Courses in Economics (Division 358: arranged by groups)

A. Introductory Courses

Students who earned credit for Economics 201 or 400 prior to Fall Term 1982 are permitted to enter all those upper-level courses whose prerequisites are designated Economics 201 and 202. Students who elect Economics 201 in Fall Term 1983 and thereafter will be required to take its sequel, Economics 202, in order to take any advanced course in the Economics Department. Economics 400, taken in Fall, 1982, and thereafter, does not normally fulfill the prerequisite for advanced courses in Economics.

201. Principles of Economics I. Open to second-term freshmen. No credit granted to those who have completed 400. (4). (SS).

Economics 201 is open to first-term freshmen in the Honors Program and to non-Honors second-term freshmen. Freshmen who believe that their backgrounds and interests are such that they would like to elect this course should discuss the matter with a counselor before making the election. Economics 201 is the first part of a two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics. In Economics 201, the fundamental theories and concepts of microeconomics are described and are used to analyze problems of current interest. Among the major topics discussed are how consumer and producer preferences interact to determine the price and quantity offered of individual products and resources, the different types of markets within which firms operate, the causes and remedies of such market failures as monopoly and spillover costs, and problems related to the distribution of income. The course format consists of one hour of lecture (either section 001 or 002) each week given by the professor and three hours of section meetings (sections 003 to 033) given by a teaching assistant each week. There are two hour exams scheduled for October 11 and November 15 at 4:00 pm. Students must reserve these times and dates. (Barlow)

Section 022: Permission of Comprehensive Studies Program (CSP). This section, which covers the complete course syllabus, is designed for students who want to be certain that they develop a thorough understanding of economic principles, are highly prepared for Economics 202, and are willing to devote the effort necessary to do so. Extra class time is provided for in-depth analysis of central concepts. Therefore, enrollment in this CSP section will require additional time and effort for problem-solving and review.

202. Principles of Economics II. Econ. 201. No credit granted to those who have completed Econ. 400. (4). (SS).

Economics 202 is only open to students who have taken Economics 201 in Fall, 1982 or thereafter. Both 201 and 202 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 202, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GNP, unemployment, inflation, and growth. The course format consists of one hour of lecture (either 001 or 002) each week by the professor and three hours of section meetings (003 to 023) each week by a teaching assistant. The section meetings are limited to 35 students. (Gramlich)

400. Modern Economic Society. For upperclass and graduate students without prior credit for principles of economics. (4). (SS).

A one-semester course which covers the basic principles of economics, including both microeconomic and macroeconomic analysis, the theory of production and cost, industrial organization, and input markets. Macroeconomic topics include the determination of national income, inflation and unemployment, money and banking, and stabilization policy. The course is aimed at upperclass and graduate students who are not majoring in economics. Students who wish to retain the options of further courses in economics or of economics as a possible major should take the two-semester introductory course, Economics 201 and 202. (Crafton)

401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS).

This course in microeconomics deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus. Economics 401 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that 401 and 402 be taken in the same term. It is predominantly a lecture course, with grades based on hour test(s) and final exam. (Borenstein, Varian, Feldstein, Blume) Borenstein (001) uses some calculus; Varian (003) emphasizes analysis, uses some calculus, and assigns weekly problem sets; Feldstein (004) uses less math, emphasizes application; and Blume (005) emphasizes analysis, uses some calculus, and assigns some problem sets.

402. Intermediate Macroeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS).

This course in macroeconomics deals with the theory, measurement, and control of broad economic aggregates such as national income, employment, and the price level. Rigorous analysis is used to understand the forces that determine the level of economic activity, inflation, unemployment, and public policies related to those economic variables. Prerequisites include one term of calculus. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that Economics 401 and 402 be elected during the same term. It is predominantly a lecture course, with grades based on hour test(s) and final exam. (Aschauer, Teigen, Weisskopf, Gerson, Mueller). Specific section information follows: Aschauer (001) no section information; Teigen (002) uses some algebra and calculus and assigns occasional problem sets which count in the final grade; Weisskopf (003) is not too math-intensive and includes some consideration of alternative perspectives; Gerson (004) stresses the graphical and algebraic; and Mueller (005) is not math-intensive.

405/Statistics 405. Introduction to Statistics. Math. 115 or permission of instructor. Juniors and seniors may elect this course concurrently with Econ. 201 or 202. No credit granted to those who have completed 404. (4). (SS).

