Course Syllabus
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ECON E-10a Principles of Economics Spring 2017
Instructor: Rand Ghayad, Ph.D. Email: rghayad@fas.harvard.edu Time: Thursday, 5:30 – 7:30PM Location: Harvard Hall 201 This course will introduce you to the world of Economics from a global perspective. Through a dynamic and interactive approach, you will learn and apply concepts pertaining to Microeconomics (markets, prices, supply and demand, elasticity, competition etc.) and Macroeconomics (economic growth, GDP, unemployment, inflation, interest rates, exchange rates etc.), as well as key elements of current debates regarding globalization, international finance, multinational corporations, political economy and role of the government in the economy. Besides developing an understanding of the functioning of a free market system, we also critically examine the controversies that surround the use of public policies for the greater common good. The use of laptops, tablets, cellphones or any other electronic devices is strictly prohibited in class. Graduate Credit Students: Students taking this class for graduate credit must fulfill higher-level requirements that are designed to satisfy the graduate level designation for them in this course. These requirements include but are not limited to more advanced level exams and a more technical research paper due on the last day of classes. Further detail will be available on the first day of classes. Required Textbook Economics (6th ed.), by Glenn Hubbard and Anthony O’Brien. Recommended Readings The New York Times, The Wall Street Journal, The Economist, and Business Week. Term Paper One written assignment will be assigned in association with textbook materials and in-class lectures. This is a professional paper, requiring formatting, style, citations of references made in your writing, and clear statements of position, reasoning, and conclusions made. This paper should be about 5-8 pages single-spaced and include at least four references. You will be able to select a topic for the paper from materials supplied for this phase of the course. Grading Policy Your final grade will be determined based on the following distribution: 30% Midterm 20% Term Paper 10% Participation 40% final exam Your final grade will be calculated according to the following scale: A: A total grade of at least 96% or higher A-: A total grade of 90% or above and below 96% B+: A total grade of 86% or above and below 90% B: A total grade of 84% or above and below 86% B-: A total grade of 80% or above and below 84% C+: A total grade of 76% or above and below 80% C: A total grade of 74% or above and below 76% C-: A total grade of 70% or above and below 74% D+: A total grade of 66% or above and below 70% D: A total grade of 64% or above and below 66% D-: A total grade of 60% or above and below 64% F: A total grade of less than 60% Missed exams: If an emergency prevents you from taking an exam, you must bring a note certifying that you have a legitimate reason for doing so. In such cases, I will add the weight of the missed exam to the final; I will not give make–up exams. Unexcused absence on an exam will count as zero. Academic Integrity Harvard University expects you to understand and maintain high standards of academic integrity. Breaches of academic integrity (plagiarism, cheating, etc.) are subject to review and disciplinary action by the Administrative Board. Harvard University takes matters of academic honesty very seriously. Use of old course materials, such as exams (including from online sources), is prohibited unless made available to all students by the instructor. Tentative Outline This outline is an approximate guide to what we will be covering in each class session. The topic listed for one class may spill over into the next, with other topics later compensating for that. I will let you know exactly what material you should read for each class meeting as the semester unfolds.
Week 1 Chapters 1 & 3 Basics of Demand and Supply Comparative Statics “Beer Market: London Bar Tries Pricing Based on Demand,” WSJ, June 2, 1999 http://www.wright.edu/~tdung/beer.htm
Week 2 Chapters 4 & 6 Price Ceilings and Floors Elasticity “Do rent controls work?,” The Economist, Aug. 20, 2015http://www.economist.com/blogs/economist-explains/2015/08/economist-explains-19
Week 3 Chapter 5 Introduction to Welfare Theory Consumer Surplus, Producer Surplus, Social Surplus Market Efficiency Externalities
Week 4 Chapter 17 Information Asymmetry
“The lemon dilemma,” The Economist, Oct. 11, 2001 http://www.economist.com/node/813705
Week 5 Chapters 2 & 8 Basics of Trade Welfare Analysis of Trade and Tariffs
Week 6 Chapters 10 & 11 Behind the Supply Curve: Producer Theory Firms’ Costs and Revenues Profit Maximization
Week 7 Chapters 12, 13 & 14 Monopoly Monopolistic Competition Oligopoly “Competition among universities,” The Economist, December 5-11, 1998 http://www.wright.edu/~tdung/competition_ivyleague.pdf “Bigger is not always better,” The New York Times, December 8, 1998 http://www.wright.edu/~tdung/merger_nyt.htm
Week 8 MIDTERM
Week 9 Chapters 19 & 20 Macroeconomics: Introduction and Overview Three Key Macro Variables: GDP, UE, and Inflation “Measuring What Matters,” The Economist, Sept. 17, 2009 (http://www.economist.com/node/14447939) “Separation Anxiety,” The Economist, Oct. 1, 2009 (http://www.economist.com/node/14530109)
Week 10 The Economy in the Long Run: Economic Growth and Development
“A Productivity Primer,” The Economist, Nov. 6, 2004 (http://www.economist.com/node/3352969)
Week 11 Chapter 23 The Economy in the Short Run The Components of Aggregate Expenditure The Loanable Funds Market Aggregate Demand and the Aggregate Demand Curve
“Redefining Recession,” The Economist, September 11, 2008 (http://www.economist.com/node/12207987) “When Did It End?” The Economist, April 15, 2010 (http://www.economist.com/node/15911334?story_id=15911334)
Week 12 Chapter 24 Aggregate Supply Business Cycles The Phillips Curve
“Curve Ball,” The Economist, Sept. 28, 2006 (http://www.economist.com/node/7967976)
Week 13 Chapters 25 & 26 Monetary Policy Money Demand Interest Rates Money and Inflation in the Long Run: The Quantity Theory of Money
“Money’s Muddled Message,” The Economist, March 19, 2009 (http://www.economist.com/node/13326779)
Week 14 Chapter 27 Fiscal Policy: Introduction and Overview The Government Spending and Tax Multipliers The Loanable Funds Market Revisited
“Much Ado About Multipliers,” The Economist, Sept. 24, 2009 (http://www.economist.com/node/14505361)
Week 15 FINAL EXAM |
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Course Summary:
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