Courses ofInstruction
Economics
Department Faculty
Joshua Greenstein, Associate Professor, Chair
H. Evren Damar, Associate Professor
Thomas Drennen, Professor
Alan I. Frishman, Professor Emeritus
Geoffrey Gilbert, Professor Emeritus
Keoka Grayson, Associate Professor
Christopher Gunn, Professor Emeritus
Warren Hamilton, Associate Professor
Christina Houseworth, Associate Professor
Joyce Jacobsen, Professor
Feisal Khan, Professor
Sooyoung Lee, Assistant Professor
Daniel McGowen, Professor Emeritus
Patrick McGuire, Professor Emeritus
Judith McKinney, Associate Professor Emeritus
Scott McKinney, Professor Emeritus
Jo Beth Mertens, Associate Professor Emeritus
Kellin Stanfield, Assistant Professor
Jennifer Tessendorf, Instructor
William Waller Jr., Professor
Anastasia Wilson, Assistant Professor
The Economics Department provides students with a broad education in economic theory and analytic methods. It uses multiple approaches to the discipline to enable students to understand, analyze, research, and evaluate economic phenomena, processes, and issues. We believe this creates a sound foundation for the further critical study of economic matters necessary to be active citizens and successful professionals.
Course offerings in the Economics Department are designed both to meet the needs of students who wish a better understanding of the economic issues that affect their lives, and to meet the needs of students who have an interest in an extended, in-depth study of economics. The department offers introductory and advanced courses that examine important issues using the analytical tools of the discipline, in addition to courses that examine major economic theories.
Mission Statement
Because economists attempt to answer complex, unsettled questions, both positive and normative, and because Economics majors go on to work in a variety of professional fields, the Economics Department provides students with a broad education in economic theory and analytic methods. It uses multiple approaches to the discipline to enable students to understand, analyze, research, and evaluate economic phenomena, processes, and issues. We believe this creates a sound foundation for the further critical study of economic matters necessary to be active citizens and successful professionals.
Offerings
The Economics Department offers a disciplinary major and minor.
Students must take the Math Placement Exam prior to registering for ECON 160 (see the online placement test for more information) , or have completed one of MATH 100, MATH 130, or MATH 131 with a C- or better.. Calculus I (MATH 130) or equivalent is a prerequisite for ECON 300 and 301. Only one 450 course can count toward the major. All courses must be completed with a grade of C- or higher in order to be credited toward the major or minor; for MATH 130 (or equivalent) students may opt to take the course CR/DCR/NC but must pass with a grade of CR. Courses taken Credit/No Credit are not accepted for the major.
Students who want to pursue a career in finance or a graduate degree in economics should take, in addition to the economics courses (and calculus) required for the major, several courses in mathematics, including ECON 307 Mathematical Economics, Calculus II (MATH 131), Multivariable Calculus (MATH 232), Linear Algebra and Applied Linear Algebra (MATH 204 and 214), Differential Equations (MATH 237) and Foundations of Analysis (Math 331).
Economics Major (B.A.)
disciplinary, 11 courses
Learning Objectives:
- Use mainstream economic models to analyze individual decision-making, the functioning of markets, market flaws, market power, income distribution, inequality, and the macroeconomy, as well as recognize their limitations.
- Evaluate the impact of public policy changes in the situations above.
- Understand some important heterodox economists and schools of thought such as Keynes, Marx, Original Institutional economics, and Feminist economics, as well as recognize their limitations.
- Use statistical/econometric tools to analyze data and correctly interpret the results.
- Identify reliable and relevant sources of data and evidence appropriate to the question being asked or the argument being made.
- Communicate ideas and arguments effectively, in both papers and presentations, to the intended audience. This may include the use of graphs, tables, and mathematics, as well as words.
Requirements:
ECON 160; two topics/issues courses at the 100 or 200-level (at least one at the 200 level); ECON 202; the four core courses (ECON 300, ECON 301, ECON 304, ECON 305); and three additional upper-level courses. Calculus I (MATH 130) or equivalent is a prerequisite for ECON 300 and 301. ECON 304 is the capstone for the major and must be taken on campus; at least one of the additional upper-level courses must be taken with an HWS Economics Department professor, whether on-campus or off-campus. Only one 450 (Independent Study) or 495 (Honors) can count towards the major. All courses (including Math 130) must be passed with a grade of C- or higher. Credit/no credit courses cannot be counted toward the major, excepting Math 130.
Economics Minor
disciplinary, 6 courses
Requirements:
ECON 160; two topics/issues courses at the 100 or 200 level; ECON 300; ECON 301; and one additional course at the 300 or 400-level. Calculus I (MATH 130) or equivalent is a prerequisite for ECON 300 and 301. All courses (excepting Math 130) must be passed with a grade of C- or higher. Credit/no credit courses (excepting Math 130) cannot be counted toward the minor.
