Supplementary Notespt1 - SupplementaryNotes...

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Supplementary Notes - ‘The Great Recession’ Part 1
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1. Introductory Remarks We live in ‘interesting (?) times ’, especially in discussing macro-economics. Macroeconomics offers an over-all view: much simplification is made to study reality. Macro-economists rarely agree, unlike in micro. . The current ‘Great Recession’ is a shock in real life no one can ignore: it may offer the chance to clarify macro economic debates. But no textbook has explained this topic much
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Historically, this economic slump is severe, the most intensive over eight decades (since 1929). The slump has its locus of origin: here in the US. Its impact pervades most of the world, undiluted. Stepping back, one realizes that society seems to value economics more than other social sciences, In America, there is presidential council of economic advisers. Worldwide, there are Nobel Prize for Economics.
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What society focuses on is that economics is relevant, in solving macroeconomic policy issues regarding unemployment and inflation: the first is facing us now, the second may haunt us soon after recovery. Therefore this is the time whence macroeconomics has to prove its worth. Such issues may also show up in job interviews. Therefore, we MUST cover it in this course, even if there is no text actually covering it, and I, am not a specialist on this particular topic .
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start with theory: facts are analyzed later. The related theory in this course comes late. So facts and debates on the slump must be introduced right away, parallel to the text. It is not a regular, easy or good way (unless
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This note was uploaded on 03/10/2010 for the course ECON 3140 taught by Professor Mbiekop during the Spring '07 term at Cornell University (Engineering School).

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Supplementary Notespt1 - SupplementaryNotes...

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