Economics Course Descriptions
Economics 201
- Introduction to Economic Analysis
Full course for one semester. This course will introduce students to the analytical approaches and tools of the economics discipline, and how these are used to examine current issues and problems that arise in the functioning of economic systems. Microeconomic theories of consumption, production, and exchange provide much of the analytical framework that will be utilized, although we will also explore some relevant applications to the macroeconomy. A central feature of this course is the examination of markets and how they determine what is produced and how it is allocated. We also devote some attention to evaluating market outcomes, to thinking about remedies to resource allocation problems that markets cannot solve, and to thinking about the factors that determine long-run productive capacity and income potential. Lecture-conference.
Economics 281
- Collectivization and Decollectivization in the People’s Republic of China
Full course for one semester. This course will examine processes of
collectivization and decollectivization in the People's Republic of
China, focusing on the 1950s and 1980s respectively. We will examine
primarily the agricultural sector and consider the two-way nature of
the transition—from a system of private ownership to collective—and the
subsequent retreat to decentralization. This approach will facilitate
contrasts and comparisons of the organizational changes experienced by
the economy and its participants during each of the two decades under
study. We will seek to understand the interests of various
stakeholders, their subsequent roles in promoting or resisting the
changes, and finally how various societal groups were affected. Among
the materials we consider will be narrative accounts from various
perspectives in addition to secondary sources that analyze the
transition processes and their outcomes. Conference.
Economics 304
- Intermediate Macroeconomics
Full course for one semester. A survey of basic theories of economic growth and business cycles using graphical and algebraic methods. Studies the relationships among aggregate economic variables such as GDP, inflation, interest rates, unemployment, and exchange rates. Analysis of macroeconomic policy issues. Prerequisite: Economics 201 or consent of instructor. Lecture-conference.
Economics 311
- Survey of Econometric Methods
Full course for one semester. An introduction to applications of empirical methods in economics. Students are introduced to the nature and sources of economic data and basic concepts of statistics and econometrics. Topics include the estimation of econometric models, hypothesis testing, and forecasting. Emphasis is placed on the use of these techniques in empirical economic literature. Prerequisite: Economics 201. Lecture-conference.
Economics 312
- Theory and Practice of Econometrics
Full course for one semester. An introduction to the statistical methods commonly used in economic research. Classroom development of theoretical material is combined with extensive hands-on practice of econometric techniques. Statistical methods discussed include estimation and inference in simple and multiple linear regression models, detection and correction of autocorrelation and heteroskedasticity, time-series models and distributed lags, and estimation of systems of simultaneous equations. Considerable emphasis is placed on learning to specify, implement, and evaluate tests of economic hypotheses. Prerequisites: Economics 201 and Mathematics 141 or similar introduction to statistics, or consent of the instructor. Lecture-conference.
Economics 313
- Microeconomic Theory
Full course for one semester. This course provides a thorough exposition of neoclassical theories of producer and consumer behavior. Considerable attention is devoted to understanding the economic concept of efficiency and demonstrating the efficiency of competitive equilibrium in a general equilibrium framework. The efficiency of market outcomes under alternative assumptions is also examined, and some time is devoted to discussing social choice theory and the limits of the market. Prerequisites: Economics 201 and Mathematics 111, or consent of the instructor. Lecture-conference.
Economics 314
- Macroeconomic Theory
Full course for one semester. A detailed introduction to modern theories of economic growth and business cycles. Emphasizes the derivation of relationships among aggregate variables from assumptions about the behavior of households and firms. Examines empirical evidence for and against macroeconomic theories. Lab session focuses on applying macroeconomic analysis through solving theoretical problems and performing empirical projects using macroeconomic data. Prerequisites: Economics 201 and Mathematics 111, or consent of the instructor. Lecture-conference-laboratory.
