Spring 2013 Courses

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100. Introduction to the Economy
Gregory DeCoster W 2:30 - 3:55 Searles-215
A non-technical introduction to the operation of modern capitalist economies, with a focus on the United States. Emphasizes use of a small number of fundamental concepts to clarify how economies function and to provide a foundation for informed evaluation of contemporary economic debates. Topics include incentives, decision-making, markets as a means of allocating resources, characteristics of market allocation, measures and history of U.S. economic performance, structure and function of the financial system, sources of economic growth, and business cycles. Periodic discussions of the role of government in the economy. Seeks to provide a level of economic literacy adequate to understanding debates as conducted in the popular press. Intended for students not planning to major in economics. Not open to students who have credit for Economics 101 or 102. Does not satisfy the prerequisite for any other course in economics.

101. Principles of Microeconomics
Bibi Khan M 1:00 - 2:25, W 1:00 - 2:25 Druckenmiller-020
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.

101. Principles of Microeconomics
Erik Nelson M 8:00 - 9:25, W 8:00 - 9:25 Adams-208
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.

101. Principles of Microeconomics
Daniel Stone T 11:30 - 12:55, TH 11:30 - 12:55 Searles-223
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. Principles of Macroeconomics
John Fitzgerald T 10:00 - 11:25, TH 10:00 - 11:25 Searles-213
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.

102. Principles of Macroeconomics
Jonathan Goldstein T 1:00 - 2:25, TH 1:00 - 2:25 Searles-113
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.

102. Principles of Macroeconomics
Stephen Meardon M 11:30 - 12:55, W 11:30 - 12:55 Sills-117
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.

211. Poverty and Redistribution
John Fitzgerald T 1:00 - 2:25, TH 1:00 - 2:25 Searles-213
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.

228. Natural Resource Economics and Policy
Guillermo Herrera M 11:30 - 12:55, W 11:30 - 12:55 Searles-315
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.

255. Microeconomics
Guillermo Herrera M 8:00 - 9:25, W 8:00 - 9:25 Druckenmiller-020
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.

256. Macroeconomics
Julian Diaz T 1:00 - 2:25, TH 1:00 - 2:25 Kanbar Hall-107
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.

256. Macroeconomics
Julian Diaz T 2:30 - 3:55, TH 2:30 - 3:55 Kanbar Hall-107
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.

257. Economic Statistics
Deborah DeGraff M 11:30 - 12:55, W 11:30 - 12:55 Kanbar Hall-107
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.

257. Economic Statistics
Deborah DeGraff M 2:30 - 3:55, W 2:30 - 3:55 Searles-223
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.

302. Business Cycles
Jonathan Goldstein T 10:00 - 11:25, TH 10:00 - 11:25 Searles-314
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.

306. Behavioral Economics
Daniel Stone T 2:30 - 3:55, TH 2:30 - 3:55 Sills-117
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).

340. Law and Economics
Bibi Khan M 10:00 - 11:25, W 10:00 - 11:25 Hubbard-22
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.

356. Monetary Economics
Paola Boel M 6:30 - 9:25 Kanbar Hall-107
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.

360. Topics in Finance
Gregory DeCoster T 2:30 - 3:55, TH 2:30 - 3:55 Searles-313
A continuation of Economics 260 taught using the tools of standard Intermediate Microeconomics.

370. Mathematical Economics
Erik Nelson T 11:30 - 12:55, TH 11:30 - 12:55 Kanbar Hall-101 Computer Lab
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 will learn to solve problems with MATLAB and other similar programming and statistical software.