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Principles of Economics

Principles of Economics

PRINCIPLES OF ECONOMICS WITH JOHN TAYLOR

This course is designed as an introduction to the study of economics. Participants will be exposed to the economic way of thinking and learn about the functioning of a modern market economy. The early part of the course focuses on microeconomic analysis including the behavior of consumers and firms. We analyze markets for goods and services and policy choices that affect these markets. The later part of the course moves on to macroeconomic concepts such as national production, employment, inflation and interest rates. We explore models that determine long-run growth and short-term fluctuations in national economies. We then discuss the role of government regulation, monetary policy, and fiscal policy.

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COURSE OUTLINE

Principles of Economics with John Taylor

This course is designed as an introduction to the study of economics. Participants will be exposed to the economic way of thinking and learn about the functioning of a modern market economy. The early part of the course focuses on microeconomic analysis including the behavior of consumers and firms. We analyze markets for goods and services and policy choices that affect these markets. The later part of the course moves on to macroeconomic concepts such as national production, employment, inflation and interest rates. We explore models that determine long-run growth and short-term fluctuations in national economies. We then discuss the role of government regulation, monetary policy, and fiscal policy.

Course Outline

Part 1

The Basic Core

  • Getting Started
  • Observing and Explaining the Economy
  • The Supply and Demand Model
  • Using the Supply and Demand Model

The Competitive Equilibrium Model

  • Deriving Demand
  • Deriving Supply
  • Market Equilibrium and Efficiency

Firms and Industries Changing Over Time

  • Cost and Changes at Firms Over Time
  • The Rise and Fall of Industries

Deviations from Competition

  • Monopoly and Market Power
  • Between Monopoly and Competition
  • Antitrust Policy and Regulation

Labor Markets

  • The Labor Supply and Demand Model
  • Labor Model Cont. – Min. Wage and Discrimination

Key Economic Policy Issues

  • Taxes, Transfers and Income Distribution
  • Public Goods and Externalities
  • Government Failure and Success

Financial and Capital Markets

  • Markets for Physical Capital
  • Financial Markets: Risk and Return

Part 2

Macro Facts and Measures

  • Getting Started with Macroeconomic Ideas
  • Measuring Production, Income and Spending of Nations

Long Run Macro

  • Determining Consumption, Investment and Govt. Shares
  • Employment and Unemployment
  • Productivity, Economic Growth and Determining Factors
  • A Look at Money, Inflation and the Fed

Short Run Macro

  • Introduction to Economic Fluctuations
  • Economic Fluctuations Model
  • Using the ADIA Model

Macro Policy Issues

  • Intro to Macroeconomic Policy
  • Fiscal Policy
  • Monetary Policy
  • Monetary Policy Analysis

International Economic Issues

  • Gains from Trade
  • International Trade Policy – Tariffs and Quotas

FREQUENTLY ASKED QUESTIONS

Do I need to buy a textbook?

No. All required course materials will be provided through the online platform. The textbook Principles of Economics, Seventh Edition, by John B. Taylor and Akila Weerapana, may be used as a study resource, but is not required. Used books, earlier editions, rentals, or e-books versions of this book are options to keep the cost down.

Will I receive Stanford credit for this course?

No. For those interested in a for-credit, Stanford Summer Session course covering similar material, see Econ 1V.

Can I receive a statement of accomplishment for this course?

Yes. If you receive a 50% or better you will receive a Statement of Accomplishment. If you receive a 75% or better you will receive a Statement of Accomplishment with Distinction. You must complete this requirement by Sept. 4, 2015. No matter which option you choose, getting through the requirement is a major accomplishment!

COURSE STAFF

John B. Taylor

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He was previously the director of the Stanford Institute for Economic Policy Research and was founding director of Stanford's Introductory Economics Center. He has a long and distinguished record of public service. Among other roles, he served as a member of the President’s Council of Economic Advisors from 1989 to 1991 and as Under Secretary of the Treasury for International Affairs from 2001 to 2005.

Date: 
Monday, June 22, 2015

Platform