Robert Pollin
Department of Economics-U Mass-Amherst
313 Gordon Hall
413-577-0819
Email: pollin@econs.umass.edu
Office Hours: 12:30 – 2 pm Monday and Wednesday and by appt.
ECONOMICS 104: INTRODUCTION TO MACROECONOMICS
Spring 2023
COURSE SYLLABUS
Macroeconomics is a hugely important subject to study, because it provides us with a foundation
for understanding a good share of the most pressing social and economic issues of our present time-period
as well as previous time periods.
Consider, for example, our recent experiences with the COVID-19 pandemic. Of course, this was
a global health care crisis. But it was also a macroeconomic crisis, which led to the enactment of
macroeconomic policy interventions on an historically unprecedented scale, both in the U.S. and globally.
As one measure of this: in the 18 months from when COVID began spreading in the U.S., i.e. from
March 2020 to September 2021, roughly 90 million people in the U.S. lost their jobs and filed for
unemployment insurance. This is over half of the entire U.S. workforce. Moreover, these unemployment
figures would have been much higher still in the absence of the macroeconomic policy interventions that
were advanced.
These interventions included spending injections into the economy by the federal government and
Federal Reserve purchases of private financial assets (e.g. stocks and bonds) in U.S. financial markets—
i.e. Wall Street. These were bailout measures for a sinking economy that amounted to roughly one-third
of the overall size of the economy (as measured by Gross Domestic Product—“GDP”). As a result of
this federal government policy intervention, U.S. government debt held outside government agencies now
amounts to $24.5 trillion, roughly equal to total GDP. How should we interpret such seemingly
astronomical figures? Is the U.S. government teetering on the brink of default? Attempting to answer
questions like these lies at the heart of what we consider in macroeconomics.
The U.S. government’s debt level connects to another theme at the center of macroeconomics,
which is the operation of financial markets. Beginning in 2008, the United States economy, and global
economy more broadly, were clobbered by the Great Recession, the most severe economic crisis since the
1930s Depression. This experience raises one of the most important big questions in macroeconomics.
That is, why do economies, and the U.S. economy in particular, experience swings from growth to
financial instability and recession, with unemployment rates falling and rising along with these swings?
Similarly, why do overall prices in the economy rise (inflation) and fall (deflation)? Over the past year,
the inflation rate in the U.S. and globally reached 40-year highs. Why is this, and what, if anything,
should be done about it? We equally need to consider a longer-term pattern in which average pay levels
for U.S. workers have stagnated over the past 50 years while the U.S. stock market has risen to
unprecedented heights. These patterns have generated a huge increase in both income and wealth
inequality. What is behind all these patterns?
We will also consider still broader questions in this course. Economics is a moral science. We
need to emphasize both terms—issues of morality, along with the demands of science. Consider the
environment, for example. In principle, everyone says they support protecting the environment, and most
people believe we need to control global climate change. But even some who believe that say the
economic costs of protecting the environment will be huge—that we can cut back on greenhouse gas
emissions, for example, but only by slowing down the economy and throwing people out of work. What
Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
Page 2
is the scientific evidence on these points?
what our moral position might be?
How would the scientific evidence either support or change
Here is the general point: the topics we will cover in this course are all about the social, political,
and environmental as well as economic issues around you. Assuming you care at all about this world of
ours, you will definitely find lots of things of interest in this course, unless I am an incredibly boring
teacher. And even then, the excitement of the subject should still shine through my failings in presenting
it to you. So let’s go at it and have some fun! Oh yes, there is also some work here…as in:
REQUIREMENTS
There will be different types of assignments throughout the course. This way, everyone will have
lots of chances to do well, with both at-home and in-class assignments. The assignments include:
1. Regular Discussion Papers (20 percent of grade). There will be six short paper assignments
that will be spaced throughout the course. These papers should be no more than 400-600 words (i.e. 1-2
pages long, single spaced). Other than the first assignment—which is an exercise in thinking about the
economy—they will be based on your reading and thinking about some specific issue in one or more of
your reading assignments. We will provide more details on the assignments when we give them out. The
schedule for these assignments is below. These assignments should also be helpful to you in thinking
about your term paper, described below. The papers will need to be typed, printed, and handed in at the
beginning of your section meetings, as noted below, or presented to your TAs through some means
mutually agreed upon before the due date/time.