This course has originally been designed for economics concentrators but the discussion is sufficiently general to serve noneconomics concentrators just as well. The emphasis is on understanding rather than on "cookbook" applications. Students are expected to know basic algebra and to have some understanding of the concept of derivatives and integrals. Since the content of the course does not extend much beyond establishing the foundations of statistical inference, it is recommended that after finishing the course students elect to take Economics 406 or a similar course in the Statistics Department to learn some applications and get some experience with computer work. While Economics 405 is not required for an economics concentration, it is difficult to see how anyone today can be regarded as an economist without some knowledge of statistics. Employers typically ask for some training in statistics, and letters from graduates often express regret for not having had more statistics. (Kmenta)

407. Marxist Economics. Econ. 201 and 202. (3). (SS).

The course surveys major themes in Marxist economic and social analysis: the philosophy of historical materialism, capitalist production, accumulation, class structure, women and capitalism, organization of work, and working class life. Readings are drawn from the works of Marx and Engels as well as modern Marxist sources. Grades will be based on a journal and, when the course is offered as an ECB course, a term paper. The written assignments will encourage critical thinking about capitalist society, conventional economic and social theory, and Marxism. Class format will be mixed lecture and discussion. Does not fulfill departmental sequence requirement. (L. Anderson)

D. Economic Stability and Growth

411. Money and Banking. Econ. 402 or permission of instructor. No credit granted to those who have completed or are enrolled in 410. (3). (SS).

This course focuses on monetary theory and the structure of the banking and financial systems of the United States. The course uses a combined lecture and discussion format. There is a midterm, a final examination, homework assignments, and reading assignments from a text and other selected readings. (Holbrook)

E. Labor Economics

420. Survey of Labor Economics. Econ. 201 and 202. Not open to those who have taken Econ. 421 and/or 422. (3). (SS).

This course surveys contemporary, classical and radical perspectives on the operation of labor markets. Topics discussed include the economic aspects of education, job search, union activity, migration, discrimination, unemployment, internal labor markets and family life. The latter portion of the course will utilize these perspectives in an analysis of the history of laboring life in America. A midterm and final are required. Lecture-discussion format. (Whatley)

421. Labor Economics I. Econ. 401. Not open to students who have taken 420. (3). (SS).

This course deals with the economics of labor supply and demand, wage and employment determination, investment in education and training, and unemployment. The course develops microeconomic models of the labor market, presents relevant empirical evidence, and discusses applications to such policy issues as the work incentive effects of income maintenance programs and the employment effects of minimum wage legislation. Grades are bases on midterm and final examinations. (Solon)

423/Women's Studies 423. The Economic Status of Women. Econ. 201 and 202. (3). (SS).

This course focuses on the changing economic role and status of American women within the context of both the family and the larger economic society. One major focus of the course is the changing pattern in labor force participation of women including the historical trends which underlie the great increase in the number and proportion of working women. Related issues include some possible explanations for the heavy concentration of women workers in a few predominantly female occupations and the possible determinants of current unfavorable male/female wage ratios. In each case, the extent to which discrimination might be an explanation is considered. Another major focus of the course is the impact that contemporary changes in family life have had on the economic status of women. Some of the changes considered are changes in fertility, in marriage patterns, in divorce rates, and in sex role patterns within the family. The economic issues associated with different family life styles are examined, and some attention is given to the economic problems of families with female family heads and to the economic problems experienced by dual career families. Other course topics include the problem of time allocation for women combining family life with full time work, the need for some flexibility in working conditions for married women, and the extent to which women are treated differently from men in such matters as pension rights, social security benefits, and access to credit. Public policies such as affirmative action and the equal rights amendment which are designed to improve the economic status of women are also discussed. Some consideration is given to the comparative economic status of women in other countries. The course format includes lectures on selected topics with considerable time allowed for discussion. (Freedman)

425/Amer. Inst. 439/Poli. Sci. 439. Inequality in the United States. Econ.. 201 or Poli. Sci. 111. (3). (SS).

See American Institutions 439. (Corcoran & Courant)

426/Amer. Inst. 426. The Development of the American Labor Market Institutions. Econ. 201 or the equivalent. Not open to students who have taken or are taking Econ. 421 or 422. (3). (SS).

See American Institutions 426. (Johnson)

430. Industrial Performance and Government Policy. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 431 or 432. (3). (SS).

This course offers a general introductory survey of the field of industrial organization and public policies. The topics covered include: (1) how markets are organized and how the organization affects the market's performance, and, (2) how government policy, antitrust law and regulation affects both the organization of the market and its performance. In other words, it deals with the problem of corporate power and what to do about it. This course cannot be used as part of the two-course industrial organization sequence. A lecture/discussion format is used.

431. Industrial Organization and Performance. Econ. 401. No credit granted to those who have completed or are enrolled in 430. (3). (SS).

