The macro economy is easily the most complex single object of study in science. It is composed of millions of independent, but interactive agents none of which has an omniscient view of the entire system. It is our job, as macro economists, to determine how all these myriad activities and interactions add up. To accomplish this, we must attempt to get a look at the economy through several different types of lenses. No single perspective can give us the entire picture.
Economists use both theoretical and empirical lenses to look at the economy.
In this class, we will study two broad paradigms of economic theory, what I have labeled the Classical school and the Keynesian school. In reality these schools of thought are much more complicated and diverse, but for our purposes, we will boil them down to their essences and compare and contrast their essential elements. We seek to understand these different world views, or perspectives, on the economy, their unproven assumptions about the nature of the economy and the empirical evidence that lends them credence. If you feel you are lacking in your mathematical preparation, please come see me at the beginning of the semester so that we can set you on the right path to correcting this problem. Class Attendance and Participation includes everything from taking part in class discussions, visiting my office hours on a regular basis, keeping up with class work, studying for exams in a timely manner, attending class regularly, looking interested and alert and not snoring.