Short paper #1
Short paper #2
Short paper #3
Short paper #4
Short paper #5
Short paper #6
Date assigned
February 6
February 22
March 8
April 3
April 19
May 1
Date Due
February 17 in sections
March 3 in sections
March 24 in sections
April 14 in sections
April 28 in sections
May 12 in sections
The grading of these assignments will be as follows: the first two papers will be graded
pass/revise/fail. You will have an opportunity to revise these papers until they are at a passing level.
You must complete these assignments with a pass. The final four assignments will be graded. Your
average grade for these four papers will count for 20 percent of your overall grade.
2. In-Class Midterm Examination (20 percent of grade). This will be held in class on
Monday, March 27
3. Final Examination (30 percent of grade). This will be a comprehensive exam. Date to be
determined.
4. Term Paper (25 percent of grade). This will be due when you come to take your final exam.
This will be on a topic of your choosing from a list that we will provide. The paper should be roughly
1,600 words in text (i.e. excluding references), or about 4 single-spaced typed pages.
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Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
Page 3
5. Participation (5 percent). I do not require attendance at either lectures or sections. But we
will keep track of attendance at sections. More importantly, people who participate in lectures and
especially section discussions will be rewarded. Note that five percent of a grade may not seem like a lot.
But it is the difference, for example, between a borderline A and a B.
TEACHING ASSISTANTS FOR THE COURSE
I am happy to be working with Sophia Normark, Shady Nasheed, William Chaney, Arpita
Biswas, and Kayode Salandy. You will have one of them leading your sections. You will benefit a lot by
coming to the sections they will lead and paying close attention to the material they are giving you. TA
contact information has also been posted to the Moodle. Sophia Normark is also the Head TA for the
course. She will be actively involved in managing all administrative matters for the course. You should
contact Sophia about all administrative matters.
The email addresses for the course TAs are: Sophia Normark <snormark@umass.edu>; Shady
Lawendy<slawendy@umass.edu>; William Chaney <wchaney@umass.edu>; Arpita Biswas
<arpitabiswas@umass.edu>; and Kayode Salandy (ksalandy@umass.edu>.
READINGS
I have ordered two books for the course. They are:
David Colander, Macroeconomics, 11th edition (hereafter “Colander”). This is the main textbook
for the course. It can be purchased through E-Campus:
https://umass.ecampus.com/course-list.asp?autocourselist=1&c=|4147198|4204298&s=142793&missing=
Dollars & Sense, Real World Macro, 39st Edition. This collection of short articles gives an
alternative perspective on a wide range of macro issues. It is available either through Collective Copies in
downtown Amherst or online through Leveller’s Press, at: https://levellerspress.com/product/real-worldmacro/
There are also additional readings which we will distribute online, as well as online video
interviews and discussions. These should all help you to make sense of the material under
consideration—and as such, will help you with the exams as well.
COURSE OUTLINE
PLEASE NOTE: The amounts of time and specific dates allotted to each topic are my best
approximations for now. The course will develop its own natural rhythm, and that could differ somewhat
from what I have outlined. Nevertheless, the dates for all assignments and exams are firm.
1. Introduction: What is the course about? What is macroeconomics about? (February 6; 1
class).
Colander Ch. 1, esp. pp. 11 - 20.
2. Big Macro Questions: Unemployment, Inflation, Economic Crises, Inequality:
Intro Students? (February 8; 1 class).
Too Hard for
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Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
Page 4
--- First glance at Colander, Ch. 12
--- First glance at Robert Pollin and Gerald Epstein, “Neoliberalism’s Bailout Problem,” Boston
Review, https://bostonreview.net/articles/neoliberalisms-bailout-problem/
--- First glance at Pollin, Back to Full Employment, pp. 39 – 52.
--- Alternative perspectives on current employment and inflation:
Josh Bivens, “Learning the Right Lessons from Recent Inflation,”
https://prospect.org/economy/2023-01-10-lessons-inflation-federal-reserve-interest-rates/
Larry Summers, “What To Do Next on Inflation,”
https://www.washingtonpost.com/opinions/2022/12/19/larry-summers-fed-inflation-next-steps/
“Powell Says Fed Will Not Change 2% Inflation Target,”
https://www.reuters.com/markets/us/powell-says-fed-will-not-change-2-inflation-goal-2022-12-14/
Robert Pollin and Hanae Bouazza,” 2% Inflation Targeting Harms Growth,”
https://prospect.org/economy/2023-01-05-two-percent-inflation-targeting-harms-growth/
CP Chandrashakar and Jayati Ghosh, “Inflation in an Unequal World Economy,”
https://prospect.org/economy/2023-01-12-inflation-unequal-world-economy/
3. Economics as a Moral Science (February 13 - 15; 2 classes)
--- Colander, Ch. 3 and 106 – 108.
