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Professors: Geoffrey A. Jehle, David A. Kennett (Chair), Alexander M. Thompson
III (Dean of Studies); Associate Professors: Lawrence A. Herbstab, Shirley B. Johnson-Lans, Paul A. Johnsonab, William E. Lunt; Assistant Professors: Fred A. Bellemore, Christopher P. Kilby, John Z. Smith; Visiting Assistant Professor: Robert E. Prasch III; Adjunct Lecturer: Frederick Van Tassell III.
ab Absent on leave for the year.
Requirements for Concentration: at least 11 units of graded economics credit normally composed
of 100, 101, 200, 201, 209, and 6 other graded units (excluding
Economics 120) at least three of which must be at the 300 level
and must include either 301 or 305a-306b. Credit for 305 cannot
be used to satisfy the requirements for the concentration unless
306 is also taken. At least 6 units must be taken at Vassar including
2 at the 300 level. Students must also complete at least 1 unit
of college level calculus such as Mathematics 115, 140, or equivalent.
Students are strongly encouraged to complete this requirement
early in their college careers. All exceptions to the normal program
require special permission from the department chair.
Requirements for Departmental Honors: To be eligible for departmental honors, students must take the
Senior Seminar in Economics 305a-306b, and must perform work of
a high standard in the seminar and in their other courses.
It is strongly recommended that all students intending to spend
junior year abroad take Economics 200, 201, and 209 by the end
of their sophomore year.
Economics and Your CareerA Guide to Designing Programs of Study
in
Economics at Vassar recommends sequences of study for students planning to work right
after graduation, and for those planning to attend graduate or
professional schools. It is available in the department office.
Senior-Year Requirement: Economics 301 or Economics 305a-306b.
Advisers: The department.
Correlate Sequence: The economics department offers a correlate sequence which designates
coherent groups of courses intended to complement the curricula
of students majoring in other departmental, interdepartmental,
and multidisciplinary programs. Four options are currently available
within the correlate sequence in economics:
International Economics, coordinated by Mr. Kennett.
Political Economy, coordinated by Mr. Prasch.
Public Policy, coordinated by Ms. Johnson-Lans
Quantitative Economics, coordinated by Mr. Lunt.
Courses within each option should be chosen in consultation with
the coordinator of that sequence. Students pursuing the correlate
sequence in economics are required to complete a minimum of six
courses in the department, including at least one at the 300 level
and at least two from the following three courses: Economics 100,
Economics 101, Economics 102. Additional requirements for each
of the options are detailed in Correlate Sequences in Economics, available in the department office.
I. Introductory
100a or b. Introduction to Macroeconomics (1)
An introduction to economic concepts, emphasizing the broad outlines
of national and international economic problems. Students learn
the causes and consequences of variations in gross national product,
unemployment, interest rates, inflation, the budget deficit, and
the trade deficit. The course also covers key government policy-making
institutions, such as the Federal Reserve and the Congress, and
the controversy surrounding the proper role of government in stabilizing
the economy. The department.
101a or b. Introduction to Microeconomics (1)
An introduction to economic concepts emphasizing the behavior
of firms, households, and the government. Students learn how to
recognize and analyze the different market structures of pure
competition, imperfect competition, oligopoly, and monopoly. The
course also covers theories of how wages, rent, interest, and
profits are determined. Special attention is given to controversies
over the proper role of government in regulating markets, issues
of poverty and economic inequality, and environmental degradation.
The department.
102b. Introduction to Marxian Economics (1)
The course is an analytical and critical introduction to Marx's
analysis of capitalism. Readings include selections from the works
of Marx and Engels and from the works of contemporary Marxian
writers and critics of Marx. There is a special emphasis on Volume
I of Capital. Topics include: the labor theory of value; commodity fetishism;
alienation; the production of surplus value; Marx's theory of
money; Marx's theory of capital accumulation. The relevance of
Marx's analysis to contemporary capitalism is explored. Mr. Thompson.
Open to all classes.
103a. Markets and Politics (1)
What role should the state play in today's market economy? Serious
efforts to answer this important and timeless question immediately
encounter some of the most fiercely debated controversies in economics:
is a market system "progressive"? Can it be self-coordinating?
