Courses in Economics (Division 358)

A. Introductory Courses

201. Principles of Economics I. No credit granted to those who have completed or are enrolled in 400. I, II, IIIa, and IIIb. (3). (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.

202. Principles of Economics II. Econ. 201. No credit granted to those who have completed or are enrolled in Econ. 400. I, II, IIIa, and IIIb. (3). (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

401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (4). (SS).

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 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. (Gerson)

404. Statistics for Economists. Econ. 201 and 202 and Math. 115. No credit granted to those who have completed or are enrolled in 405 or Stat. 311, 402, or 412. (4). (Excl).

This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression theory. Data analysis and interpretation of quantitative results will be emphasized. There are three 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:2-3 WL:1 (Howrey)

C. Monetary and Financial Economics

310. Money and the Economy. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 411 or 412. (3). (Excl).
Section 101 Money and Banking.
This course studies the role of money, banking, and finance in the economy. At the macroeconomic level, we will study how monetary policy influences interest rates, prices, and overall economic activity. At the microeconomic level, the course will introduce topics in portfolio theory, risk management, and banking regulation. The nature of banks and problems of their supervision and control are linked to the recent banking crisis in the United States. We will also examine in detail how the Federal Reserve operates monetary policy, and the problems it faces in pursuing objectives such as economic growth, low inflation, and the containment of financial crises. (Hussman)

J. Public Finance

481. Government Expenditures. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

This course 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, externalities, rent-seeking, and cost-benefit analysis. Depending upon the time available, the course may also consider in detail public policies in the areas of pollution and income redistribution. In considering these topics, emphasis is placed on theoretical as well as on political issues. (West)


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