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Course Descriptions |
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These courses reflect a mix of current policy problems and current academic interests. Please note that courses numbered below 100 require only Economics 1 and Economics 2 as prerequisites. Courses numbered 200 and above require Economics 101 and/or Economics 102 as prerequisites, and are intended for Economics majors. Course Incompatibilities The same course cannot be taken at both the lower level and the 200 level. Thus, the following combinations of courses are incompatible: 30 and 231, 33 and 233, 35 and 235, 36 and 234, 50 and either 251 or 252. We will do our best to offer the courses listed but ALL COURSES AND THE INSTRUCTORS ASSIGNED TO TEACH THEM ARE SUBJECT TO CHANGE. Math 104/114 or 115 (Calculus) or the equivalent is required in the Economics major. These mathematics courses are prerequisites for Economics 101, 102, and 103, and all courses at the 200-level. Moreover, instructors in some courses above Economics 1 and 2 expect students to know some calculus. Therefore, the Department recommends that majors and prospective majors take the appropriate mathematics courses not later than the Sophomore year. Students who have not taken calculus may wish to ascertain whether or not calculus is required for the courses they would like to take before registering. Recommended Non-Credit Courses of Interest
Psychology 153: Judgments and Decisions
Courses for non-majors Economics 13 - Strategic Reasoning This course is about strategically interdependent decisions. In such
situations,the outcome of your actions depends also on the actions of others.
When making your choice, you have to think what the others will choose, who in
turn are thinking what you will be choosing, and so on. Game Theory offers
several concepts and insights for understanding such situations, and for Prerequisites: Some High School Algebra; Econ 001. Economics 24 - Development Economics This course presents an overview of the field of development economics. The general aim is to show how economic analysis has been applied to issues related to developing countries. Among the topics covered are: income distribution, poverty, health, population growth, migration, growth, and the rural economy. Prerequisites: Economics 1 or Economics 10 Economics 30 - Public Policy Analysis This course provides an introduction to the economic approach tor analyzing public policy questions. It examines the role of government in a market economy and models and methods for the analysis of specific public projects. Prerequisites: Economics 1 and 2 or Economics 10. Credit cannot be received for both Economics 030 and 231. Economics 33 - Labor Economics This course covers topics in labor supply and labor demand, income distribution, labor market contracts and work incentives, human capital, labor market discrimination, job training and unemployment. Prerequisites: Economics 1 or Economics 10. Credit cannot be received for both Economics 033 and 233. Economics 35 - Industrial Organization Theories of various industrial organizational structures and problems are developed, including monopoly, oligopoly, moral hazard and adverse selection. These theories are then applied to the study of various industries, antitrust cases, and regulatory issues. Prerequisites: Economics 1 or Economics 10. Knowledge of calculus is strongly advised. Credit cannot be received for both Economics 035 and 235. Economics 36 - Law and Economics The relationship of economic principles to law and the use of economic analysis to study legal problems. Topics will include: property rights and intellectual property; analysis of antitrust and of legal decision-making. Prerequisites: Economics 1 or Economics 10. Credit cannot be received for both Economics 036 and 234. Economics 39 - Economics and and Financing of Health Care Delivery Systematic and critical review of the present economic literature on the health care "industry". Topics include the demography and determinants of illness, the demand for curative and preventive care and determinants of recent health cost inflation, the efficacy of markets, and the role of government. Prerequisites: Economics 1 or Economics 10. Economics 50 - International Economics Introduction to the theory of international trade and international monetary economics. The theoretical background is used as a basis for discussion of policy issues. Patterns of international trade and production; gains from