Fall '99 Course Guide

Courses in Economics (Division 358)

Fall Term, 1999 (September 8 December 22, 1999)

Take me to the Fall Term '99 Time Schedule for Economics.


Override Procedures for Economics courses

Override Procedures for Economics 101 and 102: Please contact Shannon Dewolf for details in the Undergraduate Economics Office (158 Lorch Hall, 763-9242). Office hours for Fall Term will be Monday-Friday 8:00-12:30 and 1-4:30. Shannon Dewolf will be available to answer questions about the Economics concentration requirements, college or department policies and procedures, and general university information. Students can schedule advising appointments by calling or stopping by the office.

Override procedures for 300- and 400-level courses will be handled by the faculty member in charge.


Econ. 101. Principles of Economics I.

Introductory Courses

Section 100 Hour Exams: Thursday October 14th, 8:00-10:00 pm & Wednesday Nov. 3rd, 6:00-8:00pm.

Instructor(s): Jan Gerson (jgerson@umich.edu)

Prerequisites & Distribution: No credit granted to those who have completed or are enrolled in 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://econ.lsa.umich.edu/classes/Econ101_100_200

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. Hour Exams: Thursday, October 14th & Wednesday, November 3rd, 6:00 8:00pm

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 101. Principles of Economics I.

Introductory Courses

Section 200, 300 Hour Exams: Thursday, October 14th 8:00-10:00pm & Wednesday November 3rd 6:00-8:00pm.

Instructor(s): Paula Malone (pmalone@umich.edu)

Prerequisites & Distribution: No credit granted to those who have completed or are enrolled in 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No Homepage Submitted.

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; price controls; competition and efficiency; the differences between competition and monopoly; labor markets; 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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 101. Principles of Economics I.

Introductory Courses

Section 500.

Prerequisites & Distribution: No credit granted to those who have completed or are enrolled in 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 102. Principles of Economics II.

Introductory Courses

Section 100.

Instructor(s): Alan Deardorff (alandear@umich.edu)

Prerequisites & Distribution: Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/102/102.html

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 (200) by the professor and a one and a half hour section meeting (201-212) led each week by a graduate student instructor. The section meetings are limited to 35 students.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1, 5: Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall

Econ. 102. Principles of Economics II.

Introductory Courses

Section 200.

Instructor(s): E. Philip Howrey (eph@umich.edu)

Prerequisites & Distribution: Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No Homepage Submitted.

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. Major topics include the determinants of aggregate output, employment and unemployment, inflation, international trade, and economic growth, The course format is three hours of lecture per week (either 100 or 200) with the professor and one and one half hours of sections meetings (101-109 or 201 212) per week with a graduate student instructor. The section meetings are limited to 35 students. Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1, 5: Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall

Econ. 195. Seminar in Introductory Economics.

Introductory Courses

Section 001 The United States in an Asia-Pacific-Centered Global Economy.

Instructor(s): Gary Saxonhouse (grsaxon@umich.edu)

Prerequisites & Distribution: Only first-year students, including those with sophomore standing, may pre-register for First-Year Seminars. All others need permission of instructor. (3). (SS).

First-Year Seminar

Credits: (3).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

Econ. 323. Economics and Gender.

Other Topics in Economics

Section 001.

Instructor(s): Paula Malone (pmalone@umich.edu)

Prerequisites & Distribution: Economics 101 and 102. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

Examines many aspects of the economic status of women, including their role in the labor market, their relative wage status, the incidence of poverty in femal-headed households, and the importance of historical and demographic trends as determinants of the economic status of women. Relevant issues include sex-related inequities in wages, taxation, social sceucrity, etc., and possible policies for combating discrimination.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 330. American Industries.

Industrial Organization and Public Control

Section 001.

Instructor(s): Jim Adams (jimadams@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (4). (SS).

Credits: (4).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 340. International Economics.

International Economics

Section 001.

Instructor(s): Alan Deardorff (alandear@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (3). (SS).

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/340/340.html

The course provides a general overview of international economics. Topics covered include: the reasons for and the effects of international trade; trade policies such as tariffs, quotas, and voluntary export restraints; trade arrangements and institutions such as the NAFTA and WTO; determination of exchange rates; the role of the international economy in influencing national income, unemployment, and inflation; and international constraints on macroeconomic policy. Emphasis is on concepts, ideas and institutions, rather than on rigorous analysis. Course grade is based on a midterm exam, a final exam, several homework assignments requiring access to the World Wide Web, and an optional 5-10 page paper. Students are also expected to stay abreast of international economic news by reading the New York Times or the Wall Street Journal, and class includes weekly class discussions of the current news.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 001 Macroeconomic and Monetary History of the Developed Countries from 1880 to the Present.

