Lecture2_spring09

Lecture2_spring09 - Econ 100B: Macroeconomic Analysis...

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Econ 100B: Macroeconomic Analysis Lecture 2: January 22 nd , 2009 © 2009 Arnav Sheth. All Rights Reserved. 1 Stimulus Contest Take any part of the stimulus bill and write a short case for why it's good or bad. … Pick anything - from an entire government department to the smallest program. You can even pick a non-spending provision in the bill that you think will do good or bad. Entries are limited to 150 words, and they will be judged on clarity, persuasiveness, creativity, and originality. You don't have to be an economist - if you are you really must avoid being boring If it takes a haiku or an if you are, you really must avoid being boring. If it takes a haiku or an infomercial-style pitch to make your case, do it. ` The washingtonwatch Blog ` http://www.washingtonwatch.com/blog/ (via Marginal Revolution - http://tinyurl.com/aqqcjr) 1/22/09 1 © 2009 Arnav Sheth. All rights reserved. Stimulus Contest Take any part of the stimulus bill and write a short case for why it's good or bad. … Pick anything - from an entire government department to the smallest program. You can even pick a non-spending provision in the bill that you think will do good or bad. Entries are limited to 150 words, and they will be judged on clarity, persuasiveness, creativity, and originality. You don't have to be an economist - if you are you really must avoid being boring If it takes a haiku or an if you are, you really must avoid being boring . If it takes a haiku or an infomercial-style pitch to make your case, do it. ` The washingtonwatch Blog ` http://www.washingtonwatch.com/blog/ (via Marginal Revolution - http://tinyurl.com/aqqcjr) 1/22/09 2 © 2009 Arnav Sheth. All rights reserved. Economic News Quiz ` Who’s Tim Geithner? ` and what controversial thing did he (not) do? ` and what did he mean when he said: "President Obama -- backed by the conclusions of a broad range of economists -- believes that China is manipulating its currency” ? ± http://tinyurl.com/bhazn9 ` What’s the big news on: ` Google ` Microsoft ` Bank of America? 1/22/09 3 © 2009 Arnav Sheth. All rights reserved.
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Econ 100B: Macroeconomic Analysis Lecture 2: January 22 nd , 2009 © 2009 Arnav Sheth. All Rights Reserved. 2 What is Economics? Chapters 1 and 3 The Rhetoric of Economics ` Three dominant concepts ` the image of the circular flow of the economy ` the use of the word market ` the idea of equilibrium 1/22/09 5 © 2009 Arnav Sheth. All rights reserved. The Circular Flow ` The circular flow diagram ` broadly describes the patterns of ` spending; ` income; and ` production ` that flow through the economy ` it shows the flow of purchasing power 1/22/09 6 © 2009 Arnav Sheth. All rights reserved.
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Econ 100B: Macroeconomic Analysis Lecture 2: January 22 nd , 2009 © 2009 Arnav Sheth. All Rights Reserved. 3 The Circular Flow ` The “income side” ` firms buy the factors of production from households ` land, labor, capital ` money payments flow from firms to households ` The “expenditure side” ` households buy goods and services from firms ` toys, haircuts, iPhones, etc.
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Lecture2_spring09 - Econ 100B: Macroeconomic Analysis...

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