Economics Major

This entry-level course in economics covers the fundamentals of macroeconomics and, together with ECN 101, it provides the necessary prerequisites for any other upper-level course in economics. This course introduces students to the study of economics as a field of knowledge within the social sciences. In the first part, focus will be on the definition, the explanation, and the significance of national income, business fluctuations, the price level, and aggregate employment. In the second part, special attention is devoted to the functioning of a payment system based on currency and bank money. Finally, students will discuss the instruments and the functioning of public policy aimed to stabilize prices and maintain high levels of output and employment within the current macroeconomic context. Current economic news will be regularly scrutinized.

This is an entry-level course in economics, covering fundamentals of microeconomics and aimed at students who choose it as an elective or plan to continue their studies in economics. This course helps students develop basic analytical skills in economics and microeconomics. It provides students with a basic understanding of the market system in advanced capitalist economies. It examines the logic of constrained choice with a focus on the economic behavior of individuals and organizations. After a theoretical analysis of the determinants and the interaction of supply and demand under competitive conditions, alternative market structures will be investigated, including monopolistic and oligopolistic forms. The course examines the conditions under which markets allocate resources efficiently and identifies causes of market failure and the appropriate government response. The introduction to the role of government includes its taxing and expenditure activities as well as regulatory policies.

This intermediate-level course studies the evolution of economic ideas from the early Eighteenth century to modern times, with emphasis on the differing conceptions of economic life and the methodological underpinnings of three main strands of thought: Classical economics, Marginalism, and the Keynesian paradigm. The course is organized around four main themes: the source of wealth, the theory of value, economic growth and business cycle in the capitalist system, and the notion of equilibrium in economic analysis. The course aims at providing a systematic conceptual framework to investigate the development of economic ideas, in their intersections with philosophy and the political and historical evolution of societies, hence highlighting the nature of economics as a social science. At the same time, the course stresses the methodological features (in terms of a rigorous and formalized language) peculiar to the economic reasoning.

The course begins with a review of functions and their graphs, after which students are introduced to the concepts of differentiation and integration. Understanding is reinforced through extensive practical work, with a strong emphasis on applications in economics, statistics and management science.

This intermediate level course in microeconomics prepares students to upper-level economics. This course completes the theoretical background on microeconomics and introduces students to more advanced topics, with an emphasis on the practical relevance and application of theory. The essence of the course is, in particular, the study of the interaction between rational individual decision-making (e.g. consumers, firms, the government) and the working of economic institutions like markets, regulation and social rules. Topics covered include an introduction to game theory, strategic behavior and entry deterrence; analysis of technological change; the internal organization of the firm; economic efficiency; public goods, externalities and information; government and business.

This course is designed to provide students with an understanding of the monetary dimension of contemporary economies. This includes the nature of the means of settlement, the technology of monetary payments, the banking system and its pro-cyclical, crisis-prone character that requires control and regulation, the response of financial markets to changing policy conditions and perceived risks, and central banks’ operations and goals when setting interest rates. Special attention is devoted to current monetary policy issues with special reference (but not limited) to the practice of the U.S. Fed and the European Central Bank.

This course will introduce students to the major theories and tools used in the study of international trade.  Particular attention will be paid to deriving, analyzing, and assessing the empirical evidence for and against the Ricardian and Heckscher-Ohlin conceptions of comparative advantage, the Stolper-Samuelson Factor-Price Equalization Theorem, and New Trade Theories based on assumptions of imperfect competition.  Students will become skilled at using a variety of graphical devices including offer curves to describe the effect which variations in government policy, factor dynamics, country size, technology, tastes, and transport costs will have on the terms of as well as the magnitude and distribution of the gains from trade. (Recommended prerequisite: ECN 256)

The course introduces the basic principles of econometrics as a set of tools and techniques to quantitatively investigate a variety of economic and financial issues. The application of econometric methods allows studying the relationships between different economic and financial variables, hence providing a natural way to test and confront alternative theories and conjectures, as well as to forecast and simulate the effects of different economic and financial policies. The course approach is mainly focused on applications. A discussion of the main theoretical issues and a systematic analysis of econometric tools are prerequisites for the investigation of a number of economic and financial applications.

This course is designed to introduce students to the field of financial accounting and provide them with a foundational understanding of financial accounting concepts from the perspectives of both internal and external users. A particular emphasis will be placed on GAAP accounting standards, the preparation of financial statements, and the application of accounting information for decision-making. Students will become familiar with financial statements such as the balance sheet, income statement, and statement of cash flows, as well as key accounting books and documents. They will also understand differences in accounting practices across various types of organizations and account for assets, liabilities, owners’ equity, revenues, expenses, and dividends.