Instructor(s): Robert Barsky (barsky@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (1-3). (Excl). May be repeated for a total of six credits.

Upper-Level Writing

Credits: (1-3).

Course Homepage: http://www-personal.umich.edu/~mschrist/econ395.html

This course will focus on some of the major themes in the macroeconomic and monetary history of the developed countries from 1880 to the present, with an emphasis (but not exclusive concentration) on the United States. The goal is not a comprehensive chronological treatment of historic events, but rather a focus on some highly interesting economic phenomena (e.g. depression, hyperinflation, war finance) in their most dramatic and/or characteristic settings.

A tentative outline (some sections may be added or subtracted) is:

  1. Long-run growth experience of a cross-section of countries, 1880-.
  2. The Classical Gold Standard, 1880-1914
  3. Communism and Fascism
  4. Some aspects of the 1920's:
    1. Economic Growth and Expansion, Technical Change, etc.
    2. Hyperinlation in Europe
    3. Postwar resumption of gold standard
    4. The bullish stock market fundamentals and possible bubble
  5. The Great Depression
  6. Some Macroeconomic Implications of WWII
  7. The Bretton Woods System and Other Aspects of Postwar Economic Order
  8. The Expansionary 1960s
  9. Inflation and Stagflation in the 1970's
    1. Collapse of Bretton Woods
    2. Behavior of the Federal Reserve
    3. Price controls
    4. "Productivity slowdown"
    5. Where does oil fit in?
  10. The Volcker Disinflation
  11. "Twin Deficits" in the 1980's
  12. Greenspan and Modern Monetary Policy
Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 002 Seminar on Controversial Economic Policy Issues. (3 credits).

Instructor(s): Tom Weisskopf (tomw@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (1-3). (Excl). May be repeated for a total of six credits.

Credits: (1-3).

Course Homepage: http://www-personal.umich.edu/~tomw/Econ395/

This term 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: environmental protection; labor rights and international trade; reform of the U.S. social security system; market-based choice in education; and the "living wage." 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 participation in classroom and computer conference discussions, a series of in-class quizzes, and several short papers.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 398. Strategy and Equity.

Other Topics in Economics

Section 001.

Instructor(s): Eswaran Somanathan (esomana@umich.edu)

Prerequisites & Distribution: Econ. 101. (4). (SS).

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ398_F99/

This course is an introduction to the science of strategic thinking and the art of equity. Basics of non-cooperative as well as cooperative game theory will be covered via simple cases in business, international crises, mass elections, legislative voting, cost sharing, college admissions, housing lotteries, kidney allocation, etc.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 401. Intermediate Microeconomic Theory.

Economic Theory and Statistics

Section 001 Hour Exam: Monday, October 11th & November 8th, 6:00 8:00pm.

Instructor(s): Kai-Uwe Kuhn (kukuhn@umich.edu) , Stephen Salant (ssalant@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102, and Math. 115. (4). (SS). (QR/1).

Full QR

Credits: (4).

Course Homepage: http://econ.lsa.umich.edu/classes/Econ401_F99/

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 twice a week.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 402. Intermediate Macroeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Charles Evans

Prerequisites & Distribution: Econ. 101 and 102, and Math. 115. (3). (SS). (QR/1).

Full QR

Credits: (3).

Course Homepage: No Homepage Submitted.

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), written exercises, 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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 404. Statistics for Economists.

Economic Theory and Statistics

Section 001.

Instructor(s): E. Philip Howrey (eph@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stat. 265, 311, 402, 405, or 412. (4). (Excl). (BS). (QR/1).

Full QR

Credits: (4).

Course Homepage: http://www.lib.umich.edu/libhome/Reserves/F99/EC404/index.html

This course provides an introduction to descriptive statistics, probability theory, statistical inference, and regression analysis. 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.

Check Times, Location, and Availability Cost: 1 Waitlist Code: 1

Econ. 405/Stat. 405. Introduction to Statistics.

Economic Theory and Statistics

Section 001.

Instructor(s): Lutz Kilian (lkilian@umich.edu)

Prerequisites & Distribution: 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. 265, 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).

Full QR

Credits: (4).

Course Homepage: No Homepage Submitted.

This course is designed for economics concentrators but 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 course emphasizes 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 gain experience with applications and computational methods. This course is designed for quantitatively oriented students who are comfortable with abstract concepts and mathamatical techniques. 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. 405 is a prerequisite for 406 (Econometrics)

Check Times, Location, and Availability Cost: 3 Waitlist Code: 1, 3

Econ. 409. Game Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Eswaran Somanathan (esomana@umich.edu)

Prerequisites & Distribution: Math. 217. (3). (Excl). (BS).

Credits: (3).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 421. Labor Economics I.

Labor Economics

Section 001.

