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Winter Academic Term 2003 Course Guide

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Courses in Economics


This page was created at 2:45 PM on Thu, Oct 17, 2002.

Winter Academic Term, 2003 (January 6 - April 25)

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ECON 101. Principles of Economics I.

Introductory Courses

Section 100.

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

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in ECON 400. (4). (SS). (QR/2). May not be repeated for credit.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No homepage submitted.

ECON 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 ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics – the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics. Prerequisites for ECON 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.

Textbooks:
Prin of Micro 3rd EdTaylor
Econ of Public Issues 13th EdMiller

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ECON 101. Principles of Economics I.

Introductory Courses

Section 200.

Instructor(s): Paula A Malone

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in ECON 400. (4). (SS). (QR/2). May not be repeated for credit.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No homepage submitted.

ECON 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 ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics – the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics.

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.

Texts:

  • Taylor, Principles of Microeconomics
  • Miller, Economics of Public Issues

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ECON 101. Principles of Economics I.

Introductory Courses

Section 300.

Instructor(s): Doug Bice

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in ECON 400. (4). (SS). (QR/2). May not be repeated for credit.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No homepage submitted.

The economic approach to human behavior combines a set of behavioral assumptions to investigate the social institutions that have arisen in response to the scarcity of resources. ECON 101 focuses on markets and the importance of relative prices. In fact much of the material covered in this course is termed price theory. Price theory is a body of knowledge associated with the determination of relative prices and the influence of prices on the decisions of consumers and producers. Topics covered in the course include supply and demand, price elasticity of demand, consumer choice, profit-maximization, efficiency, and models of market structure. ECON 101 is the first part of a two-term introduction to economics–the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics.

Prerequisites for ECON101: 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.

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ECON 101. Principles of Economics I.

Introductory Courses

Section 400.

Instructor(s): Sherrie A Kossoudji

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in ECON 400. (4). (SS). (QR/2). May not be repeated for credit.

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.

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ECON 102. Principles of Economics II.

Introductory Courses

Section 100.

Instructor(s): Alan V Deardorff (alandear@umich.edu)

Prerequisites & Distribution: ECON 101. No credit granted to those who have completed or are enrolled in ECON 400. (4). (SS). (QR/2). May not be repeated for credit.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/102/102.html

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. Major topics include the determinants of aggregate output, employment and unemployment, inflation, the balance of international trade, and economic growth. The course format consists of three hours of lecture per week (200) by the professor and a one and a half hour section meeting (201-209) led each week by a graduate student instructor. The section meetings are limited to 35 students. Contact Undergraduate Office, Dept. of Economics, 240 Lorch Hall.

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ECON 102. Principles of Economics II.

Introductory Courses

Section 200.

Instructor(s): George E 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). May not be repeated for credit.

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: No homepage submitted.

ECON 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics. In ECON 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.

There is a coursepack, Introduction to Macroeconomic Models, available from Dollar Bill Copying, 611 Church.

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ECON 108. Introductory Microeconomics Workshop.

Introductory Courses

Section 001.

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

Prerequisites & Distribution: First-year standing and concurrent enrollment in ECON 101. (1). (SS). Offered mandatory credit/no credit. May not be repeated for credit.

Credits: (1).

Course Homepage: No homepage submitted.

Class meets weekly for discussion of current Wall Street Journal articles related to the week's Economics 101 topics, stressing the use and application of the microeconomic tools being learned in Economics 101.

Students will select a topic, open the discussion on their week's topic, keep a journal throughout the term on their topic and summarize their findings at the end of the term in a brief (2 page max) paper. This paper and journal will be turned in at the end of the term.

Workshop attendance is mandatory, and each student will be required to subscribe to the Wall Street Journal for the term. Evaluation of students will be entirely on the basis of their paper, journal, and attendance. Students not concurrently enrolled in Economics 101 will be dropped from the class.

There are openings in the course for seniors who are economics concentrators to serve as group leaders. Please contact Jan Gerson jgerson@umich.edu) if you are interested.

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ECON 299. Undergraduate Internship.

Honors Program, Internships, Seminars, and Independent Research

Section 001.

Instructor(s):

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 maximum of 2 credits.

Credits: (1).

Course Homepage: http://econ.lsa.umich.edu/Undergrad/internship.html

Credit is granted for a full-time internship of at least eight weeks that enriches a student's academic experience and/or allows a student to explore careers related to his/her academic studies. Verification of the internship (after completion) must be provided by the student on company letterhead. Internship applications can be downloaded from the Economics homepage or obtained from the Economics Office.

