The College Catalogue

First-Year Seminars

For a full description of first-year seminars, see the First-Year Seminar section.

18 {1018} b. The Art of the Deal: Commerce and Culture. Fall 2012. B. Zorina Khan.

Introductory, Intermediate, and Advanced Courses

101 {1101} b - MCSR. Principles of Microeconomics. Every semester. The Department.

An introduction to economic analysis and institutions, with special emphasis on the allocation of resources through markets. The theory of demand, supply, cost, and market structure is developed and then applied to problems in antitrust policy, environmental quality, energy, education, health, the role of the corporation in society, income distribution, and poverty. Students desiring a comprehensive introduction to economic reasoning should take both Economics 101 and 102.

102 {1102} b - MCSR. Principles of Macroeconomics. Every semester. The Department.

An introduction to economic analysis and institutions, with special emphasis on determinants of the level of national income, prices, and employment. Current problems of inflation and unemployment are explored with the aid of such analysis, and alternative views of the effectiveness of fiscal, monetary, and other governmental policies are analyzed. Attention is given to the sources and consequences of economic growth and to the nature and significance of international linkages through goods and capital markets.

Prerequisite: Economics 101.

[209 {2309} b. Money and Banking.]

211 {2211} b - MCSR. Poverty and Redistribution. Spring 2013. John M. Fitzgerald.

Examines the causes and consequences of poverty and inequality in the United States and analyzes policy responses. Topics include social welfare theory, poverty measurement, discrimination, rising wage inequality, the working poor, and consequences of poverty for families and subsequent generations. Substantial focus on benefit-cost analysis and experimental and non-experimental evaluations of current policy, including welfare reform, education and training, and employment programs. Makes limited use of comparisons to other countries.

Prerequisite: Economics 101.

212 {2212} b - MCSR. Labor and Human Resource Economics. Fall 2013 or Spring 2014. Rachel Connelly.

A study of labor market supply and demand, with special emphasis on human resource policies, human capital formation, and wage inequality.

Prerequisite: Economics 101.

213 {2213} b. History of Economic Thought. Fall 2013 or Spring 2014. Stephen Meardon.

A historical study of insights and methods of inquiry into the functions of markets and the role of government in shaping them. Readings include the original works of economic thinkers from the eighteenth to twentieth centuries, including Adam Smith, David Ricardo, Henry Carey, Karl Marx, Henry George, Thorstein Veblen, and John Maynard Keynes, among others. Different historiographical approaches are employed, including examination of the problems motivating past thinkers as well as the relevance of their ideas to modern economics.

Prerequisite: Economics 101 and 102, or permission of the instructor.

[215 {2215} b. Economics of the European Monetary Union.]

[218 {2218} b - MCSR. Environmental Economics and Policy. (Same as Environmental Studies 218 {2302}.)]

220 {2220} b. International Economics. Fall 2013 or Spring 2014. Julián P. Díaz.

An introduction to the major concepts of international trade and international finance. Analyzes the main reasons why countries trade and the impact of trade on production, prices, and welfare. Additional topics include the use of quotas, tariffs, and other barriers to trade, trade liberalization reforms and regional trade blocs, and the globalization debate. Covers the main issues of international finance, including the structure of the balance of payments accounts, exchange rate determination and exchange rate regimes, currency crises, global imbalances, the role of the IMF, and currency unions such as the European Monetary Union. Not open to students who have credit for Economics 308 or 309.

Prerequisite: Economics 101 and 102.

221 {2221} b - MCSR, ESD. Marxian Political Economy. Fall 2012. Jonathan P. Goldstein.

An alternative (heterodox) analysis of a capitalist market economy rooted in Marx’s methodological framework, which focuses on the interconnected role played by market relations, class/power relations, exploitation and internal tendencies towards growth, crisis, and qualitative change. Students are introduced to the Marxian method and economic theory through a reading of Volume I of Capital. Subsequently, the Marxian framework is applied to analyze the modern capitalist economy with an emphasis on the secular and cyclical instability of the economy, changing institutional structures and their ability to promote growth, labor market issues, globalization, and the decline of the Soviet Union.

Prerequisite: Economics 100 or 101, or permission of the instructor.

225 {2225} b - IP. The Economy of Latin America. Fall 2013 or Spring 2014. Julián P. Díaz.

