This course begins with an examination of 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. We will also analyze the government's ability (or inability) to use monetary and fiscal policies to achieve economic goals such as full employment and price stability. Throughout the course, we will debate whether the government should use monetary and fiscal policy to try to "fine tune" the economy and what the likely effects of such government involvement are.

Prerequisites: None. Economics 101 and 102 may be taken in either order.

An examination of the logic of constrained choice, with a focus on the economic behavior of individuals and organizations. The mechanics of the price system are analyzed in terms of demand (utility) and supply (cost). The characteristics of alternative market structures, from pure competition to monopoly, are derived and evaluated. The conditions under which markets allocate resources efficiently are worked out, and several causes of market failure are examined. Simple graphical and mathematical methods (high-school level of difficulty) are developed, their use reinforced by a variety of applications. Questions of microeconomic analysis and policy raised by current events are debated. Prerequisite: None. Economics 101 and 102 may be taken in either order.

A treatment of the determinants of national income, employment, and price levels in the short run; a study of the problem of business fluctuations in the economy and theoretical attempts to explain them; integration of short-run macroeconomic analysis with the theory of long-run economic growth. Prerequisite: ECON 101.

The early history of the yet-young science of economics: Petty, Locke, Hume, and the age of mercantilism; the Physiocrats of 18^th century France, inventors of the first circular-flow analysis of the macroeconomy; the revolutionary work of philosopher Adam Smith in 1776; and the century of classical political economy that followed him in the English-speaking world: Thomas Malthus, David Ricardo, John Stuart Mill, and others who studied the virtues and vices of the market system and debated the great questions of the relations of land, labor and capital. At its maturity, the classical school gave rise to two very different attacks on existing politico-economic institutions: in continental Europe, the socialist critique of Karl Marx; and in the United States and England, the Lockean critique of Henry George. This course focuses on the classical period to the late 19^th century, when classical political economy gave way to the "marginal revolution," which, applying the mathematical insights of calculus to economic questions, focused more on subjective choice and perhaps less on political issues and institutions. Prerequisite: One economics course.

This course examines the political and economic problems of countries in Eastern Europe and the former Soviet Union that are making the transition from the soviet economic system to free-market capitalism. Most of these economies have experienced a dramatic fall in output. We will analyze the necessary reforms and debate the merits of various proposals for making a successful transition. Topics we discuss include privatization of state-run enterprises, the deregulation of prices and inflation, government debt and the tax system, and the role of international lending institutions such as the IMF. Prerequisites: ECON 101 and 102 or permission of instructor.

This course uses the analytical tools of economics to explore some of the major issues in the long-term development of the American economy and the historical roots of contemporary economic issues. Topics that may be considered include the following: long-term growth, structural change, and resource use; the rise of manufacturing in the 19th century; the economics of slavery and its aftermath; the history of American inequality; the role of women in American economic development; the Great Depression and World War Two; the evolution of retirement; America's role in the global economy, past and present; the growth of government. The class will be conducted primarily as a seminar based on readings drawn from professional articles and books and a term paper will be required. Pre-requisite: intermediate microeconomics or permission of instructor; some background in American history is helpful but not necessary.

The first of a two-course series designed to examine empirical economics, and a prerequisite for Economics 329, Econometrics. Basic concepts of statistics, probability, probability distributions, random variables, correlation, and simple regression are introduced; the techniques of statistical inference hypothesis testing are developed. Numerous examples and computer-based exercises are included. Prerequisite: Economics 101 or 102.

The microeconomic theory of government, and more broadly, of collective decision making. Topics include: the economic theory of clubs; market failure and the rationale for government intervention in a market economy; economic models of the behavior of politicians, bureaucrats, and citizens; efficiency and equity of alternative voting rules; the economic effects of alternative tax structures and government expenditure patterns; governmental redistribution programs; efficient pricing of public sector output; intergovernmental competition and cooperation; fiscal federalism; and contemporary debates about tax reform. Prerequisite: ECON 102.

This course provides an economic analysis of political decision-making, with a primary focus on the political structure within the United States. Topics covered will include voting behavior by representatives in Congress and by constituents at the polls, the effect of campaign contributions on elections and on legislators' policy choices, how national policies are affected by individuals in the government who have agendas of their own, and the formation and success of lobby groups. Throughout the course we will also discuss the ongoing Presidential election and the factors affecting its outcome.

Prerequisite: Economics 101 or 102