An examination of the moral questions arising from economic analysis during the industrial revolution. Readings include original texts by Adam Smith, Karl Marx, and Henry George, and historical treatments of their lives and circumstances; also the late nineteenth century fictional treatment of novelist and editor William Dean Howells. The authors' rhetorical strategies as well as their moral premises and political-economic ideas will be studied.

Terms offered: 2022 Fall Semester; 2024 Fall Semester

Explores the economics of culture, including the analysis of markets for art, music, literature, and movies. If culture is priceless, then why do artists starve while providers of pet food make billions? Why are paintings by dead artists generally worth more than paintings by living artists? Could music piracy on the information superhighway benefit society? Can Tom Hanks turn a terrible movie into a contender at the box office? Students are not required to have any prior knowledge of economics, and will not be allowed to argue that baseball comprises culture.

Terms offered: 2022 Fall Semester; 2023 Fall Semester; 2025 Fall Semester

A quantitative reasoning supported introduction to economic analysis and institutions, with special emphasis on the allocation of resources through markets. Covers the same content as Economics 1101 with added instruction in the quantitative skills used in modern microeconomics, providing a firm foundation for further coursework in economics. Students desiring a comprehensive introduction to economic reasoning should take both this course (or Economics 1101) and 1102 . To ensure proper placement, students must fill out economics department placement form and must be recommended for placement in Economics 1050. Not open to students have taken Economics 1101.

Terms offered: 2022 Spring Semester; 2023 Spring Semester; 2024 Spring Semester; 2025 Spring Semester

A nontechnical introduction to the operation of modern capitalist economies, with a focus on the US. The course is intended to provide a level of economic literacy adequate to understand economic policy debates as conducted in the popular press. The emphasis is on using a small number of fundamental concepts to clarify how economies function, and to provide a foundation for informed evaluation of competing economic policy agendas. Topics include incentives; decision-making; markets as a means of allocating resources; characteristics of market allocation; measures and history of US economic performance; international trade, finance, and globalization; and structure and function of the monetary and financial systems. Throughout the course, discussion will address alternative perspectives on the appropriate role of government in the economy. Not open to students who have credit for Economics 1050, 1101, or 1102. Does not satisfy the prerequisite for any other course in economics. (NOTE: this course was previously offered as Economics 100 Introduction to the Economy)

Students will use 'big data' to understand and address some of the most important social and economic problems of our time. The course will give students an introduction to cutting edge research and policy applications in economics in a non-technical manner that does not require prior coursework in economics or statistics, making it suitable both for students exploring economics for the first time, and for more advanced students who are interested in the class’s topics. Social and economic problems that we will cover include equality of opportunity, education, racial disparities, criminal justice, labor market participation, entrepreneurship, health care and public health, the opioid crisis, climate change, and environmental justice. In the context of these topics, the course will also provide an introduction to basic methods in data science, including regression, causal inference, and machine learning. Students will use software packages R, Stata, Arc GIS, and Excel. This course originates in Economics and is crosslisted with: Digital and Computational St. (Same as: DCS 1209)

Terms offered: 2022 Fall Semester; 2024 Fall Semester

An introduction to economic analysis and institutions, with special emphasis on the allocation of resources through markets. The theory of demand, supply, cost, and market structure is developed and then applied to problems in antitrust policy, environmental quality, energy, education, health, the role of the corporation in society, income distribution, and poverty. Students desiring a comprehensive introduction to economic reasoning should take both Economics 1101 and 1102 . For proper placement students should fill out the economics placement request form and must be recommended for placement in Economics 1101. Not open to students who have taken Economics 1050.

Terms offered: 2021 Fall Semester; 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester; 2025 Fall Semester

An introduction to economic analysis and institutions, with special emphasis on determinants of the level of national income, prices, and employment. Current problems of inflation and unemployment are explored with the aid of such analysis, and alternative views of the effectiveness of fiscal, monetary, and other governmental policies are analyzed. Attention is given to the sources and consequences of economic growth and to the nature and significance of international linkages through goods and capital markets.

