Courses in Economics (Division 358: arranged by groups)

A. Introductory Courses

Students who earned credit for Economics 201 or 400 prior to Fall Term 1982 are permitted to enter all those upper-level courses whose prerequisites are designated Economics 201 and 202. Students who elect Economics 201 in Fall Term 1983 and thereafter will be required to take its sequel, Economics 202, in order to take any advanced course in the Economics Department. Economics 400, taken in Fall, 1982, and thereafter, does not normally fulfill the prerequisite for advanced courses in Economics.

201. Principles of Economics I. 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 the first part of a two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics. In Economics 201, the fundamental theories and concepts of microeconomics 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 and resources, the different types of markets within which firms operate, the causes and remedies of such market failures as monopoly and spillover costs, and problems related to the distribution of income. The course format consists of one hour of lecture (either Section 001 or 002) each week given by the professor and three hours of section meetings (sections 003 to 033) given by a teaching assistant each week. There are two hour exams scheduled for February 7 and March 13 at 4:00 pm. Students must reserve these times and dates. (Barlow)

202. Principles of Economics II. Econ. 201. No credit granted to those who have completed Econ. 400. (4). (SS).

Economics 202 is only open to students who have taken Economics 201 in Fall, 1982 or thereafter. Both 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, and growth. The course format consists of one hour of lecture (either 001 or 002) each week by the professor and three hours of section meetings (003 to 023) each week by a teaching assistant. The section meetings are constrained to 35 students. (Fusfeld)

400. Modern Economic Society. For upperclass and graduate students without prior credit for principles of economics. (4). (SS).

A one-term course which covers the basic principles of economics, including both microeconomic and macroeconomic analysis, the theory of production and cost, industrial organization, and input markets. Macroeconomic topics include the determination of national income, inflation and unemployment, money and banking, and stabilization policy. The course is aimed at upperclass and graduate students who are not majoring in economics. Students who wish to retain the options of further courses in economics or of economics as a possible major should take the two-term introductory course, Economics 201 and 202. (Whatley)

B. Economic Theory and Statistics

401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS).

This course in microeconomics 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. It is predominantly a lecture course, with grades based on hour test(s) and final exam. (Kleinbaum, Mikkelsen, Porter, Varian) Specific section information follows: Mikkelsen (003) uses a little calculus and assigns weekly problem sets; Porter (001 and 002) uses less mathematics, moves more rapidly, and covers additional material on benefit-cost analysis; and Varian (005) emphasizes analysis, uses some calculus, and assigns weekly problem sets.

402. Intermediate Macroeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS).

This course in macroeconomics deals with the theory, measurement, and control of broad economic aggregates such as national income, employment, and the price level. Rigorous analysis is used to understand the forces that determine the level of economic activity, inflation, unemployment, and public policies related to those economic variables. 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 not recommended that Economics 401 and 402 be elected during the same term. It is predominantly a lecture course, with grades based on hour test(s) and final exam. (Dernberger, Gerson, Mueller, Teigen). Specific section information follows: Dernberger (001) is less math-intensive; Gerson (008) stresses the graphical and algebraic; Mueller (009) is not math-intensive; and Teigen (006) uses some algebra and calculus and assigns occasional problems sets, which count in the final grade.

404. Statistics for Economists. Econ. 201 and 202; 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 elementary probability theory, statistical inference, and multiple regression analysis. The description and analysis of data are emphasized. There are two informal lecture/recitations and one problem session per week. Grades are based on two midterms and a final exam. The course, which is self-contained, does not normally serve as a prerequisite to Economics 406. (Howrey)

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

Economics 406 is an introduction to the statistical analysis of economic relationships. Most of the course focuses on the theory and application of multiple regression techniques. Students are expected to be familiar with elementary calculus. The graded course work includes examinations and computer exercises involving analysis of economic data. (Solon)

