Economics

 

Professors:  Cruz-Saco, Howes, Jensen, Pack, Peppard, Visgilio; Associate Professor:  Park; Assistant Professor:  Mukerji; Visiting Instructors:  Lopez-Anuarbe, Mukherjee; Professor McKenna, chair

 

The Major in Economics

 

The major consists of a minimum of ten courses, which must include 111, 112, 205, 206, 230, a 400-level seminar, and at least one 300-level course.  Courses 497-498 or, if appropriate, 491, 492 may be substituted for a 400-level seminar.  Under normal circumstances, majors must take at least seven of the major courses at Connecticut College.  Majors are encouraged to take courses in mathematics; Mathematics 107 or 206 is a prerequisite for Course 230.

 

The Minor in Economics

 

The minor consists of a minimum of six courses, which must include Courses 111 and 112; Course 205 or 206; at least one course at the 300 or 400 level; and two additional courses chosen in consultation with a member of the department.

 

Courses

 

ECONOMICS  111  INTRODUCTORY MACROECONOMICS  An introduction to problems of unemployment, inflation, and economic growth in the United States.  Topics include the impact of taxation, government expenditures, and the regulation of interest rates and money; the balance of international payments and the role of the dollar; and the relationships between the United States and the developing world.

                Open to freshmen and sophomores.  Enrollment limited to 40 students per section.  Offered both semesters.  This course satisfies General Education Area 3.  Staff

 

ECONOMICS  112  INTRODUCTORY MICROECONOMICS  An exploration of  economic decision-making by individuals and firms; an introduction to the structure of markets, including competitive, monopoly and oligopoly.  Topics include labor, capital, and product markets, as well as information economics and trade theory.

                Open to freshmen and sophomores.  Enrollment limited to 40 students per section.  Offered both semesters.  This course satisfies General Education Area 3.  Staff

 

ECONOMICS  205  INTERMEDIATE MICROECONOMIC THEORY  An intermediate-level analysis of economic decision-making by individuals and firms under competitive and imperfectly competitive conditions.

                Prerequisite:  Course 112.  Open to sophomores and juniors.  Enrollment limited to 25 students per section.  Offered both semesters.  C. Howes, M. Lopez-Anuarbe, Y. Park, D. Peppard, G. Visgilio

 

ECONOMICS  206  INTERMEDIATE MACROECONOMIC THEORY  A study of the determinants of national income, employment, and price levels in the short run; of the problem of business fluctuations in the economy and theoretical attempts to explain them; and of integration of macroeconomic theory with analysis of long-run growth.

                Prerequisite:  Course 111.  Open to sophomores and juniors.  Enrollment limited to 25 students per section.  Offered both semesters.  M. Cruz-Saco, E. McKenna, S. Pack

 

ECONOMICS  208  ECONOMICS OF THE INFORMAL SECTOR IN VIETNAM  Students will learn about the informal sector in Vietnam by conducting surveys among urban informal sector workers.  They will compile their data and write about their findings in the context of readings about the urban informal sector in Vietnam.  This course is taught only in Vietnam during SATA programs.  Students taking this course must also take Course 216.

                Prerequisite:  Courses 111 and 112.  R. Jensen, D. Peppard

 

ECONOMICS  210  INTERNATIONAL ECONOMICS  Application of economic analysis to issues of international trade and international finance.  Determination of exchange rates, balance of payments analysis, trade and tariff policy, constraints imposed by the external sector on domestic economic policy measures, and international institutions.  Topics are then put into historical perspective as part of a study of the development of the modern world economy.  Particular attention to the changing role of the U.S. in the world economy.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  R. Jensen

 

ECONOMICS  211  INTERNATIONAL TRADE  The theory of international trade, analysis of the costs and benefits of trade, and application to specific problems in international policy.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  Staff

 

ECONOMICS  216  POLITICAL ECONOMY OF POSTWAR VIETNAM  A study of the interaction between economic theory and policy formulation in Vietnam.  Topics include transition to a market economy, urbanization, industrial policy, and rural economic development.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  R. Jensen, D. Peppard

 

ECONOMICS  220  ECONOMICS OF MULTILATERAL ORGANIZATIONS  An examination of the aims and impact, as well as inner workings, benefits, and shortcomings of multilateral organizations such as the International Monetary Fund (IMF), the World Trade Organization (WTO), and the World Bank (WB).  The course considers the evolution and reform of these organizations in response to issues relating to economic development.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  P. Mukerji

 

ECONOMICS  224  POLITICAL ECONOMY OF ASIA AND LATIN AMERICA IN COMPARATIVE PERSPECTIVE  This is the same course as Government 224.  Refer to the Government listing for a course description.