Does a market system generate internal forces which lead to its
inevitable demise? Can the state correct problems markets create,
or is the state, itself, the problem? To explore these issues
we examine original texts by some of the most important thinkers
ever to have addressed them. Readings include works by Adam Smith,
Karl Marx, John Commons, Joseph Schumpeter, John Maynard Keynes,
and Friedrich von Hayek. Mr. Prasch.
Open to freshmen only.
120b. Principles of Accounting (1)
Accounting theory and practice, including preparation and interpretation
of financial statements. Mr. Van Tassell.
Open to all classes.
II. Intermediate
200a or b. Macroeconomic Theory (1)
A structured analysis of the behavior of the national and international
economies. Alternative theories explaining the determination of
the levels of GNP, unemployment, the interest rate, the rate of
inflation, exchange rates, and trade and budget deficits are considered.
These theories provide the basis for discussion of current economic
policy controversies. The department.
Prerequisites: Economics 100 and 101.
201a or b. Microeconomic Theory (1)
Economics is about choice, and microeconomic theory begins with
how consumers and producers make choices. Since economic agents
interact in markets, we carefully examine the role markets play
in allocating resources. Theories of perfect and imperfect competition
are presented, emphasizing the relationship between market structure
and market performance. General equilibrium analysis is introduced,
and efficiency and optimality of the economic system are examined.
Causes and consequences of market failure are also considered.
The department.
Prerequisites: Economics100, 101 or permission of instructor.
202b. Topics in Political Economy (1)
In this course economics is presented in its full context as competing
visions of the "Good Society" including classical liberalism,
modern liberalism, market socialism, and communism. Lectures and
readings are based on a close examination of classic arguments
and texts. Mr. Prasch.
Prerequisite: One economics course.
[204a. The Economics of Gender] (1)
An analysis of gender differences in income, earnings, and employment
and of gender as a determinant of the division of labor within
the family in the United States and elsewhere. Topics include
occupational segregation, discrimination, and the role of "protective
legislation"; the economics of marriage, divorce, and property
rights; and the economic controversies over sex in the marketplace,
specifically in the cases of prostitution, pornography, and surrogate
motherhood. Ms. Johnson-Lans.
Prerequisite: Economics 101.
Not offered in 1999/00.
209a or b. Probability and Statistics (1)
This course is an introduction to statistical analysis and its
application in economics. The objective is to provide a solid,
practical, and intuitive understanding of statistical analysis
with emphasis on estimation, hypothesis testing, and linear regression.
Additional topics include descriptive statistics, probability
theory, random variables, sampling theory, statistical distributions,
and an introduction to violations of the classical assumptions
underlying the least-squares model. Students are introduced to
the use of computers in statistical analysis. No prior experience
with computers is assumed. The department.
Prerequisites: Economics 100, 101 or permission of instructor.
210a. Econometrics (1)
This course equips students with the skills required for empirical
economic research in industry, government, and academia. Topics
covered include simple and multiple regression, maximum likelihood
estimation, multicollinearity, heteroskedasticity, autocorrelation,
distributed lags, simultaneous equations, instrumental variables,
and time series analysis. Extensive use is made of the computer,
although no prior experience with computers is assumed. The department.
Prerequisites: Economics 209 or an equivalent statistics course.
Recommended: Economics 100, 101.
212a. Sports Economics (1)
Professional sports in the United States are multibillion dollar
businesses. This course explores the economic aspects of professional
sports teams and leagues from their inception to the present.
The economic content of legal issues such as antitrust, free agency,
and franchise mobility are explored. Particular attention is placed
on the development of rival leagues and the dynamics of player
salaries over time. Additional topics include: revenue sharing
and salary caps, public financing of stadia, collective bargaining
and players' unions, and racial discrimination in professional
sports. Mr. Smith.
Prerequisite: Economics 101.
