Advanced Principles of Economics: Syllabus

Preliminaries:

W Jan 13: Pre-Class Assignments: Do them all before the first lecture
W Jan 20: Introduction: What Is Economics? and What Is Microeconomics?; In-Class Math Quiz
Section 1: Discuss Dasgupta

Microeconomics: Market Success:

M Jan 25: Foundations: Choice, Opportunity Cost and Willingness-to-Pay, and Demand and Supply; Letter to GSI Due
W Jan 27: Equilibrium: Price, Quantity, and Economic Surplus
Section 2: How to do Problem Set 1
M Feb 1: Monkeying Destructively: Quotas, Price Ceilings and Floors, and Taxes; Problem Set 1 Due

Microeconomics: Market Failure and Its Correction:

W Feb 3: Monkeying Constructively: Externalities, Pigovian Taxes, and Property Rights
Section 3: How to do Problem Set 2
M Feb 8: Market Power: Monopolies, Oligopolies, and "Local" Market Power
W Feb 10: Increasing Returns: Natural Monopolies, Non-Rivalry, and Regulation; Problem Set 2 Due
W Feb 17: INSTRUCTOR REALITY-CHECK MIDTERM
M Feb 22: Public and Near-Public Goods: Non-Excludibility, and Ancillary Services
W Feb 24: Hidden Information: Adverse Selection, Moral Hazard, and the Economics of Health Care
Section 4: How to do Problem Set 3
M Feb 29: Disequilibrium: Expectations, Search, and Rationing
W Mar 2: Behavioral Economics: Systematic Miscalculation and Nudges; Problem Set 3 Due
Section 5: How to do Problem Set 4

Microeconomics: Malign Market Success:

M Feb 7: Social Welfare: Maldistribution, Inequality, Surplus, Desert, Utility, and Fairness
W Mar 9: Government Failure: Rent-Seeking, Public Choice, and Bureaucracy
Section 6: Moral philosophy discussion

Microeconomics: Summing Up:

M Mar 14: REVIEW: Problem Set 4 Due
W Mar 16: MICRO MIDTERM
M Mar 21: Spring Vacation Assignment: Slee, Nobody Makes You Shop at Wal-Mart, and Friedman and Director Friedman, Free to Choose

Macroeconomics: Business Cycles:

M Mar 28: Introduction: What Is Macroeconomics?
W Mar 30: The Business Cycle: "Say's Law", and "General Gluts"
Section 7: What went wrong on the micro midterm/political economy discussion
M Apr 4: The Circular Flow of Economic Activity: Components of Planned Expenditure; Leveraging and Deleveraging
W Apr 6: Aggregate Demand: Working with the Income-Expenditure Framework
Section 8: How to do Problem Set 5

Macroeconomics: Macroeconomic Policy:

M Apr 11: Fiscal Policy: Making "Say's Law" True in Practice I; Problem Set 5 Due
W Apr 13: Monetary Policy: Making "Say's Law" True in Practice II
Section 9: How to do Problem Set 6
M Apr 18: Inflation: Output Gaps, Inflation Gaps, and Expectations

Macroeconomics: Managing the Mixed Economy:

W Apr 20: The Long Run: Rightsizing the Government, and Long-Run Economic Growth; Problem Set 6 Due
Section 10: How to do Problem Set 7
M Apr 25: Where We Are and Where We Are Going: The Macroeconomic Past and Future: 2000-2033;

Conclusion:

Advanced Principles of Economics