Instructor(s): Stan Sedo (sasedo@umich.edu)

Prerequisites & Distribution: Econ. 401. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 431. Industrial Organization and Performance.

Industrial Organization and Public Control

Section 001.

Instructor(s): Dmitriy Stolyarov

Prerequisites & Distribution: Econ. 401. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

The purpose of this course is twofold: to introduce the students to the concepts and analytical tools that help analyze the market structures and firms' behavior and regulatory policies that promote effective competition.

In the first part of the course, we will study how the product markets are defined, how the sellers interact with other sellers and potential entrants, and how firms determine their price policy, sales and promotion.

In the second part, we will address specific aspects of firm behavior such as advertising, choice of quality and durability, pricing and marketing tactics. For each of these topics we will discuss the relevant legal structure governing and monitoring the industry and the economic rationale behind these regulatory policies.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 435. Financial Economics.

Monetary and Financial Economics

Section 001.

Instructor(s): Patrick Rowland

Prerequisites & Distribution: Econ. 401 and 405. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

The financial economics course provides the student with an examination of a wide array of financial instruments and institutions in today's global marketplace. In taking this course, you will develop an understanding of the numerous money-market and capital market instruments and rates, the determinants of equity and bond values, and the workings of various financial markets. Financial derivatives, specifically futures and options, are introduced and their relationship to portfolio management and hedging strategy is analyzed. The course introduces the Capital Asset Pricing Model, Markowitz diversification, duration and bond portfolio management, and the Black-Scholes option-pricing model. As part of the coursework, you will apply the concepts presented in class and investigate the fundamental components that determine the value of major US corporations.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 438/Health Management and Policy 661 (Public Health). Economics of Health Services.

Industrial Organization and Public Control

Section 001.

Instructor(s): Paul Rilstone

Prerequisites & Distribution: Econ. 401 or HMP 660. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

This course provides an economic analysis of health care services. It begins with a discussion of what makes the provision of health services different from that of most other goods and services we examine in economics. We will consider how to model the demand and supply of health care as an economic good. Specific topics include the market structure of health services, the demand for medical care, physicians and hospitals as suppliers of health services, health insurance, government provision of health services and international comparisons of health care systems.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 441. International Trade Theory.

International Economics

Section 001.

Instructor(s): Jim Levinsohn (jamesl@umich.edu)

Prerequisites & Distribution: Econ. 401. (3). (Excl).

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~jamesl/econ441.html

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. A special emphasis is placed on current policy issues in international trade.

Check Times, Location, and Availability Cost: 1-2 Waitlist Code: 1

Econ. 442. International Finance.

International Economics

Section 001.

Instructor(s): Patrick Rowland

Prerequisites & Distribution: Econ. 402. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

The purpose of the course is to study the macroeconomics and financial linkages between countries. The topics covered in the course include the international parity conditions in goods and financial markets, models of exchange rates, the efficiency of foreign exchange markets, the costs and benefits of alternative exchange rates regimes, balance of payments crises, and the gains from international diversification through international bond and stock markets. In each subject area, we examine the underlying economic theory and then evaluate the theory in light of recent empirical evidence. The course requirements are graded problem sets, two midterms and a final exam.

Check Times, Location, and Availability Cost: 3 Waitlist Code: 1

Econ. 453. The European Economy.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Jim Adams (jimadams@umich.edu)

Prerequisites & Distribution: Econ. 401. (3). (Excl).

Upper-Level Writing

Credits: (3).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1, 5: or permission of instructor

Econ. 454. Economics of Japan.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Gary Saxonhouse (grsaxon@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: 4 Waitlist Code: 1

Econ. 455. The Economy of the People's Republic of China.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Albert Park (alpark@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

This course will examine the process of economic development through the experiences of mainland China and Taiwan. Emphasis is on economic reforms in mainland China since 1978, including agricultural reforms, rural industrialization, reform of state-owned enterprises, international trade and foreign investment, fiscal and financial reforms, and regional inequality and poverty. Other topics: record of socialist planning in China; pace and sequence of reform in socialist economies; Taiwan's structural transformation; implications of Hong Kong's return to the P.R.C. in 1997.

Check Times, Location, and Availability Cost: 1 Waitlist Code: 1

Econ. 461. The Economics of Development I.

Economic Development

Section 001.

Instructor(s): Rohini Somanathan (rohinis@umich.edu)

Prerequisites & Distribution: Econ. 401. No credit granted to those who have completed or are enrolled in 360. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

This course is an introduction to questions related to the economic development of countries. The term "economic development" is very broad and we will consider a number of aspects of such development. We will examine the factors that account for differences in per capita income across countries, the characteristics of traditional societies that are conductive to growth and modernization and the relationship between growth, income distribution and other indices of development such as health and education. We will also ask how property rights and institutions influence technological change in different sectors of the economy and how social norms and networks in traditional societies can help resolve contractual problems associated with development. Methodologically, the course will be a mixture of mathematical models and empirical studies. Intermediate microeconomics is the only prerequisite.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

Econ. 481. Government Expenditures.