215b. The Science of Strategy (1)
Strategic behavior occurs in war, in business, in our personal
lives, and even in nature. Game theory is the study of strategy,
offering rigorous methods to analyze and predict behavior in strategic
situations. This course introduces students to game theory and
its application in a wide range of situations. The course begins
by examining when and how people contend and cooperate. The students
learn how to model conflict as an abstract game, and develop skills
in the fine art of solving games. The course stresses applications,
and these are drawn from the fields of political science and mathematics,
as well as from many branches of economics. Instructor to be announced.
Prerequisites: Economics 100 or 101.
220a. The Political Economy of Health Care (1)
Economic models are applied to the contemporary problems of financing
and providing health care in a climate of increasing demand and
rising costs. Topics include the role of health care insurance,
both public and private; and the effects of changes in medical
technology; the age distribution of the population; and market
structure in the health care industry. A comparative study of
several other countries' health care systems are included. Ms.
Johnson-Lans.
Prerequisite: Economics 101 or permission of instructor.
225b. Financial Markets, Banking, and Monetary Policy (1)
The operation, performance, and efficiency of financial markets
and institutions are explored in this course. Further, the role
of government intervention in financial marketsthrough both regulation
and monetary policyis considered. The course is organized into
four sections: the financial system; financial markets and institutions;
the implementation of monetary policy; and linkages between financial
markets and goods markets in macroeconomic analysis. In studying
the financial system, interest rate determination, financial instruments,
portfolio choice, and market efficiency are discussed. Next, financial
intermediation, commercial bank operation, and the role of information
within financial markets are considered. Operation of the Federal
Reserve system is reviewed in the section on monetary policy implementation,
and the course concludes with an investigation of the role of
financial instruments and institutions in influencing economic
activity. Topics vary based on current developments, but include:
the role of monetary policy in the Great Depression; consequences
of government regulation and deregulation of financial intermediaries;
case-study analyses of the S&L crisis and the Resolution Trust
Corporation; and the impact of financial innovations such as junk
bonds and derivatives. Mr. Smith.
Prerequisite: Economics 100. The requisite mathematical and statistical
concepts are developed within the course.
238b. Law and Economics (1)
Economic analysis of legal rules and institutions. Topics are
selected from among the following: environmental law, property
rights, antitrust policy, mergers and acquisitions, regulation,
administrative law, discrimination, malpractice, liability, and
criminal law. There are references to the common law of property,
torts, and contracts. The department.
Prerequisite: 101
245b. Public Economics (1)
This course considers the effects that government expenditure,
taxation, and regulation have on people and the economy. Attention
is given to how government policy can correct the many failures
of the free market system. Topics include the effect taxes have
on consumption and employment decisions, the U.S. income tax system,
income redistribution, regulation of monopolies, budget deficits,
military spending, environmental policy, health care, education,
voting, housing policy, social security, and the U.S. "safety
net." Mr. Bellemore.
Prerequisites: Economics 101.
248a. International Trade and the World Financial System (1)
A policy-oriented introduction to the theory of international
trade and finance. The course introduces basic models of trade
adjustment, exchange rate determination and macroeconomics adjustment,
assuming a background of introductory economics. These are applied
to the principle issues and problems of the international economy.
Topics include the changing pattern of trade, fixed and floating
exchange rates, protectionism, foreign investment, the Euro-dollar
market, the role of the GATT, the IMF and World Bank, the European
Community, the debt crisis, the North-South debate, and foreign
aid. Mr. Kennett.
Prerequisites: Economics 100 and 101. Not open to students who
have completed Economics 345 or 346.
260b. The Economics of Imperialism (1)
A study in economic history and economic thought related to the
rise of European imperialism and its aftermath. Attention is given
to the impact on both the colonized nation and the colonizer,
and to the relationship between economic thought and policy. Topics
covered include the Spanish and Portuguese empires, systematic
colonization, the late Victorian division of Africa, U.S. expansionism,
and Japanese imperialism. Marxian and competing models are examined
in historical context. The course concludes with a discussion
of the postwar decolonization and the changing nature of twentieth-century
dependency. Mr. Kennett.
Prerequisites: Economics 100 and 101 or 102.
267a. Environmental and Natural Resource Economics (1)
(Same as Science, Technology, and Society 267) This course examines
environmental and natural resource issues from an economic perspective.
