A Field Guide To
Economics Economics 20
Professor Woolf
Spring 2006
Phone: 656-0190
Office: 339 Old Mill
email: arthur.woolf@uvm.edu
website: www.uvm.edu/~awoolf
Class meeting time: MWF 1:25 – 2:15 Lafayette L108
Office Hours: MWF 2:15 – 3:30. You don’t need to make an appointment to see me at those times, but if you can’t make those hours and want to schedule a meeting at some other time, make arrangements with me.
Book:
Sharp, Register, and Grimes, Economics of Social Issues (17th ed)
Wall Street Journal (recommended)
Other
The Course:
Economics, unfortunately, has been known as the “dismal science.” Far from being dismal or depressing (or even difficult), economics provides us with powerful tools for understanding the world around us. This course is designed to give you the basic toolkit that economists use to understand the economics behind a variety of issues society faces.
Grading:
Three exams (dates listed on syllabus) each worth 25 points.
Three short papers, each worth 5 points. You must hand in one paper on each of the three parts of the course (labeled with Roman numerals). They must be handed in before we begin the next section.
Class participation and/or homeworks worth a total of 10 points.
Course Schedule:
The following is a timetable for the course. I expect you to do the assigned readings before the class period. All readings are hyperlinked and can be accessed easily online through my website.
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Date |
Topic |
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Jan 18 |
Course Overview |
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Part I Basic Issues |
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Jan 20 |
Intro to Economic Reasoning |
Ch 1 pp1-10 Leonard Read: I Pencil (December 1958) Russell Roberts: The
Ultimate Chain Letter (2005) |
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Jan 23, 25 |
Poverty and Wealth Around the World |
Ch 1 pp 10-22 Sharon LaFraniere: Nightmare for African Women: Birthing Injury and Little Help (NY Times, Sept 28, 2005) Barry Bearak: Why People Still Starve (NY Times, July 13, 2003) Amanda Powers: How to Kill a Country (Atlantic Monthly, Nov 2003) |
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Jan 25, 27 |
Economic Growth |
Ch 13 Breathing Life into Dead Capital (Economist, Jan 15, 2004) Paul Romer: Economic Growth Paul Romer: It’s All in Your Head (1999) |
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Part II Microeconomic Issues |
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Jan 31, Feb 1 |
Introduction to Demand, Supply, and Markets |
Ch 2 Mary Wisniewski: Test
Program Sells Electricity by the Hour ( Michael Phillips: Tsunami in Sumatra Has Turned Economy Upside Down, Too (Wall Street Journal, Jan 26, 2005) Steven Levitt and Stephen Dubner: The Economy of Desire (NY Times, Dec 11, 2005) Libby Copeland: The
Line Starts Here ( |
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Feb 3, 6 |
Government Laws and Economic Laws |
Ch 3 Alan Krueger: Seven Lessons About Super Bowl Ticket Prices (NY Times, February 1, 2001) Kris Axtman: Worker
shortage besets a buzzing New Orleans (Christian Science Monitor, Dec 19,
2005) |
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Feb 8, 10, 13 |
Economics of Pollution |
Ch 4 Daniel Benjamin: Eight Great Myths of Recycling (2003) EPA: Cap and Trade Acid Rain Program Basics EPA: Cap and Trade Acid Rain Program Results |
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Feb 15, 17 |
Natural Resources |
William J. Baumol and Sue Anne Batey Blackman: Natural Resources Olli Tahvonen: Economic Sustainability and Scarcity of Natural Resources: A Brief Historical Review Jerry Taylor: The Growing Abundance of Natural Resources |
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Feb 22 |
EXAM 1 |
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Feb 24, 27, Mar 1 |
Public Goods, Drugs and Crime |
Ch 5 David Friedman: Crime Steven Levitt and Stephen Dubner: Why Do Drug Dealers Still Live With Their Moms? |
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Mar 3, 6, 8 |
Poverty |
Ch 7 Isabel Sawhill: Poverty in the United States The Mountain Man and the Surgeon (Economist, Dec 20, 2005) Richard Burkhauser and Joseph Sabia: Why Raising the Minimum Wage is a Poor Way to Help the Working Poor (2004) |
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Mar 10, 13, 15, 17 |
Business Pricing and Profits |
Ch 8 pp 203-208, 217-233 Lester Thurow: Profits Two Letters on Corporate Social Responsibility |
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Part III Macroeconomic Issues |
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Mar 24, 27, 29, 31 |
International Trade |
Ch 10 Michael Fitzgerald: A Drive Through Lane to the Next Time Zone (NY Times, July 18, 2004) Roger Ferguson: Free Trade: What Do Economists Really Know? (2004) Nicholas Kristof: Inviting All Democrats (NY Times, Jan 14, 2004) Martin Wolf: Will Globalization Survive? (2005) |
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April 3 |
EXAM 2 |
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April 5, 7 |
Unemployment |
Ch 11 pp 296-305, 311-320 |
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April 10, 12, 14 |
Money, Banks, and Inflation |
Ch 12 pp. 321-339, 343-346 Susan Sachs: Turkey to Shift to a One-in-a-Million Currency (NY Times, Dec 30, 2004) |
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April 17, 19, 21 |
Taxes, Spending, Deficits, and Debts |
Ch 14 Alan Krueger: At FEMA, Disasters and Politics Go Hand in Hand (NY Times, Sept 15, 2005) |
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April 24 President’s Distinguished Lecture: Robert W. Fogel |
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April 24, 26, 28 |
Social Security |
Ch 15 David Wessel: The Basics of Social Security (Wall Street Journal, Feb 1, 2005) Cato Institue: FAQs on Social Security Roger Lowenstein: A Question of Numbers (NY Times, Jan 16, 2005) |
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May 1, 3 |
TBD |
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May 9 |
Final Exam |
4:00 pm |