Global Arc

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.

This course builds on your knowledge of microeconomics from ECO 100. The general themes are (1) choices made by individual consumers and firms, (2) equilibrium from the interaction of these choices in markets or similar institutions, and (3) the role of government policy in improving economic outcomes. In each case, the analysis will be more in depth than it was in ECO 100. Some new concepts and techniques will be developed, especially for studying behavior under uncertainty, and strategic interactions (game theory).Prerequisites: 100, MAT 175 or equivalent. Two 90-minute lectures, and one precept.

The determinants of national income, unemployment, inflation, interest rates and exchange rates. Includes analyses of business cycles, monetary and fiscal policies, consumption, investment, economic growth, and issues in international monetary macroeconomics. Two lectures, one precept. Prerequisites: ECO100 and ECO101.

The objective of this course is to prepare students for basic empirical work in economics. In particular, topics will include basic data analysis, regression analysis, testing, and forecasting. Students will be provided with the opportunity to use actual economic data to test economic theories. Prerequisites: 100 or 101, and 202, or ORF 245; MAT 103 or equivalent. Two 90-minute classes and one precept.

This course is an introduction to experimental economics: its methods and some recent applications, both in the laboratory and the field. Rather than rely on a standard textbook, students will be expected to read and analyze current research in experimental economics. The course will provide a summary of recent experimental findings in different areas, and explain how to gather and analyze data using experimental methods. Students will be asked to develop ideas for their own experiment. This course will require critical writing and thinking and active class participation, as well as familiarity with basic econometric methods.