91333

ECON 101 Introduction to Microeconomics

Sanjaya DeSilva

. . W . F

1:30 -2:50 pm

OLIN 201

SSCI

Cross-listed: Economics & Finance, Environmental & Urban Studies; Global & Int’l Studies; Social Policy This course covers the essential ideas of economic analysis. Students will learn how economists explain human behavior as we seek to satisfy our needs and wants. The first part of the course develops models of consumer and firm behavior, including demand and supply, in the context of an idealized competitive market. From there we analyze 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. Along the way we will explore public policy problems such as pricing the environment, winners and losers from international trade, health care costs and insurance, and the high price of textbooks. Econ 101 and 102 may be taken in either order. Prerequisite: MATH 110 Class size: 22

91357

ECON 101E Introduction to Microeconomics with Experiments

Tsu-Yu Tsao

. T . Th .

3:10 -4:30 pm

OLINLC 115

SSCI

Traditionally, economics has been regarded as a non-experimental science, where researchers have to rely on direct observations of the real world to verify their theories.  That view, however, has changed in the last twenty years as many researchers begin to test economic theories in laboratory settings.  In this course, we will follow this relatively new methodology in economics and use in-class experiments to study economic concepts.  Each week, we devote one class meeting to conducting an experiment and the other to understand the underlying principles of the experiment and how those principles can be applied to analyze real-world issues.  Topics to be addressed include minimum wage law, legality of drug use, farm subsidies in the U.S., the protection of intellectual property and pricing of AIDS drugs in developing countries, tradeoffs between efficiency and equity associated with taxation, the use of pollution permits in combating environmental degradation, international trade, and labor market discrimination.  This course can be used to fulfill the requirement of Econ 101: Introduction to Microeconomics for students who intend to moderate into economics. Class size: 22

91493

ECON 101E Introduction to Microeconomics with Experiments

Tsu-Yu Tsao

M . W . .

11:50 -1:10 pm

OLIN 205

SSCI

See description above. Class size: 22

91339

ECON 102 A Introduction to Macroeconomics

Olivier Giovannoni

. T . Th .

1:30 -2:50 pm

OLIN 205

SSCI

Cross-listed: Economics and Finance, Environmental & Urban Studies; Social Policy; Global & Int’l Studies This course begins with the examination of the aggregate behavior of modern economies: the factors leading to economic growth, explanations of booms and recessions, unemployment, interest rates, inflation, budget deficits or surpluses, and international trade. 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 government should use monetary and fiscal policy tools to try to ‘fine tune’ the economy and what the likely effects of such government involvement are. We will analyze these issues using current domestic and international examples. Econ 101 and 102 may be taken in either order. Pre- or co- requisite: ARC 150, if recommended. Class size: 22

91340

ECON 102 B Introduction to Macroeconomics

Olivier Giovannoni

. T . Th .

3:10 -4:30 pm

OLIN 205

SSCI

See above. Class size: 22

91355

ECON 102 C Introduction to Macroeconomics

Tamar Khitarishvili

M . W . .

10:10 - 11:30 am

OLIN 309

SSCI

See above. Class size: 22

91332

ECON 200 Money and Banking

Alex Chung

. . W . F

11:50 -1:10 pm

ALBEE 106

SSCI

Cross-listed: Economics & Finance, Global & Int’l Studies 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 102. Class size: 22

91358

ECON 201 Intermediate Microeconomics

Tsu-Yu Tsao Lab:

. T . Th . M . . . .

11:50 -1:10 pm 4:50 -6:50 pm

RKC 115 RKC 115

SSCI

Cross-listed: Economics and Finance, Social Policy 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 Introduction to Microeconomics. Class size: 20

91354

ECON 211 History of Economic Thought II

Olivier Giovannoni

. T . Th .

10:10 - 11:30 am

HEG 204

SSCI

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 101 and 102 or permission of the instructor. Class size: 22

91337

ECON 242 Ecological Economics

Kris Feder

. . W . F

11:50 -1:10 pm

HEG 102

SSCI

Cross-listed: Environmental & Urban Studies Ecological economics (ECE) is a transdiscipline 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: Any ONE of the following: EUS 101, ECON 101, ECON 102. Class size: 22

91331

ECON 291 Foundations of Finance and Investments

Alex Chung

. T . Th .

3:10 -4:30 pm

OLIN 202

SSCI

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

91335

ECON 321 Microeconomics of Development

Sanjaya DeSilva

. T . . .

4:40 – 7:00 pm

OLIN 309

SSCI

This seminar examines less developed economies from a microeconomic perspective. Among the topics addressed are 1) the structure and organization of markets for commodities, labor, credit and insurance, 2) the provision of public services such as education, health care, water and energy, 3) household decision making regarding consumption, farm and home production, market work, migration and schooling, and 4) the impact of macroeconomic changes related to industrialization, urbanization, economic growth and globalization on households. The goal of the seminar is to introduce upper college students to the contemporary academic literature. We will do close readings of primary articles, write literature reviews, study mathematical models, learn empirical research methods and analyze primary and secondary data. Students are expected to write a research paper that contains original theoretical and empirical analysis. Prerequisites: Econ 201 (Intermediate Microeconomics), Calculus I and Statistics. Class size: 15

91356

ECON 325 Open Economy Macroeconomics and International Finance

Tamar Khitarishvili

. T . . .

1:30 -3:50 pm

HEG 201

SSCI

Cross-listed: Global & Int’l Studies This course analyzes the variables that characterize open economies, including the balance of payments, foreign exchange regimes and international capital movements, among others. Careful attention is paid to the relationship between them and to the impact of macroeconomic policies on these variables. Also covered is the history of the international monetary system. Prerequisites: Econ 101 and Econ 102. Class size: 15

91338

ECON 330 Seminar in Geoclassical Economics

Kris Feder

M . . . .

1:30 -3:50 pm

ASP 302

SSCI

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 17^th through the 19^th 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 101 and ECON 102 or ECON/EUS 206. Class size: 15