Course Syllabus

Independent Study in Idaho

ISI Website | indepst@uidaho.edu | 208-885-6641

ECON 2201 Principles of Macroeconomics

Sponsoring Institution: University of Idaho

3 Credits

Instructor Information

Course Instructor: Steve Peterson

Email: stevenp@uidaho.edu
Phone: (208) 885-5730 or (208) 301-4148
Office Hours: By appointment
Copy the ISI office at indepst@uidaho.edu on all communications.

Dr. Steve Peterson I am a Research Economist at the University of Idaho and a Clinical Assistant Professor in Economics in the Department of Business at the University of Idaho, where I have been employed for 20 years. My teaching interests are introductory macroeconomics, microeconomics, money and banking, and intermediate macroeconomics. My research interests are regional economic development and impact analysis. I have conducted studies on the economic impacts to local Idaho communities from reductions of timber harvests on federal forests, the economic impact of colleges and universities, the economic impacts of inland ports and dam removal to save salmon, tribal gaming, and other interesting subjects. I look forward to assisting you in your exploration of economics.

Course Description

Welcome to my world of economics. This course examines an important branch of economics called macroeconomics, which analyzes the economy as a whole. Economists specializing in macroeconomics study the aggregate macro-economy and focus on indicators such as gross domestic product, U.S. unemployment, interest rates, inflation rates, money supply indicators, industrial production, inventories, and many others. The macroeconomist examines information and statistics which are tallied across numerous markets and across a virtually infinite number of decision-makers. This approach differs from microeconomics, another major branch of economics which focuses on the behavior of individual decision-makers and markets.

Macroeconomics has been “front and center” of public policy debates in the U.S. since the 2008 financial crisis and the subsequent deep and devastating recession, the worst since the Great Depression of the 1930s. A policy branch of macroeconomics called Keynesian economics has seen a mini revival resulting from the crisis and recession. In this course, we will discuss the causes of the recession and policy debates.

The roots of macroeconomics can be traced to before the time of Adam Smith, the founder of modern economics (who published The Wealth of Nations in 1776), yet the statistical tools needed for real macroeconomic analysis has only been available since World War II. The Great Depression in the 1930s made politicians and economists painfully aware that they needed better analytic tools and more information on the macro-economy in the United States. Since that time, the Federal Government has developed an immense database consisting of virtually every conceivable measure of economic activity. In addition, the government conducts sophisticated statistical analysis in its examination of economic activity.

The government publishes information, for example, on the following: the composition of households in the U.S., the composition of firms, output statistics on all production in the U.S., money supply statistics, measures of inflation, measures of unemployment, statistics on exports and imports, statistics on investment, etc. You will make use of many of these statistics in your analysis of economic events as you progress through this course.

Your decision to undertake a correspondence course places you in a special category of student. I have found, on average, that correspondence students who complete the course are more motivated and better students than those on campus. The reason is the self-motivation and discipline needed to complete a correspondence course.

Course Learning outcomes

Broad Objectives

Facilitate critical thinking by exploring the analytical tools derived from economic theory and its applications.
Apply those analytical tools to macroeconomic issues. Enhance general student intrapersonal and interpersonal intellectual awareness.
Facilitate and improve communication skills.

Specific Objectives

To introduce the student to basic economic thinking and analysis.
To acquaint the student with economic concepts, terminology, and logic.
To familiarize the student with the tools needed for examining important economic models such as supply and demand, market failure, government failure, externalities, the role of private property rights, and free trade.
To familiarize the student with the incentives facing each individual, how individuals make economic choices, and how these choices lead to markets.
To introduce to the student public decision theory and how governments operate. The incentives and choices facing public decision-makers will be examined.
To familiarize the student with the debate over the appropriate role and function of government in the economy and its effect on private decision-making.
To familiarize the student with the tools needed for examining important economic variables such as real output, inflation, and unemployment.
To introduce to the student the various economic schools of thought and how these schools influence public policy. You will examine the theories of Keynesian economists, monetarists, supply-side economists, rational expectations economists, and others.
To familiarize the student with the growing global economy and how the economic future of the nations of the world are intertwined.
To introduce to the student the concepts and measures of economic growth, technological development, and human capital development.
To introduce to the student important topics in development economics and Third World development issues.
To introduce to the student the various policy tools available to decision-makers for influencing the economy and the rationale of their use.
To introduce to the student important topics of the decade of the 2000s, the collapse of the financial markets, the recession, and the changes of the political landscape with the election of Barack Obama to the presidency.
To illustrate the importance and relevance of economics to the student's life and future career.