Pathways to the Major
Courses
Introductory Theory Course
ECON 160 Principles of Economics
Quantitative Reasoning Course
ECON 202 Statistics
Topics/Issues Courses
ECON 105 Introduction to Political Economy
ECON 120 Contemporary Issues
ECON 122 Economics of Caring
ECON 196 Principles of Accounting
ECON 198 Business Law
PPOL 202 Public Policy Making, Implementation, and Evaluation
ECON 203 Between Labor and Management: Unions
INRL 205 Capitalism: Theoretical Foundations
ECON 207 Economics of Education
ECON 210 Economic Inequality
ECON 212 Environmental Economics
ECON 216 Debt & the US Economy
ECON 218 Introduction to Investments
ECON 219 Behavioral Finance
ECON 230 History of Economic Thought
ECON 233 Comparative Economics
ECON 236 Introduction to Radical Political Economy
ECON 240 International Trade
ECON 243 Political Economy of Race
ECON 248 Poverty and Welfare
Core Theory Courses
ECON 300 Macroeconomic Theory and Policy
ECON 301 Microeconomic Theory and Policy
ECON 304 Econometrics
ECON 305 Political Economy
Upper-Level Courses
ECON 302 International Trade Issues
ECON 307 Mathematical Economics
ECON 308 Corporation Finance
ECON 309 Portfolio Analysis
ECON 310 Economics and Gender
ECON 313 African American Economic History
ECON 315 Managerial Economics
ECON 316 Labor Market Analysis
ECON 319 Structure, Agency, and the Behavior of Economic Agent
ECON 324 Money and Financial Markets
ECON 325 Economics of Inequality and Distribution
ECON 328 Financial Macroeconomics
ECON 329 Economics and Social Theory
ECON 330 Law and Economics of Higher Education
ECON 331 Institutional Economics
ECON 334 Political Economy of Corruption
ECON 335 Marxist Political Economy
ECON 344 Economic Development
ECON 348 Natural Resources and Energy Economics
ECON 349 International Macroeconomics
ECON 415 Game Theory
ECON 468 Seminar: Thorstein Veblen
ECON 474 Seminar: Current Issues in Political Economy
ECON 480 Seminar: Current Issues in Macroeconomics
Concentrations
The Economics Department offers optional concentrations within the economics major. The concentration option gives students the opportunity to structure their choice of electives to create additional depth of study within the major. Students may complete the economics major without any concentration.
Upon successful completion of the concentration, the student will receive a notation on their transcript of the concentration and can refer to their major as “an economics major with a concentration in Financial Economics” (for example). A student can only have one concentration. To receive a concentration, a student must complete the Economics Concentration Form available from the Department. The form must be signed by the Economics major advisor, and Economics Department Chair after all courses are either completed or currently being taken. The student submits the signed form to the Office of the Registrar, who will ensure all courses are successfully completed before noting the concentration on the student’s transcript.
While the Economics Department attempts to provide sufficient courses within the necessary time frame for any student to complete any of the concentrations, it is not able to guarantee this. Nor is a concentration a requirement for graduation.
The following five concentrations are available:
Economic and Social Policy
Financial Economics
History of Economic Thought
International Economics
Power and Inequality
A short description of each concentration and the list of approved courses for each concentration appears below. Any four courses from a given concentration list can be used to complete that concentration.
Concentration in Economic and Social Policy
A wide range of policies can be considered from the perspectives of economic theory. Economic theory can also provide useful tools for analyzing policies and their effects. Students in the Economics and Social Policy concentration will have the opportunity to learn about policies affecting various economic and social outcomes, and how to use economic theory to conduct policy analysis. Courses in this concentration focus on a wide variety of policy areas, including labor market policies, discrimination, education, corruption, law and economics, business law, environmental and energy policy, poverty, health care, child protection, and housing.
The following courses count toward this concentration:
ECON 122 Economics of Caring
ECON 198 Business Law
ECON 203 Between Labor and Management: Unions
ECON 207 Economics of Education
ECON 210 Economic Inequality
ECON 213 Urban Economics
ECON 248 Poverty and Welfare
ECON 316 Labor Market Issues
ECON 325 Economics of Inequality and Distribution
ECON 330 Law and Economics of Higher Education
ECON 334 Political Economy of Corruption
ECON 348 Natural Resources and Energy Economics
PPOL 202 Public Policy Making, Implementation, Evaluation
SOC 375 Social Policy
Concentration in Financial Economics
Financial economics is the branch of economics that studies the use of resources in financial markets. It builds on the foundations of microeconomics, decision theory, and basic accounting concepts and provides the theoretical underpinning for finance. It evaluates how time, risk, opportunity costs, and information can create incentives or disincentives for particular decisions regarding allocation of financial resources. The irrational behavior of parties and limits to rationality are considered in financial economics, particularly in the area of behavioral finance. Numerous macroeconomic and monetary factors are also considered, including interest rates, inflation, exchange rates, and governmental decisions. Financial economics has two main areas of focus: asset pricing and corporate finance; the first being the perspective of capital providers, i.e. investors, and the second of capital users, i.e. firms. It also includes a formal study of the financial markets themselves, including effects of regulation and taxation.