Terms offered: 2021 Fall Semester; 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester; 2025 Fall Semester

Energy is both a physical phenomenon and a key driver of human production and consumption. This course develops basic concepts in physics of energy (conservation of energy, conversion from one form to another, increasing entropy, etc.) and economic issues (role of energy in production functions; extraction, storage, and transmission; industrial structure and protectionism; etc.). The course explores these concepts using different forms of energy (fossil fuels of different kinds, solar, hydropower, wind, nuclear, and others). A large focus is on the environmental aspects of energy use: science and economics of risks and effects outside of energy markets, per se. In light of these environmental effects, we also consider the science and economics of different government policies. This course originates in Economics and is crosslisted with Environmental Studies and Physics. (Same as: ENVS 2118, PHYS 1181)

Terms offered: 2025 Spring Semester

Economic analysis can bring clarity to confused and contentious policy debates. Focuses on using economic analysis to anticipate the potential consequences of implementing major policy proposals, including those relating to globalization, international trade and finance, inequality of income and wealth, economic growth and development, the financial system, the government budget and debt, price stability and employment, and the environment.

Terms offered: 2022 Spring Semester; 2022 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester

Cultural economics analyzes markets in art, literature, music, sports, and movies. The course will apply economic concepts and methods to evaluate cultural goods that many regard as “priceless.” Topics will include valuations and black markets in art, the role of superstars in the success of films and music, the impact of Taylor Swift on the economy, nonfungible tokens and artificial intelligence in art markets, whether museums may be viewed as firms, the funding of arts and culture, and the extent to which high-profile sports events such as the FIFA Soccer World Cup benefit the host country. Students will engage closely with the Bowdoin College Museum of Art, and participate in investment simulations in movie and actor-based securities on the online Hollywood Stock Exchange. This course is not open to students who have taken ECON 1018.

Terms offered: 2024 Spring Semester

This course explores key elements and the evolution of the Japanese economy from the sixteenth century to the modern era. Using the lens of economic theory and empirical evidence, the class analyzes key events and economic developments, including features of the economy under the Tokugawa Shogunate, the opening and modernization of the Japanese economy in the late nineteenth century, imperial expansion, World War II, post-war economic recovery, and recent economic conditions. Special emphasis is placed on Japanese policymaking as well as on the behavior of Japanese enterprises, financial institutions, workers, and households. This course originates in Economics and is crosslisted in Asian Studies. (Same as: ASNS 2312)

Terms offered: 2025 Spring Semester

An interdisciplinary study of the first hundred years of the United States. Explores a range of topics through the lenses of economics, politics, and history: the formation of the American system of governance, the implications of a growing market economy and the territory it encompassed, the politics and economics of slavery, notions of civic inclusion and exclusion, and the shifting intellectual bases of American economic and political life. Note: This course is part of the following field(s) of study: United States. This course originates in History and is crosslisted with: Economics; Government and Legal Studies. (Same as: HIST 2143, GOV 2090)

Explores classical and modern theories of international trade and international finance and applies them to contemporary in the global marketplace. Considers policy implications of both trade and the regulation of trade on topics including financial gains from trade, balance of payments, international monetary regimes, and exchange rate policies.

Terms offered: 2022 Spring Semester

Theoretical and applied evaluation of government activities and the role of government in the economy. Topics include public goods, public choice, income redistribution, benefit-cost analysis, health care, social security, and incidence and behavioral effects of taxation. Not open to students who have credit for Economics 3510.

A study of labor market supply and demand, with special emphasis on human resource policies, human capital formation, and wage inequality.

A historical study of insights and methods of inquiry into the functions of markets and the role of government in shaping them. Readings include the original works of economic thinkers from the eighteenth to twentieth centuries, including Adam Smith, David Ricardo, Henry Carey, Karl Marx, Henry George, Thorstein Veblen, and John Maynard Keynes, among others. Different historiographical approaches are employed, including examination of the problems motivating past thinkers as well as the relevance of their ideas to modern economics.

Terms offered: 2021 Fall Semester; 2023 Fall Semester

An exploration of environmental degradation and public policy responses in industrial economies. Market failures, property rights, and materialistic values are investigated as causes of pollution and deteriorating ecosystem functions. Guidelines for equitable and cost-effective environmental policy are explored, with an emphasis on the roles and limitations of cost-benefit analysis and techniques for estimating non-monetary values. Three core themes are the transition from “command and control” to incentive-based policies; the evolution from piecemeal regulation to comprehensive “green plans” (as in the Netherlands); and the connections among air pollution, energy systems, and global warming. This course originates in Economics and is crosslisted with: Environmental Studies. (Same as: ENVS 2302)

Terms offered: 2023 Fall Semester; 2025 Fall Semester

An examination of Karl Marx’s method of analysis of capitalist market economies, focusing on the interconnected roles played by market relations, class/power relations, exploitation, and internal tendencies towards growth, crisis, and qualitative change. Students are introduced to Marxian method and economic theory through the original works of Marx, including Volume I of “Capital,” and secondary works of contemporary and later critics. Historical and biographical sources are studied to illuminate Marx's inspirations and motives. Subsequently, applications of the Marxian framework to the modern capitalist economy are considered critically, with an emphasis on the secular and cyclical instability of the economy, changing institutional structures, labor market issues, and globalization.

