5. What approaches can be taken to develop a supply chain infrastructure that provide and accurate view of overall channel performance?

5. What approaches can be taken to develop a supply chain infrastructure that provide and accurate view of overall channel performance?

  Join forces in areas where we have a solid … Read More...
Why does customer service not increase proportionately to increases in total cost when a logistical system is being designed?

Why does customer service not increase proportionately to increases in total cost when a logistical system is being designed?

Typical inventory increases as the number of warehouses in a … Read More...
3. Look up a journal article in Computer Education that addresses diversity and/or special education and briefly describe it in a paragraph.

3. Look up a journal article in Computer Education that addresses diversity and/or special education and briefly describe it in a paragraph.

Journal Article: Kelley Regan,Sheri Berkeley,Melissa Hughes,Suzanne Kirby;Effects of Computer-Assisted Instruction … Read More...
Project Four: Revisiting English 1010 (Literacy, Language, and Culture: An Exploration of the African American Experience) The MultiMedia Reflective Portfolio Project Overview This project will provide us with the opportunity to use a combination of textual, digital, and oral tools to: 1) reflect on and display what we have learned about African American literacy, language, and culture; and 2) reflect on and display what we have learned about the process of composing a literacy narrative, informative summary, media analysis, and multimedia reflective portfolio project. Ultimately, this project will provide us with the opportunity to use multimedia tools and applications to reflect on and display our experience as knowledge users and knowledge makers in this course (specifically as it relates to the English 1010 Learning Outcomes). ___________________________________________________________________ Introduction/Rationale/Assignment Prompt: This reflective assignment, which is the last major assignment of the semester, consists of two parts: Part One Part One consists of a 2-3 page reflective essay in which you reflect on and display: (1) what you learned about African American literacy, language, and culture; and (2) what you learned about the process of composing a literacy narrative, informative summary, media analysis, and multimedia reflective portfolio project–specifically as the process relates to the Learning Outcomes (Reading, Writing, Reflection, and Technology Use). To do so, you must look back over the work you produced during the semester in order to locate and discuss your learning and accomplishments in these areas. While your discussion of achievements with respect to ENG 1010 Learning Outcomes is perhaps the most important goal in the Reflective Essay, the written expression of these achievements can be strengthened when it is integrated into a broader narrative that describes where you are coming from and who you are as a student. In this narrative, you may discuss, for example, how you learned and used various reading strategies in the course, or you may describe, for example, how your ability to use composition and course management technologies, like Word and Blackboard, increased. You may also address, as appropriate, how your culture, identity, or background shaped your experiences as a student in ENG 1010. You may wish to discuss, for example, some of the following issues. • Transition to college and the larger first-year experience • Negotiation of a new identity as college student (how you adjusted; how you handled it) • Membership in groups historically underrepresented in college • Language diversity • Managing life circumstances to be able to give enough time and energy to academic work In sum, the Reflective Essay should make claims about your learning and accomplishments with respect to the two areas identified above. Essentially, the reflective essay should demonstrate what you have learned and what you can do as a result of your work in ENG 1010. In this way, a successful Reflective Essay will inspire confidence that you are prepared to move forward into your next composition courses, beginning with ENG 1020, and into the larger academic discourse community. Part Two Part Two consists of an electronic multimedia portfolio containing 3-5 selected pieces of the work you produced this semester (essay topic proposals, reading responses, essay outlines, essay first or final drafts, in-class assignments, etc.) that you can use as evidence of your learning and accomplishments and to support the claims you made in your reflective essay. ___________________________________________________________________ English 1010 Learning Outcomes Reading ● Develop reading strategies to explain, paraphrase, and summarize college-level material. ● Analyze college-level material to identify evidence that supports broader claims. Writing ● Plan and compose a well-organized thesis-driven text that engages with college-level material and is supported by relevant and sufficient evidence. ● Develop a flexible revision process that incorporates feedback to rewrite multiple drafts of a text for clarity (e.g. argument, organization, support, and audience awareness). Reflection ● Use reflective writing to evaluate and revise writing processes and drafts ● Use reflective writing to assess and articulate skill development in relation to course learning outcomes. Technology Use ● Navigate institutional web-based interfaces, such as course websites, university email, and Blackboard Learn™, to find, access and submit course material. ● Use computer-based composition technologies, including word processing software (e.g. Microsoft Word, PowerPoint), to compose college-level texts. ● Use computer-based composition technologies to read and annotate course readings and texts authored by students (e.g. peer review). Your Final Draft Should: • meet the requirements as outlined in the “Introduction/Rationale/Assignment Prompt” section above. Points for This Project • First Draft: 20 Points • Final Draft: 130 Points • Oral Presentation: 30 Points Refer to the Course Schedule (Syllabus) for Assignment Due Dates. _______________________________________________________________ Evaluation: You will be evaluated based on content, organization, and mechanics.

