ECO 213 -- Principles of Economics II (Macroeconomics)
Spring, 1999

TTh 11-12:15 (CSS-167) and 2-3:15 (Bush-325)

Eric A. Schutz
Cornell Social Sciences #259

This course continues the introduction to economics provided in ECO 212, Principles of Economics I (Microeconomics). A society's "economy" is the set of all its activities and institutions that have to do with the allocation of its resources among alternative productive uses and the distribution of its material goods and services among its members. While microeconomics is the study of the nature and behavior of the component institutions of the economy (firms, consumers, employees, governments, etc.), macroeconomics focuses on the economy as a whole. Thus macroeconomics deals with such matters as the level and growth of the economy's total product output, the existence of economy-wide unemployment and/or inflation, national fiscal and monetary policy, and international trade and finance.

Economics is a subject of great political controversy, since it unavoidably involves such issues as "labor vs. management", "capitalism vs. socialism", the "advanced vs. the underdeveloped world", etc., and this course will consider the variety of contending viewpoints that exists on such issues. Thus besides helping you reason through and clarify your own viewpoint on those issues, it will also help you broaden your perspective on things in general.

Economics is also a somewhat "technical" subject, of course, and besides simply helping you improve your comprehension of the U.S. economy and the various viewpoints that people take on it, this course will also help you develop your general conceptual and reasoning skills and your facility with written and oral communication.

Most classes will have a lecture/discussion format -- a few may involve video's or guest appearances, etc. Class attendence is not required, but it is very strongly recommended that besides reading and studying regularly you attend all classes. Aside from the occasional unannounced quizzes or special assignments that will be given in class, the lectures and discussions will also frequently focus on matters not directly covered in the readings or homework. You ought to do the assigned readings ahead of time (as scheduled below), so that you'll be prepared to participate intelligently in the class discussions and perform satisfactorily on unannounced quizzes, etc. Grades will be determined by your work on four in-class exams as scheduled below, a half-dozen homework assignments, and whatever quizzes or special asignments may be given. Unless you have strongly mitigating reason, tardy work on an assignment or failure to complete an exam will result in stiff reductions in your grade on that item. If you must be late with an assignment or exam, see me ahead of time and we'll make arrangements.

TEXTS:

-- Arthur O'Sullivan & Steven M. Sheffrin, Macroeconomics: Principles & Tools.

-- Randy Albelda et al. (Dollars & Sense Collective), Real World Macro: A Macroeconomics Reader from Dollars & Sense (13th Ed.).

-- Other short readings may be handed out in class or put on reserve in the library.