trade; tariffs, and other impediments to trade; foreign exchange markets, balance of payments, capital flows, financial crises, coordination of monetary and fiscal policy in a global economy. Note: Economics 50 is a one-semester course in international Economics. Students wishing to study the subject in greater depth should take instead the two-semester sequence Economics 251-252. A student who receives credit for Economics 50 will receive no credit for either Economics 251 or 252. Prerequisites: Economics 1 and 2 or Economics 10. Economics 62 - Soviet Economy The development and operation of the Soviet centrally planned economy. Its strengths and weaknesses, and causes of its collapse. The transition from central planning to a market economy. Prerequisites: Economics 1 and 2 or Economics 10. Courses for Economics majorsEconomics 101 - Microeconomic Theory Theories of consumer behavior, demand, production, costs, the firm in various market contexts, factor employment, factor incomes, elementary general equilibrium, and welfare. Prerequisites - Economics 1 and 2, Mathematics 104 and either 114 or 115
Economics 102 - Macroeconomic Theory Facts and theories about the determination of per capita income and its differences across countries and across time. The study of economic fluctuations in output and employment. The role of government in influencing these aggregate variables: monetary and fiscal policy. Prerequisites - Economics 101, Mathematics 104 and either 114 or 115. Students who receive credit for Finance 101 or its equivalent will not receive credit for Economics 102. See the for major rules regarding the substitution of Finance 101 for Economics 102. Economics 103 - Statistics for Economists The course focuses on elementary probability and inferential statistical techniques. The course begins with a survey of basic descriptive statistics and data sources and then covers elementary probability theory, sampling, estimation, hypothesis testing, correlation, and regression. The course focuses on practical issues involved in the substantive interpretation of economic data using the techniques of statistical inference. For this reason, empirical case studies that apply the techniques to real-life data are stressed and discussed throughout the course, and students are required to perform several statistical analyses of their own. Prerequisites: Economics 1 and 2, Mathematics 104 and either 114 or 115. Economics 103 cannot be taken by any student who has already completed statistics at the level of Stat 101. Students who have one semester of statistics (either Stat 101 or Stat 430) must take the second course in statistics or Economics 220 to satisfy the statistics requirement of the major. (Students with a one semester AP Statistics credit for Stat 101 or higher can drop the credit in order to take Economics 103 via a release form available from the department.) Note: Econ 103 satisfies the University's Quantitative Data Analysis requirement. Economics 199 - Independent Study - See Undergraduate Coordinator - 160 McNeil Individual study and research under the direction of the Director of Undergraduate Independent Research. At a minimum, the student must write a major paper summarizing, unifying, and interpreting the results of the study. Further details can be found here. Please see Undergraduate Coordinator (160 McNeil) for the appropriate sequence number. This is a one semester, one c.u. course. Only one Econ 199 class can count towards the major. Econ 199 cannot be used to satisfy for the 200 level minor requirement. Prerequisites: Economics 101, 102, 103, and written permission of the Director of Undergraduate Independent Research. Economics 210 - Economics of Family This course uses economic tools to explore decision making and allocation of resources within the family. Both economic theory and econometric evidence to investigate these issues. The impact of gender roles and differences will be examined and the effect of these differences on economic decisions and outcomes both within and outside the family will be discussed. Student participation will be an integral part of the course. During class, students will be required to evaluate data and relate it to the theoretic model covered. Student participation will also include two in-class oral presentations. Students will be working with CWiC (Communication Within the Curriculum) as they work on these presentations. (This class is limited to 30 students on a first come basis). Prerequisites: Econ 101, Math 104 and Math 114 or 115.
