Principles of Macroeconomics

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Presentation transcript:

Principles of Macroeconomics Unit 1 Welcome Econ 202 – Hybrid, Fall 2012

Who is Jim Luke? jimluke.com econproph.com lukej@lcc.edu 313-550-8884

Who are you?

Why are you here?

Basics D2L Macro.econproph.net Jimluke.com Econproph.com

What is “the economy”?

How's the economy doing?

What do we do about it?

We'll study “the economy” and policy. Motivation– The Big Questions Historical Roots Macro concerns Types of Policy Options

Schools of Thought in Macroeconomics Austrian Neoclassical Keynesian Radical or Heterodox

Society’s Goals & Challenges for Macroeconomic System Growth Stable price level and value of money Full Employment Cyclical Stability

Why Macro is difficult and complex Aggregate social science ‘controlled experiments’ Explain & recommend Models & assumptions Ideology not micro summed

Easy-to-make errors and fallacies composition money government as household scale static institutions