407. Marxist Economics. Econ. 201 and 202. (3). (SS).

This course provides an introduction to Marxian and neo-Marxian analysis of capitalist society in general and contemporary U.S. capitalism in particular. The first part of the course will be devoted to classical Marxian economics, drawing on readings from the works of Marx and Engels as well as modern sources. The second - and major part of the course will focus on contemporary neo-Marxian political economy, drawing from the writings of modern radical economists and other social scientists working within the Marxian tradition. Grades will be based on one midterm and one final examination. The course does not fulfill the departmental sequence requirement. (T. Weisskopf)

D. Economic Stability and Growth

410. Money and the Economy. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 411 or 412. (3). (SS).

This course deals with the role of monetary factors in the economy, with special emphasis on the nature and functioning of financial institutions and financial markets and their role in affecting economic activity. Attention is given to the role of government, particularly in terms of monetary and fiscal policies and the institutions and instruments through which these policies are effected. The course is for students who have had an introductory economics course and who do not intend to take either Economics 411 or 412. It is directed toward the kind of understanding important for informed citizenship and intelligent private decisions rather than that needed for advanced work in economics. It is a lecture course with midterm and final examinations and some written homework assignments. (Teigen)

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

Economics 412 deals with various macroeconomic goals and the role of monetary and fiscal policies in achieving these goals. Part of this course is highly theoretical, and requires prior knowledge of the IS-LM model as well as calculus. Apart from theory, the course covers such topics as historical development of stabilization policy, as well as the institutional aspects. Current monetary policy, and a critical evaluation of it, is emphasized. Two midterms and a final. (Fremling)

E. Labor Economics

422. Labor Economics II. Econ. 421. Not open to students who have taken 420. (3). (SS).

This course is centered around important policy questions. For example, should the power of unions be curtailed? Is the fact that women earn 57 percent of what men earn prima facie evidence of systematic discrimination by employers? Can the government do anything to lower unemployment? Lecture format with midterm and final exam. (Johnson)

F. Industrial Organization and Public Control

430. Industrial Performance and Government Policy. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 431 or 432. (3). (SS).

This course offers a general introductory survey of the field of industrial organization and public policies. The topics covered include: (1) how markets are organized and how the organization affects the market's performance, and, (2) how government policy, antitrust law and regulation affects both the organization of the market and its performance. In other words, it deals with the problem of corporate power and what to do about it. This course cannot be used as part of the two-course industrial organization sequence. A lecture/discussion format is used. (Shepherd)

431. Industrial Organization and Performance. Econ. 401. No credit granted to those who have completed or are enrolled in 430. (3). (SS).

An analysis of the behavior and social performance of firms. Emphasis is placed on understanding how firms compete with one another. Topics include why firms exist, oligopoly theory, differentiated products, entry deterrence, collusion, advertising and trademarks, mergers and expenditures on research and development. There will be two exams and a cumulative final exam. (Bagnoli)

432. Market Power, Antitrust, Regulation, and Public Enterprise. Econ. 401. No credit granted to those who have completed or are enrolled in 430. (3). (SS).

This course studies government policies toward business. Government intervention in private business takes three forms in the U.S.: antitrust laws, direct regulation of prices and outputs, and safety and information regulation. In antitrust, we look at the laws and their enforcement on issues of monopolization, price fixing, mergers and other market restrictions. Direct economic regulation of specific industries is then examined. We will study the electric power, airline, securities brokerage, and telecommunication industries. Finally, we look at issues of unfair or deceptive advertising, health and safety standards for products and work places, and environmental protection. This course is the second part of the 431-432 sequence, but can be taken first with a moderate amount of extra work. Instruction: lecture/discussion. Evaluation: two 50-minute midterms and a two-hour final. (Borenstein)

438/H.A. 661 (Public Health). Economics of Health Services. Econ. 401 or permission of instructor. (3). (SS).

