A study of the aggregate behavior of the contemporary economy: the growth and the cyclical variation of national income; employment and unemployment; inflation and deflation; taxes and budget deficits. Macroeconomic policy tools available to governments, chiefly fiscal policy (size and financing of the national government budget) and monetary policy (manipulation of the money supply and interest rates) are examined with regard to their intended and actual effects. The question of the desirability of continued economic growth is raised; current issues of macroeconomic policy are debated. Prerequisite: None. 101 and 102 may be taken in either order.

Cross-listed: AADS, American Studies

An historical and interdisciplinary examination of the socioeconomic life of African American women and men. In the first part of the course, topics will include the Atlantic Slave Trade and the origins of modern racism, plantation agriculture and the economics of slave labor, the contribution of African Americans to US (and European) economic development, the Great Migrations, and the emergence of the Black middle class. The course will then turn to alternative theoretical frameworks for understanding the structural role of African American communities in contemporary US capitalism, as well as African American political and economic initiatives and responses. The third part of the course will examine various economic and public policies and their impact on African Americans. An important aspect of the course is that the majority of readings will be by African American authors. Prerequisite: None.

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 101 or 102.

An analysis of the determinants of national income, employment, and price level 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; and the effects of fiscal and monetary policy in the aggregate economy. 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.

Analysis of international trade and financial relationships; recent problems and developments in world commercial, monetary, and financial policy; the economic aspects of international cooperation. Prerequisites: ECON 101 and 102.

Cross-listed: CRES.

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.

Cross-listed: CRES

The microeconomic theory of government, and more broadly, of collective decisionmaking. 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.

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 consumed; we use econometrics to see if consumers actually behave in this way. This course covers the proper use of statistical tools, such as linear regression, multivariate regression and hypothesis testing. Students will have an opportunity to apply these tools to a variety of economic issues, including estimating production and cost functions. Prerequisites: ECON 229 and one other intermediate economics course.