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ECON 310. Money and Banking.

Monetary and Financial Economics

Section 001.

Instructor(s): King-Yuen Yik (kyik@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course studies the role of money, banking, and finance in the economy. At the microeconomic level, the course will introduce topics in portfolio theory, risk management, and banking regulation. At the macroeconomic level, we will study how monetary policy influences interest rates, prices, and overall economic activity. We also will examine in detail how the Federal Reserve operates monetary policy, and the problems it faces in pursuing objectives such as economic growth, low inflation, and the containment of financial crises.

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ECON 320. Survey of Labor Economics.

Labor Economics

Section 001.

Instructor(s): Doug Bice

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course surveys modern labor economics. Topics covered may include the demand for labor, the supply of labor, the impact of investments in human capital, theories of discrimination, impact and process of collective bargaining, the distribution of income, and unemployment.

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ECON 323. Economics and Gender.

Other Topics in Economics

Section 001.

Instructor(s): Paula A Malone (pmalone@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Examines many aspects of the economic status of women, including their role in the labor market and the household, 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 security, etc., and possible policies for combating discrimination.

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ECON 360. The Developing Economies.

Economic Development

Section 001.

Instructor(s): Andrew M Coleman (coldman@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. No credit granted to those who have completed or are enrolled in ECON 461. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course uses economic models to analyse key features of developing economies. The course uses the Solow model as a framework for understanding issues such as the role of education, capital accumulation, financial development and population growth in developing countries, and explores reasons why poor areas may fail to develop. It then explores how a variety of legal and non-legal institutions that promote social interaction, capital accumulation, and trade evolve, and why some institutions promote development more than others. Lastly, it examines the role of international trade in the development process.

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ECON 370 / ENVIRON 375 / NRE 375. Natural Resource Economics.

Environmental Economics

Section 001 – Environmental and Natural Resource Economics.

Instructor(s): Michael R Moore

Prerequisites & Distribution: ECON 101 and 102. No credit granted to those who have completed or are enrolled in ECON 471 or 472. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

See Environment 375.001.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 001 – Managerial Economics and Business Strategy. [3 Credits].

Instructor(s): Hector A Chade (hchade@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (1-3). (Excl). May be elected for a maximum of 6 credits. May be elected more than once in the same term.

Credits: (1-3).

Course Homepage: No homepage submitted.

This course will provide students with economic tools that are useful for solving managerial decision making problems. The following topics will be studied in detail: demand, supply, pricing strategies with market power, mergers, and strategic interactions in markets. The course will also cover more advanced topics like principles of incentive contract design when information is incomplete, bargaining strategies, and bidding behavior in auctions. Each topic will be illustrated with real world applications drawn from articles and cases.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 002 – Seminar on Controversial Economic Policy Issues. [3 Credits].

Instructor(s): Thomas E Weisskopf (tomw@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (1-3). (Excl). May be elected for a maximum of 6 credits. May be elected more than once in the same term.

Credits: (1-3).

Course Homepage: http://coursetools.ummu.umich.edu/

This seminar will address a series of economic policy issues which have given rise to sharp debate among economists and policy-makers. Among the issues we will confront are: environmental protection; labor rights and international trade; reform of the U.S. social security system; market-based choice in education; and the "living wage." Students will be expected to defend their positions on these issues with cogent argument, economic analysis, and relevant empirical information. Readings will be selected from a variety of sources and compiled in a set of course packs. Requirements include coming to each class prepared to discuss and debate the issue under consideration; grading will be based on participation in classroom and computer conference discussions, a series of in-class quizzes, and several short papers.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 003 – Economics of Handling Waste. (1 credit).

Instructor(s): Richard C Porter (rporter@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (1-3). (Excl). May be elected for a maximum of 6 credits. May be elected more than once in the same term.

Credits: (1-3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 398. Strategy and Equity.

Other Topics in Economics

Section 001.

Instructor(s): Emre Ozdenoren (emreo@umich.edu)

Prerequisites & Distribution: ECON 101. (4). (SS). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

This course is an introduction to the science of strategic thinking. Basics of non-cooperative game theory will be covered and applied to situations involving collective action, uncertainty, mass elections, legislative voting, cost sharing, bargaining, auctions, etc. (The word equity in the title refers to fairness, not to equity as in financial stocks.)

