Courses in Economics
(Division 358: arranged by groups)

A. Introductory Courses

201. Principles of Economics. Open to second-term freshmen. No credit granted to those who have completed 400. (4). (SS).

Economics 201 is open to first-term freshmen in the Honors Program and to non-Honors second-term freshmen. Freshmen who believe that their backgrounds and interests are such that they would like to elect this course should discuss the matter with an advisor before making the election. Economics 201 is a one-term introduction to economics and attempts to provide a basic understanding of how the American economy operates. The fundamental theories and concepts of economics are described and are used to analyze problems of current interest. Among the major topics discussed are how consumer and producer preferences interact to determine the price and quantity offered of individual products, the different types of markets within which firms operate, inflation, unemployment, the banking system, and the economic policies of the government. Students may elect either of two alternative formats in which the course is offered: (1) one large weekly lecture (about 400 students) taught by a professor and meeting one hour a week plus small discussion sections (about 35 students) taught by a teaching assistant and meeting three hours a week. Sections 001-013 are in this format; (2) large lecture (about 160 students) taught by a professor and meeting three hours a week plus one small discussion section (about 40 students) taught by a teaching assistant and meeting one hour a week. Sections 014-018; 019-023; 024-028 and 029-033 are in this format. (Fusfeld, Putallaz, Webb, Crafton)

400. Modern Economic Society. For upperclass and graduate students without prior credit for principles of economics. May serve as a prerequisite to advanced courses. No credit granted to those who have completed 201. (4). (SS).

The basic ideas of economics: production, national income, depressions and employment, markets, prices, competition, and monopoly are developed carefully and applied to leading problems of broad public interest. Similar to Econ. 201 but covering somewhat more material at a somewhat faster pace. (Whatley and Wright)

B. Economic Theory and Statistics

401. Intermediate Microeconomic Theory. Econ. 201 or 400, and Math. 112 or 115. (3). (SS).

This course in microeconomics deals with theoretical analysis of consumers, firms, markets and price determination. The analysis is quite rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus, though instructors differ considerably in the extent to which they use it. Students should therefore consult the instructors before selecting a section. The course is intended primarily for majors and should be taken early in the concentration program since it is a prerequisite for many other courses in Economics. It is not recommended that 401 and 402 be taken in the same term. A lecture format is the predominant teaching mode, with grading based on midterm and final examinations, though again there is some variation among instructors. (Sappington, Cross, Webb, Boyer, Brazer, Varian)

402. Intermediate Macroeconomic Theory. Econ. 201 or 400, and Math. 112 or 115. (3). (SS).

This course in macroeconomics is concerned with the theory, measurement, and control of broad economic aggregates such as national income, employment, and price level. Economic analysis is used to understand the forces that determine the level of economic activity and its fluctuations, the price level, employment and unemployment, and public policies related to those economic variables. Economics 402 is a prerequisite for many advanced courses offered by the Economics Department. Concentrators are required to elect this course and are encouraged to complete Economics 402 early in the concentration program. It is not recommended that Economics 401 and 402 be elected during the same term. A lecture format is the predominant teaching mode although this varies according to the instructor. The course grade is based on midterm and final examinations and, in some cases, problem sets and papers. (Teigen, Stafford, Mueller)

404. Statistics for Economists. Econ. 201 or 400; or permission of instructor. No credit granted to those who have completed 405. (4). (SS).

This course is designed to equip students to read empirical literature in economics and other social sciences. The topics covered include variance analysis and regression, emphasizing multiple regression and analysis of variance by means of dummy variables. The description and analysis of data take precedence over probability and the theory of inference. Lecture, homework, and examination materials are drawn from data collected by the Institute for Social Research. There are 3 informal lecture/recitations and one problem session per week. Grades are based on two midterms and a final exam. Text: Friedman, Pisani, Purves, Statistics. The course, which is self-contained, does not normally serve as a prerequisite to Econ. 406. (L. Edlefsen)

405/Statistics 405. Introduction to Statistics. Math. 115 or permission of instructor. Juniors and seniors may elect this course concurrently with Econ. 201 and 202. No credit granted to those who have completed 404. (4). (SS).

See Statistics 405. (Woodroofe)

406. Introduction to Econometrics. Econ. 405 or the equivalent. (4). (SS).

Economics 406 is designed to introduce students to the theory and practice of multivariable statistical analysis of economic relationships. Hypotheses testing as well as the construction and use of econometric models are emphasized. Computer exercises are used extensively to provide a stimulating learning environment. Student projects are encouraged. Students should be familiar with elementary calculus. (Kmenta)

D. Economic Stability and Growth

412. Stabilization Policy. Econ. 402 and 411, or permission of instructor. No credit granted to those who have completed 410. (3). (SS).

