Economics Courses

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ECON 100 Principles of Economics

Every semester
Cross-listed: Economics & Finance; Environmental & Urban Studies ; Global & Int’l Studies
Distribution Requirement: Social Analysis
This course is a one-semester introduction to the essential ideas of economic analysis. The microeconomics component of the course develops the basic model of consumer and firm behavior, including demand and supply, in the context of an idealized competitive market and examines several ways in which the real world deviates from this model—including monopoly and other forms of imperfect competition; information problems; minimum wages and other price controls; taxes; and government regulation. The macroeconomics component studies the aggregate behavior of modern economies - the factors leading to economic growth, explanations of booms and recessions, unemployment, interest rates, inflation, and budget deficits or surpluses – and the government’s ability (or inability) to use monetary and fiscal policies to achieve economic goals such as full employment and price stability. This course replaces the two-semester introductory microeconomics and macroeconomics sequence and is the foundational course in the economics curriculum. Prerequisite: passing score on Part I of the Mathematics Diagnostic. Class size: 22

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ECON 122 What is Money?

Tcherneva (Fall 2014)
Distribution Requirement: Social Analysis

What is money? This simple question has surprisingly many different answers. This course examines the origins, nature, and functions of money through historical time to illustrate the role it has played in the process of economic provisioning in different societies. Though the true origins of money are likely lost in the 'mists' of time, we can learn a lot from studying the monetary systems in ancient Egypt, Mesopotamian empires, as well as from the monetization of colonial Africa and the monetary regimes in modern nation-states. The course will examine different monetary systems in modern market economies: including gold standard episodes, money in the American colonies, sovereign currency regimes, monetary unions as in the EU, local currency areas, and emerging phenomena like bitcoin and peer-to-peer payment systems. We will apply different theoretical perspectives to the study of money to explain the functioning of these different monetary systems and the policy space they afford nations for achieving specific policy objectives. Class size: 22

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ECON 135 Understanding Financial Crises

Spring 2015, Fall 2015
Distribution Requirement: Social Analysis

In the fall of 2008 financial systems worldwide became engulfed in a financial crisis of extraordinary proportions.  Despite the intervention of global authorities, trillions of dollars in financial wealth disappeared, almost overnight.  In the half a decade since, most developed countries have experienced lackluster economic growth, which have also impacted social conditions.  All this has happened before and, most certainly, will happen again. The purpose of this course is to provide students with an introduction to some of the causes and effects of historical episodes of financial crisis.  We will find that while certain similarities do exist, no two financial crises are exactly the same; that is, generating from the same causes, or creating the same economic effects, or being resolved in the same manner.  Reviewing approximately four centuries of financial crisis through the examination of historical sources written by individuals living through the crises themselves, as well as subsequent scholarly and popular studies, we will develop a historically-based understanding of the impact of financial crisis upon social and economic conditions.   In the course of our historical investigation into the causes and effects of financial crisis, we will attempt to answer such key questions as: Are financial crises themselves unavoidable? And, if not, what are the policy options available to authorities in the mitigation and resolution of financial crises. Class size: 22

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ECON 201 Intermediate Microeconomics

Aniruddha Mitra, Kris Feder (Every semester)
Cross-listed: Economics and Finance
Distribution Requirement: Social Analysis
Microeconomics is the study of how individual economic units (households and firms) interact to determine outcomes (allocation of goods and services) in a market setting. In this course, we attempt to achieve the following three objectives: (1) Understand all the concepts covered in Introduction to Microeconomics in terms of mathematics; (2) Study advanced topics such as choice under uncertainty and information asymmetry that have traditionally relied on mathematics for illustration of ideas; and (3) Learn how to use mathematics to conduct in-depth economic analysis. In order to meet the last objective, we will devote most of the weekly “lab” sessions toward problem solving. During the lab sessions, students are expected to take turns explaining how to solve a particular problem to the rest of the class. A firm grasp of the materials covered in this course is essential to reading economics journal articles and pursuing advanced studies in economics. Prerequisites: Calculus I and ECON 100. Class size: 22

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ECON 202 Intermediate Macroeconomics

