Off for the year

This blog will be largely inactive for the academic year 2010-2011, as I am taking a year hiatus from teaching Economics at USM. This year I will be teaching Western Civ and World Civ, plus World Religions in the Spring.

Later!

Paul Krugman Gives Up

Paul Krugman Gives Up

HW for Monday

Remember: your assignment for Monday is a one page suggested response to the Greece crisis by one of three bodies: the ECB, Greece itself, or the German government.

Here is an interesting piece that might get you thinking.

Greece, Day 2

NYTimes: Effects on US markets early today.

Take a quick look at how the bailout breaks down by country.


Video of the Greek PM

That's all for today.

Greek Credit Crisis: Today's Roundup

Read for tomorrow:

WSJ - Bailout deal.

NYT: Effect on the EU

NYT: Will this lead to bigger problems?

Remember, I will ask you a short answer question to begin class tomorrow. You can use up to a 1/2 page of notes.

Background

Another good piece from CNN Money

Final Study Guide.

Here you go.

For the older units, you will also find the original study guides useful. They can be found on this page.

Homwork up to senior tests

For Thursday, April 22nd, read chapter 15 in BB
For Friday, April 23rd, read this article by Marron on the deficit.
For Monday, April 26th, read BB 16 (last chapter we will do).
For Tuesday, April 27th, review for exam (seniors) or test (Juniors)

The exam is Thursday morning, April 29th at 8:15.

Homework this coming week

For Thursday, April 15th, read Harford chapter 8.
For Friday, April 16th, Harford 9
On Tuesday, April 20th, Quiz on chapters 11-14.

HW on the Fed - articles

NYTimes on Ben Bernanke.  Be sure to click "read more" at the bottom of the column.

On Bernanke's recommendations for regulating banks.

Here is a summary of what congress wants to do.

Finally, congress' current efforts.

Extra: thought-provoking editorial.

Back online!

Back to the blog for homework:
For April 1st, A Day, read chapter 12 in the textbook.
For Tuesday, April 6th (C) finish listening to the This American Life piece on bad banks found here. You can skip ahead to about 3 minutes. There is also a transcript there if you prefer to read. Take notes and be prepared to write a brief short answer quiz.
For Wednesday, April 7th (D), read chapter 13 in BB.

For Friday

Read Harford chapter 6, come with annotations, questions, notes.

Quiz tomorrow

Remember for tomorrow:

Know the features/characteristics of AD and AS (both short-run and long-run)
     -features/characteristics include reasons for slope and shifts

Know about recessionary and inflationary gaps- how do they occur, what can be done? What happens in the long-run if they are left alone AND WHY?

Homework dueTuesday, March 9th

Be sure to write out answers to the following.

1. Explain whether each of the following events will increase, decrease, or have no effect on long-run aggregate supply:
     a. The US experiences a wave of immigration.
     b. Congress raises minimum wage to $10 an hour.
     c. Intel invents a new and more powerful computer chip.
     d. A severe hurricane damages factories along the East Coast.

2. For each of the following events, explain and diagram the short-run and long-run effects on output and the price level, assuming policymakers take no action.
     a. The stock market declines sharply, reducing consumers' wealth.
     b. The federal government increases spending on national defense.
     c. A technological improvement raises productivity.
     d. A recession overseas causes foreigners to buy fewer US goods.

homework reminder

Just a reminder: over the weekend you should read the chapter I handed out in class on Wednesday.

Food for thought

Why, Exactly, Are Big Banks Bad?: "Just as it did 100 years ago, the consensus on big banks has to change, an economist writes. In this instance, either we break them up, or they will soon break us all."

Two articles for Wednesday, March 3rd.

US consumer spending picks up pace

and


Higher Energy Costs Lift Producer Prices

Taken together, can you demonstrate graphically what this might mean for the US economy?

Economic conditions in the US. Recovery?

Personal Spending Tops Forecast; Income Lags: "The 0.1 percent gain in personal income was the weakest in four months and raised concerns about whether consumer spending would be strong enough to support a recovery.

Food for thought

You are more than welcome to hate the idea behind this. What would an economist say?

Review guide for Test 2

Here.

Come to class tomorrow prepared to discuss. The test is on Thursday.

Course Schedule for the upcoming days and Homework

Found here. 

Questions due Thursday on chapter 8 in Word format
                                            or in Googledocs format

A New Norm for Unemployment?

Here is someone else doing what I asked you to do over the weekend: analyzing the latest jobs report from BLS.

Women Now a Majority in American Workplaces

Women Now a Majority in American Workplaces: "As in previous recessions, male workers have borne the brunt of the job losses in the last two years."

Check this out on unemployment: for the test you will want to know why women have been steadily increasing their percentage of participation in the US workforce.

Homework for the weekend and next week

In light of today's data, your assignment over the weekend is to give an analysis of the latest unemployment report. The report (found here) is 42 pages long, but I have already read it through for you and will direct you to the highlights.

Read and consider the following:
1. Read all of pages 1-3 (summary)
2. Table A, page 8, especially unemployment rates
3. Table B, page 9, especially hours and earnings
4. Skim pages 10-11 (questions- read any that are of interest to you)
5. Table A2, focus on rates
6. A-4, A-12, A-13
7. A-15: This is the official unemployment chart we looked at in class. Remember, U-3 is the "official" unemployment rate, U-6 is the broadest measure.
8. B-1: This is a long chart, but look mostly at the last column.
9. B-8: Look at the last 2 columns and consider any significant size changes.

