Bowdoin College Catalogue and Academic Handbook

Economics (ECON)

ECON 1018  (b, FYS)   The Art of the Deal: Commerce and Culture  

Non-Standard Rotation. Enrollment limit: 16.  

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.

Previous terms offered: Fall 2017, Fall 2016.

ECON 1050  (b, MCSR)   Principles of Microeconomics and Quantitative Reasoning  

Rachel Connelly; Eric Gaze.
Non-Standard Rotation. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: MATH 1050 or Placement in ECON 1050.

Previous terms offered: Fall 2018, Fall 2017, Fall 2016, Fall 2015.

ECON 1101  (b, MCSR)   Principles of Microeconomics  

Deborah DeGraff; Zorina Khan; Rachel Sederberg; Daniel Stone.
Every Semester. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: MATH 1050 or Placement in ECON 1101.

Previous terms offered: Spring 2019, Fall 2018, Spring 2018, Fall 2017, Spring 2017, Fall 2016, Spring 2016, Fall 2015.

ECON 1102  (b, MCSR)   Principles of Macroeconomics  

Marc Rockmore; Gonca Senel.
Every Semester. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: ECON 1050 or ECON 1101 or Placement in ECON 1102 or Placement in earned ECON 1101.

Previous terms offered: Spring 2019, Fall 2018, Spring 2018, Fall 2017, Spring 2017, Fall 2016, Spring 2016, Fall 2015.

ECON 2001  (b)   Economic Policy  

Gregory DeCoster.
Every Year. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2018, Fall 2016, Spring 2016.

ECON 2143  (b)   Political Economy of the United States from Revolution to Reconstruction  

Non-Standard Rotation. Enrollment limit: 50.  

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. (Same as: HIST 2143, GOV 2090)

Prerequisites: ECON 1050 or ECON 1101 or Placement in ECON 1102 or Placement in earned ECON 1101.

Previous terms offered: Fall 2015.

ECON 2201  (b, IP, MCSR)   International Economics  

Every Other Year. Enrollment limit: 35.  

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.

Prerequisites: Two of: either ECON 1101 or ECON 1050 and ECON 1102.

Previous terms offered: Spring 2019.

ECON 2210  (b)   Economics of the Public Sector  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2018, Fall 2017, Fall 2016.

ECON 2212  (b, MCSR)   Labor and Human Resource Economics  

Non-Standard Rotation. Enrollment limit: 35.  

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

Prerequisites: ECON 1050 or ECON 1110 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2017.

ECON 2213  (b)   History of Economic Thought  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2015.

ECON 2214  (b, MCSR)   Topics in Public Finance  

Non-Standard Rotation. Enrollment limit: 35.  

Provides an overview of some of the major issues confronting public finance. Topics may include environmental policy, education, poverty, income inequality, taxation, crime, corruption, and public health, with examples drawn from the US as well as other industrialized and developing countries. Students read and critically evaluate journal articles that present empirical evidence on important public policy questions providing an opportunity to understand economics as a social science and to apply economic theory to particular social problems. Using statistical methodology and empirical evidence, students learn how to build statistical models and interpret results from reading the tables.

Prerequisites: ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2018.

ECON 2218  (b, MCSR)   Environmental Economics and Policy  

Non-Standard Rotation. Enrollment limit: 35.  

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. (Same as: ENVS 2302)

Prerequisites: ECON 1050 or ECON 1101 or Placement in ECON 1102 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2017, Spring 2016.

ECON 2219  (b, MCSR)   Institutional Approaches to Climate Change  

Every Other Fall. Enrollment limit: 35.  

How do various public and private institutions, including governments, firms, and nonprofits, incorporate climate change into their decision-making? Explores how and why institutions set greenhouse gas mitigation goals, how they propose to achieve their goals, and the larger economic and social implications of institutional climate action plans. Further, questions how institutions at all levels are adapting or planning to adapt to climate change. Critiques the efficacy and efficiency of climate action plans. Topics explored include renewable energy credit and offset markets; energy markets; carbon markets and taxes; financing of climate action plans; incentivizing energy efficiency and other climate-friendly practices; technology adoption; the economics of technological change; employee, student, and citizen activism; shareholder activism; and corporate social responsibility. Introduction to basic economic modeling by working with graphs, tables, and schematics. Problem sets and written assignments used to assess learning. For a final project, students write a climate action plan for an institution of their choice. (Same as: ENVS 2351)

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ENVS 1101.

Previous terms offered: Fall 2018.

ECON 2221  (b, ESD, MCSR)   Marxian Political Economy  

Non-Standard Rotation. Enrollment limit: 35.  

An alternative (heterodox) analysis of a capitalist market economy rooted in Marx’s methodological framework, which focuses on the interconnected role played by market relations, class/power relations, exploitation and internal tendencies towards growth, crisis, and qualitative change. Students are introduced to the Marxian method and economic theory through a reading of Volume I of “Capital.” Subsequently, the Marxian framework is applied to analyze the modern capitalist economy with an emphasis on the secular and cyclical instability of the economy, changing institutional structures and their ability to promote growth, labor market issues, and globalization. Particular attention is paid to the neoliberal reorganization of the economy from 1980 on, the process of financialization and the financial crisis of 2008. The analysis of the modern economy is partially facilitated by a series of videos about the neoliberal era.