This course investigates a topic which lies at the heart of economic, social and political sciences, namely the aggregation of individual preferences. Can a society as a whole exhibit preferences as individuals do? Can these preferences be based on individual ones, and show the same level of coherence? Which process can lead from individual preferences to the preferences of the society? At the end of the 18th century, the pioneers in the field already realized that mathematics is the only language powerful enough to make deep progress in the understanding of these questions. The formalization involves pure logic as well as geometry and combinatorics. Prerequisites: Economics 101. Economics 212 - Game Theory An introduction to game theory and its applications to Economic analysis. The course will provide a theoretical overview of modern game theory, emphasizing common themes in the analysis of strategic behavior in different social science contexts. The economic applications will be drawn from different areas including trade, corporate strategy and public policy. Prerequisites: Economics 101. Economics 220 - Introduction to Econometrics This course is designed to introduce students to econometric techniques and their applications in economic analysis and decision making. The main objective of the course is to train the student in (i) handling economic data; (ii) quantitative analyses of economic models with probabilistic tools; (iii) econometric techniques, their application as well as their statistical and practical interpretation; (iv) implementing these techniques on a computer. The course focuses on practical and conceptual issues involved in the substantive applications of econometric techniques. Estimation and inference procedures are formally analyzed for simple econometric models and illustrated by empirical case studies using real-life data. The course covers linear regression models, simultaneous-equations models, discrete choice models and univariate time series models. Estimation and Inference is conducted using least squares and likelihood based techniques. Students are required to perform several econometric analyses of their own. Prerequisites: Economics 101, 102, and 103, Math 104 and Math 114 or Math 115 or with instructor's permission. Economics 221 - Econometric Forecasting This course provides a comprehensive introduction to forecasting in economics and business. Topics covered include statistical graphics, trends, seasonality, cycles, forecast construction, forecast evaluation and forecast combination. Prerequisites: Economics 101, 102, and 103. Economics 220 is highly desirable but not strictly required. Economics 222 - Advanced Econometric Techniques and Applications This course introduces students to advanced study in econometrics, with an emphasis on methods used in microeconomic applications and in evaluating the effects of social interventions. The methods covered include methods for handling limited dependent variables (useful, for example, in forecasting the demand for a new good), maximum likelihood estimators, and flexible semiparametric and nonparametric estimation methods, and randomized and nonexperimental methods of estimating treatment effects. Applications of Econometrics to the field of program evaluation will also be studied. Prerequisites: Economics 101, and 220 Math 104 and Math 114 or Math 115. Economics 231 - Public Finance This course has two parts. The first looks at market and government failures and discusses the need for public policies as well as limits to their effectiveness including the evaluation of public projects using cost-benefit analysis. The second part focuses on the Economic analysis of taxation, including the economic incidence and efficiency of taxes. Prerequisites: Economics 101. Economics 103 is also recommended and Math 104, Math 114 or Math 115. Credit cannot be received for both Economics 030 and 231. Economics 232 - Political Economy This course examines the political and economic determinants of government policies. The course presents economic arguments for government action in the private economy. How government decides policies via simple majority voting, representative legislatures, and executive veto and agenda-setting politics will be studied. Applications include government spending and redistributive policies. Prerequisites: Economics 101. Economics 103 is also recommended and Math 104 and Math 114 or Math 115.
This course covers topics in labor supply and labor demand, income distribution, labor market contracts and work incentives, human capital, labor market discrimination, job training and unemployment. Prerequisites: Economics 101. Economics 103 is also recommended and Math 104, Math 114 or Math 115. Credit cannot be received for both Economics 033 and 233. Economics 234 - Law and Economics This course will use basic microeconomic tools to understand how the law often, but not always, promotes economic efficiency. Among the areas to be discussed will be tort law, property law, intellectual property, antitrust regulation. Prerequisites: Economics 101 and Math 104 and Math 114 or Math 115. Credit cannot be received for both Economics 036 and 234. Economics 235 -Industrial Organization Theories of various industrial organizational structures and problems are developed, including monopoly, oligopoly, nonlinear pricing and price discrimination. These theories are used to model various industries, antitrust cases, and regulatory issues. Prerequisites: Economics 101. Economics 103 is recommended and Math 104 and Math 114 or Math 115. Credit cannot be received for both Economics 035 and 235. Economics 236 - Economics and Financing Health Care Delivery (Medical
Economics) This course provides an application of economic principles to the health care sector. By recognizing the importance of scarcity and incentives this course will focus on the critical economic issues in producing, delivering and financing health care. In particular, the course will analyze determinants of the unique role of physicians in guiding and shaping the allocation of resources in medical care markets; and competition in medical care markets, especially among hospitals. Special emphasis will be placed on the evaluation of policy instruments such as government regulation, antitrust laws, 'sin taxes' on cigarettes and alcohol, and public health programs. The course will use more advanced quantitative methods and formal economic theory; knowledge of calculus and basic microeconomics are recommended. For ECON majors only. Intermediate Micro is a prerequisite and this course will use advanced quantitative methods. Students may NOT take Econ 039, HCMG 202. Prerequisites: ECON 101, MATH 104, and either MATH 114 or MATH 115. Economics 237 - Urban Fiscal Policy This course examines the financing of governments in the urban economy. Topics to be covered include the causes of consequences of the urban fiscal crisis, the design of optimal tax and spending policies for local governments, funding of public infrastructures and the workings of the municipal systems for emerging economies. Applications include analyses of recent fiscal crises, local services and taxes as important determinants of real estate prices,the infrastructure crisis, financing and the provision of public education, and fiscal constitutions for new democracies using South Africa as an example. Prerequisites: ECON 101, 102, MATH 104 and MATH 114 or 115. Economics 241 - Topics in Growth, Development, and Business Cycles This course provides a comprehensive introduction to international financial markets and macroeconomic fundamentals, and the links between them, as relevant for exchange rate forecasting, portfolio allocation, hedging, risk management, and asset pricing in global contexts. The course is demanding and very highly quantitative. Prerequisites: Economics 101, 102, 103. Economics 220 and/or 221 are highly desirable but not strictly required and Math 104 and Math 1124 or Math 115. Economics 242 - Topics: Macroeconomics This course covers several topics of interest in current debates about macroeconomic policy. Among the topics discussed are Federal Reserve policy and the determination of interest rates and inflation; Federal deficits and balanced budgets; transforming the social security system. The emphasis in this course will be on developing a formal framework to discuss and analyze these problems.