The following courses count toward this concentration:
ECON 196 Principles of Accounting
ECON 216 Debt and the US Economy
ECON 218 Introduction to Investments
ECON 219 Behavioral Finance
ECON 307 Mathematical Economics
ECON 308 Corporation Finance
ECON 309 Portfolio Analysis
ECON 315 Managerial Economics
ECON 324 Money and Financial Markets
ECON 328 Financial Macroeconomics
ECON 349 International Macroeconomics
ECON 415 Game Theory
Concentration in History of Economic Thought
Understanding the historical and theoretical origins of economic theory can help students think critically about both mainstream economic ideas and various alternative ways of understanding the economy. Students in the History of Thought Concentration will have the opportunity to critically examine a diverse set of schools of economic thought including classical, neoclassical, Keynesian, Marxist, Institutional Economics, Feminist Economics, and Behavioral Economics. Courses in this concentration investigate debate on economic theory and discourse and the theoretical foundations of major schools of economic thought through the study of historic economic thinkers such as Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. In addition, courses in this concentration focus on how the historical, political, cultural, social, and religious context has influenced ideas about how the economy does and should work.
The following courses count toward this concentration:
ECON 105 Introduction to Political Economy
ECON 122 Economics of Caring
ECON 219 Behavioral Finance
ECON 230 History of Economic Thought
ECON 233 Comparative Economics
ECON 236 Introduction to Radical Political Economy
ECON 293 Racial Utopias
ECON 319 Structure, Agency, and the Behavior of Economic Agents
ECON 329 Economics and Social Theory
ECON 328 Financial Macroeconomics
ECON 331 Institutional Economics
ECON 335 Marxist Political Economy
ECON 468 Seminar: Veblen
INRL 205 Capitalism: Theoretical Foundations
INRL 387 Neo-Liberalism
Concentration in International Economics
The concentration in international economics is for students who have an interest in global economic policy. It extends the key insights developed in the required theory courses to the international sphere. While the traditional focus of international economics is on open-economy macroeconomics and trade issues, this concentration takes a more encompassing view of the field. Applicable courses in the concentration range from those emphasizing traditional economic theory and empirical analysis to those focusing on comparative institutional analysis, economic development, and political economy. In this way students can use this concentration to attain an understanding of how inter- and intra-national institutions and political forces shape global economic outcomes. The aim of this concentration is to provide students with a nuanced understanding of the interconnectedness of states in the modern economic landscape.
The following courses count toward this concentration:
ECON 126 Economics of Immigration
ECON 210 Economic Inequality
ECON 233 Comparative Economics
ECON 240 International Trade
ECON 302 International Trade Issues
ECON 307 Mathematical Economics
ECON 334 Political Economy of Corruption
ECON 344 Economic Development
ECON 348 Natural Resources and Energy Economics
ECON 349 International Macroeconomics
ECON 415 Game Theory
INRL 205 Capitalism: Theoretical Foundations
INRL 248 Development
INRL 254 Globalization
INRL 387 Neo-Liberalism
Concentration in Power and Inequality
Among the central issues of economic theory are those of distribution; of how economic systems determine who gets what, and of power in the economic system; of how decisions are made about what is produced and the conditions under which production occurs. Students in the “Power and Inequality” concentration study power relationships and disparities in social and economic outcomes through the lens of economic theory. Courses in this concentration focus on a variety of competing theories on how economic distribution is determined and how inequalities in wealth, earnings, and other economic outcomes are created. Topics considered include labor and production markets, labor and other economic institutions, education, discrimination, corruption, family and household dynamics, and the relationship between race, gender, and class and economic outcomes. Many of the courses in this concentration also include a focus on public policies related to addressing these issues.
The following courses count toward this concentration:
ECON 122 Economics of Caring
ECON 203 Between Labor and Management: Unions
ECON 207 Economics of Education
ECON 210 Economic Inequality
ECON 216 Debt and the US Economy
ECON 236 Intro to Radical Political Economy
ECON 243 Political Economics of Race
ECON 293 Racial Utopias
ECON 307 Mathematical Economics
ECON 310 Economics and Gender
ECON 311 The Economics of Immigration
ECON 316 Labor Market Issues
ECON 325 Economics of Inequality and Distribution
ECON 331 Institutional Economics
ECON 334 Political Economy of Corruption
ECON 335 Marxist Political Economy
ECON 415 Game Theory
ECON 474 Current Issues in Political Economy
INRL 387 Neo-Liberalism
SOC 223 Inequalities
SOC 245 Sociology of Work
Policy on Transfer Courses and AP Credit
Students taking courses in an off-campus program not led by HWS faculty may count up to three courses toward the major. To qualify as an upper-level elective course, the course must require either intermediate macroeconomic theory with calculus as a prerequisite or intermediate microeconomic theory with calculus as a prerequisite and the student must have completed these prerequisites prior to taking the course in the off-campus program.