This course deals with the use of fiscal, monetary, and incomes policies, and other means to smooth out fluctuations in employment and prices. It considers both the relevant economic theory and practical operating problems. (Ackley)

E. Labor Economics

421. Labor Problems. Econ. 401. No credit granted to those who have completed 420. (3). (SS).

This is a lecture course which will cover topics concerning the determination of wages and levels of unemployment and employment. Specifically, it will discuss labor supply and demand in the long and short run, human capital theory, causes of differential levels of unemployment, and discrimination. Students enrolled in the course will be expected to have a thorough understanding of intermediate microeconomics. Grades will be based on a midterm and a final. The text is Labor Economics, 2nd ed., by Fleisher and Kniesner. (Datcher)

423/Women's Studies 423. The Economic Status of Women. Econ. 201 or 400. (3). (SS).

This course focuses on the changing economic role and status of American women within the context of both the family and the larger economic society. One major focus of the course is the changing pattern in labor force participation of women including the historical trends which underlie the great increase in the number and proportion of working women. Related issues include some possible explanations for the heavy concentration of women workers in a few predominantly female occupations and the possible determinants of current unfavorable male/female wage ratios. In each case, the extent to which discrimination might be an explanation is considered. Another major focus of the course is the impact that contemporary changes in family life have had on the economic status of women. Some of the changes considered are changes in fertility, in marriage patterns, in divorce rates, and in sex role patterns within the family. The economic issues associated with different family life styles are examined, and some attention is given to the economic problems of families with female family heads and to the economic problems experienced by dual career families. Other course topics include the problem of time allocation for women combining family life with full time work, the need for some flexibility in working conditions for married women, and the extent to which women are treated differently from men in such matters as pension rights, social security benefits, and access to credit. Public policies such as affirmative action and the equal rights amendment which are designed to improve the economic status of women are also discussed. Some consideration is given to the comparative economic status of women in other countries. The course format includes lectures on selected topics with considerable time allowed for discussion. (Freedman)

424. Economics of Human Resources. Econ. 421 or permission of instructor. (3). (SS).

The course provides experience with empirical verification of economics hypotheses related to topics of human resources. A theoretical background is provided on topics such as employment, labor supply, poverty and human capital. Students are presented with analytical techniques to be used to write papers on these topics using a computer database. (Cohen)

F. Industrial Organization and Public Control

432. Market Power, Antitrust, Regulation, and Public Enterprise. Econ. 431 or permission of instructor. No credit granted to those who have completed 430. (3). (SS).

The subject is the main public policies toward market power. Antitrust is the mainstream policy, and it occupies about 1/2 of the course. Actions toward existing market power, toward mergers, and toward collusion and exclusionary actions, are analyzed and criticized. The regulation of utilities is next, with attention to various sectors, including electricity, gas, telephone and transport. Finally public enterprise and some special cases - agriculture, weapons buying and patents are treated. The course follows on Economics 431, which is already overcrowded. Only in highly unusual cases will the 431 prerequisite be waived. Instruction: lecture-discussion. (Boyer)

G. International Economics

442. International Finance. Econ. 402 or the equivalent. No credit granted to those who have completed 440. (3). (SS).

The macroeconomics of economies open to foreign trade. Topics covered are: balance of payments accounts; the foreign exchange market; purchasing power parity, the elasticities absorption, IS-LM monetary and asset market models of the balance of payments and exchange rates and selected problems of the international monetary system. Text: Sodersten, International Economics (1980). Recommended background text: Dornbusch and Fischer, Macroeconomics. Grading will be by exam. Economics 441, the other half of the international sequence, is not a prerequisite. (Stern)

H. Comparative Economic Systems

453. The European Economy. Econ. 201 or 400. (3). (SS).

This course describes the organization, behavior, and performance of the major economies of Western Europe. Throughout the course, an effort will be made to establish points of similarity and dissimilarity with respect to the American economy. Tentatively, the syllabus looks like this. I. The Performance of European Economies: A Preliminary Appraisal. II. Households: Goals, Constraints, Choices. III. Firms: Goals, Constraints, Choices. IV. Governments: Goals, Constraints, Choices. V. Outcomes (e.g., the Personal Distribution of Opportunity, the Geographic Distribution of Households and Firms, Foreign Relations). VI. Performance: A Deeper Appreciation. As a result, a substantial research paper (of approximately 20 pages) will be required. It will account for two-thirds of one's grade in the course. The other third will depend upon one's performance on a final examination of the in-class, essay variety. Readings will be drawn from a variety of sources governmental, scholarly, and literary. No textbook is envisaged. Reading knowledge of a foreign European language is desirable (for the paper) but not required. (Adams)

454. Economics of Japan. Econ. 201 or 400. (3). (SS).

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 allowed and discussed. Course grade will be determined by two one hour exams and a final. Can be used with Economics 451, 453, 455, 456, 491, 492 and 493 to meet requirements of Economics concentrators for two course sequence in a field. (Saxonhouse)

