WAYLAND BAPTIST UNIVERSITY              DIVISION OF BUSINESS

COURSE: ECON 4346-SA01, SURVEY OF ECONOMICS. Fall 2008.   San Antonio Campus.

 

Instructor:

Mr. Gary L. Moon

Office:

None.

Office Phone:

(210) 945-4943

Home Phone:

(210) 945-4943

Email:

moonecon@satx.rr.com

Course Web Site:

None

FAX:

WBU Main Campus:  (210) 826-5699

Office Hours:

Anytime. E-mail is always open! I can almost always make your time, my time.

Class Hours:

Wednesdays, 6:00pm – 10:10 pm

Class Location:

WBU Main Campus, Room 115          [ 11550 IF 35 North, San Antonio ]

 

DESCRIPTION: A one-semester survey course covering macroeconomics and microeconomics. Credit will not be awarded for ECON 2307 (Macroeconomics) or ECON 2308 (Microeconomics) and ECON 4346 (Survey of Economics).

 

PREREQUISITE(s):  None.

 

                        TEXTBOOK:  Gregory N. Mankiw (Harvard University), Principles of Economics, 4th Edition, Thomson South-Western Publishers, 2007 (ISBN:  0-324-22472-9). We will focus on Chapters 1 thru 7, 9, 10, 12, 13 thru 17, 19, 23, 24, 27, 28 thru 30, 33 and 34. Supplementary materials that may help include:

                                à Textbook’s website:  http://mankiw.swlearning.com.  This support site links chapter to PowerPoint slides, other economics-related Internet sites for papers, economic indicator data, and best of all—career listings after graduation.                              à American Psychological Association. (2001). Publication of the American Psychological Association, 5th Edition. Washington, DC. (ISBN 1-55798-791-2). This is the how-to-write-a-paper source used by all businesses and WBU.

               

OUTCOME COMPETENCIES:  Upon completion of the survey course, undergraduate students seeking a Bachelor of Science in Occupational Education (BSOE) degree--Business Administration major, will have an understanding of economic principles and policies involving national fiscal, monetary, and international trade decisions and their economic impacts on individuals, business firms, and industries. We will use supply and demand analysis to develop a Pro-Con reasoning sense to explain how and why societies behave characteristically in resolving conflicts relating resource markets to product markets whilst focusing economic objectives on meeting goals of high and sustainable economic growth, price stability, and low unemployment. Specifically, students should be able to:

     • Demonstrate the development of an Economics vocabulary by defining the selected Key Concepts listed in each required chapter of study in the textbook;

     • Explain the difference between microeconomics and macroeconomics, then identify the Ten Principles of Economics and briefly explain each;

     • Explain how everyone can benefit when people trade with one another, the meaning of absolute advantage and comparative advantage, and apply the theory of comparative advantage to individual decisions and national policy;

     • Explain what determines the supply and demand for a good in a competitive market—illustrate with models;

     • Explain the key role of prices in allocating scarce resources in market economies;

     • Explain the meaning of the elasticity of demand, and the elasticity of supply;

     • Explain the effects of government policies on markets and highlight the unintended consequences of market interference;

     •Using graphics, explain the concepts of Consumer Surplus, Producer Surplus, Total Surplus, and market efficiency;

     •Explain the effects of free trade and who wins and loses when policymakers artificially alter trade via tariffs and quotas;

     •Define positive and negative externalities and explain how they can make market outcomes inefficient;

     •Explain efficiency vs. equity tax system designs, and differences in benefits, ability-to-pay, and tax incidence principles;

     •Define costs of production in the short vs. long runs and how they impact economies of scale at maximum profitability;

     •Characterize competitive markets and explain how firms in competitive markets make decisions affecting supply;

     •Define monopoly, oligopoly, and monopolistic-competitors and explain how each firm makes decisions that affect supply and price and how this affects various buyers and sellers;

     • Explain why earnings vary so much from person to person and why efficiency wages often lead to more unemployment;

     • Define how a nation’s macroeconomic metrics of Real Gross Domestic Product, Consumer Price Index, and Unemployment Rates indicate national goal achievement of economic growth, price stability, and low unemployment;

     •Describe the central banking system (the Fed) of the US, the monetary tools the Fed uses to control the money supply in the US, and how the Quantity Theory of Money (QTM) responds to change in the money to change Real GDP;

     •Describe how a self-regulating, open-economy moves aggregate demand and supply to meet full employment GDP;

     •Explain the influence of Monetary and Fiscal Policy on Aggregate Demand and Real GDP if the free-market fails.

