Tuesday, January 30, 2007

MacroMind is back

Welcome to the Economics 2 online blog for the Spring 2007 semester. The MacroMind is back after a fascinating trip through northern Thailand and Burma,

I created this blog as a way to facilitate discussion about current issues for my online students taking macroeconomics. My hope is that the blog will be a way for students to apply the theories and concepts that they are studying, and to help them discover the relevance of macroeconomics to their lives. I also hope that the blog will give you ideas for topics to write about for your required Discussion Board post. I plan to post new entries on current macro issue every couple of days.

You are welcome to look over the blog entries from last semester. Please do not answer the extra credit questions from last semester (Fall 2006). I will be providing new extra credit questions this semester (Spring 2007, see below).

A good way to start off the blog this semester is to review the state of the global economy. The World Economic Forum meeting in Davos, Switzerland every winter is the Woodstock of the Global Economy. The forum's site allows you to view speeches by major business leaders, academics, and politicians on the subject of the evolving world economy.

One of the most interesting sessions at the World Economic Forum is the panel on the state of the world economy. Leading macroeconomists from around the world give their economic forecasts for the upcoming year.

This year most of the panelists were relatively optimistic about the world as a whole, although slower growth was predicted for the United States. “Even with a US slowdown, it should be another Goldilocks year for the global economy thanks to encouraging growth from Europe and Japan,” said Laura Tyson, Professor of Economics, University of California at Berkeley. Most of the participants of this Global Economy update session agreed with Tyson’s assessment. The exception was Nouriel Roubini, who is a Professor of Economics at New York University and Chairman of Roubini Global Economics. Professor Roubini warned of a global “hard landing” and identified the housing recession as a major warning sign.

You can view other 2007 World Economic Forum sessions by clicking here.

Extra Credit: This semester we are using Aplia to complete regularly scheduled, auto-graded homework assignments in Economics 2 online. Who is the founder of Aplia? What is the founder of Aplia known for in the field of macroeconomics? If you are the first student to send me an e-mail (kwoodward@saddleback.edu) with the answer, you will be rewarded with two extra credit Discussion Board points. Only two points extra credit per student can be earned in any given week from the blog questions.

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