Chair: Professor Michael Hemesath
Professors: Michael Hemesath, Mark T. Kanazawa, Martha White Paas, Stephen H. Strand, Jenny Bourne Wahl
Associate Professor: Nathan D. Grawe
Assistant Professors: Meherun Ahmed, Lauren Feiler, Pavel Kapinos, Radek Szulga
Visiting Instructors: Steven Dehmer, Misty Heggeness, Clint Pecenka, Uttam Sharma, Melissa K. Whitler
Post-Doctoral Fellow: Aaron M. Swoboda
ECON 110. Principles of Macroeconomics
This course gives students a foundation in the general principles of economics as a basis for effective citizenship and, when combined with 111, as a preparation for all advanced study in economics. Topics include analysis of the measurement, level, and distribution of national income; the concepts of inflation and depression; the role and structure of the banking system; fiscal and monetary stabilization techniques; implications of and limits to economic growth; and international economic relations. 6 cr., SS, Fall,Winter,SpringR. Kapinos, M. Paas, S. Strand, M. Whitler
ECON 111. Principles of Microeconomics
This course gives the students a foundation in the general principles of economics as a basis for effective citizenship and, when combined with 110, as a preparation for all advanced study in economics. Topics include consumer choice theory; the formation of prices under competition, monopoly, and other market structures; the determination of wages, profits, and income from capital; the distribution of income; and an analysis of policy directed towards problems of public finance, pollution, natural resources, and public goods. 6 cr., SS, Fall,Winter,SpringL. Feiler, U. Sharma, J. Wahl, M. Whitler
ECON 221. Cambridge Program: Contemporary British Economy
This course studies the theoretical and policy debates in Britain from the 1930s to the present and the development of the structure of the British economy and institutions during that period. Prerequisites: Economics 110 and 111. 4 cr., SS, SummerNon-Carleton Faculty
ECON 222. Cambridge Program: The Industrial Revolution in Britain
This course studies the development of the British economy during the Industrial Revolution, with special attention paid to the role of agriculture, foreign trade, capital accumulation, population growth, and technological innovation. A week-long trip to sites of the Industrial Revolution and excursions to other locations of historical significance are an important aspect of this course. Prerequisites: Economics 110 and 111. 4 cr., SS, SummerR. Szulga
ECON 223. Cambridge Program: The Life of J. M. Keynes
This course will examine the life and times of J. M. Keynes. In addition to examining the economic ideas of Keynes, students will examine the social and political milieu in Britain in the first half of the twentieth century.
4 cr., S/CR/NC, SS, SummerR. Szulga
ECON 224. Cambridge Program: Multinational Financial Management
This course studies the challenges that multinational companies face in the global environment. After covering the basics of exchange rate determination, the course will examine hedging against exchange rate volatility with swaps and options. It then addresses several aspects of measurement and management of exchange rate risk. Prerequisite: Economics 110 and 111. 4 cr., SS, SummerR. Szulga
ECON 232. American Economic History: A Cliometric Approach
An introduction to the growth of the American economy from colonial times to the present with emphasis on the nineteenth century. Topics include technical change, the choice of production technology, income distribution, demographic transition, factor markets, and the role of institutions. Debates in economic history such as the economic viability of antebellum slavery, the integration of capital markets, the role of railroads in the growth process, and the economic impact of the New Deal are evaluated with an emphasis on empirical evidence. May be counted toward the History major. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 233. European Economic History
A comparative study of dynamic economic components in the growth of western European countries, with particular attention to Great Britain, from the sixteenth to the twentieth century. Topics include the methodology of economic history, agriculture, technology, population, foreign trade, the role of the state, and monetary systems. Prerequisites: Economics 110 and 111. 6 cr., SS, WinterM. Paas
ECON 236. Economics of the European Union
The evolution of economic and monetary union in Europe has been underway for over 50 years. This course examines the economics of the customs union, common market, and monetary union that characterize this period in European history. Microeconomic aspects of European labor, capital and product markets, as well as national monetary and fiscal policies are discussed. Emphasis is given to tracing in an historical context the economic theories and polices that have been central in creating the present state of the European Union. Prerequisites: Economics 110 and 111. 6 cr., SS, SpringS. Strand
ECON 240. Microeconomics of Development
This course explores household behavior in developing countries. We will cover areas including fertility decisions, health and mortality, investment in education, the intra-household allocation of resources, household structure, and the marriage market. We will also look at the characteristics of land, labor, and credit markets, particularly technology adoption; land tenure and tenancy arrangements; the role of agrarian institutions in the development process; and the impacts of alternative politics and strategies in developing countries. The course complements Economics 241. Prerequisites: Economics 110 and 111. 6 cr., SS, WinterM. Heggeness
ECON 241. Growth and Development
Macroeconomic issues, such as growth and distribution, that arise within developing countries will be examined in this course. The course complements Economics 240. Prerequisite: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 242. Economics of Education
6 cr., SS, Spring
|This course investigates economic issues related to education. The course incorporates both theoretical and empirical works to provide a better understanding of how economists view the educational problems that persist in different countries. The course covers a wide range of topics including literature on human capital formation, returns to education, private and charter schools, early childhood programs, and educational problems in developing countries. Prerequisites: Economics 110, 111.
