Welcome to Economics - Macro

Welcome to Econ 1, Principles of Macroeconomics

Economics is a fascinating and important subject.  Economics encompasses many disciplines and is generally the most important topic in politics (second only to war).  "The economy, stupid" was the phrase coined by Bill Clinton's strategist James Carville in 1992 to rally the Clinton  campaign workers in their effort to unseat George H. W. Bush.  In 1981 Margaret Thatcher said "Economics are the method; the object is to change the heart and soul." Joseph Stiglitz in 2016 said that the European Union, fundamentally a political project after two world wars, struggles with economic policy because of "the creation of a single currency without establishing a set of institutions that enabled a region of Europe’s diversity to function effectively."  Economics can make or break Presidential campaigns and change an entire political landscape.  Economic thinking (mostly lack thereof) dominates most political discussions in the United States. Understanding economics will help you become a more informed citizen of the world.

Most people take Econ as a business school requirement, but some pursue it on its own because it is such an important topic.  Part math, part business, part political science, part psychology, Economics is a fascinating topic and I hope that you enjoy learning more about it.  If this class is part of the first few steps on a journey to understand more advanced economics, I hope the foundation that is put in place serves you well.

You may already have ideas and opinions about the economy and how it works, or should work.  One of the things you will learn as you study economics is that the only definitive answer to economics questions is "it depends."  It is important not to mistakenly believe that A model is THE model in all circumstances.  As John Maynard Keynes once said, "Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world."  It is important to understand the power of, and just as importantly the limitations of, economics.

Please read the Syllabus and acquaint yourselves with the course, the textbook and how we will move through the topics. 

Congratulations on being part of an important learning experience.  I wish you the best this semester.

 

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