Courses

All economics majors are required to successfully complete the two introductory courses (110 and 111), the three core courses (330, 331, and 332), the integrative exercise (400), and 30 additional credits in economics at the 200 level or above. Unless specifically noted otherwise, all economics courses at the 200-level and above have both Economics 110 and 111 as prerequisites. Mathematics 215 (or 275) is a prerequisite for 332 and is also required.

Mathematics 111 or its equivalent is a prerequisite for Economics 330. Any student intending graduate work in economics should also take Mathematics 121, 211, and 232. Courses teaching additional skills such as computer science, advanced rhetoric, and analysis of political and social policies are highly recommended.

Fall 2013

  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · Staff
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013 · L. Feiler
  • 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 credit; Social Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013 · M. Kanazawa
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013 · B. Wambheim
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Spring 2014 · 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014 · J. Bourne
  • ECON 395: Advanced Topics in Macroeconomic Theory

    Detailed analyses of aggregate consumption, investment, money-holding and labor market behavior with special attention to each area's micro-foundations and to the empirical verification of theory. These analyses are related to the determination of national income, employment and the price level; to economic growth and business fluctuations; and to optimal public policy.

    Prerequisites: Economics 329 or concurrent enrollment in Economics 329, 330 or 331. 6 credit; Social Sciences, Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Fall 2013 · N. Grawe
  • ECON 395: Advanced Topics in Labor Economics

    Labor economics is the study of work and pay. It encompasses a wide variety of topics, including the nature of the labor contract, human capital investment, fringe benefits, search and hiring, turnover, working conditions, discrimination, union activities, income and wealth distribution, and government policies. The seminar considers labor market activities within the larger context of general household decision-making about family formation, the timing of marriage and childbirth, and the allocation of unpaid household work among family members.

    Prerequisites: Economics 329 or concurrent enrollment in Economics 329, 330, or 331. 6 credit; Social Sciences, Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Fall 2013 · J. Bourne

Winter 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · 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 Sciences, Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter, International Studies; offered Winter 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter, International Studies; offered Winter 2014 · F. Bhuiyan
  • 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 2014 · B. Dalgaard
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2014 · 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2014 · A. Swoboda
  • 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 Sciences, Social Inquiry; offered Winter 2014 · B. Wambheim
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2014 · P. Seneviratne
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014 · 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, 330 or consent of instructor. 6 credit; Social Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2014, Spring 2014 · N. Grawe
  • ECON 400: Integrative Exercise

    6 credit; S/NC; Does not fulfill a distribution requirement; offered Winter 2014, Spring 2014 · J. Bourne, L. Feiler, N. Grawe

Spring 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Winter 2014, Spring 2014 · 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 Sciences, 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 6 credit; Social Sciences, Social Inquiry; offered · M. Kanazawa
  • ECON 223: Cambridge Program: J. M. Keynes and his Present-Day Legacy

    This course examines the writings of J. M. Keynes and his economic legacy. In addition to examining the life and economic ideas of Keynes, students will examine the current debate over their effectiveness in addressing the recent economic downturn both in the United States and Britain. Prerequisites: Economics 110 and 111. 2 credit; S/CR/NC; Social Sciences, Social Inquiry; offered · M. Kanazawa
  • ECON 224: Cambridge Program: The Determinants of Economic Growth and the Modern British Economy

    This course examines the long term growth experience of the British economy from the Industrial Revolution to the present. Starting from an initial position of undisputed world industrial dominance thanks to the Industrial Revolution, Britain has since experienced a long-term decline in its economic fortunes. The British experience thus provides fascinating insights into the causes and determinants of the rise and decline of national economies. A key theme of the course is the importance of history and the interplay between governing institutions and the economic activity that occurs within specific institutional settings.

    Prerequisites: Economics 110 and 111. 4 credit; Social Sciences, Social Inquiry, Quantitative Reasoning Encounter, International Studies; offered · M. Kanazawa
  • 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 Sciences, Writing Requirement, Social Inquiry, Writing Requirement; offered Spring 2014 · B. Wambheim
  • 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 Spring 2014 · M. Paas
  • 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 credit; Social Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2014 · L. Feiler
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2014 · F. Bhuiyan
  • 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 Sciences, Writing Requirement, Social Inquiry, Writing Requirement, Quantitative Reasoning Encounter; offered Spring 2014 · J. Bourne
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Spring 2014 · N. Grawe
  • 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Spring 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 Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Fall 2013, Spring 2014 · M. Kanazawa, A. Swoboda
  • 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 credit; Social Sciences, Social Inquiry, Quantitative Reasoning Encounter; offered Winter 2014, Spring 2014 · N. Grawe
  • ECON 400: Integrative Exercise

    6 credit; S/NC; Does not fulfill a distribution requirement; offered Winter 2014, Spring 2014 · J. Bourne, L. Feiler, N. Grawe