Introduction to Macroeconomics
This course provides an introductory lens to understand the economy as a whole – the macroeconomy – and how its various parts interact. We will study topics such as (i) the short-term fluctuation of the general price level, employment level, and total output level, (ii) the linkages between structural unemployment, economic inequality, and government policies, and (iii) the long-term trajectory of economic growth and the unevenness of capitalist development. Some of the key questions we will explore include: How do we measure the macroeconomy, and what do our conventional measurements often leave out? Why do cyclical economic booms and busts exist and what drives them? What can governments do to limit the costs of job loss on workers? Looking globally, why are some countries rich and other countries poor? How have global living standards improved over the long run, and at what cost to humans, non-human beings, and the environment?
This course aims to increase your ability to use abstract, quantitative models to describe and articulate the various ways in which macroeconomic factors frame the condition of possibilities for people, their families, and their communities. Upon completion of this course, you will have developed practices of thinking critically and politically about public policies and debates. You will also expand your capacity for numerical literacy and quantitative skills such as drawing valid conclusions based on data and communicating your reasoning and results effectively and clearly. The course is especially valuable for students with interests in civic engagement, social justices, political transformation, and sustainable development. Previous knowledge in economics, calculus, statistics, and linear algebra is not necessary. Familiarity with elementary algebra will be helpful but not required. Students’ learning will be assessed through problem sets, and take-home exams.