Courses in Economics (Division 358: arranged by groups)

A. Introductory Courses

201. Principles of Economics I. Open to second-term freshmen. No credit granted to those who have completed 400. (4). (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 control; the distribution of income and wealth; the public sector; socialism; and related topics of current interest. The course format consists of one hour of lecture each week (either section 001 or 002) given by the professor and three hours of section meetings each week (sections 003 to 034) given by a teaching assistant. 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. 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. (Juster)

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, interest rates, growth and international fluctuations in trade and exchange rates. 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 025) each week by the teaching assistant. The section meetings are limited to 35 students. Registration for the course requires that you be available for the scheduled hour exams. See the Time Schedule for details. (Stafford)

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 concentrating in economics. Students who wish to retain the options of further courses in economics or of economics as a possible concentration should take the two-term introductory course, Economics 201 and 202. (Gerson)

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. (Cross, Swierzbinski, Varian and Zhou)

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. (Ambrose, Anderson, Johnson)

403. Advanced Economic Theory. Econ. 401 and 402. (3). (SS).

The focus of this course will be on the negotiation and bargaining aspects of trade that are frequently ignored in standard microeconomic theory. So, instead of assuming that trade takes place anonymously, we will study the interactions between buyer and seller as they attempt to trade. These ideas will be applied to bilateral monopoly problems such as contract negotiations between a union and a firm's management, to settlements of disputes such as out-of-court settlements, other types of contracting such as the signing of entertainers or sports stars, and to more everyday negotiations such as car buying or major appliance purchases. For the most part, we will address these issues in an analytically rigorous manner. Readings will predominantly be drawn from H. Raiffa's The Art and Science of Negotiation and selected articles. Economics 401 and 402 are prerequisites for this course. (Bagnoli)

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

See Statistics 405 (Kmenta)

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. Previous computer experience is not a prerequisite. (Solon)

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

The course surveys major themes in Marxist economic and social analysis: the philosophy of historical materialism, capitalist production, accumulation, class structure, women and capitalism, organization of work, and working class life. Readings are drawn from the works of Marx and Engels as well as modern Marxist sources. Grades will be based on a journal and, when the course is offered as an ECB course, a term paper. The written assignments will encourage critical thinking about capitalist society, conventional economic and social theory, and Marxism. Class format will be mixed lecture and discussion. Does not fulfill departmental sequence requirement. (Anderson)

C. Economic Stability and Growth

411. Money and Banking. Econ. 402 or permission of instructor. No credit granted to those who have completed or are enrolled in 310. (3). (SS).

Economics 411 is designed to introduce students to monetary theory and policy at a formal level. General topics which are covered include: money demand; money supply; interest rate determination; monetary policy and economic activity. Course evaluation will be based on two midterm and final examination grades. There will be optional homework assignments. Method of instruction is lecture and discussion. Economics 411 has as a pre- requisite, Economics 402, and is the first course in a departmental sequence, the other course being Economics 412 (Stabilization Policy). (Aschauer)

D. Labor Economics

422. The Structure of Labor Markets. Econ. 401. No credit granted to those who have completed or are enrolled in 320 or 326. (3). (Excl).

This course is centered around important policy questions. For example, should the power of unions be curtailed? What has been the impact of imports on wage levels and working conditions? How can we understand the employment implications of corporate takeovers? Is the fact that women earn 57 percent of what men earn prima facie evidence of systematic discrimination by employers? What is the meaning of the court cases on job discrimination? Can the government lower unemployment? Can new types of labor contracts such as the proposed "share economy" reduce the nation's unemployment? Lecture format with midterm and final exam. (Stafford)

E. Industrial Organization and Public Control

431. Industrial Organization and Performance. Econ. 401. No credit granted to those who have completed or are enrolled in 330. (3). (SS).
Section 002.
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 a midterm and a cumulative final exam. (Bagnoli)

G. Comparative Economic Systems

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)

H. Economic Development and National Economies

462. The Economics of Development II. Econ. 401 and Econ. 360 or 461. (3). (SS).

This course is designed to encourage students to confront general issues and problems of economic development by examining specific countries and institutions. Each case study entails lectures, readings, and extensive class discussion. The case study approach attempts to relate the theoretical issues learned in previous courses to real problems faced by individuals and governments. A selection of topics includes: China's One Child Policy, Absolute Poverty in Bangladesh, Agrarian Policy in Revolutionary Nicaragua, Undocumented Migration from Mexico to the U.S., The World Bank's Project Strategies, and Intergenerational Conflict in the Family. Students are expected to have completed Economics 461 and to be familiar with economic theory. Course grades will reflect performance on a midterm, final, and term paper. (Kossoudji)

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 immigration on the U.S. labor force; the ecological consequences of population growth in the United States and the developing countries. There will be a midterm and an optional term paper. This course is interdisciplinary in its orientation, and students with little economics in their background are welcome. (Mueller)

I. Urban and Environmental Economics

471/Nat. Res. 571. Environmental Economics. Econ. 401. or Nat. Res. 570 or equivalent. (3). (Excl).

Environmental economics is the study of how to manage the environment in the best interests of society. We will discuss the structure of market failures and of policies to correct those failures in the environmental arena. Then we will examine a series of environmental problems including hazardous wastes, asbestos in schools and in the workplace, air pollution and water pollution. There will be a midterm (25%), a cumulative final (50%), and a short term paper (25%). (Jones)

K. 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. (Roehl)

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. Economics 493 is part of the economic history sequence for economics majors. Midterm, final, and several short papers are required. Lecture. (Roehl)

496. History of Economic Thought. Economics 201 and 202. (3). (SS).

The intent is to give historical perspective to the theoretical and philosophical writings of contemporary economists. Those students well versed in modern economic thinking will, we hope, benefit most. We will focus on a few 18th and 19th century economists' writing roughly half the class time and reading will be spent with Adam Smith and Karl Marx. The course is limited to 50; only seniors have reasonable hopes of admission from a waitlist; no ECB credit will be offered. Classes will inevitably be largely lectures, but an effort will be made to include some questions and discussion. Students must acquire: Robert Heilbroner, The Worldly Philosophers (paper, $5.95); Adam Smith, The Wealth of Nations (Modern Library edition, $9.95); Robert Tucker (ed.), The Marx-Engels Reader (Norton, 2nd ed., paper, $9.95); and a course pack of modest size. There will be seven quizzes, each of 20-30 minutes' length, during the term; style and grammar will count in the grading; one quiz absence or off-day will be forgiven; the best six will determine the grade; there will be no final exam. The course does not form part of any concentration sequence. (Anderson and Porter)

O. 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. (Meyer)

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

See Political Science 428. (Lieberthal)

P. Accounting

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

This course examines 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 and Economics 272 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.

Lecture sections 001-006, and recitation Section 019: Permission of Comprehensive Studies Program (CSP). This CSP section, which covers the complete course syllabus, is designed for students who want to be certain that they develop a thorough understanding of accounting principles and are willing to devote the effort necessary to do so. Extra class time is provided for in-depth analysis of central concepts. Therefore, enrollment in Comprehensive Studies Program discussion sections will require additional time and effort for problem- solving and review. Check the Time Schedule for meeting times.

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

A basic course in principles and concepts underlying the development of cost information for financial control and decision-making. Cost accounting and analysis techniques useful in various industries and differing circumstances are considered. Cost budgets and cost standards are emphasized as tools for planning and performance control. Studies of cost behavior and the classification of costs to reflect their behavioral characteristics are covered. 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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