ECON 100 -- Introduction to Political Economy

Spring Semester, 2006

3 credits
Section 03:  1:00-1:50, MWF, LC 202

Section 04:  2:00-2:50, MWF, LC 202

Professor Information:
Dr. Robert A. Lawson
Professor of Economics & George H. Moor Chair
School of Management
Capital University
227 Troutman Hall
614-236-6138 (office)
614-252-5453 (home)
614-236-6540 (fax)
rlawson@capital.edu (e-mail)
http://capital2.capital.edu/faculty/rlawson/ (home page)

http://www.divisionoflabour.com (blog)

Office Hours: 
3:00-4:00, MW

3:15-4:00, TTh

 

Bulletin Description and Other Information: 

The course can be described in three parts:

  1. Part I -- The Economic Way of Thinking.  You will learn the basic concepts and tools used in the economic analysis of human action such as incentives, secondary effects, opportunity cost, specialization and trade, supply & demand. Chapters 1-4.
  2. Part II -- Principles of Political Economy. You will learn about the economic role and function of government in human society and the nature.  Chapters 5-6.
  3. Part III – Applications. You will learn about specific economic issues such as economic growth, inflation, international trade, the distribution of income, poverty, social security, health and safety, etc. Chapters 7, 16, 17 and others as assigned.

Textbooks & Materials:  Economics: Private and Public Choice 11th ed. by James Gwartney, Richard Stroup, Russell Sobel, and David A. Macpherson. The website for the textbook is http://www.swlearning.com/economics/gwartney/chooseyourbook.html.  You are strongly advised to buy this edition of the textbook as the lectures will conform closely to this material.   Several videos will be shown during the semester as well.  You may want to have a calculator for this course as well.

 

Class Policies:

  1. There is no attendance requirement. So skip at your own risk!  In the event of an absence, you are responsible for all material missed. 
  2. Turn off all cell phones and audible pagers.  You may audio tape lectures.
  3. As a courtesy to your classmates, make every effort to arrive at class on time.
  4. The stated schedule and procedures in this course are subject to change in the event of extenuating circumstances.
  5. Failure to attend does not constitute official withdrawal from the course and may result in a failing grade.  Official withdrawal requires that the student submit a completed "Change of Registration" form to the Registrar by the published deadline.
  6. Continued enrollment in this course will indicate that the student has carefully read the syllabus and assumed responsibility for meeting the course requirements.
  7. Any "Academic Integrity" violation (see Undergraduate Student Handbook for details) may result in an "Irrevocable F-IF" in the course and may result in disciplinary action by the university.

Tips on Success in this Course: ECON 100 is a difficult course.  It requires a disciplined mind and attention to detail.  Yet with the proper investment of time, anyone can succeed in this course.  Here are a few tips for the wise:

  1. Always attend class.  Missing even a single lecture or discussion will hurt your performance on the exam.  Simply borrowing someone's notes is no good substitute for being there yourself.
  2. Take notes in class--and rewrite them.  Rewriting your notes will reinforce the ideas from the class, will highlight areas of confusion, and will generally clean up your notes making future study easier.  Do not rely on downloaded PowerPoint slides for classnotes.
  3. Read the assigned material before and after the class.
  4. Get a study group.  Find a group of committed students to work with.  Take turns explaining ideas to each other.
  5. Come for help.  I am available in my office during office hours and many other times.  Feel free to drop by. 
  6. Be aware that it is expected that you will spend at least two hours studying outside of class for every one hour inside of class.  There is no good substitute for time on task.
  7. Get a tutor through the Center for Excellence in Learning and Teaching.

Exams: There will be four exams in this course and a comprehensive final exam.  The exams will be multiple choice. You are responsible for all material covered in the books, the classroom lectures, videos, handouts, etc.  On any written work, including extra credit, you will be graded, in part, on grammar, spelling, style, etc.

What if I miss an exam?  No make-up exams will be given during the term although early exams are possible with permission.  If you miss an exam for a legitimate reason, then the comprehensive final exam score will count in its place.  You must contact me as soon as possible to discuss any such situation--failure to do so will result in a zero on the exam in question.

Exam Grading Scale: The grading scale is given below and is not negotiable. Plus and minus final grades are awarded in borderline cases.

87-100%    A
77-86         B
67-76         C
57-66         D
0-56           F

Final Grade Determination:

Exam 1                        18%

Exam 2                        18%

Exam 3                        18%

Exam 4                        18%

Final Exam                  28%

Total                            100% (plus extra credit)

Extra Credit Opportunities: Opportunities for extra credit will be available throughout the term. Absolutely no late extra-credit assignments will be accepted.

  1. Extra-credit is available to students who answer the assigned Critical Analysis Questions that appear at the end of each chapter in the text.  See Course Outline below for the assigned questions. The answers must be turned in at the beginning of the first class in which the chapter will be discussed. You may work in groups of up to four and are strongly encouraged to do so. Each assignment is worth up to ½ of a percentage point toward your final grade.
  2. Extra-credit is also available to students who write a one-page (maximum!) review of the videos shown in class.  Extra credit for videos is due in the next class.  Each assignment is worth up to ¼ of a percentage point toward your final grade.
  3. You may choose to do the book reports for extra credit.  Each book review is worth up to 2 percentage points toward your final grade.  See below for details.  Due dates are listed on the course outline.
  4. Occasionally, extra credit points are awarded for students to attend special on-campus events like lectures, debates, etc. You will be informed of any such opportunities as and if they arise.

