ECON-201 Game Theory
The course will illustrate and analyze the strategies used in making interrelated decisions. Concepts from game theory will be developed using examples and cases drawn from economics, business, politics, and even sports. Applications will include the Prisoner's Dilemma and related games, signaling, bargaining, voting and power, brinkmanship, and nuclear deterrence.
ECON-207 Special Topics
This 200-level course investigates a particular topic in economics at some depth without presupposing prior knowledge of economics. Many students may find one or more of these courses useful complements to majors and minors other than economics.
ECON-207BF Special Topics: 'Behavioral Economics and Finance'
Empirical research has located serious flaws in the concept of rational economic decision making and efficient markets. The evidence indicates that actual decision makers and markets deviate from expected rational outcomes frequently enough to require rethinking of the way decision makers think and markets behave, including unexpected market crashes and sustained market bubbles. This course is designed to examine new theoretical work that seeks to provide more accurate predictions of market behavior, improved assessments of underlying risk to portfolio holders, and better estimates of the underlying value of securities.
ECON-210 Marxian Economic Theory
Introduction to the Marxian theory of capitalism, as presented in the three volumes of Capital. Marxian theory is applied to analyze the causes of contemporary economic problems, such as unemployment and inflation, and the effectiveness of government policies to solve these problems. Comparisons made between Marxian theory and mainstream macro- and microeconomics.
ECON-211 Macroeconomic Theory
Intermediate macroeconomic theory. Analysis of causes of long-run economic growth and short-run business cycles. Study of different macroeconomic models, consumption, investment, government spending, net exports, money supply, and money demand. Examination of fiscal and monetary policy and U.S. economic relations with the rest of the world.
ECON-212 Microeconomic Theory
Microeconomic theory explores the foundations of consumer and firm theory as well as their theoretical applications. We examine the assumptions of models, market structures, and explore topics such as game theory and public goods.
ECON-213 Economic Development
Economic development is the study of the macro and micro dynamics that shape economic and social outcomes in low and middle-income countries in Africa, Asia, Latin America and transition economies. The outcomes we focus on in this course are human well-being, poverty, and inequalities as well as structural transformation, economic growth, sustainability, and the creation of decent jobs. We will pay particular attention to the implications of the nature of an economy's insertion into the global economy and the global economic context, and to the role of government policies in advancing economic development.
ECON-215 Economics of Corporate Finance
An investigation of the economic foundations for investment, financing, and related decisions in corporations. Topics include capital markets and institutions; analysis of financial statements; sources and uses of funds; capital budgeting and risk; cost of capital; portfolio theory; the impact of corporate decisions on the economy. Some attention given to recent developments in the stock market, in the merger movement, and in international finance.
ECON-218 International Economics
The first part of the semester investigates reasons why nations trade and factors that determine trade patterns, focusing on examples of agricultural and food trade. Using the basic tools of microeconomics, it considers the welfare and distributional impacts of free trade among countries. Further topics include barriers to trade, reasons for limiting trade, international food and agricultural policy, and current trade policy issues. The second part introduces the students to basic models in international finance and studies applications of current policy issues such as fixed exchange rates and the Euro.
ECON-219 Environmental Economics
In this class, we will use the lens of economic analysis to examine how environmental problems arise and what can be done to resolve them. This will include an assessment of relevant environmental policies (e.g., carbon tax & cap-and-trade programs), how these policies function, and what impacts they have on people and the economy. Topics include market failures and externalities, pollution, climate change, management of renewable and nonrenewable resources, sustainability, biodiversity, and others.
ECON-220 Introduction to Econometrics
A study of statistical methods applied to economic and social data. Measures of central tendency and dispersion, point and interval estimation, hypothesis testing, simple correlation, and simple and multiple regression analysis.