 

ECONOMICS  225  ECONOMIC HISTORY/HISTORY OF ECONOMIC THOUGHT:  I  Economic history and the history of economic thought from earliest times to the French Revolution.  Topics include the ancient economy, feudalism, Marxist and non-Marxist theories of economic history, Adam Smith, and early socialist thought.  Primary sources are read.

                Prerequisite:  Course 111 or 112.  Enrollment limited to 30 students.  S. Pack

 

ECONOMICS  226  POLITICAL ECONOMY OF AMERICAN BUSINESS  An examination of business in the politics and economy of the United States.  Topics include the nature of business structures, government regulation of business, the impact of business on U.S. politics and public policy, economic development, and globalization.  Emphasis on particular industries, such as transportation, energy, agriculture.  This course meets concurrently with Government 226, with a maximum enrollment of 30 students per course; students may not receive credit for both courses.

                Prerequisite:  Course 111 or 112.  Open to sophomores, juniors, and seniors, with preference given to sophomores.  Enrollment limited to 30 students.  This course satisfies General Education Area 3.  D. Peppard and W. Frasure

 

ECONOMICS  228  INTRODUCTION TO FEMINIST ECONOMICS  An overview of feminist thought in economic theory, followed by a survey of the quantitative and qualitative empirical research informed by feminist economics with focus on policy analysis.  This is the same course as Gender and Women’s Studies 228.

                Prerequisite:  Course 112.  Enrollment limited to 30 students.  Staff

 

ECONOMICS  230  ECONOMETRICS I  An introduction to the use of statistical models and measurement in estimating economic relationships and testing economic hypotheses through analysis of data.

                Prerequisite:  Courses 111 and 112, and either Mathematics 107 or 206.  Open to sophomores and juniors.  Enrollment limited to 20 students.  Offered both semesters.  C. Howes, M. Howard, E. McKenna, Y. Park

 

ECONOMICS  234  ECONOMIC DEVELOPMENT  An examination of the economies of developing countries in Africa, Latin America, and Asia, and of the nature of poverty and underdevelopment that is characteristic of those economies.  Special attention to the role of economic theory in shaping general development policies.  An assessment of economic theory and policy as part of an historical study of the development effort.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  R. Jensen

 

ECONOMICS  235  GENDER AND DEVELOPMENT  An examination of women’s role in development and impact of different economic development strategies on the status of women in developing countries.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  Staff

 

ECONOMICS  237  ECONOMIC GROWTH AND DEVELOPMENT IN LATIN AMERICA  An assessment of economic models from primary open economies, import substitution, and structural adjustment to trade liberalization and deregulation.  The course considers why Latin America continues in a developing or emerging condition in today’s global economy.  Competing theoretical perspectives on key growth and development issues will be considered.

                Prerequisite:  Courses 111 and 112.  Enrollment limited to 30 students.  M. Cruz-Saco

 

Economics  240  health Economics  This course is designed to apply the principles of economics learned in Economics 112 to the health care industry.  Course topics will include:  the health care market and its reform, and international differences and similarities in the health care system.

                Prerequisite:  Course 112.  Enrollment limited to 30 students.  M. Lopez-Anurabe

 

ECONOMICS  247  URBAN AND REGIONAL ECONOMICS  Past and present economic functions of cities, theories of urban development, and the role of cities in larger regional contexts.  Poverty, housing, racial discrimination, and other problems characterizing many urban areas.  International comparisons of urban history and economic development.

                Prerequisite:  Course 112.  Enrollment limited to 30 students.  D. Peppard

 

ECONOMICS  248  INTRODUCTION TO FINANCIAL INSTITUTIONS AND MARKETS  Economic functions of financial systems.  Major types of financial institutions and markets.  Basic valuation of securities and investment projects.  Theory of financial market efficiency and randomness of price fluctuations.  Comparison of financial systems in developed and developing countries.  Recent trends:  deregulation, disintermediation, securitization, globalization, and the growth of derivatives markets.  Causes and consequences of financial crises.