Economics 315
- Game Theory
Full course for one semester. This course studies strategic behavior in
multiperson games. We study various classes of games, including static
and dynamic games as well as those of complete and incomplete
information. We also consider various solution concepts, including
iterated elimination of dominant strategies, Nash equilibrium, and
evolutionary stability. Numerous refinements of the Nash equilibrium
concept, including subgame perfect Nash equilibrium, Bayesian Nash
equilibrium, and perfect Bayesian equilibrium, are also considered.
There will be a heavy emphasis on the application of game theory to the
study of the real world. We apply game theory to the study of
competition, the commons, bargaining, auctions, conventions,
institutions, and political decision-making. Prerequisite: Economics
201, Mathematics 111, or the equivalent. Lecture-conference. Not
offered 2008-09.
Economics 323
- American Economic History
Full course for one semester. This course introduces the student to the
economic history of the United States from colonial times through the
Great Depression. Emphasis is placed on understanding the sources of
economic growth and key developments in the historical economy. Topics
include colonial markets for labor and land, technological change, the
economics of slavery and the Civil War, the growth of big business and
regulation, the development of capital markets, immigration and
internal migration, and the Great Depression. Prerequisite: Economics
201. Conference.
Economics 331
- History of Economic Thought
Full course for one semester. This course considers the development of
economic thought by focusing on several crucial issues that economics
has addressed throughout history, including resource scarcity, the
sources of economic growth, the role of government in a market economy,
and the effects of international trade. We focus primarily on the
development of economic thought between 1770 and 1940. Reading comes
from the works of Smith, Malthus, Ricardo, Mill, Marx, Marshall,
Keynes, and Schumpeter. Prerequisite: Economics 201. Conference.
Economics 341
- Monetary and Fiscal Policy
Full course for one semester. A study of classical and contemporary
monetary theory, the structure and operation of private and public
monetary and financial institutions, and the techniques and objectives
of monetary and fiscal policy. Contemporary policy problems emphasized
include maintenance of full employment and economic growth, prevention
of inflation, and economic stabilization. Prerequisite: Economics 201.
Conference.
Economics 342
- International Macroeconomics
Full course for one semester. This course examines the macroeconomic
linkages between countries. The core of macroeconomic theory is
extended to the open economy. In this context, a number of issues are
addressed, including currency crises, international policy
coordination, and the choice of an exchange rate regime. Illustrations
come from the European monetary union, the recent Southeast Asian
financial crises, the U.S. current account deficit, and the
stabilization policies of Latin America. Prerequisite: Economics 201.
Conference. Not offered 2008-09.
Economics 345
- European Economic History
Full course for one semester. This course studies the economic history
of Europe between 1300 and 1950. Emphasis is placed on understanding
the sources of economic growth, especially technological and
institutional progress, and key developments in the historical economy.
Topics include the economic consequences of the Black Death, medieval
agriculture and serfdom, the Industrial Revolution, welfare systems,
the standard of living, the development of capital markets, varying
patterns of development, and the Great Depression. Prerequisite:
Economics 201. Conference.
Economics 348
- Economics of the Public Sector
Full course for one semester. This course considers the role of
government in the economy. We examine the theoretical rationale for
government intervention in the economy and the economic consequences of
such government intervention, with examples coming primarily from the
United States. In addition, the course studies how taxation affects
economic efficiency, income distribution, capital formation, and
microeconomic incentives. Major topics include environmental
regulation, publicly funded education, welfare, social security, health
care, tax reform, and international public finance. Prerequisite:
Economics 201. Conference.
Economics 350
- Energy Economics
Full course for one semester. This course examines in detail the major sectors of the economy associated with the production and consumption of energy: oil, natural gas, electricity, coal, renewables such as wind and biofuels, and nuclear power. In addition, we will review the roles of energy efficiency, including conservation and demand-side management, in the development of a risk-sensitive portfolio approach to meeting the demand for various forms of energy. The course will also review current public policy debates associated with energy. Prerequisite: Economics 201. Lecture-Conference.
