101(201). Principles of Economics I. No credit granted to those who have completed or are enrolled in 400. (4). (SS). (QR/2).
Economics 101 examines the microeconomics of capitalism – the behavior of households and businesses and the generation of prices and outputs in markets. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; labor markets and discrimination; the distribution of incomes and poverty; environmental problems and policies; and government taxation and expenditure issues. Economics 101 is the first part of the two-term introduction to economics – the second part (Economics 102, for which Economics 101 is a prerequisite) examines macroeconomics. Prerequisites for 101: high school algebra and geometry and a willingness to use them. The course format consists of large lectures taught by the professor and one small one-and-a-half-hour section meeting per week taught by a graduate student instructor. Cost:2 WL:1 (Gerson, Laitner, Porter, Morgan)
Section 300 only. The course format consists of three
large one-hour lectures per week taught by the professor and one
small one-and-a-half-hour section meeting per week taught by a
graduate student instructor. Final grades will be based on: quizzes
given during section meetings (20%); two hour tests (40%); and the final exam (40%). NOTE the DATES and TIMES of the two hour
tests and the final exam in the TIME SCHEDULE, and BE SURE that
you can attend all three. Cost:2
WL:1 (Porter)
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Times, Location, and Availability
102(202). Principles of Economics II. Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).
Economics 101 and 102 are required as prerequisites to the
concentration and to upper-level courses in Economics. In Economics
102, 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 GDP, unemployment, inflation, international trade, and economic growth. The course
format consists of three hours of lecture per week (either 100
or 200) by the professor and one and a half hours of section meetings
(101-109 or 201-212) each week by a teaching assistant. The section
meetings are limited to 35 students. Cost:2
WL:Contact Undergraduate Office, Dept. of Economics, 158 Lorch
Hall (Section 100:Courant; Section 200:Johnson)
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108. Introductory Microeconomics Workshop. First-year standing and concurrent enrollment in Economics 101. (1). (SS). Offered mandatory credit/no credit.
Students will meet weekly for one hour with a faculty member
for discussions of the previous week's Wall Street Journal
(WSJ) articles, stressing the use and application of the microeconomic
tools being learned in Economics 101. In the first few weeks, the workshop will study how to read the WSJ and will "play"
some market "games." Once supply and demand has been
studied in Economics 101, much of the WSJ becomes discussable.
Workshop attendance is mandatory, and each student will be required
to subscribe to the WSJ for the term. During the first few minutes
of the seminar, the articles for the subsequent week's seminar
will be selected and one or two students appointed to open the
discussion of each article on the week's agenda (and turn in to the professor a neat copy of their briefing notes). The remainder
of each seminar will be spent talking about the articles that
were selected the previous week. Evaluation of students will be
entirely on the basis of their briefing notes and attendance.
Honors credit for Econ. 101 can be achieved in this course. Cost:1 WL:4
(Porter)
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Times, Location, and Availability
195. Seminar in Introductory
Economics. (3). (SS).
Section 001 – The United States in an Asia-Pacific-Centered Global
Economy. In the past four decades the locus of international
trade and economic growth has shifted from the North Atlantic
to the Pacific Basin. This seminar will address the causes and consequences of this shift and its significance for the future
of the American economy. Particular attention will be paid to the role Japan has played as a catalyst for this historic change.
(Saxonhouse)
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401. Intermediate Microeconomic Theory. Econ. 101 and 102, and Math. 115. (4). (SS). (QR/1).
This course 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 in economics 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. Main lecture will meet twice a week. Sections will
meet once a week. WL:1
(Morgan)
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402. Intermediate Macroeconomic Theory. Econ. 101 and 102, and Math. 115. (3). (SS). (QR/1).
This course in macroeconomics deals with the determination
of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short
run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they
are affected by public policies. It is predominantly a lecture
course, with grades based on hour test(s) and final exam. Economics
402 is a prerequisite for many other courses offered in Economics.
Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program.
It is strongly recommended that students take Economics 401 before
402. Cost:3 WL:3
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404. Statistics for Economists. Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stat. 311, 402, or 412. (4). (Excl). (BS). (QR/1).
This course provides an introduction to the background in descriptive
statistics, probability theory, statistical inference, and regression theory needed to enable the large body of empirical work that
is now undertaken in economics to be understood and appreciated.
There are two lectures and one problem session per week. Grades
are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. Cost:1
(Ziliac)
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405/Stat. 405. Introduction to Statistics. Math. 116 or 118. Juniors and seniors may elect this course concurrently with Econ. 101 or 102. No credit granted to those who have completed or are enrolled in Stat. 311 or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4). (MSA). (BS). (QR/1).