Environmental problems and controversies are introduced and detailed,
and then various possible policies and solutions to the problems
are analyzed. Economic analyses will determine the effectiveness
of potential policies and also determine the people and entities
which benefit from (and are hurt by) these policies. The goal
is for students to develop a framework for understanding environmental
problems and then to learn how to analyze policy actions within
that framework. Topics include water pollution, air pollution,
species protection, externalities, the energy situation, and natural
resource extraction. Mr. Bellemore.
Prerequisite: Economics 101 or permission of instructor.
268a. Economic Development in Less Developed Countries (1)
Analysis of the central issues in economic development including
growth, structural transformation, inequality, and the standard
of living. The course begins with a survey of current conditions
(per-capita income, productivity, inequality, poverty, health,
and education) in less developed countries. The history of development
theory from the 1940s to the present and the evolution of development
theory from "big push" to "export-led growth" are reviewed with
examples from the three focus countries. This sets the stage for
exploring current topics including household decision-making in
agriculture, migration, fertility, and the role of the state,
politics, and international aid. Mr. Kilby.
Prerequisites: Economics 100 and 101.
269b. Political Economy of Development Aid (1)
The course examines political and economic aspects of international
development assistance. From its origins in the Marshall Plan
at the end of World War II, development aid has undergone a series
of transformations in terms of philosophical orientation, economic
justification, and practical implementation. The course explores
this evolution, presenting a range of topics: the history of aid;
the economic and political impact of aid; multilateral, bilateral
and nongovernmental aid institutions; project aid and project
appraisal; structural adjustment lending and the debt crisis;
political and economic motives of aid donors and recipients; and
technological bias in development projects. Mr. Kilby.
Prerequisites: Economics 100 or 101.
III. Advanced Courses
303b. Advanced Topics in Microeconomics (1)
This course introduces students to modern theoretical methods
in microeconomics and their application to advanced topics not
typically addressed in Economics 201. Topics vary from year to
year at the discretion of the instructor, but typically include:
modern approaches to consumer and producer theory, economics of
uncertainty, general equilibrium theory, and welfare analysis.
Mr. Jehle.
Prerequisites: Economics 201 and Mathematics 140, or equivalent,
or permission of instructor.
[304a. Advanced Topics in Macroeconomics] (1)
This course examines some recent theoretical and applied work
in macroeconomics. Topics vary from year to year but are likely
to include consumption, investment, and new-Keynesian models of
fluctuations. Economic growth is also studied, with an emphasis
on the relationships between income distribution and growth. The
requisite dynamic optimization methods are developed during the
course. Mr Johnson.
Prerequisites: Economics 200, 201, 209, and Mathematics 140 or
equivalent, or permission of instructor. Economics 210 recommended.
Not offered in 1999/00.
310b. Advanced Topics in Econometrics (1)
Analysis of the classical linear regression model and the consequences
of violating its basic assumptions. Topics include maximum likelihood
estimation, asymptotic properties of estimators, simultaneous
equations, instrumental variables, limited dependent variables
and an introduction to time series models. Applications to economic
problems are emphasized throughout the course. Mr. Lunt.
Prerequisites: Economics 210 and one year of calculus. Mathematics
224 recommended.
320b. Labor Economics (1)
An examination of the theory and operation of labor markets. Topics
include demand and supply for labor, a critical analysis of human
capital theory and signaling theory, the determinants of occupational,
wage, and employment level differences both cross-sectionally
and over time, unions, theories of labor market discrimination
and segregation, and public policy issues including welfare reform
and the effects of minimum wages. Ms. Johnson-Lans.
Prerequisites: Economics 101 and 209. Economics 201 strongly recommended.
345a. International Trade Theory and Policy (1)
The course examines classical, neoclassical, and modern theories
of international trade, as well as related empirical evidence.
Topics included are: the relationship between economic growth
and international trade; the theory and practice of commercial
policy; the theory of customs unions; international factor movements;
trade between unequal partners; trade under imperfect competition.
Mr. Jehle.
Prerequisite: Economics 201.