Economics 351
- Environmental Economics
Full course for one semester. This course presents an economic analysis
of environmental issues and policies. We will examine the impact of the
economy on the environment, the importance of the environment to the
economy, and how policies such as transferable permits, subsidies,
taxes, and regulations affect the environment and economy. Concepts
covered in this course include static efficiency, equity, property
rights, discounting, cost-benefit analysis, risk and uncertainty,
market failure, nonmarket valuation techniques, and sustainability.
Prerequisite: Economics 201. Conference.
Economics 352
- Natural Resource Economics
Full course for one semester. This course presents an economic analysis
of renewable and nonrenewable natural resources. Concepts introduced
include static and dynamic efficiency, equity, property rights,
discounting, market failure, nonmarket valuation, and sustainability.
The course will cover current and proposed policies for resource
management such as transferable quotas, taxes, subsidies, regulations,
and public versus private ownership. Prerequisite: Economics 201 and
Mathematics 111 or consent of instructor. Conference. Not offered
2008-09.
Economics 354
- Economics of Science and Technology
Full course for one semester. An introduction to the economics of
growth, innovation, and technological change in industrialized market
economies. The neoclassical growth model is used as a theoretical basis
for exploring empirical studies measuring the causes of economic
growth. The causes and nature of innovative activity, as well as its
effect on technological progress, are explored. Issues of
appropriability and diffusion of technology are addressed. Industry and
country studies are used to gauge the effect of technological change on
economic performance. Prerequisite: Economics 201. Conference. Not
offered 2008-09.
Economics 362
- Industrial Organization
Full course for one semester. In this course we study imperfect
competition and the policy responses to it that economists often
prescribe. These responses generally fall into two categories:
regulation and antitrust. We will introduce models to explain and
predict firm behavior, and apply them to the telecommunications,
electricity, airlines, and computer industries, among others. Topics
include natural monopoly, optimal and actual regulatory mechanisms,
deregulation, mergers, predatory pricing, and monopolization.
Prerequisite: Economics 201. Conference. Not offered 2008-09.
Economics 364
- Economics of Population, Gender, and Race
Full course for one semester. This course will consider race and gender
as they influence and are reflected in decisions about schooling, work,
and family. It will also examine trends in population and consider how
and why they might change over time. We will use microeconomic models
of fertility, migration, decisions to work, and decisions to invest in
human capital in an effort to analyze and explain observed outcomes.
Drawing on well-established literatures in the fields of labor
economics and economic demography to provide frameworks for our
discussions, we will consider the theoretical and empirical findings in
light of their potential contributions to policy. Prerequisite:
Economics 201. Conference.
Economics 365
- Economics of Life-Course Events
Full course for one semester. This course examines how individuals make decisions at various junctures in their life course and how such decisions are influenced by institutions and policy. Topics include schooling and education, career choice and labor supply, marriage and divorce, residential location choice, consumption and saving over the life cycle, retirement, and bequests. We also study long-term consequences of prenatal and childhood environment on health and labor market outcomes. Prerequisite: Economics 201. Economics 311 or 312, or similar background in statistics recommended. Conference.
Economics 371
- Law and Economics
Full course for one semester. Applications of microeconomic theory
focused on common law and the legal system. Topics include the effect
of the legal system on resource allocation, the establishment and scope
of property rights, allocation of risk and efficient investments in
precaution, product liability, and an economic analysis of criminal
behavior and punishment. Prerequisite: Economics 201. Conference. Not
offered 2008-09.
Economics 381
- Macroeconomic Aspects of Growth and Development
Full course for one semester. This course analyzes why some countries
are poor while others are rich by examining differences in history,
institutions, and policy across countries. The neoclassical growth
model is used as a theoretical framework, but we will expand the
framework by considering nonmarket factors such as colonial origin of
developing countries, the role of government, culture, and geography in
economic development. We also study government fiscal policy, exchange
rate policy, and monetary policy of developing countries and how these
policies affect long-run growth. Prerequisite: Economics 201.
