"X" Macro

~ Macroeconomics ~

I. "Well Begun Is Half Done."     Aristotle

Economics: Micro 'Review' & Macro 'Intro'

* READ:
"Budget Deficit to Set Record", Havemann, Mazzetti, and Reynolds, Los Angeles Times.
"Where do U.S. Dollars Go When The U.S. Runs a Trade Deficit ?", Ellen Frank, "Dollars & Sense".
"Several Factors Blamed for Soaring Gas Prices", Elizabeth Douglass, Los Angeles Times.
"A Gas Tax Now Could Save Us in the Future", Kenneth Swift, Los Angeles Times.

* VISIT:
"Hiring Season", KPBS "NewsHour" video.
"World Oil Prices Hit New Hights", BBC News.
"Wal-Martization" and the "New Economy", "The Great Divide", p.162-168.
"The San Diego Living Wage Campaign", sdlivingwage.org
"Department of Labor", BLS.gov

* VIEW:
"FARMERS DIFFER OVER CAFTA", KPBS "NewsHour" Video.
"Price of Oil: Part I", KPBS "NewsHour" Video.
"Price of Oil: Part II", KPBS "NewsHour" Video.

* OPTIONAL:
"Green Economics",Paul Ekins, "The Atlas of Green Economics".
"The Supply Side", St. Louis Federal Reserve, "Economic Review".
"Introduction to Macroeconomics",    J.B. DeLong, "Macroeconomics".
"Will The End of Oil Mean the End of America", Robert Freeman, "CommonDreams.org".
"Crude Oil Prices", Energy Information Administration.
"Paying The Price", KPBS "NewsHour" Video.

II. "The Invisible Hand" & "The Handshake"

* READ:
"Three Great Economists", Heilbroner & Thurow, "Economics Explained".
"The Social Contract", Laurence S. Seidman, "Economic Parables & Policies".
"How Low-Wage Jobs Damage Us All", Beth Shulman, "The Betrayal Of Work".
"Standing Up For Moral Value of Economic Justice", Michael Zweig, "Baltimore Sun".

* VISIT:
"Opportunity Cost of War", costofwar.com.
"Our Unlimitted Pie" , Orley Amos, "A Pedestrian's Guide to the Economy".
"About Economics", economics.about.com.
"Essential Principle of Economics", William King Website.
"http://hallxtra.swlearning.com/econ3e/index.html", Hall & Lieberman Website

* VIEW:
"Modern Times", Charlie Chaplan, "Modern Times".
"Community Investment", KPBS "NewsHour" Video.
"Good Business Deeds", KPBS "NewsHour" Video.
"College Costs", KPBS "NewsHour" Video.

* OPTIONAL:
"Moral Economy", Fred Block, "Longview Institute".
"Market Fundamentalism", Fred Block, "Longview Institute".
"The 'Thing' Economy and the 'Care' Economy", Fred Block, "Alternet.org".
"Markets: Guided by an Invisivible Hand or Foot?", Robin Hahnel, "The ABCs of Political Economy: A Modern Approach".
"Goodbye New Deal; Hello Raw Deal", Karen Dolan, "CommonDreams.org".
"Alternative Economic Philosophies", Carson, Thomas and Hecht, "Economic Issues Today".
"Ask Dr. Dollar: Radical vs. Liberal Economics", Ellen Frank, "Dollar & Sense".
"Macroeconomics Through Time", James K. Galbraith & W. Darity Jr., "Macroeconomics".
"A Table of Political Economy", Abelda, Gunn, Waller, "Alternative to Economic Orthodoxy".
"The Mercantilist Policy System", Salvatore Schiavo-Campo, "International Economics".
"The Three Efficiencies", Robert Kuttner, "Everything For Sale".
"Socialism as it was Always Meant to Be", Michael Albert & Robin Hahnel, "The Participatory Economics Project".

