11116

ECON 101 B  Introduction to Microeconomics

Olivier Giovannoni

. T . Th .

4:40  - 6:00 pm

ALBEE 106

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 or the equivalent.  Class size: 22

 

11738

ECON 101 E  Introduction to Microeconomics with Experiments

Tsu-Yu Tsao

. T . Th .

1:30  - 2:50 pm

OLIN 202

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

 

11117

ECON 102 A  Introduction to Macroeconomics

Tamar Khitarishvili

M . W . .

10:10  - 11:30 am

ALBEE 106

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

 

11118

ECON 102 B  Introduction to Macroeconomics

Olivier Giovannoni

. T . Th .

11:50  - 1:10 pm

OLIN 309

SSCI

See above. Class size: 16

 

11119

ECON 102 C  Introduction to Macroeconomics

Kris Feder

. T . Th .

10:10  - 11:30 am

HEG 106

SSCI

See above. Class size: 22

 

11121

ECON 202   Intermediate Macroeconomics

Tamar Khitarishvili

. T . Th .

8:30  - 9:50 am

ALBEE 106

SSCI

Cross-listed:  Global & Int’l Studies,  Social Policy   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:  ECON 101 and ECON 102, MATH 110, ARC 150 if recommended. Class size: 22

 

11124

ECON 206   Economics From the Ground Up

Kris Feder

M . W . .

11:50  - 1:10 pm

OLIN 201

SSCI

Cross-listed:  Environmental & Urban Studies  Most introductory microeconomics courses begin by characterizing the processes and outcomes of complex markets involving exchanges of goods and money among millions of “agents” (households and firms), which are implicitly assumed to obey established social conventions and governmental directives. This course develops economic principles from the ground up through successive extensions of a simple intuitive model.  Following the standard conception of economics as the study of constrained choice, we first explore the economizing behavior of a single individual, acting alone, who struggles to survive by employing available resources to produce food and shelter. This model of production with no exchange reveals the meaning and practical significance of core concepts such as: Income, wealth, and utility; opportunity cost; labor and wages; capital and interest; land and rent; risk, profit and loss; competition; the equimarginal principle of optimization. We then build complexity and realism into the model, introducing cooperation and exchange among persons. We analyze markets, prices, property rights, externalities, public goods, money and credit, and the economic functions of government. Throughout the course, the human economy is understood as embedded in local and global ecosystems. Thought experiments are supplemented with an historical survey of actual economies, from hunter-gatherer societies to agricultural subsistence economies to contemporary industrial systems. Prerequisite: Competence in algebra and pre-calculus is required. Class size: 22

 

11122

ECON 216   European Economic History

Olivier Giovannoni

. . W . F

10:10  - 11:30 am

HEG 102

HIST

This course presents the economic development of Europe from its roots in the Ancient Times of Rome to the very present day. The main themes are, chronologically: Feudal Europe, Mercantilism and the Age of Merchants, Nationalism and Imperialism, technology and the Industrial Revolution, the rise and fall of Communism, and the construction of the European Union. The questions we will address include: What was the role of agriculture and urbanization in medieval Europe? Is there any economic reason for the fall of the Ancient and modern Empires? Why did the Industrial Revolution take place in Britain, and not elsewhere? Why were some countries “no-shows”, or very slow, to join the development bandwagon? What are the economic motivations, and consequences, of wars? How do institutions and government interventions frame economic growth? How important is international trade for Europe? How can Eastern European countries transition to market economies, and at what cost? What can we said of the European Union, and what are its historical and political roots? The course is designed for inquiring minds who wish to understand how Europe came to be what it is right now. Our approach is multidisciplinary (history, sociology, politics, geography…); however those viewpoints will always be reduced to their economic aspect. The course is reading-intensive and the class will be driven interactively between me and two groups of students, who will be assigned different readings. Class size: 22

 

11409

ECON 221   Economics of Developing Countries

Sanjaya DeSilva

. . W . F

1:30  - 2:50 pm

HEG 106

SSCI

Cross-listed:  Africana Studies; Asian Studies; Environmental Studies; Global & Int’l Studies; Human Rights; LAIS, Social Policy; STS

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. Prerequisite: Economics 102.  Class size: 22

 

11123

ECON 229   Statistics

Alex Chung

. . W . F

8:30  - 9:50 am

OLIN 202

MATC

Cross-listed:  Economics & Finance, Environmental & Urban Studies, Global & Int’l Studies, Social Policy   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, ARC 150 if recommended.  Class size: 22

 

11127

ECON 260   Religion and Economics

Tamar Khitarishvili

M . W . .

3:10  - 4:30 pm

ALBEE 106

SSCI / DIFF

Cross-listed: Human Rights, Religion, Social Policy  It is often argued that economics and religion have very little to say about one another. In this course, we will contend that this view is erroneous. Economics can contribute a lot to our understanding of the organization, evolution and impact of religions. In turn, religions have for thousands of years shaped economic behavior. We will supplement a formal analysis of the relationship between economics and religion with specific examples. Among others, these will include economic explanations of the expansion of Christianity, the key role of religious institutions as technological and financial innovators, and Weber's theory of the Protestant ethic contributing to the advent of the Industrial Revolution. Along with historic cases, we will address such modern challenges as the emergence of Islamic economics as a school of thought informing economic conduct and the economic rationale that underlines the growth of religious fundamentalism. Background in economics is not required. Class size: 22

 

11130

ECON 302   Macroeconomics

Dimitri Papadimitriou

. T . . .

1:30  - 3:50 pm

OLIN 308

SSCI

Cross-listed: Global & Int’l Studies, Social Policy   This course will examine advanced topics in macroeconomics and critically review contemporary macroeconomic theories and models with regard to their historical development. The foundations of macroeconomic theory will be studied and alternative approaches to economic growth, distribution, increasing returns, and endogenous change will be analyzed. The monetary and financial aspects in macro foundations will be discussed, focusing on the work of Minsky, Tobin, Sargent, Lucas, post-Keynesians, neo-Keynesians, new Keynesians, and Sraffians. Readings will be mainly from primary journal literature.    Prerequisite: Economics 202, or permission of the instructor. Class size: 15

 

11128

ECON 317   Industrial Organization

Tsu-Yu Tsao

. T . Th .

10:10  - 11:30 am

HEG 201

SSCI

Cross-listed:  Economics & Finance   This course covers industrial organization, from traditional ideas to ideas on the frontier of economic research. The traditional literature addresses the industrial structure of the US economy and antitrust policy, monopolies, and anti-competitive behavior. More recent work examines the structure of firms, markets and organizations. Other topics include vertical integration and coordination, product differentiation and patents, bilateral bargaining and the market for lemons, auction and bidding, and theories of advertising. The theory is examined in the context of real world situations, both current and historical. Prerequisite:  Economics 201 – Intermediate Microeconomics.  Class size: 22

 

11410

ECON 329   Econometrics

Sanjaya DeSilva

. . . Th .

1:30  - 3:50 pm

ALBEE 106

SSCI

Cross-listed: Economics & Finance, Social Policy   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 demanded; 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 analyze a variety of economic issues. Prerequisites: ECON 229 and either ECON 201 or ECON 202.   Class size: 15

 

11996

ECON 391   Corporate Finance

Alex Chung

. . W . F

11:50  - 1:10 pm

ALBEE 106

N/A

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: 22