Giovannoni, Wray - Every Semester
Cross-listed: Global & International Studies   
Distribution Requirement: Social Analysis

This course is the continuation of the introductory macroeconomics course. In it, students will get acquainted with main models that macroeconomists use to analyze the way economies behave. The course starts by looking at the models that explain long run economic growth. We then focus our attention on investigating economic theories that explain short run business cycles, the periods of recessions and booms that occur on a regular basis. An important part of the course is to investigate the role of governments in affecting the long run and short run economic prospects of their countries. We apply the acquired theoretical knowledge to a range of current economic issues, including budget deficits and national debt, international trade, and the role of institutions.  Prerequisite: ECON 100 and MATH 110.  Class size: 22

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ECON 229 Introduction to Econometrics

Sanjay DeSilva, Every Semester
Cross-listed: Economics & Finance; Environmental & Urban Studies, Global and International Studies
Distribution Requirement: Mathematics and Computing

This is the first of a two-course sequence designed to explore the tools economists use to summarize and interpret data. The first half of the course introduces the concepts of random variables, probability distributions, sampling, descriptive statistics and statistical inference. The second half of the course focuses on simple and multiple regression analysis. The emphasis is on acquiring a practical knowledge of econometric methods (theoretical foundations and advanced techniques are covered in Econ 329); students will learn how to organize and analyze data using Excel and STATA, how to read and interpret published empirical research, and how to carry out an empirical research project. This course fulfills the statistical methods requirement for the economics major. Prerequisite: Economics 100 and Pre-calculus. Class size: 18

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ECON 216 European Economic History

Olivier Giovannoni, Every Spring
Cross-listed: Global & Int’l Studies
Distribution Requirement: Historical Analysis
This course presents the economic development of Europe from its roots in the Roman Empire to the present day. The first part of the class presents the economics of the Roman Empire , of Feudal Europe, of Mercantilism, of Imperialism, and of the Industrial Revolution. The second part of the class is devoted to post-WWII Europe: reconstruction, the golden age, communism / socialism, the 80s turn around, Maastricht and the Euro, and the European crisis. The questions addressed include: What lessons does the Roman Empire teach us? What was the role of agriculture and urbanization in medieval Europe ? Why did the Industrial Revolution take place in Britain, and not elsewhere? Why were some countries “no-shows”, or very slow, to join the development bandwagon? What are the economic motivations, and consequences, of wars? How do institutions and government interventions frame economic growth? How important is international trade for Europe ? What opportunities and challenges do natural resources (or lack thereof) pose? How did the European Union and the Eurozone come to be? Can present-day Europe overcome its challenges? The course is designed for inquiring minds who wish to understand how Europe came to be the major economic area it is now. Our approach is interdisciplinary (history, sociology, politics, geography, institutions…); however we will insist on their economic aspect.  Class size: 22

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ECON 218 Asian Economic History

DeSilva, Fall
Cross-listed: Asian Studies; Global & International Studies
Distribution Requirement: Historical Analysis

This course surveys the historical events and circumstances that have shaped the economic landscape of modern Asia. We begin in the nineteenth century when European contact had initiated a process of dramatic change throughout the continent; Japan began a process of unprecedented modernization, China confronted a series of internal conflicts and external threats, and much of the rest of the continent was absorbed directly into the colonial economy. We then compare the trajectories of economic change during the twentieth century. Particular attention is paid to the various economic models pursued in the region, including the colonial export economy of Southeast Asia, export-oriented industrialization in Japan, South Korea and Southeast Asia, import-substituting industrialization in India, and the communist economy of Mao’s China and mainland Southeast Asia. The regions covered are East Asia, Southeast Asia and South Asia. Prerequisite: Econ 100 or prior coursework in Asian Studies. Class size: 22

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ECON 211 History of Economic Thought: 20th Century

