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Introductory Macroeconomics

Lecture 1

Dr. Jennifer P. Wissink©2010 Jennifer P. Wissink, all rights reserved.

 August 25, 2010

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WELCOME If you can not get into the lecture and section you want, keep trying and trying.

Persevere. Check the Cornell web-based drop/add system as much as you can.All drops/adds/switches should be done via the Cornell web-based drop/addsystem.

At this point in time there is no "waiting list" and no "manual overrides" for thisclass given the 24-7 nature of electronic drop/add/switch at the start of eachsemester. Make sure you have a back up plan just in case the spot you are

hoping to get never becomes available.

 You are welcome to UNOFFICIALLY attend lecture and section even if you havenot yet registered. NOTE: THIS DOES NOT GUARANTEE that you will get intothe class. It's a gamble. I will do my best to get the people who do not intend totake the class to drop ASAP, so that spots open up. That's why it's essentialthat you continue to persevere on line as much as you can.

I am really sorry that I can't tell you more at the moment and am sorry youwould like to take this class and, at the moment, can not get in. The econdepartment sets the cap and I can't change it. After the first couple of weeks Ishould have a better idea of your prospects of getting into the class.

Best of luck with putting together your schedule.

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Economics 1002 via the LSC  Albert Alexander (awa2) conducts a supplement course

that is designed to aid and assist with this class. ± ECON 1002 - Prin of Macro Econ-Supplement

  ± 1CR S/U 5711 LEC001 M 07:00PM-10:00PM RCK 105

 ± A&S students receive transcript credit only; cannot be usedtoward graduation

You may use the services of Econ 1002 with or withoutregistering for Econ 1002.

The supplementary course is open to all. Check with Albert or the LSC website

http://lsc.sas.cornell.edu/ for all the other details of howthis course works.

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Risks to Avoid

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How To Beat Intro Macro

Come to the lectures & review your notes with my post-lecture slides.

Stay current in the textbook.

Really try hard on the problems sets.

Do the MyEconLab stuff, Wissink¶s old problem sets & Wissink¶s

sample exams.

Use the course Web pages.

Use the instructional team!! ± Everyone¶s office hours

 ± Everyone¶s sections

 ± Also use the E.T.C. staring in about 10 days

Nip problems in the bud.

Practice, practice, practice!

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Course Materials & Requirements

 ± SEE WEB PAGEShttp://www.arts.cornell.edu/econ

/wissink/econ102jpw/

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 About Economics & This Course

So what is this course about? (And what is it

not about?)

My working title: Introduction to«

 Applied Macroeconomic Theory.

 ± Theory: We will construct models.

» Look at the world, hypothesize a model,

analyze the model, use the model to make

predictions and then see if the model holds up

under empirical scrutiny.

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 Applied Macroeconomic Theory

 ± Economics: The study of the allocation of 

scarce resources to produce commodities to

satisfy infinite human wants.

» Classic definition. Economics is about constrainedoptimization. Choice under conditions of scarcity.

 ± Macro: the study of the determination of 

economic aggregates and how they relate to

each other and how the government and theexogenous environment affects these

aggregates.

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 Applied Macroeconomic Theory

We will apply what we learn to realworld situations.

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Why Study Economics?

It¶s everywhere. It¶s unavoidable.

It¶s a requirement and a prerequisite for 

understanding lots of other material.

To help you understand how economists

think and construct arguments.

To understand how markets work.

To help you differentiate good from badanalysis.