Economics Course Descriptions

A first course in economics focusing on the basic analytical framework used by contemporary economists. The central topics typically include supply and demand, market competition, market power, incomplete markets (e.g., externalities and public goods), trade, and taxation. Classroom experiments are frequently employed to develop economic intuition.

This course applies principles of economics and political science to environmental issues, including pollution, resource limitation, and environmental degradation. It is designed to foster an understanding of the environmental policy-making and regulatory process in the United States and globally.

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: ECON 300, 320, or 380; To register student must complete the Student Initiated Course Form with consultation of supervising instructor

This course seeks to provide students with a broad based understanding of economic development and the choices countries face. To obtain such an understanding, students will read the works of contemporary economists who provide a variety of approaches to poverty alleviation and the tradeoffs that must be confronted. Emphasis will be placed on close reading, class discussion, and on writing a number of papers that compare and contrast different views of economic development. PREREQUISITES: ECON 100

This course covers the major concepts utilized in the field of international political economy. Major issues covered include debates about globalization, trade policy and free-trade agreements, monetary policy and currency regulation, aid and development, immigration policy and labor migration, global corporations, and international institutions such as the World Bank, IMF, and WTO. PREREQUISITES: Sophomore standing and ECON 100. GOVT 140 or GOVT 340 recommended.

This course combines economic theory, policy and historical accounts to understand the forces shaping Latin American economic development. Students will gain an understanding of major theories and trends in Latin American development while analyzing specific development issues, including equitable growth, agriculture, migration, gender equity, education, and health. Students will complete thoughtful critiques of readings, problem sets analyzing real data, and in-depth evaluations of specific issues. PREREQUISITES: ECON 100

Effective altruism acknowledges that individuals want to help others while examining the most effective ways to do so. Taking a global approach that draws on development, health and experimental economics, this course compares differences in relative welfare and opportunity and evaluates the effectiveness of causes like health interventions, cash transfers, and gender equity. Emphasis placed on close reading problem sets, quizzes, research papers and discussions. PREREQUISITES: ECON 100

This course aims to develop an understanding of international economic issues and policies in open economies. The course will provide a general body of knowledge on topics such as gains from trade; patterns of trade; effect of trade on welfare; exchange rate policy regimes; international organizations; financial crises; and the effect of government policies on trade and the exchange rate. You will get exposed to economic modeling and learn analytical tools that can be applied to understand the changing world economy and analyze problems in international economic policy. You are encouraged to explore the potential and limitations of international economics in dealing with real-world problems. This course will assist you in improving your economic writing skills as well as your ability to read critically and understand discussions on international economic issues in the press. PREREQUISITES: ECON 100

Students engaged in this course will have the opportunity to do field research in a developing country. Each student will develop and implement a project that concerns a political, economic, social, or environmental issues that is important in the country visited. Past Field Experiences have taken place in Sierra Leone, Ghana, Jamaica, and Morocco. Students will also have the opportunity to learn from both national and local leaders in the country of research, and to participate in community engaged learning through volunteer activities. Class members will actually travel during either winter or spring break. Students should register for ECON 206 in the term prior to the planned travel. They should also register in the subsequent term, when they will present their research to the wider Lawrence community.

Location for 2021-22: Students will travel to a to be determined location during spring break (March 2022).. Admission is by application to Prof. Skran. Students should register for both winter and spring terms 2022.

Planned Location for 2022-23 To be determined PREREQUISITES: ENST 300, GOVT 248, GOVT 500 and RLST 240

A "market" is often a supply-demand graph in economics. Outside economics classes, markets are vibrant, bustling centers of community life, meeting places, crossroads, and, of course, places of exchange. And London, with its many markets of all kinds, is the perfect place to put real markets into "market economics." This course serves as an introduction to market economics through the lens of actual, real-world markets.

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. PREREQUISITES: ECON 100

Britain is the birthplace of industrial capitalism and of modern economics. But the roots of socialism also lead us to Britain. The Poor Laws are precursors of the welfare system. A number of important socialist authors were British or wrote in and about Britain, and the British labor movement has a rich history. In this course, we will explore the development of capitalism, the evolution of the welfare system, the labor movement, and socialist proposals in Britain.

