Why are some countries richer than others? Wealth can be created or destroyed. This course will examine the nature and causes of the wealth of nations. How does a country determine what to produce, how to produce, and to whom to give the output? How do specialization, trade, and technological advancement impact economic growth? This course will introduce students to long-run economic growth theory. The course will then define and focus on short term economic problems such as business cycles, unemployment, and inflation along with how to try to soften their impact through the use of fiscal and monetary policy. Finally, the course will examine how the US economy fits into the global context. How much is a dollar worth and why does its value differ depending upon which country students visit? Can the US buy more from China than they sell forever? How does the presence of the international economy impact our use of fiscal and monetary policy? This course helps students to develop critical thinking skills needed to analyze and overcome the problem of scarcity in the world.
*Note: This class is delivered when lunch is served.
Field WorkCountry: Japan
Date: January 24, 2020
Japan is the third largest economy (after the U.S. and China) and principal U.S. trade partner. This field trip provides students with deep understanding of Japanese economy from the macroeconomy perspective. Students visit key institutions, Bank of Japan, the US Consulate, and the Osaka Security Exchange and will have the opportunity to dialogue with experts and practitioners in order to gain a deeper understanding of the Japanese economy, the problems it has experienced over the last several decades, and forecasts for future growth.
1. To understand the unusual characteristics of the Japanese deflation the past two decades
2. To understand the role demographics plays in economic growth
3. To understand the size and nature of the national debt in Japan