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Course Criteria
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3.00 Credits
A study of the determination of relative prices and their importance in shaping the allocation of resources and the distribution of income. Subjects include: behavior of households in a variety of settings, such as buying goods and services, saving, and labor supply; behavior of firms in various kinds of markets; results of competitive and noncompetitive markets in goods, labor, land, and capital; market failure; government policies as sources of and responses to market failure; welfare criteria; limitations of mainstream analysis.
Prerequisite:
Economics 110 and Mathematics 103 or its equivalent
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3.00 Credits
A study of aggregate economic activity: output, employment, inflation, and interest rates. The class will develop a theoretical framework for analyzing economic growth and business cycles. The theory will be used to evaluate policies designed to promote growth and stability, and to understand economic developments in the U.S. and abroad. Instructors may use elementary calculus in assigned readings, exams and lectures.
Prerequisite:
Economics 110 and 120 and Mathematics 103 or its equivalent
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3.00 Credits
An introduction to the theory and practice of applied quantitative economic analysis. This course familiarizes students with the strengths and weaknesses of the basic empirical methods used by economists to evaluate economic theory against economic data. Emphasizes both the statistical foundations of regression techniques and the practical application of those techniques in empirical research. Computer exercises will provide experience in using the empirical methods, but no previous computer experience is expected. Highly recommended for students considering graduate training in economics or public policy.
Prerequisite:
Mathematics 103 and Statistics 101 or Statistics 201 or equivalent plus one course in Economics
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3.00 Credits
Economic liberalism holds that, society is better off if people enjoy economic freedom. Its critics point to what they believe this position ignores or what it wrongly assumes, and hence, how it would make bad policy. This course explores the relationship between politics and economics by surveying influential works of political economy. Its first part examines major thinkers in relation to the historical development of capitalism in Western Europe and the United States: the classical liberalism of Adam Smith, Karl Marx's revolutionary socialism, and the reformist ideas of John Stuart Mill, and John Maynard Keynes. The second part considers more recent writings that revise and critique liberalism from a variety of perspectives, and then illustrates the contending perspectives with reference to important policy areas. The historical focus of the course permits you to appreciate the ongoing dialogue between classical and contemporary views of political economy, while classroom discussion involves frequent reference to current public policy issues.
Prerequisite:
Economics 110 and 120 or equivalent; Political Science 201 or 203 (may be taken concurrently with POEC 250) or AP credit in American Politics (or permission of instructor); open to non-majors
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3.00 Credits
This tutorial will utilize economic theory and econometric methods to understand a variety of issues pertaining to the economics of colleges and universities. In particular, we'll discuss the logic of non-profit enterprises, the financial structure of a college or university, competition in the market for higher education, policies impacting tuition and financial aid, the individual and societal returns from investments in higher education, and the distinctive features of academic labor markets. Particular attention will be paid to selective liberal arts colleges.
Prerequisite:
Economics 251 and 253 or 255 or Statistics 346 or permission of the instructor
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3.00 Credits
This course examines the ways in which a country's factor endowments, domestic market characteristics, and government policies promote or impede the global expansion of its industries and corporations. First, actual trade and investment decisions of multinational corporations are analyzed and compared to the predictions of international trade theory. Second, competitive strategies of indigenous and foreign rivals in U.S., Pacific rim, and European markets are explored. Third, the efficacy of government policies in promoting the competitiveness of industries in global markets is discussed. Case studies of firms, industries, and countries will be utilized. In class taught during the fall, students will simulate a meeting of the Federal Reserve Open Market Committee, either to decide on monetary policy or to debate a current policy monetary policy or regulatory issue; in class taught during the spring, students will gain insights into the implementation of monetary policy through a simulation of the Federal funds market.
Prerequisite:
Economics 251
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3.00 Credits
This course is an introduction to the economic analysis of demographic behavior and the economic consequences of demographic change. An important aim is to familiarize students with historical and contemporary trends in fertility, mortality, migration, and family composition, and the implications of these trends for the economy. The course demonstrates the application of microeconomic theory to demographic behavior, including fertility, marriage, and migration. Students are introduced to basic techniques of demographic measurement and mathematical demography. Selected topics include the economic consequences of population growth in developing countries, the economics of fertility and female labor force participation, the effects of an older age structure on the social security system, and the relationship between population growth and natural resources.
Prerequisite:
Economics 251 and 255 or permission of the instructor
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3.00 Credits
Cities and urbanization can have significant impacts on the economy. In many developed economies, a process of regional decline is associated with older, industrial cities. In developing countries, the process of economic growth is generally associated with increasing urbanization. Urbanization, with its increasing concentration of population and production, puts particular pressure on markets to allocate resources for provision of land, housing, transportation, labor and public goods. Urbanization can alter the productivity of land, labor, and capital in ways that can improve the welfare of residents and the performance of the broader economy. In this course we will examine these conflicting economic forces and examine some recent research that contributes to our understanding of the difference between regional growth and decline, and the role that the urban structure plays in these processes. We will examine the function of land, housing, transportation, and labor markets in the urban context, and the scope for public policies to improve the performance of the regional economy.
Prerequisite:
Economics 251
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3.00 Credits
Economics has a rich body of advice for policymakers struggling to manage and preserve environmental assets in developed and developing countries. In this course, we will study environmental policy and natural resource management from a microeconomic (and, to a lesser extent, macroeconomic) perspective. Throughout the course, we will emphasize issues of efficiency and equity, and we will be reminded again and again that the challenges are both technical and ethical. We will learn to identify cases in which markets may work well and cases of market failures. We will also look at actual policies worldwide to learn about policy implementation and pitfalls. The course is undergirded by concepts like sustainability, welfare within and across generations, market failure, and valuation of environmental assets. We will study pollution, generally seeking an efficient level of pollution, since reducing pollution always comes at a cost. We will study both localized air and water pollution and larger global problems, with special attention to climate change. There are many policies (including taxes and "cap and trade") that may be useful in cost-effectively fighting pollution, and we'll study them. We will study the exploitation and management of both nonrenewable and renewable resources, including global energy issues. We will also examine the relationship between development and the environment, touching on controversial topics such as the "natural resources curse" and the relationship between economic growth and the demand for environmental quality.
Prerequisite:
Economics 251, familiarity with statistics
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3.00 Credits
Financial crises have been with us for as long as banking has existed. Why are crises such a regular fixture of societies, and what can be done to prevent them, or at least reduce their cost? Topics examined include bubbles and swindles, especially when these spillover to the broader macroeconomy; the role of information in banking in normal times and in bank runs; boom-bust cycles in asset markets; international contagion; crisis resolution techniques; and the extensive history of attempts to improve regulation so as to reduce the frequency and cost of crises. Crises in developing and developed economies in the 19th, 20th and 21st centuries will be examined, and the role of political economy factors in their run-up and resolution will be featured. This course is part of the Gaudino Danger Initiative.
Prerequisite:
Economics 252 and 253/255
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