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ECON 401. Intermediate Microeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Kai-Uwe Kuhn (kukuhn@umich.edu)

Prerequisites & Distribution: ECON 101 and 102, and MATH 115. (4). (Excl). (QR/1). May not be repeated for credit.

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

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.

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ECON 402. Intermediate Macroeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Christopher L House (chouse@umich.edu)

Prerequisites & Distribution: ECON 101 and 102, and MATH 115. (4). (Excl). (QR/1). May not be repeated for credit.

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.

Textbooks: Age of Diminished Expectations 3rd edKurgmanMIT Press0-262-61134-1

Macro w/Macrobytes package MankiwVHPS

Study Guide & Workbook Kaufman1-57259-645-7

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ECON 404. Statistics for Economists.

Economic Theory and Statistics

Section 001.

Instructor(s): Chul In Lee

Prerequisites & Distribution: ECON 101 and 102 and MATH 115. No credit granted to those who have completed or are enrolled in ECON 405 or STATS 350, 265, 311, 350, 400, 405, or 412. (4). (Excl). (BS). (QR/1). May not be repeated for credit.

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

Economics 404 is an introduction to Statistics. Topics include descriptive statistics, probability, statistical inference, and an introduction to regression analysis. Grades are determined by problem sets and exams. There are two lectures and one discussion section meeting per week. The course is self-contained and does not serve as a prerequisite to Economics 406.

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ECON 405 / STATS 405. Introduction to Statistics.

Economic Theory and Statistics

Section 001.

Instructor(s): Michael B Woodroofe (michaelw@umich.edu)

Prerequisites & Distribution: MATH 116. 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 IOE 265, STATS 265, 400, or 412. Students with credit for ECON 404 can only elect ECON 405 for 2 credits and must have permission of instructor. (4). (Excl). (BS). (QR/1). May not be repeated for credit.

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

See Statistics 405.001.

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ECON 406. Introduction to Econometrics.

Economic Theory and Statistics

Section 001.

Instructor(s): Stanley Anthony Sedo (sasedo@umich.edu)

Prerequisites & Distribution: ECON 405 or STATS 426. (4). (Excl). (BS). May not be repeated for credit.

Credits: (4).

Course Homepage: www.coursetools.ummu.umich.edu

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. Textbook: Introductory Econometrics: A Modern Approach 2 ed 2002 Wooldridge, Jeffrey M. S-Western College Publishing.

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ECON 409. Game Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Hector A Chade (hchade@umich.edu)

Prerequisites & Distribution: MATH 217. (4). (Excl). (BS). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

Game Theory aims to help us understand situations in which decision-makers interact. It has become a standard methodology in Economics. This course provides a rigorous introduction to the main concepts of Game Theory and its applications. It covers the standard ways of representing games and the main concepts to analyze static and dynamic strategic settings, with complete or incomplete information. It also covers some of the most important economic applications of game-theoretic reasoning, including competition in oligopolistic markets, trade policy, bargaining, contracting situations, auctions, and signalling in labor markets.

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ECON 421. Labor Economics I.

Labor Economics

Section 001.

Instructor(s): Chul In Lee

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course discusses the economics of labor supply and demand, wage and employment determination, and investment in education and training. The course develops microeconomic models of the labor market, presents relevant empirical evidence, and discusses applications to such policy issues as the the work incentive effects of income maintenance programs and the employment effects of minumum wage legislation.

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ECON 431. Industrial Organization and Performance.

Industrial Organization and Public Control

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course will analyze the strategic interactions among firms and their effects on the social welfare. The topics will include the price discrimination, price/quantity competition, collusion, merger, entry deterrence, and antitrust laws. Selected news articles and antitrust cases will be used to illustrate some of the key concepts. Students should be prepared to participate frequently in class discussions.

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ECON 432. Government Regulation of Industry.

Industrial Organization and Public Control

Section 001.

Instructor(s): Michael Carter

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course examines the three forms of government intervention in the private sector: antitrust law, economic regulation of specific industries, and health, safety and environmental regulation. First, we look at antitrust law which provides a general framework for business behavior, dealing with issues such as monopolization, price fixing, price discrimination, mergers and restrictive practices. Then we examine direct economic regulation (and de-regulation) of specific industries such as oil and natural, gas and electric power, telecommunications and transportation. The final section of the course deals with the recent emergence of health, safety and environmental regulation. The emphasis of the course is analytical rather than institutional - which market failures provide a rationale for government intervention, and what guidance do economic theory and empirical evidence provide as to the appropriate form of that intervention.

