Emphasis will be placed on problems and policies of current interest as they relate to resource use and the distribution of income and output. Students will receive an introduction to the theory of supply and demand in both product and factor markets in order to examine selected topics drawn from such areas as industrial organization and antitrust policy, labor economics, international trade, economic development, agriculture, urban problems, poverty and discrimination, public sector economics, and environmental problems.

Distributive: SOC

This is a general survey course for students who have had no previous college-level economics and who do not plan to take further economics courses. It is divided between microeconomic concepts — supply and demand, labor and capital markets, tax incidence, comparative advantage, international trade, and benefit-cost analysis — and macroeconomic issues, such as economic growth, unemployment, inflation, national income and product accounting, the banking system, and monetary and fiscal policy. Applications to current policy issues will be emphasized throughout.
Economics 2 may be taken under the Non-Recording Option (NRO). It does not count towards the major or minor. The course has “negative”
prerequisites: Students who have previously taken Economics 1 or who have been exempted from Economics 1 at matriculation may not enroll in Economics 2. Completion of Economics 2 does not, however, preclude subsequent enrollment in Economics 1.

Distributive: SOC

The eighteenth-century Scottish philosopher Adam Smith was one of the founders of "political economy," the study of the interrelationship between society, government, and the economy. This course focuses on Smith's major ideas through his two important works, The Theory of Moral Sentiments and The Wealth of Nations, and deals with such topics as the origins and consequences of economic growth, and the role of government in a commercial society.

This course introduces the student to the basic concepts and methods of statistics. It covers descriptive statistics and inference (estimation and hypothesis testing) for a single variable and for two variables. The probability theory required for these topics will be developed.

Prerequisite: Mathematics 3, or permission of the instructor. Economics 10 is a prerequisite to the major in Economics. This course should be taken early in the student's major program. Because of the overlap in material covered, a student will not receive credit for more than one of these courses; Economics 10, Government 10, Mathematics 10, Psychology 10, QSS 15, or Sociology 10 except by special petition.

Distributive: QDS

This course examines how politics, economics, and culture have shaped the modern Chinese economic policy. Course topics include the Mao era, the pathologies of socialism and central planning, and the post-Mao transition to the market. Special emphasis will be placed on how "capitalism with Chinese characteristics" affects innovation, entrepreneurship, and law. Students will be graded on class participation as well as original research.

Prerequisite: Economics 1

Distributive: INT or SOC

This course examines the history, politics and economics of market regulation in the United States. Class discussions will focus on the arguments for and against state intervention in the market. We will also explore the meaning of "market failure" and "government failure" in the context of financial markets, transportation, the environment, health care, and public utilities. Special emphasis will be placed on how regulation affects prices and why regulated firms may demand regulation. Students will be graded on class participation as well as original research.

Prerequisite: Economics 1

Distributive: SOC

The course examines technological invention and innovation and the path of technological progress and economic growth.  Readings and discussion will develop understanding of the relation of new technology to science and cultural evolution and will describe the roles played, within economic and political systems, by inventors, entrepreneurs, companies, and finance when, from needs and opportunities, technologies emerge as creative new combinations.

Prerequisite: Economics 1

Distributive: SOC

Econometrics is the statistical analysis of economic data. This course focuses on regression analysis (specification, estimation, and hypothesis testing) and problems and pitfalls in its application in economics. The course involves extensive use of the statistical program STATA and will enable students to implement their own empirical research projects in preparation for the culminating experience in the economics major.

Prerequisites: Economics 1, Economics 10 and Mathematics 3

Distributive: QDS

This course is a study of the pricing and allocation process in the private economy. Topics include the theories of demand and production, and the determination of prices and quantities for commodities and factors of production in competitive and noncompetitive markets. Applications of the theory and its implications for empirical analysis are also considered.

Prerequisites: Economics 1 and Mathematics 3

Distributive: SOC

This course is concerned with the behavior of the economy as a whole, particularly fluctuations in economic activity. General equilibrium models are developed to analyze the determinants of GNP, unemployment, the rate of inflation, and the growth of output. The micro foundations of macro aggregates are developed, with special emphasis on the role of expectations. The analytic tools are used to evaluate monetary and fiscal policies and to understand current macroeconomic controversies.