Terms offered: 2022 Spring Semester

Explores how artificial intelligence (AI) and machine learning innovations are transforming the field of economics. Begins with developing a conceptual understanding of key AI concepts and new methodological advancements in machine learning. Investigates how AI may affect employment and labor productivity across different sectors of the economy including health, education, and finance. Students learn about sector-specific tools and applications that leverage AI and examine the government’s role in regulating AI and designing policies to mitigate potential adverse effects. This course originates in Economics and is crosslisted with: Digital and Computational St. (Same as: DCS 2725)

Terms offered: 2024 Fall Semester; 2025 Spring Semester

An analysis of human resource issues in the context of developing countries. Topics include the composition of the labor force by age and gender, productivity of the labor force, unemployment and informal sector employment, child labor and the health and schooling of children, and the effects of structural adjustment policies and other policy interventions on the development and utilization of human resources. Examples from selected African, Asian, and Latin American countries are integrated throughout and the interaction of sociocultural environments with economic forces is considered.

Terms offered: 2023 Spring Semester

A study of the economic issues surrounding the existence and use of renewable natural resources (e.g., forestry/land use, fisheries, water, ecosystems, and the effectiveness of antibiotics) and exhaustible resources (such as minerals, fossil fuels, and old growth forest). A basic framework is first developed for determining economically efficient use of resources over time, then extended to consider objectives other than efficiency, as well as the distinguishing biological, ecological, physical, political, and social attributes of each resource. Uncertainty, common property, and various regulatory instruments are discussed, as well as alternatives to government intervention and/or privatization. This course originates in Economics and is crosslisted with: Environmental Studies. (Same as: ENVS 2303)

Terms offered: 2022 Spring Semester; 2023 Spring Semester

We eat food to live (we “need” it), but we also use food to express the values of variety and aesthetics. Using applied microeconomic tools, this course will study the production, storage, distribution, and consumption of food by individuals, firms, government, and nongovernmental organizations. Economic models will be developed to analyze why some people experience food scarcity and hunger while others have access to plentiful food; food technologies (e.g., organic vs “conventional” farming); food distribution (grocery stores, restaurants, food trucks, the “gig economy”; fair trade); the diet industry; the environmental impacts of food production (water use and climate impacts); food security and international trade of food products; and other topics as student demand dictates. This course originates in Economics and is crosslisted with: Environmental Studies. (Same as: ENVS 2238)

Terms offered: 2024 Fall Semester

An analysis of the economic issues in professional and amateur sports. Topics include the industrial organization of sports leagues (monopoly, antitrust, price discrimination, competitive balance), the public financing of sports, the labor economics of sports including discrimination, sports in the non-profit sector, in-game strategy, performance metrics, and behavioral decision theory. Uses the tools of microeconomic analysis including game theory and basic econometric analysis. Emerging issues in sports analysis may be explored, such as the impact of youth participation in sports on household economics, in-game referee bias, and the role of luck in sport outcomes.

Focuses on the core economic aspects of the EU integration while taking into account historical and political influences. Major contemporary macroeconomic issues like monetary unification, fiscal policy in a monetary union, theory of customs unions, labor markets and migration, and financial markets and EU crises analyzed through theoretical approaches and empirical evidence.

Terms offered: 2021 Fall Semester

Many standard economic models assume perfect and complete information. This course explores how economic and social phenomena can be better understood by relaxing this assumption. Topics include Bayesian updating, decision-making under uncertainty, risk preferences, adverse selection, moral hazard, signaling, cheap talk, strategic disclosure, the efficient market hypothesis, advertising, media, and social learning. Develops and uses selected tools from probability theory and game theory.

Terms offered: 2025 Fall Semester

Considers the history of American enterprise over the past two centuries. First examines key issues in the economics of the firm, entrepreneurship, and innovation during the nineteenth century (the period of the second industrial revolution). Then addresses these issues from a more recent perspective (the so-called third industrial revolution). Assesses what lessons for the twenty-first century can be learned from an examination of the development of enterprise since the nineteenth century; and analyzes the extent to which today’s “New Economy” raises novel questions for economic theory and its applications.

