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Course Criteria
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3.00 Credits
A radical view of the dynamics of a capitalist economy and of the dimensions of the current economic crises in the United States. Topics include the elements of Marxist theory (e.g., historical materialism, alienation, labor theory of value) and problems of modern capitalism (e.g., imperialism, sexism, racism). (Brenda Wyss)
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3.00 Credits
Education is one of the major foci of spending in the U.S. economy-it has been estimated that expenditures on education and training in the United States total approximately $740 billion dollars per year, more than 10 percent of the U.S. Gross Domestic Product. The three major sectors of the economy-households, government, and businesses-all consider education to be a priority. But despite a consensus that education is important, there are many issues and controversies about efforts to provide education. Some of these are issues associated with any activity involving an economy, and so they are issues raised not only in the United States but in countries around the world. What are the goals of education "production" Are we producingthe amount and quality of education that we need to produce How are the necessary resources for education created, obtained and distributed Are we spending too much or too little Who pays Who should pay What are the appropriate roles of government, households and businesses Through what market and non-market processes is the demand for education coordinated with the supply of education providers How does socioeconomic inequality shape education, and how do education systems shape inequality, using economic theory, insights from data, and exploration of the arguments behind various education policies. This course provides students with insights into these issues and others, combining an eclectic blend of economic theory related to education with critical analysis of data, and with critical analysis of actual and proposed education policies. The goals are to see how education is related to the fundamental goals of economic growth and economic prosperity, to understand the institutional frameworks that shape educational outcomes, to gain knowledge about how economic theory provides insight into education issues, to understand how economic theories are woven into current and proposed policies for changing educational policy, and to further develop students' skills in the analysis of economic policy initiatives. (Russell Williams)
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3.00 Credits
Analysis of the revenue and expenditure policies of the public sector in light of the allocation, distribution and stabilization functions of government. Topics include the proper role of government, industrial policy, the management of externalities, the budget deficit, public expenditures, and the nature and incidence of the U.S. tax system. (John Miller)
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3.00 Credits
This course examines international financial relations among nations. Topics covered include the balance of payment accounts, foreign exchange rate determination, monetary and fiscal policies in an open economy, global financial liberalization, financial and currency crises, debt crises, the debate on fixed versus flexible exchange rate regimes, including "dollarization," currency unionsand monetary unions. (James Freeman)
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3.00 Credits
This course examines the effects of international trade on economic growth, income distribution, and labor and environmental standards. The topics covered include theories of trade, welfare effects of trade restrictions, U.S. and E.U. trade policies, trade issues of developing nations, multilateral trade negotiations under GATT and WTO, preferential trade agreements and multinational enterprises in the world trading system. (James Freeman)
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3.00 Credits
Economics of labor markets, labor unions and collective bargaining. Topics include labor force participation; employment and unemployment; wage rates; education and training; labor market discrimination; issues, techniques and outcomes of collective bargaining, and public policies affecting workers and labor unions. Neoclassical, institutionalist and radical theoretical frameworks are considered. (James Freeman)
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3.00 Credits
The development of economic thought from the mercantilist period to the present with primary emphasis on the classical economists, Marx, the Marginalists and Keynes. Topics investigated are the relationship between economic theory and its historical milieu, the role of paradigms in the development of economic ideas and the historical antecedents to current schools of economic thought. (John Miller)
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3.00 Credits
Applications of regression analysis, a versatile statistical tool frequently used in empirical economic studies as well as in other social and natural sciences. The primary emphasis will be on developing a sound understanding of the ordinary least squares method, thus enabling students to read, understand and evaluate studies using this technique. Students will use the computer to run their own regressions. (James Freeman)
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3.00 Credits
Introduction to the application of mathematical tools and techniques to economic analysis. Topics include solving linear economic models using matrix algebra, comparative static analysis, multivariable optimization with and without constraints, and linear programming. (John Alexander Gildea)
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3.00 Credits
Analysis of government regulation and its impact on society. Three major areas are covered: economic regulation, social regulation and anti-trust policy. Topics include environmental regulation, merger policy, business pricing and marketing practices, regulation of public utilities, health and safety regulation and deregulation. (John A. Walgreen)
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