ECON 243. Economic Demography
This course explores topics in population studies, or demography, from an economic perspective. Core demographic variables, such as fertility, mortality, and migration, are both consequences and determinants of economic factors. We will cover basic demographic concepts and measures, and we will use economic theory to understand the relationship between economics and demography. Potential topics covered include: the dynamics of fertility and child bearing decisions, marriage markets, migration, household composition, intergenerational mobility, and societal shifts in age structure. Prerequisites: Economics 110 and 111. 6 cr., SS, WinterM. Heggeness
ECON 245. Economics of Inequality
As economies develop beyond the point of meeting basic needs, more emphasis is placed on the distribution of resources. This course surveys different elements and measures of economic inequality. We look at race and gender discrimination, industry wage differentials, educational inequality, and changes in inequality within these groups. Because the effects of inequality can be mitigated by movements between economic classes, we also study mobility both within and across generations. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 250. History of Economic Ideas
A survey of the evolution of economic thought from the seventeenth century to the present, with emphasis on the intellectual and historical background which influenced economists. Prerequisites: Economics 110 and 111. 6 cr., SS, FallM. Paas
ECON 251. The Economics of the Arts and Culture
This course examines the growth and structure of the arts in the United States since the 1920s. Using the theory of contracts and the logic of economic organization, we will examine the creative industries and the properties that make them special. We will also examine the theory of public goods and of intellectual property rights along with the study of cultural industries, public policy for the arts and cultural heritage preservation. Students will have the opportunity to study one cultural industry in a research paper. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 260. Managerial Economics I
Managerial Economics provides students with the opportunity to apply knowledge of micro- and macro-economic principles to decision-making in the real world. This course emphasizes accounting and the accounting systems which provide data to decision-makers, giving particular attention to the relevance of accounting data to economic decision-making. An introduction to spreadsheet program will be an integral part of the course, which concludes with an introduction to some basic decision-making techniques (e.g. break-even analysis, naive forecasting models) that use accounting data. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 261. Managerial Economics II
This course continues the student's introduction to practical decision-making techniques used by economists and managers. Building on material presented in Economics 260, topics surveyed in this course include demand and cost curve analysis as well as the implications of alternative pricing and production choices. Among the analytical techniques used are linear programming, econometrics, calculus, and game theory. Prerequisites: Economics 110 and 111. 6 cr., SS, FallS. Strand
ECON 262. The Economics of Sports
In recent years, the sports business in the United States has grown into a multibillion-dollar industry. Understanding the sports business from an economic viewpoint is the subject of this course. Topics will include player compensation, revenue-sharing, salary caps, free agency, tournaments, salary discrimination, professional franchise valuation, league competitiveness, college athletics, and the economics of sports stadiums and arenas. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 264. Health Economics
An economic analysis of the nature of demand for different types of health services, the supply of health services, the supply of those services by different providers, the health care industry, market failures in providing health care, and alternative health care delivery systems. Proposals for national health insurance will be discussed. Prerequisites: Economics 110 and 111. 6 cr., SS, SpringS. Dehmer
ECON 265. Game Theory and Economic Applications
Game theory is the study of purposeful behavior in strategic situations. It serves as a framework for analysis that can be applied to everyday decisions, such as working with a study group and cleaning your room, as well as to a variety of economic issues, including contract negotiations and firms' output decisions. In this class, modern game theoretic tools will be primarily applied to economic situations, but we will also draw on examples from other realms. Prerequisites: Economics 110 and 111. 6 cr., SS, SpringL. Feiler
ECON 266. Experimental Economics
Controlled experiments are a useful tool for testing and improving upon economic theory. This course will provide an introduction to experimental methodology, with an emphasis on design and hypothesis testing. We will examine experimental results across a wide range of economic topics, including individual decision making, auctions, public goods, and asset markets. Students will participate in experiments, as well as design and conduct their own studies. Prerequisites: Economics 110 and 111. 6 cr., SS, FallL. Feiler
ECON 267. Behavioral Economics
