University of Alaska Anchorage
College of Business and Public Policy
Department of Economics & Public Policy
ECON 201
Section 602
MW 11:30 a.m – 12:45 a.m., RH 117
Fall 2014
Instructor: Alexander James (Alex). Assistant Professor of Economics
Office:
RH # 205M
Office Hours: TR 11:30 – 1:00 p.m., or by appointment
e-mail:
alex.james@uaa.alaska.edu
Webpage:
alexandergjames.weebly.com
Textbook:
Macroeconomics (3rd Edition), by Paul Krugman and Robin Wells
Course Pre-requisites:
None.
Course Description:
Economics is the social science that studies the production, distribution, and consumption of
goods and services. So generally defined, economics could be alternatively defined as the “study
of human decision making” and it can be used to answer a variety of seemingly “un-economic”
questions including: what causes (or reduces) crime? What makes people give to charities? Is it
really dangerous to talk on your phone while driving? Economics can also be considered a
methodology – a structured and consistent way of viewing and analyzing the world that allows
for greater and more robust insights. Economics is the “hardest” social science, while subject
content is not always distinguishable from that studied by geographers, psychologists,
anthropologists, historians, political scientists and even medical doctors and lawyers.
This specific course will familiarize you with macro, or aggregate, economic concepts and
terminology including price determination, gross domestic product, growth, economic welfare,
business cycles, fiscal and monetary policy and international trade. Specific attention will be
given to concepts that are particularly “Alaskan” including but not limited to tax and government
policy, trade and market failures (especially as they relate to natural resources).
While the format of this course will largely be lecture based, student participation is welcomed
and will often be actively encouraged. When appropriate, students will be asked to participate in
in-class experiments and group activities.
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Course Objective:
Broadly put, the goal of this course is to make you a more informed citizen and a more skillful
decision maker. Some more specific course objectives are given below:
1. Discuss major macroeconomic theories
2. Explain major macroeconomic results and implications
3. Explain and analyze how public policy actions affect the macroeconomy
4. Integrate the global economy into discussions and examinations
Student Learning Outcomes:
See also the course objective. Some additional and specific student learning outcomes include
the following:
1. Calculate the Gross Domestic Product and the rate of inflation using national
accounts data.
2. Compute the effect of changes in reserve requirements and other monetary policies on
the money supply and inflation.
3. Compute the solution to the aggregate demand/supply problems given data on
changes in private sector behavior or government policy actions.
4. Compute the expected changes to the balance of payments from shocks to trade
accounts and/or monetary policy shocks.
5. Discuss macroeconomic goals, activities, and outcomes or government monetary and
fiscal policies.
Communicating With Your Instructor
Referring to me as “Alex” is fine. When emailing your instructor, in subject heading, please put
1) Your name, 2) your course number and 3) Your section number. For example, if Joseph
Stiglitz, from my econ 201, section 601 course emails me, the email subject content should read:
“Joseph Stiglitz, Econ 201, Section 601”. Emails that do not have this information in the subject
heading will be returned to the sender without a response to the sender’s inquiry.
Your instructor will also post pertinent documents for the course online (available at
alexandergjames.weebly.com).
Grade Determination
Midterm Exam: (30% of grade).
Final Exam: (30% of grade).
Homework: (30% of grade). Homework will (usually) be assigned through the use of
“Launchpad”.
Homework assignments will (usually) be completed in “Launchpad”. Launchpad provides an
online forum in which I can communicate with you about the course and assign homework. This
is also where you will complete the online homework. Launchpad also provides an e-copy of the
required course text.
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Directions for obtaining Launchpad:
Go to:
1. www.macmillanhighered.com
Click on:
2. Economics
3. Principles of Economics
4. Click on your book (Krugman and Wells, Macroeconomics, 3rd Edition)
5. Buy Launchpad (Please note: Hard copy text = $199.99, Launchpad + e-copy = $84.99)
If you are happy with an e-copy, you don’t have to buy the hard-copy text!
The assignment and due date of homework will be announced in class. Typically, homework will
be assigned (due) the last (first) day of the week that we meet. Homework will be assigned
according to necessity but will likely be a weekly occurrence. Your lowest homework score will
be dropped. Note: not all homework will (necessarily) be assigned via Launchpad. Occasionally,
there may be subject material that is better suited for you to learn using a pencil and paper.
Written Assignment: (10% of grade). Students will be required to write a paper on a subject of
their choosing. The subject should be argumentative and also economic in nature (and
importantly, the argument should rely on the use of economics as a methodology). Students will
be required to choose a topic and argue in opposition or support of it. This paper must be typed
using Times New Roman, 12 pt. font. The text must be double-spaced and be at least 2 pages in
length but no more than 4. The assignment will be graded according to its grammatical
correctness and the strength, consistency and uniqueness of the argument.