Introduction to the functions, structure, and operation of modern monetary and financial systems as they relate to the performance of the economic system. Contemporary debates regarding the effectiveness with which financial institutions and markets fulfill the basic functions of finance in a capitalist economy, and the policy choices of the Federal Reserve System and other regulatory agencies will be emphasized. Formerly Economics 2209. Not open to students who have taken Economics 2301, 3301, 3302.

Terms offered: 2023 Spring Semester; 2025 Fall Semester

Presents a historical and theoretical overview of financial crises, from the Dutch Tulipmania of 1636–1637, through the stock market crash of 1929, to the Financial Crisis of 2007–2009. Investigates why financial crises occur, how they spill over onto the broader macroeconomy, and whether policymakers should respond. Covers models of bubbles, banking panics, sovereign debt crises, and currency crises. Closely studies specific historical episodes and considers what lessons can be drawn for contemporary financial regulation and economic policy.

Terms offered: 2025 Spring Semester

An intermediate-level study of contemporary microeconomic theory. Analysis of the theory of resource allocation and distribution, with major emphasis on systems of markets and prices as a social mechanism for making resource allocation decisions. Topics include the theory of individual choice and demand, the theory of the firm, market equilibrium under competition and monopoly, general equilibrium theory, and welfare economics.

Terms offered: 2021 Fall Semester; 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester; 2025 Fall Semester

An intermediate-level study of contemporary national income, employment, and inflation theory. Consumption, investment, government receipts, government expenditures, money, and interest rates are examined for their determinants, interrelationships, and role in determining the level of aggregate economic activity. Policy implications are drawn from the analysis.

Terms offered: 2021 Fall Semester; 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester; 2025 Fall Semester

An introduction to the data and statistical methods used in economics. A review of the systems that generate economic data and the accuracy of such data is followed by an examination of the statistical methods used in testing the hypotheses of economic theory, both micro- and macro-. Probability, random variables and their distributions, methods of estimating parameters, hypothesis testing, regression, and correlation are covered. The application of multiple regression to economic problems is stressed. Students who have taken Mathematics 2606 are encouraged to take Economics 3516 instead of this course.

Terms offered: 2021 Fall Semester; 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2024 Fall Semester; 2025 Spring Semester; 2025 Fall Semester

Offers a theoretical and empirical analysis of international trade. Particular attention is given to the standard models of trade: the Ricardian model, the Heckscher-Ohlin model, the specific factors model, and the monopolistic competition model, as well as an introduction to applied general equilibrium models of trade liberalization. Also analyzes current topics such as barriers to trade (quotas, tariffs); the effects of trade liberalization on wage inequality; regional integration blocs; the globalization debate; and the relation between trade, growth, and productivity. Data analysis is used in order to evaluate the success or shortcomings of the theoretical models.

Terms offered: 2022 Fall Semester

Highlights applied research methods in economics. Students will acquire the skills needed to conduct a comprehensive empirical research project in economics. Skills learned include data cleaning, data summary and interpretation, developing hypotheses, building empirical models to test the hypotheses, estimating models with data, and using estimated results to assess hypotheses. Students learn and apply methods for drawing causal inferences from non-experimental data. Other topics that could be covered include spatial econometrics, fixed effects with panel data, machine learning, and randomized controlled trials. Datasets and estimation methods used will vary depending on the instructor. Students will use the statistical programming language R. This course is not a substitute for Econometrics (ECON 3516), as this course does not focus on the theory of economic modeling and modeling estimation. However, this course is open to students who have taken ECON 3516.

Terms offered: 2024 Fall Semester

Provides hands-on practice of financial theory using financial modeling. Addresses real-life financial problems using Excel and VBA. Topics include arbitrage pricing theory, capital asset pricing model, portfolio selection, fixed income securities, and option pricing. Builds on materials covered in Economics 2301.

A rigorous introduction to mathematical game theory, the theory of strategic behavior. Topics include dominance, rationalizability, pure and mixed strategy Nash equilibrium, sequential and repeated games, subgame perfect equilibrium, bargaining, and games of incomplete information. Applications to business, politics, and sports discussed.