Required Materials

Parkin, Michael. Macroeconomics. 11th Ed. Prentice Hall: 2013. ISBN: 9780133020250

Course Rules and Requirements

Lessons

Assignment Guidelines

Students may submit 3 assignments per week; however, assignments and exams must be submitted consecutively, in the order outlined in the course.
Econ 2201 has 10 graded assignments and 4 exams
Submit assignments and receive grades via Canvas.
Keep a copy of every assignment submitted. Write your name, V number, course subject and number, and assignment number on every submission.
An instructor may take up to two weeks to grade so plan accordingly to meet personal deadlines.
The final course grade is issued after all assignments and exams have been graded.
Acts of academic dishonesty, including cheating or plagiarism, may result in a grade of “F” for the course.
Each lesson includes lesson objectives, an introductory lecture, supplemental materials, sources, and a two-part assignment.
Assignments associated with each lesson consist of multiple-choice questions and essay questions. Each lesson is worth 30 points each: the multiple-choice questions are worth 20 points and the essay questions are worth 10 points.
I will accept either typed or hand-written lessons, whichever is easiest for you. For the graphing portion of the lessons, I recommend drawing them by hand and scanning them using a printer. It is best to submit the Essay/Graphing portions as one PDF document and then upload it to Canvas.

A note on Essay Questions: For the essay questions, if you type the lessons, do not type the questions themselves. Just include the question number and your answer. If you are handwriting the lessons and using the form provided, you may write on the back of the assignments or include an extra page if needed. I am looking for solid, complete answers on the essay questions, but do not feel compelled to write a book. I will give you feedback on your essay questions as you progress through the course.

Exam Guidelines

Exam 1 occurs after Lesson 2, exam 2 after Lesson 5, exam 3 after Lesson 8, and exam 4 after Lesson 10.
Graded exams are not returned to the student.
Do not begin the exam until you are ready!
The exam may only be taken once.
The exam is timed, and the timer will start once you begin.
If you begin the exam before you are ready, you will not be able to re-take the exam.
If you have any questions or concerns, please email ISI at indepst@uidaho.edu before beginning your exam.

Study Hints

Complete all reading assignments.
Web pages and URL links are constantly changing. Contact your instructor if you find a broken link.
Read the textbook readings as a first pass through the material. Choose a quiet setting, perhaps with a cup of coffee or your favorite soft drink.
The next step is to read the lesson and lecture on Canvas. Carefully consider how this information fits in with the textbook material. Review the key objectives of each lesson.
Now do the assignments. These will help you understand the important issues in each chapter. Note the importance of graphing. Be sure to practice these graphs. It takes work to get them down cold!
Always remember I am only a phone call away; do not hesitate to call me if you have any questions. You can also drop me an email as well.
Set a schedule allowing for course completion one month prior to your personal deadline. An Assignment Submission Log is provided for this purpose.

Grade Information

10 graded assignments = 30% of grade

4 exams = 70% of grade

Grade Scale
Letter Grade	Percent
A	90–100%
B	80–89%
C	70–79%
D	60–69%
F	0–59%

Acts of academic dishonesty, including cheating or plagiarism are considered a very serious transgression and may result in a grade of F for the course.

Course Policies

Refer to the ISI Policies for the most current policies and procedures, including information on setting up accounts, student confidentiality, exams, transcripts, course exchanges, refunds, academic integrity, library resources, disability support and other services.