Project Four: Revisiting English 1010 (Literacy, Language, and Culture: An Exploration of the African American Experience) The MultiMedia Reflective Portfolio Project Overview This project will provide us with the opportunity to use a combination of textual, digital, and oral tools to: 1) reflect on and display what we have learned about African American literacy, language, and culture; and 2) reflect on and display what we have learned about the process of composing a literacy narrative, informative summary, media analysis, and multimedia reflective portfolio project. Ultimately, this project will provide us with the opportunity to use multimedia tools and applications to reflect on and display our experience as knowledge users and knowledge makers in this course (specifically as it relates to the English 1010 Learning Outcomes). ___________________________________________________________________ Introduction/Rationale/Assignment Prompt: This reflective assignment, which is the last major assignment of the semester, consists of two parts: Part One Part One consists of a 2-3 page reflective essay in which you reflect on and display: (1) what you learned about African American literacy, language, and culture; and (2) what you learned about the process of composing a literacy narrative, informative summary, media analysis, and multimedia reflective portfolio project–specifically as the process relates to the Learning Outcomes (Reading, Writing, Reflection, and Technology Use). To do so, you must look back over the work you produced during the semester in order to locate and discuss your learning and accomplishments in these areas. While your discussion of achievements with respect to ENG 1010 Learning Outcomes is perhaps the most important goal in the Reflective Essay, the written expression of these achievements can be strengthened when it is integrated into a broader narrative that describes where you are coming from and who you are as a student. In this narrative, you may discuss, for example, how you learned and used various reading strategies in the course, or you may describe, for example, how your ability to use composition and course management technologies, like Word and Blackboard, increased. You may also address, as appropriate, how your culture, identity, or background shaped your experiences as a student in ENG 1010. You may wish to discuss, for example, some of the following issues. • Transition to college and the larger first-year experience • Negotiation of a new identity as college student (how you adjusted; how you handled it) • Membership in groups historically underrepresented in college • Language diversity • Managing life circumstances to be able to give enough time and energy to academic work In sum, the Reflective Essay should make claims about your learning and accomplishments with respect to the two areas identified above. Essentially, the reflective essay should demonstrate what you have learned and what you can do as a result of your work in ENG 1010. In this way, a successful Reflective Essay will inspire confidence that you are prepared to move forward into your next composition courses, beginning with ENG 1020, and into the larger academic discourse community. Part Two Part Two consists of an electronic multimedia portfolio containing 3-5 selected pieces of the work you produced this semester (essay topic proposals, reading responses, essay outlines, essay first or final drafts, in-class assignments, etc.) that you can use as evidence of your learning and accomplishments and to support the claims you made in your reflective essay. ___________________________________________________________________ English 1010 Learning Outcomes Reading ● Develop reading strategies to explain, paraphrase, and summarize college-level material. ● Analyze college-level material to identify evidence that supports broader claims. Writing ● Plan and compose a well-organized thesis-driven text that engages with college-level material and is supported by relevant and sufficient evidence. ● Develop a flexible revision process that incorporates feedback to rewrite multiple drafts of a text for clarity (e.g. argument, organization, support, and audience awareness). Reflection ● Use reflective writing to evaluate and revise writing processes and drafts ● Use reflective writing to assess and articulate skill development in relation to course learning outcomes. Technology Use ● Navigate institutional web-based interfaces, such as course websites, university email, and Blackboard Learn™, to find, access and submit course material. ● Use computer-based composition technologies, including word processing software (e.g. Microsoft Word, PowerPoint), to compose college-level texts. ● Use computer-based composition technologies to read and annotate course readings and texts authored by students (e.g. peer review). Your Final Draft Should: • meet the requirements as outlined in the “Introduction/Rationale/Assignment Prompt” section above. Points for This Project • First Draft: 20 Points • Final Draft: 130 Points • Oral Presentation: 30 Points Refer to the Course Schedule (Syllabus) for Assignment Due Dates. _______________________________________________________________ Evaluation: You will be evaluated based on content, organization, and mechanics.

