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. Econ. 101 and 102 may be taken in either order.

This course explores the economic dimensions of selected public issues in the United States. (International concerns are addressed in the spring semester companion course, ECON 115.) Students will participate in the selection of four or five topics of general interest. "Ripped from the headlines" issues might include, for example, the Microsoft antitrust case; the Bush administration's tax, energy, environmental, or other policies; or the rise (and fall?) of the "new economy." Public issues of enduring interest might include topics related to Social Security and demographic changes; welfare reform; health care; education; crime; drugs and the underground economy; the distribution of income, wealth and property; pollution; urban decline and suburban sprawl; disposition of public lands; transportation; or farm policy. Students will work in teams to conduct and present research on each of the cases selected for study. Information will be drawn from media coverage; academic scholarship; US Government reports, statistics, and congressional testimony; and the publications of think tanks and advocacy groups on opposing sides of an issue. After a general review of each issue we focus on its economic dimensions. A few simple theoretical principles will be introduced and used to illuminate the economic forces at work. In the standard economic approach, individuals are assumed to behave rationally as they act to maximize their well-being, subject to constraints on available resources, within a framework of rights and obligations defined by social institutions. Irrational or undesirable social outcomes are analyzed as the consequence of interacting choices by rational individuals in the context of particular institutions.

Prerequisite: Economics 102.

This course explores the economic conditions and problems faced by the majority of the world's population that live in the developing countries of Asia, Africa, Latin America and the Caribbean. The concept of economic development is defined and related to ideas such as economic growth, sustainable development and human development. Economic theories of development are introduced, and policies designed to promote development at the local, national and international levels are evaluated. Considerable attention is paid to understanding how household decisions in rural agricultural societies are shaped by the institutional and policy environments. Topics include the economic consequences of colonialism and economic dependence; poverty and income distribution; investments in physical and human capital; economic aspects of household choices such as schooling, and fertility; rural-urban transformation; the effects of trade, industrial and agricultural policies; the role of foreign capital flows; political economy aspects of development policy; population growth and the environment; gender and development. Students will be expected to carry out a case study of the development experiences of a country of their choice.

Prerequisites: Economics 101 and 102.

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 central place theory. This microeconomic theory of location complements a historical review of patterns of urbanization and sprawl. Also, contemporary urban problems are examined from an economic point of view: housing and homelessness; crime; transportation; social services; segregation; inner-city blight. Issues of urban planning and policy are debated. Prerequisite: ECON 102.

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.

This seminar reviews the literature of geoclassical economics from it roots in Locke, Quesnay, Smith, Ricardo and George to the recently published work of Tideman, Gaffney, Vickrey, Stiglitz, and others. The geoclassical tradition studies the role of land tenure and related property institutions in shaping social, political, and economic life. Its interdisciplinary research agenda includes economic applications to environmental issues, urban problems, economic cycles, tax policy, public choice, the economic theory of government, trade, debt and dependency, income distribution, and territorial disputes. Exploring discrepancies between geoclassical and neoclassical postulates, we ask whether geoclassical thought constitutes a consistent body of theory. Each student will present articles or excerpts from the primary literature, compose short critical essays, and write a research paper. Together as a class, we will attempt to characterize the nature and scope of the geoclassical research agenda and to identify a priority list of questions for research. (Econ 330 satisfies the History of Economic Thought field requirement in Economics.)

Prerequisites: Economics 102 and either 101 or 115. Moderated CRES students with related background may enroll with permission of instructor.