 

COURSE REQUIREMENTS AND EVALUATIONS:  Course has three exams each worth 25%, and one PRO/CON/POSITION paper worth 25%. Final grade is the average of these four assessments. We will adhere to WBU’s grading policy, but I will give numerical grades to give both of us specific feedback on how well we are meeting our objectives. Upon completion of this course, students will use words, mathematics and graphics to define and explain how nations meet or fail to achieve their common, wealth-producing goals. Ideally, the course prepares you to analytically support or criticize a given position using objective economic data so you can critique other’s arguments—constructively.

                A.  Exams are objective and subjective, emphasizing the application of definitions and principles to assessing real world situations having economic ramifications. They require math solutions, written explanations; and always, thinking before answering. Generally, you’ll describe theory, then assess fixes to real-world issues.

      B.   Make-up Exams. I will do my best to accommodate your work schedules, but see me before a crisis for details and possible arrangements. All exams must be made up before the next scheduled class meeting. Are “make-ups” harder than regular exams? Of course—you have longer to study than others taking the regular exam per schedule.               

                C.  Position Paper Guidelines.  Present research data and analysis of both sides (pro, con) of an economic issue or resolution; then argue your position using that analytical evidence in support.  Focus research on government, business, or international economic actions or policies involving fiscal, monetary or international exchange and trade that seeks to preserve or explain solution impacts on price stability, unemployment, economic growth, corporate or individual economic behavior, or externalities.

                                (1)  The poignant and substantiated paper should cover 4-6 pages, typed, and double-spaced. Include an Abstract (good practice for business community decision makers) and References Page using the format guides in the Publication Manual of the American Psychological Association (APA), 5th Ed (often called the APA Manual; see Wayland Baptist University Bookstore for a copy—or any college library in the area). For guidance on the Abstract page, see p. 12; for the Reference Page, see p. 28 and pp. 215-281 (read p. 219 on use of reference list); and for clear examples on citing Internet sources, see pp. 231-281, paying particular attention to p. 268 (citing electronic references) and p. 272; and use p. 274 for most of your on-line reference citing formats. Take great care to cite the entire reference so I can find it. Practicing proper formatting prepares you to compete at the management and executive levels of your major where writing it right the first time is expected when you are evaluated comparatively against other college graduates. To that extent, though the paper is short, do recall you convince your busy boss in the Abstract, impress peers and your staff in the body, and establish your credentials as a subject matter expert (SME) on the References Page.

                (2)  Small point on binders and presentation:  just staple your Position Paper for turn-in. No need for fancy folders or document protectors, as there are no style/appearance points. In honor of world-wide economics, cheap is good.   

                                (3)   Don’t let pride hinder this requirement—university-work is about learning how to learn, not being graded. WBU provides an English teacher every Saturday from 1-5 PM to assist with writing term papers—at no charge. Think of the economics here:  perfection for free equals a stunning deal! Upon graduation, your future is in the executive arena; hence, organizational proposals and position papers are presumed to be equally perfect in content, style, and form. I’ll grade accordingly.

                                (4)   Sources:  Use a minimum of three (3) sources, only one of which may be from a daily newspaper or weekly news magazine. (The textbook isn’t a source.) Great starting place is WBU’s Learning Resources Center (LRC) in Plainview, TX at www.wbu.edu/lrc where you can also go toll-free (800 459-8648) for research assistance or have research materials sent to you. And, WBU or the LRC has TexShare Cards that permit you to borrow materials from about all of the San Antonio area libraries. I can help get your started--see “INFORMATION TECHNOLOGY below to begin your sojourn; but do read what WBU’s Mabee Library has to help you on p. 8 of the Syllabus. Good Stuff!

 

ATTENDANCE POLICY:  If duty calls for absences, make friends with smart, note-taking attendees. Per clearly written WBU and VA guidelines, any student missing 25% (3 meetings) of the 11 scheduled classes will receive a grade of "F" for the course—no exceptions allowed, regardless of the reason(s). As a matter of courtesy, inform me prior to class starting if you need to depart early. (For those counting, 25% of 11 meetings equals 2.75 classes; regardless if “excused” or unexcused; so the third absence is the magic number.)  L  Realizing traffic externalities occur, three (3) "tardies" may count as one absence.

