Professor Edward Morey

Econ 2010 (Edward)

Lecture Notes and some supplemental readings

These are rough notes, with typos, writeos, spelling errors, and, for sure, errors of judgement and logic.

Even with all those qualifications, I am assuming you prefer that I post these, and I assume you will not abuse me on the basis of their content.

You are responsible for all of the materials in these notes, even if I do not have time to lecture on all of these notes in class.

Introduction and Chapter 1 (third edition) kind of stuff

An introduction to choices, constraints and how economists think

Audio File: an introduction to choices, constraints and how economists think

Note that if you click on an audio file of a lecture, what happens depends on your computer and browser. On my computer, the file opens and the audio starts but it only plays for a minute. To listen to a lecture, right click on the link and save the file to your device. Then listen to it on iTunes, or whatever.

Three minutes on opportunity cost

What is an economic system

Audio file: the end of opportunity cost lecture and much of the economic system lecture

Aufio file: finishing econ systems, starting, marginail analysis and equilibrium

Additional concepts: marginal analysis, specialization, equilibrium, and how economists judge economic systems

Reading on choices: the Onion, Fall 2102. Thousands Of High-School Sweethearts Prepare For Post-Graduation Breakup

Reading on equity: Jason De Parle and Robert Gebeloff. Food Stamp Use Soars Across U.S. and Stigma Fades, NYTimes, Nov. 9, 2009

Reading on equity: Jonathan Haidt (a psychologist). Romney, Obama and the new culture war over fairness, NYTimes, Oct. 8, 2012

Reading on equity: Annie Lowrey, The Rich get richer through the recovery, NYTimes, September 10, 2013.

Chapter 2 kind of stuff

An introduction to economic models

Audio fie" finishing equilibrium and starting economic models

Reading on macro modeling: NYT Sept 10, 2013. Embracing Wynne Godley, an economist who modeled the crisis

Britta (a former student) asked me to add a few notes on absolute and comparative advantage

Reading: Catherine Rampell, Outsource your way to sucess, NYT, November 5, 2013

Chapter 3 kind of stuff

An introduction to demand functions, supply functions, and competitive market equilibrium

Reading: Robert Frank, Supply, demand and marriage, NY Times 08/06/2011

Reading on demand, efficiency, regulation and reducing fuel consumption: Euardo Porter, Taxes show one way to save fuel, NY Times 09/12/2012

Chapter 4 kind of stuff

A start on valuation (market and nonmarket): valuation and consumer's surplus)

A brief introduction to travel-cost modeling: Coeur d'Alene

Chapter 5 kind of stuff

Messing with the market: price controls and quotas

Reading: Two taxi medallions sell for $1 million each: NYT 10/20/2011

Before the first midterm kind of stuff

A few review thoughts before the first midterm

Graphing a demand function

Chapter 6 kind of stuff

How responsive are you?

OPECs oil revenues and the price elasticity of demand for oil

Chapter 10 kind of stuff

Consumer theory in a nutshell

Budget contraints: boyfriend only shops

Preferences and utility

Chapter 10-Appendix kind of stuff

Utility functions and indifference curves

The utility maximizing bundle

Chapters 11 and 12 kind of stuff

Fred's misguided sports parent (Edward) -the theory of the competitive firm

The theory of the firm in a nutshell

Reading: Skilled work, without the worker, John Markoff, NYT, August 18, 2010

Reading on cost minimization: Smuggling Europe's waste to poorer countries, Elisabeth Rosenthal, NYT, September 27, 2009

Chapter 13 (in the first edition of the book, but not the third edition) kind of stuff

Efficieny, equity and the market's ability to achieve an efficient allocation

This chapter from the first edition is on the course web page.

Some relevant readings from an earlier section.

Reading on equity: Jason De Parle and Robert Gebeloff. Food Stamp Use Soars Across U.S. and Stigma Fades, NYTimes, Nov. 9, 2009

Reading on equity: Jonathan Haidt (a psychologist). Romney, Obama and the new culture war over fairness, NYTimes, Oct. 8, 2012

Reading on equity: Annie Lowrey, The Rich get richer through the recovery, NYTimes, September 10, 2013.

Some additional readings:

Reading on equity and efficiency: Ron Dixon, House Republicans pass deep cuts in food stamps, NYTimes, September 19, 2013

Reading on equity and efficiency: Kim Severson and Winnie Hu, Cut in food stamps forces hard choices on poor, NYTimes, NY Times, November 7, 2013

Chapter 16 kind of stuff

External effects, externalities, and pollution

Achieving Environmental goals at minimum cost

The Nakeds next door, Steven Kurutz, NYTimes, Nov 20, 2013: an article about external effects

Chapter 17 kind of stuff

An introduction to common-property resources

An introduction to public commodities

Reading: Without magic, Santa would need 12 million employees, Chana Joffe-Walt, NPR (Planet Money), December 12, 2012

Healthcare economics and Obamacare

The section of your text that covers healthcare economics and Obamacare/(Romneycare) with some comments added

You can, of course, find a clean copy of the chapter on the Aplia page.

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