Analyzes selected economic issues of Latin America in the twentieth century and into the twenty-first century. Issues covered include the Import Substitution Industrialization strategy, the Debt Crisis of the 1980s, stabilization programs, trade liberalization and economic integration, inflation and hyperinflation in the region, poverty and inequality, and the Washington Consensus and the rise of populism. Important economic episodes of the past three decades such as the Mexican Crisis of 1994–1995, the Chilean Economic Miracle, dollarization in Ecuador, and the recent crisis in Argentina will also be examined. (Same as Latin American Studies 235 {2625}.)

Prerequisite: Economics 101 and 102.

226 {2226} b - IP. Political Economy of Pan-Americanism. Fall 2013 or Spring 2014. Stephen Meardon.

Examines programs for economic and political integration of the Americas from the early nineteenth century to the present. Surveys the material and ideological motives for Pan-Americanism from the Congress of Panama (1826) to the Organization of American States (1948), the draft of a Free Trade Area of the Americas (2001), and beyond. Different forms of integration are evaluated in light of historical consequences and economic ideas. (Same as Latin American Studies 226 {2626}.)

Prerequisite: Economics 101.

227 {2227} b - MCSR, IP. Human Resources and Economic Development. Fall 2012. Deborah S. DeGraff.

An analysis of human resource issues in the context of developing countries. Topics include the composition of the labor force by age and gender, productivity of the labor force, unemployment and informal sector employment, child labor and the health and schooling of children, and the effects of structural adjustment policies and other policy interventions on the development and utilization of human resources. Examples from selected African, Asian, and Latin American countries are integrated throughout and the interaction of sociocultural environments with economic forces is considered.

Prerequisite: Economics 101.

228 {2228} b - MCSR. Natural Resource Economics and Policy. Spring 2013. Guillermo Herrera.

A study of the economic issues surrounding the existence and use of renewable natural resources (e.g., forestry/land use, fisheries, water, ecosystems, and the effectiveness of antibiotics) and exhaustible resources (such as minerals, fossil fuels, and old growth forest). A basic framework is first developed for determining economically efficient use of resources over time, then extended to consider objectives other than efficiency, as well as the distinguishing biological, ecological, physical, political, and social attributes of each resource. Uncertainty, common property, and various regulatory instruments are discussed, as well as alternatives to government intervention and/or privatization. (Same as Environmental Studies 228 {2303}.)

Prerequisite: Economics 101.

[238 {2380} b - MCSR. Economic History of American Enterprise.]

239 {2239} b - IP. Topics on Asian Economies. Fall 2013 or Spring 2014. Yao Tang.

A study of the similarities and differences in growth experience and the level of economic output per person in Asian countries. Explores possible causes of differences in economic paths, with a focus on several important economies, including China and Japan. Also discusses the relationship between the Asian economies and the United States economy. (Same as Asian Studies 231 {2830}.)

Prerequisite: Economics 101 and 102.

255 {2555} b - MCSR. Microeconomics. Every semester. The Department.

An intermediate-level study of contemporary microeconomic theory. Analysis of the theory of resource allocation and distribution, with major emphasis on systems of markets and prices as a social mechanism for making resource allocation decisions. Topics include the theory of individual choice and demand, the theory of the firm, market equilibrium under competition and monopoly, general equilibrium theory, and welfare economics.

Prerequisite: Economics 101, 102, and Mathematics 161 or higher.

256 {2556} b - MCSR. Macroeconomics. Every semester. The Department.

An intermediate-level study of contemporary national income, employment, and inflation theory. Consumption, investment, government receipts, government expenditures, money, and interest rates are examined for their determinants, interrelationships, and role in determining the level of aggregate economic activity. Policy implications are drawn from the analysis.

Prerequisite: Economics 255.

257 {2557} b - MCSR. Economic Statistics. Every semester. The Department.

An introduction to the data and statistical methods used in economics. A review of the systems that generate economic data and the accuracy of such data is followed by an examination of the statistical methods used in testing the hypotheses of economic theory, both micro- and macro-. Probability, random variables and their distributions, methods of estimating parameters, hypothesis testing, regression, and correlation are covered. The application of multiple regression to economic problems is stressed. Students who have taken Mathematics 265 are encouraged to take Economics 316 instead of this course.

Prerequisite: Economics 101, 102, and Mathematics 161 or higher.

260 {2301} b - MCSR. Financial Analysis. Fall 2012. Gregory P. DeCoster.