Prerequisites: ECON 1050 or ECON 1100 or ECON 1101 or Placement in earned ECON 1101.

Previous terms offered: Spring 2019, Spring 2017, Fall 2015.

ECON 2227  (b, IP, MCSR)   Human Resources and Economic Development  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2016.

ECON 2228  (b, MCSR)   Natural Resource Economics and Policy  

Non-Standard Rotation. Enrollment limit: 35.  

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. (Same as: ENVS 2303)

Prerequisites: ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2018, Spring 2017.

ECON 2239  (b, IP)   Topics on Asian Economies  

Non-Standard Rotation. Enrollment limit: 35.  

A study of the similarities and differences in growth experience and the level of economic output per person in Asian countries. Explores possible causes of differences in economic paths, with a focus on several important economies, including China and Japan. Also discusses the relationship between the Asian economies and the United States economy. (Same as: ASNS 2830)

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2016.

ECON 2244  (b)   The Economics of Sports  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: ECON 1050 or ECON 1101 or Placement in ECON 1102 or Placement in earned ECON 1101.

Previous terms offered: Spring 2017.

ECON 2301  (b, MCSR)   Financial Economics  

Every Fall. Enrollment limit: 35.  

Provides an overview of issues in the economics of finance. Explores how financial markets are used to manage risk and allocate scarce resources over time and space. Topics covered may include: bond pricing, time and risk preferences, the capital asset pricing model, the efficient markets hypothesis, anomalies and proposed explanations in asset pricing, the Modigliani-Miller theorem, and agency issues within firms. Presentation of material grounded in economic theory. Mathematics 1600 is recommended.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Fall 2015.

ECON 2304  (b, IP, MCSR)   Economics of the European Union  

Gonca Senel.
Non-Standard Rotation. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2017, Fall 2016, Fall 2015.

ECON 2323  (b, MCSR)   The Economics of Information, Uncertainty, and Communication  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2019, Spring 2017, Spring 2016.

ECON 2380  (b, MCSR)   Economic History of American Enterprise  

Non-Standard Rotation. Enrollment limit: 35.  

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.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

Previous terms offered: Spring 2019, Spring 2018.

ECON 2409  (b, MCSR)   Economics of Money, Banking, and Finance  

Gregory DeCoster.
Non-Standard Rotation. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: Two of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level.

ECON 2555  (b, MCSR)   Microeconomics  

Guillermo Herrera; Rachel Sederberg.
Every Semester. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: Three of: ECON 1050 or either ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level and MATH 1600 or higher or Placement in MATH 1700 (M) or Placement in MATH 1750 (M) or Placement in MATH 1800 (M) or Placement in 2000, 2020, 2206 (M).

Previous terms offered: Spring 2019, Fall 2018, Spring 2018, Fall 2017, Spring 2017, Fall 2016, Spring 2016, Fall 2015.

ECON 2556  (b, MCSR)   Macroeconomics  

Matthew Botsch.
Every Semester. Fall 2019. Enrollment limit: 35.
  

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.

Prerequisites: Three of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level and MATH 1600 or higher or Placement in MATH 1700 (M) or Placement in MATH 1750 (M) or Placement in MATH 1800 (M) or Placement in 2000, 2020, 2206 (M).

Previous terms offered: Spring 2019, Fall 2018, Spring 2018, Fall 2017, Spring 2017, Fall 2016, Spring 2016, Fall 2015.

ECON 2557  (b, MCSR)   Economic Statistics  

Deborah DeGraff.
Every Semester. Fall 2019. Enrollment limit: 35.
  

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.

Previous terms offered: Spring 2019, Fall 2018, Spring 2018, Fall 2017, Spring 2017, Fall 2016, Spring 2016, Fall 2015.

ECON 3302  (b)   Topics in Finance  

Every Spring. Enrollment limit: 50.  

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.

Prerequisites: Two of: either ECON 2301 or ECON 3301 and ECON 2555.

Previous terms offered: Spring 2016.

ECON 3305  (b)   Game Theory and Strategic Behavior  

Daniel Stone.
Non-Standard Rotation. Fall 2019. Enrollment limit: 25.
  

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.

Previous terms offered: Fall 2018, Fall 2017.

ECON 3350  (b)   Mathematical Economics  

Non-Standard Rotation. Enrollment limit: 18.  

A survey of some of the mathematical techniques used to conduct economic analyses. Topics include utility maximization under uncertainty; solving constrained optimization problems with mathematical programming; optimal control theory; solving complex equations and systems of equations with numerical methods; dynamic programming; and general equilibrium analysis. Students learn to solve problems with MATLAB and other similar programming and statistical software.

Prerequisites: Two of: ECON 2555 and MATH 1800.