The course will introduce students to the evolution of theory and practice in economic development in three stages. First, models of economic growth and development including work by Harrod-Domar, Robert Solow, Arthur Lewis, and Michael Kremer are compared to provide students with a feeling for how economists have conceived of the development process. The class then proceeds to examine particular development issues such as population growth, stagnant agriculture, environmental degradation, illiteracy, gender disparities, and rapid urbanization to understand how these dynamics reinforce poverty and deprivation. In the final stage, students will read work by supporters as well as critics of international development assistance and use the knowledge and perspective they have gained thus far to independently evaluate efficacy of a specific development intervention.

This course focuses on the basic concepts of value and risk, and explores the principles that guide strategic investment decisions. Major emphasis is placed on the notion of net present value, the evaluation and pricing of bonds and stocks, and the definition and measurement of risk. The concepts of portfolio risk and expected return, as well as the role of portfolio diversification are carefully investigated. Students are then introduced to market efficiency, portfolio theory and the relationship between risk and return in the context of alternative theories, mainly the capital asset pricing model and the arbitrage pricing theory. (Recommended prerequisite: MAT 200)

This course focuses on the financing decisions of firms. After an introduction to the questions related to the definition of debt policy and the capital structure of the firm, the course investigates the problems related to the issue of securities and dividend policy, as well as the impact of corporate taxes and the costs associated to bankruptcy, financial distress and conflicts of interest. The second part of the course studies the fundamentals of option pricing theory and the valuation of options - with applications to warrants and convertible bonds - and provides an introduction to the use of derivatives for hedging financial risk.

Research proposals are to be coordinated with the faculty advisor and the Division Chair.

Internship experiences are to be coordinated in advance with the faculty advisor and the Division Chair.

The interplay between political and economic issues has become central to the study of international relations in the modern world. This course will examine the traditional theoretical foundations of International Political Economy (the views of the liberals, the Marxists, the nationalists, etc.) and their applicability to today's world. Using an inter-disciplinary approach, the course will look at both historical background and present-day issues and conditions. The problems of development and North-South relations and the question of sustainability will be examined. International trade issues, such as the relations between trade globalization and environmental and human rights concerns and the role of institutions such as, the WTO, the IMF and G8 meetings will be studied. Finally the course will also consider new problem areas such as the internet and its control and e-commerce and the emerging role of non-governmental organizations.(Formerly POL 277. Students cannot earn credit for both POL 277 and POL 377.)

This entry-level course in economics covers the fundamentals of macroeconomics and, together with ECN 101, it provides the necessary prerequisites for any other upper-level course in economics. This course introduces students to the study of economics as a field of knowledge within the social sciences. In the first part, focus will be on the definition, the explanation, and the significance of national income, business fluctuations, the price level, and aggregate employment. In the second part, special attention is devoted to the functioning of a payment system based on currency and bank money. Finally, students will discuss the instruments and the functioning of public policy aimed to stabilize prices and maintain high levels of output and employment within the current macroeconomic context. Current economic news will be regularly scrutinized.

This is an entry-level course in economics, covering fundamentals of microeconomics and aimed at students who choose it as an elective or plan to continue their studies in economics. This course helps students develop basic analytical skills in economics and microeconomics. It provides students with a basic understanding of the market system in advanced capitalist economies. It examines the logic of constrained choice with a focus on the economic behavior of individuals and organizations. After a theoretical analysis of the determinants and the interaction of supply and demand under competitive conditions, alternative market structures will be investigated, including monopolistic and oligopolistic forms. The course examines the conditions under which markets allocate resources efficiently and identifies causes of market failure and the appropriate government response. The introduction to the role of government includes its taxing and expenditure activities as well as regulatory policies.

This intermediate-level course studies the evolution of economic ideas from the early Eighteenth century to modern times, with emphasis on the differing conceptions of economic life and the methodological underpinnings of three main strands of thought: Classical economics, Marginalism, and the Keynesian paradigm. The course is organized around four main themes: the source of wealth, the theory of value, economic growth and business cycle in the capitalist system, and the notion of equilibrium in economic analysis. The course aims at providing a systematic conceptual framework to investigate the development of economic ideas, in their intersections with philosophy and the political and historical evolution of societies, hence highlighting the nature of economics as a social science. At the same time, the course stresses the methodological features (in terms of a rigorous and formalized language) peculiar to the economic reasoning.

