Dr. F. Steb Hipple, Professor of Economics (Ret)

Office -- Room 304, Wilson Hall

Phone/Voicemail -- 423-439-5304

Fax --423-439-8583

Email --

Website --

Office Hours after class meetings and by appointment.



Department of Economics and Finance

Office -- Room 227, Sam Wilson Hall

Phone -- 423.439.4202



ECON 4527/5527 Tuesday-Thursday

9:45am-11:05am, Sam Wilson Hall, Room 329



Economics 2210 Principles of Macroeconomics

Economics 2220 Principles of Microeconomics



James Gerber, International Economics. 5th Ed. Pearson Addison Wesley, 2011.

Warning! A 6th Ed. is available do not purchase this edition. We will use the 5th Ed. Used copies of the 5th Ed. are available.



Economic specialization and international trade and investment. The growth of the global economy and economic integration, the gains and losses to consumers and producers. Government policies to promote and/or restrict international business activities, and the role and operation of the international financial system. The rise of multinational corporations and global markets.


LEARNING OUTCOMES: At the end of this course, you will be able to:

         Describe the functioning of the world economy and the role of the United States.

         Understand the basis for economic specialization and international trade.

         Identify the gains and losses from trade for consumers and producers.

         Describe and evaluate the methods that governments use to promote and restrict trade.

         Understand the functioning and role of the international financial system.

         Analyze and comprehend the nature of international financial crises.

         Identify and evaluate the different strategies for economic development.

         Comprehend the personal and business implications of economic integration and the emerging global economy.


COURSE ORGANIZATION: The course is divided into two major parts. First, we will cover the basic theory and policy aspects of international trade and international finance, and then turn our attention to the most significant issues in the global economy. The number of class meetings devoted to each topic is shown in brackets.



A.     Global Institutions
Chapter 1. The United States in a Global Economy [1]
Chapter 2. International Economic Institutions [1]

B.     International Trade Theory
Chapter 3. Comparative Advantage and the Gains from Trade [1]
Chapter 4. Comparative Advantage and Factor Endowments [2]
Chapter 5. Beyond Comparative Advantage [2]
-- EXAM I (Thursday, September 20)

C.     International Trade Policy
Chapter 6. The Theory of Tariffs and Quotas [1]
Chapter 7. Commercial Policy [1]
Chapter 8. International Trade and Labor and Environmental Standards [1]

D.     International Finance
Chapter 9. Trade and the Balance of Payments [1]
Chapter 10. Exchange Rates and the Exchange Rate System [2]
-- EXAM II (Tuesday, October 23)
Chapter 11. Introduction to Open Economy Macroeconomics [1]



Chapter 12. International Financial Crises [1]
Chapter 13. Economic Integration in North America [2]
Chapter 14. The European Union: Many Markets into One [2]
-- EXAM III (Thursday, November 15)
Chapter 15. Trade and Policy Reform in Latin America [2]
Chapter 16. Export-Oriented Growth in East Asia [1]
Chapter 17. China and India in the World Economy [2]
-- EXAM IV (Thursday, December 13, 8:00am)


CLASS MEETINGS: Classes will begin Monday, August 27, and end Friday, December 7. Holidays are Labor Day (Monday, September 3), Fall Break (Monday and Tuesday, October 15 and 16) and Thanksgiving (Wednesday, Thursday, and Friday, November 21, 22, and 23). There are a total of 28 scheduled class meetings on Tuesdays and Thursdays. We will return during exam week for the last hour exam.


PREPARATION: Assigned chapters should be carefully read before class meetings. Class lectures will focus on the theoretical and quantitative aspects of the textbook material.


ATTENDANCE: It is important to attend every class meeting. Class roll will be taken at each class meeting; excessive absences will result in a reduction in your overall semester grade.


EXAMS: There will be four one hour exams. Make-up exams will be given only in cases of extreme emergency. If you must be absent from a regularly scheduled exam, please contact your instructor before the exam is given. The exam format will include written definitions, problems, and essays. Each exam will count 20% of the semester grade.


REPORTS: Each undergraduate student will participate in a group research project and presentation on a topic in international economics or international business. The report topics and format will determined by the end of September. The report grade will be based upon peer and instructor evaluation and will equal 20% of your semester grade.


ECONOMICS 5527: Each graduate student will conduct a major research project on a topic in international economics. The research proposal (including a bibliography) is due by the end of September. The research proposal will be presented to the class for approval. The project grade will be based upon peer and instructor evaluation and will equal 20% of the semester grade.


GRADING: The scoring system for exams and reports is numerical (0 to 100) while the semester grade is a letter. The letter ranges are: "A" = 90 to 100; "B" = 80 to 89; etc. Plus and minus grades show strong or weak performance within the letter range.


WEBSITE: Please check our class website for announcements. Handout materials will also be available at the website. Go to


HELP: In addition to my posted office hours, I will be happy to meet with you by appointment. Please feel free to ask questions in class. Contact me for help on reading assignments and projects. Have a good semester!