EC 150- Economic Theory into National Policy
EC 160 Principles of Financial Accounting/ EC 110 Topics
in Economics and Business: The Economic Novel
Blocks I and II: Daniel Johnson and Kristina M. Lybecker
EC150, Principles of Economics – Economic Theory into National Policy
This course as a whole meets two units of Social Science credit.
Economics is the study of how we make decisions. Many decisions that we face as individuals or as societies are challenging, even uncomfortable to consider, but are necessitated by the simple fact that we are confronted by a scarcity of resources, of time, of skills, or of knowledge. Naturally, different societies have approached their decisions in different ways, resulting in the formation of diverse institutions over time and across regions of the world. Still, there are fundamental concepts of decision-making, some of them formalized mathematical axioms and toolkits, which remain at the bedrock of all such differences. This First Year Experience course uses as its foundation a long-standing two-block course in the Principles of Economics, a course that explores the economics discipline by developing analytical techniques and conceptual approaches. Building upon this understanding of the "fundamental axioms" in the field, several "current challenges" are explored, including: 1) the benefits and costs of technological progress; 2) the impact of international trade and migration; 3) pollution and environmental disruption; 4) poverty and wealth on a community, region, national and international scale; 5) the formulation of tax, welfare and health policy while balancing competing objectives.
Field Trip ~ Policymaking Exploration in Washington, DC: The analysis of these policy questions will culminate in a week-long trip to Washington, DC to explore how economic theory is expressed in national economic policy. It is our hope that trip will include some of the following institutions, but this list is subject to change given availability as well as scheduling, time and resource constraints: US Capitol, Federal Reserve Bank, US Department of Justice, Secretary of the Interior Ken Salazar (a CC alum), and the World Bank.
Through supplementary readings, videos, individual and team exercises, speakers,
experiments, and the trip to Washington DC, these current challenges to fundamental
economic theory will be used to reinforce the objectives common to each FYE
course:
a. consideration of challenging issues
b. exploration through the critical analysis of texts and other sources of information
c. expression of ideas orally and in writing
d. development of research skills and techniques
This course is designed both for students who are fairly certain they plan to major in Economics and those seeking an understanding of economics as a method of inquiry and mode of thinking. Students completing this First Year Experience will receive credit for two blocks that satisfy an initial requirement to be an Economics major.
A two-block course taught by two instructors; one grade will be given for the course as a whole.
Block I: Judy Laux, EC160, Principles of Financial Accounting Meets one unit of Social Science divisional credit.
Block II: Judy Laux, EC110, Topics in Economics and Business: The Economic Novel Meets one unit of Social Science divisional credit.
The two linked courses from the Economics and Business curriculum that make up this FYE course offer contrasting perspectives on the allocation of scarce resources in our society.
The first two-thirds of this course will introduce you to the principles of accounting while helping you master the business and economics vocabulary. We will focus on the operating, investing, and financing activities that give rise to accounting data, how these data are reflected in financial statements, and how accounting data are used to make resource allocation decisions. In addition, we will discuss the historical development of accounting and debate the quality of information produced by accounting systems. Upon completing this part of the course, you should know and understand:
* the major operating, investing, and financing activities of business firms
* how accounting data are accumulated and then reflected in financial statements
* the key interrelationships among financial statements
* how to analyze and interpret financial statements
* the threats to the integrity of financial statements
* the strengths as well as the limitations of accounting data
The last part of the course includes a brief look at economic history and economic
ideas as revealed in several major novels, including the impact of the Industrial
Revolution, the effect of depressions, revolutionary movements, abuses of developing
and unrestrained capitalism, problems of modern corporate relations, and the
development of the labor movement. We look at how economic ideas (poverty, capitalism,
people's reactions to work, the quest for profit, entrepreneurial drive, corruption
of power, etc.) are portrayed in novels such as The Jungle and The Grapes of
Wrath. This portion of the course has a writing emphasis component and is designed
to help students achieve proficiency in writing critical essays, gain confidence
and ability in classroom discussion, and improve critical thinking.
Students completing this FYE course will receive credit for one required course
in the Economics major.
A set of linked one-block courses that must be taken together, with a single instructor; separate grades will be given for each block.