Lecture-conference. Not offered 2008-09.
Economics 382
- Economics of Development
Full course for one semester. The economic problems and policy
concerns of poor countries with applications of economic analysis
to explain and understand observed outcomes. Substantial attention is
paid to the structure and the decisions of households in developing
countries with supplemental focus on the market and nonmarket
environments underwhich they operate, including their access to land,
credit, and insurance, as well as their labor employment opportunities.
Additional topics include population growth and its determinants, the
role of technology, inequality and poverty, structural change, and
trade and globalization. Case studies are used to motivate and
illustrate the theories discussed. Prerequisite: Economics 201.
Conference.
Economics 383
- International Trade
Full course for one semester. This course analyzes the causes and consequences of international trade. The theory of international trade and the effects of trade policy tools are developed in both perfect and imperfect competition, with reference to the empirical evidence. This framework serves as a context for a discussion of several important issues: the effect of trade on income inequality, the relationship between trade and the environment, the importance of the World Trade Organization, strategic trade policy, the role of trade in developing countries, and the effects of free trade agreements. Prerequisite: Economics 201. Conference.
Economics 385
- Asian Economies in Transition
Full course for one semester. The course will consider processes of
transition from planned to market-based economic systems. We will take
a sectoral approach, taking note of variation observed across countries
in policy objective, design, implementation, and outcome. Among the
sectors we will consider are industry, agriculture, banking and
finance, foreign trade and investment, and the public sector. While
China and Vietnam, in particular, will offer an abundance of evidence
for us to examine, we will also take into account the reform
experiences of other Asian countries when relevant source materials are
available. Prerequisite: Economics 201. Conference. Not offered 2008-09.
Economics 401
- Contemporary Topics in Economics
One-half course for one semester. A detailed examination of a topic of current theoretical or policy interest. The course may be repeated when topics vary, up to a maximum of one unit of credit. Prerequisite(s) will vary according to topic; they will be announced in the class schedule. This course may not be used for Group B or divisional requirements. Conference. Not offered 2008-09.
Economics 402
- Junior Seminar
Half course for one semester. This course focuses on preparing students
for economic research. Topics include choosing a research question,
conducting a literature review, locating and collecting data, economic
theorizing, writing, research design, hypothesis testing, and
presentation skills. Prerequisites: Economics 304, 313, or 314, or
consent of instructor. Conference.
Economics 421
- Economics of Reed College
Full course for one semester. This course examines the economics of
undergraduate education, focusing on issues of relevance to Reed
College and using Reed as a case study. Elements of institutional
revenue and cost streams are analyzed. Among the specific topics
considered are: measurement of the inputs, outputs, and productivity of
institutions; economic returns from higher education, especially at
selective liberal arts colleges; the demand for higher education in
general and for liberal arts colleges in particular; the effects of
need-based and merit-based financial aid on demand; fund-raising and
management of endowment resources; the market for faculty and models of
faculty salaries and benefits; internal allocation of resources among
academic and administrative departments; funding and maintenance of the
physical plant; and the economics of residence halls, food service, and
other nonacademic aspects of higher education. Prerequisite: Economics
201 and one additional course in economics, or consent of instructor.
Conference. Not offered 2008-09.
Economics 454
- Economic Growth
Full course for one semester. Topics include theoretical analysis of
the roles of population growth, capital accumulation, and technological
progress on economic growth; diminishing returns and neoclassical
growth theory; human capital, nondiminishing returns, externalities,
and modern growth theory. We will examine empirical evidence through
growth accounting and cross-country econometric studies. Prerequisite:
Economics 314 or consent of the instructor. Conference. Not offered
2008-09.
Economics 470
- Thesis
Full course for one year.
Economics 481
- Independent Reading
One-half or full course for one semester. Credit in proportion to work done. Prerequisite: junior or senior standing.
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