Course:

ECON 100 A Principles of Economics

Professor:

Michael Martell  

CRN:

90171

Schedule:

Mon  Wed     3:50 PM - 5:10 PM Olin 202

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Economics & Finance; Global & International 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 Placement.

 

Course:

ECON 100 B Principles of Economics

Professor:

Kris Feder  

CRN:

90172

Schedule:

 Tue  Thurs    12:10 PM - 1:30 PM Olin 203

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Economics & Finance; Global & International 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 Placement.

 

Course:

ECON 100 C Principles of Economics

Professor:

Michael Martell  

CRN:

90173

Schedule:

  Mon Wed   5:40 PM - 7:00 PM Olin 203

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Economics & Finance; Global & International 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 Placement.

 

Course:

ECON 100 D Principles of Economics

Professor:

Liudmila Malyshava  

CRN:

90174

Schedule:

 Tue  Thurs    3:50 PM - 5:10 PM Hegeman 204

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Economics & Finance; Global & International 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 Placement.

 

Course:

ECON 114  Economics for Planet Earth

Professor:

Kris Feder  

CRN:

90175

Schedule:

 Tue  Thurs    2:00 PM - 3:20 PM Campus Center WEIS

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Environmental & Urban Studies

Congress' Green New Deal Resolution observes that "the United States is currently experiencing several related crises," including "climate change, pollution, and environmental destruction"; "a four-decade trend of economic stagnation, deindustrialization, and anti-labor policies"; "the greatest income inequality since the 1920s"; national security threats; and declining life expectancy, health, education, and quality of life for many Americans. This course explores the nature and genesis of these crises and the multiple feedback loops among them. We study how public policies might be redesigned to address these problems. What political and economic institutions might align private incentives, enterprise, and profit-seeking motives with the public goals of environmental sustainability, social justice, and economic prosperity? What institutions might protect the rights of future generations? We develop and apply principles of economic analysis to address these questions. Readings include Richard Heinberg's The Party's Over: Oil, War, and the Fate of Industrial Societies, and Gernot Wagner's But Will the Planet Notice? How Smart Economics Can Save the World. Prerequisites: none. No prior study of economics is required.

 

Course:

ECON 201  Intermediate Microeconomics

Professor:

Kris Feder  

CRN:

90176

Schedule:

Mon    Fri   12:10 PM - 1:30 PM Olin 201

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Economics & Finance

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 ECON 100.

 

Course:

ECON 202  Intermediate Macroeconomics

Professor:

Pavlina Tcherneva  

CRN:

90475

Schedule:

Mon    Fri   10:20 AM - 11:40 AM Campus Center Weis Cinema

Distributional Area:

SA Social Analysis

Class cap:

20

Credits:

4

Cross-listed:  Economics & Finance

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.

               

Course:

ECON 213  Transition from Socialism to a Market-Based System

Professor:

Liudmila Malyshava  

CRN:

90178

Schedule:

 Tue  Thurs    2:00 PM - 3:20 PM Olin 203

Distributional Area:

HA Historical Analysis

Class cap:

19

Credits:

4

Cross-listed:  Global & International Studies; Russian Studies

This course explores one of the major events in the economic history of the 20th century: the collapse of the socialist system in the countries of the former Soviet Union, and Central and Eastern Europe, and their transition to market   based economies. We will start the course by investigating the causes of the collapse of the socialist system. We will then identify similarities and differences in the economic environments of the countries in this seemingly homogeneous group. Important objectives of this course are to analyze economic challenges associated with the transition process and to investigate policy tools that these countries have used to address these challenges. To achieve these objectives, we will study a range of topics, which include privatization, price liberalization, inflation, unemployment, changes in the composition of output, national debt and budget deficits, informal economy, and the fight against corruption, among other topics. An important emphasis will be placed on the impact of the economic transformation on social indicators such as income distribution, poverty, education, and health.  This course satisfies the economic history requirement for the economics major.  Prerequisite: One Economics course, or permission of the instructor.

 

Course:

ECON 221  Economic Development

Professor:

Sanjaya DeSilva  

CRN:

90180

Schedule:

Mon  Wed     5:40 PM - 7:00 PM Olin 202

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Cross-listed:  Africana Studies; Asian Studies; Environmental & Urban Studies; Global & International Studies; Human Rights; Latin American/Iberian Studies; Science, Technology, Society

This course focuses on economic conditions and problems pertaining to the "developing world". We begin by critically examining different definitions of the concept of development (e.g. GDP growth, expansion of freedoms, alleviation of poverty). The rest of the course is divided into four parts: the first part explores various reasons for why a distinction emerged between developed and developing economies (e.g. Industrial revolution, colonialism, geography and natural resources, demography); the second part explores macroeconomic models and policies (e.g. growth, structural change, trade, globalization) that have been employed to promote development; the third part deals with microeconomic policies designed to address specific development goals, such as promoting health and education, and expanding access to financial assets; the fourth part critically examines several adverse effects of development, such as inequality and environmental degradation. Thematic discussions will be supplemented by a semester-long case study each student will carry out on development experiences of a country of their choice. Prerequisites: ECON 100.