Prerequisites: Economics 101 and 102. Economics 103 is recommended and Math 104 and Math 114 or Math 115. Economics 243 - Monetary and Fiscal Policies This is an advanced course in macroeconomics. A relatively simple, but well defined and internally consistent model of the U.S. economy is set up and used to study how output is generated given the initial resources, how output is divided between consumption and addition to capital stock, and how this process accumulates over time. The role of prices including the rate of interest in this process is also reviewed. Finally, some reasons why such a process does not necessarily result in efficient results with full employment of resources are reviewed, and monetary and fiscal policies needed to improve the performance of the economy under such circumstances are discussed. Prerequisites: Economics 101 and 102. Economics 103 is recommended and Math 104 and Math 114 or Math 115. Economics 244 - Macro-Modelling Fundamentals of modern macroeconomic modelling and applications for forecasting and policy analysis. Attention will focus on representing such macroeconomic phenomena as inflation, unemployment, the business cycle, productivity, and secular growth. Students will build a macro model. Topics will include how to simulate a range of fiscal and monetary policies and how to measure their effectiveness for stabilization and growth. Prerequisites: Economics 101 and 102. Economics 103 is recommended and Math 104 and Math 114 or Math 115. Economics 245 - Math for Economists This course will introduce students to the major mathematical tools that are used in modern economics, and these tools to various economic questions. The tools to be discussed may include constrained optimization, duality, dynamics, fixed point theorems, and optimal control theory. Prerequisites: Econ 101, 102, Math 104 and Math 114 or 115 Economics 251 - International Trade The course analyzes the theories of International Trade for developed and developing countries. Topics covered will include direct investment, technology transfers and multinational firms. The course will examine the political economy of trade policy where both positive and normative arguments concerning free trade and restricted trade will be analyzed. Prerequisites: Economics 101 and 102 and Math 104 and Math 114 or Math 115. A student who receives credit for Economics 251 may not receive credit for Economics 050.
International monetary economics with emphasis on economic policy in an open economy. Topics covered in the course include: balance-of-payments adjustment, theories of exchange rate determination, the effects of exchange rate devaluation, macroeconomic policy under fixed and floating exchange rates, the Euro-dollar market, currency and balance of payments crises. Prerequisites: Economics 101 and 102 and Math 104 and Math 114 or Math 115. A student who receives credit for Economics 252 may not receive credit for Economics 050. Economics 261 - Topics in Development This course studies institutions in developing economies. The first section of the course will cover the organization of production in traditional agrarian societies. Topics will include land, labor and credit markets. The second section of the course will focus on the role of the community in facilitating the transition to the modern market economy. Here we will study how the community spreads information, permits the formation of informal networks and organizes collective institutions, allowing individuals to take advantage of new economic opportunities. Prerequisites: Economics 101 and Math 104 and Math 114 or Math 115. Economics 103 is recommended. Economics 300 - Honors Seminar See Undergraduate Coordinator. This course, required for all honors majors, is a two-semester two-c.u. course, with credit given in the spring semester only.Students conduct original research and write a thesis, under the supervision of a faculty advisor. revised October, 2007 |
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