Giovannoni, Fall
Distribution Requirement: Social Analysis

The course explores the ideas of the greatest economic thinkers of the 20th century. We introduce the important ideas, present the context during which they were developed, and we compare those ideas. We cover economists such as Marshall, Keynes, Hayek, Sraffa, Veblen, Schumpeter, Galbraith and Nobel Prize recipients Samuelson, Friedman, Sen, Stiglitz and Krugman; schools of thought such as the New Keynesians, Post-Keynesians and New Classicals; and issues such as the business cycle, unemployment, inflation, free markets, and the role of governments. We emphasize the diversity of economic thought, and will allow you to better understand the origins of contemporary economic debates. History of Economic Thought I is a natural complement but not a prerequisite. Prerequisite: Econ 100 or permission of the instructor.  Class size: 18
 
 

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ECON 225 Economic Perspectives

Tcherneva, Spring
Distribution Requirement: Social Analysis

Why do economists disagree? As economic systems evolve, so have the theories used to explain them. Since Adam Smith, economists have used different assumptions, models and methodologies to study the role of markets, states, and institutions in the process of social provisioning. This course will survey the diverse traditions in economics and introduce students to competing paradigms. It covers several distinct approaches including Classical Political Economy, Neoclassical, Institutionalist, Post Keynesian, Marxist, Feminist, Development and Green Economics. The objective is to gain a broad appreciation of the specific problems that each of these traditions emphasizes and the contributions to theory and policy each has made. Students will examine not only the evolution of ideas and theories, but also their practical application today. Some of the specific issues that the course will consider include the causes and cures for unemployment, the evolution and interaction of culture, technology and the environment, and the role and nature of money in shaping the modern world. As we contemplate modern economic problems, sometimes the good old ideas produce the best new ideas. Prerequisite: Econ 100. Class size: 20

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ECON 200 Money and Banking

Tcherneva (Fall 2014, Fall 2015, Fall 2016)
Cross-listed: Economics & Finance, Global & Int’l Studies
Distribution Requirement: Social Analysis

An examination of the role of money and financial intermediaries in determining aggregate economic activity. Interactions of savers, investors, and regulatory authorities in domestic and international capital markets are analyzed, and the linkage between the financial system and the real economy traced. The functions of central banks, commercial banks, securities dealers, investment banks, and other intermediaries are covered in detail. The debate over the goals, tools, indicators, and effectiveness of monetary policy is considered in the light of current national and international economic problems. Prerequisite: ECON 100. Class size: 20

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ECON 203 Game Theory

Mitra (Spring 2015, Spring 2016, Spring 2017)
Cross-listed: Environmental & Urban Studies; Global & International Studies; Political Studies 
Distribution Requirement: Social Analysis

Game Theory is the study of how rational actors behave when they know that their actions hold consequences not just for themselves but for others as well and they are, in turn, affected by the actions taken by others. While the discipline has come to be regarded as a core area of economics, its applicability extends far beyond the analysis of economic behavior. The object of this course is to introduce you to the basics of game theory, emphasizing its generality as an analytical paradigm for social science. We shall, therefore, focus on a wide variety of applications taken from economics, political science, and the study of the environment.   Prerequisite: Econ 100.  Class size: 22

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ECON 205 Mathematical Economics

Mitra (Fall 2014)
Distribution Requirement: Mathematics and Computing 

Introduction to the use of elementary calculus and linear algebra in economic theory. This course provides the basic mathematical skills necessary to approach the professional economics literature. Emphasis is on formulating economic problems and building economic models in mathematical language. Applications are based upon simple micro- and macroeconomic models. Prerequisites:  ECON 100; calculus.  Class size: 22

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ECON 206 Economics from the Ground Up

Feder (Fall 2014)
Cross-listed: Environmental & Urban Studies 
Distribution Requirement: Social Analysis

Economics is the study of constrained choice. Most introductory textbooks begin by characterizing the processes and outcomes of complex markets involving exchanges of goods and money among millions of “agents” (households and firms), which are implicitly assumed to obey established social conventions and governmental directives. This course develops economic principles from the ground up through successive extensions of a simple intuitive model. We first explore the economizing behavior of a single individual, acting alone, who struggles to survive by employing available resources to produce food and shelter. From this “Robinson Crusoe” model we derive basic concepts such as income, wealth, and utility; opportunity cost; labor and wages; capital and interest; land and rent; risk, profit and loss; competition; and, uniting them all, the equimarginal principle of optimization. We then introduce cooperation and exchange among persons in order to analyze markets, prices, property, externalities, public goods, money and credit, and the economic functions of government. Throughout, the human economy is understood as embedded in local and global ecosystems. Thought experiments are supplemented with an historical survey of actual economies, from hunter-gatherer societies to agricultural subsistence economies to contemporary industrial systems. Prerequisite: ECON 100 or permission of instructor. Competence in high-school algebra and pre-calculus is important.  Class size: 22
 
