General Course Information

Course Lecturer Name(s):  Gregory Renwick BBA, MA, LLB (Hons)

Course Director Name: Gregory Renwick

Course Lecturer(s) Contact Information:  439-2000 ext 3361and 414-7500

Course Lecturer(s) Office Hours:  Open and by appointment 

Course Director Office Hours:     Same as above

Course Lecturer(s) Office Location:  Balisier Building

Course Director Office Location: Balisier Building

Course Support:   Nikisha Thomas and Nichole Phillip

Course Management tool: To learn to use Sakai, the Course management tool, access the link

Course Curriculum Information

Course Description: 

Macroeconomics is the branch of economics that examines the economic behaviour of the entire economy. It deals with national income, national output and employment, wealth and money creation and the external sector. It is concerned with the study of real life economic issues and problems. This is an introductory course in Macroeconomics which attempts to provide a common-sense approach to economics, covering basic economic laws and how they apply to our world and everyday life

Course Objectives: 

  1. Define economic growth in terms of changes in the production possibilities curve     and in real gross domestic product.
  2. Define nominal gross domestic product and real gross domestic product
  3. Compare and contrast as well as discuss various measures of output and income;
  4. Identify the components of the expenditure and the income approaches to the measurement of GDP. 
  5. Analyze the effects taxation during a macroeconomic recession and expansion.

Student Learning Outcomes:

  1. Explain the role and importance of the study of macroeconomics.
  2. Recall the basic terminology utilized in macroeconomics.
  3. Evaluate basic economic concepts that are applied to real world economic situations. 
  4. Demonstrate the various methods used by economists to analyze economic problems.
  5. Demonstrate the ability to analyze and respond to arguments about the merits and limitations of the economic way of reasoning.

Program Outcomes Met By This Course:

PO 2.   Be able to analyze problems and address problems in policy applications that impact society.

PO 3. Develop quantitative literacy skills and confidence using numerical data.

PO 4. Effectively communicate information by extracting and constructing meanings through analysis and critical thinking. 

SAS Grading Scale: Grades will be assigned as follows:

A  = 89.5% or better

B+ = 84.5 - 89.4%

B  = 79.5 - 84.4%

C+ = 74.5 - 79.4%

C= 69.5 - 74.4%

D= 64.5 - 69.4%

F = 64.4% or less   

Course Materials:

  1. Economics Today: The Macro View by Roger Leroy Miller (Pearson Publishers, any edition).
  2. An Introduction to Modern Economics by Hardwick, Langmead & Khan. 
  3. Introductory Economics – Barry Harrison, Charles Smith and Brinley Davies

Any Macroeconomics text would be adequate.

As there is no specifically assigned course text, assigned readings would be by subject matter. 

Supplementary Readings/Resources: Handouts

Course Grading Requirement:



Midterm exam


Final Exam


Class participation


Course Requirements:

  1. Students will be required to read material on the relevant topics before class.
  2. Submit assignments in a timely manner.
  3. Participate in classroom discussion. 
  4. Be courteous and respectful of other participants’ contribution.
  5.  Attend and be punctual in attendance for class.

Course Schedule:




Weeks 1-2:

 Introduction to Macroeconomics

1.What is Macroeconomics? 2.Microeconomic foundations of Macroeconomics

3.Scarcity, choice and PPF

Weeks 3-5

 Measuring output and economic growth

1.The Circular flow of factors of production , goods and services. 2.National Income Accounting. Price level.

3.Nominal and Real GDP 4.Aggregate demand and supply.

5.Aggregate expenditure and National Income. Macroeconomic 6.Equilibrium. Recommended reading: Roger Miller ‘Economics Today’, Chap 

Week 6

Theories of Economic Management

1.The Classical Theory. 2.Limitations of the Classical Theory. Miller, Chaps.10-12

Week 7

Theories of Economic

Management -continued


1.The Keynesian and Monetarist Theories. 

2.Limitations of both.

