15402

ECON 100 A Principles of Economics

Olivier Giovannoni

. T . Th .

1:30pm-2:50pm

HEG 204

SSCI

Cross-listed: Economics & Finance; Environmental & Urban Studies ; Global & Int’l Studies This course is a one-semester introduction to the essential ideas of economic analysis. The microeconomics component of the course develops the basic model of consumer and firm behavior, including demand and supply, in the context of an idealized competitive market and examines 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. The macroeconomics component studies 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 – and the government’s ability (or inability) to use monetary and fiscal policies to achieve economic goals such as full employment and price stability. This course replaces the two-semester introductory microeconomics and macroeconomics sequence and is the foundational course in the economics curriculum. Prerequisite: passing score on Part I of the Mathematics Diagnostic.

Class size: 22

15403

ECON 100 B Principles of Economics

James Green-Armytage

M . W . .

3:10pm-4:30pm

OLIN 205

SSCI

See above. Class size: 22

15401

ECON 100 C Principles of Economics

Andy Felkerson

. T . Th .

11:50am-1:10pm

ALBEE 106

SSCI

See above. Class size: 22

15352

ECON 135 Understanding Financial Crises

Andy Felkerson

. T . Th .

1:30pm-2:50pm

RKC 103

SSCI

In the fall of 2008 financial systems worldwide became engulfed in a financial crisis of extraordinary proportions.  Despite the intervention of global authorities, trillions of dollars in financial wealth disappeared, almost overnight.  In the half a decade since, most developed countries have experienced lackluster economic growth, which have also impacted social conditions.  All this has happened before and, most certainly, will happen again. The purpose of this course is to provide students with an introduction to some of the causes and effects of historical episodes of financial crisis.  We will find that while certain similarities do exist, no two financial crises are exactly the same; that is, generating from the same causes, or creating the same economic effects, or being resolved in the same manner.  Reviewing approximately four centuries of financial crisis through the examination of historical sources written by individuals living through the crises themselves, as well as subsequent scholarly and popular studies, we will develop a historically-based understanding of the impact of financial crisis upon social and economic conditions.   In the course of our historical investigation into the causes and effects of financial crisis, we will attempt to answer such key questions as: Are financial crises themselves unavoidable? And, if not, what are the policy options available to authorities in the mitigation and resolution of financial crises. Class size: 22

15404

ECON 202 Intermediate Macroeconomics

Olivier Giovannoni

. T . Th .

10:10am- 11:30am

HEG 102

SSCI

Cross-listed: Environmental & Urban Studies, Global & Int’l Studies 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: either ECON 100, or the combination ECON 101 / ECON 102, MATH 110.

Class size: 22

15405

ECON 203 Game Theory

Aniruddha Mitra

. T . Th .

8:30am-9:50am

OLIN 205

SSCI

Cross-listed: Economics and Finance, Environmental and Urban Studies, Global and Int’l Studies, Political Studies Game Theory is the study of how rational actors behave when they know that their actions hold consequences not just for themselves but for others as well and they are, in turn, affected by the actions taken by others. While the discipline has come to be regarded as a core area of economics, its applicability extends far beyond the analysis of economic behavior. The object of this course is to introduce you to the basics of game theory, emphasizing its generality as an analytical paradigm for social science. We shall, therefore, focus on a wide variety of applications taken from economics, political science, and the study of the environment. Prerequisite: Econ 100 or Econ 101. Class size: 22

15406

ECON 218 Asian Economic History

Sanjaya DeSilva

M . W . .

3:10pm-4:30pm

ALBEE 106

HIST

Cross-listed: Asian Studies, Global & Int’l Studies This course surveys the historical events and circumstances that have shaped the economic landscape of modern Asia. We begin in the nineteenth century when European contact had initiated a process of dramatic change throughout the continent; Japan began a process of unprecedented modernization, China confronted a series of internal conflicts and external threats, and much of the rest of the continent was absorbed directly into the colonial economy. We then compare the trajectories of economic change during the twentieth century. Particular attention is paid to the various economic models pursued in the region, including the colonial export economy of Southeast Asia, export-oriented industrialization in Japan, South Korea and Southeast Asia, import-substituting industrialization in India, and the communist economy of Mao’s China and mainland Southeast Asia. The regions covered are East Asia, Southeast Asia and South Asia. Prerequisite: Econ 100 or prior coursework in Asian Studies. Class size: 22

15407

ECON 225 Economic Perspectives

Pavlina Tcherneva

M . W . .

1:30pm-2:50pm

HEG 204

SSCI

Why do economists disagree? As economic systems evolve, so have the theories used to explain them. Since Adam Smith, economists have used different assumptions, models and methodologies to study the role of markets, states, and institutions in the process of social provisioning. This course will survey the diverse traditions in economics and introduce students to competing paradigms. It covers several distinct approaches including Classical Political Economy, Neoclassical, Institutionalist, Post Keynesian, Marxist, Feminist, Development and Green Economics. The objective is to gain a broad appreciation of the specific problems that each of these traditions emphasizes and the contributions to theory and policy each has made. Students will examine not only the evolution of ideas and theories, but also their practical application today. Some of the specific issues that the course will consider include the causes and cures for unemployment, the evolution and interaction of culture, technology and the environment, and the role and nature of money in shaping the modern world. As we contemplate modern economic problems, sometimes the good old ideas produce the best new ideas. Prerequisite: Econ 100. Class size: 22

15408

ECON 226 Urban and Regional Economics

Kris Feder

. T . Th .