346b. International Monetary Theory and Policy (1)
The course is devoted to the problems of balance of payments and
adjustment mechanisms. Topics include: the balance of payments
and the foreign ex-change market; causes of disturbances and processes
of adjustment in the balance of payments and the foreign exchange
market under fixed and flexible exchange rate regimes; issues
in maintaining internal and external balance; optimum currency
areas; the history of the international monetary system and recent
attempts at reform; capital movements and the international capital
market, particularly the Eurodollar market. Mr. Johnson.
Prerequisite: Economics 200.
355a. Industrial Organization (1)
This course examines the external behavior of firms under conditions
of imperfect competition. Asymmetry and heterogeneity among firms
are explicitly recognized. Inefficient, strategic, and illegal
behavior of firms is discussed. Game theory is introduced and
applied to study entry, pricing, output, capacity, and quality
choices that firms must make. The role of information in firm
and market performance is also studied, with particular attention
to its implications for advertising and research and development.
Finally, the role of the government in the supply of information,
in regulation, and in antitrust enforcement is evaluated. Instructor
to be announced.
Prerequisites: Economics 201.
356b. Topics in Industrial Organization (1)
This course extends the analysis begun in Economics 355 by examining
issues in much greater detail. Where the emphasis of 355 is on
surveying the field of Industrial Organization and learning the
basic models of firm behavior, the emphasis of 356 is on applying
the understanding from those models to real world situations through
detailed case studies. Instructor to be announced.
Prerequisites: Economics 355 or permission of instructor. Economics
209 and 210 will be useful for some case studies and are recommended.
367b. Comparative Economics (1)
A study of different economic systems, institutions, and processes.
We begin with a comparison of industrialized market economies,
and focus on the role of corporations in the U.S., industrial
policy in Japan, and the process of privatization in the U.K.
A brief overview of the Marxist critique of capitalism follows,
along with a discussion of the centralized planned economy. Pre-perestroika
USSR is used for a case study. The transition from a centralized
planned economy to a market economy is closely studied, with a
special focus on Poland and Hungary. Alternatives to both market
and planned systemssuch as worker self-management, market socialism,
and social democracyare also explored with emphasis on the experience
of Yugoslavia and Sweden. Mr. Kennett.
Prerequisites: at least 2 units of Economics at or above the 200-level.
370a. History of Economic Thought (1)
A systematic study of the development of economic thought from
early times to the present; emphasis is placed on the study of
European and American economists of the eighteenth, nineteenth,
and twentieth centuries; the political, social, and cultural context
of the development of economic thought is highlighted. The department.
Prerequisites: Economics 100, 101, and 2 units of 200-level work
in Economics.
One 2-hour period.
371a. Alternative Economic Theories and Perspectives (1)
This course develops the theoretical foundations of alternative
schools of economic thought (e.g. Marxist, post-Keynesian, Institutionalist,
& Austrian) and applies them to theoretical and policy issues.
From these theoretical perspectives the course then reexamines
"structural adjustment" policies in the Third World, free trade,
consumer theory, the principles of economic growth, the operation
of theory of financial markets, and the contemporary resurgence
of "neoliberal" economic policies both here and abroad. Mr. Prasch.
Prerequisites: Economics 201 or 200.
IV. Senior Courses
301a or b. Senior Exercise in Economics (1/2)
Students enrolled in this course undertake the structured analysis
of an article-length work from the economics literature under
the supervision of a department member. This opportunity for substantive
culminating work in economics is intended to deepen the student's
understanding of their discipline and encourages the student to
draw together elements of four years' education in economics.
The department.
Prerequisites: Economics 200, 201, 209.
305a.-306b. Senior Seminar in Economics (1)
Students must write an independent research paper on a topic to
be agreed upon with the seminar instructor. These topics should
be discussed with the instructor prior to registration. For any
credit for the major, students must complete both 305a and 306b.
The department.
One 2-hour period.
V. Other
290a or b. Field Work (1/2 or 1)
Individual or group field projects or internships. One-half unit
for 60 hours of work. The department.
May be elected during the college year or during the summer.
Prerequisite or corequisite: a course in the department. Permission
required.
Unscheduled.
298a or b. Independent Work (1/2 or 1)
399a or b. Senior Independent Work (1/2 or 1) |
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