 

Course:

ECON 225  Economic Perspectives

Professor:

Pavlina Tcherneva  

CRN:

90181

Schedule:

Mon    Fri   12:10 PM - 1:30 PM Campus Center Weis Cinema

Distributional Area:

SA Social Analysis

Class cap:

20

Credits:

4

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.

 

Course:

ECON 229  Introduction to Econometrics

Professor:

Sanjaya DeSilva  

CRN:

90183

Schedule:

Mon  Wed     2:00 PM - 3:20 PM Olin 101

Distributional Area:

MC Mathematics and Computing

Class cap:

18

Credits:

4

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

This course explores 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, and how to carry out an empirical research project. This course fulfills the statistical methods requirement for the economics major. Prerequisite: Economics 100, at least one other economics course and pre-calculus.

 

Course:

ECON 329  Advanced Econometrics

Professor:

Gautam Sethi  

CRN:

90549

Schedule:

  Tues  Thur  3:50 PM – 5:10 PM Olin Language Center 208

Distributional Area:

SA Social Analysis

Class cap:

15

Credits:

4

In his 2014 State of the Union address, President Obama bemoaned that in the United States women get paid only 77% of the wages earned by men for comparable work. In other words, the average wage earnings of all women equals 77% of the average wage earnings of all men who do comparable work, a claim that involves comparing two population means and tested using sample data. While such a comparison might seem fairly straightforward, in reality it is hard because other factors -- how these samples are collected, which individuals choose to participate in the labor market, variations in their education and family background etc. – are likely to affect the sample means. In this example, the role of the econometrician is to isolate the effect of the wage gap due to gender alone. It is this last aspect that makes econometrics both challenging and exciting, and this course promises to take you on an exciting sleuthing journey at the end of which you can expect to be a thoughtful data detective.

Prerequisite: Calculus I and Economics 229 or permission of instructor. A prior background in statistics is assumed.

 

Course:

ECON 341  Financing Government: Money and the Public Interest

Professor:

L. Randall Wray  

CRN:

90184

Schedule:

  Wed     2:00 PM - 4:20 PM Blithewood - Levy Institute SEM

Distributional Area:

SA Social Analysis

Class cap:

22

Credits:

4

Presidents Trump and Biden have spent TRILLIONS (!) of dollars fighting the economic effects of the pandemic. When will Uncle Sam run out of money? Won’t all these government debts have to be repaid? How will we ever afford more trillions to fight climate catastrophe with a green new deal? Can we afford reparations for the descendants of slavery, as well as other programs that are needed to make racial justice a reality? How will we pay for all this? Tax the rich, the polluters, or the corporations? Or fly the money helicopters? What about inflation—or, worse, hyperinflation? This course examines the theory and practice of financing sovereign government spending. We begin with a discussion of the role played by government in furthering the public interest. To a significant degree, this involves using the monetary system to mobilize resources to achieve the public purpose as defined by national and international agreements and reflected in national and international law. We will see how the government really spends and how the true constraints—resources—are obscured behind politics, racial and gender bias, and anti-immigrant nativism. Above all, we will explore the “Deficit Myth” and its ramifications, including stagnant wages, rising inequality and poverty, substandard growth, crumbling infrastructure, and paralysis in the face of unprecedented economic, social, and environmental challenges.

 

Course:

ECON 350  Economic Growth and Income Distribution

Professor:

Liudmila Malyshava  

CRN:

90185

Schedule:

Mon  Wed     3:50 PM - 5:10 PM Olin Language Center 120

Distributional Area:

SA Social Analysis

D+J Difference and Justice

Class cap:

15

Credits:

4

Cross-listed:  American Studies; Global & International Studies; Human Rights

This seminar presents a survey of the landmark theories of economic growth and income distribution focusing on their interconnectedness. Students are invited to explore the causes and consequences of economic inequality from a variety of analytical perspectives, to judge the current social division based on ethical and moral values, and to discuss concrete actions to bring about positive change toward a just society.

Since the 1980s, income inequality has increased dramatically and is now the highest on record. More and more income goes to capital-owners and profits, not workers and labor. Since 2000, 95% of income gains have gone to the top 1% -whose share remains at an all-time high, even during economic downturns. Economists have only recently acknowledged and turned their attention to these facts. There is still much uncertainty regarding the causes and consequences of such disturbing trends, let alone the potential economic policies required to combat inequality and restore social justice.

What explains this shift in the distribution of income? Through what processes is income created and distributed? Why has growth become so biased towards the very few? Is there such a thing as a balanced, or equitable growth and if so, what does it take? What are the roles of institutions, technology, international trade and finance? What are extractive and predatory governments? Why do policies designed to address inequality end up exacerbating its already unprecedented levels and lead to further, more pronounced social class division and concentration of power? Is inequality bad for the economy and if so, why? In answering these questions, we focus on the case of the United States, the most unequal economy in the world, and complement our analysis with international comparisons. The course is half seminar-based, half discussion and involves data procurement and analysis.

 

 

 

The following graduate level classes at the Levy Economics Institute are open to qualified undergraduate economics students with permission of the instructor.