 

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ECON 212 Health Economics

Martell (Fall 2017)
Distribution Requirement: Social Analysis

This course investigates health, health care services and related policies from an economic perspective.  We will cover theories of the production, supply and demand for health and health care services with special emphasis on the theoretical implications for policy, particularly in the United States.  We will approach the determinants and policy implications of health and health care services through neoclassical as well as heterodox schools of economic thought.  As such, students will develop an understanding of the politics, social context and production of health and well-being. The course endeavors not to provide students with a set of 'facts' regarding systems of health provisioning in different contexts.  Rather, the course will equip students with the analytical tools necessary for continued intellectual engagement in research and debates surrounding the economics of health. Students will study competing perspectives on the ability of markets to efficiently provision health care services.  Further, we will cover economic theories related to health, such as the economics of information, in addition to institutional approaches that highlight the role of history and politics.   As such, we will pay special attention to the historical development of health care services in the U.S. to provide an institutional account of the economic, historical and political aspects involved with the current health services market. The course will pay special emphasis to the application of the analytical tools developed in class to current trends and debates in the U.S. For example, we will critically investigate the widespread use of cost-benefit analysis in the implementation of federal rules and policies addressing public health. We will also discuss trends in healthcare expenditures, cost control mechanisms, healthcare reform proposals as well as issues of equity and ethics in access to (and delivery of) health care. Class size: 22

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ECON 214 Labor Economics

Martell (Fall 2016, Fall 2017)
Cross-listed: American Studies; Gender and Sexuality Studies  
Distribution Requirement: Social Analysis, Difference and Justice

This course focuses on the economic forces and public policies that affect employment and wages.  We examine theoretical models of labor markets and how well they hold up to real-world empirical data.  Topics emphasized include labor demand and supply, minimum wage laws, theories of unemployment, job search and matching models, family and life-cycle decision-making, human capital, efficiency wage theory, compensating wage differentials, worker mobility and migration, unions, and discrimination. Prerequisite: Economics 100. 
Class size: 22
 

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ECON 221 Economic Development

DeSilva (Spring 16, Spring 17)
Cross-listed: Africana Studies; Asian Studies; Environmental & Urban Studies; Global & International Studies; Human Rights; Latin American & Iberian Studies; Science, Technology & Society 
Distribution Requirement: Social Analysis

This course explores the economic conditions and problems faced by what economists call the "developing world". We begin by critically examining various definitions of economic development. The rest of the course is divided into three parts: the first part explores several key manifestations of development such as economic growth, industrialization, urbanization, globalization, inequality and poverty; the second part examines institutional determinants of development, including markets, political systems and culture; the third part deals with policies designed to address specific development goals, such as providing education, promoting gender equity or expanding access to financial markets. Classroom discussions will be supplemented by several book reports and discussions on popular contemporary books on development, and a semester-long case study each student will carry out on development experiences of a country of their choice. Prerequisites: ECON 100. Class size: 22

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ECON 223 International Trade

DeSilva (Fall 2017)
Cross-listed: Economics & Finance; Global & International Studies 
Distribution Requirement: Social Analysis

International trade, the flow of commodities across international borders, is a ubiquitous feature of the contemporary global economy. This course provides an introduction to economic theories and concepts that help us understand why nations trade, who benefits and who loses from trade, and why trade is regulated.  Each week, we will pose a question based on an issue of current interest (e.g. Does free trade contribute to widening the gap between the rich and the poor? Why does the US import Chevy cars from Canada? Should the US ban clothing imports from sweatshops in Bangladesh?  Should Apple move the production of iPads from China to the US? Did NAFTA contribute to an increase in illegal immigration?) and develop theoretical tools that help us answer it. Theories will be drawn from a variety of perspectives and the analysis will be grounded in the historical and political context of each policy issue. Prerequisite: Econ 100.  Class size: 22