--- Real World Macro, Articles 1.3, 4.5
--- Robert Pollin and Jeannette Wicks-Lim, “Why Fast-Food Employers Can Adjust to a $15
Minimum Wage without Shedding Jobs”
http://www.scholarsstrategynetwork.org/sites/default/files/ssn-key-findings-pollin-and-wicks-limon-a-15-minimum-wage.pdf
--- Robert Pollin, “Hiking the Minimum Wage is to $15 is Key—But it is Hardly a Living Wage,
Truthout, 3/7/21, https://truthout.org/articles/hiking-the-minimum-wage-to-15-is-key-but-itshardly-a-living-wage/
--- Tim Worstall, “Truly Terrible Research on Increasing the Minimum Wage to $15 an Hour,”
Forbes
http://www.forbes.com/sites/timworstall/2015/04/14/truly-terrible-research-in-increasing-theminimum-wage-to-15-an-hour/#7f4334636e6b
--- NY Times Room for Debate, “Can the Minimum Wage be Too High?
http://www.nytimes.com/roomfordebate/2014/06/04/can-the-minimum-wage-be-too-high
Videos:
--- Milton Friedman Debates Michael Harrington, “Capitalism vs. Socialism”
http://www.youtube.com/watch?v=FOMI0ORGH44&NR=1
--- Noam Chomsky on Socialism
http://www.youtube.com/watch?v=K4Tq4VE8eHQ&feature=related
4. Considering the Economy as a Whole (February 22 – March 8; 5 classes)
A) National Income--Gross Domestic Product
--- Colander, Ch. 7, pp. 148 - 71
--- Real World Macro, Article 2.2
B) Dividing Up GDP—Average Income, Inequality/Poverty, Racial and Gender
Discrimination
--- Real World Macro, Articles 2.5, 5.2--- N. Gregory Mankiw, “Yes, the Wealthy can be
Deserving.” New York Times, 2-15-2014.
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Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
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http://www.nytimes.com/2014/02/16/business/yes-the-wealthy-can-bedeserving.html?smid=pl-share
--- Paul Krugman, “Greg Mankiw and the Gatsby Curve,” 6-22-2013.
http://krugman.blogs.nytimes.com/2013/06/22/greg-mankiw-and-the-gatsby-curve
--- --- James Q. Wilson, “Angry about Inequality? Don’t Blame the Rich!” American
Enterprise Institute, January 2012,
http://www.aei.org/article/society-and-culture/poverty/angry-about-inequality-dontblame-the-rich/
--- Nancy Folbre, “The Caring Economy,” https://greattransition.org/publication/thecaring-economy
--- Christina Hoff Sommers, “The Case Against Pay-Check Fairness Act,” American
Enterprise Institute, 2012
http://www.aei.org/article/society-and-culture/race-and-gender/the-case-against-thepaycheck-fairness-act/
--- American Association of University Women, “The Simple Truth about the Gender
Pay Gap”
http://www.aauw.org/files/2015/09/The-Simple-Truth-Fall-2015.pdf
Videos:
-- Joseph Stiglitz vs. Martin Feldstein on Income Inequality,
https://www.youtube.com/watch?v=P1W4AtNRbkk
-- Monika Queisser, on Gender Inequality
https://www.youtube.com/watch?v=eE_5gGliIsM
C) Economy and Environment
--- Real World Macro, 6.5
--- Robert Pollin, How Do We Pay for a Zero Emissions Economy? American Prospect,
https://prospect.org/greennewdeal/how-to-pay-for-a-zero-emissions-economy/
--- Noam Chomsky and Robert Pollin, “Pushing a Viable Climate Project Around
COP27,” Truthout, 10/23/22
https://truthout.org/articles/chomsky-and-pollin-pushing-a-viable-climate-project-aroundcop27/
--- Ryan Nunn et al., “Ten Facts about the Economics of Climate Change and Climate
Policy,” https://www.brookings.edu/research/ten-facts-about-the-economics-of-climatechange-and-climate-policy/
-- The Economist, “What Would Different Levels of Global Warming Look Like?”
https://www.economist.com/the-economist-explains/2021/03/30/what-would-differentlevels-of-global-warming-look-like
--- “Economists’ Statement on Carbon Dividends,” Wall Street Journal, 1/17/19,
https://www.wsj.com/articles/economists-statement-on-carbon-dividends-11547682910
SPRING BREAK—March 13 – 15; No Classes
5. Long-Run Growth and Stagnation (March 20 - 22; 2 classes)
A) Overall Growth Patterns
--- Colander, pp. 130 – 132, and Ch. 9.