 

ACADEMIC HONESTY:  This class adheres to zero tolerance for using someone else's work as your own. Students are responsible for reading, understanding, obeying, and respecting all academic policies, with added emphasis being placed upon academic progress policies, appearing in the Wayland Baptist University Academic Catalog applicable to their curriculum and/or program of study. Regarding plagiarism, it is illegal in Texas to plagiarize a direct quote or another writer’s idea from the internet, or any other source. For sure, it is an automatic “F,” for the course, so give credit where due, and do it correctly per the APA Manual. Be perfectly brilliant with original thoughts, only if you are for real.

 

 

NOTICE TO STUDENTS EXPERIENCING DISABILITIES: It is university policy that no otherwise qualified disabled person be excused from participation in, be denied the benefits of, or be subject to discrimination under any educational program or activity in the University. Students should inform the instructor of existing disabilities the first class meeting.

 

SYLLABUS NOTE:  This syllabus is only a plan, modifiable for academic reasons during the course if prudent. Therefore, the requirements of the course may be altered from those appearing in the syllabus. The plan also contains criteria by which the student’s progress and performance are measured; and that may also be changed, if warranted.

 

WBU E-MAIL—CHECK IT AT LEAST WEEKLY—IT IS HOW WBU COMMUNICATES WITH YOU! When you registered, WBU provided you an OFFICIAL E-Mail account and address—validate your address and account ASAP, then check it! I will use that address as the primary way to contact you with class alterations should weather cancel a class; or worse case, have WBU send you a Report of Unsatisfactory Progress so both of us know we have work to do to get your through this senior level college course.

 

SCHEDULE for CLASS WORK, PAPER and EXAMS:

DATE                     CHAPTER READING OR CLASS ACTION REQUIRED

Microeconomics—Market System works through A. Smith’s (1776)”Invisible Hand”

Aug 20, 2008         Read Chapter (Ch) 1 & 2. Define economics and conceptualize Ch 1’s Principles in detail, as these are immutable human behavior laws. Take time to comprehend Adam Smith’s Invisible Hand in FYI on p. 14; then synergize (tell the story) this with Principle #6 on page 9. Focus on Principles 1, 2, 4, 5, and 7.

                                Understand Ch 2’s Circular Flow and the course is easy. Funnel your study on every detail of the Production Possibilities Frontier (PPF) and you understand why wars occur—economic limits drive tradeoffs. Peruse the Appendix to renew skills in graphing, slopes, functions, shifts and causality. “Thinking like an economist” in structuring your Paper’s research is worth considering. Case Study, p. 31, is a super read about real-world policy making, as Dr. Mankiw was President G.W. Bush’s Chairman of the Council of Economic Advisors.

 

Aug 27                   Read Ch 3 & 4.  Ch 3’s trade and specialization drive the Law of Comparative Advantage to expand Ch 2’s PPF peacefully and pace Ch 9’s International Trade. Explain why differing opportunity costs make trade beneficial for nations--think specialization exploits economies of scale advantages. Distinguish between absolute and comparative advantage, noting which drives international trade decisions. Trade…or…war?

                                Ch 4. Read the Conclusion and Summary first as they form the heart and soul of Economics:  Laws of Demand and Supply. Knowing the differential impact on Quantity between a “Price change (D)” (movement along the Demand or Supply curves) and “non-price change (D)” (Shift left/in or right/out) is critical to telling the “what happens to Equilibrium Quantity (Qe) if Price (Pe) changes” story. You can’t study this chapter enough! Comfort level arrives when you know if you are changing Qd or Qs, or shifting Demand or Supply, that later determines a new Pe at Qd or Pe at Qs. The four tables in Ch 4 summarize marvelously. I can honestly say this author’s various textbooks are used by your Chinese peers, tonight—study so you can converse!

 

Sep 3                      Read Ch 5 & 6. Ch 5 answers life’s ponderings, why do “they” charge so much, or so little? Note that Total Revenue is a function of two critical variables:  Price Elasticity of Demand and Supply. Total Revenues (TR) minus Total Costs (TC) drive Profits (Π), so slope of the Demand and Supply curves shows sensitivity of ∆Q to ∆P. Commodity markets hinge on price elasticities! Why do governments tax the inelastic demanded goods?