455. The Economy of the People's Republic of China. Econ. 201 or 400. (3). (SS).

Analysis of economic organization, structure, system of planning, economic performance, and problems in China. Approximately first-third of term, however, spent in review of developments before 1949. Basically lecture format due to class size, but questions allowed and discussed. Midterm and final exam used to determine course grade. Paper required for graduate credit. Can be used with Economics 451 to meet requirement of Economics majors for two-course sequence in a field. (Dernberger)

456. The Soviet Economy. Econ. 201 or 400. (3). (SS).

A comprehensive and intensive analysis of the Soviet economy, including (1) development since 1917; (2) operation and problems in regard to planning, pricing, finance, management, labor, agriculture, and foreign economic relations; and (3) assessment of economic performance. Assigned readings and lectures. Texts include Marx, Engels, and Lenin, The Essential Left; Gregory and Stuart, Soviet Economic Structure and Performance, second edition (1981); and Bornstein, The Soviet Economy: Continuity and Change (1981). May be used (along with Econ. 451) for departmental concentration sequence in Comparative Economic Systems. (Bornstein)

I. Economic Development and National Economies

462. The Economics of Development II. Econ. 401 and Econ. 460 or 461. (3). (SS).

An advanced course in the economic development of the third world requiring Economics 401 as a prerequisite and usually elected following Economics 460 or 461. The course focuses on a limited number of topics, each of which is discussed first in general terms and then in the context of the specific country. This winter the countries and topics include Mexico (internal and international migration), Egypt (trade policy and industrialization), Ecuador (agricultural policy and agrarian reform), and Zambia (economic planning and reliance on primary exports). A term paper is required, and there is a midterm examination in addition to the final. (Ranney)

466. Economics of Population. Econ. 201 or 400. (3). (SS).

Economics 466 is an introduction to the economic approach to the study of human population growth. Its primary aim is to acquaint the student with changing trends in fertility, mortality, migration and family composition, and the implications of these trends for the economy. Students are exposed to a modest amount of demographic measurement, but the focus of the course is on the economic determinants of fertility and migration, the economic consequences of population growth in both developing and developed countries and the policy issues related to population growth. Among other things the course deals with zero population growth; the man-food balance in the world; the reversal of earlier rural to urban migration trends in the U.S. and the impact of migration patterns on local economies; the ecological consequences of population growth in the United States; and the elements of population policy both in the United States and the developing countries. There will be a midterm and several short exercises. This course is interdisciplinary in its orientation, and students with little economics in their background are welcome. (Mueller)

J. Urban and Regional Economics

487. Urban Economics. Econ. 401 or permission of instructor. (3). (SS).

The course will use microeconomic theory (Econ. 401 or equivalent) for the purpose of examining the functioning and problems of contemporary U. S. Cities, as well as for suggesting solutions to some of the problems. Considerable time will be devoted to questions of housing policy, of racial segregation, transportation policy, and pollution. The course will also consider the question of whether cities are "too large" or "too small" in some detail. There will be a midterm, a final, and an optional paper. (Courant)

K. Public Finance

481. Government Expenditures. Econ. 401. No credit granted to those who have completed 480. (3). (SS).

Economics 481 is intended primarily for economics concentrators. It makes extensive use of elementary calculus and intermediate microeconomics. A strong background in both of these areas is essential for understanding the material. Students may take this course in conjunction with Economics 482 to fulfill departmental concentration requirements for advanced courses in a field. This course is concerned with non-market solutions to allocation problems arising from social interaction. In addition to studying government expenditures and interventions, we examine the theory of decisions in such groups as voluntary organizations, firms and families. Specific topics to be treated include the theory of public goods, externalities and legal liability, formal models of voting systems, benefit-cost analysis, preference revelation, measurement of demand for public goods, the theory of marriage, the theory of clubs, and applications of game theory to public choice. Emphasis will be theoretical rather than institutional. (Bergstrom)

L. Economic History

491/Hist. 491. The History of the American Economy. Econ. 201 or 400. (3). (SS).

This course surveys the economic development of the United States from colonial times to the present. Includes an evaluation of the use of economic analysis in the study of history. Attention is also given to topics in political economy, such as the causes and effects of the Civil War, the basis of farmer and worker discontent, and government intervention in the Progressive and New Deal periods. The course requires a knowledge of economics on the level of Economics 201. Midterm and final, and moderate-length term paper, are required. Lecture. (Whatley)

P. Interdisciplinary Survey Courses

396/Hist. 333/Pol. Sci. 396/REES 396/Slavic 396. Survey of Eastern Europe. May not be included in the minimum 24 credits required for a concentration in economics. (4). (SS).

See REES 396. (Gitelman)

428/Asian Studies. 428/Phil. 428/Pol. Sci. 428/Soc. 426. China's Evolution Under Communism. Upperclass or graduate standing. May not be included in the minimum 24 credits required for a concentration in economics. (4). (SS).

See Political Science 428. (Oksenberg)


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