This course is designed for economics concentrators but the
discussion is sufficiently general to serve noneconomics concentrators
as well. The emphasis is on understanding rather than on "cookbook"
applications. Students are expected to know basic algebra and basic calculus. 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
Economics 406 or a similar course in the Statistics department
to learn some applications and to get some experience with computer
work. This course is designed for quantitatively oriented students
who are comfortable with abstract concepts. Students who prefer
a broader, less rigorous approach to statistics should elect Econ.
404. Evaluation of students in the course is based on examinations
and homework assignments. There are three hours of lectures and one hour of discussion per week. Cost:3
WL:3 (Sakata)
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Times, Location, and Availability
409. Game Theory. Math. 217. (3). (Excl). (BS).
This course will consist of an introduction to the subject
of game theory. Game theory has become an important technique
for studying competitive and cooperative phenomena in economics
and the social sciences. Traditional economics emphasizes the
two extremes of economic decision-making: perfect competition, in which no firm can affect market prices, and pure monopoly, in which one firm has complete price-setting power. Game theory
is a technique which allows intermediate situations to be analyzed:
for example those that arise during wage negotiations or in price
wars between two large firms. The same principles that govern the strategic interaction of players in parlor games like Chess
or Poker turn out to be widely applicable to a whole range of
such phenomena in economics, biology, and political science. The
current course will explore the beginnings of the subject using
simple illustrative examples. Some calculus and matrix algebra
will be needed, but the mathematical requirement is more for some
sophistication in methods of argumentation rather than for specific
techniques. (If in doubt about your mathematical background, consult
Prof. Lopomo.) A final examination will count 50%. The remaining
50% will based on weekly homework assignments. Cost:2
WL:4 (Lopomo)
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Times, Location, and Availability
435. Financial Economics. Econ. 401 and 405. (3). (Excl).
This class introduces the economic analysis of financial markets
and financial decision making. Topics covered include asset pricing theory (the valuation of stocks, bonds, and options), net present
value analysis, portfolio management, and financial market organization
and behavior. The course develops the capacity to analyze investment
strategies and policy issues from the standpoint of economic theory
(as opposed to conventional wisdom). Our main objectives are to
understand WHY the financial markets work the way they do, to
develop useful tools for the analysis of investment opportunities, and to use economic methods to think critically about policy issues
such as government regulation of financial markets and the taxation
of investment returns. Students will gain experience with actual
financial markets through guest lectures from market professionals, tracking their own "model portfolios," and regular reading
of The Wall Street Journal. (Hussman)
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421. Labor Economics I. Econ. 401. (3). (Excl).
This course deals with the economics of labor supply and demand, wage and employment determination, investment in education and training, forms of compensation, and unemployment. The course
develops microeconomic models of the labor market, presents relevant
empirical evidence, and discusses applications to policy issues.
Cost:2 WL:1
(Stinebrickner)
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Times, Location, and Availability
330. American Industries. Econ. 101 and 102. (3). (SS).
The essential features of large-scale business enterprise in the United States today. Considerable attention is devoted to
particular industries, including petroleum, beer, prescription
drugs, air transport, and telephonic communication. Emphasis is
placed on market structure and government policy as determinants
of business behavior and performance. Students should be prepared
to participate frequently in class discussions. WL:1
(Adams)
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Times, Location, and Availability
431. Industrial Organization and Performance. Econ. 401. (3). (Excl).
An analysis of the behavior and social performance of firms.
Emphasis is placed on understanding how firms compete with one
another. Topics include oligopoly theory, differentiated products, entry deterrence, collusion, advertising, research and development, price discrimination and strategic rivalry using game theory.
There will be a midterm and a final exam. Cost:3
WL:4 (Gowrisankaran)
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Times, Location, and Availability
438/Health Management and Policy 661 (Public Health). Economics of Health Services. Econ. 401 or HMP 660. (3). (Excl).
This course will introduce students to the fundamental concepts
of the field of health economics. The basic framework of economics
will be used to analyze the behavior of hospitals, physicians, insurers, and health care consumers. The tools of economics will
be applied to managerial issues such as make-or-buy decisions
or pricing decisions. Additionally these economic tools will be
used to analyze how various parties might respond to changes in the health care system. By the end of the course students should
be able to assess the potential impact of hypothetical changes
in the health care system on costs and access as well as on the
well-being of hospitals, physicians, and insurers. Lecture format.