Terms offered: 2021 Fall Semester; 2022 Fall Semester; 2023 Fall Semester; 2025 Spring Semester

Offers a comprehensive overview of mathematical techniques essential for economic analysis, providing a bridge between mathematical economics and computational methods employed in economic research. Covering a diverse range of topics, students will explore solving systems of equations, including their application in economics, such as addressing non-linear supply and demand equations. Additionally, the curriculum covers optimization methods and their applications in economics, such as utility and profit maximization, as well as linear and quadratic optimizations relevant to finance and economics, including portfolio selection problems. Also introduces methods to analyze decision-making in dynamic environments. Throughout the course, students will develop proficiency in problem-solving using Python.

Terms offered: 2021 Fall Semester; 2024 Fall Semester; 2025 Fall Semester

Behavioral economics is the study of deviations from the standard microeconomics assumptions of optimization and pure self-interest, and economic implications of such deviations. This course covers benchmark theoretical models of the main topics of behavioral economics: biases in belief formation, decisions under certainty and uncertainty, intertemporal choice, nonstandard preferences and preference formation including social forces, and nonstandard strategic choice. The course emphasizes theory but will also cover related experimental and empirical evidence.

A theoretical analysis of the workings of the macroeconomy with applications to real-world events and data. Macroeconomics is the study of a single economy in aggregate. Open economy macroeconomics is the study of multiple economies in aggregate and the interactions among them, especially focusing on the implications of inter-country effects for domestic fiscal and monetary policy. Topics will include global imbalances, intertemporal dynamics, exchange rates, and interest rates.

Economic analysis is increasingly conducted using models and methods that require sophisticated computation. At the same time, an increasing fraction of economic activity takes place in environments in which humans interact with algorithmic systems. This course will introduce methods and concepts of computation for applications in economics. Topics covered may include principles of numerical analysis with application to static and dynamic optimization and computation of equilibria in markets and games, as well as the design and analysis of learning algorithms for economic settings. Assignments will involve implementation of methods in code to solve economic problems.

Governments forecast economic indicators (e.g., GDP, job growth, etc.); businesses forecast sales; portfolio managers forecast asset return—the list goes on. Accurate forecasts are critical to robust organizational decision-making. This course will introduce students to modern methods for forecasting in economic and business applications. Topics covered include multiple perspectives on data-based methods for forecast construction and assessment, univariate and multivariate time series models and algorithms, and principled combination of multiple methods and data sources along with subject matter expertise to improve performance. Methods will be motivated by applications in macroeconomics, technology, marketing, and finance, with cases drawn from forecasting processes in a variety of business and government organizations. Students will implement forecasting methods in R and will apply them in a real data forecasting competition.

Terms offered: 2024 Fall Semester

An introduction to the economics of finance using the tools of intermediate microeconomic theory. Explores the economic role of financial markets in determining the price of risk, allocating capital across space, and moving economic value through time. Particular emphasis on questions of market efficiency and social usefulness. Topics likely to include choice under uncertainty, the time value of money, portfolio optimization, the Capital Asset Pricing Model, the Efficient Market Hypothesis, options and derivatives, and the Modigliani-Miller Theorem. Formerly Economics 3301. Not open to students with credit for Economics 2301 taken in the fall 2014 or fall 2015 semesters.

Terms offered: 2021 Fall Semester; 2022 Fall Semester; 2023 Fall Semester; 2024 Fall Semester; 2025 Fall Semester

Study of functions, structure, and operation of modern monetary and financial systems, with a focus on the implications for macroeconomic performance and policymaking. Emphasis is mainly on the U.S. policies but we will also consider significant distinctions between U.S. policy and the policies of countries of other major global financial centers. Formerly Economics 3309.

Study of the economics underlying successful competitive strategy. Utilizing a small number of fundamental economic concepts and a series of case studies, the course focuses on the strategic imperatives of competitive markets, the sources and dynamics of competitive advantage, and the challenges of skillful management of competitive interactions. In addition, the course examines the historical origins and evolution of the company as an entity, along with governmental efforts to police anticompetitive practices, and develops the corporate finance and accounting concepts required for competitive analysis.

Terms offered: 2022 Spring Semester; 2022 Fall Semester; 2023 Spring Semester; 2023 Fall Semester; 2024 Spring Semester; 2025 Spring Semester; 2025 Fall Semester

Seminar. Surveys a number of topics in international finance and international macroeconomics, including balance of payments, exchange rate determination, the Mundell-Fleming model of output and exchange rate, exchange rate regimes, international capital flows, and international financial crises. Involves data analysis to empirically evaluate the theoretical models. Also provides a special focus on Asia and Europe by discussing issues such as Asia's role in the global imbalances and the effect of Euro on the capital markets.