Prerequisite: Econ. 401.

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ECON 435. Financial Economics.

Monetary and Financial Economics

Section 001.

Instructor(s): Michael Carter

Prerequisites & Distribution: ECON 401 with a grade of at least C-, and 404 or 405. Prerequisites enforced on Wolverine Access. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

This course introduces the economic analysis of financial markets and financial decision making. Topics covered include financial market organization and behavior, portfolio management, asset pricing theory (the valuation of stocks, bonds and derivatives), and the application of these techniques to the analysis of real options and investment. The emphasis will be on analytical skills and theoretical models rather than institutional details. Though only elementary calculus and probability theory is required, students need to be comfortable with the use of mathematics as a method of deduction and problem solving.

Prerequisites: Econ. 401 and 405 or equivalent.

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ECON 441. International Trade Theory.

International Economics

Section 001.

Instructor(s): Juan Hallak (hallak@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course deals with the theory of international trade. It explores the important theories that explain what countries trade and why they gain from trade. These theories include the theory of comparative advantage and the factor-proportions theory of trade, as well as more recent theoretical developments. The course also deals with several other related topics, such as empirical tests and applications of trade theory, the theory of trade policy, preferential trading arrangements, international factor movements, and trade and economic development.

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ECON 442. International Finance.

International Economics

Section 001.

Instructor(s): Andrew M Coleman (coldman@umich.edu)

Prerequisites & Distribution: ECON 402 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

The course is designed to provide students with an introduction to international finance that can be used in a career in banking, finance, government, or international trade. The course examines the key financial markets and instruments that are used to hedge risk and facilitate international trade and investment. It presents the standard theoretical models that are used to determine the value of exchange rates and to price other contracts such as futures and options, and then evaluates these models using statistical techniques. Various historical and contemporary examples are analysed to demonstrate the use of different risk management strategies. The course uses a variety of mathematical and statistical techniques including regression analysis to interprete international financial data. No statistical background is assumed, but various practical skills will be developed throughout the course. The assessment will comprise a mixture of problem sets, exams, and an assignment.

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ECON 453. The European Economy.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): William J Adams

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

The structure, function, and performance of the European economy since World War II. Emphasis is placed on description and analysis of European economic integration. Topics include the origins and institutions of the European Community, creation of the customs union, unification of the internal market, implementation of common policies for agriculture and competition, prospects for monetary union, and progress toward social Europe. Students should be prepared to participate frequently in class discussions. Students who miss the first two days of class without permission will be dropped automatically from class.

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ECON 466. Economics of Population.

Economic Development

Section 001.

Instructor(s): David Lam (davidl@umich.edu) , Murray Leibbrandt

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.psc.isr.umich.edu/~davidl/econ466

This course uses an economic perspective to analyze the dramatic changes in fertility, mortality, marriage, and household structure in recent decades in both industrialized and developing countries. In Winter 2003 the course will include a special focus on poverty and inequality in developing countries, with a particular emphasis on South Africa and Brazil. The course will be co-taught by Professor Murray Leibbrandt, one of South Africa's leading economists, who will be a visiting professor at UM in 2003. The course will include a computer lab component built around statistical analysis of household survey data. Students will use the statistical package Stata to analyze demographic and economic change in South Africa and other countries, applying recent innovations in the application of microeconomic theory and econometrics to the analysis of demographic behavior, labor markets, poverty, and inequality. Topics include: economic and demographic analysis of rapid population growth; measuring and analyzing poverty and inequality; fertility, investments in children, and intergenerational transmission of inequality; household dynamics and the labor market; education and earnings; economics of fertility and marriage; impact of changing age structure on social security systems. Coursework includes: computer-based problem sets and writing exercises; a paper based on computer analysis of household survey data; written midterm and final examinations.

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ECON 471 / NRE 571. Environmental Economics.

Environmental Economics

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-, or NR&E 570. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

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 examines the different, and often conflicting, goals of environmental policy, including not just economic efficiency, but also sustainability, safety, and equity.

The second part compares the four main policy tools used in practice to achieve those goals, namely (1) imposing taxes on pollution, (2) setting standards on allowable emissions, (3) issuing tradable 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.

The third part covers miscellaneous topics in environmental economics, 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: No Data Given.

ECON 481. Government Expenditures.

Public Finance

Section 001.