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PHILOSOPHY 100 Study Questions on Bentham from The Classical Utilitarians 1. Provide Bentham’s answers to the following questions from chapter I (“of the Principle of Utility” pp. 8—12) of Principles of Morals and Legislation: (a) What is the principle of utility? (b) What is utility? (c) What is the interest of the community? (d) When is an action conformable to the Principle of Utility? 2. According to Bentham, how are the normative moral notions of right and wrong, ought, and ought not to be understood? 3. What is Bentham’s definition of the Principle of Asceticism from chapter II? 4. In chapter IV, Bentham identifies seven factors (what he calls “circumstances”) that must be considered in estimating or measuring pleasure and pain. What are these seven factors? 5. In chapter XIII (pp. 26—31), Bentham discusses the criminal justice system. According to Bentham, what is the purpose of law? How can punishment (which necessarily involves inflicting pain) be made consistent with the principle of utility? 6. Read the poem on p. 71. Memorize the first line. 7. On page 93, Bentham describes a society in which the majority population enslaves the minority and confiscates its happiness. What follows in this situation? 8. Finish this famous phrase (p. 94): “Prejudice apart,…” What does Bentham mean?

PHILOSOPHY 100 Study Questions on Bentham from The Classical Utilitarians 1. Provide Bentham’s answers to the following questions from chapter I (“of the Principle of Utility” pp. 8—12) of Principles of Morals and Legislation: (a) What is the principle of utility? (b) What is utility? (c) What is the interest of the community? (d) When is an action conformable to the Principle of Utility? 2. According to Bentham, how are the normative moral notions of right and wrong, ought, and ought not to be understood? 3. What is Bentham’s definition of the Principle of Asceticism from chapter II? 4. In chapter IV, Bentham identifies seven factors (what he calls “circumstances”) that must be considered in estimating or measuring pleasure and pain. What are these seven factors? 5. In chapter XIII (pp. 26—31), Bentham discusses the criminal justice system. According to Bentham, what is the purpose of law? How can punishment (which necessarily involves inflicting pain) be made consistent with the principle of utility? 6. Read the poem on p. 71. Memorize the first line. 7. On page 93, Bentham describes a society in which the majority population enslaves the minority and confiscates its happiness. What follows in this situation? 8. Finish this famous phrase (p. 94): “Prejudice apart,…” What does Bentham mean?

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Mendel’s law of independent assortment states thateach pair of alleles segregates independently of the other pairs of alleles during gamete formation. independent sorting of genes produces polyploid plants under some circumstances. genes are sorted concurrently during gamete formation. chromosomes sort independently of each other during mitosis and meiosis.

Mendel’s law of independent assortment states thateach pair of alleles segregates independently of the other pairs of alleles during gamete formation. independent sorting of genes produces polyploid plants under some circumstances. genes are sorted concurrently during gamete formation. chromosomes sort independently of each other during mitosis and meiosis.

each pair of alleles segregates independently of the other pairs … Read More...
Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

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Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

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