3.Effectiveness of Classical, Keynesian theories.

Week 8

Midterm exam


Weeks 9 -10

What is money?

1.Definition of money

2.Types of money

3.Functions of money

4.Money creation and the Central Bank

5.Monetary Policy

6.The Quantity Theory of Money  Miller Chap15

Weeks 11-12

Fiscal Policy, the Budget and National Debt

1.Discretionary and nondiscretionary fiscal policy. 2.Taxation-types and effectiveness. 3.The Laffer Curve. Government’s Budget and the Public Debt. Miller Chap14


Week 13

Inflation and Unemployment

1.Types and causes of Inflation



2.Types and causes of Unemployment

3.Impact of inflation and unemployment

4.The Phillip’s Curve

5.The Beveridge Curve

Weeks 14 -15


Trade Theories, Balance of Payments and Forex

1.Trade and Economic Growth

2. Absolute and Comparative Advantage.

3.The Balance of Payments and Exchange rates 4. Balance of Payments equilibrium and disequilibrium


Week 16

FINAL exam


School of Arts and Sciences Master Syllabi — Info for All Sections

Plagiarism Policy

Academic Integrity

The St. George’s University Student Manual (2019/2020) states as follows:

Plagiarism is regarded as a cardinal offense in academia because it constitutes theft of the work of someone else, which is then purported as the original work of the plagiarist. Plagiarism draws into disrepute the credibility of the Institution, its faculty, and students; therefore, it is not tolerated” (p. 48).

Plagiarism also includes the unintentional copying or false accreditation of work, so double check your assignments BEFORE you hand them in.

Be sure to do good, honest work, credit your sources and reference accordingly and adhere to the University’s Honor Code. Plagiarism and cheating will be dealt with very seriously following the university’s policies on Plagiarism as outlined in the Student Manual.

Your work may be subject to submission to plagiarism detection software, submission to this system means that your work automatically becomes part of that database and can be compared with the work of your classmates.

Attendance Requirement

The St. George’s University Student Manual (2019/2020) states as follows:

Students are expected to attend all classes and or clinical rotations for which they have registered. Although attendance may not be recorded at every academic activity, attendance may be taken randomly. Students’ absence may adversely affect their academic status as specified in the grading policy. If absence from individual classes, examinations, and activities, or from the University itself is anticipated, or occurs spontaneously due to illness or other extenuating circumstances, proper notification procedures must be followed. A particular course may define additional policies regarding specific attendance or participation” (p. 9).

Examination Attendance

The St. George’s University Student Manual (2019/2020) states as follows:

All matriculated students are expected to attend all assigned academic activities for each course currently registered. Medical excuses will be based on self-reporting by students. Students who feel they are too sick to take an examination or other required activity on a specific day must submit the online SAS medical excuse, which is available on Carenage. Students are only allowed two such excuses a year. Upon consultation with the Director of University Health Service, the third excuse will result in a mandatory medical leave of absence. The policies regarding make-up examinations are at the option of the Course Director” (p.46).

For additional specific examination policies and procedures, refer to the St. George’s University Student Manual (2019/2020), pages 31 through 37.

Student Accessibility and Accommodation Services Policy

The St. George’s University Student Manual (2019/2020) states as follows:

A student with a disability or disabling condition that affects one or more major life activities, who would like to request an accommodation, must submit a completed application form and supporting documentation to the Student Accessibility and Accommodation Services (SAAS) located in the Dean of Students Office. It is highly recommended that students applying for accommodations do so at least one month before classes begin to allow for a more efficient and timely consideration of the request. If a fully completed application is not submitted in a timely fashion, an eligibility determination may not be made, and accommodations, where applicable, may not be granted prior to the commencement of classes and/or examinations” (p. 8).


It is the responsibility of the student to read and understand the policies, laws, rules and procedures that while they could affect your grade for a course, have not been specifically outlined in the course syllabus. These are contained in the St. George’s University Student Manual.