Economics Department

James B. Klein

Macroeconomics 100

Though the syllabus looks daunting, it's not particularly hard at the introductory level. There are no prerequisites.

Most of the important results are simple and obvious. The reasoning is straightforward.

Students will learn about 100 basic economic concepts, and how to use them in their personal and work lives.

The class will discuss employment opportunities in finance and related fields.

There will be three Zeus tests and a final exam during the finals period.

We'll review the material for the next test in the class before each test.

We'll take three days to review for the final.

The final will be on Wednesday May 21 at 8:00-10:30. No exceptions.

Warning! You must attend class or you will be dropped.

Attendance is taken every day.

Click here to see the syllabus for other half of economics - Microeconomics

I. Science and Economics

• What is science?
• Languages of science
• What is Economics?
• Axioms of Economics
• Fundamental magnitudes of economics
• Transactions and prices - Samuelson

II. Capital Theory

• Durability
• Rate of interest - Irving Fisher
• Equations of exchange over time
• Income and discounting
• Productive assets
• Asset/Liability Management - Problem sets
• Reacting to change

III. Simulated Trading and Portfolio Management

• Changes in securities prices
• Trading futures
• Reading charts
• Fundamental analysis
• Technical analysis
• Wealth management
• Trading tactics
• Portfolio Management

IV. Monetary Theory

• Money and inflation
• Commodity money
• Banking
• Bills of exchange
• Paper money
• Monetary authorities
• History of inflation and deflation
• Monetary history of the US
• Federal Reserve system
• Managing money growth

V. Capital Markets

• US Treasury debt
• Primary dealers
• Corporate debt and mortgages
• Equities
• Markets for securities
• Buyers of securities
• Portfolio management

VI. National Income Accounts

• Aggregate economic activity
• Price level
• Useful measures
• Forecasting

VII. Business Cycles

• Expansion and contraction
• History of business cycles
• Bank crises
• Monetary effects on business cycles
• Cyclical indicators
• Forecasting

VIII. Public Finance and Public Choice

• Origins of government
• Activities of government
• Tax maximization
• Buchanan's Theorem
• Taxation
• Regulation
• Expenditures
• Effects of government on NIA

IX. International Trade and Exchange

• Mechanics of trade
• Mechanics of foreign exchange
• Equilibrium in currency markets
• Government intervention
• Effects of government intervention

X. Trade, Diplomacy, and War

• International trade
• History of armed traders
• Government protection of trade
• Diplomatic arrangements
• Effects of trade on armed conflict
• Theory of  international conflict