Why do some observations of consumer behavior contradict the predictions of economic theory? By combining psychological and economic models of behavior, behavioral economists develop alternatives to standard economic theory to explain observed behavioral anomalies. This course will examine questions such as whether addictions can be considered rational, why people hold losing stocks longer than theory predicts, why most dieters are unsuccessful and why people don’t save enough money for retirement. Topics covered may include expected utility theory, bounded rationality, prospect theory, hyperbolic discounting and rational addiction. 6 cr., SS, WinterM. Whitler
ECON 268. Economics of Cost Benefit Analysis
Cost-benefit analysis is a tool commonly used by economists and policy makers to compare and choose among competing policy options. This course will cover the basic theory and empirical techniques necessary to quantify and aggregate the impacts of government policy, especially as related to the environment. Topics covered include the time value of money; uncertainty; sensitivity analysis; option value; contingent valuation; hedonic estimation; basic research design. Throughout the course case studies will be used to elucidate and bring life to the theoretical concepts. Some statistics background will be useful. 6 cr., SS, Not offered in 2009-2010.
ECON 270. Economics of the Public Sector
This course provides a theoretical and empirical examination of the government's role in the U.S. economy. Emphasis is placed on policy analysis using the criteria of efficiency and equity. Topics include rationales for government intervention; analysis of alternative public expenditure programs from a partial and/or general equilibrium framework; the incidence of various types of taxes; models of collective choice; cost-benefit analysis; intergovernmental fiscal relations. Prerequisites: Economics 110 and 111. 6 cr., SS, FallJ. Wahl
ECON 271. Economics of Natural Resources and the Environment
This course focuses on environmental economics, energy economics, and the relationship between them. Economic incentives for pollution abatement, the industrial organization of energy production, optimal depletion rates of energy sources, and the environmental and economic consequences of alternate energy sources are analyzed. Prerequisite: Economics 111. 6 cr., SS, SpringA. Swoboda
ECON 273. Water and Western Economic Development
This course examines a number of important aspects of water as a legal/political/economic factor in the development of the western United States. The topics include western water law, the evolution of water supply institutions, state and local water planning, the role of the federal government, and a number of current water problems, including surface and groundwater pollution, impediments to market transfers of water, and state/regional/international conflicts over water. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 274. Labor Economics
Why do some people choose to work and others do not? Why are some people paid higher wages than others? What are the economic benefits of education for the individual and for society? How do government policies, such as subsidized child care, the Earned Income Tax Credit and the income tax influence whether people work and the number of hours they choose to work? These are some of the questions examined in labor economics. This course will focus on the labor supply and human capital decisions of individuals and households. Prerequisites: Economics 110 and 111. 6 cr., SS, SpringM. Whitler
ECON 275. Law and Economics
Legal rules and institutions influence people's behavior. By setting acceptable levels of pollution, structuring guidelines for contract negotiations, deciding who should pay for the costs of an accident, and determining punishment for crimes, courts and legislatures create incentives. How do economic considerations factor into legal rules, and how do laws affect economic output and distribution? In this class, we use court cases, experiments, and current legal controversies to explore such issues. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 276. Money and Banking
This course examines the role of money and monetary institutions in determination of income, employment, and prices in domestic and world economy. It also examines the role of commercial banking and financial markets in a market-based economy. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 278. Industrial Organization and Firm Behavior
This course analyzes the firm's marketing and pricing problems, its conduct, and the resulting economic performance, given the nature of the demand for its products, its buying markets, the nature of its unit costs, and the structure of its selling markets. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 280. International Trade
A study of international trade theories and their policy implications. Classical and neo-classical trade models, the gains from trade, the terms of trade and the distribution of income, world trade patterns, international factor movements, tariffs, and the impact of commercial policy on developing and developed countries are analyzed. Prerequisites: Economics 110 and 111. 6 cr., SS, FallM. Hemesath
ECON 281. International Finance
This course studies theories of the multi-faceted interaction between the balance of international payments and foreign exchange market and the general levels of domestic prices, employment and economic activity. Topics include the balance of payments, foreign exchange markets, adjustment mechanisms in international payments, macroeconomic policies for internal and external balance, and international monetary systems. Prerequisites: Economics 110 and 111. 6 cr., SS, Not offered in 2009-2010.