III. "How Are We Doing?"

"GDP, Employment, and Prices"

* READ:
"What's Wrong With the GDP?" , "Redefining Progress. org".
"If America is Richer, Why Are its Families So Much Less Secure?", Peter G.Gosselin, "Los Angeles Times".
"The Poor Have More Things Today- Including Wild Income Swings", Peter G.Gosselin, "Los Angeles Times".
"How Just a Handful of Setbacks Sent the Ryans Tumbling Out of Prosperity", Peter G.Gosselin, "Los Angeles Times".
"The Source of the Statistics and How They Were Analyzed", Peter G.Gosselin, "Los Angeles Times".
"Slow Wage Growth but Soaring Profits in the Current Recovery", John Miller, "Dollar & Sense".

* VISIT:
"Economic Network", Yardeni.com
"Economagic",   Economagic.com
"Current Economic Data",   MartinCapital.com
"Overview of the Economy", Bureau of Economic Analysis .
"Economic Indicators", CEA, Joint Economic Committee.
"Data Library", FreeLunch.com
"Broken Ladder", inequality.org
"Wealth and Income Inequality in the USA", Multinational Monitor
"The Levy Institute Measure of Economic Well-Being (LIMEW)", The Levy Institute
"Redefining Progress", Redefining Progress .org

* VIEW:
"Job Threat", PBS "NewsHour" Video.
"Disappearing Dropouts" KPBS "NewsHour" Video.
"A Days Work" KPBS "NewsHour" Video.

* OPTIONAL:
"Social-Economic Justice", J. Wilson in Ekins & Max-Ned,"Real-Life Economics".
"Workers' Saftey Net Is Full of Loopholes", Steve Lopez, "Los Angeles Times".
"The 90s: Private Boom Stingy on Public Good", Peter Gosselin, "Los Angels Times".
"A Paradox of Progress: Stepped-Up Stress", Gregg Easterbrook, "Los Angeles Times".
"Econmy's Growing, but Where Are the New Jobs?", Nicholas Riccardi, "Los Angeles Times".
"Long-Term Jobless Find a Degree Just Isn't Working", Nicholas Riccardi, "Los Angeles Times".
"Minimum Wage: The Floor Has Holes In It", Zack Z. Smith,"Fort-Worth Star-Telegram".
"Minimum Wage (FAQ)", EPI Issue Guide, "Economic Policy Institute".
"Wealth & Inequality By the Numbers", United for a Fair Economy, "Dollar & Sense".

IV. "A Very Special Variable"

* READ:
"The Role of Profit In The Leading Indicator System", Norman Frumkin, "Tracking America's Economy".

* VISIT:
"A Perfect Picture of Profit", Orley Amos, "A Pedestrian's Guide to the Economy".
"Historical Economic Data" & "Current Business News", "EconLinks".

* VIEW:
"Profits and Principles", KPBS "NewsHour" Video.

* OPTIONAL:
"Classical Liberalism", E. K. Hunt, "Property and Prophets".
"A Model of Profit", Papadimitriou and Wray, "What to Do with the Surplus:...".
"The Incredible Shrinking Middle Class",John Balzar, "Los Angeles Times".
"Nearly 36 Million Americans Living in Poverty", "Reuters".
"Boom Time for Billionaires", "CommonDreams.org".
"Divided Decade:...", Collins, Hartman, Sklar, "United for a Fair Economy".
"Ergonomics a Women's Issue?", Lisa Girion, "Los Angeles Times"
"Minimum Wages and the Human Commodity", John Buell, "CommonDreams.org".
" The Cavernous Divide: More Billionaires, More Poverty", Scott Klinger, "CommonDreams.org".

V. "Maps & Models"

"Economic Growth & Economic Fluctuations"
* READ:
"Our Circular World", Orley Amos, "A Pedestrian's Guide to the Economy".

* VISIT:
The Big Picture, J.B. DeLong, "Animations Library".
The Expenditure Side, J.B. DeLong, "Animations Library".
The Income Side, J.B. DeLong, "Animations Library".
The "Injections & Leakages" Model, J. Neilis & D. Parker, "The Essence of the Economy".
The "M > C > ...P... > C* > M* " Model , F. Green & B. Sutcliff, "The Profit System".

