Economics 110, Section 3: Introduction to Economic Theory

Professor Christiaan Hogendorn
Fall 2008

Prof. Hogendorn's Homepage Course Policies

Syllabus

SW = Joseph Stiglitz and Carl Walsh, Economics, 4th Edition, Norton, 2006, or 3rd Edition.
Chapter numbers are from 4th edition, with 3rd edition in [brackets].


Items marked with # are not yet available.

I. Introduction

Sept. 2 T 1. A Brief History of Economics
SW: 1 [1]
Review: SW: 2 Appendix [2 Appendix]
Sept. 4 Th 2. Money, Inflation, and "Why is Economics the Dark Side?"
SW: 28 pp. 615-620 [25 pp. 518-523]
SW: 23 all [23 pp. 472-479]
Online reserve: Jerry Muller, The Mind and the Market, Chapter 1

II. Economic Policy Using Supply and Demand

Sept. 9 T 3. Markets for Goods and Services
SW: 3 [4]
Sept. 11 Th 4. Analysis in the Supply and Demand Model
SW: 4 [5]
Sept. 16 T 5. Consumer and Producer Surplus
SW: 10 [10] read up to General Equilibrium
Sept. 18 Th 6. Price Controls and Taxes
Sept. 23 T 19. Central Banks
SW: 28 pp. 618-632 [25 pp. 518-528]
Sept. 25 Th 7. International Trade
SW: 19 [18]
Uri Dadush and Julia Nielson, "Governing Global Trade," Finance and Development, December 2007, Volume 44, Number 4.
Sept. 30 T FIRST MIDTERM
Covers classes 1-6.

III. Firms

Oct. 2 Th 8. Externalities and the Environment
SW: 18 [21]
Oct. 7 T 9. The Nature and Value of a Firm
SW: 9 [9]
Oct. 9 Th 10. Production and Costs
SW: 6 [7]
Oct. 14 T 11. The Perfectly Competitive Firm
SW: 7 [8]
Oct 16 Th 12. The Labor Market
SW: 8 [9]
Article: David Wessel, "As Rich-Poor Gap Widens in the U.S., Class Mobility Stalls, Wall Street Journal, May 13, 2005: Page A1.
Oct 21 T 13. The Capital Market and the Real Interest Rate
SW: 39 [17]
Oct. 23 Th 14. Monopoly
SW: 12 [12]
OCTOBER BREAK

IV. Introduction to Macroeconomics

Oct. 30 Th 15. Introduction to Macroeconomic Models
SW: 21, 22 [22, 23]
#Article Robert Gordon, "Two Centuries of Economic Growth: Europe Chasing the American Frontier," working paper, March 30, 2004.
Nov. 4 T
Election Day
Class Cancelled
Nov. 6 Th 16. A Simple Long-Run Macro Model
SW: 24 [24]
Nov. 11 T
Veterans' Day
SECOND MIDTERM EXAM
Covers classes 19 and 7-15.
Nov. 13 Th 17. Savings, Investment, Government
SW: 25, 26 [26]
Nov. 18 T 18. Growth
SW: 27 [27]
Eswar Prasad, Raghuram Rajan, and Arvind Subramanian, "The Paradox of Capital," Finance and Development, March 2007, Volume 44, Number 1.
BLS Productivity Data

V. Fluctuations

Nov. 20 Th 20. Money and the Real Economy
SW: 28 and 23 [25 and 23]
Article: Phil Davies, "Right on Target: A behind-the-scenes look at open market operations, the Fed's big stick of monetary policy, " The Region, December 2004: 39-48.\
Nov. 25 T 21. Unemployment and Business Cycles
SW: 29 [28]
NBER Business Cycles
BLS Unemployment Data
THANKSGIVING
Dec. 2 T 22. Aggregate Demand and Inflation
SW: 31 [30]
Dec. 4 Th 23. Inflation and Unemployment
SW: 37 [31]

Dec. 9 T 24. Household Choices Revisited
SW: 5 Appendix [6 Appendix]

Dec. 9 T Review Session

Dec. 15 M FINAL EXAM
9:00am - 12:00pm