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Class1

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Class1

  1. 1. Economics for Journalists Week 1: Introduction Jeffrey TimmermansMonday, 21 January, 13
  2. 2. What is economics?Monday, 21 January, 13
  3. 3. One answer: “Economics is a study of mankind in the ordinary business of life.” - Alfred Marshall, Principals of EconomicsMonday, 21 January, 13
  4. 4. Another answer... ✤ The study of how people deal with scarcity ✤ Nothing is available in unlimited quantities ✤ This requires making choices, making trade-offsMonday, 21 January, 13
  5. 5. Economic choices ✤ Which product/service to choose? ✤ What other products/services to forego? ✤ Which choice will make us happiest? ✤ Classical economists assume people make these choices rationally ✤ People will act to maximize their well-being ✤ But aren’t always rational (according to behavioral economists)Monday, 21 January, 13
  6. 6. Factors that affect those choices ✤ Supply & Demand (markets) ✤ Incentives (from businesses & governments)Monday, 21 January, 13
  7. 7. Incentives ✤ People’s choices are affected by incentives ✤ “Half-price!”, “Three for the price of two!” ✤ Smoking indoors – or cursing – could result in a fine ✤ Incentives don’t have to be monetary ✤ Wearing a helmet when riding a motorcycle ✤ Reduces the bodily “cost” of an accidentMonday, 21 January, 13
  8. 8. Incentives & their (unintended) consequencesMonday, 21 January, 13
  9. 9. Traffic accident deaths Helmet law % of total enacted accidents 8 6 4 2 0 1985 1987 1989 1991 1993 1995 1997 1999 Source: Maryland Dept. of TransportationMonday, 21 January, 13
  10. 10. Course topics ✤ How economies function ✤ How banks function ✤ How to measure economies ✤ How companies operate ✤ How governments manage ✤ Some of the major trends in economies economic thought ✤ Why trade exists, and why it matters ✤ How markets operateMonday, 21 January, 13
  11. 11. And, most importantly... ✤ How to write about these things as journalistsMonday, 21 January, 13
  12. 12. Intended learning outcomes ✤ Understand and explain basic ✤ Understand and explain how the global macroeconomic concepts to a general trade system works audience ✤ Understand and explain how financial ✤ Interpret economic data and explain the markets operate significance to a general readership ✤ Understand and explain how the ✤ Understand and explain the banking system functions methodology behind a variety of common economic indicators ✤ Explain how companies function and ways they compete with each other ✤ Understand and explain the use of monetary and fiscal policy tools ✤ Understand and explain theories of a variety of important economic thinkersMonday, 21 January, 13
  13. 13. Schedule Monday Tuesday Wednesday Thursday Friday Lecture Tutorial A 3:30pm- 10:30- 5:20pm 11:20am MWT4 OLB135 Tutorial B 11:30am- 12:20pm Office Hours OLB135 Office Hours 9am-12pm 2-5pmMonday, 21 January, 13
  14. 14. Daily reading ✤ Required: ✤ Course blog: http://jmsc.hku.hk/courses/jmsc0104 ✤ Reuters (top news RSS feed) ✤ RTHK (top news RSS feed) ✤ Recommended: ✤ Bloomberg (top news & Asia news), WSJ, FT, EconomistMonday, 21 January, 13
  15. 15. Recommended texts ✤ Ip, Greg. (2010). The Little Book of Economics: How the Economy Works in the Real World. ✤ Moss, D. A. (2007). A Concise Guide to Macroeconomics : What Managers, Executives, and Students Need to Know. Boston, Mass.: Harvard Business School Press.Monday, 21 January, 13
  16. 16. Assessment Tasks 10% Final Exam 30% 15% Writing Assignments Group Project Midterm Exam 15% Class Participation 30% percentage of final gradeMonday, 21 January, 13
  17. 17. Assessment of writing assignments ✤ Application of economic ✤ Sourcing concepts ✤ Authoritative & relevant ✤ Relevant concepts cited ✤ Clearly & fully cited ✤ Explained clearly ✤ Sufficient number of sources ✤ Applied correctly ✤ Style ✤ Argument ✤ Concise ✤ Convincing ✤ Engaging narrative ✤ Logical ✤ Proper grammar/spelling ✤ ThoroughMonday, 21 January, 13
  18. 18. Plagiarism My assignment Ut enim ad Lorem ipsum minim veniam, dolor sit amet, quis nostrud consectetur exercitation “Yes, we can,” said adipisicing elit, ullamco laboris Barack Obama. sed do nisi ut aliquip eiusmod ex ea commodo tempor consequat. incididunt ut labore et doloreMonday, 21 January, 13
  19. 19. ...and its consequences DECEMBER 3, 2009, 6:14 P.M. ET Notice to Readers A Nov. 10 "New Global Indian" online column by New York City freelance writer Mona Sarika has been found to contain information that was plagiarized from several publications, including the Washington Post, Little India, India Today and San Francisco magazine. In the column, "Homeward Bound," about H-1B visa holders returning to India, Ms. Sarika also re-used direct quotes from other publications, without attribution, and changed the original speakers names to individuals who appear to be fabricated. The column is the only work by Ms. Sarika to be published by the Journal, and it has been removed from the Journals Web sites.Monday, 21 January, 13
  20. 20. Assignment for Jan. 28 ✤ Read course syllabus (on course blog) ✤ Set up RSS reader with feeds from course blog and news sites ✤ Begin daily reading ✤ Write an “economic diary” and upload to course blog by 3:30pm Jan. 28 ✤ Details on course blogMonday, 21 January, 13

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