This intermediate-level course in macroeconomics builds upon the introductory two-semester (ECN 100 and ECN 101) sequence and, in conjunction with ECN 256, prepares students to study upper-level economics. This course is designed to provide students with an appreciation of current economic issues and questions in modern macroeconomics, through the recognition of economics as a controversial subject. In the first part, we review some important measurement issues in macroeconomics that have policy consequences. In the second part, students will explore the competing theoretical frameworks developed in the twentieth century to explain growth cycles, employment and inflation. Finally, the acquired knowledge will be applied to the current policy issues in the aftermath of the Great Recession. Recommended prerequisite: MAT 200.

This intermediate-level course in microeconomics builds upon the introductory two-semester sequence and, in conjunction with ECN 225, prepares students to upper-level economics.  This course completes the theoretical background on microeconomics and introduces students to more advanced topics, with an emphasis on the practical relevance and application of theory. The essence of the course is, in particular, the study of the interaction between rational individual decision-making (e.g. consumers, firms, the government) and the working of economic institutions like markets, regulation and social rules. Topics covered include an introduction to game theory, strategic behavior and entry deterrence; analysis of technological change; the internal organization of the firm; economic efficiency; public goods, externalities and information; government and business.

The course begins with a review of functions and their graphs, after which students are introduced to the concepts of differentiation and integration. Understanding is reinforced through extensive practical work, with a strong emphasis on applications in economics, statistics and management science.

Basic concepts of the discipline are discussed in this class with a focus on the evolution of the state and the role of the individual from historical, ideological, and comparative perspectives.

This course provides the basic analytic tools necessary for the understanding of international relations. After a brief introduction to the realist and liberal approaches to the study of international relations, the course covers various fundamental concepts, such as national power, foreign policy, conflict, political economy, international trade, and international organizations.

The course will introduce students to the evolution of theory and practice in economic development in three stages. First, models of economic growth and development including work by Harrod-Domar, Robert Solow, Arthur Lewis, and Michael Kremer are compared to provide students with a feeling for how economists have conceived of the development process. The class then proceeds to examine particular development issues such as population growth, stagnant agriculture, environmental degradation, illiteracy, gender disparities, and rapid urbanization to understand how these dynamics reinforce poverty and deprivation. In the final stage, students will read work by supporters as well as critics of international development assistance and use the knowledge and perspective they have gained thus far to independently evaluate efficacy of a specific development intervention.

The course investigates in a simple but rigorous way some of the fundamental issues of modern microeconomics, exploring the main concepts of game theory, as well as the basic elements of the economics of information, and of contract theory. A solid background on these topics is essential to the investigation of strategic decision making, the assessment of the relevance of asymmetric and/or incomplete information in decision processes, and the design of contracts. These, in turn, are among the most important issues that firms and individuals commonly need to face in all situations in which the consequences of individual decisions are likely to depend on the strategic interactions among agents' actions, and on the signaling value of information. Proceeding from intuition to formal analysis, the course investigates the methodological approach of game theory (allowing for a systematic analysis of strategic interaction) and the main concepts of the economics of information (allowing to assess the effects of asymmetric or incomplete information on agents' decisions). Further, it combines both game theory and economics of information to provide an introduction to the essential elements of contract theory.

This course will introduce students to the major theories and tools used in the study of international trade. Particular attention will be paid to deriving, analyzing, and assessing the empirical evidence for and against the Ricardian and Heckscher-Ohlin conceptions of comparative advantage, the Stolper-Samuelson Factor-Price Equalization Theorem, and New Trade Theories based on assumptions of imperfect competition. Students will become skilled at using a variety of graphical devices including offer curves to describe the effect which variations in government policy, factor dynamics, country size, technology, tastes, and transport costs will have on the terms of as well as the magnitude and distribution of the gains from trade. (With professor permission, students may take this course with no ECN 256 prerequisite.)

This course is designed to introduce students to the foundations of political economy. Political economy is the study of the economic system from a critical, historical and interdisciplinary perspective to provide a greater understanding of our current economic system. In this course, students will learn about different theories in political economy and how these theories help us understand the transformation of a pre capitalist system to the current capitalist system. Some of the approaches that students will be introduced to are Institutional, Marxian, Sraffian, Post-Keynesian and Austrian. This course will also draw from these various theories and examine their implications for different issues that arise from the current social and economic formation. Some of the issues that will be considered in this course are social and economic inequality, gender inequality, issues concerning the ecology, power relations and conflict in modern society, political economy of poverty and uneven development.