COURSE SYLLABUS

ECONOMICS 612: ADVANCED MICROECONOMICS

PURPOSES OF THE COURSE
TEXTBOOK FOR THE COURSE
MATERIALS ON RESERVE
READING THE CLASSICS
EVALUATION PROCEDURE
ADMINISTRATIVE DETAIL
CHAPTER SEQUENCE

Economics 612 reviews the theoretical foundations of economic analysis. This is not a course in mathematical economics,however, the entire presentation is calculus based. The focus of the course is on how economists explain the operation of a market economy or price system. To accomplish this goal, it is necessary to examine the behavior of a series of economic agents: consumers,workers,savers,financial investors,producers,real investors,polluters, government bureaucrats,etc. Of course, in many cases these roles overlap. Individuals are consumers of goods and services,savers,suppliers of labor,financial investors,taxpayers , providers and recipients of pollution and so forth. Microeconomics examines the economic behavior of individuals in all of these roles. Similarly,producers,demanders of labor,real investors,taxpayers,and innovators are analyzed to determine their role in the price formation process. Are there economic laws to explain the actions of these agents? Can these laws be employed to formulate useful theories. Are there truly rational economic justifications for government intervention into the price system?

Textbook

Microeconomic Theory by Walter Nicholson ( denoted N )

Material on Reserve

Reading the Classics

1. A. Marshall,Principles of Economics,Book I, Chapter 1
2. J.R. Hicks, Value and Capital, "The Law of Consumer's Demand", 1939,pp.26-41.
3. R.H. Coase,"The Nature of the Firm", Economica, 1937,pp.386-405.
4. A.C. Harberger," Monopoly and Resource Allocation", American Economic Review, 1954,pp.77-87.
5. J. Vickers, "Strategic Competition Among the Few - Some Recent Developments in the Economics of Industry," Oxford Review of Economic Policy, 1985, no. 3,pp. 62- 99.
6. F. Bator,"The Anatomy of Market Failures," Quarterly Journal of Economics,1958,pp.351- 379.
7. P.A. Samuelson, Diagrammatic Exposition of a Theory of Public Expenditure," Review of Economics and Statistics,May 1955,v. 21.pp.350-356.
8. F.Bator,"The Simple Analytics of Welfare Maximization," American Economic Review, March 1957,pp. 22-59.
9. R.H. Coase," The Problem of Social Costs", Journal of Law and Economics, October, 1960,pp. 1-44.
10. G. Akerlof,"The Market for "Lemon": Quality Uncertainty and the Market Mechanism", Quarterly Journal of Economics,1970,pp.488-500.
11. W.J. Baumol,"Uprising in the Theory of Industry Structure," American Economic Review, March,1982,pp.1-15.
12. G.J. Stigler,"The Economics of Information,"Journal of Political Economy,v.69,1961,pp.213-225.
13. G.S.Becker,"A Theory of the Allocation of Time",Economic Journal,v.75,1965,pp.493-517.
14. J.Hirshleifer,"On the Theory of Optimal Investment Decisions",Journal of Political Economy,August 1958,pp.329-352.
15. H.M.Markowitz,"Portfolio Selection",Journal of Finance,March 1952,pp.77-91.

Evaluation Procedure

Your course grade will be determined by the average of your mid-term and final examinations. The examination questions in this course are almost always problems involving the use of calculus and some matrix algebra. In addition, the Doctor of Arts students are required to make one presentation (lecture) on an approved microeconomics topic--theoretical topic-- of their own choosing from the course materials. These presentations will last about an hour and will be open to discussion by the entire class.

Administrative Details

Instructor

Duane B. Graddy

Location of Office

Peck Hall, 100E, Business and Economic Research Center

Phone Numbers

898-2525; 898-2520 (message); 898-2610 (message)

Fax Number

898-5045; 898-5596

E-mail Address

dgraddy@frank mtsu.edu

Chapter Sequence

1. N, Chapter 1
2. BH, Chapter 4
3. Silberberg, Chapter 1
4. Blaug, Chapters 1-4

1. N, Chapters 3, 4, 5, 6, 7, and 8
2. BH, Chapters 5, 6, 7, 8, 9, and 7
3. Silberberg, Chapters 10 and 11
4. Hicks, Reading 1

1. N, Chapters 11, 12, 13, 14, 15, 16, 17, 18, 20, 21, 22, and 23
2. BH, Chapters 10, 11, 12, 13, 14, 15, and 16
3. Silberberg, Chapters 8 and 9
4. Coase, Reading 2
5. Harberger, Reading 3
6. Vickers, Reading 4
7. Baumol, Reading 10

1. N, Chapters 24
2. BH, Chapter 17
3. Blaug, Chapter 13

1. N, Chapters 26 and 27
2. BH, Chapter 21
3. Silberberg, Chapter 17
4. Blaug, Chapter 5
5. Bator, Reading 5
6. Coase, Reading 8
7. Bator, Reading 7
8. Samuelson, Reading 6

Any student with a disability who needs accommodation for this class should talk with the instructor and/or the campus disability issues coordinator. This notification should be made as soon as possible.

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