A. Introductory Courses

201. Principles of Economics I. No credit granted to those who have completed or are enrolled in 400. (SS).

Economics 201 concentrates on the microeconomics of the modern economy: how markets function under competitive conditions as well as with various other types of market organization; the distribution of income and wealth; the public sector; socialism; and related topics of current interest. Grades are based largely on course-wide hour tests and the final exam, but there will also be quizzes in the sections. Economics 201 is the first part of the two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics. Any student absent from the first two discussion section meetings will be dropped from the course.

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

Economics 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, international trade, and economic growth. The section meetings are limited to 35 students.

B. Economic Theory and Statistics

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

This course in macroeconomics deals with the theory of broad economic aggregates such as national income, employment, the price level, and the balance of payments. 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. 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 strongly recommended that students take Economics 401 before 402. (Johnson)

E. Industrial Organization and Public Control

333. Economic Analysis of Industrial Policy. Econ. 201 and 202. (Excl).

The goal of the course is a broad analysis of the questions of what has come to be called "industrial policy" and other structural policies aimed at reversing the weak performance of the U.S. economy. We will attempt to examine the subject from several perspectives. The course topics include the definition of an industrial policy, whether American industry is in a condition that merits serious concern, the use of traditional macroeconomic and trade policies, labor's stake in industrial transition, new theories of the nature of the firm, the controversial role of corporate raiding and reorganization, examination of the experience in the specific industries (autos, computers, aircraft) and the role of technology and R and D activity. A final section of the course will evaluate some specific policies and proposed remedies. Many of the topics compare U.S. institutions with those in other countries. (Stafford)

I. Environmental Economics

472/Nat. Res. 583. Intermediate Natural Resource Economics. Econ. 401 or Nat. Res. 570. No credit granted to those who have completed or are enrolled in Econ. 370. (Excl).

This course is an introduction to the economics of natural resources. Both replenishable resources (such as water, trees, fish, whales, wildlife, and agricultural products) and nonreplenishable resources (such as oil and minerals) will be considered. The increased consumption today has future consequences. The course therefore emphasizes intertemporal choice. Comparisons will be made between the market outcome when self-interested agents interact over time and efficient intertemporal exploitation of the resource. Policies to correct externalities will be discussed with emphasis on enforcement and information problems of environmental regulators. The course presumes familiarity with elementary probability, calculus, and static microtheory at the level of Economics 401 or equivalent. Grades will be based on hour test(s), problem sets and a final exam. (Fishelson)

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