                                Study Ch 6 in detail to addresses governments countering the Laws of Supply and Demand in meeting the sociologically disenfranchised political demands:  price and rent controls (ceilings); and subsidies and minimum wage laws (floors). Why don’t controls and subsidies work? Using Ch 5’s Price Elasticity, who pays the tax burden (different from incidence) for Ch 6’s governments manipulating market system laws in Ch 1 and 4? [Depends on inelasticity, yes?] Take a little time on p. 130’s graph to learn how to explain tax burdens!

 

Sep 10                  EXAM #1:  Ch 1, 2, 3, 4, 5, and 6. [Value:  25% of course grade. Figure two hours for the magical experience. Yes, we have class after the exam. J]

Microeconomics:  OK, the Market System apparently isn’t perfect and fails, sometimes. Benevolent Social Planer isn’t pleased.

     For Classà     Peruse Ch 7 and Read Ch 9. For Ch 7, stop momentarily to grasp the concept of Consumer Surplus, p. 142; Producer Surplus, p. 146; and Market Efficiency, p. 149. This lets us talk to market efficiencies or failures (externalities) later. I think p. 151’s ITN on Ticket Scalping and p. 152’s Markets for Human Organs are two fascinating analytical pieces about markets trumping well intentioned governments—let Prices allocate!

                                Read Ch 9. Knowing whose “surplus” is gouged answers the World Trade Organization’s (WTO)  riddle in the enigma:  do free or restricted trade markets via import Tariffs (and of secondary priority, Quotas) benefit or hurt domestic consumers, unions (labor), governments, businesses, and/or import license holders? Know the arguments pro and con for restricting trade (pp. 187-192). Globalization on p. 193 starts a great paper!

                               

Sep 17                    Read Ch 10 & 12. [Great paper ideas here!] The US consumes almost 29% of the world’s resources, but we are only 4.6% of the population, yet 26% of the pollution. The Private Sector, as influenced (controlled?) by the Public Sector, does fail. Why? Absorb Ch 10’s treatment of PIGOU vs. COASE (Theorem) entirely—these guys are rocking your world now. Externalities: delineate positive versus negative ones and focus on explaining internalizing the externality via zero or insignificant transaction costs and shifting demand and supply curves accordingly. Now do a pro vs. con on Pigou’s regulations (corrective taxes and subsidies) and Coase’s voluntary incentivization (tradable pollution permits) to clean Earth’s pollution.

                                Read Ch 12’s Design of the Tax System is worth serious definitive note taking. Follow every government’s thinking as a “they” explain why taxes are as they are. Pause to grasp YOUR future fiscal challenge ahead—paying for MY demographic ‘old folks’ demands for medical care and retirement income support. The baby boomers (born 1946-1964) have tons of time to vote ourselves a growing piece of your income pie! Come out of this understanding the efficiency (lump sum taxes) vs. equity tradeoff involving the Benefits and Ability-to-Pay principles as they grapple with vertical or horizontal equity thresholds. Can we ever get the proportional-regressive-progressive equity dichotomies correct? Look at the “fly paper theory” of tax incidence vs. tax burden—isn’t that just Ch 5? The ITN, Flat-tax Revolution (p. 257) formulates a great, heated paper topic.

 

Sep 24                    Review Ch 13, 14, and 15 for understanding and graph explanations and study Ch 16 & 17. I’ll cover the essence of these organizational characteristics in a handout to set corporate organization spectrum. I’m playing in your BSOE-Business Administration sandbox, so if you’ve had accounting and/or financial management, you will blow through this at warp speed; but, if Economics is one of your first courses, read Ch 13 in detail. I take for granted you understand “cost language,” especially economies and diseconomies of scale, but just in case, I’ll pause for the cause—Table 3, p. 283 is super! Study comparatively Ch 14’s Firms in Competitive Markets and their opposite Ch 15’s Monopolies. We have been doing Ch 14’s perfect competition theory thus far in the course, so finish the analytical basis for comparing other forms of business behavior to this model. Fig 1, p. 294: understand Profit is maximized and Optimum Social Output occurs at Price = Marginal Revenue = Marginal Costs at the minimum point of the Average Total Cost Curve. For Ch 15’s monopoly theory, focus on Fig 3 (p. 319) and Fig 5 (p. 321), noting the Monopolist always has a negative externality of a perennial Price Markup by setting Qsold at MR = MC, but Price goes up to the Demand curve, creating excessive (unused) capacity that supports an economic profit (not good).

