Real World Economics
General Information
We want to explore important social and policy issues facing us today. We will use economic concepts as tools to understand those issues. At the end of each session our work together will have been successful if we can gain a deeper understanding of the issues, regardless of our position or opinion. And, with a little bit of luck, some economic theory will stick.
Course Sessions
And the winners are.... international trade and healthcare. These two topics received the most votes from the class, and will form the basis of our work and discussion for the last two sessions.
We have six course sessions scheduled. Each has one or more policy issues to consider with an accompanying set of economic concepts. The topics for sessions 5 and 6 will be decided by a vote of the class participants during session 4.
| Session | Social / Policy Issues | Economic Concepts |
| 1 – September 17 | Minimum Wage; Rent Control; Market vs Government Intervention | Demand/Supply, Invisible Hand, Deadweight Loss, Consumer Surplus |
| 2 – September 24 | Pollution Regulation; Cap and Trade, | Public Goods and Common Goods; Externalities; Marginal Analysis |
| 3 – October 1 | Monetary Policy, Money, and the role of the Federal Reserve | Functions of Money; Gold Standard vs. Fiat Money; Monetary functions |
| 4 – October 8 | Fiscal Policy - Government Spending - Taxes - Stimulus - Deficits | (see the list on the left) |
| 5 – October 15 | International Trade - Value of the Dollar - Trade Deficit | Comparative advantage; balance of payments; currency markets |
| 6 - October 22 | Market for Healthcare - Healthcare Reform | Moral hazard, physician agency, and many more... |
Resources
- Other Economics Blogs
- Freakonomics
- N. Gregory Mankiw (Harvard Economist, Author of Best Selling Principles Textbook, and Past Chair, Council of Economic Advisers) - generally center and right politically
- Conscience of a Liberal - Paul Krugman - unabashed left - 2008 Nobel Prize in Economics
- Marginal Revolution - Tyler Cowen
- Economix - New York Times
