ECON - Economics

ECON 100
Introductory Microeconomics
A study of the principles, concepts, and methods of economic analysis, with a theoretical focus on the behaviors of consumers and firms. Practical applications of the theories cover the free trade debate, market responses to environmental damage, earnings inequality, antitrust legislation, and many other topics. Especially appropriate for those who intend to take additional economics courses. Units: 6.

ECON 120
Introductory Macroeconomics
A study of the principles, concepts, and methods of economic analysis, with a theoretical focus on the determination of national income. Special attention given to governmental expenditure and taxation, monetary policy, inflation, and unemployment. Especially appropriate for those who only want to take one economics course. Units: 6.

ECON 170
Financial Accounting
A study of accounting principles and procedures, leading to a review of financial statements and to an understanding of how accounting data are used to control and evaluate business and economic activities. Units: 6.

Prerequisite: Sophomore standing

ECON 180
Entrepreneurship in the Arts and Society
A broad introduction to entrepreneurship for students in the arts, humanities, and social sciences. This course aspires to give students the tools and the mindset to become agents of innovative, entrepreneurial change, social entrepreneurs or entrepreneurial artists. After presenting a social science view of entrepreneurship, the course will feature faculty from a variety of disciplines as well as practitioners. Units: 6.

Prerequisite: Junior or senior standing

ECON 191
Directed Study in Economics
Directed study follows a syllabus set primarily by the instructor to meet the needs or interests of an individual student or small group of students. The main goal of directed study is knowledge or skill acquisition, not research or creative work. Units: Variable.

ECON 195
Internship in Economics
Applied work with a private firm or public-sector agency in economics, arranged under the direction of an instructor in the department. In each case, the academic credit is based on related readings, reports, and presentations. Units: Variable.

Prerequisite: ECON 300, 320, or 380 Counter Registration Required.

ECON 200
Economic Development
Economic analysis of particular situations and policy questions faced by developing countries. Topics include economic growth and inequality, poverty, demographics, rural-urban transitions, factor and financial markets, and trade policies. Units: 6.

Also listed as Government 276

Prerequisite: ECON 100 or 120

ECON 202
Global Economic Relations
This course covers the major concepts utilized in the field of international political economy. Major issues covered include globalization, monetary policy, trade policy, and the role of international institutions such as the WTO. Units: 6.

Also listed as Government 275

Prerequisite: ECON 100 or ECON 120

ECON 205
Topics in International Economics
The first portion of the course introduces students to the major theoretical foundations and empirical research on international trade. The second portion of the course uses an open economy macroeconomic framework to explain the balance of payments, various exchange rate regimes, and the role of government. Units: 6.

Prerequisite: ECON 100 and ECON 120

ECON 211
In Pursuit of Innovation
This course acquaints students with innovation—its objectives, major characteristics, and likely origins. The course focuses mainly on scientific and /or technological innovation; it will be taught as a joint physics/economics offering. The course will include one or two lectures per week along with student presentations and hard-charging discussion based on readings from books, articles and case studies. Outside resource individuals (in most cases Lawrence alumni) who are well-placed and experienced in innovation will offer advice and guidance to particular student projects. Units: 6.

Also listed as Physics 201

Prerequisite: Two courses in mathematics, or two courses in physics, or two courses in economics, or consent of instructor

ECON 215
Comparative Economic Systems
This course introduces students to the different ways societies have organized economic activity in the past and in the present as well as to how economic and social policy questions are addressed under these different arrangements. Students will study the economies of the Western world, the former Soviet bloc countries, and Asian countries at various stages of economic development. Units: 6.

Prerequisite: ECON 100 or ECON 120

ECON 220
Corporate Finance
An analysis of financial decisions made by firms and the nature of the stock and bond markets from which they fund operations. Topics include financing decisions, capital budgeting decisions under certainty and risk, stock and bond market’s efficiency and bubbles, dividend policy, and debt/equity capital structure. Units: 6.

Prerequisite: ECON 100 and sophomore standing

ECON 225
Game Theory and Applicatons
Game theory studies interactions involving strategic interdependence, i.e. situations in which the outcomes for a particular participant involved depend not only on his or her choices but also on choices of others. After a thorough introduction to game theory, applications to economics, politics and other fields will be presented. Units: 6.

Prerequisite: ECON 100 or ECON 120

ECON 240
Political Economy of Regulation
This course focuses on the tension between politics and expertise that characterize the administrative regulatory state often called "the fourth branch of government." Several competing models of political economy shape an exploration of the continuing evolution of the U.S. regulatory system, the process by which regulations are proposed, written, implemented, and enforced, and the tools used to evaluate the costs and benefits of regulations. Units: 6.

Also listed as Government 277

Prerequisite: ECON 100 or ECON 120

ECON 250
Urban Economics
A study of the development of the urban economy focusing on the interaction among business, household, and governmental decisions that affect the allocation of land. Each offering will apply microeconomic economic analysis to one or more public policy topics, such as urban sprawl, urban economic growth, housing, education, transportation, or crime. Units: 6.