                                Read Ch 16’s Oligopoly, focus on pricing techniques and hone in on their natural failure tendencies—greed and fear leading to cheating on Supply. Spend some time on Game Theory if you haven’t had statistics; however, for you romantics, John Nash’s life (Gaming in Economics = Nobel Prize in 1994) was the movie theme in A Beautiful Mind. This chapter is all about OPEC’s power and US’ mid-East policies, so focus on Fig 5, p. 358 and you are up to speed on the “oil/gasoline price business.” Make solid notes about the Public Policy toward Oligopolies section, respecting the details of the Sherman Antitrust Act (1890) and Clayton Act (1914). Microsoft’s executives don’t pay heed and MSFT suffers the forgone profits accordingly. I’ll spend a little time at the end on why economists see some positive value in how Oligopolies operate and bring some efficiencies, albeit the squash competition doing it. Read pp. 362-365 and the Microsoft story prior to class so I make sense!

                                Read Ch 17’s Monopolistic Competition, noting the vast majority of the world’s business is done by this organizational structure. Spend some time on this chapter, particularly Fig 1 (p. 375) and Fig 2 (p. 377) focusing on how Monopolistic Competitors ensure profits at prices above resource allocative efficiency per Capitalism’s preference. Note the ↑ economic profit in the short run (bad), but zero economic profit in the long run (good) because the Price equals the firm’s Average Total Costs in the long run. However, Mono-Comps still fail the market system by retaining excess capacity (bad). Do the pro/con drill on advertising (pp. 381-385) to appreciate how economists and business grads differ on the social value of marketing majors manipulating images to formulate excess profits in the short run. FYI, Galbraith vs. Hayek, p. 383 is an outstanding read! J

 

Oct 1                       Read Ch 19; pause, then Ch 23.  Unions play applying Ch 5’s price (wage) elasticity of demand to the issue of earnings and discrimination. Education is the greatest enhancer of earnings, but only if one maximizes his/her natural talents (passion for doing). Those calling for equal wages or non-discriminatory income structures, objective-only hiring criteria bump into the unintended consequences fostered by corporate leaders, politicians, and laborers seeking above-equilibrium wages such as minimum and living wages, union fixed wage contracts, and efficiency wages where higher wages actually foster increased unemployment. YOU need to explain this one! The market system punishes discriminators with higher prices, less profit—why? J

 

NOTE:  THIS ENDS MATERIAL FOR EXAM #2.

  Macroeconomics:  Aggregate efforts by business and governments to achieve national economic goals:  #1-high and sustainable economic growth (use Real GDP); #2-price stability (use CPI, PPI); and #3- low unemployment (use Ue%).

Start Final ExamàRead Ch 23’s Measuring Gross Domestic Product (GDP). Real GDP (constant dollar GDP) uses the GDP Price Deflator to take out the effects of pure price changes from Nominal GDP (current dollar GDP). Economists use modeling via the Expenditures Approach [know the variables of Y = C+I+G+NX (EX-IM)] or Income Approach to measure GDP. It is imperative that you explain the difference in Real and Nominal GDP, and know how well GDP does and does not measure standards of living. Come out knowing regardless of the political and social hyperbole you hear, a recession occurs only if we have two consecutive quarters of negative (declining) Real GDP. Otherwise, you’ll fall in Osama bin Laden’s trap of concluding he accomplished his goals—he didn’t, and this chapter allows you to be factually correct in explaining why in his attack on YOU! Point: use economic facts to trump political pandering/patronizing by global power brokers.

 

Oct 8                       EXAM #2:  Ch 7, 9, 10, 12, somewhat 13, 14, 15, but in detail 16, 17 and 19.  OPEN NOTES J.  (No, NOT Open Book). [Value:  25% of course grade. Figure two hours for exam.  Yes, we have class after the exam. J]

     For Classà     Read Ch 24’s Consumer Price Index (CPI); then peruse Ch 27 for knowledge. CH 24 drives all cost of living adjustments, tax and social security changes, payroll taxes, and of course, bills. Review the “FYI CPI Basket” on p. 533. Know the chapter in detail, especially the difference in Real and Nominal interest rates. You will use the CPI (formula on p. 538) for pay raise requests, divorce and child support settlements, or civil court suits for damages. Bring a calculator to class for this part. Get the notes from students if you are absent!

