Courses

Fall 2014

  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • 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 credit; Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Fall 2014 · M. Paas
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter, International Studies; offered Fall 2014 · F. Bhuiyan
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014 · J. Bourne
  • ECON 276: Money and Banking

    This course examines the role of money and monetary institutions in determination of income, employment, and prices in the domestic and world economies. It also examines the role of commercial banking and financial markets in a market-based economy. Prerequisites: Economics 110 and 111 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014 · B. Wambheim
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014 · N. Grawe
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014 · P. Seneviratne
  • ECON 329: 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 multicollinerarity. Prerequisites: Mathematics 111 (or it's equivalent) and either Mathematics 215 or 275 and Economics 110 and 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Spring 2015 · M. Kanazawa, A. Swoboda
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015 · J. Bourne
  • ECON 395: Advanced Topics in Economic Development

    Students will be exposed to theoretical models of economic development both from a micro and a macro perspective. Econometric models including probits, logits, instrumental variables, ordered probits, and ordered logits will be applied to micro-level data to study theoretical models dealing with migration, poverty, inequality, nutrition, development program evaluation, and decision making in the context of developing countries. Economic development will also be explored from the perspective of the "growth literature" where macro level panel data will be explored using fixed-effects and random-effects panel regression models. Prerequisites: Economics 330, 331 and concurrent (or previous) enrollment in Economics 329 6 credit; Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter; offered Fall 2014 · F. Bhuiyan
  • ECON 395: Advanced Topics in Behavioral and Experimental Economics

    Behavioral economics aims to increase the predictive power of economic models by incorporating insights from psychology. Experiments can be used to test hypotheses in this field, but they are a tool for studying a broad range of economic questions. This course will focus on the overlap between the two fields, but it can lead to behavioral projects that use pre-existing data or experimental projects that test predictions from non-psychological behavior. Topics are wide-ranging, but the seminar will focus on behavioral game theory, biases in individual decision making, and experimental design. Prerequisites: Economics 330, 331, and concurrent (or previous) enrollment in Economics 329. 6 credit; Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter; offered Fall 2014 · L. Feiler
  • ECON 395: Advanced Topics in International Economics

    In this seminar, students will conduct detailed analyses of select topics from international finance and international trade. Possible topics include currency regimes, capital controls, sovereign debt, financial stability in emerging markets, financial contagion, the expansion of regional trade agreements, the impact of trade on labor markets and the environment, agricultural protection, and trade in services. Emphasis is given to linking theory with empirical evidence. Prerequisites: Economics 330, 331, and concurrent (or previous) enrollment in Economics 329 6 credit; Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Fall 2014 · P. Seneviratne

Winter 2015

  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • ECON 244: Analysis of Microeconomic Development Models

    This course is the second part of a two-term winter break course sequence beginning with Economics 240. This course will focus on critically analyzing the appropriateness of modern microeconomic development models in the context of Bangladesh. Students exposed to various on-site visits and lectures in Bangladesh during the winter break will be required to research, write and present their views on the reliability of different model assumptions and implications they studied in Economics 240. Prerequisites: Economics 110, 111, and 240 6 credit; Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Winter 2015 · F. Bhuiyan
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2015 · M. Kanazawa
  • ECON 263: Entrepreneurship, Innovation, and Economic Performance

    Joseph Schumpeter, in lamenting the absence of an accepted theory of entrepreneurship, observed that this gap in economics is much like having Hamlet performed with the Prince of Denmark absent. Much has changed since Schumpeter leveled this criticism. Economics has embraced the contributions of entrepreneurs and provided theoretical models explaining their actions. This course explores the foundations of a microeconomic theory of entrepreneurship, investigating the role of entrepreneurs (and intrapreneurs within large organizations) as agents for change. Case studies of business development provide practical illustrations of ways in which entrepreneurs operate and how their efforts contribute to economic progress. Prerequisites: Economics 111. 6 credit; Social Inquiry; offered Winter 2015 · B. Dalgaard
  • ECON 264: Health Care Economics

