Results for ECON 1: Principles of Economics

This is an introductory course in economics. We will cover both microeconomics (investigating decisions by individuals and firms) and macroeconomics (examining the economy as a whole). The primary goal is to develop and then build on your understanding of the analytical tools and approaches used by economists. This will help you to interpret economic news and economic data at a much deeper level while also forming your own opinions on economic issues. The course will also provide a strong foundation for those of you who want to continue on with intermediate microeconomics and/or intermediate macroeconomics and possibly beyond.

The course covers all of economics at a basic level. It stresses the key idea that economics is about making purposeful choice with limited resources and about people interacting with other people as they make these choices. Most of those interactions occur in markets, and the course is mainly about markets, including labor markets and capital markets. We show why free competitive markets can improve people's lives and how they have removed millions from people from poverty, with many more, we hope, to come; we show how monopolies and environmental spillovers cause market failures; we show how to remedy these failures through government policy; and we explain why government failure can also be a problem. The overall goal is to use economics to understand the big issues of the day including economic growth, inequality, crises, and unemployment. The goal of this course is to learn how to use economic analysis to reach reasoned conclusions about the big issues of the day from the workings and benefits of a market economy to the causes of economic growth, financial crises, and unemployment.

Welfare-reform legislation passed by the federal government in the mid-1990s heralded a dramatic step in the movement that has been termed the devolution revolution, which is again being discussed in the context of healthcare reform. The centerpiece of devolution is the transfer of more responsibilities for antipoverty programs to the states. We will explore the effects of these reforms and the role that devolution plays in the ongoing debates over the designs of programs that make up America's social safety net. In addition to discussing conventional welfare programs (e.g., Medicaid, food stamps, TANF, SSI) and other governmental policies assisting low-income families (EITC, minimum wages), we will examine the trends in governmental spending on anti-poverty programs and how our nation defines poverty and eligibility for income support. We will apply economics principles throughout to understand the effectiveness of America's antipoverty programs and their consequences on the behavior and circumstances of families. Prerequisites: A basic understanding/knowledge of introductory economics is recommended.

This interdisciplinary course explores the economic, political, and cultural forces that shape the financial system and, through this system, have major effects on the economy and on society. You will gain an understanding of how the interactions between individuals, corporations, governments, and the media can help the financial system and the economy work better or in turn allow those with better information and control to harm others unnecessarily. Topics include the basic principles of investment and funding, corporations and their governance, financial markets and institutions, and political and ethical issues. We will discuss recent and ongoing news events and analyses immediately relevant to the material. The approach will be rigorous and analytical but not overly mathematical. A few visitors will further enrich the discussion. Prerequisite: Econ 1 or equivalent.