Previous terms offered: Spring 2018.

ECON 3401  (b)   Financial Economics  

Matthew Botsch.
Non-Standard Rotation. Fall 2019. Enrollment limit: 35.
  

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.

ECON 3509  (b)   International Finance  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: ECON 2556.

Previous terms offered: Fall 2018, Fall 2015.

ECON 3510  (b, MCSR)   Poverty and Economic Development  

Marc Rockmore.
Non-Standard Rotation. Fall 2019. Enrollment limit: 16.
  

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.

Prerequisites: Two of: ECON 2555 and ECON 2557.

ECON 3511  (b)   Economic Evaluation of Public Programs  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: ECON 2557 or MATH 2606.

Previous terms offered: Spring 2019, Spring 2018, Spring 2017.

ECON 3516  (b)   Econometrics  

Jonathan Goldstein.
Every Fall. Fall 2019. Enrollment limit: 18.
  

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.

Prerequisites: Two of: ECON 2557 or MATH 2606 and MATH 1600 or higher or Placement in MATH 1700 (M) or Placement in MATH 1750 (M) or Placement in MATH 1800 (M) or Placement in 2000, 2020, 2206 (M).

Previous terms offered: Fall 2018, Fall 2017, Fall 2016, Fall 2015.

ECON 3518  (b)   Environmental and Natural Resource Economics  

Guillermo Herrera.
Non-Standard Rotation. Fall 2019. Enrollment limit: 18.
  

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. (Same as: ENVS 3918)

Prerequisites: Two of: ECON 2555 and ECON 2557.

Previous terms offered: Fall 2017, Spring 2016.

ECON 3519  (b)   The Economics of Development  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: Two of: ECON 2555 and ECON 2557 or MATH 2606.

Previous terms offered: Fall 2018, Spring 2018.

ECON 3521  (b)   The Economics of Land Use, Ecosystem Services, and Biodiversity  

Non-Standard Rotation. Enrollment limit: 18.  

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). (Same as: ENVS 3921)

Prerequisites: Three of: either ECON 1050 or ECON 1101 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level and MATH 1600 or higher or Placement in MATH 1700 (M) or Placement in MATH 1750 (M) or Placement in MATH 1800 (M) or Placement in 2000, 2020, 2206 (M).

Previous terms offered: Spring 2019, Fall 2016, Fall 2015.

ECON 3526  (b)   Trade Doctrines and Trade Deals  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: Three of: ECON 1050 or Placement in earned ECON 1101 or Placement in ECON 2000 Level and ECON 1102 or Placement in earned ECON 1102 or Placement in ECON 2000 Level and MATH 1600 or higher or Placement in MATH 1700 (M) or Placement in MATH 1750 (M) or Placement in MATH 1800 (M) or Placement in 2000, 2020, 2206 (M).

Previous terms offered: Spring 2016.

ECON 3531  (b)   The Economics of the Family  

Rachel Connelly.
Non-Standard Rotation. Fall 2019. Enrollment limit: 18.
  

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. (Same as: GSWS 3302)

Prerequisites: Two of: ECON 2555 and ECON 2557.

Previous terms offered: Spring 2017, Spring 2016.

ECON 3532  (b)   Business Cycles  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: ECON 2556.

Previous terms offered: Fall 2017.

ECON 3533  (b)   Behavioral Economics  

Non-Standard Rotation. Enrollment limit: 18.  

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).

Prerequisites: Two of: ECON 2555 and ECON 2557 or MATH 2606.

Previous terms offered: Spring 2019, Spring 2018, Spring 2017.

ECON 3535  (b)   Economics of Education  

Non-Standard Rotation. Enrollment limit: 18.  

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. (Same as: EDUC 3535)

Prerequisites: Two of: ECON 2555 and ECON 2557 or MATH 2606.

Previous terms offered: Spring 2018, Fall 2015.

ECON 3540  (b)   Law and Economics  

Zorina Khan.
Non-Standard Rotation. Fall 2019. Enrollment limit: 18.
  

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.

Prerequisites: ECON 2555.

Previous terms offered: Fall 2018, Spring 2017.

ECON 3545  (b)   Applied Macroeconomics for Policy and Finance  

Non-Standard Rotation. Enrollment limit: 18.  

Seminar. When is an economy heading for a crisis? How can we assess its debt dynamics--both government debt and aggregate external debt--and the robustness of its financial institutions? When is an economy set for more rapid growth? Analytic answers to questions like these--which are critical to the work of the IMF, major investors and fund managers, and economic commentators--are the essence of the macroeconomic diagnostics covered.

Prerequisites: Two of: ECON 2555 and ECON 2556.

Previous terms offered: Fall 2018, Fall 2016, Fall 2015.

ECON 3558  (b, MCSR)   Macroeconomic Risk, Forecasting, and Valuation  

Non-Standard Rotation. Enrollment limit: 18.  

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.

Prerequisites: Two of: ECON 2556 and ECON 2557.

Previous terms offered: Fall 2016.