Public Finance

Section 001.

Instructor(s): Tomer Blumkin

Prerequisites & Distribution: Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

Economics 481 studies the role of government in the economy. Topics covered include public goods, collective choice, externalities, income redistribution, and social insurance. In considering these topics, emphasis will be placed on both theoretical issues and applications to current policy. The class format will combine lecture and discussion.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

Econ. 491/Hist. 491. The History of the American Economy.

Economic History

Section 001.

Instructor(s): Warren Whatley (wwhatley@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

Credits: (3).

Course Homepage: https://coursetools.ummu.umich.edu/1999/fall/lsa/econ/491/001.nsf

This course covers the economic history of the United States from colonial settlement to the present. We will focus on the sources of the country's economic growth, trends in income distribution, the evalutional factor markets and institutions, regional integration, and changes in political-economic institutions. We will pay particular attention to periods of rapid social change, like the Revolutionary War, the Civil War and Reconstruction, the Great Depression, and New Deal, and the Civil Rights Movement. Students will be evaluated on the basis of several essays, midterm and final exams, and class discussion.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

Econ. 495. Seminar in Economics.

Honors Program, Seminars, and Independent Research

Section 001 Social Regulation.

Instructor(s): Klaas van 't Veld (kvtveld@umich.edu)

Prerequisites & Distribution: Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be repeated for a total of six credits.

Upper-Level Writing

Credits: (3).

Course Homepage: http://www.lib.umich.edu/libhome/Reserves/F99/EC495/

This seminar studies a broad range of topics in social regulation, defined as government intervention to correct inequities or to control other social problems caused by economic growth and technological change. Examples include environmental, health, and safety regulation, affirmative action, and protection of freedom of speech. The seminar begins with classroom review of essential concepts and tools, after which participants are expected to pursue (in small groups) a significant research topic agreed to by the instructor. Emphasis is on the use of formal microeconomic models to analyze real-world problems and to evaluate policy interventions. Papers and oral presentations are required. Economics 401 is a prerequisite.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

Econ. 496. History of Economic Thought.

Economic History

Section 001.

Instructor(s): Frank Thompson (fthom@umich.edu)

Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

Upper-Level Writing

Credits: (3).

Course Homepage: http://www.lib.umich.edu/libhome/Reserves/F99/EC496/

This course provides an overview of the development of economics from the origins of modern capitalism to the present. The aim of the course is to deepen understanding of contemporary economic questions by situating them in the context of how such questions have arisen and been debated in the history of economic thought. Topics include: (1) Classical political economy from Adam Smith through Karl Marx; (2) Neoclassical economics from Jevons, Menger, and Walras through Marshall and his followers; (3) Keynesian economics and the neoclassical synthesis; (4) more recent New Classical, New Keynesian, Post Keynesian, and neomarxist developments. Economic theory will be situated in the broader historical contexts in which they developed. Attention will be focused on the scientific status of economic theories as well as their relation to policy and normative considerations.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1, 4

Econ. 498. Honors Independent Research.

Honors Program, Seminars, and Independent Research

Prerequisites & Distribution: Open only to students admitted to Honors concentration in economics. (1-4). (Excl). (INDEPENDENT). May be repeated for a total of eight credits.

Credits: (1-4).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

Econ. 499. Independent Research.

Honors Program, Seminars, and Independent Research

Prerequisites & Distribution: Written permission of staff member supervising research, and permission of the economics concentration advisor. (1-4). (Excl). No more than four credits may be used in an economics concentration program. (INDEPENDENT). May be repeated for a total of eight credits.

Credits: (1-4).

Course Homepage: No Homepage Submitted.

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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

Econ. 555/Public Policy 555. Microeconomics.

Other Topics in Economics

Section 001.

Instructor(s): James Levinsohn (jamesl@umich.edu)

Prerequisites & Distribution: Permission of instructor. (4). (Excl).

Credits: (4).

Course Homepage: http://www.econ.lsa.umich.edu/~jamesl/spp555.html

See Public Policy Studies 555.001.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of instructor

Econ. 573/Public Policy 573. Benefit-Cost Analysis.

Other Topics in Economics

Section 001.

Prerequisites & Distribution: Econ. 555. (4). (Excl).

Credits: (4).

Course Homepage: No Homepage Submitted.

See Public Policy Studies 573.001.

Check Times, Location, and Availability Cost: 3 Waitlist Code: 3, Permission of instructor

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