 

Course:

ECON 501  Advanced Microeconomics: Value, Distribution, and Economic Well Being

Professor:

Ajit Zacharias  

CRN:

90515

Schedule:

 Tue      9:30 AM - 12:50 PM Blithewood - Levy Institute SEM

Distributional Area:

 

Class cap

15

Credits:

4

This course provides an exposition of the analytical foundations of the classical ("surplus") and neoclassical ("marginalist") traditions in the theory of value and distribution. Given its dominance in contemporary economics, the latter tradition is emphasized in this course. The historical development of the marginalist theory of value is considered, as are critiques that focus on issues regarding its internal coherence and methodological difficulties. The remainder of the course examines the measurement of economic well-being and deprivation, including the substantive issues related to the determinants of the standard of living. Topics include Lorenz curves, social welfare functions, inequality indices, and poverty indices.

 

Course:

ECON 502  Advanced Macroeconomics

Professor:

L. Randall Wray  

CRN:

90516

Schedule:

 Tue      1:30 PM - 4:50 PM Blithewood - Levy Institute SEM

Distributional Area:

 

Class cap

15

Credits:

4

The primary objective of macroeconomic analysis is to explain the phenomena of aggregate movements in output, employment, and the price level. This course examines the intellectual influences that have shaped the development of macroeconomic theory and policy since the beginning of the 20th century. Students acquire the skills needed to: 1) identify the main theoretical and methodological differences among competing approaches; 2) discuss the empirical evidence supporting each approach; and 3) explain why particular policy instruments are considered appropriate (or inappropriate) for achieving macroeconomic stability. Prerequisite: Intermediate Macro.

 

Course:

ECON 511  History of Economic Thought

Professor:

Dimitri Papadimitriou  

CRN:

90517

Schedule:

  Wed     9:30 AM - 12:50 PM Blithewood - Levy Institute

Distributional Area:

 

Class cap

15

Credits:

4

The focus of this course is an examination of the “contest” between classical political economy and neoclassical theory  in the context of their respective historical developments. Following an investigation into the origins and  development of classical theory  through Ricardo, we shall turn to the neoclassical challenge with emphasis on Jeremy Bentham and  Jean Baptiste Say. The post-Ricardian reaction of the 1820—1850 period will be given significant attention, followed by an examination of the “marginalist revolution” of the 1870’s. Twentieth century advances will be surveyed, and  the work of Keynes and  the post-WWII period will be given close scrutiny. In all this, relationships between earlier theory  and  current debates/controversies will be highlighted.

 

Course:

ECON 517  Economic Inequality

Professor:

Thomas Masterson  

CRN:

90520

Schedule:

   Thurs    1:30 PM - 4:50 PM Blithewood - Levy Institute

Distributional Area:

 

Class cap

15

Credits:

4

This course covers the various theoretical and empirical approaches to the measurement of economic well-being, poverty, and inequality, both in the United States, as well as more globally, touching on the most recent debates about poverty measurement and comparisons across countries, as well as measures developed at the Levy Institute. It considers characteristics of the distribution of income, consumption, and wealth, and their relative usefulness in terms of assessing the inequality of economic well-being and studies the disparate experiences of poverty and inequality by race and gender both within and across global regions. In addition, the course examines the impact of economic structures, policy, and development on poverty and inequality. Both mainstream and heterodox theoretical approaches to explaining poverty and inequality will be covered.

 

Course:

ECON 520  Gender in Macroeconomic Theory and Policy

Professor:

Luiza Nassif Pires  

CRN:

90521

Schedule:

   Thurs    9:30 AM - 12:50 PM Blithewood - Levy Institute

Distributional Area:

 

Class cap

15

Credits:

4

The main objective of this class is to reclaim the study of macroeconomic theory and policy from the perspective of gender. The course will start with a discussion of the gendered impacts of development initiated in the 1970s, which catalyzed policy and theory considerations deepened in the mid 1990’s. The course will be divided in four parts. The first part will introduce students to foundational feminist economics questions and the theoretical aspects of feminist macroeconomics. We will trace historically the evolution of the subfield of gender macroeconomics and present its main critiques to economic theory. The second part of the course will focus on gender discussions pertinent to macroeconomy policy. We will start this modulus by presenting the gender bias in monetary and fiscal policy in a closed economy and move towards open economy discussions with a focus on trade and exchange rate. In the third part of the course we will examine growth and distribution and provide a survey of gender sensitive macroeconomic modeling tools. The final part of the course will discuss current issues and the impact of neoliberal policies and contemporary crises, with a focus on the coronavirus crisis, on women across the globe. During this final part we will also look at gender aspects of current progressive policy proposals. The main questions that this course will answer are: How does gender inequality impact the economy? What are the strengths and limitations of different macroeconomic frameworks in accessing the impact of gender disparities in the economy? How are the impacts of gender policies being implemented across the globe calculated? What are the problems with such policies? Would progressive macroeconomic policies help foster a more gender equal economy? Would then a more gender equal economy have positive effects in the aggregate? And what are the characteristics of a gender sensitive macroeconomic research?