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ECON 226 Urban and Regional Economics

Feder (Spring 2015, Fall 2016)
Cross-listed:  American Studies; Environmental & Urban Studies; Science, Technology & Society  
Distribution Requirement: Social Analysis

An introduction to the economic analysis of the spatial distribution of human behavior, addressing such questions as:  Where and why do cities arise--why do people cluster their homes and workplaces together in certain places? What factors determine the market allocation of land among users, and the variations in land value from place to place? What determines the size, density, and number of urban areas? What are the causes and consequences of suburbanization and sprawl, so evident in the US and Canada in recent decades? The spatial structure of cities and of regional systems of cities is analyzed from the perspective of economic theory. Also, contemporary urban problems are examined from an economic point of view:  housing and homelessness; crime; transportation; social services; segregation; inner-city blight. Particular attention is paid to historical patterns of urbanization and to the causes and consequences of urban sprawl in the US.  Prerequisite: ECON 100 or the equivalent.  Class size: 22

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ECON 228 Socially Responsible Investing

Cross-listed: Economics and Finance  
Toay (Fall 2017)
Cross-listed: Economics & Finance
Distribution Requirement: Social Analysis

2 credits   Corporate environmental, social and governance (ESG) criteria have grown in recent decades both as important parts of a company's operations but also in investment criteria for profiteers and human rights advocates alike. In this class, students will learn about socially responsible investing, the interaction of institutions with corporate finance, and leveraging change through investing and stakeholder engagement. Such ESG criteria are often the basis for investment screens and rubric to assess company performance with respect to Human Rights, Environmental stewardship and Ethical corporate behavior. Student learn about all facets of ESG through case studies and reading on impact investing and design their own company engagement plan. This two credit course does not have prerequisites, but pairs nicely with both Foundations of Finance and/or the work of the Socially Responsible Investment Committee.
 

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ECON 232 International Macroeconomics and Finance

Giovannoni (Fall 2015, Fall 2016)
Cross-listed: Economics & Finance; Global & Int’l Studies
Distribution Requirement: Social Analysis

The course combines international macroeconomics (exchange rates) and international finance (financial flows, markets and institutions). We present the important identities, definitions and theories, and stress real world examples and policy options. The typical questions addressed are: What’s special about the case of an open economy? What’s an exchange rate, and does it affect our economies and policies? What are the pros and cons of a flexible/fixed exchange rate system? What are FDIs? What is a balance-of-payments crisis? Why do countries default or go bankrupt? What are the roles and actions of institutions such as the Central Bank and the IMF? What is an optimum currency area? Is the Euro a viable enterprise? Numerous real-world examples are presented and the current policy debates are explored. Highlights include trade with China , global imbalances, the policy options and challenges for developing countries--and a special emphasis on the Greek/Eurozone crisis. The objective of the class is to apply the tools and models presented to think analytically and critically about international events. Class size: 22

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ECON 233 Controversies in Monetary Economics

Wray (Spring 2016, Spring 2017)
Distribution Requirement: Social Analysis

An investigation of current controversies in monetary and theory and policy. We will examine both the mainstream and heterodox approaches to each. Mainstream approaches include Monetarism, New Classical, New Keynesian, and the New Monetary Consensus. Heterodox approaches include Post Keynesian (endogenous money and circuit approaches), Marxist, and Institutionalist. We will conclude with a detailed examination of Modern Money Theory, which combines various strands of heterodoxy while also including contributions from historical, legal, and anthropological research. Class size: 25
 

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ECON 237 Economics of the Public Sector

Spring 2015, Spring 2016
Cross-listed:  Environmental & Urban Studies  
Distribution Requirement: Social Analysis

The public sector is a large component of every national economy, even of “market” economies such as that of the United States. Public sector economics (or public economics) covers four general areas: Government revenue, government spending, regulation, and  public choice (study of incentives influencing the behavior of voters, politicians, and bureaucrats, and of the consequences of alternative decision structures). This course focuses on the microeconomics of the public sector. Specific topics covered include market failures, externalities, public goods, optimal taxation, the economic theory of voting, regulatory capture, and fiscal federalism. As the field is broad, we focus on applications to the US economy. Prerequisite: Econ 100.  Class size: 22