This course provides an analysis of the medical sector in the U.S. It starts with an examination of medical services as one input in a production function for health. The emphasis of the course is then on the efficiency with which medical services are produced, public policies, and the financing of medical services. Specific topics include the demand for medical care, hospitals, physicians, nurses, medical education, regulatory and competitive strategies to improve efficiency, and national health insurance. Lecture format. A midterm and final. (Berki)

G. International Economics

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

The course deals with macroeconomic analysis and issues for an open economy. Topics include: the foreign exchange market and the balance of payments; the income-absorption and monetary-asset market approaches to national income determination and the balance of payments; macro-stabilization policies and central bank intervention under fixed and floating exchange rates; Eurocurrency markets; monetary integration; and reform of the international monetary system. Grading will be based on two midterms and a final exam. There will be optional homework assignments. Students must attend class lectures plus a one-hour section meeting. Economics 441, the other half of the international sequence, is not a prerequisite. (Stern)

H. Comparative Economic Systems

451. Comparative Analysis of Economic Systems. Econ. 401. No credit granted to those who have completed or are enrolled in 450. (3). (SS).

Designed for students with a background in intermediate microeconomic theory. Covers: (1) methods and criteria for analyzing and comparing economic systems; (2) theoretical models and case studies of a capitalist market economy, a socialist market economy (with and without workers' management of firms), and a centrally planned economy; (3) selected common problems of different economic systems, including unemployment and inflation. Reading assignments in various sources; lectures. Two examinations. No papers. In departmental sequence in Comparative Economic Systems. (Bornstein)

454. Economics of Japan. Econ. 201 and 202. (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 welcomed. 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)

557. Introduction to the Canadian Economy. Econ. 401 and 402 (or equivalent) and permission of instructor. (3). (SS).

The course will follow a seminar format. Topics will include analysis of the salient features of the Canadian economy and its evolving economic structure, and examination of the design and implementation of policies, tracing the influence of federal-provincial relations and external relations with the U.S. and other countries. An effort will be made to draw out lessons for the U.S. that can be derived from Canadian experience. There will be three required papers of 5-10 pages each assigned during the term. The course grade will be based on these papers. (Stern)

I. Economic Development and National Economies

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

This course follows Economics 461 in a two-term sequence. It will deal with selected topics in economic development, including agriculture, technology, income distribution, foreign aid and project evaluation. Examples will be drawn from contemporary less-developed countries. Most of the analysis will use microeconomic tools at the level of Economics 401, and some calculus will also be used. Grades will be based on an in-class midterm exam, a final exam, and an optional paper. (Mikkelsen)

466. Economics of Population. Econ. 201 and 202. (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)

467. Economic Development in the Middle East. Econ. 201 and 202. (3). (SS).

This course combines an analysis of the structure and performance of contemporary Middle Eastern economies with discussions of development issues of general interest. Issues considered in recent versions of the course include population problems, the oil industry, economic aspects of Islam, agricultural development, and international migration. Each issue is discussed both in general terms and in the institutional context of a specific Middle Eastern economy. May not be elected for credit more than once. (Barlow)

J. Urban and Regional Economics

471. Economics of the Environment. Econ. 401. (3). (SS).

Economists studying natural resources are interested in utilizing the environment in the best interests of society. The tradeoffs of various uses are analyzed throughout the course and when possible the optimal balance is discussed. The problems of pollution, extraction of non-renewable resources and management of renewable resources each make up a third of the course. There will be a midterm (15%), a cumulative final (35%), and a term paper (50%). In the term paper, the student is expected to take a principle of the course and apply it to a specific environmental or natural resource issue. Suggestions for topics will be distributed at the beginning of the course. (Mendelsohn)

K. Public Finance

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

482. Government Revenues. Econ. 401. No credit granted to those who have completed or are enrolled in 480. (3). (SS).

Economic analysis of public sector revenues: Structure and trends of American government revenues; legislative and executive decision-making processes relating to revenues; major taxes and their contribution to equity and economic efficiency (personal income tax, corporation income tax, payroll tax, consumption taxes, property tax), including a discussion of general-equilibrium models of tax incidence; user charges; and debt financing. Lecture method; midterm and final exams; no term paper. Text: R.W. Boadway, Public Sector Economics. (Gordon)

L. Economic History

491/Hist. 491. The History of the American Economy. Econ. 201 and 202. (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 several moderate-length term papers, are required. Lecture. (Whatley)

493/Hist. 493. European Economic History. Econ. 201 and 202. (3). (SS).

