Courses

Econ 100: principles of economics

Principles of economics introduces students to the the basic methods and tools of economics. The first couple of months focuses on how individuals make choices (microeconomics). Essentially, economists see people as operating on relatively simple preferences in response to material (broadly understood) incentives. Despite the associations some may have with the term “economics,” our study of choice will range broadly. How do people decide where to live? How do people choose between different colleges? How do people decide how many children to have? How might economic decisions regarding health outcomes impact the spread of HIV? All of these issues have been the focus of academic research by serious economists and are questions we will explore. In the first half of the course we learn the basics of supply and demand, consumer behavior, firm behavior, and how to think about government policy. In the last months of the course we will focus on the dynamics of entire economies (macroeconomics). What determines the price level in an economy? When should we expect unemployment to rise or to fall? In this half of the course we will learn how to measure an economy’s output, analyze government fiscal policy, and the monetary policies of the Federal reserve. We will also explore the question of why some countries are so rich while others so poor.

Econ 100: summer session principles

See above.

Econ 215: game theory

The study of Game Theory is the study of strategic interdependent decision making. The focus of this class is not exclusively economic, instead we develop a broad range of applications. We will use elements of game theory to analyze military decisions, sociological phenomenon, political institutions, as well as everyday personal interactions. At a more macro level the course will employ the distinction between zero-sum and variable-sum games, along with evolutionary game theory, to analyze the long evolution of human behavior, cooperation and conflict. The course employs cooperative and non-cooperative game theory, solution concepts such as Nash equilibrium and its refinements, signaling games, repeated games under different informational environments, bargaining models, issues of cooperation and reputation, evolutionary game theory. The emphasis is on quantitative modeling and analytical approaches to strategic thinking.

Econ 255: technology, institutions, and economic growth

Why are some countries and/or regions so wealthy while others suffer chronic poverty? To understand the current distribution of global income one must understand economic growth. To understand economic growth one must understand the singular economic event in all of economic history: the Industrial Revolution. Prior to the Industrial Revolution the global distribution of income was largely equal. It is the  growth dynamics started by the Industrial Revolution that have created a situation in which (on average) a person from the United States is roughly seventy times as wealthy as a person from Sierra Leone. Economics 255 places the Industrial Revolution in the context of very long-run economic growth. Starting with economic pre-history, we start by exploring the very first economic revolution, the development of agriculture. Drawing on economic reasoning and models we will analyze the transformation of different economies and economic systems throughout history. Issues include: What determines the relationship between income and fertility? What determines the rate of technological innovation in a given region in a given period? How is it that modern humans have come to develop such widespread networks of trust and cooperation? What explains the dramatic fall in violence over time? The course has a “big picture” focus, covering some 10, 000 years of economic history.

Econ 256: economic history, industrial revolution to modern times

Many argue that history’s singular event is the Industrial Revolution, arguing that there are only two kinds of people to have lived on the planet: those who lived before the Industrial Revolution and those who lived after it. The Industrial Revolution, occurring first in Britain in the 18th century, was a period of economic transformation that ushered in modern economic growth. It was also a period of demographic and political transitions. This course focuses on developing a strong analytical framework to understand the process of economic growth and applying that framework to explore questions related to the origins, implications, and global nature of the Industrial Revolution. The emphasis in on applying basic economic models and concepts to historical questions surrounding the process of industrialization.

Econ 433: senior seminar

This course does good things.

Econ 492: advanced microeconomics

This course explores developments on the frontier of modern microeconomic research. Specifically the course looks at the literature surrounding the issues of: (i) bounded rationality, (ii) dynamic non-linear processes, and (iii) costly contracting. The course has a modeling focus. After researching a topic and drawing out its implications for standard micro-choice theory, different models are developed to explore the implications of augmenting traditional economic assumptions with those that capture modern developments in each of our three areas of study. Specifically, the class explores the application of evolutionary game theoretic techniques to some of the enduring economic questions, e.g., consumer choice, institutional development, rationality, etc. Evolutionary game theory is chosen for its ability to handle non-ergodic models of boundedly rational agents operating in incomplete markets. Classes will be run as a seminar. There will be one assignment a month, no exams, and a research paper. Students will be evaluated on their ability to contribute and lead classroom discussions.