                Prerequisite:  Course 112.  Enrollment limited to 30 students.  Y. Park

 

ECONOMICS  306  OPEN ECONOMY MACROECONOMICS AND GROWTH THEORY  An investigation of topics relating to growth in a global economy.  The first half of the semester will concentrate on issues relating to the determination of exchange rates, the price level, interest rates, and the rate of unemployment in open economies.  The second half of the course will investigate the determinants of growth.  Demand and supply constrained growth models will be examined, and the social factors influencing the rate of growth explored.

                Prerequisite:  Course 206 and Mathematics 112 (or a more advanced calculus course).  Enrollment limited to 30 students.  E. McKenna

 

ECONOMICS  307  ENVIRONMENTAL ECONOMICS  The application of economic theory to natural resource use and environmental problems.  Emphasis on the environmental consequences of externalities, a theoretical analysis of policies designed to arrest and control environmental degradation, and the contribution of benefit-cost analysis to environmental problems.

                Prerequisite:  Course 205, or Course 112 and permission of the instructor.  Enrollment limited to 30 students.  G. Visgilio

 

ECONOMICS  314  ANTITRUST ECONOMICS AND POLICY  An economic analysis of antitrust law and policy.  Relevant aspects of foundation statutes such as the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914 will be reviewed with emphasis on the law and economics of monopolization, horizontal restraints of trade, oligopoly and tacit collusion, horizontal and vertical mergers, price discrimination, vertical integration and restraints.

                Prerequisite:  Course 205.  Enrollment limited to 30 students.  G. Visgilio

 

Economics  316  Economic Development of south Asia  Examines the economics of South Asia with a focus on regional development issues.  Emphasis on trends in economic growth, inequality, education, poverty, the informal economy and social welfare.  Country case studies and comparative analyses to examine critically mainstream and alternative economic and political discourse.

                Prerequisite:  Courses 205 and 206.  Enrollment limited to 30 students.  R. Ranasinghe

 

ECONOMICS  317  AN ECONOMIC ANALYSIS OF LAW  Economics and law with special reference to how the law promotes efficiency when it creates incentives for problems to be solved in the most cost efficient way and when it reduces transaction costs so that parties to a dispute can reach low-cost solutions.  Topics will include basic price theory, definitions of efficiency, the Coase Theorem, and the economics of contract law, tort law and antitrust.

                Prerequisite:  Course 205.  Open to juniors and seniors.  Enrollment limited to 30 students.  G. Visgilio

 

ECONOMICS  319  LABOR AND THE INTERNATIONAL ECONOMY  How trends in the world economy in the post-war period have contributed to declining wages, rising inequality, and unemployment, primarily in the U.S., but with some comparison to Europe, Japan, and developing countries.

                Prerequisite:  Courses 111, 112, and 205.  Enrollment limited to 30 students.  C. Howes

 

Economics  322  Game Theory  This course covers the fundamental tools of game theory; extensive form games, normal form games, Nash equilibria, and evolutionary stability.  Game theory contributes to the understanding of social interactions.  We explore such issues as credible and incredible threats and the value of pre-commitment.

                Prerequisite:  Course 205.  Enrollment limited to 30 students.  M. Howard

 

ECONOMICS  324  CORPORATE FINANCE  An introduction to two key decisions:  selection of projects using the net present value rule, and the choice between debt and equity financing.  Topics include decision-making under conditions of risk, the valuation of options, mergers and international finance, limitations of the net present value rule, and valuation of long-term investments.  Assignments include problem sets and case studies for discussion in class.

                Prerequisite:  Courses 205 and 230.  Enrollment limited to 30 students.  Y. Park

 

ECONOMICS  326  ECONOMIC HISTORY/HISTORY OF ECONOMIC THOUGHT:  II  Economic history and the history of economic thought since the French Revolution.  Topics include state building; industrialization, Marxism, imperialism, economic growth, hot and cold wars, conservative, Keynesian, and institutional theories of the economy.  Primary sources are read.

                Prerequisite:  Course 205 or 206.  Enrollment limited to 30 students.  S. Pack

 

ECONOMICS  328  PUBLIC FINANCE  An examination of economic justifications for government activity and the impact of government spending and taxing on the economy.  Analysis of spending programs, such as education, defense, health and social insurance, and the nature and effects of taxes, particularly the personal and corporate income taxes and consumption taxes.  Attention to the roles of different levels of government in a federal system.

