
acquired in class and apply them to the problems of the topic assigned. The group is
also required to find some real-life examples (either from newspaper articles or daily
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experience) to illustrate how to apply the economic tools to analyse real world
phenomenon.
Or
Recorded Presentation: In lieu of the in-class presentation, each group will make a
10-minute recorded video presentation and submit the video file, MS PowerPoint
presentation file and group project report at the end of Week 13.
More details on group projects will be provided in class.
Mid-Term Test and Final Exam: The mid-term test in Week 7 is one-hour long and covers
only Topics 1-3 in Part I of the syllabus, or Lessons 1-5 of the lesson plan. The final exam is
2-hour long and covers all topics in both Parts I and II of the syllabus. The mid-term test and
final exam will have both multiple-choice questions (MCQ) and written-answer questions.
If held on campus, the mid-term test and final examination will be closed-book with a cheat
sheet made of one double-sided sheet of A4 paper. Both examinations are conducted online
and you are required to install the Respondus Lockdown browser in your notebook computer.
Please note that iPads are not supported on the Respondus Lockdown browser.
If held online, the mid-term test and final examination will be open book with printed
reference materials only; no lookups on secondary electronic devices are allowed. To be
able to take the remote mid-term test or final examination, in addition to installation of the
Respondus Lockdown browser, you must have access to a computer (not a phone or tablet)
with a webcam and reliable internet connection.
There will be no make-up for the mid-term test. If you are absent for the mid-term test, your
final exam will count for 50% of the overall grade, implying a penalty of 5% of the overall grade
a priori.
6. Recommended Text and Readings
Daron Acemoglu, David Laibson, John A. List (2018) Economics, 2nd Global Edition, Pearson
ISBN-10: 1-292-21450-3
7. University Policies
Academic Integrity
All acts of academic dishonesty (including, but not limited to, plagiarism, cheating, fabrication,
facilitation of acts of academic dishonesty by others, unauthorized possession of exam
questions, or tampering with the academic work of other students) are serious offences.
All work (whether oral or written) submitted for purposes of assessment must be the student’s
own work. Penalties for violation of the policy range from zero marks for the component
assessment to expulsion, depending on the nature of the offense.
When in doubt, students should consult the instructors of the course. Details on the SMU Code
of Academic Integrity may be accessed at http://www.smuscd.org/resources.html.
Copyright Notice
Please note that the course materials are meant for personal use only, namely, for the
purposes of teaching, studying and research. You are strictly not permitted to make copies of
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or print additional copies or distribute such copies of the course materials or any parts thereof,
for commercial gain or exchange.
For the full copyright notice, please visit:
https://smu.sg/Copyright-notice or OASIS > Campus Life & Exchange > Conduct & Discipline
> University Council of Student Conduct.
Accessibility
SMU strives to make learning experiences accessible for all. If students anticipate or
experience physical or academic barriers due to disability, please let the instructor know
immediately. Students are also welcome to contact the university's disability services team if
they have questions or concerns about academic provisions: included@smu.edu.sg.
Please be aware that the accessible tables in the seminar room should remain available for
students who require them.
Emergency Preparedness for Teaching and Learning (EPTL)
Where there is an emergency that makes it infeasible to have classes on campus, classes will
be conducted online via WebEx, with no disruption to the schedule. To familiarise students
with the WebEx platform, part of this course may be conducted online. The instructor will
inform students of which classes, if any, will be conducted as part of this EPTL initiative.
8. Weekly Lesson Plan
Please note that topics are subject to change. Chapter reference refers to chapters in the
course textbook. The optional chapters will enhance your understanding and appreciation of
the main topics we will cover in this course. Supplemental articles from newspapers and
magazines will be provided in the “Connecting-the-Dots” section on eLearn to help you relate
the concepts learned in the classroom to real economic and financial events in the world.
Week
No.
Lesson
No.
Topic
Chapter Reference
Required
Optional
Part I: Incentives, Trade-Offs, and Welfare Among the Members of Society
Trade and Markets:
16 Aug 21 • Demand, Supply, Market Equilibrium and Applications
4, 5.5, 10.1,
10.2
5 (including
Appendix)
4
How Households Make Decisions:
23 Aug 21 • Consumers’ Preferences, Budget Constraint and Choice
How Businesses Make Decisions I:
30 Aug 21 • Producers and Incentives
How Businesses Make Decisions II:
6 Sep 21 • Monopoly and Price Discrimination
5
How Businesses Make Decisions III:
13 Sep 21 • Oligopoly, Game Theory and Strategic Play
1
2
3
1, 2, 3
6, 7
12
13, 14.2
Rest of 14
Part II: The Churning of the Economy and Implications for The Larger Society
6
7
Measuring Aggregate Well-Being:
19, 21.1, 23,
• The Macroeconomy: Output, Inflation and Unemployment
20 Sep 21
26.1
• Overview of Short-Run Business Cycle Fluctuations and
Long-Run Economic Growth
• Continuation of Lesson 6 (if any)
27 Sep 21 • Group Project Assignment and Briefing
• Mid-Term Test (1-Hour)
4
Rest of 21
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Week
No.
Lesson
No.
8
4 Oct 21
Chapter Reference
Topic
Required
Optional
Recess Week
Economic Growth:
• Aggregate Demand, Aggregate Supply and Equilibrium Output
Managing the Economy I:
• Fiscal and Monetary Policies
• Application from One of These Topics:
o #1: Singapore’s Conservative Fiscal Policy Process
o #2: Government debt issuance in a budget-surplus
economy
o #3: Singapore’s Exchange Rate-centred Monetary
Policy
Managing the Economy II:
• International Trade: Free or Protectionist
• Application: US-China Trade War
Instructor’s
note on ADAS model.
9
11 Oct 21
10
18 Oct 21
11
25 Oct 21
12
1 Nov 21
Group Project Presentations or Lesson in Lieu
13
8 Nov 21
Group Project Presentations or Lesson in Lieu
14
15 Nov 21
Revision Week
15
22 Nov 21
Final Examination
5
27
8, 28.1
28.2, 28.3