Winter '00 Course Guide

Courses in Economics (Division 358)

Winter Term, 2000 (January 5 April 26, 2000)

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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 Winter Term will be Monday-Friday 8:00-12:30 and 1-4:30. Jeannie Tramontin 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.

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://www.econ.lsa.umich.edu/classes/Econ101_F99

Economics 101 examines the microeconomics of capitalism the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. 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. Midterm Exams: Thursday, February 10 and Thursday, March 9, 8:00-9:30 p.m.

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

Econ. 101. Principles of Economics I.

Introductory Courses

Section 200.

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: http://www.econ.lsa.umich.edu/classes/Econ101_F99

Economics 101 examines the microeconomics of capitalism the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. 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. Midterm Exams: Thursday, February 10 and Thursday, March 9, 8:00-9:30 p.m.

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

Econ. 101. Principles of Economics I.

Introductory Courses

Section 300.

Instructor(s): John Laitner

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. 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: 2 Waitlist Code: 1

Econ. 101. Principles of Economics I.

Introductory Courses

Section 400.

Instructor(s): Sherrie Kossoudji (kossoudj@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; 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.

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

Econ. 102. Principles of Economics II.

Introductory Courses

Section 100.

Instructor(s): Saul Hymans (shymans@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. 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) by the professor and a one-and-a-half hour section meetings (101-111) 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): George Johnson (gjohnson@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. 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 graduate student instructor. The section meetings are limited to 35 students. Cost:2 WL:Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall

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

Econ. 108. Introductory Microeconomics Workshop.

Introductory Courses

Section 001.

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

Prerequisites & Distribution: First-year standing and concurrent enrollment in Economics 101. (1). (SS). Offered mandatory credit/no credit.

Credits: (1).

Course Homepage: No Homepage Submitted.

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. Workshop attendance is mandatory, and each student will be required to subscribe to the WSJ for the term.

In order to begin the subscription at the beginning of the term, students may pick up a subscription form at the end of this term at 166 Lorch. Students will open the discussion of each article on the week's agenda (and turn in to the professor a neat copy of their briefing notes). Articles discussed include articles on the Wall Street Journal's "Economics in Action" Website (http://subscribe.wsj.com/microexamples) and current articles related to the week's class topics. Evaluation of students will be entirely on the basis of their briefing notes and attendance.

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

Econ. 299. Undergraduate Internship.

Honors Program, Internships, Seminars, and Independent Research

Section 001.

Prerequisites & Distribution: Economics concentrators, with permission of concentration advisor. Internship credit is not retroactive and must be prearranged. (1). (Excl). Offered mandatory credit/no credit. May not be used to satisfy economics electives for an economics concentration. (EXPERIENTIAL). May be repeated for a total of 2 credits.

Credits: (1).

Course Homepage: No Homepage Submitted.

Credit is granted for a full-time internship of at least eight (8) weeks that enriches a student's academic experience and/or allows a student to explore careers related to his/her academic studies. Internship credit is not retroactive and must be prearranged. Verification of the internship (after completion) must be provided by the student on company letterhead.

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

Econ. 309(109). Experimental Economics.

Introductory Courses

Section 001.

Instructor(s): Yan Chen (yanchen@umich.edu)

Prerequisites & Distribution: Econ. 101. (3). (SS). (QR/1). Laboratory fee ($30) required.

Full QR

Credits: (3).

Lab Fee: Laboratory fee ($30) required.

Course Homepage: No Homepage Submitted.

This course will introduce students to principles of economics through experience in a laboratory. Topics include competitive markets, bargaining, auctions, taxation, trade, etc. Students who took Econ 109 are not eligible.

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).

Upper-Level Writing

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 female-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. 325/Poli. Sci. 439. Inequality in the United States.

Labor Economics

Section 001.

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

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

Upper-Level Writing

Credits: (3).

Course Homepage: No Homepage Submitted.

This course examines the distribution of economic resources in the United States. Topics include the relationships between access to economic resources and opportunities for human flourishing, how inequalities in resource distribution are properly compared and measured, various social scientific explanations for existing inequalities, and to related economic policy questions.

Grading will be based on midterm and final examinations, and two papers.

This course involves a substantial amount of writing. Two papers are thus required, a short paper early in the academic term and a longer term paper. Students enrolled in the course for Upper-Level Writing certification must submit a first draft of each paper. (For ohter students first drafts are optional.) Each first draft will be returned with comments on English composition and economic substance. A final draft will then be due a week later.

