17411

ECON 100 A

Principles of Economics

Michael Martell

T Th 1:30pm-2:50pm

HEG 102

SSCI

Cross-listed: Economics & Finance; Global & International Studies; Related interest: Environmental & Urban 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

17413

ECON 100 B

Principles of Economics

Michael Martell

T Th 10:10am-11:30am

HEG 106

SSCI

See above. Class size: 22

17412

ECON 100 C

Principles of Economics

Aniruddha Mitra

M W 1:30pm-2:50pm

HEG 204

SSCI

See above. Class size: 22

17415

ECON 202

Intermediate Macroeconomics

Olivier Giovannoni

T Th 1:30pm-2:50pm

OLIN 205

SSCI

Cross-listed: Global & International 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

17416

ECON 203

Game Theory

Aniruddha Mitra

M W 10:10am-11:30am

OLIN 205

SSCI

Cross-listed: Environmental & Urban Studies; Global & International 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

17417

ECON 216

European Economic History

Olivier Giovannoni

T Th 10:10am-11:30am

OLIN 203

HIST

Cross-listed: Global & International Studies; Historical Studies This course presents the economic development of Europe from its roots in the Roman Empire to the present day. The first part of the class presents the economics of the Roman Empire, of Feudal Europe, of Mercantilism, of Imperialism, and of the Industrial Revolution. The second part of the class is devoted to post-WWII Europe: reconstruction, the golden age, communism / socialism, the 80s turn around, Maastricht and the Euro, and the European crisis. The questions addressed include: What lessons does the Roman Empire teach us? What was the role of agriculture and urbanization in medieval Europe? 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? What opportunities and challenges do natural resources (or lack thereof) pose? How did the European Union and the Eurozone come to be? Can present-day Europe overcome its challenges? The course is designed for inquiring minds who wish to understand how Europe came to be the major economic area it is now. Our approach is interdisciplinary (history, sociology, politics, geography, institutions…); however we will insist on their economic aspect. Class size: 22

17419

ECON 221

Economic Development

Sanjaya DeSilva

M W 10:10am-11:30am

ALBEE 106

SSCI

Cross-listed: Africana Studies; Asian Studies; Environmental & Urban Studies; Global & International Studies; Human Rights; Latin American & Iberian Studies; Science, Technology & Society This course explores the economic conditions and problems faced by what economists call the "developing world". We begin by critically examining various definitions of economic development. The rest of the course is divided into three parts: the first part explores several key manifestations of development such as economic growth, industrialization, urbanization, globalization, inequality and poverty; the second part examines institutional determinants of development, including markets, political systems and culture; the third part deals with policies designed to address specific development goals, such as providing education, promoting gender equity or expanding access to financial markets. Classroom discussions will be supplemented by several book reports and discussions on popular contemporary books on development, and a semester-long case study each student will carry out on development experiences of a country of their choice. Prerequisites: ECON 100. Class size: 22

17420

ECON 225

Economic Perspectives

Pavlina Tcherneva

T Th 11:50am-1:10pm

LEVY

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: 20

17421

ECON 229

Introduction to Econometrics

Sanjaya DeSilva

M W 11:50am-1:10pm

ALBEE 106

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & International 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: 18

17414

ECON 233

Controversies:Monetary Econ.

Larry Randall Wray

M W 3:10pm-4:30pm

LEVY

SSCI

An investigation of current controversies in monetary and theory and policy. We will examine both the mainstream and heterodox approaches to each. Mainstream approaches include Monetarism, New Classical, New Keynesian, and the New Monetary Consensus. Heterodox approaches include Post Keynesian (endogenous money and circuit approaches), Marxist, and Institutionalist. We will conclude with a detailed examination of Modern Money Theory, which combines various strands of heterodoxy while also including contributions from historical, legal, and anthropological research.

Class size: 25

17422

ECON 254

Women and the Economy

Pavlina Tcherneva

T Th 10:10am-11:30am

LEVY

D+J

SSCI

DIFF

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

17423

ECON 330

Seminar in Geoclassical Economics

Kris Feder

M 1:30pm-3:50pm

HEG 300

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

17424

ECON 338

Seminar in Discrimination

Michael Martell

W 1:30pm-3:50pm

HEG 300

D+J

SSCI

DIFF

Many economists believe that markets are a relatively effective mechanism for coordinating wants and desires among members of society. Nevertheless we observe differences in economic outcomes for different groups of society. In this course we will explore the process through which differences in earnings manifest as well as the impact of these differences on wealth and well-being. We pay particular attention to the role of discrimination in generating unequal outcomes in labor markets. We will study discrimination with standard neo-classical approaches as well as through the analytical approaches of various schools of political economy including feminist, institutionalist, and Marxist. We will discuss equality of economic opportunity and economic outcomes across, as well as relevant public policies for race, class, gender, sex and sexual orientation. Class size: 16

17604

ECON 390

contemporary developments in Finance

Taun Toay

T 4:00pm- 6:20pm

OLIN 303

SSCI

Cross-listed: Economics & Finance The seminar will contrast the academic analysis of financial economics with the coverage it receives in the newspapers and on the nightly newscast. The stories on the news are almost always connected with people, whether we observe them shouting bids in a trading floor or talking on two phones simultaneously. Financial markets are dominated by people behaving in many different ways. Yet traditional finance theories concentrate on efficient markets, predictable prices that are determined by the concepts of present value, rates of return and analysis and pricing of computable risks. Human behavior has neither a place in the theory nor a need to be studied. This prevailing view has recently been challenged by the new paradigm of behavioral finance that considers the many anomalies of "rational" behavior and "efficiency" of markets. The new paradigm concerns itself with economic decision-making and investor psychology, and specifically with questions relating to how and why people exhibit a mixture of rational and irrational behavior. The seminar will examine the influence of economic psychology in the decision-making process of various agents as well as in the market's dynamics. Several guest lecturers will also offer their informed views in the development of contemporary finance. Class size: 15

Cross-listed:

17603

EUS 226

ENVIRONMENTAL MODELING

Gautam Sethi

M W 10:10am-11:30am

OLIN 101

MATC

Cross-listed: Economics; Mathematics