Faculty Contact Information:
Aroop K. Mahanty, Ph.D.
e-mail address: amahanty@faculty.ed.umuc.edu
Telephone:(Within Europe) 0039-339-8655735
(from the U.S.)011-39-3398655735 | |
Consultation:
| Available by email or telephone. Please make prior arrangements by email for all telephone consultation. | |
Required Texts and Readings:
Text used exclusively in this class--
McConnell, C.R. & Brue, S.L. (2002). Economics: Principles, problems,
and policies, International Edition (15th ed.). New York: McGraw-Hill.
Text used in multiple classes--
American Psychological Association. (2001). Publication manual of the
American Psychological Association (5th ed.). Washington D.C.: Author. | |
Supplementary Readings:
Recommended reading:
THE ZERO-SUM SOCIETY by Lester Thurow
UNIVERSITY ECONOMICS by Alchian
THE MIDNIGHT ECONOMIST by Freeman
ESSENTIAL ECONOMICS FOR ADMINISTRATIORS by Mahanty (Under preparation)
THE INTERNATIONAL ECONOMY by Salvatore
All graduate students should be prepared to utilize the UMUC online library. The library contains a large number of full text academic journals that are free of charge and immediately available. The library homepage also contains a number of links related to improving students' research and writing skills. | |
Recommended Journals:
A variety of full-text, online, free-of-charge, and pay-per-view academic journals are listed on the PA Webboard (http://webboard.ed.umuc.edu/~pa). In addition, you should, on a regular basis, consult the following periodicals:
The Economist
Challenge
Business Week
American Economic Review
Journal of Economic Reasearch | |
Course Description:
| Prerequisites: Application for admission to the Master of Public Administration or the Master of Science in Management Information Systems degree programs.This course is a survey of macro- and microeconomic concepts relative to administrative management. It introduces students to the behavior of the consumer and producer in the market place; price determination; the macroeconomic problems of income, employment, and price stability; and how to use the tools of fiscal and monetary policy to move the economy in the direction of macroeconomic goals. | |
Course Goals:
Upon completion of this course, participants should have an understanding of:
- The free market economy and the way it allocates limited productive resources among industries and national income among citizens
- The use of economic methodology
- How the product and resource prices are determined in both competitive and monopolistic markets
- The relative size and the role of the government in the United States, both historically and currently
- The effect that government policies have on the allocation of resources and distribution of income
- The United States in the Global Economy
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Course Objectives:
At the conclusion of this course the student will be able to:
- Analyze economic policy options in a mixed-capitalistic economy
- Assess the opportunity cost of government activity
- Evaluate issues of market failure such as externalities and public goods
- Utilize government provided data to evaluate economic performance
- Develop a feeling for the complex nature of the business/government environment
- Prepare a written project to discuss some aspect of a free-market economy
- Provide an oral presentation covering the written project information
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Grading Information:
The final course grade is determined by your performance in several components (see under Course Requirements.)
Grades for this course will be assigned as follows:
- A 89% and above
- B 81% – 88%
- C 70% - 80%
- F Below 70%
Please note that Bowie State University does not use "D" for graduate students. The grade F(a) is used to designate academic failure. F(n) is used to designate failure for non-completion. Grades of Incomplete or Withdrawal are governed by UMUC-Europe policies. For further details, please refer to the UMUC-Europe Graduate Catalog. Hard copies of the catalog are available in your local Education Center. | |
Course Requirements:
Graduate school at the masters level focuses on helping students obtain the education needed for success as professionals in their chosen fields. Thus, UMUC-Europe Graduate Programs and Bowie State University share the common goals of promoting excellence in academic scholarship through thoughtful inquiry and the skillful application of knowledge and theory for the betterment of society.
The final course grade will be determined by your performance in
examinations, assignments, quizzes and the quantity/qualty of participation. Because this is an on-line class, regular participation is important. The importance of the individual elements are shown below:
Mid-erm examination: 30%
Final examination: 40%
Participation: 10%
Assignments/quizzes: 20% | |
Description of Course Requirements:
Because of the "virtual" nature of the class, some changes with respect to the pace of coverage as well as content may occur. The weights of the various components used to determine your final grade are shown below:
Midterm examinations: This is a written examination, typically covering material from the first half of the term.
Final examination: Final examination is usually comprehensive although much of the material will be drawn from the coverage during the second half of the course.
Participation: This is an integral part of the learning process. You will be graded on the quality and quantity of your contributions toward the conferences and other discussions.
Assignments: These are formal reports or projects, essays, revolving around important economic/administrative issues. Also included are answers to questions either from the book or elsewhere. The due dates for submission will be announced in advance.