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Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
Page 6
--- Robert Gordon, “Is Economic Growth Over?” https://voxeu.org/article/useconomic-growth-over
--- Real World Macro, Article 3.2, 3.3
--- Leslie Carbone and Jay Richards, “The Economy Hits Home: What Makes the
Economy Grow? Heritage Foundation http://www.heritage.org/research/reports/2009/07/theeconomy-hits-home-what-makes-the-economy-grow
B) U.S. Technical Change, Manufacturing and Industrial Policy
--- Pollin, Back to Full Employment, pp. 109-118.
IN CLASS MIDTERM EXAMINATION, MONDAY, MARCH 27
6. Unemployment and Inflation (March 29- April 10; 4 classes)
--- Colander, Chs. 15 – 16, esp. pp. 326 – 335; and 345 – 353 and 358 – 62.
--- Pollin, Back to Full Employment, pp. 15-36
--- Real World Macro, Articles 2.6, 2.7, 4.4, 4.7
--- Robert Pollin, “The Federal Reserve Attacks American Workers,” The Nation, 9/15/22,
https://www.thenation.com/article/economy/inflation-federal-reserve-wages-working-class/
--- Inflation articles in Section 2 above, “Big Macro Questions.”
7. The Global Economy and Immigration (April 12 – 24; 3 classes)
--- Colander, Chs. 17 - 18
--- MacEwan and Miller, Economic Collapse; Economic Change, Ch. 8 on China
--- Real World Macro, Articles 9.3 – 9.4
--- Pollin, Back to Full Employment, Pollin, pp. 39 – 52.
--- Daniel Costa, “Facts about Immigration and the U.S. Economy,”
http://www.epi.org/publication/immigration-facts/
--- James Pethokoukis, “How Immigration Boosts American Economic Growth and Innovation,”
http://www.aei.org/publication/how-immigration-boosts-american-economic-growth-andinnovation/
---“Do Immigrants Take Jobs from American-Born Workers?” NY Times symposium,
http://www.nytimes.com/roomfordebate/2015/01/06/do-immigrants-take-jobs-from-americanborn-workers
Videos:
--- Gerald Epstein, “China and the United States”
http://www.youtube.com/watch?v=Ri2hd4w72vI
--- The Economist, “How Immigrants Can Help Save Dying Cities”
https://www.youtube.com/watch?v=nVnDtqvjBbY
--- “Bill O’Reilly”—Immigrants Take Jobs”
https://www.youtube.com/watch?v=WMu7_83qbas
8. Fiscal Policies and the Federal Government Budget (April 26 – May 3; 3 classes)
--- Colander, Chs. 13 - 14
--- Real World Macro, Articles 6.1, 6.3
--- Robert Pollin, “The Deficit is Exploding and That’s a Good Thing,” The Nation,
https://www.thenation.com/article/economy/deficit-stimulus-fiscal-borrowing/
9. Financial Markets and Monetary Policy (May 8 – 15; 3 classes).
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Syllabus for Economics 104: Intro. to Macroeconomics
Prof. Robert Pollin
Spring 2023—U Mass Amherst
Page 7
--- Colander, Chs. 10 – 11
--- Real World Macro, Articles 7.1, 7.2
--- Gerald Epstein, The Bankers Club, section on cryptocurrencies
Videos:
--- Gerald Epstein, “The Future of the Fed”
http://vimeo.com/22978498
--- Paul Krugman, “Economic Meltdown: What Have We Learned, if Anything?”
https://www.youtube.com/watch?v=WJ4oCO9UK7U
10. Where are we? Where do we go from here? (May 17; 1 class).
--- Colander, Ch. 12 (re-read)
--- Robert Pollin and Gerald Epstein, “Neoliberalism’s Bailout Problem,” Boston Review (reread)
https://bostonreview.net/articles/neoliberalisms-bailout-problem/
FINAL EXAM: Date, time and place to be announced.
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