|
|
Rose-Hulman Institute of Technology / Department of Humanities & Social Sciences |
![]() |
SL 151 Principles of Economics Kevin Christ, Moench Hall, A-203D |
"...economics does not furnish a body of settled
conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, which helps its possessor to draw correct conclusions.” John Maynard Keynes |
| "The Market Place, Norwich" John Sell Cotman (1782-1842) |
This is a fast-paced one-quarter social science survey course that introduces students to traditional or mainstream economics. It reviews a particular view of how individuals, groups, firms and societies make choices given limited resources. In particular, the course emphasizes how these choices are made in modern market economies, and explores how such economies work as a whole. There are no formal prerequisites for this course. It is required for the economics major and minor, and is suitable as a "Self and Society" elective. Furthermore, this course is a prerequisite for almost all other economics courses offered at Rose-Hulman.
Click here for a syllabus: Spring Quarter 2008 - 2009
S c h e d u l e f o r S p r i n g Q u a r t e r 2 0 0 8 - 2 0 0 9
|
Date |
Topic |
Readings |
Slides |
Homework |
| 9 March |
Foundations |
Mankiw, chapters 1 and 2 (pages 21 - 28) | Set 1 | |
| 10 March |
Foundations |
Mankiw, chapters 1 and 2 (pages 21 - 28) Financial Times Special Series on "The Future of Capitalism": Amartya Sen, "Adam Smith's Market Never Stood Alone", March 10, 2009 Richard Layard, "Now Is the Time for a Less Selfish Capitalism", March 11, 20009 |
||
| 12 March |
Economics as a social science |
Mankiw, chapter 2 (pages 28+) | 1-1 | |
| 13 March |
Interdependence and gains from trade |
Mankiw, chapter 3 | ||
| 16 March |
Demand and supply |
Mankiw, chapter 4 (pages 65 - 76) | Set 2 | 1-2 |
| 17 March |
Equilibrium |
Mankiw, chapter 4 (pages 77+) | ||
| 19 March | Price elasticity of supply | Mankiw, chapter 5 (pages 89 - 97) | 1-3 | |
| 20 March |
Other elasticities |
Mankiw, chapter 5 (pages 97+) | ||
| 23 March |
Markets and government policy I |
Mankiw, chapter 6 (pages 113 - 123) | Set 3 | 1-4 |
| 24 March |
Markets and government policy II |
Mankiw, chapter 6 (pages 123+) | ||
| 26 March |
Review |
1-5 | ||
| 27 March |
Examination 1 |
Sample Exam 1 | ||
| 30 March | Welfare analysis of markets I | Mankiw, chapter 7 | Set 4 | |
| 31 March | Welfare analysis of markets II | Mankiw, chapter 7 | ||
| 2 April | Applications: Taxation | Mankiw, chapter 8 | 2-1 | |
| 3 April | Application: International trade | Mankiw, chapter 9 | ||
| 6 April | More on International trade | Mankiw, chapter 9 | 2-2 | |
| 7 April | Externalities | Mankiw, chapters 10 | Set 5 | |
| 9 April | Solutions to externalities; public goods | Mankiw, chapter 11 | 2-3 | |
| 10 April | Introductory comments on production/cost | Mankiw, chapter 12 | ||
| 20 April | Production and cost theory | Mankiw, chapter 12 | Set 6 | |
| 21 April | Market structure; competitive markets | Mankiw, chapter 13 | ||
| 23 April | Competitive markets | Mankiw, chapter 13 | 2-4 | |
| 24 April | Monopoly and market power | Mankiw, chapter 14 | 2-5 | |
| 27 April | Examination 2 | Sample Exam 2 | ||
| 28 April | Intro. to macro; Aggregate output | Mankiw, chapter 23 (pages 508 - 510) and chapter 15 | Set 7 | |
| 30 April | Prices and cost of living | Mankiw, chapter 16 | ||
| 1 May | Resource utilization / unemployment | Mankiw, chapter 20 | 3-1 | |
| 4 May | Aggregate production / economic growth | Mankiw, chapter 17 | Set 8 | 3-2 |
| 5 May | More on economic growth | Mankiw, chapter 18 | ||
| 7 May | Saving and investment | Mankiw, chapter 18 | 3-3 | |
| 8 May | Finance 101 | Mankiw, chapter 19 | ||
| 11 May | Finance 102 | Mankiw, chapter 19 | ||
| 12 May | Monetary system | Mankiw, chapter 21 | Set 9 | 3-4 |
| 14 May | Money and inflation | Mankiw, chapter 22 | 3-5 | |
| 15 May | Examination 3 | Sample Exam 3 | ||
| 18 May | Aggregate Demand and Supply I | Mankiw, chapter 22 | Set 10 | |
| 19 May | Aggregate Demand and Supply II | Mankiw, chapter 23 | ||
| 21 May | Monetary policy | Mankiw, chapter 24 | 4-1 | |
| 22 May | Fiscal policy | Mankiw, chapter 24 | 4-2 | |
|
TBD |
Final Examination |
|||