Provides a thorough exposure to asset valuation, portfolio management, and corporate financial decision-making. In addition, presents the financial accounting concepts necessary to utilize corporate financial statements in valuation and decision-making exercises. Topics include functions and structure of the financial system; measures of return and risk, and discounted cash-flow analysis; overview of financial statements and financial statement analysis; portfolio theory, asset pricing models, and efficient markets theory; corporate decision-making—the cost of capital, capital budgeting, and capital structure. Mathematics 161 is recommended.

Prerequisite: Economics 101 and 102.

[277 {3277} - MCSR. Applied Research Practicum: Chinese Rural to Urban Migration. (Same as Asian Studies 269 {2090} and Gender and Women’s Studies 277 {2277}.)]

291–294 {2970–2973} b. Intermediate Independent Study in Economics. The Department.

299 {2999} b. Intermediate Collaborative Study in Economics. The Department.

Courses numbered higher than 300 are advanced courses in economic analysis intended primarily for majors. Enrollment in these courses is limited to eighteen students in each unless stated otherwise. Elementary calculus will be used in all 300-level courses.

[301 {3531} b. The Economics of the Family. (Same as Gender and Women’s Studies 302 {3302}.)]

302 {3532} b. Business Cycles. Spring 2013. Jonathan P. Goldstein.

Seminar. A survey of competing theories of the business cycle, empirical tests of cycle theories, and appropriate macro stabilization policies. Topics include descriptive and historical analysis of cyclical fluctuations in the United States, Keynesian-Kaleckian multiplier-accelerator models, growth cycle models, theories of financial instability, Marxian crisis theory, new classical and new Keynesian theories, and international aspects of business cycles. The current global financial crisis is also analyzed.

Prerequisite: Economics 256 or permission of the instructor.

306 {3533} b. Behavioral Economics. Spring 2013. Daniel Stone.

Seminar. Standard economics (i.e., neoclassical economics) assumes that individuals are self-interested, rational actors, who optimize well-defined, stable objective functions. Behavioral economics is the study of systematic departures from these assumptions, and the implications for economic outcomes. Topics include errors in information-processing and belief formation, behavioral choice under uncertainty (loss aversion, reference dependence), time inconsistent behavior (self-control problems), and social preferences (altruism, fairness, and reciprocity).

Prerequisite: Economics 255 and 257.

308 {3208} b. International Trade. Fall 2012. Julián P. Díaz.

Offers a theoretical and empirical analysis of international trade. Particular attention is given to the standard models of trade: the Ricardian model, the Heckscher-Ohlin model, the specific factors model, and the monopolistic competition model, as well as an introduction to applied general equilibrium models of trade liberalization. Also analyzes current topics such as barriers to trade (quotas, tariffs); the effects of trade liberalization on wage inequality; regional integration blocs; the globalization debate; and the relation between trade, growth, and productivity. Data analysis is used in order to evaluate the success or shortcomings of the theoretical models.

Prerequisite: Economics 255 and 256.

309 {3509} b. International Finance. Fall 2013 or Spring 2014. Yao Tang.

Seminar. Surveys a number of topics in international finance and international macroeconomics, including balance of payments, exchange rate determination, the Mundell-Fleming model of output and exchange rate, exchange rate regimes, international capital flows, and international financial crises. Involves data analysis to empirically evaluate the theoretical models. Also provides a special focus on Asia by discussing issues such as Asia’s role in the global imbalances, China’s exchange rate regime, and the currency carry trade associated with the Japanese Yen.

Prerequisite: Economics 256 and 257, or permission of the instructor.

310 {3510} b. Advanced Public Economics. Fall 2013 or Spring 2014. John M. Fitzgerald.

Seminar. A survey of theoretical and empirical evaluations of government activities in the economy, considering both efficiency and equity aspects. Topics include public choice, income redistribution, benefit-cost analysis, analysis of selected government expenditure programs (including social security), incidence and behavioral effects of taxation, and tax reform. Current public policy issues are emphasized. Not open to students who have credit for Economics 210.

Prerequisite: Economics 255 and 257, or permission of the instructor.

316 {3516} b. Econometrics. Fall 2012. Jonathan P. Goldstein.

Seminar. A study of the mathematical formulation of economic models and the statistical methods of testing them. A detailed examination of the general linear regression model, its assumptions, and its extensions. Applications to both micro- and macroeconomics are considered. Though most of the course deals with single-equation models, an introduction to the estimation of systems of equations is included. An empirical research paper is required.

