Introduction to Political Economy

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General course information and requirements

Semester: Fall 2008
Course: Economics 103, Introduction to Political Economy
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
E-mail address: stonebrakerr@winthrop.edu
Office hours: MW 3:30 - 5 p.m., TR 9:00-11:00 a.m., F 1:00 - 2:00 p.m. (no appointment needed)
Other times are available by appointment.

Course objective:

Students completing this course should gain a general working knowledge of how a market-based economy allocates resources and should learn to recognize and analyze the economic concepts underlying a wide variety of contemporary social, political, economic and personal issues.

Textbook:: We use a web-based textbook that consists of a series of short readings on course topics. You may read the material on line, but most of you will find it more convenient to print hard copies of the readings. The readings are listed in the appropriate sections of the course outline below. To access the readings, just click on the titles. You can print them individually or in groups.

Grading:

Three exams will determine most of your grade. The exam with the highest score will receive more weight than the exam with the lowest score. A Constitution assignment and a reflection paper will determine the remainder of your grade. The weight for each assignment is:

Exam with highest score: 32%

Exam with 2nd highest score: 29%

Exam with lowest score: 26%

Reflection paper 8%

Constitution assignment 5%

Exams:

Exam questions will stress analysis rather than factual information and will be based both on the material presented in class and the web textbook readings. You will be expected to write short essay/explanation answers and to solve graphical and numerical problems. Students caught copying/cheating will be dealt with harshly. The final exam will include some specified review material. The approximate grading scale will be:

        86 - 100%      A
        72 - 85%        B
        60 - 71%        C
        50 - 59%        D
          0 - 49%        F

Make-up policy:: Make-up exams will be given to students with what I judge to be a valid excuse. Needing more time to study is not a valid excuse. If you can't make an exam I expect to be notified as quickly as possible, preferably before the exam. Students who do not notify me in a timely manner should not expect a make-up exam.

Constitution Requirement:: Because this course fulfills Winthrop's Constitution Requirement, you will be expected to read the U.S. Declaration of Independence, the U.S. Constitution and its Amendments, and material on the Federalist Papers. You will be expected to complete an assignment covering this material and the first exam will contain questions designed to test your general understanding of the structure and contents of these documents.

To access a copy of the Declaration of Independence, click here.; To access the U.S. Constitution and Amendments with interpretive comments, click here.; To access material about the Federalist Papers, click here.

Reflection paper:: Part of the purpose of this course is to demonstrate that basic economic concepts can be used to analyze issues and choices in a wide variety of areas. Each of you will write a short paper that uses economic concepts covered in the course and applies them to events in your own life. For detailed instructions, click on: Reflection Paper Instructions.

In-class assignments:: There will be in-class assignments during many classes. Some will ask you to write out an explanation of a concept we have covered, others might have you try to work out solutions to graphical or numerical problems. Some will involve working with classmates; some will not. As long as you participate with reasonable effort, the assignments will be acceptable.

You will lose one percentage point from your final course average for each missed or unacceptable assignment (in excess of three). Students who must miss an extensive number of classes for what I consider to be a legitimate cause may request make-up assignments.

Attendance policy:: You are expected to attend every class on time and are responsible for all class material whether or not you attend. Attendance will not be graded directly, however students absent from more than three classes run the risk of losing points due to missed in-class assignments.

Course withdrawal:: Friday, October 24 is the last day to withdraw from this course. (Automatic N grade is issued.) Students may not withdraw from a course after this date without documented extenuating circumstances.

Students with Disabilities:: Winthrop University is dedicated to providing access to education. If you have a disability and require specific accommodations to complete this course, contact Gena Smith, Program Director, Services for Students with Disabilities, at 323-3290. Once you have your official notice of accommodations from Services for Students with Disabilities, please inform me as early as possible in the semester.

Expectations:

As a student you should expect me to take my class responsibilities seriously. You should expect me to deliver quality instruction in each class, to start and end each class on time, to be responsive to student perspectives and questions, and to treat each of you with respect. As an instructor, I expect similarly responsible behavior from you. In particular, I expect that you will:

1. Attend every class. In addition to the obvious negative impact on your own learning, your absences can damage your classmates as well. Students that skip classes, ask questions that were answered last week, and then mooch missed notes and material from conscientious classmates who are trying to pay attention impede the learning of others and slow the pace at which material can be covered.

2. Come to class on time and stay until its conclusion. Late arrivals and early departures are disruptive and inconsiderate of others.

3. Turn off and put away all cell phones and pagers. I expect never to see these devices in class.

4. Pay attention and participate. While in class you should be concentrating on class. That means no idle conversations with those around you, no attempts to complete work or study for other classes, and no other extraneous activities.

How to succeed in this course:: I asked my previous students. If you want their advice click here.

Course Outline

To access individual readings, just click on the listed blue titles (the files will appear as HTML web pages). If you print the readings, it may be convenient to print several at one time. For a combined copy of all the readings for the first exam as a Microsoft Word file (about 49 pages), click here. For a Word file of the readings for the second exam (about 78 pages), click here, and for a Word file of the readings for the final exam (about 59 pages), click here.

I. Basic Concepts: Markets and Efficiency: A. Scarcity and choice; The Joy of Economics; B. Production possibilities and opportunity costs; What to Produce; C. Comparative advantage and trade; How to Produce; Comparative Advantage: Sample Problem; International Trade; D. How do we choose?; 1. Demand and supply; Demand and Supply; Demand and Supply: Sample Problems; Demand and Supply Applied: Exchange Rates; Demand and Supply Applied: Buy Low and Sell High; 2. Elasticity; Elasticity of Demand and Supply; Demand and Supply Applied: Oil Prices

EXAM #1: Approximately September 25

E. Efficiency and fairness; Marginal Cost and Supply; Market Efficiency; External Effects; Public Goods; What's Fair is Fair

II. Microeconomic Issues: A. Love and marriage; 1. Costs and benefits of marriage and family; The Untied Knot: Marriage on the Skids; Monogamy: A Cure for the Modern Arms Race; Empty Cradles; 2. Love, sex, and affection; Economics of Courtship; Exploitive Relationships; B. Sickness and death; 1. Economics of life and death; Saving Lives Can be Dangerous; 2. Health care issues; Medical Care; Not Enough Hearts; The Economics of Eating; C. Higher education; 1. Prices and quantities; Funding Options; Starving Artists; 2. Issues in teaching and learning; Educational Lemons; Why Don't They Learn It?; Consumption Skills

EXAM #2: Approximately November 6: D. Religion; That Old-Time Religion; Sacrifice and Stigma; Risk and Religion

III. Macroeconomic Issues: A GDP: Equilibrium and growth; Equilibrium GDP; GDP: Sample Problems; So Much to Do; B. Unemployment and inflation; 1. Causes and effects; Unemployment and Inflation; 2. Fiscal policy; Government Finances: Just the Facts; Spending and Tax Policy; 3. Money and monetary policy; Money: What and Why; Role of Money; A Dear Abby Quiz; Macroeconomic Policy: A Quick Review; C. Government budget deficits and debt; The National Debt: So What?; Social Security: Apocalypse Soon?

IV. Constitutional Economics: U.S. Constitution Redux

Exam #3: FINAL EXAM

Are you interested in seeing current macroeconomic data? Click the links below for current data on:
     Unemployment
     Inflation
     Gross Domestic Product
     Federal budget
     National debt
     Distribution of income

Last modified 08/14/08