Prerequisite: ECON 100

ECON 270
Public Sector Economics: Taxation Analysis
An analysis of the effects of governmental taxation policies on the allocation of resources and on the distribution of income. Considerable attention to analyzing the equity and efficiency implications of various tax instruments. Units: 6.

Also listed as Government 278

Prerequisite: ECON 100

ECON 275
Public Sector Economics: Expenditure Analysis
This course examines market deficiencies, including externalities and public goods, as well as the policy responses to these deficiencies. Policy selection will be discussed in terms of voting behavior and public-choice theory. The course also will address cost-benefit analysis, governmental subsidies, and specific government programs such as Social Security. Units: 6.

Also listed as Government 279

Prerequisite: ECON 100 or ECON 120

ECON 280
Environmental Economics
An analysis of the problems associated with market and governmental allocation of natural and environmental resources. The course explores the use of externalities, cost-benefit analysis, and various governmental policy tools to analyze actual effects (efficiency and equity implications) of environmental policies on our economy. The course includes extensive analyses of ongoing environmental issues. Units: 6.

Also listed as Environmental Studies 280

Prerequisite: ECON 100; sophomore standing recommended

ECON 285
Natural Resource Economics
This course explores the economics of both exhaustible and renewable natural resource extraction. Topics include oil and mineral extraction, fisheries, forest and water management, and biodiversity. The course includes extensive study of current issues associated with the use of natural resources through a group project Units: 6.

Also listed as Environmental Studies 285

Prerequisite: ECON 100; sophomore standing recommended

ECON 290
The Economics of Medical Care
An analysis of how the economic organization of medical care affects the health and well-being of the population. Topics include who is treated, how much the treatment costs, and who pays the bill. Particular emphasis given to the roles of insurance and various national health policies and reform proposals. Units: 6.

Also listed as Biomedical Ethics 290

Prerequisite: ECON 100 or ECON 120

ECON 300
Microeconomic Theory
A study of the microeconomic foundations of economics. The course focuses on gaining a strong understanding of consumers, firms, and the equilibria in a perfectly competitive economy, with an introduction to microeconomic models that feature market power, externalities, and asymmetric information, the most significant deviations from perfect competition. Units: 6.

Prerequisite: ECON 100 and MATH 140 (recommended) or MATH 130

ECON 320
Macroeconomic Theory
An exploration of contemporary theories of employment, income, inflation, and stabilization as regards the United States and other industrialized countries. Emphasis on the application of models to foster understanding of macroeconomic policy. Units: 6.

Prerequisite: ECON 100 or 120, MATH 130 or 140. ECON 300 is recommended

ECON 380
Econometrics
Statistical techniques and statistical problems applicable to economics, focusing on ordinary least-squares regression, classical inference, and detections of and adjustments for violations of the Classical Assumptions. A research paper is a central part of the course. Units: 6.

Prerequisite: MATH 207, either ECON 100 or 120, plus at least one other applied economics course at the 200 level or higher

ECON 390
Tutorial Studies in Economics
Intermediate readings, discussions, and essays in economic problems of special interest to the student. Units: Variable.

Prerequisite: Counter Registration Required.

ECON 391
Directed Study in Economics
Directed study follows a syllabus set primarily by the instructor to meet the needs or interests of an individual student or small group of students. The main goal of directed study is knowledge or skill acquisition, not research or creative work. Units: Variable.

ECON 395
Internship in Economics
Applied work with a private firm or public-sector agency in economics, arranged under the direction of an instructor in the department. In each case, the academic credit is based on related readings, reports, and presentations. Units: Variable.

Prerequisite: ECON 300, 320, or 380 Counter Registration Required.

ECON 399
Independent Study in Economics
Intermediate research on a topic of the student’s choice, organized in consultation with an instructor. Units: Variable.

Prerequisite: Counter Registration Required.

ECON 400
Industrial Organization
An analysis of behavior in industrial markets where firms’ revenues or costs are interdependent. Introduces game theory, the mathematics of interdependent choices. Units: 6.

Prerequisite: ECON 300

ECON 410
Advanced Game Theory and Applications
This course develops game theory, the science of strategic interaction, i.e., interdependent individuals seeking to promote their self interest, with applications in economics, biology, and philosophy. The mathematical nature of game theoretic models will be reflected in a focus on problem solving. Units: 6.

Prerequisite: ECON 300 and either ECON 225 or consent of instructor

ECON 420
Money and Monetary Policy
An examination of the role of money in market economies and its influence on the performance of such economies. This course emphasizes the role of central banks, financial institutions, and global capital flows. Units: 6.

Prerequisite: ECON 320

ECON 425
Entrepreneurship and Financial Markets
This course adds the dimension of entrepreneurship for majors to the economics curriculum at Lawrence. Though the course emphasizes entrepreneurial and innovative activity in financial markets, it begins with a discussion of entrepreneurship in general. The course will rely heavily on the expertise of invited speakers, many of whom will advise student teams on projects for the course. Units: 6.

Prerequisite: ECON 300, ECON 320, and either ECON 170 or ECON 220

ECON 430
Capital and Growth
An examination of the determinants of long-term economic growth and productivity. Particular attention given to the role of capital, international competitiveness, savings, tangible investment, and the role of public policy in all such areas. Units: 6.