Currently enrolled HWS students may transfer core courses other than ECON 304 taken at other accredited institutions, subject to the rules of the Colleges. Students should obtain prior approval from the department chair to transfer the course, using the appropriate form from the Hobart or William Smith Dean’s office. The department does not count AP credit toward the major.
Course Descriptions
ECON 105 Introduction to Political Economy This course introduces students to the field of political economy and diverse approaches to studying economics, capitalism, and society. This course will give students a conceptual map for understanding different schools of thought in political economy and how these analyze crucial questions about society: Why has wealth and income inequality soared in recent decades? What is the relationship between democracy and the economy? What are the root causes of economic crises? How do we understand inequality by race, class, gender and other social dimensions? How do we understand the role of government and policy in managing capitalism? Are there alternatives to capitalism? An overview of schools of thought in political economy will give us frameworks for thinking through these questions, and applying our analysis to contemporary economic issues such as labor struggles, financialization, climate and ecological crisis, globalization, and struggles for social and economic equality.(Offered annually, Wilson)
ECON 120 Introduction to Economics Introduction to economics through the application of different analytical tools and perspectives to a variety of contemporary policy issues, such as inflation, unemployment, the environment, regulation, urban problems, economic development, and the role of women and minority groups in the economy. (Offered occasionally)
ECON 122 Economics of Caring There is more to economics than the wealth of nations. A good society is more than its wealth; it has the capacity and is willing to care for those who cannot completely provide for themselves. In this course students explore, analyze, and assess how our society cares for those who cannot provide all of the necessities of life for themselves; including children, the infirm, and the elderly. They examine public policies and debates concerning poverty, health care, education, child protection, and adoption. (Waller, offered annually)
ECON 126 Economics of Immigration Immigration is a centuries-old phenomenon, yet a pressing issue for many countries in the modern era. This course aims to explore, analyze, and evaluate the following topics about immigration: the statistical facts and patterns, determinants, and impacts on the source and destination countries. Students will also examine immigration policies in selected countries and other emerging issues such as climate migrants. This course will introduce approachable economics frameworks as analytical tools for social issues. (Lee, offered occasionally)
ECON 160 Principles of Economics This course is the first course in economic theory. Microeconomic topics include supply and demand, comparative advantage, consumer choice, the theory of the firm under competition and monopolies, and market failure. Macroeconomic topics include national income accounting, the determinants of national income, employment and inflation, the monetary system and the Fed, and fiscal policy. This course is required for all majors and minors in economics. Open to First year or Sophomore status; Econ or INRL Major or Minor. Prerequisite: Minimum score of 16 on the placement test which can be taken on-line or one of MATH 100, MATH 130, or MATH 131 with a C- or better. (Offered each semester)
ECON 190 Introduction to Financial Markets and Analysis Introduction to Financial Markets and Analysis is a broad introductory course that assumes no prior coursework in finance. The aim is to provide students with the basic knowledge to understand the fundamentals of financial analysis and markets. Accordingly, it will cover the basics of modern finance such as the time value of money, net present value and discounted cash flow analysis, the role of interest rates, reading financial statements, the risk-return relationship, and the basics of equity and capital (bond) markets. Time permitting, other finance topics will be covered. Excel and/or financial calculators will be used extensively. (Khan, offered every Fall)
ECON 196 Principles of Accounting This course explores the theory and application of accounting principles in recording and interpreting the financial facts of business enterprise. The course covers such topics as the measurement of income, capital evaluation, cost accounting, budgeting, and financial analysis. Prerequisite: ECON 160. (Hamilton, offered annually)
ECON 198 Business Law This course introduces students to the structure and underlying values of the U.S. legal system and key concepts in the law of tort and contract, business organizations, liability, intellectual property, and secure transactions. Skill development will focus on fluency with legal terminology, structure and critique of legal reasoning, and the ability to locate key sources of law - state and federal statutes, court opinions, and municipal code - both in the public realm and in proprietary legal databases. Prerequisite: ECON 160 with a minimum grade of C-. (Offered occasionally)
ECON 202 Statistics This course offers an introduction to the methods of descriptive and inferential statistics that are most important in the study of economics. The intent of the course is to help students understand and apply these tools. The course includes basic descriptive statistics, probability distributions, sampling distributions, statistical estimation, and hypothesis testing, as well as an introduction to computer software for statistical analysis. Students complete a semester project in which they apply the tools taught in the course to generate, interpret, and discuss a statistical analysis of their own. Prerequisite: ECON 160 or 120. (Offered each semester) MATH 130 strongly recommended.