An analysis of the behavior and social performance of firms. Emphasis is placed on understanding how firms compete with one another. Topics include why firms exist, oligopoly theory, differentiated products, entry deterrence, collusion, advertising and trademarks, mergers and expenditures on research and development. There will be two exams and a cumulative final exam. (Bagnoli)

432. Government Regulation of Industry. Econ. 401. No credit granted to those who have completed or are enrolled in 430. (3). (SS).

This course studies government policies toward business. Government intervention in private business takes three forms in the U.S.: antitrust laws, direct regulation of prices and outputs, and safety and information regulation. In antitrust, we look at the laws and their enforcement on issues of monopolization, price fixing, mergers and other market restrictions. Direct economic regulation of specific industries is then examined. We will study the electric power, airline, securities brokerage, and telecommunication industries. Finally, we look at issues of unfair or deceptive advertising, health and safety standards for products and work places, and environmental protection. This course is the second part of the 431-432 sequence, but can be taken first with a moderate amount of extra work. Instruction: lecture/discussion. Evaluation: two 50-minute midterms and a two-hour final. (Borenstein)

G. International Economics

441. International Trade Theory. Econ. 401 or the equivalent. No credit granted to those who have completed or are enrolled in 440. (3). (SS).

Static and dynamic determinants of comparative advantage; trade policy and economic welfare; selected topics. Two lectures and one required section meeting weekly. (Stern)

H. Comparative Economic Systems

450. Comparative Economic Systems. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 451. (3). (SS).

Theoretical models and case studies of selected aspects of different economic systems, including (1) capitalist regulated market economies, (2) socialist regulated market economies, and (3) socialist centrally planned economies. Assigned readings and lectures. Two examinations. A demanding course suitable for students with above-average grades in prerequisite course. Not in Departmental concentration sequence in Comparative Economic Systems. (Bornstein)

456. The Soviet Economy. Econ. 201 and 202. (3). (SS).

A comprehensive and intensive analysis of the Soviet economy, including (1) development since 1917; (2) operation and problems in regard to planning, pricing, finance, management, labor, agriculture, and foreign economic relations; and (3) assessment of economic performance. Assigned readings and lectures. Texts include Marx, Engels, and Lenin, The Essential Left; Gregory and Stuart, Soviet Economic Structure and Performance, second edition (1981); and Bornstein, The Soviet Economy: Continuity and Change (1981). Two examinations. A demanding course suitable for students with above-average grades in prerequisite courses. May be used (along with Econ. 451) for departmental concentration sequence in Comparative Economic Systems. (Bornstein)

460. The Underdeveloped Economies. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 461. (3). (SS).

This course is an introduction to the study of problems of development and underdevelopment in the economies of the "Third World", for students who have had elementary economics but not necessarily any background in economic development. Alternative theoretical approaches to the analysis of economic development will be examined, as well as several case studies of Third World development experiences. The course may be combined with Economics 462 to form a departmental sequence in economic development. It is predominantly a lecture course, with grades based on a midterm and a final exam. (Weisskopf)

461. The Economics of Development I. Econ. 402 or permission of instructor. No credit granted to those who have completed or are enrolled in 460. (3). (SS).

This is the first course in a two-term sequence on economic development, intended primarily for upper division undergraduates from all fields and graduate students from outside economics. The second course in the sequence, Economics 462, need not be taken after this one but it is generally recommended. Economics 461 will involve a general introduction to the subject of economic development (and underdevelopment) that includes theoretical institutional, and historical perspectives. We will discuss problems of human resources, agricultural development, industrialization and trade, income distribution as well as development planning and other policy issues. The requirements of the course will include a midterm and final examination, as well as an optional paper. (Mueller)

K. Public Finance

481. Government Expenditures. Econ. 401. No credit granted to those who have completed or are enrolled in 480. (3). (SS).

Economics 481 is intended primarily for economics concentrators. It makes extensive use of elementary calculus and intermediate microeconomics. A strong background in both of these areas is essential for understanding the material. Students may take this course in conjunction with Economics 482 to fulfill departmental concentration requirements for advanced courses in a field. This course is concerned with non-market solutions to allocation problems arising from social interaction. In addition to studying government expenditures and interventions, we examine the theory of decisions in such groups as voluntary organizations, firms and families. Specific topics to be treated include the theory of public goods, externalities and legal liability, formal models of voting systems, benefit-cost analysis, preference revelation, measurement of demand for public goods, the theory of marriage, the theory of clubs, and applications of game theory to public choice. Emphasis will be theoretical rather than institutional. (Brazer)

482. Government Revenues. Econ. 401. No credit granted to those who have completed or are enrolled in 480. (3). (SS).

Economic analysis of the equity and efficiency effects of major U.S. taxes, including the personal income tax, the corporate income tax, the social security tax, and the property tax. Examination of commonly proposed tax changes. Effects of debt and inflationary finance. Lecture method; midterm and final exams; no term paper. Text: R.W. Boadway, Public Sector Economics. (Gordon)

491/Hist. 491. The History of the American Economy. Econ. 201 and 202. (3). (SS).