                Prerequisite:  Courses 111 and 205.  Enrollment limited to 30 students.  D. Peppard

 

ECONOMICS  330  INTERNATIONAL FINANCE  International finance builds on macroeconomic tools

of analysis and deals with the balance of payments and exchange rate dynamics along with the effectiveness of macroeconomic policy in an open world economy with floating exchange rates.  Theory will be complemented by a survey of the history and political economy of international financial regimes.

                Prerequisite:  Course 206.  Enrollment limited to 30 students.  M. Howard

 

ECONOMICS  332  OPEN ECONOMY MACROECONOMICS FOR DEVELOPING COUNTRIES 

A study of the critical association among openness, macroeconomic stability, and growth in developing countries.  Topics included open-economy models; problems and policy dilemmas with regard to fiscal deficits, money supply, macroeconomic imbalances, external shocks, and capital flows; debt crises, inflation targeting, exchange rates, and macroeconomic management.  Course 332 may include an optional section that will meet for an additional hour each week to discuss supplemental readings in Spanish.  Students participating in the foreign language section will receive one additional credit hour, pass/not passed marking.

                Prerequisite:  Open to juniors and seniors who have taken Course 206.  Enrollment limited to 30 students.  M. Cruz-Saco

 

ECONOMICS  332f  OPEN ECONOMY MACROECONOMICS FOR DEVELOPING COUNTRIES (In Spanish)  This optional section of Course 332 will meet for an additional hour each week to discuss supplemental texts in Spanish.  Students participating in the foreign language section will receive one additional credit hour, pass/not passed marking.  Students electing Course 332f must concurrently register for Course 332.

 

ECONOMICS  336  INDUSTRIAL ORGANIZATION  Theoretical analysis of the structure and interactions of firms and markets.  Emphasis on imperfectly competitive markets and real-world frictions such as limited information, transaction costs, government actions, and barriers to entry by new firms.

                Prerequisite:  Course 205.  Enrollment limited to 30 students.  This course satisfies General Education Area 3.  M. Lopez-Anuarbe

 

ECONOMICS  354  ECONOMETRICS II  Simultaneous equation systems, difference equations, stationary time series models, arch models, maximum likelihood estimation, stochastic trends, unit root processes, and Dickey-Fuller tests.  Extensive use of econometric software and lab facilities, and written projects integrating economics and quantitative methods.  Strongly recommended for students planning to do Individual Study or Honors Study, as well as for students planning to pursue graduate work or a professional career in economics.

                Prerequisite:  Course 230 and Mathematics 112 (or a more advanced calculus course).  Enrollment limited to 20 students.  E. McKenna

 

ECONOMICS  401  THE POLITICAL ECONOMY OF LEGALIZED GAMBLING IN THE UNITED STATES  The history and current status of four important forms of legal gambling in the United States:  lotteries, casinos, Indian gambling, and pari-mutuel betting on horses.  Issues include current policy debates regarding the spread of casino gambling, with a view toward suggesting appropriate public policies, and social and economic effects of these forms of gambling.

                Prerequisite:  Courses 205 and 230.  Open to senior economics majors.  Enrollment limited to 16 students.  D. Peppard

 

ECONOMICS  404  SEMINAR IN ENVIRONMENTAL AND NATURAL RESOURCE ECONOMICS  The application of economic theory to environmental problems and to the use of natural resources, with special reference to cost-benefit analysis, dynamic efficiency, externalities, and public goods.  Current issues such as global warming, acid deposition, fossil fuel use, biodiversity, and environmental justice will be discussed.  Each issue will be analyzed in terms of recent policy changes and their economic implications.

                Prerequisite:  Courses 230 and 307, or permission of the instructor.  Open to seniors.  Enrollment limited to 16 students.  G. Visgilio

 

ECONOMICS  405  SEMINAR IN INFLATION AND UNEMPLOYMENT  A study of the causes of and relationship between inflation and unemployment.  Monetarist, Keynesian, and Post-Keynesian views of inflation and unemployment will be examined in terms of theoretical and policy arguments, the interrelation of inflation and unemployment, and the strengths and weaknesses inherent in each view.

                Prerequisite:  Courses 206 and 230.  Open to senior economics majors.  Enrollment limited to 16 students.  E. McKenna

 

ECONOMICS  406  POLITICAL ECONOMY SEMINAR  Selected readings in national and international political economy.

