The US Economy 4219-AW108z
Basic modules:
1. The Cultural Roots of the American Business Model
2. The Image of American Business and Businessman
3. An overview of the US Economy: the present and the past
4. Government. Its economic functions. The budget. Taxation. Regulation vs. deregulation of the economy. Poverty. Health reform. Tax system.
5. Firms (including stock exchanges) Various forms: single proprietorships, partnerships, corporations [including sub-S corporations] - their characteristics, including numbers. The Fortune and Forbes lists of US firms.
6. Labor, employment & unemployment, unions. The labor market. Supply and demand for labor. Employment rate, participation rate and unemployment rate -definitions and actual values for the US economy (at present and historically). Trade Unionism in the US - its history and present significance. US government stance toward trade unions (including US legislation) over time).
7. Money & Banking. Money origins and its functions. Evolution of its forms. History of the American money and banking system. Central banking in the US. The Federal Reserve System today. Commercial banks. Other financial institutions, and their role in present financial crisis in the US. Measures of money supply. The current economic recession and the Fed.
Most classes will start with one specific (but representative and general enough) business news headline.
From that real life example we would go into concepts, theories, social/political/cultural factors that are neccessary for understanding these news. At the end of each class we would watch the news again (this time hopefully with full comprehension)
Type of course
Learning outcomes
After successfully completing the course the student will:
* Know the basic jargon of economics in order to properly describe economic facts and processes.
* Be able to understand current economic events/processes and place them in broader social and cultural context
* Easily find sources of good statistical data describing the US economy and its parts, retrieve data from them, and understand the meaning of the data.
* Describe the basic characteristics and problems of various sectors/markets of the contemporary US economy and business
* Know a number of important historical and contemporary figures of American business and economics.
Assessment criteria
Final Test (in the exam session): written - on the basis of the lectures and the assigned literature.
The Final will have a multiple-choice form (one and only one good answer out of four or five; no penalty for wrong answers). 50% of the total will be required to pass. Students will be provided during the course with sample questions as well as with a glossary of required basic economic terms and indices. The make-up will have the same format. Academic honesty during the exams will be strictly enforced.
Bibliography
Readings providing basic introduction to the economic issues:
1. An Outline of the U.S. Economy, Bureau of International Information Programs, USDS, 2009 edition [free internet online material located at: http://www.america.gov/publications/books.html#outline_economy [whole text]
2. Selected fragments from: Gwartney, James, R. Stroup, R. Sobel, Economics. Private and Public Choice, 9th ed., The Dryden Press, Fort Worth, 2000 [or newer edition]
3. Gregory, Paul, R. Stuart, Comparative Economic Systems, 6th ed., Houghton Mifflin, Boston, 1998; [chapter 8 only - The American Economy: Market Capitalism, pp. 157 - 192]
In general, any English language standard (mainstream) textbook in basic (first year) economics would do. They are usually entitled "Economics", "Basic Economics" or "Introductory Economics". You may want to try those written by: Samuelson & Nordhaus (a classic!); Mankiw; Fischer & Dornbusch; Lipsey & Steiner; Dolan & Lindsay; Parkin & King; or Stiglitz. The ASC Library has a multiple copy collection of (an older edition of) Economics by Samuelson & Nordhaus.
In addition, a selection of book chapters, articles and movies as well as a number of good quality sources of primary statistical data available on the net will be indicated.