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  • ECON 110: Principles of Microeconomics

    3.00 Credits
    Williams College

    This course is an introduction to the study of the forces of supply and demand that determine prices and the allocation of resources in markets for goods and services, markets for labor, and markets for natural resources. The focus is on how and why markets work, why they may fail to work, and the policy implications of both their successes and failures. The course focuses on developing the basic tools of microeconomic analysis and then applying those tools to topics of popular or policy interest such as minimum wage legislation, pollution control, competition policy, international trade policy, discrimination, tax policy, and the role of government in a market economy.
    ShareECON 110 - Principles of Microeconomics
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  • ECON 120: Principles of Macroeconomics

    3.00 Credits
    Williams College

    This course provides an introduction to the study of the aggregate national economy. Develops the basic theories of macroeconomics and applies them to topics of current interest. Explores issues such as: the causes of inflation, unemployment, recessions, and depressions; the role of government fiscal and monetary policy in stabilizing the economy; the determinants of long-run economic growth; the long- and short-run effects of taxes, budget deficits, and other government policies on the national economy; and the workings of exchange rates and international finance. Prerequisite:    Economics 110
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  • ECON 205: Public Economics

    3.00 Credits
    Williams College

    This course examines the role of the government in a market economy. Three broad issues are considered: when is government intervention in the economy appropriate? What is the most effective form of intervention? What effects do government policies have on individual incentives? The course will cover issues in both taxation and spending. Specific programs will be considered such as Social Security, Medicare, education, and public assistance for the poor. We will also discuss rationales and strategies for reforming the U.S. tax system. Prerequisite:    Economics 110
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  • ECON 213: Introduction to Environmental and Natural Resources Economics

    3.00 Credits
    Williams College

    Economists love free markets, but many people fear that market-driven economic growth and consumption are endangering the natural environment. In fact, core economic theories predict that people and firms, left to their own devices, will often tend to pollute too much, conserve too little, overfish common waters, and cut down too many trees. These predictions seem to be borne out by the world's environmental problems. Fortunately, economics offers tools to address these issues, and these tools are increasingly gaining attention in the policy world. In this course, we will survey environmental and natural resource economics, fields that work to inform policy with attention to both natural assets and human needs. We will focus on real-world problems, mostly from a microeconomic perspective. Underlying issues in these fields include: why markets might be inefficient where the environment and natural resources are concerned; whether and how to value the benefits we receive from the environment; and how to carefully evaluate policies. We will study the economists' perspective on sustainability and we'll discuss how sustainability, growth, and human wellbeing relate to each other. We will study the use of non-renewable resources (like oil) and renewable resources (like trees and fish), and we will spend some time talking about energy and energy policy. We will examine issues related to pollution, looking at traditional "command and control" regulations and at market-based pollution control policies. Climate change is a pressing global problem, and we will study current and proposed climate policies and the role economics can play. We may cover other topics, including international development, food, agriculture, and water. Prerequisite:    Economics 110
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  • ECON 215: International Trade, Globalization and Its Effects

    3.00 Credits
    Williams College

    This course is an introduction to international trade and finance with an emphasis on issues of current interest. Topics to be discussed may include: the gains from trade; why nations trade; different theories of the pattern of trade; the effects of tariffs and other trade barriers on national welfare and income distribution; the balance of payments, the determination of foreign exchange rates, and alternative exchange rate regimes. Prerequisite:    Economics 110; students who have completed Economics 251 must have permission of the instructor
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  • ECON 217: Economics of East Asia

    3.00 Credits
    Williams College

    This course will provide students with an understanding of economic growth in East Asia and the region?s current microeconomic policy issues. For the purpose of this course, we will focus on China, Japan, Korea, and several Southeast Asian countries. Those interested in economic development and applied microeconomics characteristic of East Asia will find this course useful. We first examine the process of economic growth. Cross country comparisons will help draw similarities but also differences in the development processes. The second part of the course will focus on country or topic specific current economic issues such as, privatization in China, education and inequality in South Korea, demographic challenges in Japan, black markets in North Korea, disaster aid in Indonesia, and real estate in Singapore. The course will involve readings from various texts, policy reports, and academic journals. Students will learn how to read and analyze empirical evidence presented in these articles. Prerequisite:    ECON 110 and ECON 120
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  • ECON 220: American Economic History

    3.00 Credits
    Williams College

    This course examines the growth and development of the American economy from the colonial era to the modern period. The emphasis will be on the use of economic theory and quantitative evidence to address key questions in U.S. history. Topics may include some or all of the following: the development of colonial markets, the economic origins of the U.S. Constitution, immigration, agricultural innovation, industrialization, slavery, government regulation and policymaking, the Great Depression, the changing roles of women in the U.S. economy, post-World War II growth, and the place of the United States in the modern global economy. Comparisons will be made to European and non-European experiences when appropriate. Prerequisite:    Economics 110 and Economics 120
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  • ECON 228: Water as a Scarce Resource

    3.00 Credits
    Williams College

    For a variety of reasons including environmental pollution, urbanization, changing agricultural techniques, resource mismanagement, and the consequences of climate change, water is becoming a scarce resource even in places where it was relatively plentiful in the past, and it is likely to become an increasingly scarce resource over the coming decades. In this course we will use basic economic models to consider policy issues relating to water: Is access to water a basic human right, and if so, what market and non-market mechanisms should play a role in water allocation? Does public ownership of water improve the way it is provided and used? Why do societies differ in their approaches to allocating water and are some systems better than others? What does it mean to have a property right to water? Could private property rights to water help address the water pollution problem? How can societies change their water-related property rights, regulations and social institutions when individuals have implicit or explicit rights to the institutional status quo? Who has the right to water that crosses international boundaries? How should societies allocate water across generations? Prerequisite:    Economics 110 or equivalent
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  • ECON 231: Inequality and Development in a Globalizing World

    3.00 Credits
    Williams College

    This course introduces students to the relations among growth, inequality and globalization of economic markets, with a focus on implications for the developing world. Among topics for study are the world distribution of income, across and within countries; concepts of inequality (income, opportunity, mobility, capabilities, horizontal inequality); the implications of global trade and capital markets for inequality within developing countries; the consequences of inequality for growth and for political institutions in developing countries; the effects of global market failures and differences among countries in economic power on trade, capital, intellectual property, international migration, climate and other global regimes; and the role of global economic institutions (IMF, World Bank, bilateral aid programs) in addressing unequal opportunity and global market failures. Prerequisite:    ECON 110 and 120
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  • ECON 240: Colonialism and Underdevelopment in South Asia

    3.00 Credits
    Williams College

    British colonial rule in South Asia shaped economy and society in fundamental ways. As resistance to colonial rule emerged in the late nineteenth century, "nationalist" writers developed a critique of its economic impact via taxation, fiscal policy, trade, and many other policies. In their turn, supporters of British rule, "apologists," argued that British rule had laid the foundations of economic growth by securing property rights, enforcing contracts, and developing infrastructure. The debate between "nationalists" and "apologists" has never quite ended, but after the recent growth of the Indian economy it has lost some of its emotional charge. We will use this opportunity to not only examine the economic questions, but also how power and its contestations have shaped the answers provided. Therefore, the course part of the college's Exploring Diversity Initiative. Prerequisite:    Economics 110
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