Instructor(s): Julianne Berry Cullen (jbcullen@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. No credit granted to those who have completed or are enrolled in ECON 380. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Economics 481 studies the role of government in the economy. Topics covered include public goods, collective choice, externalities, income redistribution, and social insurance. In considering these topics, emphasis will be placed on both theoretical issues and applications to current policy. The class format will combine lecture and discussion. Students will be evaluated based on performance on problem sets and exams. A solid grounding in microeconomics and practice with mathematical optimization will make the course more accessible.

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

ECON 482. Government Revenues.

Public Finance

Section 001.

Instructor(s): Joel B Slemrod (jselmrod@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-. Prerequisites enforced on Wolverine Access. No credit granted to those who have completed or are enrolled in ECON 380. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course analyzes the major U.S. federal taxes, including the personal income tax, the corporate income tax, and the estate tax, in terms of their effect on the economy and how equitable they are. It also examines and evaluates commonly proposed tax changes, such as a flat tax and a national retail sales tax.

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

ECON 490. Current Topics in Economics.

Other Topics in Economics

Section 001 – Philosophy and Economics.

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

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-, and 404 or 405. Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Questions in and about economics that are of philosophical interest arise in at least three areas. First, there are questions about the scientific status of economics. Second, there are matters concerning the relation between economics and normative questions of economic policy. And third, there are puzzles arising within economic theory, especially concerning the notion of rationality. These questions are conceptually challenging and there is no consensus on answers. This course is devoted to considering a selection of such questions.

The texts for the course are Economic Analysis and Moral Philosophy, by Daniel M. Hausman and Michael S. McPherson (Cambridge University Press, 1996), The Rhetoric of Economics , by Deirdre N. McCloskey (University of Wisconsin Press, 1998), and a selection of journal articles. Written work for the course consists of midterm and final examinations and four short papers. Participation in discussion in class and/or in the course email group is strongly suggested.

Check Times, Location, and Availability Cost: 2 Waitlist Code: No Data Given.

ECON 492. World Economic History.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s): Benjamin Remy Chabot (remy@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-, and 404 (or 406). Prerequisites enforced on Wolverine Access. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Examines the causes and consequences of world economic development. Topics include: the effects of the agricultural and industrial revolutions, law, global integration, and finance on economic growth and standards of living.

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 001 – Economics 495 001 Econ Anal Relat Panel Data.

Instructor(s): Frank P Stafford

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-, and 404 or 405; and permission of instructor. Prerequisites enforced on Wolverine Access. (3). (Excl). May be repeated for a maximum of 6 credits.

Credits: (3).

Course Homepage: No homepage submitted.

This course will allow students to work with the Panel Study Of Income Dynamics files. This U of M study is the most complex archive of information ever collected on a human population and is funded by the National Science Foundation and other sponsors. The home page is www.umich.edu/isr/src/psid/. The class will use tutorials indicated there (under 'instructional resources') and students will design research projects on economic and social behavior using the underlying Oracle-based subsetting system in the 'Data Center'. This allows students (and faculty!) to learn about both quantitative economic behavior of American families and to understand relational data strucures. A good opportunity to think, write and develop research ideas in economics!

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of Instructor

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 002 – The Price of a Human Being.

Instructor(s): Sherrie A Kossoudji (kossoudj@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-, and 404 or 405; and permission of instructor. Prerequisites enforced on Wolverine Access. (3). (Excl). May be repeated for a maximum of 6 credits.

Credits: (3).

Course Homepage: No homepage submitted.

Are you worth more dead than alive? Is the sum of your parts worth more than your whole self? These questions, while gruesome and perhaps unsettling to consider, address possibilities that exist today. In this class, we will work through the economics of pricing human beings. How do markets asscociated with people arise? How do such markets function? What are the moral questions associated with markets in humans? Where does the law prevent such markets? Where not? In our discussions, we will discuss the actual pricing of human beings (as in slavery) and attempts to assign a value to a human life (wrongful death). We will ask ourselves questions about the nature of the markets that exist for specifying the price or value of people or parts of people. Among the numerous markets we will consider, we will explore, for example, the historical market for slaves, the international market for babies, the current market for human organs, the economics of wrongful death calculations, cost-benefit calculations in the tradeoff between automobile speed (and risky endeavors more generally) and auto related deaths.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of Instructor

ECON 498. Honors Independent Research.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites & Distribution: Open only to students admitted to Honors concentration in economics. Permission of instructor required. (1-4). (Excl). (INDEPENDENT). May be repeated for a maximum of 8 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: 5, Permission of Department

Graduate Course Listings for ECON.


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