     For Classà     Peruse Ch 27. Pages 600-609 are magnificently instructive—hang your Thrift Savings Plan (TSP, 401(K) Retirement Plan or Roth/Regular IRA programs on The Efficient Markets Hypothesis and Random Walks and Index Funds sections. I’ll answer any questions; otherwise, this chapter is for YOUR information only. The Time Value of Money concept is the backbone of all Finance courses; and the Risk-Return Tradeoff is the essence of your standard of living. If Ch 27 thrills you, wealth will be yours; if not, wealth won’t be yours.

                               

Oct 15                     Read/study Ch 28, 29, and Ch 30’s pages 661-670 (for fun, peruse The Wizard of Oz debate, pp. 681-684. )

                                Study Ch 28 to know the various definitions of unemployment (Ue) and the impacts of increasing mandatory minimum wages from the Federal level. The parts on unions using minimum wages to decrease competition (alter the union member elasticity of supply) are key to future chapters on Fiscal and Monetary Policy. Ditto for the Theory of Efficiency Wages—making YOU-the-business person YOUR own enemy. J. M. Keynes used your tendencies against you in the Depression (1930-1939) and took your capitalistic self-regulating powers away, in favor of the Benevolent Social Planner’s government influence today. I like pp. 623-631, and remain ecstatic over pp. 632-634—your “efficiency wages” ↑Ue%!

                                Read Ch 29, spending time on M1 and M2 types of money (Fig 1, p. 646), the overview of the Federal Reserve System (the Fed), then the detailed discussion of the Banks and Money Supply and the Fed’s Three Tools of Monetary Control. This is what drives every Finance course, your home loans, and the stock market fluctuations, daily. Control money and change it—an MBA’s dream; pp. 653-655 are your life in Finance.

                                Read Ch 30, pages 661-670, Quantity Theory of Money to appreciate HOW the Fed influences inflation and deflation by changing (∆) Money Supply (∆Ms) to ∆Prices to ∆Consumption that ∆’s GDP. Knowing this brings you great wealth as a future retiree--manipulator of your own investments. By ∆Ms, Fed ∆interest rates (∆i%) to drive ∆Consumption (households) which ∆Investment (businesses, wages) to ∆YGDP, say Monetarists.

                                The Case Study, p. 681-684 bursts your Wizard of Oz movie bubble—its just the silver debate—a fun read. J

 

Oct 22                     PAPER DUE! NO LATE PAPERS! You’ve had this “Suspense Date” since August 20, 2008. Agree? I’ll return your paper on 29 October, 2008 to help you determine Final Exam performance desires. L J

  For Classà        Read Ch 33 & 34. Ch33 helps grasp where A. Smith (Wealth of Nations, 1776) said economies self-regulate and K. Marx (das Capital, 1867) said concentration of wealth destroys capitalism. Use the Aggregate Demand (AD) and Short-run Aggregate Supply (SRAS) curves to explain changes and impacts in the Expenditure Model of GDP:  Y = C + I + G + NX [EX-IM]. Explain why the AD curve slopes downward and the SRAS curve slopes upward. Now, SHIFT non-Price variables of AD and SRAS curves to create Deflationary/Recessionary and Inflationary Gaps and explain self-regulating, natural changes to correct those AD and SRAS curves back to Full Employment. Tables 1 (p. 751) and 2 (p. 760) are excellent for making sense out of Figs 7, 8, 10, and 11.

                                Ch 34 is THE COURSE in its Finality. John Maynard Keynes (1932) called for “market socialism,” or purposeful government manipulation of macroeconomic variables to alter the extremes of the market system—labeled it Fiscal Policy. The mentally challenged mice stay off the floor here, while the intellectual elephants dance. We’ll use Fiscal or Monetary Policy to correct the ills of business decisions by analyzing liquidity preferences, multiplier effects and automatic stabilizers that the Benevolent Social Planners inputted; then counter with the crowding out effect of ↑G spending or ↓Taxes. To synthesize this chapter:  find horrific national Deflationary Gaps [↓GDP, ↑Ue, or ↑CPI]; or terrible Inflationary Gaps [↑GDP, ↓Ue, or ↓CPI] in The Economist’s handout I provide and fix them! Use the graphics in Fig 2, 3, and 5. Make the pro/con cases for active stabilization policy, simpler, why the Government should manipulate the economy to counter YOU!