ECON 207 Economics of Education This course applies the tools of economic analysis to the issue of education in the United States. It will use both current events and economic and sociological literature to provide an introduction to various aspects of the topic such as the history of education and governance in the U. S., higher education as an investment decision, teacher quality and school type, and class and demographic issues (e. g. , race, ethnicity, gender, inequality and the importance of family). Finally, the course will also evaluate the U.S. education system in relation to other countries. Prerequisite: ECON 160 with a minimum grade of C-. (Houseworth, offered alternate years)
ECON 210 Economic Inequality This course aims to provide students an in-depth understanding of the relationships of income (or wage) inequalities, labor market institutions, and global production networks. Students will analyze evidence of economic inequalities and their evolutions using detailed data-sets. They will also explore possible causes of inequalities through reading and discussing about recent research in labor economics and international trade. Students will develop an understanding of effective policy actions towards more equal societies. Prerequisite: ECON 160. (Lee, offered annually, or alternate years)
ECON 213 Urban Economics As an introduction to the basic problems of urban areas in the United States at the present time, the course analyzes the hierarchy of cities in the U.S., market areas, and location. It then examines the economic issues concerned with urban housing, poverty, transportation, and finances. It has a policy orientation and concludes with a discussion of urban planning. Prerequisite: ECON 160, or permission of instructor. (offered occasionally)
ECON 216 Debt and the U.S. Economy Debt and the U.S. Economy explores the role, history, and function of debt in the American Economy through examining 1.) student loans and their household and macroeconomic impact 2.) household debt including mortgages 3.) the history of the 2008 Financial Crisis and 4.) perspectives on the role of government debt, as well as topics such as corporate debt and its relationship to financial stability.
ECON 218 Introduction to Investments This course is meant as a broad introduction to US financial markets (equity and capital) and instruments (stocks, bonds, etc.) and the related major financial theories (efficient markets, modern portfolio theory, behavioral finance) and models (capital asset pricing, dividend discount). Much of finance is highly quantitative and extremely abstract but the main focus of this course will be on understanding and then applying financial theory rather than on numerical calculations. Prerequisite: ECON 160. (offered annually)
ECON 219 Behavioral Finance Behavioral Finance studies how behavior impacts the decisions of individuals, investors, markets, and managers. Behavioral Finance is interdisciplinary in its approach borrowing from accounting, economics, statistics, psychology, and sociology. This course applies both analytical and quantitative methods used in finance to better understand how people make decisions and why biases associated with cognitive dissonance and heuristics, overconfidence, and emotion impact preference in the financial decision-making process. Students will consider these limitations to better understand why and how markets might be inefficient. (Hamilton, offered annually)
ECON 230 History of Economic Thought This course surveys the growth of economic thought from 1500 to the 20th century, with special emphasis on the growth of "scientific economics" in Britain between 1770 and 1890. While the primary aim of the course is to trace analytical developments in economics, attention is also paid to the political and social environments in which economic theory evolved. This course provides helpful preparation for ECON 305. Prerequisites: ECON 160 (Grayson, offered alternate years)
ECON 233 Comparative Economics This course looks at how different societies and cultures have chosen to organize themselves economically, how their key economic institutions function and how well they have performed over time. We will move away from the traditional 'capitalist versus socialist' or 'command versus market' split within comparative economics to also look at how different religious traditions have attempted to answer the age old questions of 'what,' 'how,' and for 'whom' to produce as well as how increasing economic and financial integration (i.e., 'globalization') and financial crises have impacted economic systems worldwide. Prerequisite: ECON 120 or 160. (Khan, offered annually)
ECON 236 Introduction to Radical Political Economy This course provides an introduction to the economic thought of Karl Marx, to contemporary radical political economy, and to current debates in radical political economy. Topics include the theory of value, surplus value and exploitation, capital and its accumulation, and capital and crisis. Recent debates in socialist-feminist thought, the political economy of race, and ecofeminism are addressed.
