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2nd_lecture_handout - Intermediate Macro W3213.001...

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Unformatted text preview: Intermediate Macro W3213.001 Instructor Information Miguel Morin [email protected] Office Hours: Mondays, 3:30 -5:00pm, Lehman Library study area (3rd floor) Recitations: Tuesdays, 1-2pm, IAB 410 Key dates: Problem set 1: due Thursday 2 February Midterm: in class on 8 March Objectives today 1. 2. 3. 4. 5. 6. Why we use models Cookbook for optimization problems Optimization with constraints: variations Movements of a curve and shifts along a curve Rising income inequality Development accounting: why doesn't capital flow to poor countries? The Atlantic (September 2011): Can the Middle Class Be Saved? It's hard to miss just how unevenly the Great Recession has affected different classes of people in different places. [...] In March, the national unemployment rate was 12 percent for people with only a high-school diploma, 4.5 percent for college grads, and 2 percent for those with a professional degree. Middle-paying jobs in the U.S., in which some workers have been overpaid relative to the cost of labor overseas or technological substitution, "are being wiped out. And what will be left is a hard and a pure market," with the many paid less than before, and the few paid even better--a plutonomy strengthened in the crucible of the post-crash years. ...
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