* VIEW:
"Luxury Fever", KPBS "NewsHour" Video.
The 'Keynesian' Theory, J. Neilis & D. Parker, "The Essence of the Economy".
Consumption Expenditure, J.B. DeLong, "Animations Library".
Expenditure & Output Diagram, J.B. DeLong, "Animations Library".
The Multiplier, J.B. DeLong, "Animations Library".
The Multiplier Process, J.B. DeLong, "Animations Library".
The Multiplier & The Marginal Propensity to Consume, J.B. DeLong, "Animations Library".
Case I: An Investment Boom, J.B. DeLong, "Animations Library".
Case II: A Collapse in Durable Spending, J.B. DeLong, "Animations Library".

* OPTIONAL:
"Aggregate Supply & Aggregate Demand" Model, G. Evans, "Macroeconomics".
The "AD & AS" Model, Robert Carson, "What Economists Know...".

~ Review Questions ~

VI. "Money, Money, Money,.."

* READ:
"Managing Credit-Money", Robert Guttmann, "Reforming Money and Finance".

* VISIT:
"FOMC ALERT", Financial Markets Center.
"The Board of Governors of the Federal Reserve", The Federal Reserve.
"The Twelve Federal Reserve Districts", The Federal Reserve.

* VIEW:
"Wealth and Democracy", KPBS "NewsHour" Video.
"Dealing With Debt", KPBS "NewsHour" Video.
"Payday Lending", KPBS "NewsHour" Video.

* OPTIONAL:
"Comment on Marx's Theory of Money and Alienation", "Economics.about.com".
"The Loanable Funds Model", Gary Evans, "Introduction to Macroeconomics".
"Interest", George P. Brockway, "The End of Economic Man".
"Banks and Rates", Stephen Rousseas, "Post Keynesian Monetary Economics".
"Speculation & The Stock Market", George P. Brockway,"The End of Economic Man".
"How The Bond Market Works", Olivar Blanchard, "Macroeconomics".
"Bonds: Prices & Rates", Frederick Mishkin,"The Economics of Money, Banking, ...".

VII. The"ABCs" of Stabilization Policy

The "AD/AS Model", Monetary Policy, & Fiscal Policy

A. Monetary Policy

* READ:
"Fed Raises Key Interest Rat to 3%", Nicolas Ricarrdi, "LA Times".
"Inflations Strength Raises Concerns", Nicolas Ricarrdi, "LA Times".
"Fear of Slump Batters Wall ST.", Peltz & Mulligan, "LA Times".
"Fed Chief Downplays 'Stagflation' Risk but Warns of Danger in Budget Deficits", Jonathan Peterson, "LA Times".
"Can the Fed Downshift Smoothly", Nicholas Riccardi, "LA Times".
"The Money Supply", The Federal Reserve, "FedPoint".
"Monetary Policy & The Economy", The Federal Reserve, "The Central Bank: Purposes & Funcions". Chap. 2.
"The Federal Reserve and the Control of Money", James K. Galbraith & W. Darity Jr., "Macroeconomics".

* VISIT:
"The Federal Reserve System: Purposes And Functions", Chapter 2, "Board of Governors, The Federal Reserve System".
"Fed Points":
# 15 "Federal Funds", The Federal Reserve.
# 49 "The Money Supply", The Federal Reserve.
# 32 "Open Market Operations", The Federal Reserve.
# 18 "Discount Window", The Federal Reserve.
# 45 "Reserve Requirements", The Federal Reserve.

B. Fiscal Policy

* READ:
"The Bush Budget Deficit Death Spiral", Robert Freeman, CommonDreams.org.
"The Case For An Environmentally Sustainable Jobs Program", Mathew Forstater, 'Policy Note'-2005/1 ,The Levy Institute.
"Overview of the .... Social Security Plan", Center on Budget and Policy Priorities.