Prerequisite: Economics 257 or Mathematics 265, and Mathematics 161 or higher; or permission of the instructor.

318 {3518} b. Environmental and Natural Resource Economics. Fall 2012. Guillermo Herrera.

Seminar. Analysis of externalities and market failure; models of optimum control of pollution and efficient management of renewable and nonrenewable natural resources such as fisheries, forests, and minerals; governmental vs. other forms of control of common-pool resources; and benefit-cost analysis of policies, including market-based and non-market valuation. Permission of instructor required for students who have credit for Economics 218 (same as Environmental Studies 218) or 228 (same as Environmental Studies 228). (Same as Environmental Studies 318 {3918}.)

Prerequisite: Economics 255 and 257.

319 {3519} b. The Economics of Development. Fall 2013 or Spring 2014. Deborah S. DeGraff.

Seminar. Theoretical and empirical analysis of selected microeconomic issues within the context of developing countries. Has a dual focus on modeling household decisions and on the effects of government policy and intervention on household behavior and well being. Topics include agricultural production, land use systems, technology and credit markets, household labor allocation and migration, investment in education and health, and income inequality.

Prerequisite: Economics 257 or Mathematics 265, and Economics 255, or permission of the instructor.

[321 {3521} b. The Economics of Land Use, Ecosystem Services, and Biodiversity. (Same as Environmental Studies 321 {3921}.)]

326 {3526} b. Trade Doctrines and Trade Deals. Fall 2012. Stephen Meardon.

Seminar. An inquiry into the consequences of theory meeting practice in international trade negotiations. The historical relationship between economic ideas and the bilateral trade treaties, multilateral trade arrangements, and retaliatory tariff laws of Great Britain and the United States considered. The timeline extends from the eighteenth century to the present, from the Treaty of Methuen (1703) to the World Trade Organization.

Prerequisite: Economics 255.

340 {3540} b. Law and Economics. Spring 2013. B. Zorina Khan.

Seminar. Law and economics is one of the most rapidly growing areas in the social sciences. The field applies the concepts and empirical methods of economics to further our understanding of the legal system. Explores the economic analysis of law and legal institutions, including the economics of torts, contracts, property, crime, courts, and dispute resolution. Also focuses on topics in law and economics such as antitrust and regulation, corporations, the family, labor markets, product liability, and intellectual property. Students are introduced to online sources of information in law, and are required to apply economic reasoning to analyze landmark lawsuits in each of these areas. Not open to students who have credit for Economics 341.

Prerequisite: Economics 255 and 257, or permission of the instructor.

355 {3305} b. Game Theory and Strategic Behavior. Fall 2012. Daniel Stone.

An introduction to game theory, a theory analyzing and characterizing optimal strategic behavior. Strategic behavior takes into account other individuals’ options and decisions. Such behavior is relevant in economics and business, politics, and other areas of the social sciences. The main game theoretic equilibrium concepts are introduced and applied to a variety of economics and business problems. Elementary calculus and probability theory are used. Not open to students who have credit for Economics 245.

Prerequisite: Economics 255 or permission of the instructor.

356 {3356} b. Monetary Economics. Spring 2013. Paola Boel.

Examines the role that money plays in market economies. Monetary policies, fiscal policies, and payment systems are studied. Particular attention given to how inflation and taxes affect saving, investment, and output. The interaction of money with other assets, the banking system, forms of credit, and alternatives to fiat money also investigated.

Prerequisite: Economics 255 and 256.

360 {3302} b. Topics in Finance. Spring 2013. Gregory P. DeCoster.

A continuation of Economics 260 taught using the tools of standard Intermediate Microeconomics.

Prerequisite: Economics 255 and 260.

370 {3350} b. Mathematical Economics. Spring 2013. Erik Nelson.

A survey of some of the mathematical techniques used to conduct economic analyses. Topics include utility maximization under uncertainty; solving constrained optimization problems with mathematical programming; optimal control theory; solving complex equations and systems of equations with numerical methods; dynamic programming; and general equilibrium analysis. Students learn to solve problems with MATLAB and other similar programming and statistical software.

Prerequisite: Economics 255 and 257, and Mathematics 181.

401–404 {4000–4003} b. Advanced Independent Study and Honors in Economics. The Department.

405 {4029} b. Advanced Collaborative Study in Economics. The Department.