ECON 282. Investment Finance
The main objective of this course is to investigate various aspects of modern investment theory and develop basic techniques for applying this theoretical framework to the real-world data. Topics covered include: portfolio and asset pricing theories; fixed-income security management; derivatives with the primary focus on option pricing. The class will develop and actively use univariate calculus for theory-building and statistical techniques for data analysis. 6 cr., SS, WinterP. Kapinos
ECON 330. Intermediate Price Theory
An analysis of the forces determining relative prices within the framework of production and distribution. This class is normally taken by juniors. Sophomores considering enrolling should speak to the instructor. Prerequisites: Economics 110 and 111, Mathematics 111 or its equivalent. 6 cr., SS, Fall,WinterS. Strand
ECON 331. Intermediate Macro Theory
Analysis of the forces determining the general level of output, employment, and prices with special emphasis on the role of money and on interest rate determination. This class is normally taken by juniors. Sophomores considering enrolling should speak to the instructor. Prerequisites: Economics 110 and 111, 330 or consent of instructor. 6 cr., SS, Winter,SpringP. Kapinos
ECON 332. Econometrics
This course is an introduction to the statistical methods used by economists to test hypotheses and to study and quantify economic relationships. The course emphasizes both statistical theory and practical application through analysis of economic data sets using statistical software. Topics include two-variable and multiple regression, interval estimation and hypothesis testing, discrete and continuous structural change, parameter restrictions, model construction, heteroscedasticity, autocorrelation, and multicollinearity. This course is normally taken by juniors. Sophomores considering enrolling should speak to the instructor. Prerequisite: Mathematics 111 and either Mathematics 215 or 275. Prerequisites: Economics 110 and 111. 6 cr., SS, Fall,SpringM. Kanazawa
ECON 395. Economics of Land, Water and the Environment
This seminar examines a wide range of issues relating to the economics of natural resources and how their use affects the environment. Issues include not only narrow economic allocation decisions and the policy implications, but also larger issues of property rights definition, contractual arrangement, public choice, and institutional development. New approaches in these areas have proven highly fruitful when applied to a variety of natural resources including water, farmlands, minerals, oil, timber, grazing land and wildlife. Prerequisites: Economics 330, 331 and 332 or concurrent enrollment in 332. 6 cr., SS, FallA. Swoboda
ECON 395. Advanced Topics in Sports Economics
An in-depth analysis of economic issues involving professional and amateur sports leagues and collegiate athletic programs. A variety of issues will be examined including the structuring of labor contracts, superstar compensation, cartelization and price-fixing, cross-subsidization and antitrust treatment of sports franchises. Prerequisites: Economics 330, 331 and 332 or concurrent enrollment in 332. 6 cr., SS, FallM. Kanazawa
ECON 395. Advanced Topics in Health Economics
An economic analysis of the nature of demand for different types of health services, the supply of those services by different providers, the health care industry, market failures in providing health care, and alternative health care delivery systems. Prerequisites: Economics 330, 331, and 332 or concurrent enrollment in 332. 6 cr., SS, FallM. Hemesath