Concerned with the behavior of the economy as a whole, particularly macroeconomics and fluctuations in economic activities. Basic elements of economic reasoning are applied to the public policy issues of unemployment, inflation, and economic growth. A brief survey of the history of economic ideas is followed by a study of the consequences for national policy of the changing institutional structure of the U.S. economy and of the conflicts inherent in, and generated by, competition and private enterprise. Analytic tools are used to evaluate monetary and fiscal policies and to understand current macroeconomic controversies.
An investigation into the functioning and politics of the U.S. economy from the vantage of the marketplace, emphasizing microeconomics, wage bargaining, taxation, and the distribution of wealth and income. Topics include the theories of demand and production and the determination of prices and quantities for commodities and factors of production in competitive and noncompetitive markets.