Principles of Microeconomics Course Syllabus:

Course Syllabus:
Principles of Microeconomics
UVM EC12/SPR 2015/FLEMIN 101/9:35-10:25 MWF
Prof: John F. Summa, PhD.
Office: Old Mill, Rm. 229
Office Hours: Tue & Thu, 8:45-9:45 AM (or by appointment)
Phone: (802) 846-7509 (c)
E-mail: [email protected]
Required Texts:* (1) Principles of Microeconomics (4th edition), Stiglitz and
Walsh. (2) Microeconomics, Individual Choice in Communities (1st edition), Gerald
Friedman.
* Both textbooks are available through the UVM bookstore. The Stiglitz/Walsh
edition must be purchased in addition to a companion SmartWork online homework
exercise platform (see link below). If you buy a used copy of the Stiglitz/Walsh
textbook at UVM or elsewhere (or acquire a new copy online), you will need to
purchase the SmartWork online homework exercise platform (use link below).
SmartWork Purchase: http://books.wwnorton.com/books/cart.aspx
(Please note: Uncheck the eBook selection if you don’t need it)
SmartWork Login Link: http://smartwork.wwnorton.com/sw/login/index.php
E-Book Version:** An e-Book version of the Stiglitz/Walsh textbook is available for
half the price. Visit the following link to purchase:
http://books.wwnorton.com/books/detail.aspx?ID=22673
** Please note: SmartWork homework platform can be ordered with e-Book purchases.
This a great deal, and might be cheapest option. But they must be ordered
separately.
Stiglitz website: http://www.josephstiglitz.com
Friedman website: http://www.umass.edu/economics/friedman.html
Course Objectives/Overview: Principles of microeconomics is an introduction to the
study of how individuals and firms attempt to make optimal decisions under
conditions of scarcity (constraints) in the marketplace for goods and services. A
primary goal of this course is to acquire a basic understanding of the conventional
view of these private choices and their consequences (and policy implications).
Additionally, we will use our Friedman textbook to do a second take on the
prevailing approach -- a second look incorporating missing dimensions and necessary
reality checks. Therefore, students will acquire fluency with conventional
principles of micro and the key deficiencies (seen through our reality checks).
Learning Methodology: Class lectures will follow closely the required textbooks.
These textbooks provide all the essentials for an introduction and critical
assessment of the key concepts and practical applications of microeconomics. As
each chapter is completed, homework exercises will be assigned directly from the
Stiglitz/Walsh and Friedman textbooks at SmartWork and at Bb.
Course Outline:
I. Week One
Ch.1,Stiglitz/Walsh: An Overview and Introduction
Ch.1,Friedman: Introduction: Why Economics?
II. Week Two
Ch.2,Stiglitz/Walsh: Thinking Like an Economist
Ch.2,Friedman: The Best of All Possible Worlds
III. Week Three
Ch.3,Friedman: Capitalism, Slavery, and The Economy
Ch.4,Friedman: Why Economists Don’t Study Institutions, But Should
IV. Week Four
Ch.4,Stiglitz/Walsh: Demand, Supply & Price
Ch.5,Stiglitz/Walsh: Using Supply & Demand
V. Week Five
Ch.7,Friedman: Marginal Utility & Neoclassical Demand Theory
Ch.5,Stiglitz/Walsh: The Consumption Decision
VI. Week Six
Ch.6/7,Stiglitz/Walsh: The Firm's Costs & The Competitive Firm
Ch.8,Friedman: Supply: Markets With Monopolies and Others
VII. Week Seven
Ch.8, Stiglitz/Walsh: Labor Markets (Conventional View)
Ch.11/12,Friedman: Labor Markets & Real Labor Markets In Action
VIII. Week Eight
Ch.9: Stiglitz/Walsh: Capital Markets
Ch.13, Friedman: Time, Risk and Uncertainty
IX. Week Nine
Ch.10,Stiglitz/Walsh: The Efficiency of Competitive Markets
Ch.9,Friedman: Markets and Equilibrium
X. Week Ten
Ch.11,Stiglitz/Walsh: Intro to Imperfect Markets
Ch.12,Stiglitz/Walsh: Monopoly, Monopoly Competition, and Oligopoly
XI. Week Eleven
Ch.13,Stiglitz/Walsh: Government Policies Toward Competition
Ch.10,Friedman: Citizens, Rights and Dollars (Part 1)
XII. Week Twelve
Ch.17,Stiglitz/Walsh: The Public Sector
Ch.10,Friedman: Citizens, Rights and Dollars (Part 2);
Ch.14,Friedman: Welfare States
XIII. Week Thirteen
Ch.18,Stiglitz/Walsh: Environmental Economics
Ch.6,Friedman: Public Goods and Collective Action (Part 1)
XIV. Week Fourteen
Ch.14,Stiglitz/Walsh: Strategic Behavior
Ch.6,Friedman: Public Goods and Collective Action (Part 2)
** The instructor reserves the right to alter the course outline and course
requirements at any time
Grading Policy: Grades will be based on
(25% and non-cumulative), and SmartWork
supplemental homework, and any in-class
may be given and will count toward your
announced in class. For final exam date
Registrar’s exam schedule page.
two mid-term exams (25% each), a final exam
homework assignments/exercises,
quizzes (25%). Occasional surprise quizzes
homework grade. Exam dates will set and
and location, please visit the UVM
Attendance Expectations: You are required to attend every class and will be held
responsible for material presented in class. Exams will be based on
readings/exercises and material presented in lectures. If you miss class, it is
your responsibility to acquire the material presented and assigned in that class.
Electronic Devices: No electronic devices are allowed to be used during lectures
unless pre-arranged with the instructor.
Email Policy: The instructor cannot guarantee a timely response to e-mail
inquiries/communication in terms of any course requirement deadlines (inside of 48
hours), although the instructor does try to respond to e-mail inquiries as quickly
as possible via Smart phone. Blackboard will be utilized only when necessary and
should not become a substitute for attending class. Instructor office hours should
be utilized to get timely answers to urgent questions.
UVM Code of Academic Integrity: Violations of the UVM's Code of Academic Integrity
are any acts which would have the effect of unfairly promoting or enhancing one's
academic standing within the entire community of learners. Such acts are serious
offenses and will not be tolerated. Any suspected violations of the Code will be
forwarded to the Center for Student Ethics & Standards.
UVM Diversity Statement: The University of Vermont holds that diversity and
academic excellence are inseparable. An excellent university, particularly one that
is a public land grant, needs to actively seek to provide access to all students
who can excel at the institution, without respect to their backgrounds and
circumstances, including, among other differences, those of race, color, gender,
gender identity or expression, sexual orientation, national and ethnic origin,
socio-economic status, cultural and/or geographic background, religious belief,
age, and disability. There is, moreover, a compelling national interest in a higher
education sector rich in diversity and opportunity, and a clear state interest in
making the educational benefits of this diversity and opportunity accessible to
all.