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Course Criteria
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3.00 Credits
Analysis of problems in capital markets for firm financing and the institutional structures that address these problems. Investigation of asymmetric information between firms and potential investors and associated moral hazard and adverse selection problems that raise the cost of funds and constrain firm growth. Empirical tests for the presence of financing constraints on firms. A substantial portion of the course explores the role of venture capital, especially in the high-tech sector of the United States economy where venture capital is important for commercializing cutting-edge science. Prerequisite: Econ 4011 (401).
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3.00 Credits
This course begins with a review of international trade theory, of the balance of payment accounts, and their relationship to international borrowing and lending. We then study the asset approach to exchange rates determination, exchange rate behavior in the short and in the long run, and the relationship of exchange rates with prices and output. The course also explores monetary and fiscal policy under both fixed and floating exchange rates, macroeconomic policy coordination and optimum currency areas, international debt problems of developing countries, and their relation to stabilization program. Prerequisite: Econ 4021 (402).
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3.00 Credits
Innovation-figuring out better and cheaper ways of satisfying human desires-is the key to improving our well-being. It is not patient saving and accumulation that makes us so much better off than we used to be: capital accumulation is only the conduit through which the innovation juices flow. The question is: What drives it? How come some societies are apparently much more innovative than others? How come we have the impression that most useful inventions took place in the past three centuries? Are there policies that help fostering innovation and others that hurt? The course tries to address these questions. Economists have many theories of innovation, some better than others. We look at the theories, we examine the facts (past and present), then we go back to the theories and reconsider their explanatory power. With this background, we approach the debate about intellectual property, what it is and what it is not good for, whose interests it serves, and whose well-being it thwarts. Prerequisite: Econ 4011 (401).
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3.00 Credits
The study of fundamental forms of market failure that provide the economic rationale for government action. The first third of the class examines market failure when an economy contains externalities and public goods and the general nature of public policies that address these issues. The second third addresses particular public policies, with a focus on their intended and unintended consequences and their costs. The final third addresses taxation. Topics include the measurement and evaluation of tax burdens, the federal personal income tax, tax evasion, and proposals for fundamental tax reform. We use microeconomic theory and elementary calculus to reveal the common core of ideas behind these discussions, but the focus of the course is on applications. Prerequisite: Econ 4011 (401).
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3.00 Credits
Review and extension of macroeconomic models from Econ 4021 (402) from a comparative perspective and use of these models to analyze current macroeconomic and policy issues. Topics include recession and recovery; long-term growth; saving and social security; investment; and monetary policy. Multiple writing assignments that emphasize critical analysis of theoretical perspectives and readings applied to current macroeconomic topics. Writing are revised to improve logical structure, clarity, and style. Enrollment limited to 15 students with priority given to senior economics majors. Prerequisite: Econ 4021 (402). Please note: Requests for online registration are wait-listed. Students must sign up for this course in the Economics office, 307 Seigle. Refer to emailed advising memo from D. Petersen for further details.
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3.00 Credits
Course examines the relationship between environmental economics and environmental policy. The course focuses on air pollution, water pollution, and hazardous wastes, with some attention given to biodiversity and global climate change. The course examines critically two prescriptions that economics usually endorses: (1) "balancing" of benefits against costs (e.g., benefit-cost analysis) and the use of risk analysis in evaluating policy alternatives; and (2) use of market incentives (e.g., prices, taxes, or charges) or "property rights" instead of traditional command-and-control regulations to implement environmental policy. Prerequisite: Econ 1011 (103B).
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3.00 Credits
Theoretical and empirical analysis of the presence and value of competitive forces in the United States economy. Theories of industrial organization and development of criteria for performance of noncompetitive industries. Prerequisite: Econ 4011 (401).
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3.00 Credits
The increasingly complex interrelationships among business, government, and the public, focused on a set of major problems currently involving these relationships. Prerequisites: Econ 1011 (103B), 1021 (104B), and junior standing.
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3.00 Credits
Develops a theory of property rights and explores the implication of various property rights structures for resource allocation and economic development. Theory developed by Ronald Coase, Harold Demsetz, Armen Alchian, Steven Cheung, and others are examined and we discuss various types of property rights such as sharecropping, slavery, and serfdom as well as property rights in modern market and socialist economies. Prerequisite: Econ 4011 (401) or consent of instructor. Please note: Requests for online registration are wait-listed. Students must sign up for this course in the Economics office, 307 Seigle. Refer to emailed advising memo from D. Petersen for further details.
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3.00 Credits
Economic function of the city and the role of the city in a national economy. Local decision making; financing of local government expenditures. An analysis of selected urban problems, such as causes and effects of housing market segregation; decay and abandonment; landlord-tenant relations; crime; and urban transport systems. Prerequisite: Econ 4011 (401).
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