Introduction to Economics and World Issues
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1 Introduction to Economics and World Issues Textbooks 1 st Semester Economics: The Basics, 3 rd Edition, Tony Cleaver, Routledge 3 rd Edition nd Semester The World Today: Current Problems and Their Origins, 9 th Edition, Henry Brun, AMSCO School Publications: 2012 Both Semesters Why Nations Fail: The Origins of Power, Prosperity, and Power Daron Acemoglu and James A. Robinson Crown Business: New York, 2012 Prerequisites: Must be a Form IV (Senior) student Course Description: Students will learn the theoretical foundation of economics, the philosophical foundation of economics, measurements of economic performance, the concepts of Monetary and Fiscal Policy, Globalization, Trade, Finance, Macroeconomics, Microeconomics, National Interests, Tools of Foreign Policy, Making of U.S. Foreign Policy, The Evolution of Modern U.S. Foreign Policy (Cold War to the Present), International Institutions, and Modern Day International Relations. Course Goals: Students will be able to analyze, interpret, and apply the introductory principles of Economics and International Relations.
2 Course Outline: 1 st Semester 1 st Quarter: Part 1- Introduction Economic Philosophy- What is Economics? Basic and Standard Terminology Economic Models: Trade-Offs and Trade Supply and Demand Markets Elasticity and Taxation Inputs and Costs Textbook Reading: Nations, Chapter 1 Part 2- Economic Systems Capitalism: A Brief History of Capitalism Economic Actors Case Study: Financial Crises Textbook Reading: Cleaver, Chapters 1 and 2, Nations, Chapter 2
3 Part 3 Output, Income, Happiness and the Role of The State Output Income Happiness The State and Economics The Morality of State Intervention Market Failures Government Failure Market and Politics What Governments Do Economics is a Political Argument Textbook Reading: Nations, Chapter 3 Part 4 Supply Private Property Capital, Investment, and Growth Production Theory Competition, Prices, and Profits Monopoly and Oligopoly Textbook Reading: Nations, Chapter 4
4 2 nd Quarter Part 5- Inflation and Unemployment The Fallacy of Composition The Circular Flow Model Keynes and Hayek: The Debate Friedman Supply-Side Economics Rational Expectations Textbook Reading: Cleaver, Chapter 5, Nations, Chapter 5 Part 6- Money, Banks, Bubbles, and Crisis The Nature of Money Commercial Banking The Creation of Money Central Banks and the Money Supply The Demand for Money Monetary Policy with Global Markets Exchange Rates The Euro International Money Crises
5 Textbook Reading: Cleaver, Chapter 6, Nations, Chapter 6 Part 7 National Income, World Trade, and Multi-National Enterprise The Circular Flow of Incomes The Balance of Payments Comparative Advantage and the Gains from Trade Arguments for Trade Protection Infant Industries Multi-National Companies Textbook Reading: Cleaver, Chapter 7, Nations, Chapter 7 Part 8- Poverty and The Environment Growth Theory Social Capital Sustainable Development Textbook Reading: Cleaver, Chapter 8 Semester Final Examination
6 2 nd Semester 3 rd Quarter Part 1- International Relations Why is the study of International Situation important in the 21 st century? National Interests- What are they and why are they important? Tools of US Foreign Policy: Diplomacy: Department of State Military: Department of Defense Intelligence: The Director of National Intelligence, The national Security Agency, The Central Intelligence Agency (In all there are over 18 US agencies that collect intelligence) Trade: the US Trade Representative US Ambassador to the United Nations Test Textbook Reading: Brun, Chapters 1 and 2, Nations, Chapters 8 and 9 Part 2 Current United States Foreign Policy Middle East Europe and the European Union Russia China and East Asia Terrorism Latin America Test
7 Textbook Reading: Brun, Chapters 3, 4, 5, and 6, Nations, Chapters 10 and 11 4 th Quarter Part 3 The Historical International Situation Evolution and History of Modern US Foreign Policy: from Cold War to the Present Test Textbook Reading: Brun, Chapters 7, 8, 9, and 10, Nations Chapters 12 and 13 Part 4- Modern World Issues and the Future International Institutions: Institutions in Action: Considering Modern Day IR dilemmas Test Textbook Reading: Brun, Chapters 11, 12, 13, and 14, Nations Chapters 14 and 15
8 Semester Final Exam Grading: Grades are calculated on a cumulative point system, therefore every assignment, every quiz, and every test is important and must be completed on time in order to receive full credit.
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