ECON 240 International Trade This course provides an introduction to the theory of gains from trade, comparative advantage and international monetary relations using the analytical tools of micro-and macroeconomics acquired in ECON 160 Principles of Economics. It uses this theory to examine issues such as protectionism, economic integration (e.g., NAFTA and the European Union), and international investment, with an emphasis on how economic and financial relations among countries have very different consequences for different groups of people. Prerequisite: ECON 160. (Lee and Tessendorf, offered each semester)
ECON 243 Political Economy of Race Persistent racial inequalities in income and wealth remain a fact of life in the USA and throughout the Americas. In this course, we explore the interaction between race, gender, and ethnicity in labor and product markets, and we consider the theory and evidence for present-day debates over discrimination and policies such as affirmative action. Finally, we examine how different understandings of "race" color economic theories that seek to explain differences in economic outcomes. Prerequisite: ECON 160. (Staff, offered annually)
ECON 248 Poverty and Welfare Poverty amidst wealth is a troubling feature of the American economy. Economists and other social scientists have offered various explanations for it. This course looks into the nature and extent of poverty, theories of its causes, and the range of public policies aimed at easing or ending poverty. Prerequisite: ECON 120 or 160. (Greenstein, offered annually)
ECON 293 Racial Utopias: Economizing Soul With the continued hunt of black lives and the rising social unrest that the hunt has engendered, this course asks: what would an ideal racial world look like? What would equality or equity be like in such a world? How do visions of the sacred have to compromise with the realities of the profane in such utopias? Utopian visions often include a message of oneness/sameness. How do questions of oneness and sameness apply to questions of race? Do they separate people? Do they homogenize people? How have they changed over time? What is the role of the religious leader in fashioning these ideal visions? For the economist interested not only in behavior but motivations, racial utopias present the opportunity to study how conflicts between worldview (religion) and habit/behavior (racism) are or are not resolved. For the scholar of religion, racial utopias are unique products of a religious imagination that seeks the Kingdom of God on earth. Interrogating racial utopias will allow all students to examine aspects of their own lives including their image of God, what they hope for, and what they can do to help create their ideal world. We will investigate a number of utopian projects that included racial components, including The People's Temple (Jim Jones), Father Divine, the Black Hebrew Israelites, and Star Trek.
ECON 300 Macroeconomic Theory and Policy This course examines in detail the major elements of aggregate economic analysis. The major focus is on the development of theoretical economic models that examine the interrelationships within the economic system. Once these models have been developed, they are used extensively to examine the current macroeconomic problems in the economic system, e.g., inflation, unemployment, economic growth, international balance of payments, the business cycle, and others. Prerequisite: ECON 160, one 200 level topics/issues course, and MATH 130 or equivalent. (Offered each semester)
ECON 301 Microeconomic Theory and Policy A study of pricing and resource-allocating processes in the private economy, this course examines the theories of demand and production, and the determination of prices for commodities and factors of production in competitive and non competitive markets. The concept of economic efficiency is central to the course. Prerequisites: ECON 160, one 200-level topics/issues course, and MATH 130 or equivalent. (Offered each semester)
ECON 302 International Trade Issues This course studies microeconomic aspects of the field of international trade to develop skills to evaluate popular ideas about the impact of globalization. We will start by reviewing microeconomic theory's analytical tools that provide some theoretical backgrounds in international trade. Then we will explore 1) different underlying causes of gains from trade, 2) the effect of trade policies, and 3) various recent topics in international trade. Specifically, we will investigate the evidence of the following questions using case studies focusing on Asian countries, among others: What made the growth in international trade possible during the late 20th century? Is international trade beneficial? Do trade barriers help or hurt the domestic economy? Does trade help or harm the environment? Does trade help reduce gender inequality? Why and how does globalization backlash?
ECON 304 Econometrics The subject of this course, broadly speaking, is regression analysis. After a brief review of the simple linear model , the course develops the theoretical framework for the multivariate linear model. Various special topics are studied while students complete individual research projects that demonstrate comprehension of the steps in conducting an econometric analysis. Prerequisites: ECON 202 and ECON 300 or ECON 301. (Offered each semester)
ECON 305 Political Economy This course analyzes alternative ways of understanding economics and political economy. It investigates debates on economic theory and discourse within a broad context of critical issues in the foundations and development of the social sciences. Theoretical foundations of major schools of economic thought (e.g., neoclassical, Keynesian, Marxist) are explored, as well as questions of ideology and method in economic thought. Feminist economics is introduced. Prerequisites: ECON 300 and ECON 301, or permission of the instructor. (Offered each semester)
ECON 307 Mathematical Economics This course has two objectives. First, to acquaint the student with the various mathematical tools widely used in theoretical economics today. These tools include simple linear algebra, matrix algebra, and differential calculus. Second, to utilize these tools to demonstrate and examine the fundamental concepts underlying microeconomic and macroeconomic theory. Prerequisites: ECON 300 and ECON 301. (Grayson, offered alternate years)
ECON 308 Corporation Finance This course deals with the strategic decision-making process relative to three main areas: capital budgeting; capital structure; and working capital management. One important role a financial manager plays is to create value for the shareholder within legal and ethical constraints in a rapidly changing enterprise environment. Topics include the time value of money, risk and return, security valuation, capital budgeting, cash and liquidity management, management of current liabilities, dividend policy, cost of capital, capital structure policy and the evaluation of alternative methods of financing. Prerequisites: ECON 196 and either ECON 300 or 301. (Offered annually)
ECON 309 Portfolio Analysis This course addresses the principles and practice of managing investment portfolios. It presumes an understanding of the main forms of financial instruments and markets, as well as a familiarity with basic financial models and mathematics. Prerequisites: ECON 218 and ECON 301, or permission of instructor. (Offered alternate years)
ECON 310 Economics and Gender This course examines the ways that gender matters in the economy and in economic theory. It examines the gendered nature of economic life through topics such as the economics and history of the family, household production and the allocation of time, gender differences in occupation and earnings, economic policy, gender in a global context, and alternative approaches for promoting gender equity. A discussion of feminist approaches to the study of economics provides the context for these issues. Prerequisite: ECON 301 or ECON 305. (Wilson, offered alternate years)
ECON 315 Managerial Economics This course provides students with an applied competence in utilizing basic microeconomic principles, methodologies, and techniques to solve managerial problems relating to costs, prices, revenues, profits and competitive strategies. Using managerial economic techniques, four basic areas of finance are addressed: risk analysis, production analysis, pricing analysis and capital budgeting. This course further explores how economic and financial forces affect a firm's organizational architecture relative to both its internal and external environment, as well as within a global context. Prerequisite: Econ 301. (Hamilton, offered alternate years)
ECON 316 Labor Market Issues The supply of labor and the demand for labor is addressed in the first third of the course. We discuss the within firm decision to hire, profit maximization for different markets, wage elasticity, technological change, and policy. On the supply side we analyze the labor leisure model, household production, age earnings profiles, and policies applicable to each topic. Once the basics are addressed we explore expansions of these models within a variety of topics. A model of human capital is developed. Education is examined as an investment decision, with applications. The determinants of earnings are studied and examined by group, including race, gender, ethnicity, and nativity. A substantial portion of this section will focus on immigration, specifically adjustment and impact. We examine other topics such as unemployment and inequality. Prerequisite: ECON 301.