Seminar. Examines the issue of poverty in developing countries and considers policy interventions and their potential consequences. Begins by broadly characterizing poverty in developing countries before examining the intersection of poverty and such topics as education, risk and shocks, health, and the distribution of resources within households. Teaches current techniques for causal identification in applied microeconomics using examples from a variety of contexts, including Sub-Saharan Africa and Asia.

Terms offered: 2022 Spring Semester; 2022 Fall Semester; 2025 Fall Semester

Seminar. How to measure the effectiveness of public policy programs. Covers the basics of cost-benefit analysis and modern empirical methods used to measure and evaluate impacts of public programs. Examines the strengths and limitations of randomized control experiments, natural experiments, and non-experimental observational designs with applications to education, health, public assistance, and labor market policies.

Terms offered: 2021 Fall Semester

Seminar. In 1824, Bowdoin became the first college in New England to designate a faculty position in political economy. Samuel P. Newman’s teachings on the subject were heard on campus and reverberated farther in his textbook. In Newman’s view they promoted public peace and morals; in Karl Marx’s, the opportune errors of orthodoxy. Over the following two centuries Bowdoin has seen a procession of other notable teachers and students in economics whose careers reflect the changing premises of the academic discipline and the questions it addresses. They include Henry C. Emery, Paul H. Douglas, Albert Abrahamson, A. Myrick Freeman, Lawrence B. Lindsey, and Nancy Folbre. Students in this seminar use published documents and institutional archives to investigate their contributions to economic thought, pedagogy, and policy. The development of economics is studied by collaborative work in constructing its history at Bowdoin.

Terms offered: 2024 Spring Semester

Seminar. A study of the mathematical formulation of economic models and the statistical methods of testing them. A detailed examination of the general linear regression model, its assumptions, and its extensions. Applications to both micro- and macroeconomics are considered. Though most of the course deals with single-equation models, an introduction to the estimation of systems of equations is included. An empirical research paper is required.

Terms offered: 2021 Fall Semester; 2022 Fall Semester; 2023 Fall Semester; 2024 Fall Semester; 2025 Fall Semester

Seminar. Analysis of externalities and market failure; models of optimum control of pollution and efficient management of renewable and nonrenewable natural resources such as fisheries, forests, and minerals; governmental vs. other forms of control of common-pool resources; and benefit-cost analysis of policies, including market-based and non-market valuation. Permission of instructor required during add/drop for students who have credit for Economics 2218. This course originates in Economics and is crosslisted with: Environmental Studies. (Same as: ENVS 3918)

Terms offered: 2021 Fall Semester; 2022 Fall Semester; 2024 Spring Semester; 2025 Fall Semester

Seminar. Theoretical and empirical analysis of selected microeconomic issues within the context of developing countries. Has a dual focus on modeling household decisions and on the effects of government policy and intervention on household behavior and well-being. Topics include agricultural production, land use systems, technology and credit markets, household labor allocation and migration, investment in education and health, and income inequality.

Seminar. Analysis of the economic forces that shape land-use patterns, the relationship between land-use patterns and ecosystem service provision and biodiversity persistence, and the economic value of ecosystem service provision. Investigates methods for increasing ecosystem service values on the landscape and the economic cost of these methods. Analysis of land-use externalities and the failure of land-use patterns to generate maximum societal net benefits; neoclassical economic theory on land-use; methods for estimating market value of land; methods of non-market valuation; efficient land-use patterns from a societal perspective; methods for finding efficient land-use patterns; and governmental and non-governmental organization land conservation programs. Permission of instructor required during add/drop for all students; required at all times for students who have credit for Economics 2218 (same as Environmental Studies 2302) or 2228 (same as Environmental Studies 2228). This course originates in Economics and is crosslisted with: Environmental Studies. (Same as: ENVS 3921)

Terms offered: 2023 Fall Semester; 2025 Spring Semester

Seminar. This course aims to answer why some countries are rich and others are poor. Explores the underlying determinants of economic growth using both theoretical and empirical approaches. “Proximate” determinants, including physical capital, human capital, and technology, are examined in comparison with “deep” determinants, including geography and climate, institutions, culture and religion, and historical events. Methods include formal models, analysis of qualitative and quantitative historical evidence, and cross-country growth regressions.