Please note that:
The corporate income tax rate is too high because in other countries it is much lower.
is not a strong argument. While:
The corporate income tax should be lowered because, according to Young and Gordon
(2005), decreasing the corporate income tax rate by 10% increases the annual rate of
economic growth by 2%.
Reference:
Lee, Young, and Roger H. Gordon. “Tax structure and economic growth.” Journal of
Public Economics, 89(5), 1027-1043,
is a strong argument.
Proper citation is required should you cite someone else’s work or data set. Googlescholar.com is
a great place to find “citable” peer-reviewed journal articles. The U.S. Census Bureau, the U.S.
Bureau of Labor Statistics and U.S. Bureau of Economic Analysis are also great sources of data.
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Your idea for the paper is due the second meeting of week 3. This document should clearly state
the proposed topic you would like to write about and must also indicate your opposition or
support for the proposition. Please note: your instructor reserves the right to require you to
change the topic of your paper should they find it unsuitable. In such a case, an alternative
proposal is due the first meeting of week 4. The final paper is due the second meeting of week
13.
Some ideas for the written assignment:
When should one tip a server, and how much should the tip be?
Is gun control effective and is it a good or bad idea?
Should the national minimum wage be raised?
Should the state government of Alaska legalize marijuana?
Is education too expensive? Should it be free? If so, how should it be paid for?
Are income taxes too high/low?
Should prostitution be legalized?
Should Alaska implement a state income tax?
Are permanent fund dividends a good/bad thing?
Grading Scale:
The grading scale is standard.
90% - 100% A
80% - 89 % B
70% - 79%
C
60% - 69%
D
< 60% F
Grading Example:
Midterm = 75/100 = 75%
Final = 85/100 = 85%
Homework = 60/100 = 60%
Paper = 80/100 = 80%
Midterm
Final
Homework
Paper
Total and Final Grade = (.75 x .30) + (.85 x .30) + (.60 x .30) + (.80 x .10) = .74 = 74% = C
Late homework policy:
No late work.
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Exam policy:
You are expected to take the exam on the scheduled day at the scheduled time. However, if you
provide me with prior notice, exceptions can be made under extenuating circumstances. If you
miss an exam and did not provide me with prior notice, a university excused absence will be
required for you to make up the exam.
Academic Dishonesty:
Don't do it. Academic dishonesty will not be tolerated in this course, and violators will be
disciplined to the fullest extent of University Regulations. Academic dishonesty includes
copying the work of any author and claiming it as your own, copying the work of another student
and turning it in as your own work, allowing another student to copy your work, giving or
receiving assistance without authorization on an examination, and using unauthorized electronic
devices or other material during exams.
Attendance Policy:
If you can do well in this course without coming to class, either I'm not doing my job or you are
very bright. In either case, you should not be punished. Should you come to class, please do so
on time. However, as a former undergraduate, I know this is not always possible. Occasionally
being late is not a problem. Leaving early, even once, is unacceptable under any
circumstances unless the instructor is given prior notice.
Group Work Policy
You may work together on homework assignments. However, what you turn in must be your
own work. This means that you cannot copy a friend's homework right before class! I will know
if this is the case. If I determine that you have copied another student's work, you and the person
you copied from will receive a zero on the assignment. Depending on the infraction, other
disciplinary actions may be considered (see policy regarding academic dishonesty). I consider
cheating/copying a serious offense. I do not expect any students to be found guilty of this.
Classroom Behavior & Courtesy
Your obligations in the classroom include acting in a mature manner conducive to enhancing the
learning atmosphere. A simple guideline to live by here is simply not to exhibit disruptive
behavior in the classroom. This includes but is not limited to: talking while someone else is
talking, neglecting to turn one’s cell phone on silent or leaving early without prior notification.
Do not use offensive language, disparaging names, or belittle any person in this course. Every
person in this class is deserving of respect and you are expected to act accordingly.
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Expected Course Outline
Week 1. Chapter 1. First Principles & Chapter 2. Economic Models: Trade-offs and Trade
Week 2. Chapter 2. Continued.
Week 3. Chapter 3. Supply and Demand. Idea for paper is due.
Week 4. Chapter 4. Price Controls and Quotas: Meddling with Markets
Week 5. Chapter 5. International Trade
Week 6. Chapter 7. GDP and the CPI: Tracking the Macroeconomy
Week 7. Chapter 8. Unemployment and Inflation
Week 8. Chapter 9. Long-Run Economic Growth
Week 9. Natural Resources & Growth. Midterm scheduled for second meeting of this week.
Week 10. Chapter 11. Income and Expenditure
Week 11. Chapter 12. Aggregate Demand and Aggregate Supply
Week 12. Chapter 13. Fiscal Policy
Week 13. Public Policy. Paper is due.
Week 14. Chapter 14. Money, Banking, and the Federal Reserve System
Week 15. Chapter 15. Monetary Policy
Week 16. Final
All of the above is subject to change
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