ECON 319 Structure, Agency, and the Behavior of Economic Agents This course examines differing perspectives on economic behavior. The course begins by addressing the economic theory of the individual with attention to methodological disagreements concerning the bi-directional influence between social structures and individual agency, the preconceptions of individual action, and the incorporation of psychology and cognitive sciences in understanding economic behavior. The course then progresses to the application of the economic theory of the individual to assess implications from differing perspectives on the understanding of economic relations and outcomes. How are consumer preferences formed and what do consumption patterns reveal? How are we to understand self-regarding and competitive behavior as well as other-regarding and cooperative behavior? How do ascribed and acquired identities determine the scope and strength of networks of cooperative economic behavior? (Prerequisite ECON 301) (Stanfield, offered annually or alternate years)
ECON 324 Money and Financial Markets This is a basic 'money-and-banking' course that integrates macroeconomic theory and monetary theory, with special emphasis on how interest rates are determined and their role in the overall economy, the changing structure and function of financial markets, the role of the Federal Reserve System, the relationship between the domestic and international monetary system, and how and why financial crises develop and their impact upon the economy. Prerequisites: ECON 300. (Khan, Damar, offered annually)
ECON 325 Economics of Inequality and Distribution This course covers distributional issues in economics, with focus on issues of inequality. We will discuss different conceptions, definitions, and measurements of inequality, examine current trends in poverty and inequality empirically, both internationally and with a particular focus on current trends in the U.S., study competing theories on how economic distribution is determined and inequality is created, and, finally review some possible remedies to reduce inequality, and whether or not they are feasible or desirable. Prerequisite: ECON 301. (Greenstein, offered alternate years)
ECON 328 Financial Macroeconomics This is an advanced course in macroeconomic theory with an emphasis on the role of finance in macroeconomic performance. Students will become familiar with leading theories on the financial aspects of macroeconomics. The class will concern both the role of finance in increasing efficiency through facilitating economic activity and the role of finance in increasing instability in economic activity. Given an understanding of the role of finance, the class will consider arguments on the proper implementation of macroeconomic policy and consider case studies in recent experience. Students will become proficient in reading scholarly economics texts, develop writing skills in economics analysis, and develop the ability to access and interpret financial and macroeconomic data. (Stanfield, offered annually)
ECON 329 Economics and Social Theory Social Theory was born amidst industrial and political revolution; it aimed at analyzing, interpreting, promoting, and criticizing the new modern social order. Much of this course is devoted to understanding how three founding theorists - Emile Durkheim, Karl Marx, and Max Weber - addressed issues of their day and, arguably, ours: the efficacy of Individual acts in the face of powerful and complex social forces, the social implications of technological and economic progress, the persistence and transformation of dramatic inequalities. In the latter part of the term we will examine contemporary theorists, deploying and developing the theories of the classical social theorist. Production will be studied through the work of Michael Burawoy. Consumption will be studied primarily through the lens of Pierre Bourdieu. We will conclude with a discussion of how reflexivity as a method can blend economics and social theory, promoting an interdisciplinary approach. Prerequisite: Econ 300 or 301 with a minimum grade of C- or permission of instructor. (Offered occasionally)
ECON 330 Law and Economics of Higher Education Utilizing the dual lenses of the college president/economist and the campus legal counsel, this course covers topics ranging from the higher education business model to substantive areas of law affecting the higher education sector. The course examines the current legal and regulatory landscape for colleges and universities and considers its economic, financial, and social impact on the operations and fundamental mission of colleges and universities. In particular, this course is focused on legal and regulatory developments in the last ten or so years and institutional strategies for responding to such developments. In addition, the course examines the recent economics of higher education, both as they affect the 'consumers' and 'producers', including issues surrounding affordability (student debt, state subsidization), competition in the sector, return on investment in higher education, and the internal organization of colleges and universities (budgets, financing, forecasting).