Prerequisite: ECON 300 and 320

ECON 440
Public Expenditure
A study of governmental expenditures in the American economy and of ways to evaluate their effects on economic efficiency and on the distribution of income. Units: 6.

Prerequisite: ECON 300

ECON 450
Economics of the Firm
Even in a “market” economy, the preponderance of economic activity is carried out through firms and other organizations. The course examines economic theories of the firm, and explores some of the canonical questions, such as why are their firms, how the separation of ownership and control of a firm shapes decision making, what determines the boundary between organizations and markets (e.g., make-or-buy decisions), what types of firms are most innovative, and how new technologies affect organizational structure. The central concepts are fleshed out by examining business firms, as well as not-for-profit enterprises, political parties, and government agencies. Units: 6.

Prerequisite: ECON 300

ECON 460
International Economics
An inquiry into the historical and theoretical foundations of international trade, leading to a critical analysis of contemporary problems and policies. Units: 6.

Prerequisite: ECON 300 and 320

ECON 470
Labor Economics
A survey of labor economics that covers wage determination, minimum wages, employment and welfare policies, education and on-the-job training, earnings inequality, and worker migration and turnover. A research paper is a central part of the course. Units: 6.

Prerequisite: ECON 300 and ECON 380

ECON 480
Advanced Environmental Economics
Course content incorporates the substantive topics raised in Economics 280 but with more analytical breadth and depth. Students use microeconomic tools to understand the existing academic literature and to address the efficient use of natural and environmental resources. Units: 6.

Also listed as Environmental Studies 480

Prerequisite: ECON 300

ECON 490
Law and Economics
Along with an introduction to legal analysis, a study of the political economy of four core areas of the law: property, contracts, torts, and crime and punishment. Applies rational-choice theories to both economic and political decisions involving the law. Introduces game theory, the mathematics of interdependent choices. Units: 6.

Prerequisite: ECON 300 or consent of instructor

ECON 495
Advanced Topics in Economics
Topics will vary with instructor and year; thus, if the substance of the course changes, students may take Advanced Topics more than once. Each offering will employ analytical techniques developed in the intermediate-level courses (Economics 300, 320, and 380.) Substantive topics might include, but would not be limited to, economics of the arts, economics of sports, computational finance, international finance, public sector economics, economics of the environment, and studies of specific industries.

Topic for Fall 2009: Applied Financial Economics Units: 6.

Prerequisite: ECON 300, 320, and 380

ECON 500
Advanced Microeconomics
Advanced topics in microeconomics that prepare students for a first graduate course in microeconomics. Units: 6.

Prerequisite: ECON 300; MATH 300 or 310 recommended

ECON 520
Advanced Macroeconomics
Advanced topics in macroeconomics that prepare students for a first graduate course in macroeconomics. Units: 6.

Prerequisite: ECON 300, 320, and 380

ECON 550
Social Choice Theory
Social choice theory is about collective choice: how the different preferences of a group of people could or should be reconciled to produce a collective decision. Examples of such collective choices abound in economics, politics and everyday life. Topics include understanding and evaluating various voting methods and Arrow’s Impossibility Theorem. Units: 6.

Prerequisite: ECON 300; MATH 300 recommended

ECON 590
Tutorial Studies in Economics
Advanced readings, discussions, and essays in economic problems of special interest to the student. Units: Variable.

Prerequisite: Counter Registration Required.

ECON 591
Directed Study in Economics
Directed study follows a syllabus set primarily by the instructor to meet the needs or interests of an individual student or small group of students. The main goal of directed study is knowledge or skill acquisition, not research or creative work. Units: Variable.

ECON 595
Internship in Economics
Applied work with a private firm or public-sector agency in economics, arranged under the direction of an instructor in the department. In each case, the academic credit is based on related readings, reports, and presentations. Units: Variable.

Prerequisite: ECON 300, 320, or 380 Counter Registration Required.

ECON 599
Independent Study in Economics
Advanced research on a topic of the student’s choice, organized in consultation with an instructor. Students considering an honors project should register for this course. Units: Variable.

Prerequisite: Counter Registration Required.

ECON 690
Tutorial Studies in Economics
Advanced readings, discussions, and essays in economic problems of special interest to the student. Units: Variable.

Prerequisite: Counter Registration Required.

ECON 691
Directed Study in Economics
Directed study follows a syllabus set primarily by the instructor to meet the needs or interests of an individual student or small group of students. The main goal of directed study is knowledge or skill acquisition, not research or creative work. Units: Variable.

ECON 695
Internship in Economics
Applied work with a private firm or public-sector agency in economics, arranged under the direction of an instructor in the department. In each case, the academic credit is based on related readings, reports, and presentations. Units: Variable.

Prerequisite: ECON 300, 320, or 380 Counter Registration Required.

ECON 699
Independent Study in Economics
Advanced research on a topic of the student’s choice, organized in consultation with an instructor. Students considering an honors project should register for this course. Units: Variable.

Prerequisite: Counter Registration Required.

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