Introduction to Microeconomics (Honors, Spring 2007)

This course is an introduction to economics. We will become familiar with the mode of reasoning in economics as we analyze the working of a market economy, especially the US. This study will enable us (1) to understand what economics is and what economists do, and (2) to gain a frame of analysis for a critical understanding of the scope and nature of current issues in the American economy and the controversies that surround them.

Required Readings

• Campbell R. McConnell and Stanley L. Brue, Microeconomics, 17th edition, McGraw-Hill, 2008
• The Economist.
  Subscription is acquired through enrollment in the course at a special student bulk rate. The cost of subscription is $21.71 for 13 weeks ($1.67 per copy). Please give your check to Judy Thompson, Room 212 Higley Hall, by Friday, January 19. (Checks should be payable to The Economist.) You will receive the first issue of The Economist on Tuesday, January 23.
• Other readings will be assigned in class.

Readings for each class are expected to be read before class.

Office Hours

• T: 9:00-10:00 am
• W: 1:30-3:00 pm
• R: 9:00-10:00 am & 3:00-4:00 pm
• And by appointment. (You are always welcome to drop in.)

Students who need an accommodation based on the impact of a disability should contact me privately as soon as possible. I rely on the communication from Office of Academic Support (104 Doane) to make the necessary accommodation.

Schedule of Exams and Assignments

• Economist papers: Mondays (see below for details)
• Exam I: Tuesday, February 13
• Research proposal: Tuesday, February 20
• Discussion of research proposal in my office: , February 19-23
• Exam II: Thursday, March 8
• Exam III: Thursday, April 10
• Class presentation of research project: Wednesday, April 25, 5:00-8:00 pm
  
  Please note that the above meeting is in addition to the schedule classes. It is required to attend this meeting. You must reserve this time period for our class presentation. If you have a schedule conflict let me know by Friday, January 19.
  
  
• Research paper: Monday, April 30 by 4:30 pm
• Final Exam: Friday, May 4, 9:00-11:00 am

Attendance

Regular attendance is required. I expect you in class in body and soul every class day, and on time!

Requirements and Grades

Grades will be given on the following basis:

• Hourly exam I 100: points
• Hourly exam II: 100
• Hourly exam III: 100
• The Economist papers (8 @ 20 points each) 160
• Research project
• Written report 100
• Class presentation 25
• Class contribution* 75
• Final exam 150

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• Total** 810

* The grade for class contribution is not for attendance. It is for your thoughtful and active participation in class discussions.

**Occasional quizzes (5 to 10 points each) may be given. The grade for quizzes will be added to the total points for the course.

Exams

Exams will consist of short essays and problems. All exams are comprehensive (i.e., they are over the material covered in the course up to the time of the exam).

The Economist

On Tuesdays, in class, you will receive your new issue of The Economist. I distribute the magazine in class so that you can get it at the lowest possible price.

Class Discussion of The Economist: Each week, I would like you to look through your new issue of The Economist and choose an article that has an economic dimension. Read it critically. You may consider its possible policy implications, examine its analysis or claims in the context of the theory that we have learned in this course, find any analytical flaws, or identify the overt or implied ideological biases of the article. On the following Tuesdays I will ask one or two students to share with the class their thoughts about the article that they have read. Other students will ask questions or express their views about the issue. On Tuesdays, everyone is expected to be prepared to discuss an article from The Economist of the previous week.

Economist papers: You will write eight papers in the course of the semester about the articles in The Economist. The choice of article is yours. The only restriction is that your paper must have an economic content. These papers should be analytical and NOT descriptive summaries. That is, I would like you to write a critique of the article of your choice. You will be graded for the rigor and clarity of your analysis and for your creative thoughtfulness. Choose an article that gives you a chance for critical analysis.

It is up to you which weeks you write your Economist papers but please note:

• Papers are due on Tuesdays, before the start of the class.
• Each paper must be on an article in the last issue of The Economist.
• No more than one paper may be submitted on any Tuesday.
• I do not accept late papers.

You must keep the graded copy of your paper just in case your count of the number of papers is different from mine.

Economist papers will be in one page (400-450 words), typed (11/2 spaced) with graphs (if any) on the back of the sheet. No coversheet, please.

Research project

You and your research partner will work on a project. (If you prefer, you may work solo.) Your team will write a 15 page paper and will present it to the class in the last week of classes. Your research project will be on a topic of your choice (with my approval). You are asked to examine an economic issue and to put it under careful critical scrutiny by applying the economic reasoning that you have learned in this class. In working on this project, imagine you are writing an article for The Economist.

Choosing a topic is itself a challenging task. I am available to help you along as you search for a topic and carry on your project. Feel free to come to see me any time in the course of your research.

You and your partner will submit a joint research proposal by Tuesday February 20. This proposal will include the title, the thesis, a tentative explanation of the analysis of your paper, and a bibliography. You and your partner should make an appointment to discuss your proposal with me between Monday February 19 and Friday February 23.

Your written report will be due on Monday April 30, the last day of classes, by 4:30 pm, in my office. You will submit two copies of your paper: A hard (printed) copy, which I will grade and return to you, and an electronic copy (per instruction, which I will give you later). The two copies must be identical.

You and your research partner will give a class presentation of your project in the evening (5:00-8:00 pm) of Wednesday April 25. Please note that this is in addition to our scheduled classes. If you expect any schedule conflicts, please let me know by Friday January 19.

Course Outline

The Working of the Market: MICROECONOMICS and the dynamics of capital accumulation

When/why did we start calling all this Microeconomics?

THAT'S IT!