1. EC6012 Lecture 1
Dr Stephen
Kinsella
Hello
EC6012 Lecture 1 Course Outline
Blogs, Grading, &
Introduction Group Work
Stock Flow
Consistent
Modeling:
Dr Stephen Kinsella Introduction
References
Dept. Economics,
University of Limerick.
stephen.kinsella@ul.ie
January 14, 2008

2. Outline EC6012 Lecture 1
Dr Stephen
Kinsella
Hello
Hello Course Outline
Blogs, Grading, &
Group Work
Stock Flow
Consistent
Course Outline Modeling:
Introduction
References
Blogs, Grading, & Group Work
Stock Flow Consistent Modeling: Introduction

3. Hello EC6012 Lecture 1
Dr Stephen
Kinsella
Hello
Course Outline
Blogs, Grading, &
Group Work
Stock Flow
Consistent
Modeling:
Introduction
References

4. Layout of the Course
Layout
Week 1 2 3 4 5
Lecture Lecture Lecture Lecture Lecture
Tutorial Tutorial Tutorial
Week 6 7 8 9 10
Lecture Lecture Lecture Lecture Lecture
Tutorial Tutorial Tutorial Presentation Presentatio
Sample Exam out
Week 11 12 13 14
Lecture Lecture Exam
Presentation Recap

5. Accessing Materials EC6012 Lecture 1
Dr Stephen
Kinsella
Visit stephenkinsella.net regularly.
Hello
Coursepack Online Now Course Outline
Get textbook: Godley and Lavoie (2006) Blogs, Grading, &
Group Work
Stock Flow
Consistent
Modeling:
Introduction
References

6. My Expectations EC6012 Lecture 1
Dr Stephen
Kinsella
Read material before class
Hello
Email me whenever, don’t send me text messages Course Outline
Discussion preferred to Lecturing Blogs, Grading, &
Group Work
Handouts, podcasts, etc, on the site after class Stock Flow
Consistent
Modeling:
Introduction
References

7. Blogs EC6012 Lecture 1
Dr Stephen
Kinsella
Go to Blogger.com
Hello
Set up a blog Course Outline
Email me the link Blogs, Grading, &
Group Work
Roles in the Group: { Reporter, Researcher, Recorder} Stock Flow
Consistent
Modeling:
Introduction
References

8. Grading EC6012 Lecture 1
Dr Stephen
Kinsella
Blogs: 10%
Hello
2 Problem Sets: 10% each Course Outline
Group Presentation: 20% Blogs, Grading, &
Group Work
Final Exam: 50% Stock Flow
Consistent
Modeling:
Introduction
References

9. Questions?

10. Stocks and Flows EC6012 Lecture 1
Dr Stephen
Kinsella
Definitions Hello
Stocks Cumulative flow: eg. the country’s net foreign asset Course Outline
position is the sum over time of its current account Blogs, Grading, &
Group Work
surpluses. Stock Flow
Consistent
Flows flows of funds: eg. GDP is the sum of payments to Modeling:
Introduction
labour, payments for ’surplus’ (profits) and payments
References
for indirect taxes
SFC All stocks have a corresponding Flow

11. Introduction to SFC EC6012 Lecture 1
Dr Stephen
Kinsella
Method Hello
Structuralist vs. Neoclassical Macro Course Outline
Blogs, Grading, &
Group Work
SFC Characteristics Stock Flow
Consistent
differences in behaviour of different income groups Modeling:
Introduction
matter References
differences in available technologies in different
countries matter.
social relations between broad groups of economic
actors matter
Fundamental assumption: the economy’s institutions
and social groups play causal roles in determining
overall behaviour of the economy.

12. Handout EC6012 Lecture 1
Dr Stephen
Kinsella
Hello
Course Outline
Blogs, Grading, &
Group Work
Stock Flow
Consistent
Modeling:
Introduction
References

13. Next Week EC6012 Lecture 1
Dr Stephen
Kinsella
Read Hello
Leddin and Walsh (2003, Chapters 2 and 3), Course Outline
Lavoie, (2006) A Primer on Endogenous Credit Money Blogs, Grading, &
Group Work
Bring Stock Flow
Consistent
Laptops Modeling:
Introduction
References

14. Thanks EC6012 Lecture 1
Dr Stephen
Kinsella
Hello
Course Outline
Blogs, Grading, &
Group Work
Stock Flow
Consistent
Modeling:
Introduction
References

15. References EC6012 Lecture 1
Dr Stephen
Kinsella
Wynne Godley and Marc Lavoie. Monetary Economics An
Hello
Integrated Approach to Credit, Money, Income, Course Outline
Production and Wealth. Palgrave-Macmillan, 2006. URL Blogs, Grading, &
http://www.palgrave.com/products/Catalogue. Group Work
aspx?is=0230500552. Stock Flow
Consistent
Modeling:
Anthony J. Leddin and Brendan M. Walsh. The Introduction
Macroeconomy of the Eurozone: An Irish Perspective. References
Gill and Macmillan, 1st edition, 2003. URL
http://www.gillmacmillan.ie/Ecom/Library3.nsf/
CatalogByCategory/
DA55B901FD6459BB80256C1C003FEE1F?OpenDocument.