Global Arc

Using applied microeconomic theory and case studies, this course examines the impact of digital technology on markets. In a connected market, information is freely and instantly available to all participants. We ask how these features affect the way markets function. Topics include the economics of platform markets and multisided markets, the impact of the internet on the news media, education, health care and new industries, such as big-data driven industries, social networks, technological innovation and intellectual property, internet security, privacy and other regulatory issues.

Foreign exchange markets and balance-of-payments accounts. Effects of incomes, prices, interest rates, and exchange rates on trade and capital flows. Effects of exchange rate arrangements and capital mobility on macroeconomic policies. Current policy issues: exchange rate management, macroeconomic policy coordination, managing currency crises, the roles of international institutions.

Hunger and under-nutrition are widespread in poor countries while an obesity crisis is growing in rich countries. Rural-urban income inequality occurs throughout the world and farming and food industry practices everywhere have significant adverse effects on public health and the environment/climate. What are the economic causes of these problems? Are agricultural, food, nutrition and environmental policy measures currently proposed to deal with these problems effective? This course uses theoretical and empirical economic analysis to study the agricultural and food sector and related government policies in rich and poor countries.

The course explores the increasing weight of Asia in global financial markets. It frames the discussion in the context of the globalization of financial markets, with emphasis on concepts of economic development, institutional reform of markets, and public and private market investments. Discussions combine analysis of historical trends and recent events with insights from practical experience in Asian markets. Particular focus is devoted to China and Japan. The course explicitly considers China's gradual shift toward a capital market-based financial system and prospects for the development of the renminbi into an international currency.

Economics is the study of the allocation of scarce resources. The subject of this course is microeconomics, which examines the decision making of individuals and firms with regard to consumption, production, and allocation of good and services in a market system. We examine the benchmark "perfectly competitive" market setting as well as market settings that are not perfectly competitive. We discuss the appropriate role of government in addressing these "market failures". Two one-hour lectures, and one precept.

The theory, and some of the evidence, of how and why national economies fluctuate, with periods of boom and bust, and periods of high and low inflation. Substantial emphasis is given to fiscal policy and monetary policy and the ensuing recessions in the US and abroad. Attention is also paid to international economic issues and to problems of economic growth. Special attention will be paid to the effects and implications of the pandemic and its aftermath for the economy and for policy. Two lectures, one precept.

This course covers the mathematical methods used in more advanced economic analysis, for example in ECO 310/311. Topics include real analysis, linear algebra, multivariable calculus and optimization, basic probability theory and stochastic processes, as well as an introduction to dynamic programming.

An introduction to probability and statistical methods for empirical work in economics. Descriptive statistics, probability, random variables, sampling, estimation, confidence intervals, hypothesis testing, introduction to the regression model. The class uses STATA as statistical software package. Prerequisite: MAT 103. Two 90-minute classes, one precept.

This course will provide a practical understanding of financial and managerial accounting. Topics include: familiarization with accounting concepts generally used in preparing financial reports; learning to read and analyze financial statements; and how to differentiate between financial reports prepared for investors and those prepared for management to use in controlling company operations.

This course will introduce students to the economics of the music industry. The music industry will be very broadly defined, encompassing genres from Rock and Roll to classical music, and activities from music lessons to live concerts and digital recordings. Economic incentives influence virtually all aspects of the music business, from the music that is produced to the devices that carry it for listeners, and from the amount of touring that bands do to the prices that fans pay to attend a live performance. The music industry also provides a unique laboratory for studying of a market that is undergoing rapid technological disruption.