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Lecture 1 - Introduction
Macroeconomics
Opening
Prayer
Dr. Gale L. Pooley, Ph.D.
Email: gpooley@byuh.edu
Phone: 675-3587
Office: HGB 227
Office Hours:
Wednesday 12:00 - 2:00
by appointment
Quizmaster
10 questions
3 answers
email to
mckytee@go.byuh.edu
1 Extra Credit Point
How many
keys?
How many
songs?
This universe is
finite, its resources,
finite…
if life is left
unchecked, life will
cease to exist.
It needs correction.
Economics is not about atoms
Economics is about knowledge
The difference
between our
age and the
Stone Age is
entirely due to
the growth in
knowledge.
George Gilder
Make me
an iPhone
We need
Innovation
Sorry, I don't
have the
knowledge
Economics is the study
of how human beings
create value for one
another by discovering
knowledge
Prices contain
more
information than
quantities
Information?
Surprise
Angus Maddison
2016
1
AD
$2
$100
$30 World
15x
Northern Europe
North America
50x
1820
ourworldindata.org
Astonishing!
extremely surprising
or impressive;
amazing.
How did this
happen?
88% to 2% in 32 years
For the earth is full, and there is
enough and to spare; yea, I
prepared all things, and have given
unto the children of men to be
agents unto themselves.
Doctrine and Covenants 104:17
Year: 1834
1820 2022 Change
Population 1 billion 8 billion 8 x
Life Expectancy 30 years 72 years 42 +
Income Per
Capita Per Day
$2 $30 15 x
1800
$30
1 2 3 4 5 6 7 8
0
$0
GDP
Per Capita
Per Day
Population in Billions
$20
$25
$15
$10
$5
2022
2022
1800
“The pursuit,
discovery, and
application of
truth are what
we are on this
earth to
discover.”
What is the
number one
export from the
Philippines?
The Economic Way
of Thinking
Think Like
an Economist
Econ 201
Econ
Lab
TA
Taylor
Course
Textbook
Modern Principles of
Macroeconomics
4th Edition
Cowan, Tabarrok.
Econ Club
Digital-Free
Zone
No Laptops or Cell
Phones
Points
Exams 75%
Homework, Quizzes In-Class 25%
Total 100%
Grading Scale
"For a poor person
everything is
terrible. . . . we are
afraid of everything;
we depend on
everyone. No one
needs us. We are like
garbage that
everyone wants to
get rid of”
Blind woman from Tiraspol, Moldova 1997 (cited in Narayan, 2000, p.
65).
All human beings—male and female—are
created in the image of God. Each is a
beloved spirit son or daughter of
heavenly parents, and, as such, each has
a divine nature and destiny.

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Macro 1.pdf