* VISIT:
"The 2006 Federal Budget", Center on Budget and Policy Prioities.
Federal Budget 'Simulaton', "Center for Community Economic Research", UC-Berkeley.
"A Citizen's Guide to the Federal Budget", Department of Management and Budget.
"A Guide to the Gov't Securities Market", Businesss Week.

* OPTIONAL:
"The Big Fix: The Case For Public Spending", Jame s K. Galbraith, 'Policy Note' 2003/1, "The Levy Institute.".
"Looking Over Our Shoulder ... Origins of the Modern Economy...", Robert Carson, "What Economists Know...".
"Monetary Policy Targets", Frederick Mishkin, "The Economics of Money,....".
"Old Attempts & New Ideas", James K. Galbraith & W. Darity Jr., "Macroeconomics".
.

VIII. "The Natural Rate" & "The Speed Limit"

* READ:
"A Brief Primer on Inflation", B. Bluestone & B. Harrison,"Growing Prosperity".

* VISIT:
"Inflation Calculator", Bureau of Labor Statistics.

* VIEW:
"The Phillips Curve: 1960-Present", J.B. DeLong, "Animations Library".
"What is the Phillips Curve?", J.B. DeLong, "Animations Library".
"The 'Steep' Phillips Curve", J.B. DeLong, "Animations Library".
"The 'Shallow' Phillips Curve", J.B. DeLong, "Animations Library".
"Expectations and The Natural Rate", J.B. DeLong, "Animations Library".
"The Delimma of Stagflation", J.B. DeLong, "Animations Library".

IX. "Growth With Equity"

Exchange Rates, Stock Market, .....

* READ:
"Wall Street Moves Main Street", Burton G.Malkiel, "Wall Street Journal".
"Global Economy 101", "GlobalExchange.com"
"Dollar Anxiety", John Miller, "Dollars & Sense".
"The Wall Street Model", B.Bluestone & B. Harrison, "Growing Prosperity".
"The Main Street Model", B.Bluestone & B. Harrison, "Growing Prosperity".
"Free, Free at Last", John Miller, "Dollars & Sense".

* VISIT:
"Exchange Rates", x-rates.com
"The American Growth Record", J.B. DeLong, "Animations Library".
"Play the Minimum Wage Challenge","Ms. Foundation for Women".
"Income Inequality Charts","United For A Fair Economy".
"Wealth Inequality Charts","United For A Fair Economy".
"CEO Pay Charts","United For A Fair Economy".

* VIEW:
"Job Forecast for College Graduates" (5-9-05), KPBS "NewsHour" Video.
"Growing Gap" (12-14-04), KPBS "NewsHour" Video.
"Falling Dollar" (12-2-04) , KPBS "NewsHour" Video.
"Falling Dollar II" (4-19-2004), KPBS "NewsHour" Video.
"Falling Dollar III" (5-27-03), KPBS "NewsHour" Video.

* OPTIONAL:
"War in Iraq Aims a Bullet at the Heart of the Economy", James K. Galbraith, "Los Angeles Times".
"U.S. Should Form a Marshall Plan for Latin America", Andrew Reding, "Los Angeles Times".
"Globalization Is Doing a World of Good for U.S.", James Flanigan, "Los Angeles Times".
"Benefit Burden Puts GM in Slow Lane", John O'Dell, "Los Angeles Times".
"Many Unhappy Returns", Paul Krugman, "New York Times".
"Dollar's Decline Will Reverberate", David Streifeld, "Los Angeles Times".
"U.S. Is More Customer Than Big Global Debtor", James Flanigan, "Los Angeles Times".
"Bush Erasing FDR's Legacy While Waging Class Warfare", Floyd J. McKay, "Seatle Times".
"FDR's 'Forgoten Man' at Risk", Johathan Alter, "Los Angeles Times".
"A Society That Throws the Sick Away", Barrbra Ehrenreich, "Los Angeles Times".
"Democratizing the Global Economy", "Global Exchange".

~ Review Questions ~