ECON 1112: Principles of Macroeconomics

Fall, 2009

Class meetings: MWF. 1:00-2:05 p.m., IH 101

Prerequisites: High school algebra

Professor: Arne Kildegaard

Office: Camden 202, phone: x6190

Office hours: Monday 2:30-4:30 p.m.., Th. 9:00-11:00 a.m. or at other times, by prior appointment, please.

Description: This 4-hour course is designed as a self-contained first college course in economics, specifically: macroeconomics. The only prerequisite is high school algebra.

So,... what is Economics? Economics is a social science, and like all the social sciences it attempts to understand our behavior individually and collectively, and the forces which shape that behavior. Specifically, economics focuses on how rules and incentives systematically lead to certain outcomes.

We’ll begin this course with the most basic principles of economic analysis: opportunity cost, and comparative advantage. By the third week the course begins in earnest to look at the “macro” or “big picture” issues. We will work out in great detail what we mean by “economic activity,” how we propose to measure it, and what the strengths and limitations of this measure are. We’ll discuss where economic growth comes from, and how it is correlated with increased quality of life measures, and other standard-of-living measures. Ultimately, the greater part of the course will be spent building a macroeconomic “model” with which we will attempt to understand real world problems of business cycle fluctuations (in incomes, employment, price levels, interest rates, and other key variables). The last several sessions will be devoted to current issues and controversies in macroeconomics.

Readings: The required textbook is Principles of Macroeconomics, by Timothy Taylor. The book may be read for free, on-line, through the following website: www.textbookmedia.com . Alternatively, for a very modest sum, you can download a pdf file of the entire book, or order a paperback copy of the book (my personal recommendation; it’s about $20 and takes about a week to get here. Don’t bother with the study guide). Supplemental readings will be announced in class and made available either through the course website or the reserve desk at Briggs Library.

Grading policy: Grades will be based on a series of 8-10 homework assignments (drop lowest score, with the remainder summing to 25% of the course grade), two midterm exams (@25%) and a non-comprehensive final exam (25%).

Missed assignments: I generally post answer keys shortly after collecting homeworks. That means late homeworks cannot be accepted. If you have a real genuine crisis (as opposed to simply a failure to plan ahead), I can be reasonable. But your story better be really good.

Missed exams: An unapproved absence from an exam results in a score of zero. Under extraordinary circumstances (bereavement or serious illness), a makeup exam may be given, but a Chancellor’s Excuse will be necessary. Please do not rely on your instructor’s limited and depleted reserves of empathy.

Attendance policy: Class attendance is emphatically recommended, for your intellectual, material, and spiritual well-being. I expect 100% attendance.

Special accommodations: Reasonable accommodations will be provided for students with physical, sensory, learning, and psychiatric disabilities. Contact the instructor for further information

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Tentative class schedule for ECON 1112s

University of Minnesota Policies

Grading standards (definition of grades)

A Represents achievement that is outstanding relative to the level necessary to meet course requirements.

B Represents achievement that is significantly above the level necessary to meet course requirements.

C Represents achievement that meets the course requirements in every respect.

D Represents achievement that is worthy of credit even though it fails to meet fully the course requirements.

S Represents achievement that is satisfactory, which is equivalent to a C- or better.

F (or N) -- Represents failure (or no credit) and signifies that the work was either (1) completed but at a level of achievement that is not worthy of credit or (2) was not completed and there was no agreement between the instructor and the student that the student would be awarded an I (see also I)

I -- (Incomplete) Assigned at the discretion of the instructor when, due to extraordinary circumstances, e.g., hospitalization, a student is prevented from completing the work of the course on time. Requires a written agreement between instructor and student.

Make-up exam policy

Make-up quizzes and exams are available only when a student has an excellent reason for missing the regular quiz or exam and arrangements are made either before the missed quiz or exam or as quickly as humanly possible thereafter.

Senate student academic workload policy

For undergraduate courses, one credit is defined as equivalent to an average of three hours of learning effort per week (over a full semester) necessary for an average student to achieve an average grade (C) in the course. For example, a student taking a four credit course that meets for four hours a week should expect to spend an additional eight hours a week on course work outside the classroom.

Statement on accommodations for students with disabilities

As a student you may experience a range of issues that can cause barriers to learning, such as strained relationships, increased anxiety, alcohol/drug problems, feeling down, difficulty concentrating and/or lack of motivation.  These mental health concerns or stressful events may lead to diminished academic performance or reduce your ability to participate in daily activities.  University of Minnesota services are available to assist you with addressing these and other concerns you may be experiencing.  You can learn more about the broad range of confidential mental health services available on campus via www.mentalhealth.umn.edu.

Statement on classroom conduct

Students are expected to interact with the instructor and other students with respect and courtesy. Students should attend every class session prepared to learn and work. Participation in class is expected, which includes both speaking up and listening. Give class your full attention while here. Complete all assignments including the reading -- in a timely fashion. Do not bring cell phones or recording equipment to class without the instructor's consent. Students whose behavior is disruptive either to the instructor or to other students will be asked to leave. Students whose behavior suggests the need for counseling or other assistance may be referred to counseling services. Students whose behavior violates the University Student Conduct Code will be subject to disciplinary action.

Statement on academic misconduct

Scholastic dishonesty means plagiarizing; cheating on assignments or examinations; engaging in unauthorized collaboration on academic work; taking, acquiring, or using test materials without faculty permission; submitting false or incomplete records of academic achievement; acting alone or in cooperation with another to falsify records or to obtain dishonestly grades, honors, awards, or professional endorsement; altering forging, or misusing a University academic record; or fabricating or falsifying data, research procedures, or data analysis. In this course, a student responsible for scholastic dishonesty can be assigned a penalty up to and including an "F" or "N" for the course. If you have any questions regarding the expectations for a specific assignment or exam, ask.

Statement regarding sexual harassment

University policy prohibits sexual harassment as defined by the University of Minnesota Regents' policy: http://www1.umn.edu/regents/policies/humanresources/SexHarassment.pdf