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20100830+slides - Economics 1: Fall 2010 J. Bradford...

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Unformatted text preview: Economics 1: Fall 2010 J. Bradford DeLong, Michael Urbancic, and a cast of thousands... hAp://delong.typepad.com/hAp:// delong.typepad.com/econ_1_fall_2010/ Economics 1: Fall 2010: IntroducGon hAp://delong.typepad.com/econ_1_fall_2010/2010/08/econ ­1 ­ august ­30 ­lecture ­introducGon ­to ­macroeconomics.html August 30, 2010, 12 ­1 Wheeler Auditorium, U.C. Berkeley iClicker •  Power light shows when you turn it on •  QuesGon: Have you registered your iClicker at iclicker.com? –  A. Yes –  B. Not yet Administrative Matters Who Are You? •  •  •  •  •  A. First ­year B. Second ­year C. Third ­year D. Fourth ­year E. Other Who Are You? II •  •  •  •  •  A. Republican B. Democrat C. Communitarian D. Authoritarian E. Libertarian Did You Do the Summer Reading? •  •  •  •  •  A. Yes B. No C. Most of it D. Some of it E. It depends: why are you asking? Have You Taken Economics Before? •  •  •  •  •  A. Yes, and I remember a lot from it B. Yes, and I remember some things from it C. Yes, but I remember nothing at all from it D. No E. I’m not sure... Things to NoGce About This Course •  It is one semester –  Everywhere else this is a two semester course: –  We go fast •  This is the University of California at Berkeley –  Certainly the finest public university in the world –  Perhaps the finest university in the world –  Others could be in your seats –  This ain’t the Mudd Club, or CBGB... •  This is Wheeler Auditorium –  Largest course you may ever take –  A pre ­Gutenberg educaGonal technology for a post ­ Gutenberg age Components of Economics The U.S. Employment ­to ­ PopulaGon RaGo The U.S. Employment ­to ­ PopulaGon RaGo “Deseasonalized” Feminism Recessions The Unemployment Rate in Historical PerspecGve What Are the Four Parts of Macroeconomics? •  A. Depression, inflaGon, budget, and growth •  B. Choice, markets, market failure, and poliGcal economy •  C. Sociology, finance, psychology, and insGtuGons •  D. AmbiGon, distracGon, uglificaGon, and derision •  E. Liberal, conservaGve, radical, and libertarian ProducGon in the Third Quarter of 2007 (Billions of Dollars at Annual Rates) The Circular Flow of Economic AcGvity The Circular Flow II InterrupGons in the Circular Flow Caused by Fall ­Offs in the Pace of Spending Test Your Knowledge •  What are the three major features that jump out at you when you look at the graph of the post ­WWII U.S. employment ­to ­populaGon raGo? •  What are the most important differences between this course and your standard American college introductory economics course? •  Why are we starGng this course with macroeconomics rather than microeconomics? In fact, what is “macroeconomics” anyway? •  What are the four principal parts of macroeconomics? •  Why are the two years 2008 ­2009 called the “great recession”? I’m Going to Skip the Rest of This IntroducGon... •  And let me send you to hAp://Gnyurl.com/ dl20100830a to read it... •  Next Gme I want to start in on depression economics proper... ...
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