This course covers, with a focus on both theory and empirics, advanced topics in international trade (as well as inter-regional trade and economic geography). It includes the study of positive issues, such as: Why do countries trade? What goods do countries trade? What are the implications of openness for the location of production, industries, occupations, and innovative activity? And, what impedes trade and why do some countries deliberately erect policy impediments to trade? The course also concerns normative issues, such as: Is trade openness beneficial to a representative agent? And, Are there winners and losers from trade and if so, can we identify them? Throughout, these issues are approached in neoclassical settings as well as those with market failures, at the industry-level as well as the firm-level, and in the presence of both mobile and immobile factors (e.g., foreign direct investment (FDI), offshoring of tasks, multinational firms and immigration).

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:

Explain how inflation can cause redistributions of purchasing power
Identify ways inflation can blur the perception of supply and demand
Explain the economic benefits and challenges of inflation

This course is designed to introduce classic macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of individuals. These analytical tools will be used to understand the recent experience of the United States and other countries and to address how current policy initiatives affect their macroeconomic performance.

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much an economic decision as anything else.

Economics is probably not what you think it is. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

Subject discusses the broader trends in the labor market, how urban labor markets function, public and private training policy, other labor market programs, the link between labor market policy and economic development, and the organization of work within firms.

Historical evolution and assessment of different theories and disciplinary perspectives used in research on work, employment, and industrial relations. Introduces doctoral students to the field and explores where their research interests fit within the broader field. First part compares the normative assumptions, theories, and methodologies used by economists, historians, sociologists, psychologists, political scientists, and legal scholars from the latter nineteenth century to the present. Final portion explores strategies for advancing research on topics of current interest to participants.