Introduction to Macroeconomics
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Division: University-wide Programs
Department: University Lecture Program
Course Number: ULEC 2020
Course Format: Lecture
Location: NYC campus
Permission Required: No
This course introduces macroeconomic theory in economics, and analyzes how the ‘economy in the aggregate’ behaves. It focuses on how production, employment and prices are determined in advanced industrial capitalist nations, and explores how these macroeconomic variables determine economic prosperity of a nation over the long run (growth), and what happens when they fluctuate in an unexpected manner (leading to economic crisis). The course is divided in four parts. Part 1 examines how aggregate economy is measured in terms of output, income and employment, and examines the interrelationship between these variables. Part 2 focuses on the issues of aggregate production, and analyzes the process of growth and economic prosperity of a nation. Part 3 focuses on the issues of aggregate exchange and the role of money, and analyzes how aggregate prices are determined in the market. Part 4 focuses on the issues of international trade and globalization. Here we also touch upon the macroeconomic policies in developing nations. In the final part of the course, part 5, the issue of economic downturn and crisis is studied. The theory is examined in the light of the economic crisis of 2008-09 that plagued USA in particular, and the world economy in general.
Students must register for both the lecture and discussion section of this course.
Open to Undergraduate students.