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ECON 238: Can You Afford to Grow Old? Social Security, Pensions, and Elder Care in an Aging Society
 

Wray (Fall 2015, Fall 2016) 
Distribution Requirement: Social Analysis 

This course explores the financial challenges facing individuals and society as a whole as the nation ages. Some experts estimate the “unfunded entitlements” due largely to Social Security and Medicare to total many tens of trillions of dollars. Many young people today fear that Social Security will go bankrupt long before they will reach retirement age. Costs of medical care continue to grow faster than GDP. The Global Financial Crisis wiped out trillions of dollars of pension fund reserves. Will we be able to take care of growing numbers of seniors? If Social Security fails, will you have to support your own parents? Will you be able to accumulate enough retirement savings to see you through your “golden years”? This course examines the demographics, the finances, and the public policy aspects of these issues. Prerequisite: Econ 100 Class size: 22 

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ECON 242 Ecological Economics

Kris Feder (Fall 2015)
Cross-listed: Environmental & Urban Studies
Distribution Requirement: Social Analysis

Ecological economics (ECE) is a transdisciplinary field of study that draws upon principles of physics, ecology, and other natural and social sciences as well as economics. ECE views the economy as “an open subsystem of a larger ecosystem that is finite, nongrowing, and materially closed (though open with respect to solar energy).” As human population and production grow, say proponents, ECE is “a necessary evolution of economic thought” (Daly and Farley). The positive analyses of ECE are motivated by three normative social goals: (1) efficient allocation of scarce resources, including those—such as ecosystem services—that do not pass through markets; (2) justice in distribution; and (3) an ecologically sustainable scale of economic activity. Prerequisite: ECON 100. Class size: 22 

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ECON 254 Women and the Economy

Tcherneva (Spring 2015, Spring 2017)
Distribution Requirement: Social Analysis, Difference and Justice

This is an economics course with a strong interdisciplinary bent. While the focus is on women’s role and place in the economy, the analysis of gender roles and imbalances cannot be conceptually separated from the discrimination faced along other lines of marginalization such as race, age, class, and other. The course has two main objectives. The first is to introduce students to different theoretical approaches and methodologies for analyzing labor markets, household production, pay practices and other economic outcomes that affect various socio-economic groups. The second is to use the different theoretical lenses for analyzing key policy concerns such as pay differentials, discrimination, comparable worth policies, unpaid care burden, labor force participation, poverty and other. The course will introduce students to some advanced academic literature and policy-relevant papers to help them improve their research and writing skills.  Prerequisite: Econ 100. Class size: 20

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ECON 291 Foundations of Finance and Investments

Rezende (Fall 2015, Fall 2016, Fall 2017)
Cross-listed: Economics & Finance
Distribution Requirement: Social Analysis 

This course explores the foundations of the pricing of financial instruments and the structure and organization of financial markets. Methods will be developed to analyze and measure financial performance, price stocks and bonds, evaluate portfolios and understand financial derivatives as these relate to financial data. Additional topics include the investment decision-making process; trading practices; risk assessment and diversification. This course involves a substantial amount of statistical analysis and calculation, but no prior knowledge of statistics is required. Class size: 22

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ECON 304 Macroeconomic Stability

Tcherneva (Fall 2015, Fall 2016)
Distribution Requirement: Social Analysis

This course will examine the nature of economic instability and financial crises in modern history and the Keynesian contributions to macroeconomic stabilization policy. Students will be introduced to John Maynard Keynes’s investment theory of the business cycle and Hyman P. Minsky’s financial theory of investment.  We will grapple with the controversial question of government intervention by examining the theoretical justifications for and against intervention, the optimal level of intervention, and the effects of complete absence of intervention. We will also discuss specific economic policies that deal with important problems such as inflation, unemployment, poverty, financial crises, and other. The relative effectiveness of monetary and fiscal policies will also be discussed. Prerequisite: ECON 202 Class size: 15

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ECON 317 Industrial Organization