Extra Credit Book Reports:  You may write up to three 1000-1500 word extra credit book reports from the book list provided below.  Your review should mostly be a summary of the book, not a critical review.  The books should be available from any on-line bookstore (e.g., amazon.com) or via Ohio-Link.

Non-Fiction (pick no more than 2 of the following):

  1. Freidman, David. Hidden Order: The Economics of Everyday Life.
  2. Friedman, Milton and Rose Friedman. Free to Choose: A Personal Statement.
  3. Gwartney, James, Richard L. Stroup, and Dwight R. Lee.  Common Sense Economics: What Everyone Should Know About Wealth and Prosperity.
  4. Harford, Tim. The Undercover Economist: Exposing Why the Rich Are Rich, The Poor Are Poor – And Why You Can Never Buy a Decent Used Car!
  5. Landsburg, Steven E. The Armchair Economist: Economics and Everyday Life.
  6. Levitt, Steven D. and Stephen J. Dubner. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything.
  7. Winter, Harold. Trade-offs: An Introduction to Economic Reasoning and Social Issues.

 

Fiction (pick no more than 1 of the following):

  1. Jevons, Marshall. Murder at the Margin.
  2. Jevons, Marshall. A Deadly Indifference.
  3. Jevons, Marshall. The Fatal Equilibrium.
  4. Roberts, Russell. The Invisible Heart: A Economic Romance.
  5. Roberts, Russell.  The Choice: A Fable of Free Trade and Protectionism.
  6. Wight, Jonathan B.  Saving Adam Smith.

 

Course Outline: This is a tentative course outline and is subject to change.  The critical analysis questions for extra credit are in parentheses.  The PowerPoint presentations are available here: http://garnet.acns.fsu.edu/~dmacpher/gwartney_text/core/fulltext_11th.htm   Special Note: If you use the university computer labs to print out the PowerPoint slides, please print them two or three to a page in order to economize on paper.

BLACK = Regular Class Day

BLUE/BOLD = No Class

RED/ITALICS = Pay Special Attention.

 

1/9

Syllabus & Introduction to Course

1/11

Chapter 1 The Economic Approach (Extra Credit Questions: 1, 3, 6, 11)

1/13

Chapter 1 (cont.)

1/16

Martin Luther King Jr. Day of Learning (No Class)

1/18

Chapter 1 (cont.)

1/20

Video:  "Greed" by John Stossel.

Last day to add or drop a course with no notation on academic record.

1/23

Chapter 2 Some Tools of the Economist (1, 3, 6, 15, 18)

1/25

Chapter 2 (cont.) 

1/27

Chapter 2 (cont.) 

1/30

Chapter 3 Supply, Demand and the Market Process (7, 11, 13, 15)

2/1

Chapter 3 (cont.)

2/3

Chapter 3 (cont.)

2/6

Review/Catch-Up Day

2/8

EXAM I

2/10

Video: "Sex, Drugs, and Consenting Adults" by  John Stossel

2/13

Chapter 4 Supply and Demand, Applications and Extensions (3, 5, 9, 10, 17)

2/15

Chapter 4 (cont.)

2/17

Chapter 4 (cont.)

2/20

Chapter 5 The Economic Role of Government (3, 5, 6, 8 )

2/22

Chapter 5 (cont.)

Freshman Grade Reports Mailed

2/24

Video: "Mr. Stossel Goes to Washington" by John Stossel

2/27

Midterm Break (No Class)

3/1

Midterm Break (No Class)

3/3

Midterm Break (No Class)

3/6

Chapter 6 Economics of Collective Decision Making (1, 5, 7, 13)

3/8

Chapter 6 (cont.)

3/10

Review/Catch-Up Day

3/13

EXAM II

3/15

Chapter 7 Taking the Nation's Economic Pulse (2, 4, 8, 13, 15a)

3/17

Chapter 7 (cont.)

Last day to withdraw or use the pass/fail option.

3/20

Chapter 16 Economic Growth (1, 2, 5, 14)

3/22

Chapter 16 (cont.)

3/24

Video: "Is America Number 1?" by John Stossel.

3/27

Chapter 17  Gaining from International Trade (1, 5, 7, 9, 17)

BOOK REPORT #1 DUE

3/29

Chapter 17 (cont.)

3/31

EXAM III

4/3

Association of Private Enterprise Education Meeting (No Class)

4/5

Association of Private Enterprise Education Meeting (No Class)

4/7

Video: “Freeloaders” by John Stossel

4/10

Chapter 27 Income Inequality and Poverty (3, 8, 11, 13, 14)

BOOK REPORT #2 DUE

4/12

Chapter 27 (cont.)

4/14

Easter Break (No Class)

4/17

Easter Break (No Class)

4/19

Special Topic 3: The Economics of Social Security (1, 3, 4, 6)

4/21

Video: "Are we Scaring Ourselves to Death" by John Stossel

4/24

Special Topic 12:  How Does Government Regulation Affect Your Life? (2, 4, 6)

4/26

Special Topic 8: The Economics of Health Care (1, 3, 5, 6)

BOOK REPORT #3 DUE

4/28

EXAM IV

5/1

FINAL EXAM,  6:00-8:00

 

 

Grade Posting Permission Form

If you would like to have your grades posted, please print, fill out, and turn in this form to me.

I hereby authorize Dr. Lawson to post my grades using the following seven-digit alpha-numeric code (use at least one number and one letter):
 

 

 

 

 

 

 

 

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