ECON-228 Political Economy
This course introduces students to the modal interdisciplinary approach of political economy, an approach that de-centers economics from a narrow focus on optimization and hype-rationality to a broader vision of how the behavior of homo sapiens acting as economic agents is shaped by social and psychological processes. Thus, the determinants of economic outcomes are similarly impacted by emotional and social context. This course will offer a critical exploration of how the works of Adam Smith, David Ricardo, Karl Marx, Amartya Sen, and others have informed approaches to the study of political economy. Topics to be explored include: how socially constructed concepts of gender (as opposed to biological sex) and race/ethnicity impact value distribution; power dynamics in the workplace and larger society; and social investment thereby shaping the cultural architecture and economic processes that contribute to inequality. One of the objectives of this course is to specifically address the role of capital accumulation and mercantilist tendencies in modern capitalist economies in the diminution of productive self-employment, family businesses, and other alternatives to large-scale enterprises, leading to distorted forms of development resulting in catastrophic effects to the global ecology.
ECON-241 Critical Development Studies
Critical development studies explore the economic, political, cultural, and environmental conditions underpinning global economic systems (i.e. large-scale industrial, merchanting, and financial systems). Critical development studies seek to understand the dynamics of such systems and to develop methodologies for reducing marginalization and inequalities, to give the voiceless a voice in shaping public policies. These political economic studies often draw links between imperialism, colonization, slavery, and unequal trading relationships. In this course, we will seek to understand and evaluate proposals for advancing a better development path for the marginalized along constructed class, gender, and racial lines.
ECON-249 Topics in Economics
ECON-249ED Topics in Economics: 'Economics of Education'
This course is an introduction to the economics of education. We will apply basic economic concepts and empirical methods to the analysis of education. We will examine the U.S. educational system from preschool to higher education both as an industry and from a labor economics perspective. Topics include human capital theory (the relationship of education to earnings and other outcomes); the role of early childhood education; the structure, reform, and financing of elementary and secondary education (public, charter, magnet, and private schools); the market for teachers, teaching training and performance; and the economics of higher education with particular emphasis on liberal arts colleges.
ECON-249HP Topics in Economics: 'Economics of Shopping: An Introduction to Industrial Organization'
The economics of shopping is a course that explores how consumers buy goods and how firms get products onto shelves, covering topics such as consumer preferences, store choice, and consumer influence, but also research and development of patents, advertising, distribution, shelf competition, and store location choices. We will look at a variety of industries such as fast fashion and beer and students will perform their own semester long case study. We will apply basic microeconomic concepts and empirical methods and focus on developing economic thinking. This course is an introduction to the field of industrial organization.
ECON-249ME Topics in Economics: 'Introduction to Managerial Economics'
This course will introduce students to the field of applied economics in which microeconomic and macroeconomic theory and concepts are applied in real-world planning and decision making in a variety of business organizations having particular yet varying priorities and goals. For example, one question to explore is how do decision makers in a socially responsible Benefit Corporation, a worker-owned cooperative, a more traditional company, and a startup apply economic analysis in their pursuit of having a successful enterprise? Expect some lectures, multiple readings, projects, writing, presentations to class, and class discussions.
ECON-249PA Topics in Economics: 'Applied Policy Analysis'
An introduction to the empirical study of economic policies. This course will focus on quantifying the impact of policies through the lens of economics and statistics. Through research articles, reports, and other media, we will explore how economists measure the effects of policies and test economic theory. Policy applications may include labor and health policy, economic development, and other policies at the microeconomic level.
ECON-249PB Topics in Economics: 'Introduction to Public Economics'
Analysis of the role of government in the economy from both the expenditure side and the income (tax) side. Topics include public goods, externalities, social welfare, public choice, the U.S. "safety net," social security, budget deficits, the U.S. tax system, and the effects of taxation and government programs on behavior.
ECON-270 Accounting
The course, while using traditional accounting techniques and methodology, will focus on the needs of external users of financial information. The emphasis is on learning how to read, interpret, and analyze financial information as a tool to guide investment decisions. Concepts rather than procedures are stressed and class time will be largely devoted to problem solutions and case discussions. A basic knowledge of arithmetic (+,-,*,/) and algebra is suggested.