11:50am-1:10pm

RKC 200

SSCI

Cross-listed: American Studies, Environmental & Urban Studies, Science, Technology & Society 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 economic theory. Also, contemporary urban problems are examined from an economic point of view:  housing and homelessness; crime; transportation; social services; segregation; inner-city blight. Particular attention is paid to historical patterns of urbanization and to the causes and consequences of urban sprawl in the US. PREREQUISITE: ECON 100 or the equivalent. Class size: 20

15409

ECON 229 Introduction to Econometrics

Sanjaya DeSilva

M . W . .

11:50am-1:10pm

ALBEE 106

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & Int’l Studies This is the first of a two-course sequence designed to explore the tools economists use to summarize and interpret data. The first half of the course introduces the concepts of random variables, probability distributions, sampling, descriptive statistics and statistical inference. The second half of the course focuses on simple and multiple regression analysis. The emphasis is on acquiring a practical knowledge of econometric methods (theoretical foundations and advanced techniques are covered in Econ 329); students will learn how to organize and analyze data using Excel and STATA, how to read and interpret published empirical research, and how to carry out an empirical research project. This course fulfills the statistical methods requirement for the economics major. Prerequisite: Economics 100 and Pre-calculus. Class size: 22

15410

ECON 237 Economics of the Public Sector

James Green-Armytage

. T . Th .

4:40pm-6:00pm

OLIN 204

SSCI

Cross-listed: Environmental & Urban Studies The public sector is a large component of every national economy, even of “market” economies such as that of the United States. Public sector economics (or public economics) covers four general areas: Government revenue, government spending, regulation, and public choice (study of incentives influencing the behavior of voters, politicians, and bureaucrats, and of the consequences of alternative decision structures). This course focuses on the microeconomics of the public sector. Specific topics covered include market failures, externalities, public goods, optimal taxation, the economic theory of voting, regulatory capture, and fiscal federalism. As the field is broad, we focus on applications to the US economy. Prerequisite: Econ 100. Class size: 22

15354

ECON 254 Women and the Economy

Pavlina Tcherneva

M . W . .

10:10am- 11:30am

ALBEE 106

SSCI/DIFF

Cross-listed: Gender & Sexuality Studies This is an economics course with a strong interdisciplinary bent. While the focus is on women’s role and place in the economy, the analysis of gender roles and imbalances cannot be conceptually separated from the discrimination faced along other lines of marginalization such as race, age, class, and other. The course has two main objectives. The first is to introduce students to different theoretical approaches and methodologies for analyzing labor markets, household production, pay practices and other economic outcomes that affect various socio-economic groups. The second is to use the different theoretical lenses for analyzing key policy concerns such as pay differentials, discrimination, comparable worth policies, unpaid care burden, labor force participation, poverty and other. The course will introduce students to some advanced academic literature and policy-relevant papers to help them improve their research and writing skills. Prerequisite: Econ 100. Class size: 20

15538

ECON 317 INDUSTRIAL ORGANIZATION

Aniruddha Mitra

. T . Th .

1:30pm-2:50pm

HEG 201

SSCI

Cross-listed: Economics & Finance Industrial organization is the study of how industries function and how firms interact within an industry. While this is part of the general agenda of microeconomics, industrial organization distinguishes itself by its emphasis on the study of firm behavior in imperfectly competitive markets. The primary objective of this course is to investigate how firms acquire market power or the ability to influence the price of their product; the strategic behavior of firms that possess market power; and the effect of policy intervention in such industries. Prerequisite: Economics 201 Class size: 15

15353

ECON 321 Seminar in Economic Development

Sanjaya DeSilva

. T . . .

1:30pm-3:50pm

ALBEE 106

SSCI

Cross-listed: Environmental & Urban Studies, Global & Int’l Studies, Human Rights The goal of this seminar is to introduce upper college students to the current academic literature on economic development. We will focus on two very different research directions that development economists have pursued in recent years. The first literature asks “big” questions on why some economies are less developed than others, focusing on long-term historical, ecological and political determinants. Relying on innovative policy experiments, the second literature attempts to answer “small” questions on whether a specific policy intervention (e.g. micro loans) can help improve a specific development outcome (e.g. small business growth).  Students are expected to write an original research paper that draws on both traditions to address a specific development problem or policy. Prerequisites: Econ 229 and Econ 201, 202 or 221.

Class size: 15

15411

ECON 330 Seminar in GEOCLASSICAL Economics

Kris Feder

. . . . F

10:10am-1:00pm

ASP 302

SSCI/DIFF

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

15413

ECON / FIN 391 Corporate Finance

Andy Felkerson

. . W . F

10:10am- 11:30am

OLIN 101

SSCI

Cross-listed: Economics and Finance 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: 15