ECON 331 Institutional Economics This course explores the economic thought by Institutional Economists. This approach emphasizes the cultural components of economic behavior and the evolution of economic provisioning processes. The course also examines the institutionalists' critique of neoclassical economic theory. The readings for the course include classic and contemporary texts from both original institutional economics and the "new institutional" economics. Prerequisite: ECON 305 or permission of instructor. (Waller, Offered annually)
ECON 335 Marxist Political Economy This course offers students an introduction to Marx's critique of political economy through a reading of Marx's original writings, including the first volume of Capital and accompanying texts and articles. This course will build the basics of Marx's critique and analysis of capitalist society, money, wages, the labor process, the imposition of work, the state, class struggle, accumulation and crises, and explores applications of Marxist theory to contemporary economic issues.
ECON 344 Economic Development This course examines both the theory and practice of Third World countries in their attempts to modernize and industrialize. Some topics that are discussed include: the roles of agricultural and industrial development, investment, urbanization, infrastructure, foreign trade, foreign aid and debt, and government planning. The course evaluates the importance of the distribution of income, education, the transfer of technology, population control, and neo-colonialism. Countries from Africa, Asia, and Latin America are used frequently and extensively as examples. Prerequisite: ECON 300. (Kahn, offered occasionally)
ECON 348 Natural Resources and Energy Economics Designing winning solutions to the complicated issues affecting the environment requires a strong interdisciplinary approach. The course covers the basic theoretical models of natural resource use as well as the implications of these models for policy decisions. Topics include opposing views of natural resource use and depletion; basic criteria and methods for decision analysis; property rights and externalities; the linkage between population growth, resource use, and environmental degradation; energy options; successes and limitations of recycling; resource scarcity; economic growth and resource use; and sustainable development. Students construct simple simulation models to explore the basic relationships discussed in this course. Prerequisite: ECON 301. (Drennen, offered alternate years)
ECON 349 International Macroeconomics This course is an introduction to open-economy ('international') macroeconomics. Its purpose to help students develop an understanding of international macroeconomic relationships through the use of simple mathematical models that explore the impact of different open-economy phenomena on the domestic economy. These models will then be used to examine the policy options at the disposal of an economy with substantial international interactions. Topics covered include the foreign exchange market and the behavior of exchange rates, the balance of payments, effects of domestic and external economic policy choices on small vs. large open economies, international capital markets and the structure, evolution and stability of the international financial system. Prerequisite ECON 300 with a minimum grade of C-. (Damar, offered annually)
ECON 415 Game Theory This course is an introduction to game theory. Game theory is the study of strategic behavior among parties having interests that may be quite similar or in direct opposition. The student will learn how to recognize and model strategic situations, and how to predict when and how actions influence the decisions of others. We will begin with an analysis of normal form games in which we have a static setting and players move simultaneously. Concepts such as a player's best response, dominant strategies, and the Nash equilibrium are presented, along with various applications. Then we will turn to extensive form games to analyze games in which players move sequentially. Lastly, we will study situations in which players have less than full information. Prerequisite: ECON 301 and MATH 130. (Grayson, offered alternate years)
ECON 465 Political Economy of Corruption Corruption has long been identified as an obstacle to economic and social development worldwide. While no country of the world is corruption free, some countries suffer much more from it than others, with extremely serious indeed debilitating effects on their economy, society, institutional structure and overall governance. We will analyze the theory, causes and consequences of corruption, drawing on a wide variety of historical and contemporary sources, examples and case studies. We will also examine both historical and contemporary anti-corruption efforts and analyze which factors were responsible for their success or failure. While the major focus of the course will be on economic issues, factors, and consequences, a nuanced understanding of the issue of corruption requires a more interdisciplinary approach that we will endeavor to follow.
ECON 474 Topics in Political Economy This course focuses on different topics each year, such as the changing nature of work, and globalization. Prerequisite: ECON 305, or permission of instructor. (Offered occasionally)
ECON 480 Seminar: Current Issues in Macroeconomics In this seminar, students consider a variety of current macroeconomic and global issues. Examples of such issues might be the 2007-2008 and other financial crises, growth and investment, inequality and income distribution, financial globalization, the role of institutions and so on. Students are expected to be active participants, write a substantial paper, and make class presentations. Prerequisites: ECON 300 with a minimum grade of C-. (Offered occasionally)
ECON 495 Honors The Honors program usually consists of one course per term for two terms. These courses can be used by student majors to fulfill one upper-level elective requirement.