    This course will focus on the economics of medical care and how health care markets and systems work. We will consider both private health insurance markets and publicly provided social health insurance. The changes which demography, technology and the Affordable Health Care Act are bringing to health care delivery will be examined. Some time will be devoted to understanding the health care systems in other countries. This is a discussion course. Prerequisites: Economics 110 and 111. 6 credit; Social Inquiry; offered Winter 2015 · M. Paas
  • 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. Prerequisites: Economics 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2015, Spring 2015 · A. Swoboda
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2015 · J. Bourne
  • ECON 277: An Economic History of Financial Crises

    The course provides an historical perspective on financial bubbles and crashes and reviews the main theories of financial crises. The course will look at the long history of financial crises to highlight recurring themes and to try to determine, among other things, what went wrong, what elements precede most crises, and which responses were effective. In addition, the course will provide an overview of the business cycle theories of Mill, Marx, Keynes, and other economists. Prerequisites: Economics 110 and 111. 6 credit; Social Inquiry; offered Winter 2015 · B. Wambheim
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015 · J. Bourne
  • 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, Mathematics 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2015 · B. Keefer
  • ECON 400: Integrative Exercise

    6 credit; S/NC; offered Winter 2015, Spring 2015 · F. Bhuiyan, L. Feiler, P. Seneviratne

Spring 2015

  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Winter 2015, Spring 2015 · Staff
  • ECON 221: Cambridge Program: Contemporary British Economy

    This course focuses on the theoretical and policy debates in British economics since the 1930's and the development of the structure of the British economy and institutions during that period. Prerequisites: Economics 110 and 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered · Non-Carleton Faculty
  • ECON 222: Cambridge Program: The Industrial Revolution in Britain

    This course studies the Industrial Revolution in Great Britain and examines a number of scholarly debates over its scope, size, and significance, with particular emphasis on the development of power and the wool, cotton, textile, iron, pottery, shipping, and coal mining industries and urban development in London. Site visits to locations of historical significance are an important component of this course. Prerequisites: Economics 110 and 111 5 credit; Social Inquiry; offered · N. Grawe
  • ECON 223: Cambridge Program: The Great Economists of Cambridge

    This course examines excerpts from the writings of great economic thinkers associated with Cambridge including Hayek, Kaldor, Keynes, Marshall, Meade, Pigou, Robinson, and Sen. We will read one groundbreaking piece written by each author and then explore how and why the ideas presented significantly altered the way economists think. Prerequisites: Economics 110 and 111. 4 credit; S/CR/NC; Social Inquiry; offered · N. Grawe
  • ECON 224: Cambridge Program: The Economics of Inequality in Britain

    This course examines economic inequality in the British economy in both modern and historical contexts. We will begin by studying seminal theoretical works pertaining to both normative and positive questions of inequality within and across generations. We will then explore empirical work on topics including intergenerational mobility, educational access, wage/price controls, and the trade-off  between quantity and quality of children. Comparisons will be made to the United States and other developed countries in an attempt to understand institutional and policy differences that can explain the British economic experience. Prerequisites: Economics 110 and 111. 3 credit; Social Inquiry, International Studies; offered · N. Grawe
  • 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 credit; Social Inquiry, Writing Requirement; offered Spring 2015 · B. Wambheim
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2015 · L. 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. Prerequisites: Economics 110 and 111 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2015 · L. Feiler
  • 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. Prerequisites: Economics 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2015, Spring 2015 · A. Swoboda
  • 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 credit; Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter; offered Spring 2015 · J. Bourne
  • 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 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2015 · P. Seneviratne
  • 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. Prerequisites: Economics 110 and 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2015 · B. Keefer
  • ECON 329: 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 multicollinerarity. Prerequisites: Mathematics 111 (or it's equivalent) and either Mathematics 215 or 275 and Economics 110 and 111. 6 credit; Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2014, Spring 2015 · M. Kanazawa, A. Swoboda
  • ECON 400: Integrative Exercise

    6 credit; S/NC; offered Winter 2015, Spring 2015 · F. Bhuiyan, L. Feiler, P. Seneviratne