Textbook: Principles of Macroeconomics: Activist vs. Austerity Policies, by H. J. Sherman and M. A. Meeropol, 2013 (M.E. Sharpe, ISBN 978-0-7656-3611-9), in paperback and available at the UB bookstore, new or used or rental, perhaps cheaper at Greeks and Sneaks (3230 Main St.), while also available new from the publisher at $59 here. The textbook is also available on-line for $25 at vitalsource (however, I think you can only print two consecutive pages).

Top Hat: We will be using the Top Hat (www.tophat.com) classroom response system in class. You will be able to submit answers to in-class questions using laptops, tablets, or smartphones. You will also have homework due through Top Hat, as assigned by your teaching assistant (TA). You can visit the Top Hat Overview (here) which outlines how you will register for a Top Hat account, as well as providing a brief overview to get you up and running on the system.

An email invitation will be sent to you by email, but if don't receive this email, you can register by simply visiting its course website with Join Code 170541

Top Hat will require a paid subscription, and a full breakdown of all subscription options available can be found here. Should you require assistance with Top Hat at any time, due to the fact that they require specific user information to troubleshoot these issues, please contact their Support Team directly by way of email (support@tophat.com), the in-app support button, or by calling 1-888-663-5491.

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In addition to the required materials below, assignments are given by your TA. Discussion sections meet for the first time beginning the second week of classes.

Access this website regularly for links and articles as they arise. Course announcements will be made through UB Learns.

Jan. 29-Feb. 2: Introduction to economics and the history of economic theory: Chapter 1, "What is Macroeconomics?" and Chapter 2, "Evolution of Capitalism"

Feb. 5: Brief survey of U.S. economic history: Read as a supplement to the textbook which has very little earlier history: "Economic History", from Economics for Everyone, Chapter 3, by Jim Stanford.

Feb. 7: Understanding theory
-- The first two items below are accessed in lecture as background needed for any theory, not just in economics:

1. Correlation is NOT necessarily causation.
2. Causation may not obvious, as in this example outside economics regarding Martin Luther King, Jr.'s murder.
3. Fallacy of composition: An example in Economics, "Paradox of Thrift" (first paragraph only)

Feb. 9-12: Chapter 3, "The Classical View of the Macro-Economy"

Feb. 14-16: Chapter 4, "The Keynesian Revolution", and TopHat CH 12, only through "What Determines Investment Expenditures?"

Feb. 19-21: Chapter 5, "National Income Accounting", and TopHat CH 6 as an aid in understanding the textbook. (Accessed in lecture: Bureau of Economic Analysis data.)

Feb. 23: "The Politics of Economics", from Economics for Everyone, Chapter 4 by Jim Stanford. Also, brief review before first mid-term.

Monday, Feb. 26: First Mid-term Examination

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Feb. 28-Mar. 2: Chapter 7 (2nd edition), "Introduction to Economic Growth", along with environmental impacts

Mar. 5: Chapter 8, "Introduction to Business Cycles" (see again Bureau of Economic Analysis data)

Mar. 7-9: Chapter 9, "Investment and Profit", and Keynes, writing in 1937

Mar. 12-14: Chapter 10, "The Multiplier", and TopHat CH 12, continuing from "What Determines Government Expenditures?"

Mar. 16: Chapter 11, "Employee Income and Profit"

-- Accessed in lecture: 1) CEO to worker compensation, 2) Real wages below 1972 peak (even as productivity doubles according to other evidence), 3) 25 richest U.S. families, and 4) Unionization, in this case of graduate students. 5) Wealth inequality at the world level The 1% Economy: The World's Richest 62 People Now Have as Much as Poorest 3.6 Billion.

Mar. 26-28: Chapter 12, "Consumer Spending"

Mar. 30: Chapter 13 (second edition), "Credit and Interest", and as an aid to understand pricing of bonds "2 percent interest can equal 16 percent gain in bond math"

Monday, April 2: Second Mid-term Examination

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Apr. 4-6: Chapter 14, "Housing Bubble and Financial Crisis", and watch in class starting with Part I of "Inside Job" at the 12-minute point (Oscar-winning film on 2008 crisis). Also, "Student Loan Crisis" (only to the paragraph that begins "Private lenders are not the only ones benefiting...", plus the side-bar later on "Student Debt Glossary"). For those interested, "The Big Short" represents a follow-up to "Inside Job".

Apr 9: Chapter 15, "Government Spending, Taxes and Deficits" including short debate on minimum wage. For the level of U.S. military bases overseas, view from 5:56 to 8:36 (2 minutes 40 seconds) here.

Apr. 11-18: "A Simple Introduction to Marx's Economics" and Karl Marx, Value, Price, and Profit (Abridged): An Introduction to the Theory of Capitalism, only Sections VI and VII

Apr. 20: Chapter 16, "The Trade Gap" and Chapter 17, "Business Cycles"

Apr. 23: Chapter 18, "Globalization and the Spread of Instability", as well as data on "Out-sourcing Jobs abroad" and

Videos: "Made in China" (3 min.), i.e., workers assembling iPads, iPhones and other products often working in abusive and sometimes deadly conditions. In lecture, two videos about sweatshop workers: "Something to Hide" (25 min. over four youtubes) and "Bangladesh: An Appeal for Solidarity" (7 min.), both connecting to the college apparel market. Follow-up on Bangladesh sweatshop video, i.e., building collapses, killing 1137: Bangladesh disaster and Western firms.

Wednesday, April 25: Third Mid-term Examination

Apr. 27: Review of third mid-term and the process of pre-final grading

Apr. 30: Chapter 18 (Second edition, not in first edition: on TopHat), "The Obama Recovery"

May 2-4: Chapter 20, "Inflation" and Chapter 21, "Monetary Policy and Financial Regulation"

May 7-10: Chapter 23, "Fiscal Policy: How to Stimulate an Economy"; also discussion of the December 2017 tax cuts.

May 12: Course review.

FINAL (as on UB schedule): Thursday, May 17, 7:15-10:15 pm, NSC 201, 216 and 218