This course surveys the economic development of Europe from the eve of the industrial revolution through the formation of the Common Market. Topics include models of industrialization, agricultural development, population and labor supply, improvements in industrial technology, imperialism, and economic conflict and cooperation since 1918. In the spirit of the "Victorian Semester" being sponsored by the English and History Departments, the course will emphasize this year the achievements and problems of the 19th century British economy. Economics 493 is part of the economic history sequence for economics majors. Midterm, final, and several short papers are required. Lecture. (Webb)

M. Honors Program

398. Junior Honors Proseminar. Open only to juniors admitted to Honors concentration in economics. (3). (SS).

Economics 398 is a proseminar only for juniors who have been admitted to the Honors concentration in economics. We will read and discuss in class works by various economists relating to the theme of how the state should be involved in the economy. Students will write a short paper almost every week, reviewing and critiquing the reading for that week. Seminar. (Webb)

498. Senior Honors Thesis. Open only to seniors admitted to Honors concentration in economics. (3). (Excl). (INDEPENDENT).

This is the second term of the Senior Honors Seminar for senior undergraduates writing senior Honors theses. The course is open only to those students who have completed the first term of the sequence, Economics 497. Class meetings are primarily devoted to student presentations of their thesis research in progress. Students are expected to submit their finished thesis by the last day of classes. 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 course instructor and one other thesis advisor with whom the student has arranged to work. (Weisskopf)

N. Independent Study

499. Independent Research. Written permission of staff member supervising research, and permission of Economics concentration adviser. (1-4). (Excl). (INDEPENDENT). May be elected for a total of 8 credits. No more than 4 credits may be used in concentration program.
Section 015.
This section may be elected by students who take the Great Books course on Adam Smith's The Wealth of Nations and wish their one credit to count toward the Economics concentration. For details of this January mini-course, see Great Books 392. Section 015 of Economics 499 is offered jointly with Section 001 of Great Books 392 in Winter Term, 1984. Students who wish their one credit to count toward an Economics concentration program should elect the course as Economics 499. (Written permission is needed neither from the instructor nor from the concentration advisor to register for this course.) (Note that no more than 4 credits in total of 499 may be used in the concentration program.) For a description see Great Books 392, Section 001: Adam Smith's The Wealth of Nations. Students may not earn two credits by electing both classes. (Porter)

O. Institute of Public Policy Studies Courses

557. Introduction to the Canadian Economy. Econ. 401 and 402 (or equivalent) and permission of instructor. (3). (SS).

The course will follow a seminar format. Topics will include analysis of the salient features of the Canadian economy and its evolving economic structure, and examination of the design and implementation of policies, tracing the influence of federal-provincial relations and external relations with the U.S. and other countries. An effort will be made to draw out lessons for the U.S. that can be derived from Canadian experience. There will be three required papers of 5-10 pages each assigned during the term. The course grade will be based on these papers. (Stern)

P. Interdisciplinary Survey Courses

396/Hist. 333/Pol. Sci. 396/REES 396/Slavic 396/Soc. 393. Survey of Eastern Europe. May not be included in the minimum 24 credits required for a concentration in economics. (4). (SS).

See REES 396. (Szporluk)

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. (Organski)

Q. Accounting

271, 272/Accounting 271, 272 (Business Administration). Accounting. Econ. 271 is a prerequisite for Econ. 272. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (3 each). (Excl).

These courses examine the concepts and procedures of accounting for financial transactions of business enterprises. Attention is given to the central problems of income determination and asset valuation. The final weeks of the course are devoted to financial reports and their interpretation. The format of the course is lecture and discussion. The course includes textbook readings and a series of problems for daily preparation. This course serves the dual purpose of providing a foundation for students planning to take additional work in accounting and of providing a survey for those who plan no further work in this field.


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