Terms offered: 2023 Spring Semester; 2024 Spring Semester; 2025 Spring Semester

Seminar. An inquiry into the consequences of theory meeting practice in international trade negotiations. The historical relationship between economic ideas and the bilateral trade treaties, multilateral trade arrangements, and retaliatory tariff laws of Great Britain and the United States considered. The timeline extends from the eighteenth century to the present, from the Treaty of Methuen (1703) to the World Trade Organization.

Terms offered: 2023 Fall Semester; 2024 Fall Semester

Seminar. Microeconomic analysis of the family, gender roles, and related institutions. Topics include marriage, fertility, married women’s labor supply, divorce, and the family as an economic organization. This course originates in Economics and is crosslisted with: Gender Sexuality and Women St. (Same as: GSWS 3302)

Terms offered: 2022 Spring Semester; 2024 Spring Semester

Seminar. A survey of competing theories of the business cycle, empirical tests of cycle theories, and appropriate macro stabilization policies. Topics include descriptive and historical analysis of cyclical fluctuations in the United States, Keynesian-Kaleckian multiplier-accelerator models, growth cycle models, theories of financial instability, Marxian crisis theory, new classical and new Keynesian theories, and international aspects of business cycles. The current global financial crisis is also analyzed.

Seminar. Standard economics (i.e., neoclassical economics) assumes that individuals are self-interested, rational actors, who optimize well-defined, stable objective functions. Behavioral economics is the study of systematic departures from these assumptions, and the implications for economic outcomes. Topics include errors in information-processing and belief formation, behavioral choice under uncertainty (loss aversion, reference dependence), time inconsistent behavior (self-control problems), and social preferences (altruism, fairness, and reciprocity).

Terms offered: 2022 Spring Semester; 2023 Spring Semester; 2025 Fall Semester

Seminar. Examines the theoretical and empirical analysis of education decision-making and the consequences of educational choices using an economic lens. Begins with the basic human capital model and expands on it to consider signaling, the interplay between ability and human capital, modeling expectations, and the many challenges of measuring the rate of return to educational investment. Educational policies from preschool to graduate studies are also considered, including the public funding of education, class size, and outcome testing. Examples are drawn from both developed and developing countries. This course originates in Economics and is crosslisted with: Education. (Same as: EDUC 3535)

Terms offered: 2023 Spring Semester

Seminar. Law and economics is one of the most rapidly growing areas in the social sciences. The field applies the concepts and empirical methods of economics to further our understanding of the legal system. Explores the economic analysis of law and legal institutions, including the economics of torts, contracts, property, crime, courts, and dispute resolution. Also focuses on topics in law and economics such as antitrust and regulation, corporations, the family, labor markets, product liability, and intellectual property. Students are introduced to online sources of information in law, and are required to apply economic reasoning to analyze landmark lawsuits in each of these areas. Not open to students who have credit for Economics 3541.

Terms offered: 2023 Spring Semester; 2024 Fall Semester

Seminar. Analyzes the role of artificial intelligence and digital technologies in the modern economy, from the perspective of economic theory and empirical research. Topics include cryptocurrencies, blockchain technology, robotics, machine learning and artificial intelligence, 'big data,' social and economic networks, open-source software, intellectual property, and piracy of digital media. Assesses the extent to which such emerging technologies and processes disrupt markets, hierarchies and the state, including the organization of firms and industries, money and finance, technological innovation, productivity and growth, the law, and government policy. DCS/CS juniors or seniors may enroll with instructor permission. This course originates in Economics and is crosslisted with: Digital and Computational St. (Same as: DCS 3750)

Terms offered: 2024 Spring Semester; 2025 Spring Semester

Seminar. The course covers: i) decisions made by employers in the hiring process and employment relationship, ii) decisions made by job seekers and workers, iii) the role that governments play in designing labor markets policies. The first block investigates how firms screen applicants and motivate workers, including the design of incentives, employment of big data, and issues relating to hiring and workplace discrimination. The second block explores how individuals search for work, form wage expectations, and decide whether to migrate for work. Last, we will focus on the role of the government in designing (active) labor market policies such as wage subsidies, quotas, and job counseling. Methodologically, we will review empirical strategies used to study these topics, enabling students to read academic journal articles. Students have the choice of either creating a detailed research design or an empirical research project that includes original data work.

