MacroNotes is for Business School Students: Where the Rubber Meets the Road
I have spent my life either playing or watching sporting events. So I think often about the relationship between Practice and The Game. We know they are indispensable to each other. A team has to practice to prepare to play a competitive game. Without a looming game practice seems pointless.
The Practice of macroeconomics is learning the fundamentals of a system that produces outcomes at the national level in employment, prices, and economic growth. The Game of macroeconomics is played out every time business executives and economists have to make a decision. Is now a good time to expand my plant? Should the Federal Reserve raise interest rates? You cannot answer these questions if you don’t understand fundamentals of macroeconomics. You cannot make good decisions that “win the game” without learning and practicing what you learned.
In any game there is usually more than one way to play. You can play chess conservatively or you can make bold moves. Therefore two chess players with similar knowledge may prefer different strategies. In the real world, business executives and economists may understand the same facts and still have differing opinions about when to expand plants and when the Fed should raise interest rates.
Inasmuch the Macro Game is never simple and is always contentious and exciting. MacroNotes is structured so that we can Practice and play the Game. Each section and subsection of MacroNotes was chosen to contain the main building blocks of macroeconomics. Each subsection will have two parts to emphasize the importance of Practice and Playing the Game.
Playing the Game has relevant postings from my blog. These blog posts are meant to focus on the most current and relevant macroeconomic issues. These posts are meant to illustrate more than one opinion about these macroeconomic areas.
Practice contains the basic definitions and theories that comprise the science of macroeconomics.
MacroNotes was developed as a reader for business school courses in macroeconomics. It has been used in the Core MBA and Kelley Direct Programs at the Indiana University Kelley School of Business, the German International Graduate School of Management and Administration in Hannover Germany, the Helsinki School of Economics, and Sungkyunkwan University GSB Program in Seoul, Korea.
Because I mostly taught MBA students in my career the main audience for MacroNotes has been those students. But MacroNotes can easily be used in undergraduate macroeconomics courses so long as the goal is to both learn and apply macroeconomics.