                Prerequisite:  Courses 205, 206, 230, and one of the following:  210, 234, or 237; or permission of the instructor.  Open to senior economics majors.  Enrollment limited to 16 students.  M. Cruz-Saco, R. Jensen, D. Peppard

 

Economics  407  Economics of Conflict and Cooperation  An introduction to fundamental microeconomic concepts relevant to the generic problem of coordinating social interactions among autonomous actors, with particular attention to conflict, competition, collective action, and coordination failures in capitalist economies.  Emphasis on how the public goods problem is dealt with under various institutional settings.

                Prerequisite:  Course 205 and Mathematics 113 or 212.  Open to senior economics majors.  Enrollment limited to 16 students.  Y. Park

 

ECONOMICS  408  SEMINAR IN LABOR AND THE INTERNATIONAL ECONOMY  Topics include the determination of wages, income, and inequality.  Students will be required to write a substantial paper.

                Prerequisite:  Courses 205, 230, and 319.  Open to senior economics majors.  Enrollment limited to 16 students.  C. Howes

 

ECONOMICS  409  WOMEN AND WORK  An historical overview and economic analysis of the work traditionally done by women, including unpaid labor.  The course addresses the questions of why women are concentrated in a small number of occupations and forms of unpaid labor, why they are paid less than men on average, and how the experience of women of color differs from that of white women.

                Prerequisite:  Courses 205, 206, and 230.  Enrollment limited to 16 students.  C. Howes

 

Economics  414  Gender and Development in latin America  An examination of the relationship between socioeconomic development and gender in Latin America from local, regional, and global perspectives.  Topics include a contrast between rural and urban development, poverty, social inequalities, education, microcredit, international trade and international institutions, social movements, and the informal economy.  This is the same course as Gender and Women’s Studies 414.

                Prerequisite:  Courses 205, 206, and 230, and one of the following:  Economics 228, 234, 237, 306, Gender and Women’s Studies 224; or permission of the instructor.  Enrollment limited to 15 students.  Staff

 

ECONOMICS  416  SEMINAR IN THE HISTORY OF ECONOMIC THOUGHT:  ADAM SMITH AND THE RISE OF ECONOMICS  An intensive study of the work of Adam Smith, his place in the history of economic thought, and the relevance of his work to contemporary society.  Topics include cost plus pricing, supply side economics, the moral desirability of capitalism as a socioeconomic system, and the role of government in the economy.

                Prerequisite:  Courses 205, 206, and 230.  Open to senior economics majors.  Enrollment limited to 16 students.  S. Pack

 

ECONOMICS  430  GLOBALIZATION AND ECONOMIC DEVELOPMENT IN LATIN AMERICA  The promises of globalization, inequality, free trade agreements, foreign direct investment, the role of international financial institutions, and why certain countries are trapped in poverty.  How the “new economy model” in selected countries is affected by current trends in finance and trade, domestic economic policies, and socio-economic and political pressures.  Course 430 may include an optional section that will meet for an additional hour each week to discuss supplemental readings in Spanish.  Students participating in the foreign language section will receive one additional credit hour, pass/not passed marking.

                Prerequisite:  Courses 206 and 230; and one of the following:  224 (Government 224), 234, 237.  Open to junior and senior economics majors, and to others with permission of the instructor.  Enrollment limited to 16 students, with preference given to seniors.  M. Cruz-Saco

 

ECONOMICS  430f  GLOBALIZATION AND ECONOMIC DEVELOPMENT IN LATIN AMERICA  (In Spanish)  This optional section of Economics 430 will meet for an additional hour each week to discuss supplemental readings in Spanish.  Students participating in the foreign language section will receive one additional credit hour, pass/not passed marking.  Students electing Course 430f must concurrently enroll in Economics 430.  M. Cruz-Saco

 

ECONOMICS  291, 292  INDIVIDUAL STUDY

 

ECONOMICS  391, 392  INDIVIDUAL STUDY

 

ECONOMICS  491, 492  INDIVIDUAL STUDY

 

A student wishing to undertake Individual Study should present a proposal to the department by April 15 or November 15 in the semester preceding the Individual Study.  Students must have prior course work in the proposed field of study and must have taken course 230.

 

ECONOMICS  497-498  HONORS STUDY  Students wishing to undertake Honors Study should submit a preliminary proposal to the department by February 15 of their junior year.  A formal proposal is due April 15 of the junior year.  Students must also meet the following requirements:  Courses 111, 112, 205, 206, 230, and two additional courses including prior work in the proposed field of study.