INTRODUCTION TO ECONOMICS

ECON 001 (SECTION 3) – Spring 2019

Contact:

Professor E. Magenheim
X8140
Emagenh1@swarthmore.edu

Office Hours:

Tuesday and Thursday 2:45 – 4:00 pm and by appointment

Kohlberg 211

Overview of the Course

Economics is about decision making—by individuals, businesses,

and governments—under conditions of scarcity. This course
introduces the basic concepts of microeconomics and
macroeconomics. We will use the concepts to understand a
variety of real world puzzles and problems.

Course Goals

 Learn the basic models and concepts of microeconomics and

macroeconomics.
 Be able to apply the concepts and tools of microeconomics
and macroeconomics to a variety of real world applications.
  Be able to apply economic concepts to analyze public policy
problems and solutions.
 Be able to think critically about the strengths and
weaknesses of standard economic models.
 Be able to think critically about news media reporting on
economic issues.
 Be able to write and speak clearly and effectively about
economics.

Required Texts:

1. Paul Krugman and Robin Wells, Essentials of Economics, 4th

edition, Worth Publishers, 2017.
2. Additional readings as listed on the syllabus below

Arrangements and Logistics:

Class is held Tuesday and Thursday, 9:55 am – 11:10 am in

K226. The syllabus and assignments will be posted on Moodle;
any course-related announcements will also be posted on Moodle.

Course Requirements:

Preparation for Class:

You should come to class having done that week’s reading

assignment. Although we will not discuss every topic from the
reading in class, you are responsible for all the material in the
chapters unless told otherwise. You are also responsible for other
material that comes up in class. In some chapters, we will skip
some sections: I will post any relevant information on Moodle. It
is critical that you come to class prepared to ask and answer
questions and to participate actively and productively in
discussions

Reading the textbook is not a substitute for attending class;

learning will in substantial part occur through discussions,
problem solving, and presentations in class.

Additional Assignments

Problem Sets

Problem sets will be assigned throughout the semester. Students

are expected to come to class having completed the problem sets
due in that class. Problem sets will be handed in and checked by
the class TAs. The problem sets are intended to help you keep
up with the reading, to help you check your understanding, and
also to ensure that you engage actively with the material. There
will be 7 problem sets throughout the semester. You can work on
the problem sets with other students in the class but you must
hand in your own work and be prepared to answer questions in
class if called upon to do so.
Writing Assignment & Group Presentation

The writing assignment and group presentation are intended

to help you develop your knowledge about economic concepts,
your skills in applying economics to real world problems, your
writing and speaking/presentation abilities, and to provide
opportunities for you to study and share with the class your
knowledge about topics that are not included in the main part of
the syllabus. Each student will write one short paper and
participate in a small group presentation.

Details about these assignments will be posted on Moodle. Late

submissions will not be accepted except with prior permission and
when the delay is due to illness or other documented
circumstances

Current Topics in Economics

To develop your skills with economic analysis, we will frequently

discuss topics in the news using the approaches you are learning
in the course. In order to be equipped with examples of current
topics to analyze, you will need to be a regular consumer of some
good media sources on economics. These include but not are
limited to The New York Times, the Wall Street Journal, the
Economist Magazine and Vox.com. You may also find interesting
analysis of current events in economics on blogs and podcasts.
VHE (Visible Hands in Economics) Program

The Economics Department's Visible Hands in Economics (VHE)

program sponsors section-specific TAs as well as a weekly study
hall for students in all sections of ECON 001. Section TAs hold
clinics to help students with section-specific work and exam
preparation. The weekly study halls offer a welcoming
environment for students to work on problem sets and other
assignments (including an essay that will be assigned in all
sections), meet other students taking ECON 001, and ask more
general questions. TAs staffing the study halls are dedicated to
helping students, especially those with less prior exposure to the
study of economics, develop excellent skills in a friendly,
confidence-building environment. The ECON 001 study halls take
place on Wednesday evenings, 8:00 – 10:00 pm in Kohlberg 116.

The weekly clinic intended for students in this section will be held
every Tuesday evening from 8:00 – 9:30 pm in Kohlberg 226
beginning January 29, 2019. The clinics will be run by the class
TAs, Vanessa Jimenez-Read and Jeff Tse. It is also possible to
arrange for individual tutoring as needed; please let me know if
you are interested in working with a tutor.
Assessment:

The final grade will be calculated as follows:

 Participation: 10 percent
 Problem sets: 10 percent
 Writing assignment: 10 percent
 Group presentation: 10 percent
 Midterm exam: 25 percent
 Final exam: 35 percent
If you need help or want to discuss the material or other interests
related to economics and public policy, please come see me! If
you cannot come to my office (Kohlberg 211) during office hours,
let me know and we can figure out another time to meet.

