19304

ECON 100 A

 Principles of Economics

Michael Martell

 T  Th    10:10-11:30 am

OLIN 204

SA

SSCI

Cross-listed: Economics & Finance; Global & International Studies  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

 

19305

ECON 100 B

 Principles of Economics

Michael Martell

 T  Th    11:50-1:10 pm

OLIN 204

SA

SSCI

Cross-listed: Economics & Finance; Global & International Studies   See above.  Class size: 22

 

19306

ECON 100 C

 Principles of Economics

Aniruddha Mitra

M  W      10:10-11:30 am

OLIN 205

SA

SSCI

Cross-listed: Economics & Finance; Global & International Studies  See above.  Class size: 22

 

19307

ECON 201

 Intermediate Microeconomics

Kris Feder

M  W      1:30-2:50 pm

HEG 106

SA

SSCI

Cross-listed: Economics & Finance  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

 

19308

ECON 202

 Intermediate Macroeconomics

Pavlina Tcherneva

  W  F     10:10-11:30 am

ALBEE 106

SA

SSCI

Cross-listed: Global & International Studies  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: either ECON 100, or the combination ECON 101 / ECON 102, MATH 110.   Class size: 22

 

19310

ECON 203

 Game Theory

Aniruddha Mitra

M  W      1:30-2:50 pm

OLINLC 115

MC

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & International Studies; Political Studies  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: MATH 110,   Precalculus Mathematics, or a passing grade on Part II of the Math Placement Test. Class size: 22

 

19309

ECON 218

 Asian Economic History

Sanjaya DeSilva

 T  Th    10:10-11:30 am

ALBEE 106

HA

HIST

Cross-listed: Asian Studies; Global & International Studies  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

 

19311

ECON 225

 Economic Perspectives

Pavlina Tcherneva

  W  F     11:50-1:10 pm

HEG 106

SA

SSCI

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

 

19312

ECON 229

 Introduction to Econometrics

Sanjaya DeSilva

 T  Th    3:10-4:30 pm

ALBEE 106

MC

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & International Studies  This course explores the tools economists use to summarize and interpret data. The first half of the semester introduces the concepts of random variables, probability distributions, sampling, descriptive statistics and statistical inference. The second half 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

 

19313

ECON 233

 Controversies in Monetary Economics

L. Randall Wray

 T  Th    10:10-11:30 am

LEVY

SA

SSCI

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

 

19314

ECON 242

 Ecological Economics

Kris Feder

 T  Th    1:30-2:50 pm

ALBEE 106

SA

SSCI

Cross-listed: Environmental & Urban Studies  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

 

19303

ECON 243

 Behavioral Economics

Gautam Sethi

M  W      10:10-11:30 am

ASP 302

SA

SSCI

Cross-listed: Environmental & Urban Studies; Psychology  This course will introduce students to behavioral economics, a subfield of economics that combines the use of economic tools with insights from psychology to better understand human behavior. The two primary findings of behavioral economics – that people are not always fully rational (at least not in the homo economicus sense) and that people are usually nice – will be applied to understand a wide variety of phenomena such as cooperation, behavior in the context of risk, determinants of happiness, savings and planning behavior and more, with the primary goal being to better understand and design public policy. In addition to active class discussions, we will run in-class experiments to consolidate these concepts. Prerequisites: ECON 100, or approval of the instructor.  Class size: 22

 

19317

ECON 331

 International Migration

Aniruddha Mitra

 T           3:10-5:30 pm

OLIN 303

SA

SSCI

Cross-listed: Human Rights  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

 

19315

ECON 338

 Seminar in Discrimination

Michael Martell

M           3:10-5:30 pm

ALBEE 106

SA

D+J

SSCI

DIFF

Cross-listed: Gender and Sexuality Studies. Human Rights  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: 15. 

 

19316

ECON 391

 Corporate Finance

Leanne Ussher

M           10:10-12:30 pm

 

SA

SSCI

Cross-listed: Economics & Finance  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: 20