The learning objectives below refer to the typical goals one would have for an introduction to macroeconomics.  Most economists consider the discipline as “a way of thinking”. The key question we answer is “how we make choices under scarcity”. However, we encourage you to consider other alternative ways to conceptualize and teach economics or even introduce pluralistic ideas into your course. For example, the CORE Economics project describes economics as, “The study of how people interact with each other and with their natural surroundings in providing their livelihoods, and how this changes over time.” The “economy is part of society, which in turn is part of the biosphere.” (Chapter 1.11). More importantly, many of the factors and commodities that give us economic growth are socially (re)produced and uncompensated. Consider alternative conceptualizations of the macroeconomy such as the one proposed in UNDP (2012): Gender and Economic Policy Management Intitiave, page 30 outlined in the figure above. The supplemental content is an excellent place to find videos to enliven your classes. Listed alternative resources can be used to familiarize yourself with material that goes beyond the standard treatment.

     Looks at several different approaches to Economics and compares them in terms of important economic variables. While none of these philosophies are always correct, we will see that each has a role to play in explaining some aspect of economics for some time period.

Looks at fiscal policy as a means to address problems in the macroeconomy. Focuses on government spending as well as taxes and transfers in the Keynesian model, as well as determinants of the level of Aggregate Demand.

Looks at the flow of income in the economy and the calculation of GDP as well as other measures of national income. Discusses shortcomings of and improvements on the various measures.

This is very difficult set of topics to cover in one chapter. It is actually three topics! Instructors should choose one of these topics to cover and adjust the learning objectives accordingly. Inequality can be studied from the perspective of the US or between countries. The study of inequality would cover Learning objectives 1 and 3. Poverty is fundamentally about deprivation and should be understood as such. Deprivation can also intersect with inequality.  Economic Development is a contested term and its definition depends on the period and region that is being studied. Poverty and Economic Development together cover learning objective 2, 4 and 5.

Presents a theoretical and statistical explanation of the negative relationship between inflation and unemployment known as the “Phillips Curve.”

International trade is included in this course as an optional topic. While this might usually be covered in a principles of microeconomics course, it has been included here for review purposes, or in the event that students have not previously taken microeconomics. Please note that some of the learning objectives may overlap with the unit on Tradeoffs. 

This lesson concerns how economic growth is measured and defined, the benefits of economic growth over time, and the determinants of a nation’s economic growth, including policy. Students will examine the importance of sustained economic growth over time.  Students will understand the meaning and determinants of economic growth. Comparative information and data for different economies over time will be utilized to examine the importance of policy and several factors as economic growth drivers. Students will examine the aggregate production function as a tool to understand the relationship between inputs and aggregate output.  The importance of technological progress will be emphasized. 

This topic discusses the role of a central banks and monetary policy. Monetary policy is contextual and particular to the unique institutional features of the economy of interest. For example, Chinese Monetary policy would be very different from US Monetary Policy. In order to understand monetary policy contextually it helps to start with the historical evolution of the institution (learning objective 2). This is a good way for students to see the value of economic history as a subfield. Other important topics include an understanding of how a Central Bank conducts Monetary Policy and how this Monetary Policy affects Economic Outcomes. Also important are the pitfalls of Monetary Policy and case studies on various attempt at bank regulation which are getting more and more relevant. 

This is an introduction to money and its functions.  It explains the role of the central bank in money supply and the money creation process.  Money demand and its determinants are essential to an understanding of equilibrium interest rates, when combined with a discussion of money supply.  An alternative explanation of bond demand and equilibrium interest rates is introduced through a discussion of the bond market.