Introduction to Political Economy

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Semester: Spring 2013
Course: Economics 103, Introduction to Political Economy (3 credits)
Prerequisites: There are no prerequisites, but students that already have credit for both ECON 215 and 216 cannot get credit for this couse.
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
E-mail address: stonebrakerr@winthrop.edu
Office hours: M 3:30-5 pm, T 2-3:15 pm, W 1-2 and 3:30-5 pm, R 2-3:15 pm, F 10:45 am - 12:15 pm (no appointment needed)
Other times are available by appointment.

Course objectives:: 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 issues. The course links to the following University-Level Competencies:

Winthrop graduates think critically and solve problems: The course will challenge students to think critically about a wide range of social and economic problems.

Winthrop graduates understand the interconnected nature of the world and the time in which they live: The course will help students appreciate the connections between the U.S. and global economic world as well as seeing how basic economic concepts can be used to analyze issues studied in a variety of academic disciplines.

In addition, as a Social Science in the Touchstone Program, this course will assist students to better analyze and understand human behavior. It involves the following Touchstone goals:

To acquire and appreciate quantitative skills: Quantitative data and relationships are an integral part of any course in economics. Quantitative data and relationships are an integral part of any course in economics. Students will learn how to interpret and analyze such quantitative measures as Gross Domestic Product, price indexes, unemployment rates and demand elasticities.

To use critical thinking, problem-solving skills and a variety of research methods: Students will be expected to critically analyze a wide variety of public and private policy initiatives.

Understand the nature of social and cultural conflict and methods of resolution: Social and cultural conflict often originates with the disparate goals of consumers and producers, of competing producers, and of competing interest groups. Students will learn to appreciate how an efficient economic system can resolve these conflicts in a way that maximizes overall social value.

Examine problems, issues and choices that confront citizens of the world: The course covers such critical current issues as unemployment, inflation, economic growth, poverty, health care, pollution, education and crime.

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. I also have provided links below to a number of instructional YouTube videos that you might find useful to help you better understand course topics.

Grading:

The grading will be straight letter grades: no plusses or minuses. 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 two short reflection papers will determine the remainder of your grade. The weight for each assignment is:

Constitution assignment: 5%
Reflection papers: 8%
Exam with lowest grade: 26%
Exam with highest grade: 32%
Other exam: 29%

Click here for a spreadsheet that will calculate your course average.

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. Calculators will not be permitted during exams. College students should be able to do arithmetic. 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 about current constitutional issues and 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 current Constitutional issues, click here.

To access material about the Federalist Papers, click here.

Reflection papers:: 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 two short papers that use economic concepts covered in the course and apply them to events in your own life. For detailed instructions, click on: Reflection Paper Instructions.

Cell phones and electronic devices:: I expect never to see cell phones in class. That means no texting and no checking messages; even under the desk where you think I will not see them. Laptops, tablets or similar electronic devices may be used for note-taking or specified course activities with the instructor’s permission. Students using these devices must turn off the wireless function and close all applications/windows other than the allowed document or application. Each time a student is caught violating this policy I will deduct one point from his/her final average.

Attendance policy:: You should attend every class on time and are responsible for all class material whether or not you attend. Students will lose one point from their final average for every class missed in excess of three (except for required, official Winthrop activities such as class trips or varsity sport participation). An exception might be made for students forced to miss more than three classes because of documented medical problems.

Class will start promptly each day. Students will be assigned one absence for every two times they arrive late. If a student signs in for another, both students will be given three absences.

Course withdrawal:: Wednesday, March 6 is last day to withdraw from a full fall semester 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, Office of Disability Services, 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, in addition to adherence to Winthrop’s Code of Student Conduct, I expect similarly responsible behavior from you.

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 .PDF (about 48 pages), click here. For a .PDF file of the readings for the second exam (about 88 pages), click here, and for a .PDF file of the readings for the final exam (about 57 pages), click here. I also have listed a variety of YouTube instructional videos that might supplement the text and lectures. Just click on the links to watch the videos.

I. Basic Concepts: Markets and Efficiency: A. Scarcity and choice; The Joy of Economics; B. Production possibilities and opportunity costs; What to Produce; Video: Production Possibilities Curve (or Frontier); Video: Shifting the PPC; C. Comparative advantage and trade; How to Produce; Video: Nobody Knows How to Do Anything; Video: Comparative Advantage; Comparative Advantage: Sample Problem; International Trade; D. How do we choose?; 1. Demand and supply; Demand and Supply; Video: Determinants of Demand; Video: Shifting the Demand Curve; Video: Supply Shifts; Video: Market Equilbrium; Video: Demand Shifts and Equilibrium; Video: Supply Shifts and Equilibrium; Demand and Supply: Sample Problems; 2. Elasticity; Elasticity of Demand and Supply; Video: Determinants of Elasticity; Video: Elasticity and Total Revenue; 3. Applications; Demand and Supply Applied: Exchange Rates; Video: Exchange Rates; Demand and Supply Applied: Buy Low and Sell High; Demand and Supply Applied: Housing Bubbles

EXAM #1: Approximately Monday, February 11

E. Efficiency and fairness; Marginal Cost and Supply; Video: Demand as Marginal Benefit; Market Efficiency; External Effects; Video: Externalities; Public Goods; Video: Public Goods; What's Fair is Fair; Rational Ignorance; The Role of Government

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; 2. Love, sex, and affection; Exploitive Relationships; Moral Decay; B. Sickness and death; Saving Lives Can be Dangerous; Medical Care; Economics of Eating; C. Higher education; 1. Prices and quantities; Funding Options; Starving Artists; Educational Lemons; 2. Issues in teaching and learning; Why Don't They Learn It?; Consumption Skills
EXAM #2: Approximately Wednesday, March 27
: D. Religion; That Old-Time Religion; Sacrifice and Stigma; Risk and Religion; Video: Interview about Economics of Religion (1st 17 minutes only)

III. Macroeconomic Issues: A GDP: Equilibrium and growth; Equilibrium GDP; Video: GDP; Video: Real and Nominal GDP; Video: GDP Deflator (or Price Index); Video: Aggregate Demand and Supply; GDP: Sample Problems; So Much to Do; B. Unemployment and inflation; 1. Causes and effects; Unemployment and Inflation; Video: Unemployment; Video: Flexible Wages and Natural Unemployment; 2. Fiscal policy; Government Finances: Just the Facts; Spending and Tax Policy; Video: Fiscal Policy; 3. Money and monetary policy; Money: What and Why; Role of Money; Video: Structure of the Fed; A Dear Abby Quiz; Macroeconomic Policy: A Quick Review; C. Current macroeconomic issues; The National Debt: So What?; Riches to Rags

Exam #3: FINAL EXAM
section #1: Tuesday, April 30 at 3 pm
section #2: Monday, April 29 at 8:00 am

I reserve the right to modify this syllabus with cause if unexpected circumstances occur.

Are you interested in seeing current macroeconomic data? Click the links below for current data on:

     Unemployment
     Inflation
     Gross Domestic Product
     National debt
     Distribution of income
     International currency exchange rates

Last modified 04/25/13

Introduction to Political Economy

General course information and requirements

Course Outline