As you look at each section, jot down (or type, copy, mark) any significant points or ideas that you see. Type up a one page analysis of the current employment situation. Do you think this is a significant change? Is the news positive or negative overall? You should also include your own critical questions or points for discussion for class on Monday.

For Wednesday (no class Tuesday), read chapter 8. We will park here for a couple of days before going back to Harford, then have a test over chapters 5-8.

Homework for Friday

First listen to this piece on Venezuela from the show Marketplace. Take notes using some of the terms and ideas we discussed on chapter 7 today in class. (Here is the link for the text if you are unable to listen.)

Second, suppose you were an investor interested in investing a substantial sum of money in a foreign country's industry. Do a little research into economic conditions in your country. Again, think about the factors of production and ways of encouraging growth we discussed in class today. Suggested links: go to worldbank.org and click on the Countries tab, or try the CIA fact book. Here is a form to fill out.

Andy-Cuba
Paige-Tanzania
Lola-Thailand
Firass-El Salvador
Sam- Romania
Saira- Algeria
Aahad- Nepal
Tommy- Zimbabwe

Homework in the near future

For Thursday, Feb. 4th, read chapter 7.
(If you were out on Wednesday, please get notes from classmates on inflation)

For those who missed class today: get notes on inflation from your peers. We answered these three questions:

1. Explain how the current US tax system levies taxes on capital gains and earned interest. What does this mean for the costs of inflation?
2. Does inflation always cause workers losses due to decreases in real wages? Why or why not?
3. What is a GDP deflator? Why do some economists consider the GDP deflator to be a better measure of overall inflation than CPI?

Homework for Wednesday, Feb. 3rd

Read the following pieces and jot down some notes for class discussion.

On the makeup of unions.

On the new jobs-creation tax credit.  (Think about how this will affect the market for job-seekers)

How do you count "jobs created?"

Homework for over the weekend

Step 1: Print, read and annotate this article on unemployment.

Step 2: Find your own article on unemployment trends or data, print, read, and annotate, and bring to class to present and discuss what you found to the class.

Homework due Wednesday, Thursday and Friday

For Wednesday, read chapter 5 in B&B (the textbook).

For Thursday, answer any five of these seven questions on a separate sheet of paper and bring to class.

For Friday, read chapter 6 in B&B.

HW for Tomorrow (Tuesday)

I changed my mind- for tomorrow, review chapter 3 in Harford (I mean ACTUALLY review it). No new reading.

Test change and homework

As noted in class yesterday, the unit 1 test is moved to Wednesday.

For Monday (no class on Thursday or Friday) your assignment is to read the next two chapters (2 and 3) in Harford.

Also, here is an article about the effect of low milk prices on our state's economy, since milk prices were used in a scenario from your textbook. 

SPRING 10 Test 1 Study Guide

Economics Test 1 Study Guide	Spring,2010

To prepare for this exam, make sure you understand and can explain the following ideas:

Comparative advantage

Externalities

Productivity

The United States’ economy: basic characteristics and makeup

GDP: definition and importance

Recession

Gov’t roles in the economy

Scarcity and its effect on choices

Opportunity costs and money costs

The Production Possibilities Frontier

Principle of increasing costs and efficiency

Demand curve: functioning and characteristics

Supply curve: shifts

-for both supply and demand curves, make sure you can differentiate between movement along the curves vs. shifts in the curves

Equilibrium, price floors and ceilings

Other difficulties in attempting to manipulate the market

From Harford:

Scarcity and bargaining power

“marginal” and David Ricardo

Rent seeking

Unions and their role in the economy

20 multiple choice, 1 essay

Homework and upcoming "Events"

Homework: (NB: Assignments will consistently be listed on the day they are DUE)

For Thursday, 1.14.10, read Harford, "The Undercover Economist," Introduction and Chapter 1. Please annotate your text with key points or questions, and/or take notes. Come prepared for an active discussion of the book- I will expect everyone to participate.

For Friday, 1.15.10, read B&B chapter 4.

For Monday, 1.18.10 Answer Discussion questions 2-5 on page 78. Be sure to write answers to the questions.

Tuesday, 1.19.10: Your first TEST! HOORAY!

Links of interest and homework

Today's BLS release on unemployment. Peruse this, although we will talk in more detail about how to read it in the weeks to come.

Homework for the first part of next week:

For Monday: Read chapter 3 in the textbook. Annotate or take notes, be sure to make use of the TEST YOURSELF questions at the end.

For Tuesday: TBA

For Thursday: B&B chapter 4. Annotate and review. Pay close attention to the TEST YOURSELF questions as they will help you visualize these graphs and their movements.

Homework week 1

For Thursday, January 7th

Read chapter 2 w/ notes and questions. Be sure to know and be able to use the key terms. Think especially about questions 3,4, and 6.

For Friday, January 8th

For tomorrow, listen to this interview on digital music (click on "Listen to this story," not "Listen to the show") and answer the questions found here. Provide well-reasoned answers, particularly for the second section of questions: be creative but also base your answers on what we have covered in the text.

RE: Our discussion on day 1 about housing

This post echoes some of my comments from our first day.

Since some of you have been genuinely interested, more on housing here and here.