Aaron Payne

BEPP1000 - Introductory Economics

Microeconomics is the study of the behavior of households and firms, whose collective decisions determine how resources are allocated in a free market economy. We will study when markets are likely to produce "efficient" outcomes, and when government intervention may improve on or harm the competitive market outcome. We will use economic theory to analyze issues like a gas tax to change reliance on oil, minimum wages to increase salaries of the working poor, and government subsidies to increase education. Macroeconomics is the study of the economy as a whole. We will understand how the size of the US economy is determined, how unemployment is measured, how inflation affects life. We will look at policy options that the government and the Federal Reserve Bank face, and discuss pros and cons of their actions. Economic arguments are often used in debates about government policies, discussion of business strategies, and many of life's other arenas. The goal of the course is to teach you to "think like an economist," which I hope will help you to understand the world around you, make better economic decisions in your own life, and be a more informed citizen and voter.