Two exams. Cost:2
WL:4 (Chernew)
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Times, Location, and Availability
441. International Trade Theory. Econ. 401. (3). (Excl).
This course deals with the theory of international trade. It
explores the important theories that explain what countries trade
and why they gain from trade. These theories include the theory
of comparative advantage and the factor-proportions theory of
trade, as well as more recent theoretical developments. The course
also deals with several other related topics, such as empirical
tests and applications of trade theory, the theory of trade policy, preferential trading arrangements, international factor movements, and trade and economic development. WL:1
Cost:1 -2 (Levinsohn)
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Times, Location, and Availability
442. International Finance. Econ. 402. (3). (Excl).
This course analyzes the macroeconomic and financial interactions
between countries. Theories of the balance of payments, the exchange
rate, and the international component of income determination
are developed. Examples of fixed and flexible exchange-rate regimes
are covered, including the gold standard, Bretton Woods, and the
EMS. There are graded homeworks, one midterm, and a final exam.
Cost:3 WL:1
(Tessar)
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Times, Location, and Availability
453. The European Economy. Econ. 401. (3). (Excl).
The structure, function, and performance of the European economy
since World War II. Emphasis is placed on description and analysis
of European economic integration. Topics include the origins and institutions of the European Community, creation of the customs
union, unification of the internal market, implementation of common
policies for agriculture and competition, prospects for monetary
union, and progress toward social Europe. Students should be prepared
to participate frequently in class discussions. WL:1
(Adams)
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Times, Location, and Availability
454. Economics of Japan. Econ. 101 and 102. (3). (Excl).
Analysis of Japan's economic organization, structure, and performance.
Special emphasis is placed on the character of Japanese economic
planning, the behavior of Japanese enterprises, the Japanese labor
force, and the Japanese household. There will also be ample discussion
of Japan's international economic relations. Attention will be
given to bilateral and multilateral conflicts in overseas product, financial, and technology markets. The class has a lecture format, but questions are welcomed. Course grade will be determined by
two one-hour exams and a final. Cost:4
WL:1 (Saxonhouse)
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Times, Location, and Availability
461. The Economics of Development I. Econ. 401. No credit granted to those who have completed or are enrolled in 360. (3). (Excl).
If the economy is globalized, what does development mean? This
course explores the economic issues related to development in
a globalized economy. What is of economic relevance to developing
and emerging nations? This course is structured as alternating
lectures and discussion groups set up to explore such topics as
emerging export economies, NAFTA and North America, population
and economic issues, poverty and income inequality, the changing
role of international migration, gender issues in development, micro-lending and exploratory policies, and restructuring and the World Bank. (Kossoudji)
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Times, Location, and Availability
471/NR&E 571. Environmental Economics. Econ. 401 or NR&E 570. (3). (Excl).
Economics 471 is a broad introduction to market failure, with theoretical, empirical, institutional, and historical perspectives
on twentieth-century environmental problems. This course is intended
primarily for upper-division undergraduates in the economics concentration
and for graduate students from outside economics (but note carefully the prerequisite – a solid intermediate microeconomic theory
course is essential). In recent years, grades have run around
40% A and about 15% D or E (with these latter being caused largely
by discomfort with calculus or difficulty with micro theory).
The format for most classes is lecture-with-interruption, with
time allocated for questions and discussions. The course deals
with: (1) the economic theory of externalities and public goods
(and "public bads"); (2) current U.S. environmental
policy, emphasizing air and water pollution and waste problems
– generation, collection, recycling, and disposal; and (3) an
in-depth examination of Superfund. There will be a few problem
sets, several short quizzes, and paper writing OR
a final exam. Those who choose the paper-route must find their
own way two or three times to a nearby Superfund site and to its
document repository (up to 50 miles or so away). Cost:2
WL:1 (Porter)
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Times, Location, and Availability
481. Government Expenditures. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).
Economics 481 studies the productive and allocative role of
government and of other aggregations of individuals, as well as the interactions among politics, economics, and ethics. Topics
covered include welfare economics, the theory of public goods, collective choice, problems of group decision making, externalities
and common pool problems, and cost-benefit analysis. Depending
upon the time available, we may also consider in detail public
policies in the areas of pollution and income redistribution.
In considering these topics, emphasis will be placed on theoretical
as well as on political issues. The class format will combine
lecture and discussion. WL:1
(Cullen)
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491/Hist. 491. The History of the American Economy. Econ. 101 and 102. (3). (Excl).
This course examines the economic history of the United States
from colonial settlement to World War II. We will focus on the
sources of the country's economic growth, trends in income distribution, regional integration, and changes in political-economic institutions.
We will pay particular attention to the role of government policy
in influencing economic outcomes. Students will be evaluated on the basis of weekly essays, midterm and final exams, and class
discussion. Cost:3
WL:1 (Levenstein)
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Times, Location, and Availability
395. Topics in Economics
and Economic Policy. Econ. 101 and 102. (1-3). (Excl).
May be repeated for a total of 6 credits.
Section 001 – Economics of the Automobile. (3 credits).