Students in the course will be strongly encouraged to participate in class discussions and the course email group which will provide easy access to supplementary materials and an additional venue for discussion.

Check Times, Location, and Availability Cost: 3 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.

Course grade is based on two midterm exams and a final exam. Several homework assignments requiring access to the World Wide Web may be required. Students are also expected to stay abreast of international economic news by reading 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. 370/NR&E 375. Natural Resource Economics.

Environmental Economics

Section 001.

Instructor(s): Gloria Helfand

Prerequisites & Distribution: Econ. 101 and 102. No credit granted to those who have completed or are enrolled in Econ. 471 or 472. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

A one-term introduction to Environmental and Natural Resource Economics. Topics include externalities, unpriced goods, cost-benefit analysis, resource scarcity, exhaustible resource depletion, renewable resource harvesting and common property problems.

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

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/.html

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 Students must Enroll For Lec (001) and One Dis (002-011).

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://www.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. Lecture and discussion sections will both 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): Susanto Basu

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

Full QR

Credits: (4).

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.

Econ. 402 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: 3 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: No Homepage Submitted.

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): Edsel Pena (epena@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.

See Statistics 405.001.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 3

Econ. 406. Introduction to Econometrics.

Economic Theory and Statistics

Section 001.

Instructor(s): Shinichi Sakata (ssakata@umich.edu)

Prerequisites & Distribution: Econ. 405 or Statistics 426. (4). (Excl). (BS).

Credits: (4).

Course Homepage: No Homepage Submitted.

Econometrics consists of statistical methods commonly used in empirical economic research. With the basics of statistics and probability covered in Economics 405, Economics 406 proceeds to an in-depth treatment of the theory and practice of multiple regression analysis.

The course begins with the multiple regression model under ideal conditions and then goes on to detailed consideration of departures from the ideal conditions as well as a brief introduction to nonlinear regression models. The 405-406 sequence covers econometrics in greater depth and breadth than Economics 404. Students electing Economics 406 should have completed Math 116, Economics 101-102, and either Economics 405 or Statistics 426. Grade will be based on exams and homework exercises.

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

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 and proof rather than for specific techniques.

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

Econ. 412. Topics in Macroeconomics.

Monetary and Financial Economics

Section 001.

Instructor(s): Dmitriy Stolyarov (stolyar@umich.edu)

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

Credits: (3).

Course Homepage: No Homepage Submitted.

This is an advanced undergraduate course in macroeconomic theory with the focus on economic growth. The standard of living in a country is determined by its capacity to produce goods and services.

Why are some nations richer than others? Why is there economic growth? Will it continue forever? What factors play a role in shaping the economic success of a nation? We will study the key ideas and insights of the modern growth theory and apply them to explain the economic performance of the US, income inequality across the world and growth miracles and disasters.

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

Econ. 422. The Structure of Labor Markets.

Labor Economics

Section 001.

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

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

Credits: (3).

Course Homepage: No Homepage Submitted.

This course is the second term of a two-term offering in labor economics. The previous term covered the supply of and demand for labor, wage determination, investment in education and training, and some coverage of theories of unemployment. In this term we will offer a very BRIEF review of supply and demand, and turn to labor demand, the structure of compensation, unions and collective bargaining, discrimination in the labor market, government employment policy, government policies which affect the labor market, and unemployment.

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

Econ. 430. Business Abroad.

Industrial Organization and Public Control

Section 001.

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

Prerequisites & Distribution: Econ. 401. (4). (Excl).

Credits: (4).

Course Homepage: No Homepage Submitted.

The first part of the course develops tools useful to the study of business abroad. It begins with a reminder that big foreign companies are not always organized like big American companies. While most large American corporations are controlled by their managers, many large foreign corporations are controlled by their home governments, by individual families, or by banks.

The first issue, then, is to determine which of the tools learned elsewhere in the curriculum to analyze American firms might need modification before they are applied to foreign firms. The next task is to develop an understanding of why firms become multinational enterprises why they choose not simply to export their products to other countries, but rather to operate production facilities abroad. The last task in this section is to understand how international variations in public policy toward business affect the global marketplace. Three types of policy will receive special attention: antitrust laws, policies to promote the expansion or inhibit the contraction of specific industries, and policies governing interactions between labor and management.

Grades will be based on two midterm examinations and several short papers. Students who miss the first two days of class without permission will be dropped automatically from the course.

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

Econ. 432. Government Regulation of Industry.

Industrial Organization and Public Control

Section 001.

