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Department of Economics
Principles of Economics I Econ-001
Kristen E. Broady, Ph.D.
Academic Support Bldg. B, Room 323
Howard University Email: [email protected]
Personal Email: [email protected]
Office Phone: 202-806-7740 Cell Phone: 803-920-3072
Office Hours: TR 1:00 p.m. - 5:00 p.m. Other times by appointment
TEXTBOOK: Paul Krugman and Robin Wells, Economics in Modules , 3rd
edition, Macmillan, 2014.
Thomas Swartz and Frank Bonello, Taking Sides, Clashing Views of
Controversial Economic Issues, 11th edition, The Dushkin
Publishing Group Inc., 2004.
Ellen Frank et al, eds., Real World Macro, 26th Edition,
Dollars & Sense Economic Affairs Bureau, 2009.
Campbell R. McConnell, Stanley L. Brue and Seam M. Flynn,
Economics, CUSTOM edition, McGraw Hill, 2009.
Principles of Economics I is the first course of a two semester course
sequence in introductory economics. These courses introduce the student to
the basic principles of economic theory and policy. Economics is a
systematic discipline, which studies the production and distribution of
goods and services in a world with unlimited human aspirations but finite
productive resources. How economists conceptualize the diverse problems
arising from the tension between unlimited desires and fixed resources will
be discussed. The basic methods of thought and tools of analysis which
economists use will be described. The students will be introduced to the
important policy issues which make economics a lively and controversial
The main body of economic theory is typically divided into macroeconomics
and microeconomics. Principles I is mainly focused on macroeconomics, the
study of how aggregate (large) units of the economy behave. Macroeconomics
studies the behavior of such important aggregate variables as total
household consumption and savings, total business investment, government
expenditures, the level of wages and employment, and the overall stock of
money and credit. Macroeconomic theory studies these questions by dividing
the economy into three types of inter-related markets; the market for
labor, the market for goods and services, and the market for monetary and
financial assets. Macroeconomic policy is concerned with unemployment,
inflation, economic growth, and economic equity at the national level.
On the other hand, microeconomics (principles of economics II) is concerned
with the study of individual households and firms, and specific industries
Students can find a vast amount of economics related material on the
internet. Some selected links (URL's) are given in the Economics
Department web site http://www.coas.howard.edu/economics/
Objectives of the Course:
The purpose of this course is to introduce the student to the basic
principles of macroeconomic theory and policy. Upon successful completion
of the course, students should become familiar and comfortable with:
. The methods of thought and tools which facilitate economic analysis.
. The historical and contemporary facts of the economy at the macro-level,
such as the history of the business cycle, inflation, productivity,
economic growth, income distribution, and structural change.
. The most important institutions of the economy such as the household
sector, the business sector, the financial system, the tax system, and
the federal budget.
. The economic relationships used in macroeconomic theory such as the
consumption function, the investment function, the aggregate expenditure
function, the aggregate demand function, and the aggregate supply
. The concept of macroeconomic equilibrium and disequilibrium
. Alternative theoretical models of macroeconomic behavior such as the
classical model, the Keynesian model, and the monetarist model.
. Important historical episodes of macroeconomic policy application such as
the Great Depression of the 1930s, wage and price controls during World
War II, the Kennedy tax cut of the 1960s, the oil price inflation of the
1970s, "Reaganomics" of the 1980s, the Clinton economic program of the
1990s, and the Great Recession of the late 2000s.
General Course Requirements:
The program of study consists of lectures, class discussions, reading
assignments, written assignments and written examinations. Students are
responsible for attending classes regularly and completing all assignments
in a timely manner.
A minimum of three examinations will be given during the semester. A
departmental comprehensive final examination will be given at the end of
the semester. The final examination will count for thirty percent (30%) of
the final grade.
Any student who does not take a quiz or examination must obtain permission
of the instructor in order to take a substitute or a make-up test. A
student who does not secure such approval will receive a grade of `F' (or
zero) for the quiz or examination missed.
Your instructor may require additional readings during the course.
Final Grade Determination:
The final grade of the student in this course will be based on his/her
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