(Also GIS 105) In this course we study the American political and economic systems; we explore their interdependence and investigate the nature of their integration. Since the United States Constitution is the single common unifying legal force of the American Society, we study the structure of the Constitution first. Then, we focus on the commercial and economic provisions of the Constitution. Next, we investigate the relationship between economics and politics and finally we discuss the social philosophies of the main political groups that compete for political power in America today.
Microeconomics focuses on the decision making of individual consumers, producers, and owners of resources; demand and supply analysis with some applications; market failures; output production and costs; the operation of a price-directed economy; and distribution theory - the pricing of the factors of production.
The determinants of national income, output, employment, and price level; introduction to money and banking and to monetary and fiscal policy; introduction to public finance and international trade; review of supply and demand analysis with some applications.
This course will examine the economic theory of international trade, trade regulation, protectionism, and international trade policy. International economic integration, foreign exchange, balance of payments, international institutions, and policy issues of current interest will also be investigated.
Functions of money; role of financial institutions; roles of Federal Reserve Banks and monetary policy. Introduction to the determination of interest rates, the stock of money and other monetary theory concepts as they relate to economic activity.
Application of microeconomic principles to management decision-making. The concepts of production transformation and cost of output; sales or revenue side of production; demand for product under different market structures and the implications for selling price. Overall application of the above to management decision-making: breakeven analysis, maximization of net income, markup pricing, target return pricing, advertising, estimation of market demand curves, and other case studies.
A rigorous but mathematically simple treatment of modern macroeconomic theory and its applications. The determinants of national income, employment, and inflation; the Keynesian, post-Keynesian and monetarist models discussed and compared; the effectiveness of fiscal and monetary policies evaluated in the context of the above models. The applied aspect of macroeconomics will be emphasized and recent American economic experience discussed.
An examination of economic indicators and analysis of the current state of the U.S. economy. the Federal Reserve actions, open market operations, monetary policy options, and appropriate policy will also be investigated. Students must abe available to participate in the College Fed Challenge. This course may be repeated for credit.
This course is designed to provide the student with a thorough understanding of the modern microeconomic theory and its applications. The approach used for this purpose is rigorous but mathematically simple. In particular, the course will study the different market structures and the corresponding market mechanisms through which scarce productive resources are used to produce goods and services and distribute them among the members of the society.
Definition and meaning of public finance and expenditures. The impact of government expenditures, taxation, and debt on resource allocation, income distribution, economic stabilization, and growth.
This course surveys the major trends in economic thought since the 19th century. Schools of economic thought to be discussed and critically analyzed include: classical political economics, neoclassical economics, Marxian, Austrian institutionalists, Keynesian and Post-Keynesian economics.