Mitra (Spring 2015, Fall 2016, Fall 2017)
Cross-listed: Economics & Finance 
Distribution Requirement: Social Analysis

Industrial organization is the study of how industries function and how firms interact within an industry. While this is part of the general agenda of microeconomics, industrial organization distinguishes itself by its emphasis on the study of firm behavior in imperfectly competitive markets. The primary objective of this course is to investigate how firms acquire market power or the ability to influence the price of their product; the strategic behavior of firms that possess market power; and the effect of policy intervention in such industries.  Prerequisite: Economics 201 Class size: 15
 

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ECON 321 Seminar in Economic Development

DeSilva (Spring 2015, Fall 2016)
Cross-listed: Environmental & Urban Studies; Global & International Studies; Human Rights  
Distribution Requirement: Social Analysis

The goal of this seminar is to introduce upper college students to the current academic literature on economic development. We will focus on two very different research directions that development economists have pursued in recent years. The first literature asks “big” questions on why some economies are less developed than others, focusing on long-term historical, ecological and political determinants. Relying on innovative policy experiments, the second literature attempts to answer “small” questions on whether a specific policy intervention (e.g. micro loans) can help improve a specific development outcome (e.g. small business growth).  Students are expected to write an original research paper that draws on both traditions to address a specific development problem or policy.  Prerequisites: Econ 229 and Econ 201, 202 or 221.  Class size: 15
 
 

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ECON 329 Advanced Econometrics

DeSilva, Sethi (Fall 2014, Spring 2016, Fall 2017)
Cross-listed: Economics & Finance  
Distribution Requirement: Mathematics and Computing

Econometrics is the artful blending of economic theory with statistics. Economic theory helps us to develop behavioral hypotheses, while statistics help us to test these hypotheses. For example, consumer theory tells us that there is an inverse relationship between price and quantity demanded; we use econometrics to see if consumers actually behave in this way. Designed as an advanced continuation of Econ 229 (Introduction to Econometrics), this course provides a rigorous treatment of regression analysis. Topics include models and tests that deal with violations of classical assumptions, time series, panel data, structural models and limited dependent variables. In several research projects and assignments, students will use the econometric software STATA to analyze real world data.  Prerequisite: Calculus I and Economics 229 or permission of instructor. A prior background in economics and statistics is assumed.  Class size: 15

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ECON 330 Seminar in Geoclassical Economics

Feder (Spring 2015, Spring 2017)
Cross-listed: Environmental & Urban Studies   

Geoclassical economics focuses on the role of property institutions in shaping political and economic life, and offers a systematic way of organizing our understanding of our relationships to each other and to the earth. Its research agenda reaches broadly into diverse aspects of economic and social theory. As a practical philosophy, geoclassical thought has roots in ancient Arabic and Hebrew traditions. As an analytical system, it emerged during the 17th through the 19th centuries in the political economy of John Locke, François Quesnay, Adam Smith, David Ricardo, John Stuart Mill, and Henry George. We review the classic and contemporary literature of geoclassical economics and explore its relationship to other schools of economic thought—neoclassical, ecological, and institutional. We also examine applications to both contemporary and enduring social problems, including: the Great Recession of 2008; rising inequality; crushing private and public debt burdens; distortionary taxes and subsidies; ecological destruction, urban blight, and suburban sprawl; and territorial disputes.  This course satisfies the Economic Thought field requirement in Economics. Students must be moderated in either ECON or EUS. Prerequisites: MATH 141; either ECON 100 or ECON/EUS 206.  Class size: 15

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ECON 331 International Migration

Mitra (Spring 2016)
Cross-listed:  Environmental & Urban Studies; Global & Int’l Studies; Human Rights 
Distribution Requirement: Social Analysis

The object of this course is to look at transglobal migration as an economic phenomenon, focusing primarily on human movements in the era of globalization. The questions we take up are the following: Who migrates? Why do they migrate? What are the consequences for the societies they leave behind? What are the consequences for the societies they go to? In particular, does immigration reduce wages for native workers? To what extent does the actual economic impact of immigration determine native perception of immigrants? What role do these perceptions play in the framing of immigration policy? Is there a case for immigration policy reform, both generally and with respect to illegal migration? Prerequisite: Econ 100 and Statistics (Econ 229 or equivalent).  Class size: 15