Instructor(s): Illoong Kwon (ilkwon@umich.edu)

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

Credits: (3).

Course Homepage: No Homepage Submitted.

This course describes and analyzes the efforts of governments to control the market power of business enterprises. Topics include dominant position, oligopolistic cooperation, vertical restraint, and merger. Emphasis is placed on American policies, especially antitrust law and regulation by administrative commission. Economics 431 is not required. Students should be prepared to participate frequently in class discussions.

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

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 U.S. 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. 442. International Finance.

International Economics

Section 001.

Instructor(s): Patrick Rowland

Prerequisites & Distribution: Econ. 402. (4). (Excl).

Credits: (4).

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. 471/NR&E 571. Environmental Economics.

Environmental Economics

Section 001.

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

Prerequisites & Distribution: Econ. 401 or NR&E 570. (3). (Excl).

Credits: (3).

Course Homepage: No Homepage Submitted.

This course is a three-part introduction to the economics of environmental policy.

The first part of the course compares the four main policy measures used to regulate polluters, namely (1) imposing taxes on pollution, (2) setting standards on allowable emissions, (3) issuing tradeable pollution permits, and (4) holding polluters legally liable for environmental damages. Also, a new policy measure is discussed that has recently become popular, namely (5) simply making information about the pollution available to the public. These measures are compared in terms of their overall efficiency, the incentives for technological innovation that they provide, and their ease of enforcement.

The second part of the course discusses why it is difficult to put a dollar figure on the benefits of environmental regulation, and how economic theory can be used to get around this problem.

Finally, the third part of the course covers miscellaneous topics such as the economics of biodiversity, the environmental effects of trade and development, and the economics of global warming.

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

Econ. 476/CAAS 457. Political Economy of Black America.

Other Topics in Economics

Section 001.

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

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

R&E

Credits: (3).

Course Homepage: No Homepage Submitted.

See Afroamerican and African Studies 457.001.

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

Econ. 482. Government Revenues.

Public Finance

Section 001.

Instructor(s): 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 482 is the second half of the undergraduate public finance sequence, concentrating on government revenues. The theory of optimal taxation and tax incidence will be examined. From this framework, the equity and efficiency of various forms of government finance will be analyzed. These include the personal income tax, corporate income tax, excise taxes, and deficit financing. The course will focus on theoretical issues augmented by contemporary policy. Class format will be lecture and discussion.

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

Econ. 483/Poli. Sci. 482. Positive Political Economy.

Other Topics in Economics

Section 001.

Instructor(s): Yan Chen (yanchen@umich.edu)

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

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~yanchen/econ483/econ483.html

This course is an introduction to game theory and its application in political science. Fundamental solution concepts in game theory are first introduced by classroom experiments, then by rigorous mathematical analysis. Voting, legislative rules, bargaining and other political processes will be modeled and analysed using game theory.

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

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: No Homepage Submitted.

The course covers the economic history of the United States from colonial settlement to the present. We focus on the sources of economic growth, trends in income distribution and technological change, and the evolution of markets structures, regional integration and political-economic institutions. We pay particular attention to periods of rapid 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 writings, exams, and class discussions.

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

Econ. 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 001 Applied Microeconomic Modeling

Instructor(s): Stephen Salant (ssalant@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: No Homepage Submitted.

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. Only students with a strong performance in 401 are admitted.

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

Econ. 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 002 The Economics of Education

Instructor(s): Bob Willis (rjwillis@umich.edu), Rohini Somanathan (rohinis@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.

Credits: (3).

Course Homepage: No Homepage Submitted.

Admission information for all 495 Seminars: Closed at Registration. To apply for admission into the 495 Seminar, students must provide a completed application no later than Friday, October 31. Application forms are available from the Undergraduate Economics Office (158 Lorch Hall) and the completed forms should be returned there. Admission will be the decision of the instructor.

The seminar examines a wide range of issues relating to the economics of education. We begin by distinguishing between human capital and signaling as motivations for the acquisition of human capital by individuals in an economy and use theoretical models to examine the implications of each of these for the distribution of educational attainment. We then go on to present empirical evidence on the returns to education i.e., the relationship between years of education and labor market outcomes.

Finally, we'll discuss the likely effects of recent reform measures such as school finance equalization, high school graduation standards, school vouchers, and controlled choice plans.

We will require students to work on research papers in small groups which will be presented to the class towards the end of the course.

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

Econ. 498. Honors Independent Research.

Honors Program, Internships, 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, Internships, 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.

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