This course surveys the economic development of the United States from colonial times to the present. Includes an evaluation of the use of economic analysis in the study of history. Attention is also given to topics in political economy, such as the causes and effects of the Civil War, the basis of farmer and worker discontent, and government intervention in the Progressive and New Deal periods. The course requires a knowledge of economics on the level of Economics 201. Midterm and final, and several moderate-length term papers, are required. Lecture. (Whatley)

493/Hist. 493. European Economic History. Econ. 201 and 202. (3). (SS).

This course surveys the economic development of Europe from the eve of the industrial revolution through the formation of the Common Market. Topics include models of industrialization, agricultural development, population and labor supply, improvements in industrial technology, imperialism, and economic conflict and cooperation since 1918. Economics 493 is part of the economic history sequence for economics majors. Midterm, final, and several short papers are required. Lecture. (Webb)

496. History of Economic Thought. Economics 201 and 202. (3). (SS).

This course is designed to give the student an overview of the development of economics in the era of modern industrial capitalism, from Adam Smith to the present day. It will focus on three chief periods, defined by the dominant economic systems: (1) classical economics, from Adam Smith through Karl Marx; (2) neo-classical economics, from Jevons, Menger and Walras through Marshall and his followers; (3) critiques of the mainstream, especially the institutionalists and historical school; and (4) Keynesian economics and the neoclassical synthesis. Each of the major systems will be developed in a fourfold analytic schema, in terms of world view, method of analysis, dominant paradigm, and implications for social policy. Each will also be treated in a time dimension involving origins, development and breakup. Finally, each will be placed in the context of its historical era, related to economic, political, social, philosophical and ideological currents and changes. I plan to use one of the major current textbooks, such as Blaug, Rima, Bell, Roll, or Ekelund and Hebert. (Fusfeld)

497. Senior Honors Proseminar. Open only to seniors admitted to the Honors concentration in economics. (3). (SS).

This is the first semester of a two-semester sequence (Economics 497-498) in which Honors students formulate and carry out a substantial research project culminating in a thesis. Students are expected to complete a detailed thesis proposal, including an annotated bibliography, by the end of the first semester. Each student will also be expected to make an oral presentation based on work in progress. Credit is given separately for Economics 497 and Economics 498. (Stafford)

P. Interdisciplinary Survey Courses

395/Hist. 332/Pol. Sci. 395/REES 395/Slavic 395/Soc. 392. Survey of the Soviet Union. May not be included in the minimum 24 credits required for a concentration in economics. (4). (SS).

See REES 395. (Rosenberg)

Q. Accounting

271/Accounting 271 (Business Administration). Accounting. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (3). (Excl).

This course examines the concepts and procedures of accounting for financial transactions of business enterprises. Attention is given to the central problems of income determination and asset valuation. The final weeks of the course are devoted to financial reports and their interpretation. The format of the course is lecture and discussion. The course includes textbook readings and a series of problems for daily preparation. This course and Economics 272 serves the dual purpose of providing a foundation for students planning to take additional work in accounting and of providing a survey for those who plan no further work in this field.

Section 008 Permission of Comprehensive Studies Program (CSP). This CSP section, which covers the complete course syllabus, is designed for students who want to be certain that they develop a thorough understanding of accounting principles and are willing to devote the effort necessary to do so. Extra class time is provided for in-depth analysis of central concepts. Therefore, enrollment in Comprehensive Studies Program discussion sections will require additional time and effort for problem- solving and review. The meeting time is scheduled for Tuesday and Thursday, 1:00 2:30 p.m.

272/Accounting 272 (Business Administration). Accounting. Economics 271. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (3). (Excl).

Continuation of Economics 271. This course examines the concepts and procedures of accounting for financial transactions of business enterprises. Attention is given to the central problems of income determination and asset valuation. The final weeks of the course are devoted to financial reports and their interpretation. The format of the course is lecture and discussion. The course includes textbook readings and a series of problems for daily preparation. This course serves the dual purpose of providing a foundation for students planning to take additional work in accounting and of providing a survey for those who plan no further work in this field.


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