ECON-301 Advanced Game Theory
The course will illustrate and analyze the strategies used in making interrelated decisions. We will develop game theoretical tools and apply them to examples from economics, business, politics, and even sports. Topics include the prisoner's dilemma, signaling, coordination, voting, and competition. We analyze games in static and dynamic environments with perfect and imperfect information.
ECON-306 Political Economy of Inequality
This seminar develops a historical and theoretical analysis of issues and concerns arising from a Marxian specification of social and economic inequality. Using class as a lens for examining relationships between individuals, institutions, and society, the course examines the role of markets and the state in social and economic life, and the challenges of achieving class justice for all. Issues of governance, subjectivity, production, and reproduction in economic and social spheres are addressed in the writings of Darity, Hamilton, DeMartino, Marx, Williams, Robinson, Taylor, Loury, and others.
ECON-307 Seminar in Industrial Organization
Analysis of theoretical models and empirical studies on the economic performance of industries. Approaches studied include transaction cost economics, game theory, and pricing models. Topics include advertising, research and development, and relationships between government and business such as regulation and antitrust laws.
ECON-308 Advanced Macroeconomics
This course provides an introduction to the micro-founded theories of modern macroeconomic research. The course will cover the workhorse models used to understand economic growth, business cycles, unemployment, consumption, and monetary and fiscal policy. Emphasis will be on mathematical models complemented by empirical evidence from academic articles.
ECON-310 Seminar in Public Economics
This course provides an overview of the ways in which government policies on taxation and spending affect outcomes for individuals (e.g., poverty, health, income) and for society (e.g., inequality, social mobility, economic growth). Topics will include the theory of taxation, public goods, and externalities. Students will apply these theories to current policy debates. Possible applications include healthcare, education, TANF, unemployment insurance, and Social Security.
ECON-311 Law and Economics
This course uses economic analysis to examine the legal system. Tools from economics have become the dominant paradigm for evaluating the legal system, creating new laws, and jurisprudence. We use microeconomic theory and game theory to analyze topics such as property rights, liability, privacy, crime and punishment, antitrust, and discrimination.
ECON-314 Globalization and Development
Many developing countries face significant economic challenges today: slow economic and productivity growth, premature de-industrialization, limited creation of decent jobs, large foreign debt burdens, growing climate change impacts, and high inequality. In this seminar, we analyze how the interactions between domestic economic dynamics and globalization (unfettered cross-border flows of trade, financial capital, foreign direct investment as well as the rise of China) have shaped economic development outcomes. We study how they led to success in some countries and huge challenges in others, and what domestic and international policy changes are needed to achieve more equitable and sustainable development.
ECON-319 Environmental Economics, Ecology and Conservation Policy
Understanding and solving environmental problems requires interdisciplinary perspectives. This course links tools from economics with tools from ecology and environmental sciences to design effective policies for protecting the environment. We will examine topics such as the protection of rare and endangered species, rainforest conservation, climate change and others. We will also study important domestic and international policies related to these topics.
ECON-320 Econometrics
A study of advanced statistical methods in quantifying economic theory. Emphasis on the practical application of regression analysis to test economic theory, especially where the assumptions underlying ordinary least squares analysis are violated. Examines several different subjects that illustrate empirical economic research.
ECON-325 Economics of Health Care and Health Service Organizations
Economic aspects of health and health care in developing countries. Topics cover measuring health outcomes for welfare analysis, economic determinants of health and health care demand, the contribution of improved health and nutrition on economic development, and considerations in designing and evaluating health care interventions. Additionally, the course will cover micro-economic topics related to specific public health problems in developing countries.
ECON-326 Economics of the Digital Economy
This seminar explores the economic impact of the Internet, information technology, digitalization, and the networked information economy on manufacturing and manufacturing networks, global and local finance, goods and services markets, innovation and invention, intellectual property rights, public finance and taxation, security and cybercrime, media, and social networking. We investigate the implications of the networked information economy and digitalization, more broadly, for the creating of new economic (and social) relationships and the internet of everything. We also examine the continuing struggle over regulation of cyberspace across international borders and the definition and enforcement of intellectual property rights in a global context.