Prerequisites: Mathematics 3 and Economics 1

Distributive: SOC

This course uses economic analysis to understand contemporary issues in low-income countries. We consider why extreme poverty and hunger, child mortality, low-levels of education, gender inequality, environmental degradation, high fertility, and child labor are pervasive in the developing world. We also examine the economic consequences of globalization and infectious diseases such as malaria and HIV/AIDS. For each topic, we seek to understand the factors and constraints influencing decision-making in developing countries. We use this understanding to discuss the role of markets, civil organizations, government policy, and international institutions.

Prerequisites: Economics 1 and Economics 10

Distributive: SOC or INT, WCULT: NW

This course examines the strategies that businesses use in choosing prices, advertising, research and development, and mergers to maximize their profits. The course studies how business strategy is constrained by market competition and antitrust policy (government policy toward monopoly, collusion, and mergers). The analysis is conducted using game theory, empirical methods, and experimental methods.

Prerequisites: Economics 1, Economics 10, Economics 21 and Mathematics 3

Distributive: SOC

This course examines the nature and function of financial intermediaries (e.g., banks, mutual funds, and insurance companies) and of securities markets (e.g., the money and capital markets and the market for derivatives). It analyzes liquidity and risk management and studies the efficiency, stability, and regulation of the financial system.

Prerequisite: Economics 1

Distributive: SOC

This course studies the economic behavior of employers and employees as they interact in the labor market. The class will move beyond the basics of labor supply and demand to cover such topics as human capital investment, the structure and determinants of financial compensation and benefits packages, contract negotiations and arbitration. Additionally, since many of the pressing problems facing the United States are labor market issues, this course will provide a basis for better understanding of nationally-debated issues such as reforms of the welfare system, the income tax system, immigration policy, and affirmative action programs.

Prerequisite: Economics 1

Distributive: SOC

Government policies exert a pervasive influence over the economy and people’s wellbeing. This course first analyzes the economic effects of public policies in the areas of environmental pollution, social insurance, retirement income, health, and poverty alleviation. The course then studies how governments finance their operations, paying attention both to institutional details and the effects of tax systems on efficiency and inequality. Throughout, we use empirical evidence and economic reasoning to better understand economic tradeoffs involved in current and proposed policies, including health reform, universal basic income, wealth taxation, unemployment insurance, fundamental tax reform, and Social Security.

Prerequisite: ECON 1

Distributive: SOC

This course covers introductory material in the area of international monetary theory and policy. It examines the behavior of international financial markets, the balance of payments and exchange rates, interactions between the balance of payments, the exchange rate and domestic economic activity and ways of organizing the international monetary system.

Prerequisite: Economics 22

Distributive: SOC or INT

This course will examine the key elements of a monetary policy framework, investigate how monetary policy decisions influence financial conditions and macroeconomic outcomes, and consider the practical challenges of monetary policymaking in a global context. Basic methods in time-series econometrics will be used to analyze macro data, construct forecasts. and assess current monetary policy strategies. Students will work together in teams, each of which will collect and analyze information for a specific country and give a series of oral presentations to the class.

Prerequisite: Economics 1, Economics 10 and Economics 22

Distributive: SOC

Game theory is the study of decisions made in strategic settings. The course introduces equilibrium concepts solving the infinite-regress problem (A’s decision depends on B’s which depends on A’s, and so forth) in increasingly complex environments. A wealth of social-science applications are considered ranging from business competition to terrorism as well as lighter applications to sports and games.

Prerequisite: Economics 1, Economics 10 and Mathematics 3

Distributive: SOC

This course studies decision making under risk and uncertainty, capital budgeting and investment decisions, portfolio theory and the valuation of risky assets, efficiency of capital markets, option pricing, and problems of asymmetric information.

Prerequisites: Economics 10, Economics 21, and Economics 26