Quizzes: These are short or mini-exams to test you over material being covered at the time. The idea is to encourage keeping up with the class in an orderly manner and also to read the book ;o) | |
Course Schedule:
Economics, simply stated, is the intelligent allocation of scarce resources. Decision makers in the private as well as the public sectors, face tough choices about how best to make use of limited resources such as funds, manpower, space, equipment. To produce best results, administrators must know the workings of the economic systems at the micro as well as the macro level. They must get the big picture of economic developments as well as understand how to dissect them to appreciate the changes or variables which contribute to such developments. Therefore, generally speaking, the study of economics covers the examination of market forces, prices and output in particular industries, consumer behavior, production theory, competition, resource markets, government policy and intervention, the health of the economy, effect of global commerce, stabilization policy, economic growth and development.
This schedule presents 16 units or modules, with each unit corresponding to a regular three-hour weekday meeting, a half-day on weekends, or a full week of DE. Please recall that due to the on-line environment, some changes to the course coverage and pace may be necessary.
Initial meeting:
Introductions
Review of syllabus
Clarification of goals, objectives and requirements
Orientation to subject:
Second meeting: Introduction to economic modeling
The link between the private and public sectors
Markets and equilibrium; demand,supply and competition.
Microeconomics and macroeconomics
Third meeting: Review. Introduction to macroeconomics and the big picture. Real output of a nation. Business cyclkes.Aggregate demand and aggregate supply. The role of government. Consumption and investment.
Fourth meeting: Unemployment and inflation. Solutions to macroeconomic problems. Money and banking. Monetary policy.
Fifth meeting: The role of government. The budget deficit. Fiscal policy. Economic growrh and development.
Sixth meeting: International trade and finance. Impact of globalization. Commercial policy in an "open" economy.
Seventh meeting: Review. Trade barriers, productivity, international co-operation.
Eighth meeting:
Mid-term examination.
Ninth meeting: Examinations discussed. Introduction to microeconomics.
Demand, revenue and elasticity. Pricing, competition and profits.
Tenth meeting: Theory of production and cost.
Eleventh meeting: Market structure, industrial organization.
Twelfth meeting: Competition, collusion and game theory.
Thirteenth meeting: Market for resources.
Fourteenth meeting: Examination (details forthcoming.)
Fifteenth meeting:
Student presentations
Sixteenth meeting:
Student presentations
Course evaluations | |
Academic Policies:
Please refer to the UMUC-Europe Graduate Catalog for information on the following:
- Academic Integrity
- Course Load
- Exception to Policy
- Grade Appeal Process
- Make-up Examinations
- Students with Disabilities
Hard copies of the catalog are available at your local Education Center. | |
Faculty Bio:
General Information
Aroop Mahanty has been with UMUC Europe since 1994, when he entered the program as Resident Graduate Professor in Business Administration, teaching several courses in the area of business and economics as well as quantitative methods. He came to Europe as a Visiting Professor of Business to teach in Boston University's graduate program in Europe, from the University of Northern Colorado, where he was the chairman of the economics department, in 1982.
UNC, through its Center for Special and Advanced Programs offered graduate degrees to State-side military at bases located in as many as 15 states, which permitted Dr. Mahanty to travel extensively through out the United States. Boston too had a similar mission as that of UMUC Europe, to provide graduate education to the military and others. After Boston University terminated its program in 1994, Dr. Mahanty was a visiting professor for Loyola of Chicago and subsequently joined the American University of Rome where he is a Professor of Business as well as head of the department. He was a visitng professor of economics to the U. US Virgin Islands for the year 1991. He has also taught for Pepperdine University in their School of Professional Studies.
Dr. Mahanty has a B.S. in general engineering from the U. Wyoming, an MA in business and economics from Colorado State College and a Ph. D. in economics from Colorado State University. He also did a brief post-doctoral stint at the U. Chicago Graduate School of Business. He has written several books and articles for professional journals and is the founder and president of his consulting firm, ARCOM Inc. He has memberships in several professional organizations, including the American Economic Association, the National Association of Business Economists and the American Marketing Association. On several occasions he has consulted for large private firms as well as several NGO s and SME s.
At the moment, Rome (Italy) is home in the "new" country while Colorado continues to be home in the "old" country. Dr. Mahanty is presently working on a book manuscript dealing with the applications of microeconomics in business administration. He continues to teach the UMUC Europe DE courses, which he immensely enjoys. Hobbies include tent-camping, racketball,travel,art,Chopin/Mozart/Bach/Beethoven and Tina Turner. | |