(MBERIAH ONLY) ECO202: EBAY Business cycles: phases, indicators, measures, economic evolution, outlooks

Module 5 - Background

Business cycles: phases, indicators, measures, economic evolution, outlooks

Required Reading

Rittenberg L. and T. Tregarthen (2009). Chapter 17: A Brief History of Macroeconomic Thought and Policy Principles of Macroeconomics. Retrieved from: http://www.web-books.com/eLibrary/NC/B0/B62/083MB62.html

Two economic giants have shaped economic thought, Keynes and Hayek. Below are two articles about each.

· http://www.nytimes.com/2011/10/23/business/keynes-hayek-views-origins-of-an-economics-debate-review.html?_r=1&ref=books

· http://www.bloomberg.com/news/print/2011-09-13/hayek-keynes-and-preventing-economic-crises-commentary-by-sylvia-nasar.html

Below is an entertaining and informative you tube video that has actors playing Keynes and Hayek and explaining their economic thoughts to rap music.

· http://www.youtube.com/watch?v=d0nERTFo-Sk

Optional Reading

The two articles below will help you understand the controversies between different economists.

· http://tech.mit.edu/V130/N46/long2.html

· http://www.nytimes.com/2010/10/17/weekinreview/17segal.html

· Orley, A. A Pedestrian's Guide to Economics , Amos web.com, particularly his Brief Introduction to Get You Started. Viewed February 12, 2011

Read Orley's Introduction and his interesting discussion on why economists disagree about so many things

Economics on the Web always has interesting current links as well.

The differences between expansionary and contractionary economic policies are explained in the link below.

http://economics.about.com/cs/money/a/policy.htm