Economics 105 Introduction to Political Economy

Prof. David Kotz Fall, 2010

Lecture time: Mondays and Wednesdays 1:25 to 2:15 P.M. Office Hours for Professor Kotz: Mondays and Wednesdays 2:30-4:30 P.M. and by appointment. Office 1026 Thompson, telephone 545-0739, email address dmkotz@econs.umass.edu. Subject Matter of this Course: This course introduces students to the U.S. and global economies. The political economy approach takes account of the interdependence between the economy and the political and cultural features of society. This approach also considers the ways in which the economy changes over time. Topics include the basic principles of a capitalist economy, the economic role of government, change over time in the US economy, unemployment, the current economic crisis, inequality, environmental problems, gender and the economy, and economic alternatives. Texts Understanding Capitalism: Competition, Command, and Change, by Samuel Bowles, Richard Edwards, and Frank Roosevelt, 3rd Edition, 2005. Current Economic Issues: Real World Economics from Dollars and Sense, 13th Edition, 2009 Real World Macro: A Macroeconomics Reader from Dollars and Sense, 27th Edition, 2010 Field Guide to the U.S. Economy, Revised and Updated Edition, 2006 Where to Get the Texts: The above texts are available at Food For Thought Books, 106 N. Pleasant St., Amherst. A copy should also be on print reserve at the library. You must get the editions specified above -- they are substantially different from earlier editions. Course Requirements: There are two short papers (on assigned topics), a midterm exam, and a final exam. The exams are essay-type. The expected date of the midterm exam and due dates for the papers are as follows: Paper 1: Due Friday, October 1. Midterm exam: Monday, October 18, in the lecture hall. Paper 2: Due Friday, November 19. Final exam: assigned day and time during final exam period The weights for determining the final grade are as follows: Papers: 15% each Midterm Exam: 30% Final Exam: 40% Make-up Exams: Permission to take a make-up exam must be obtained from your teaching assistant or the professor before the time of the regularly scheduled exam. Make-up exams are normally given only for such reasons as illness or injury. A conflict between travel plans and exam times is not normally considered a valid reason for a make-up. The final exam period is December 13-20 (including one snow day), and no unchangeable travel plans should be made for that period. Academic Honesty: All written work submitted must be composed by you and not copied from another source. Any wording taken from another source must be put in quotation marks with the source cited. Plagiarism -- the use of someone else's writing without citing the source -- will result of a grade of F on that exam or paper.

Economics 105 Syllabus, Fall 2010 Discussion Sections: Discussion sections begin meeting on Friday, Sept. 17. You are expected to attend all discussion section meetings, as well as lectures. Papers and exams will cover material from discussion sections and lectures as well as from the assigned readings.

SPARK: This is a SPARK course. On SPARK you will find the syllabus, links to readings not in one of the 4 texts, paper assignments, study questions, powerpoint slides (after use in class), and announcement. Amount of Readings: This is a 4-credit course, and the amount of reading assigned is greater than the norm for a 3-credit course. A total of 952 pages of reading is assigned, or 68 pages per week. The degree of difficulty of the readings varies, with the selections from Real World Macro, Contemporary Issues, and the Field Guide generally easier and faster to read than the textbook Understanding Capitalism. Note that the number of pages per week roughly doubles in weeks 11 through 14 (topics 11-16 below) -- however, most of the readings for weeks 11 to 14 are not from Understanding Capitalism. Reading Assignments Reading assignments that are not from one of the 4 textbooks can be accessed through SPARK. You may need the course password: intpef10. The dates listed below for each topic indicate the lectures in which the topic is scheduled to be covered. 1. Introduction (Sept. 8, 13) Understanding Capitalism ch. 1, 3, 4. 2. Human Nature and Economic Behavior (Sept. 15) Understanding Capitalism ch. 2 Johnson, "In Search of the Affluent Society" Harris, "Potlach" 3. Production, Reproduction, and Economic Surplus (Sept. 20) Understanding Capitalism ch. 5 4. Markets (Sept. 22, 27) Understanding Capitalism ch. 8, 9. 5. Economic Systems (Sept. 29) Understanding Capitalism ch. 6 pp. 121-129 6. Profit, Accumulation, and Crisis (Oct. 4, 6) Understanding Capitalism ch. 6 pp. 129-146, ch. 7 pp. 147-152 Real World Macro ch. 7.4 Weisskopf, "Sources of Cyclical Downturns" 7. Capitalism and the U.S. Economy (Oct. 12) Understanding Capitalism ch. 7 pp. 152-157 Field Guide ch. 1, 2

Economics 105 Syllabus, Fall 2010 8. The Government and the Economy (Oct. 13) Understanding Capitalism ch. 19 pp. 493-513, 519-523 Field Guide ch. 5 Midterm Exam: October 18 in the lecture hall 9. Social Structures of Accumulation (Oct. 20, 25) Understanding Capitalism ch. 7 pp. 158-180 Real World Macro ch. 7.1, 7.2 Kotz and McDonough, "Global Neoliberalism and the Contemporary SSA" 10. Unemployment and Business Cycles (Oct. 27, Nov. 1, 3) Understanding Capitalism ch. 16, ch. 19 pp. 513-519 Real World Macro ch. 1.3-1.5, ch. 6.1-6.3, ch. 6.5-6.7 Field Guide ch. 9 11. The Current Economic Crisis (Nov. 8, 15) Current Economic Issues ch. 1.1, 1.4, 1.5, ch. 2 (all), ch. 3.2, 3.3, 3.5, 3.6, ch. 4 (all) Real World Macro ch. 4.3-4.5, 4.7, 4.8, ch. 5.8, 5.9 Kotz, "The Financial and Economic Crisis of 2008" 12. The Global Economy (Nov. 17) Real World Macro ch. 8.1, 8.2 Current Economic Issues ch. 8.1, 8.2, 8.4 Field Guide ch. 10 Kotz, "Capitalism and Imperialism" 13. Inequality (Nov. 22, 24) Understanding Capitalism ch. 14 pp. 343-65 and 371-374 Real World Macro ch. 2.1, 2.4, 2.5, 2.7, 2.8 Current Economic Issues ch. 5.4, 5.6, ch. 7.2, 7.3 Field Guide ch. 4, 6 14. Nature and the Economy (Nov. 29) Current Economic Issues ch. 9 (all) Field Guide ch. 8 Magdoff and Foster, "What Every Enviromentalist Needs to Know about Capitalism" 15. Gender and the Economy (Dec. 1, 6) Understanding Capitalism ch. 14 pp. 365-370 Real World Macro ch. 1.8, ch. 7.5 Field Guide ch. 3 Chodorow,"Male Dominance" Power, "Women: From Home Production to Wage Labor 16. Economic Alternatives (Dec. 8) Current Economic Issues ch. 10 (all) Einstein, "Why Socialism?" McChesney and Foster, "Capitalism, the Absurd System"