This course is designed to provide an introduction to the theory and practice of macroeconomics. The course begins with a discussion of several basic tools and concepts that are essential for a macroeconomic analysis. Students examine the business cycles and the costs of unemployment and inflation.

This introductory portion of the course is followed by a more detailed discussion of the determinants of aggregate demand and supply. In this portion of the class, students examine the determinants of the levels of consumer spending, investment spending, government spending, and the level of net exports. The determination of the money supply and the role of the banking system are also covered in this section of the course.

This more complete model of aggregate demand and supply is then used to explain the classical, Keynesian, monetarist, new Keynesian, and new classical models of macroeconomic equilibrium. Adaptive and rational expectation models of expectation formation are examined and compared. The effectiveness of monetary and fiscal policy under each of these models is also analyzed.

The class concludes with a discussion of international trade and finance. Students examine the determination of exchange rates and the arguments concerning trade barriers. The relationship between the government deficit and the trade deficit is examined as part of this discussion.

This course is a general introduction to the theory and practice of Microeconomics. The primary focus of this course is on how individuals and societies deal with the fundamental economic problem of scarcity. The course begins with a discussion of the methodology of economics. This is followed by a discussion of several basic tools and concepts including: marginal analysis, opportunity cost; and demand and supply analysis. Each of these introductory concepts is applied to the discussion of contemporary policy issues (e.g., the minimum wage, farm subsidies, rent control and taxation). The role of government in correcting for alternative types of market failure is also examined.