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ECON 338 Seminar in Discrimination

Martell (Spring 2017)
Distribution Requirement: Social Analysis, Difference and Justice

Many economists believe that markets are a relatively effective mechanism for coordinating wants and desires among members of society. Nevertheless we observe differences in economic outcomes for different groups of society. In this course we will explore the process through which differences in earnings manifest as well as the impact of these differences on wealth and well-being.  We pay particular attention to the role of discrimination in generating unequal outcomes in labor markets.  We will study discrimination with standard neo-classical approaches as well as through the analytical approaches of various schools of political economy including feminist, institutionalist, and Marxist.  We will discuss equality of economic opportunity and economic outcomes across, as well as relevant public policies for race, class, gender, sex and sexual orientation. Class size: 16

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ECON 350 Income Distribution: Applied Research Seminar

Giovannoni (Fall 2014, Fall 2015, Fall 2017)
Distribution Requirement: Social Analysis

Since the 1980s, income inequality has increased dramatically and is now the highest on record. More and more income goes to capital-owners and profits, not workers and labor, and since 2000, 95% of income gains have gone to the top 1%. There is much uncertainty regarding the causes and consequences of those trends, and the potential economic policies required. What explains this shift in the distribution of income? What are the roles of technology, international trade, finance, institutions and governance? Why has growth become so biased towards the very few? Is there a tradeoff between growth and equity? Through what processes is income created and distributed? What are extractive and predatory governments? Is inequality bad and if so, why? Is there such a thing as a balanced, or equitable growth and if so, what does it take? This course surveys landmark theories of economic growth and income distribution and is research-based, through the reading of state-of-the-art journal articles and the writing of a term paper. A substantial component of the course involves data procurement and analysis and in-class work on laptops. We focus on the United States and provide international comparisons. Prerequisites: ECON 202 and ECON 229, or permission of the instructor. Class size: 15

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ECON 390 Contemporary Developments in Finance

Papadimitriou, Toay (Fall 2014, Spring 2017)
Cross-listed:  Economics & Finance 
Distribution Requirement: Social Analysis

The seminar will contrast the academic analysis of financial economics with the coverage it receives in the newspapers and on the nightly newscast. The stories on the news are almost always connected with people, whether we observe them shouting bids in a trading floor or talking on two phones simultaneously. Financial markets are dominated by people behaving in many different ways. Yet traditional finance theories concentrate on efficient markets, predictable prices that are determined by the concepts of present value, rates of return and analysis and pricing of computable risks. Human behavior has neither a place in the theory nor a need to be studied. This prevailing view has recently been challenged by the new paradigm of behavioral finance that considers the many anomalies of "rational" behavior and "efficiency" of markets. The new paradigm concerns itself with economic decision-making and investor psychology, and specifically with questions relating to how and why people exhibit a mixture of rational and irrational behavior. The seminar will examine the influence of economic psychology in the decision-making process of various agents as well as in the market's dynamics. Several guest lecturers will also offer their informed views in the development of contemporary finance.  Class size: 15

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ECON 391 Corporate Finance

Spring 2015, Spring 2016
Cross-listed:  Economics and Finance
Distribution Requirement: Social Analysis

Capital is a scarce resource. Access to capital and its efficient use are critical to business success. This course discusses how capital can be raised and allocated within corporations to the advantage of corporate shareholders. Topics include: allocation of capital for investments, measurement of the opportunity cost of capital, capital structure, cash-distribution policy, corporate restructuring, and long-term financing. At the end of course, you will know how to value a company. On the way the topics we shall cover those that are important to all managers whether or not they specialize in finance: (1) procedures for analyzing companies’ financial data to determine how efficiently they have been run; (2) methods for projecting funding needs based on principles of good working capital management; (3) rules for choosing the maximal safe, or optimal, level of debt in the structure of capital used for funding company operations; (4) figuring the costs of the various types of funds that a company uses and its weighted average cost of capital; and (5) combining all the foregoing into a methodology, to wit, discounting free cash flows and adding salvage value, for establishing a company’s value or price. 
Class size: 15