The course is divided into three parts, each directed by a different
lecturer: (1) the history and structure of the U.S. auto industry, recent changes in its technology and international competitiveness, and U.S. international trade policy, particularly voluntary export
quotas, anti-dumping laws, and NAFTA; (2) the impact of the auto
on the urban, regional, and national economies of the United States, stressing urban decline, suburban growth, highway depreciation, and traffic congestion; (3) the external effects of the auto –
energy consumption, air pollution, and highway safety, looking
at the effects on safety of equipment and driver behavior, of
minimum driving and drinking ages, and of automobile insurance.
The course will stress economic analysis and its policy implications.
Students must acquire two or three paperbacks and a course pack.
Grades will be based on six quizzes and a short paper. Cost: 2
WL:1 (Levinsohn, Courant, Porter)
Section 002 – Seminar in Controversial Economic Policy
Issues. (3 credits). This seminar will address a series of
economic policy issues which have given rise to sharp debate among
economists and policy-makers. Among the issues we will confront
are: minimum wage legislation; trade restrictions; environmental
protection; privatization of social services; balancing the federal
budget; and employee ownership. Students will be expected to defend their positions on these issues with cogent argument, economic
analysis, and relevant empirical information. Readings will be
selected from a variety of sources and compiled in a set of course
packs. Requirements include coming to each class prepared to discuss
and debate the issue under consideration; grading will be based
on class participation, several in-class quizzes, and a series
of short papers. (Weisskopf)
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407. Marxist Economics. Econ. 101 and 102. (3). (Excl).
This course provides a critical introduction to Marxian economic
analyses of capitalist society in general, of contemporary U.S.
capitalism in particular, and of historical and potential alternative
economic systems. The first part of the course examines "classical"
Marxian theory, based on readings of Marx and Engels as well as
recent interpreters. The second part of the course focuses on
contemporary political economy examined within a variety of broadly
Marxian frameworks. Substantial class discussion is devoted to
application of economic theory to social practice. A very broad
range of topics is open for the course term paper. (Thompson)
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485. Law and Economics. Econ. 401. (3). (Excl).
This course analyzes legal issues from an economic perspective.
It covers topics in a variety of legal areas, including torts, contracts, property law, and legal procedure and dispute resolution.
For example, the course will ask the question of who should be
liable for damage in automobile accident cases in order to give
drivers incentives to take an economically efficient level of
precaution against accidents. It will ask under what circumstances
buyers or sellers should be encouraged to breach contracts and what penalties for breach will encourage them to breach only when
such behavior is economically efficient. It will ask how the availability
of insurance changes behavior in uncertain situations such as these. It will examine how the high costs of litigation influence the outcomes of legal disputes and also will analyze various methods
of resolving disputes outside of the legal system and their effects.
A "truth in advertising" proviso: students intending
to go to law school should be cautioned that this course will
not help in getting admitted any more than any other economics
course. There will be midterm and final exams, and several problem
sets. Readings include Polinsky's Introduction to Law and Economics. (White)
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495. Seminar in Economics. Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be elected for a total of 6 credits.
Admission information for all 495 seminars: Closed at CRISP. Applications will be available at the Undergraduate Economics Office, 158 Lorch Hall. Admission will be the decision of the instructor. Contact the Undergraduate Economics Office for further information.
Section 001 – Applied Microeconomic Modeling. This
seminar illustrates how elementary microeconomic tools can be
used to illuminate observed real-world phenomena and to evaluate
alternative policy interventions. Three-person teams investigate
in depth a single local, national, or international topic. The
list of topics for the current year is presented at the first
meeting. In addition to mainstream economics topics, students
have crossed disciplinary boundaries – modeling biological problems
using the tools of microeconomics. Three recent papers have been
published in journals or working paper series, and one was translated
into Spanish and used to brief the President of Argentina's Central
Bank. Emphasis will be on the accurate understanding of real-world
institutional details and the art of isolating salient aspects
of problems in a formal but tractable model. Papers and oral presentations
will be required. Economics 401 is a prerequisite. Only students
with a strong performance in 401 are admitted. (Salant)
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498. Honors Independent Research. Open only to students admitted to Honors concentration in economics. (1-4). (Excl). (INDEPENDENT). May be repeated for a total of 8 credits.
This course is for undergraduates writing senior Honors theses.
Each student's grade for the course and levels of Honors achieved
will depend entirely on the quality of the thesis, as evaluated
by the thesis advisor with whom the student has arranged to work.
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499. Independent Research. Written permission of staff member supervising research, and permission of Economics concentration advisor. (1-4). (Excl). (INDEPENDENT). May be elected for a total of 8 credits. No more than 4 credits may be used in concentration program.
Student and instructor agree on a substantial piece of work
involving reading or research. Evaluation is based on the written
work, either papers or examinations.
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Times, Location, and Availability
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