92-93 LS&A Bulletin

Economics

238 Lorch Hall

764-2355

Professor Alan V. Deardorff, Chair

Professor David Lam, Associate Chair for Administrative and Student Affairs

Professor Matthew D. Shapiro, Associate Chair for Recruitment

May be elected as a departmental concentration program

Professors

William James Adams, Industrial Organization, Western Europe

Theodore Bergstrom, Microeconomics, Public Finance

Kenneth Binmore, Microeconomics

Morris Bornstein, Comparative Economic Systems, Soviet & East European Economies

Charles Brown, Labor, Microeconomics

Paul Courant, Public Finance, Public Policy, Urban Economics

John Cross, Microeconomic Theory

Alan Deardorff, International, Macroeconomics

Robert Dernberger, Comparative Economic Systems, Development/China

Greg Duncan, Microeconomics, Labor

Mark Gersovitz, Development

Roger Gordon, Public Finance, Econometrics

Edward Gramlich, Public Finance, Macroeconomics

Robert Holbrook, Money, Macroeconomics

E. Philip Howrey, Econometrics, Macroeconomics

Saul Hymans, Econometrics, Macroeconomics

George Johnson, Labor

Thomas Juster, Microeconomics, Survey Research

Jan Kmenta, Econometrics

John Laitner, Macroeconomics

Richard Porter, Environmental, Development, Microeconomics

Stephen Salant, Microeconomics, Natural Resources

Gary Saxonhouse, Japanese Economy, Econometrics, Development

Carl Simon, Microeconomics

Joel Slemrod, Public Finance

Frank Stafford, Labor, Microeconomics

Robert Stern, International

Hal Varian, Microeconomics

Thomas Weisskopf, Political Economy

Michelle White, Law, Public Finance

Associate Professors

Robert Barsky, Money, Macroeconomics

Susanto Basu, Macroeconomics

David Lam, Development, Demography

Matthew Shapiro, Macroeconomics, Econometrics

Gary Solon, Labor, Econometrics

Warren Whatley, Economic History, Political Economy

Assistant Professors

John Bound, Labor, Econometrics

Margarita Genius, Econometrics

Avery Katz, Law and Economics

Miles Kimball, Macroeconomics, Money

Sherrie Kossoudji, Development, Demography

Margaret Levenstein, Economic History

James Levinsohn, International, Development

David Li, Comparative Economic Systems

Jeffrey Mackie-Mason, Public Finance, Econometrics

David Roth, Theory

Greg Shaffer, Industrial Organization

Ennio Stacchetti, Theory

Joseph Swierzbinski, Natural Resources, Industrial Organization

Robert Thomas, Business

Robin Wells, International Finance

Lecturers

Helen Crafton, Microeconomics, Macroeconomics

Janet Gerson, Microeconomics

Frank Thompson, Political Economy

Janet Wolfe, Macroeconomics, Econometrics

Professors Emeriti Gardner Ackley, W. H. Locke Anderson, Deborah Freedman, Daniel Fusfeld, Harold Levinson, James Morgan, Eva Mueller, William Palmer, Peter Steiner, Wolfgang Stolper.

Economic problems are central to modern society. Consequently, a broad understanding of the modern world requires some knowledge of economic systems. An individual's intelligent understanding of and participation in the solution of problems which face society is aided by an understanding of the point of view and techniques of analysis which have been developed by economists. The introductory courses (201 and 202) offered by the department are designed to provide basic knowledge as well as to serve as a foundation for other courses in economics for students who wish to pursue the subject at an intermediate or advanced level. A concentration in economics leads to a more detailed understanding of the modern economic world and provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students who wish to attain professional competence as economists in preparation for careers in research or in college or university teaching normally plan on graduate work in economics.

Prerequisites to Concentration. Economics 201 and 202 and Mathematics 115, each of which must be completed with a grade of at least C. Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond Mathematics 115. Mathematics 116, 215, and 217 are recommended for students with an interest in quantitative economics. For students who would only take one more course beyond Mathematics 115, Mathematics 118 is suggested. Students with a serious interest in advanced research should elect Economics 405 and 406.

Concentration Program. A minimum of 24 credits including at least 8 upper level economics courses must be selected from among groups B through M in the course listings. A concentration plan must include (1) Economics 401 (Intermediate Microeconomics) and 402 (Intermediate Macroeconomics), each completed with a grade of at least C-, and (2) Economics 404 (Statistics for Economists) or 405 (Introduction to Statistics). Economics 401 and 402 are prerequisites to many advanced courses and should be elected during the sophomore or junior year. Economics 401 should be elected before Economics 402. Transfer credit is not normally granted for Economics 401. Students who wish to receive Economics 401 transfer credit for Intermediate Microeconomics courses elected elsewhere must perform satisfactorily on a departmental equivalency examination. Statistics 425 and 426 (or 525 and 526) may be substituted for Economics 405 and may count as 4 credits toward the minimum of 24 credits. Other courses in statistics may be used to satisfy the statistics requirement only with the approval of a concentration advisor and do not result in concentration credit. The 24 credits in economics required for the economics concentration must include at least 6 credits earned in classes for which Economics 401 or 402 is a prerequisite. The following courses may not be included in the concentration plan: Economics 400, 555 and 556.

Honors Concentration. Qualified students are encouraged to consider an Honors concentration in economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in economics. An Honors concentration plan must include Economics 405 and 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis is usually an extension of concentration coursework and includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of Economics 495 (Seminar in Economics). Honors concentrators have an opportunity to elect Economics 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

Advising and Counseling. Students interested in a concentration in economics should consult an economics concentration advisor. Appointments are scheduled at 1213 Angell Hall.

Economics Undergraduate Office. The undergraduate office is located at 158 Lorch Hall (763-9242). The Student Services Assistant for the economics undergraduate program is available to answer questions about concentration requirements, course offerings, wait-list procedures, and other matters concerning the undergraduate program.

Accelerated Program in Economics and Public Policy (A.B.-M.P.P.). The Department of Economics and the Institute of Public Policy Studies (IPPS) participate in a joint degree program in public policy. This program enables qualified students to complete the requirements for both the bachelor's degree with a concentration in economics and a two year master's degree program in public policy within a five year period. Application for admission to the accelerated program should be made during the junior year through the Institute of Public Policy (440 Lorch Hall; 764-3490). Students accepted into the program begin graduate work in public policy and administration in the senior year by electing the full sequence of core courses in the IPPS Masters program. Many of the courses in the IPPS core curriculum also satisfy concentration requirements in economics.

Students interested in the joint degree program should consult the Institute of Public Policy Studies and an economics concentration advisor during the sophomore year.

Michigan Economic Society. The Michigan Economic Society (142 Lorch Hall, 764-7191) is the organization for undergraduate students in Economics. Student representatives to department committees are elected by MES members. MES provides informational meetings about careers for economic graduates, informal talks by faculty members, informal peer counseling, and social events. Undergraduate students are encouraged to join MES and avail themselves of its many services.

Prizes. The Sims Honor Scholarship in Economics, which carries a stipend of $500, is awarded yearly in the spring to the junior judged the most outstanding and promising economics concentrator.

The Harold D. Osterweil Prize in Economics, which carries an honorarium of $500, is awarded yearly to the most outstanding graduating senior in economics who has also shown a high degree of social awareness.

Half Term Information. Some courses are offered in half terms for reduced credit. Refer to the Time Schedule for specific credit hour information.