Welcome to the Spring '99 Term

What's going on with the economy? Prices for many basic commodities, such as oil, have been falling around the world. The "Asian Miracle" has come to a crashing halt, with most economies there in sharp recession if not depression. The Russian economy is coming apart, with banks closing and the ruble turning to rubbish. Meanwhile, other so-called emerging-market countries, from Eastern Europe the Latin America, are trying to avoid getting sucked down by the turbulence. Here in America, inflation and unemployment remain low, but the stock market has dropped lately in response to growing problems around the world, problems that weaken the profit picture of U.S. companies.

The Principles of Economics course is aimed at helping you understand how the economy works. Microeconomics focuses on the importance of supply and demand in shaping individual markets, such as the market for oil or the market for college graduates. Macroeconomics steps back to look at big-picture issues such as inflation, unemployment, and economic growth.

This Internet site supplements material offered by your instructor and by the textbook to provide additional applications, discussion of issues, Web site links, and periodic updates. Spend a little time looking over the features of this site and come back if you find this material useful. Let us know what you think.

"May you live in interesting times"-so goes the Chinese blessing. What interesting times these are for someone studying economics. Economics not only helps you understand what's going on in the economy, but studying economics promotes logical thinking, develops abstract reasoning, and cultivates the imagination-all skills that are valued by employers.

Economics graduates work in a variety of fields including business, insurance, banking, communications, international finance, journalism, education, government, and the not-for-profit sector. Economics also offers a solid background for graduate study in law, business administration, economics, public administration, international relations, environmental planning, health care administration, urban planning, and other fields. Economics can be a challenging discipline, but it is also an exciting and rewarding one. So welcome to the Spring 1999 term and to this course in particular. Economics rules!