Terms offered: 2022 Fall Semester; 2024 Spring Semester; 2025 Spring Semester

Seminar. An applied economic research course designed for students interested in applying quantitative research to investigate discrimination and other social issues. We review research methods with a particular focus on experimental research. We discuss theories for why people discriminate and examine empirical evidence on the prevalence of discrimination. Each term the seminar will be organized around a common theme. Students work in groups to implement their own research project. Through a combination of lectures, workshops and group project work, students get a hands-on experience on how to conduct empirical research including identifying research questions; designing surveys; designing and implementing experiments; obtaining institutional approval to conduct research with human subjects; cleaning, managing, analyzing, and presenting primary data; and writing an academic style paper.

Terms offered: 2023 Spring Semester

Seminar. Considers traditional and unconventional monetary policies to stabilize the economy. First analyzes traditional issues in monetary economics, with particular attention to the effects of inflation and taxation on saving, investment, and output. Then examines the role of unconventional policies, such as the expansion of the Federal Reserve's balance sheet during the Great Recession. The results of such recent monetary policies are put in the context of three other 'Great' data points: The Great Depression, Great Inflation, and the Great Moderation.

Seminar. Frames investment decisions from the perspective of formal macroeconomic theory and data analysis. Investigates trading strategies pertaining to currencies, commodities, interest rates, and equity indices. Elucidates the influence of geopolitical events and functioning of international monetary and fiscal authorities. Considers variation along the business cycle. Develops principles of forecasting and out of sample testing. Discusses the importance of liquidity management and functioning of hedge funds looking to exploit global imbalances. Daily work with current macroeconomic data and formal strategy validation are central components.

Seminar. This course will introduce students to the main topics of behavioral economics—the approach to economics relaxing the traditional assumptions of rational and purely self-interested choice—with an emphasis on applications to affective polarization, or why interpersonal disagreement tends to lead to interpersonal hostility. The course will focus on affective polarization in US politics over recent decades but will also discuss affective polarization in other political and non-political contexts. The course will be based on the instructor’s book on the topic (an e-version will be available free to students) and cover related journal articles and books from economics and other social sciences. Students will conduct research projects on theories of affective polarization and interventions for reducing it.

Terms offered: 2023 Spring Semester

Seminar. Studies the relationship between economics and urban geography, specifically focusing on how individuals, firms, and other organizations make economic choices across urban areas. Provides theoretical and empirical analyses of cities from both historical and contemporary vantage points. Topics include the development of urban areas, patterns of land use within cities, and the causes and consequences of urban poverty, segregation, congestion, and crime. Also examines the merits of policy responses to these urban problems. This course originates in Economics and is crosslisted with: Urban Studies. (Same as: URBS 3560)

Terms offered: 2022 Spring Semester; 2025 Fall Semester

Seminar. This course introduces students to the main topics of behavioral economics—the study of deviations from traditional economic assumptions of rational and purely self-interested choice—with an emphasis on applications to socially responsible capitalism. Behavioral economics topics include belief formation, choice under uncertainty, intertemporal choice, and social preferences. Socially responsible capitalism is studied in the second half of the course and topics include theories of pro-social firm behavior, public perceptions of social responsibility, social responsibility metrics, and evidence of impacts for firms and society. Students conduct research projects on various aspects of socially responsible capitalism analyzed through the lens of behavioral economics. Not open to students who have taken or are currently enrolled in ECON 3355, ECON 3533, or ECON 3559.

Terms offered: 2024 Spring Semester; 2025 Spring Semester

Seminar. An examination of policy responses to epidemics. Policy responses to bacterial and viral diseases, including AIDS and malaria, as well as policy responses to lifestyle diseases, such as opioid addiction and type 2 diabetes, will be analyzed, critiqued, and compared through an economic lens. Examines the strengths and limitations of various causal inference methods in evaluating these public health initiatives and assessing their impacts on health and economic outcomes.

Terms offered: 2022 Spring Semester; 2023 Spring Semester

Seminar. An extensive literature from psychology documents that decision-makers do not behave fully rationally. Behavioral economic theories that incorporate these insights have revolutionized the study of finance. Explores the implications of behavioral deviations from the standard model for financial markets and financial decision-making, including nonstandard preferences, nonstandard beliefs, and heuristics and biases. Emphasizes recent empirical research in the field. Topics may include: noise traders, news models of bubbles, predictability, the disposition effect, status-quo bias, investor inattention, overconfidence, managerial traits, learning from experience effects. Formerly Economics 3534.

Terms offered: 2022 Spring Semester; 2025 Spring Semester