OverviewThere are two purposes to this class. One is to introduce you to the academic discipline of economics--to the ways that economists analyze economic behavior. This is the most obvious purpose of the class. The other purpose is to introduce you to the economy itself. What is an economy? What is economic behavior? What does it mean to separate these things out from the complex web of social interactions? How did modern market economics evolve? The two purposes are not at odds with each other, of course. Since economists study the economy, an introduction to economics should also perforce be an introduction to the economy. For many reasons, however, the second purpose often gets lost or forgotten in an introductory class. The professor becomes so focused on the techniques of economics, and the students become so engrossed in following the professor, that the second goal of the course is unmet. It is imperative that we study the basic tools of economic analysis, but I do not want this to be at the expense of learning about the economy. Long after you have left Grinnell (and forgotten the models we studied in this course) you will have to live with the economy (work in it, vote on it, depend on it) and I would like for you to take with you a better understanding of it. Course OrganizationThere are two basic areas in economics--microeconomics and macroeconomics. Microeconomics focuses on the behavior of individuals and small units in the economy (households, businesses, unions). Macroeconomics focuses on the entire economy--total output, total employment (or unemployment), and the overall price level (inflation). We will divide the course between the two. The first part of the course will deal with microeconomics--this will consist of an introduction to markets and how they work. The second part of the course will deal with macroeconomics--this will consist of an introduction to GNP, unemployment, inflation and the monetary system.
Your text for the course is Essentials of Economics (2nd edition) by Gregory Mankiw. I think it is a well-written and straight-forward text. I like the books because together they provide a broad introduction to economic history and economic theory. In addition, I suggest that you read a major newspaper daily for economic and market news. You can read the New York Times, the Wall Street Journal, or the Financial Times., but you should try to read the paper regularly so that you can integrate what you are learning with world events. Course Requirements & ExpectationsYour grade in this course will depend on 4 exams, several (almost weekly) homework assignments and your participation in class. The exams will constitute 75% of your final grade, the problem sets 15%, and your class participation 10%. I expect you to read your assignments in the text before you come to class. If you wait until the few days before an exam to do your reading, there is a very high probability that you will become confused about the material and that you will have a difficult time with the exam. Because I want you to learn as much as possible, and because I want you to do well, I expect you to stay current with your reading. I also expect you to contribute to class. This will be in many forms--asking questions about the reading, asking questions about the lectures, or answering the questions I ask you. It will help you in asking questions if you have been reading the newspaper regularly. In a large class it is impossible for everyone to contribute all the time, and this is clearly not a discussion class, but over the course of the semester you will have ample opportunities to ask and answer questions. Twice during the semester I will ask you to evaluate your class participation in writing. I will comment on these self-evaluations and return them to you.
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