| Description |
Modern economic theory is used to analyze growth and fluctuations in U.S. output from colonial times to the present. The course examines the role of labor markets, property rights in land and labor, financial institutions, transportation, innovation and other factors in economic growth. Before examining twentieth century fluctuations, a week is spent on business cycle theory. Then particular emphasis is placed on The Great Depression and its relationship to the recession of 2007-2009. |