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Course Criteria
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3.00 Credits
Full course for one semester. This course will introduce students to the analytical approaches and tools of the economics discipline, and how these are used to examine current issues and problems that arise in the functioning of economic systems. Microeconomic theories of consumption, production, and exchange provide much of the analytical framework that will be utilized, although we will also explore some relevant applications to the macroeconomy. A central feature of this course is the examination of markets and how they determine what is produced and how it is allocated. We also devote some attention to evaluating market outcomes, to thinking about remedies to resource allocation problems that markets cannot solve, and to thinking about the factors that determine long-run productive capacity and income potential. Lecture-conference.
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3.00 Credits
Full course for one semester. This course will examine processes of collectivization and decollectivization in the People's Republic of China, focusing on the 1950s and 1980s respectively. We will examine primarily the agricultural sector and consider the two-way nature of the transition-from a system of private ownership to collective-and the subsequent retreat to decentralization. This approach will facilitate contrasts and comparisons of the organizational changes experienced by the economy and its participants during each of the two decades under study. We will seek to understand the interests of various stakeholders, their subsequent roles in promoting or resisting the changes, and finally how various societal groups were affected. Among the materials we consider will be narrative accounts from various perspectives in addition to secondary sources that analyze the transition processes and their outcomes. Conference.
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3.00 Credits
Full course for one semester. A survey of basic theories of economic growth and business cycles using graphical and algebraic methods. Studies the relationships among aggregate economic variables such as GDP, inflation, interest rates, unemployment, and exchange rates. Analysis of macroeconomic policy issues. Prerequisite: Economics 201 or consent of instructor. Lecture-conference.
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3.00 Credits
Full course for one semester. An introduction to applications of empirical methods in economics. Students are introduced to the nature and sources of economic data and basic concepts of statistics and econometrics. Topics include the estimation of econometric models, hypothesis testing, and forecasting. Emphasis is placed on the use of these techniques in empirical economic literature. Prerequisite: Economics 201. Lecture-conference.
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3.00 Credits
Full course for one semester. An introduction to the statistical methods commonly used in economic research. Classroom development of theoretical material is combined with extensive hands-on practice of econometric techniques. Statistical methods discussed include estimation and inference in simple and multiple linear regression models, detection and correction of autocorrelation and heteroskedasticity, time-series models and distributed lags, and estimation of systems of simultaneous equations. Considerable emphasis is placed on learning to specify, implement, and evaluate tests of economic hypotheses. Prerequisites: Economics 201 and Mathematics 141 or similar introduction to statistics, or consent of the instructor. Lecture-conference.
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3.00 Credits
Full course for one semester. This course provides a thorough exposition of neoclassical theories of producer and consumer behavior. Considerable attention is devoted to understanding the economic concept of efficiency and demonstrating the efficiency of competitive equilibrium in a general equilibrium framework. The efficiency of market outcomes under alternative assumptions is also examined, and some time is devoted to discussing social choice theory and the limits of the market. Prerequisites: Economics 201 and Mathematics 111, or consent of the instructor. Lecture-conference.
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3.00 Credits
Full course for one semester. A detailed introduction to modern theories of economic growth and business cycles. Emphasizes the derivation of relationships among aggregate variables from assumptions about the behavior of households and firms. Examines empirical evidence for and against macroeconomic theories. Lab session focuses on applying macroeconomic analysis through solving theoretical problems and performing empirical projects using macroeconomic data. Prerequisites: Economics 201 and Mathematics 111, or consent of the instructor. Lecture-conference-laboratory.
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3.00 Credits
Full course for one semester. This course studies strategic behavior in multiperson games. We study various classes of games, including static and dynamic games as well as those of complete and incomplete information. We also consider various solution concepts, including iterated elimination of dominant strategies, Nash equilibrium, and evolutionary stability. Numerous refinements of the Nash equilibrium concept, including subgame perfect Nash equilibrium, Bayesian Nash equilibrium, and perfect Bayesian equilibrium, are also considered. There will be a heavy emphasis on the application of game theory to the study of the real world. We apply game theory to the study of competition, the commons, bargaining, auctions, conventions, institutions, and political decision-making. Prerequisite: Economics 201, Mathematics 111, or the equivalent. Lecture-conference. Not offered 2009-10.
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3.00 Credits
Full course for one semester. This course examines the economics of undergraduate education, focusing on issues of relevance to Reed College and using Reed as a case study. Elements of institutional revenue and cost streams are analyzed. Among the specific topics considered are: measurement of the inputs, outputs, and productivity of institutions; economic returns from higher education, especially at selective liberal arts colleges; the demand for higher education in general and for liberal arts colleges in particular; the effects of need-based and merit-based financial aid on demand; fund-raising and management of endowment resources; the market for faculty and models of faculty salaries and benefits; internal allocation of resources among academic and administrative departments; funding and maintenance of the physical plant; and the economics of residence halls, food service, and other nonacademic aspects of higher education. Prerequisite: Economics 201 or consent of instructor. Conference.
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3.00 Credits
Full course for one semester. This course introduces the student to the economic history of the United States from colonial times through the Great Depression. Emphasis is placed on understanding the sources of economic growth and key developments in the historical economy. Topics include colonial markets for labor and land, technological change, the economics of slavery and the Civil War, the growth of big business and regulation, the development of capital markets, immigration and internal migration, and the Great Depression. Prerequisite: Economics 201. Conference. Not offered 2009-10.
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