ECON-338 Money and Banking
Monetary theory and policy. Overview of financial markets and institutions. Explores the nature of money and the effects of changing money supply on the economy, theories of money demand, the various methods by which monetary policy can be conducted and the advantages and disadvantages of each, methods of banking regulation and the attendant problems that arise, and important episodes in monetary history (e.g., the Great Depression).
ECON-349 Advanced Topics in Economics
ECON-349CV Advanced Topics in Economics: 'The Economics of the Covid-19 Pandemic'
The Covid-19 pandemic has manifested itself in a variety of micro- and macro-economic phenomena. In this course, we will examine several of these from the perspective of economics, attempting to understand what has happened and to identify possible policy options. We'll consider questions such as: Why are there shortages of certain consumer products? Which industries have been hurt the most/least? What permanent changes may result from workplace experiments during the pandemic? What is the nature of the recession and how does it differ from the Great Recession? What is the thinking behind the stimulus package? What are the anticipated impacts on higher education and on Mount Holyoke in particular? How does one do epidemiology modeling? How can we use econometric modeling to answer questions about the pandemic? How could economic incentives be used to improve our response? Each student will write two short essays and one longer paper to answer questions of their choice.
ECON-349DE Advanced Topics in Economics: 'Advanced Economic Development'
This course analyzes microeconomic concerns in less-developed countries, specifically economic behavior for agricultural households facing missing and incomplete markets. Topics include agricultural production and input markets, risk and uncertainty, microfinance, and health and education. This course will focus on developing microeconomic models and analyzing empirical evidence.
ECON-349DV Advanced Topics in Economics: 'Development Economics: A Closer Look in Africa'
Questions like "How can a country achieve sustainable development?" or "What is the cause of poverty?" can be daunting and overwhelming to examine, with no immediate answers. Why have some countries remained poor with few successes? Are there interventions in these countries that have increased well-being in specific areas? In this seminar, we focus on this last question and explore research studies in Africa that ask smaller questions with specific answers. We will critically examine what has worked and learn from what has not in addressing outcomes in micro-economic topics related to education and entrepreneurship, among others. We will also consider how these studies can be generalized and extended.
ECON-349EC Advanced Topics in Economics: 'Analysis of Empire of Cotton'
This course focuses on analyzing the "Empire of Cotton," as it was labeled by Pulitzer Prize nominee Sven Beckert. This course explores the nexus between war capitalism as epitomized by British subjugation of peoples around the world, notably in India (the jewel in the crown) and China; the massive seizure of advanced textile manufacturing machines and raw materials (notably raw cotton), and the industrial revolution. The course also examines the history of globalization in this period of knowledge transfer, mass human trafficking, and slave economies of the USA, Caribbean, and South America. A basic hypothesis explored in the course will be whether this Empire of Cotton played a pivotal role in creating income and wealth inequalities between the so-called North and the marginalized South, inequalities that persist in the present.
ECON-349PE Advanced Topics in Economics: 'International Political Economy'
The course will address international problems and issues that are multi-dimensional, including those shaping and shaped by political, cultural, economic, and ecological processes. Each issue or problem will be analyzed from multiple theoretical perspectives, drawing upon a wide range of theories in economics, politics, and sociology. The course will provide students with experience debating complex problems that have both global and local implications, including upon international trade and development, civil unrest, human rights, innovation in material and process technologies, inequality and political, economic, and cultural tensions between nation-states.
ECON-352 Advanced Economic Development
This course analyzes microeconomic concerns in less-developed countries, specifically economic behavior for agricultural households facing missing and incomplete markets. Topics include agricultural production and input markets, risk and uncertainty, microfinance, and health and education. This course will focus on developing microeconomic models and analyzing empirical evidence.
A student works individually on her thesis over a two-semester period, first by registering for ECON-395 in the falland then by finishing with ECON-395 in the spring (4 credits in each semester) for a total of 8 credits. Each thesis is supervised by a committee of two faculty members, one of whom serves as the primary advisor.
