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Economists divide their discipline into two areas of study: microeconomics and macroeconomics. In this course, we introduce the principles of macroeconomics: the study of how a country's economy works as we try to discern among good, better, and best choices for improving and maintaining the nation's standard of living and level of economic and societal well-being. Historical and contemporary perspectives on the role of government policy surround questions of who gains and loses within a smal...

* Describe the determinants of total output and the ways to measure nominal and real gross domestic product (GDP); * Differentiate full employment and unemployment, and the three forms of unemployment; * Define inflation and explain ways of computing the general movement in prices; * Explain the model of aggregate demand and aggregate supply and the way the equilibrium price level and real GDP are determined; * Analyze the government's use of fiscal policy to stabilize the economy; * Define ...

This course is designed to extend your knowledge of the principles of the Austrian school of economics. It is recommended that students complete ECON103: Principles of Austrian Economics I before this course to enhance their understanding. The course draws on the work of several scholars in the Austrian school tradition, mainly Ludwig von Mises, Murray Rothbard, Friedrich Hayek, and Hans Hermann Hoppe. It focuses on the concepts of economic calculation, time preference, interest rates, busine...