Accommodations Statement:

If you believe that you need accommodations for a disability,

please contact Monica Vance or Jenna Rose in Student Disability
Services (Parrish 113 & 123) or email
studentdisabilityservices@swarthmore.edu to arrange an
appointment to discuss your needs. As appropriate, they will
issue students with documented disabilities a formal
Accommodations Letter. Since accommodations require early
planning and are not retroactive, please contact Monica or Jenna
as soon as possible. For details about the accommodations
process, visit the Student Disability Services Website. You are
also welcome to contact me [the faculty member] privately to
discuss your academic needs. However, all disability-related
accommodations must be arranged through Monica Vance or
Jenna Rose in the Office of Student Disability Services.

Adjustments to the Syllabus:

Depending on our progress through the syllabus, I may

occasionally make adjustments to the schedule of assignments.
The most up-to-date version of the syllabus will always be posted
on Moodle. I will also occasionally add links to articles
documenting current events relevant to what we are studying in
class. The links will appear on Moodle and I will mention them in
class.
Assignments:

ASSIGNMENTS,
PROBLEM SETS, and
WEEK TOPIC ARTICLES CHAPTER

Jan 21 Introduction, Assignment 1 due 1, 2 and

basic concepts, Thursday in class 2
model Appendix
Jan 28 Supply and Problem Set 1 due 3,4
demand, price Thursday in class
controls
“Variable‑Price Coke
Machine Being Tested,”
Constance Hays, New
York Times, October 28,
1999.
Feb 4 Elasticity and Problem Set 2 due 5
taxation Thursday in class

“The Irrational
Consumer: Why
Economics Is
Dead Wrong About How
We Make Choices,”
Derek Thompson, The
Atlantic, January 16,
2013.
 ASSIGNMENTS,
PROBLEM SETS, and
WEEK TOPIC ARTICLES CHAPTER

Feb 11 Inputs and Costs Proposed paper topic 6

due Tuesday by 5 p.m.
Problem Set 3 due
Thursday in class

“Why Does a Latte Cost

$4?,” Jana Kasperkevic,
Marketplace Radio
(www.marketplace.org),
December 25, 2017.

Feb 18 Perfect Draft version of paper 7, 8

competition, due Thursday in class
monopoly for peer editing

“Craft Beer is the

Strangest, Happiest
Economic Story in
America,” Derek
Thompson, The Atlantic,
January 19, 2018.
Feb 25 Imperfect Final version of essay 9
competition, due Friday by 5 pm
market failures
March Market failures Final version of paper 10, 11
4 due Tuesday at 5 pm
 ASSIGNMENTS,
PROBLEM SETS, and
WEEK TOPIC ARTICLES CHAPTER

Problem Set 4 due

Thursday in class

“Detailed Maps Show

How Neighborhoods
Shape
Children for Life, Emily
Badger and Quoctrung
Bui, New York Times,
October 1, 2018
March Spring break
11
March Introduction to Midterm Tuesday in 12, 13
18 macro class

March Unemployment Problem Set 5 due 14

25 and inflation Thursday in class

“Why Unemployment
Matters,” Megan
Mcardle, The Atlantic,
July 8, 2011.
April 1 Long-run Lecture by Gautam 15
economic growth Gowrisankaran '91 of
the University of Arizon
(Saffran Lecture) on
 ASSIGNMENTS,
PROBLEM SETS, and
WEEK TOPIC ARTICLES CHAPTER

April 4, 7:30 pm in SC
101

April 8 Aggregate Proposed group project 16

Demand and topic due Tuesday by 5
Aggregate p.m.
Supply
Problem Set 6 due
Thursday in class

“A Trade War Primer,”

Paul Krugman, New
York Times, June 3,
2018.
April Fiscal and Group presentation 17, 18
15 Monetary policy outline due Thursday

Lecture by
Susan Dynarski of the
University of Michgan
(Pierson Lecture), April
18, 7:30 pm in SC 101

April Monetary policy, Problem Set 7 due 19

22 continued Thursday in class
 ASSIGNMENTS,
PROBLEM SETS, and
WEEK TOPIC ARTICLES CHAPTER

April Macro wrap-up Group presentations

29

Final Exam: tbd (finals run from May 9 – May 16

2019)

Syllabus revised 1.19.19