 

Oct 29                     EXAM #3—FINAL. OPEN NOTES J.  (No, NOT Open Book). Focus on Ch 23, 24, 28, 29, 30’s pp. 661-670, and all of 33 and 34.  [Value: 25% of course grade. To maximize the pleasure, take all four hours if you want!]

NOTE:  Final Exam details and Grade, and FINAL COURSE GRADE feedback: if you want details of this cool experience, include a self-addressed, stamped envelope with your FINAL and I’ll mail you feedback ASAP. Or, I can send the information by e-mail—but you must send me an e-mail requesting that material. Keep in mind privacy is lost on the Internet when I “Reply”, so you are tasking me and I’ll comply. Finally, if you just want the grade, you can check that on your WBU IQ Web page.

 

INFORMATION TECHNOLOGY:  Internet search tools on the World Wide Web (www.) “Embolden” items work great!

Ask Jeeves (http://www.ask.com) This UK search engine picks up academic sources Google leaves out. Suprisingly useful.

Argus (http://www.clearinghouse.net)

Google (http://www.google.com) I find this to be the best “subject” generator for initial research.

Infoseek (http://www.go.com)

Microsoft’s Network search engine (http://www.search.live.com) This search engine is a work in progress, will buy out Yahoo.

Webcrawler (http://www.webcrawler.com) World Wide Web’s Virtual Library (http://www.w3.org)

Yahoo (http://www.yahoo.com) About equal to Google in resources, but less “academic” in nature for research.

 

Useful Websites, TV and news sources relevant to applicable economic analysis for research: “Embolden” = Super!

   AmosWeb. A whimsical interpretation of economic news, excellent start point for paper.  http://www.amosweb.com

                Asia-Weekly, Asian business news in great detail.  http://www.asia-weekly.com

                Barron’s Online for Market Laboratory to follow FED’s monetary policy impacts:  http://online.barrons.com/mktlab.

    BBC News, internet—get the UK and European view of all things worldly and economic:  http://news.bbc.co.uk

Bloomberg Market and Economic News—advice: read daily. Click on the Bloomberg TV or Bloomberg Radio toggle and         watch tomorrow or today’s business on your laptop or PC.  http://www.bloomberg.com

Bloomberg Market News on YOUR cable TV:  4 AM to 7 AM, Channel 61 on Time Warner Cable. The best investment and      economic analysis on TV—shows what happened tomorrow everywhere in the world before today in the USA. Cool!

Cable TV CNBC business news:  5 AM to 7 PM, Channel 37 on Time Warner Cable. Watch detailed analytical economic and   investment programs (plus the usual cast of pretty people) into the night.  Advice:  view this daily.

                Financial Times. See tomorrow before ‘today’ in the US through London eyes.  http://www.news.ft.com/home/europe.

                Hong Kong News (China news in English): Go here for Far-eastern economic and political news.  http://www.hongkongnews.net.

International Herald Tribune—read Europe’s take on US’ daily behavior. Read this on travels abroad.  http://www.iht.com.

Latin American economic news source you can trust for solid data.  www.latin-focus.com/#news

Manila Times. Philippines business news, in English.  http://www.manilatimes.net

Microsoft’s and NBC’s combined web site for YOUR investments.  http://www.moneycentral.msn.com.  Click on CNBC.

  Moody’s bond service and economic news. Super financial source related to economics.  http://www.economy.com

  Motley Fool:  http://www.fool.com  Go here to learn about investments following economic news. Excellent short, explanatory papers covering ‘indexing,’ and investing for those seeking wealth. Great free site for learning how to invest.

Morningstar’s Mutual fund analysis: Match your investments/mutual funds to the S&P 500 Index trend line. Is YOUR fund     above or below the S&P Index trend line for $10,000 over the 10 year period?  http://www.morningstar.com

Oil prices—watch world-traders move prices off world news at the New York Mercantile Exchange.  http://www.nymex.com

Reuters--a solid business and economics source for world news as it happens.  http://www.reuters.com

Smart Money magazine--super daily news in detail. a “must see” daily site.  http://www.smartmoney.com

South Korea’s most read daily paper is The Choson Ilbo, great for Pacific Rim