This course introduces students to money, banking, and financial markets. We will discuss topics including the functions of money, the monetary system, bank management, the behavior of financial markets, the risk and term structure of interest rates, and the role of United States financial institutions. Students will read carefully, complete regular problem sets, and take quizzes and exams. PREREQUISITES: ECON 100

Students will learn ways to aid decision-making by applying a scientific approach to decision problems involving quantitative factors: defining the problem, gathering data, formulating a model of the problem, developing computer-based procedures for evaluating solutions, testing and refining the model, analyzing the model’s alternatives, and communicating the results. Many assignments and exams will be completed using Excel, so students will also gain advanced Excel skills. PREREQUISITES: Sophomore standing

QDM2 picks up where QDM leaves off, asking students to create solutions more autonomously and examining more complex decision problems. For example, we may examine nonlinear optimization with multiple decision variables and more complex decision-making under uncertainty, including the use of simulation models, probability distributions, and Bayes Rule. Many assignments and exams will be completed using Excel, building on the Excel skills developed in QDM. PREREQUISITES: Econ 223 and STAT 255, or Econ 223 and instructor approval

This course will present a thorough introduction to decision theory, the study of how people should or do make decisions. Building on that foundation, game theory, the science of strategy, will be introduced, with economic applications.

In this course, students learn to evaluate ideas with carefully analyzed data. We will use sports to evaluate economic questions (Do players and coaches optimize? Where do we observe discrimination?) and use empirical tools to evaluate sports questions (Is conventional wisdom optimal? How do we evaluate players?). Students will complete quizzes, assignments, and final projects using statistical software. PREREQUISITES: ECON 100, and STAT 107 or STAT 255

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. PREREQUISITES: ECON 100 or consent of instructor

How can cities be sustainable? The increasing urbanization of the world's population, shift to service-driven economies, and growing diversity of cities make this question pressing and complicated. This course introduces economic, environmental, and social dimensions of the urban sustainability problem and explores responses to it through a two-week December study trip to London and Amsterdam and winter term studies and poster presentations. Program fee is required. Students pay their own airfare. PREREQUISITES: An introductory course in GOVT, ECON, ENST or GLST, or consent of instructor

Open to students from theatre, economics, and other students interested in entrepreneurship in the performing arts. Topics change each year. May be repeated when topic is different up to 6 total units. PREREQUISITES: Sophomore standing

Public economics covers a range of topics from taxation to social insurance and redistribution to homeland security. The course develops a template for framing and analyzing public policy issues that provides a basis for understanding the rationale for government intervention, the alternative policy instruments that can be used to affect economic outcomes, and the economic tools used to evaluate the effects of intervention. PREREQUISITES: ECON 100

The course shows how economists analyze environmental problems and the types of solutions they propose (if any). Topic coverage includes property rights and externalities, cost-benefit analysis, regulatory policy instruments, the interplay between policy and innovation, and basic models of political economy. PREREQUISITES: ECON 100 or ENST 151

Markets are the central mechanism facilitating production and exchange of energy and resource commodities. The course material provides foundational economics concepts to address related topics, including resource availability, resource conflicts (tradeoffs), infrastructure choices, and especially resource and energy prices. The back end of the course focuses on strategies to foster greener energy systems, focusing specifically on electricity systems. PREREQUISITES: ECON 100

This course will consider different modes of corporate governance, including ESG (environmental, social, and governance) and CSR (corporate social responsibility). Students will learn the history and evolution of corporate governance strategies and the application of ESG to energy and natural resources markets, as well as in different cultural contexts. The course will be based on a lecture/discussion model with assignments including exams, class debate, paper, and a group project. PREREQUISITES: Econ 100 and sophomore standing or Instructor Approval

Each offering will build on modeling and reasoning techniques developed in the introductory-level courses (ECON 100 or 120). Topics depend on the instructor and will vary year-to-year. Topics include, but are not limited to, economics of the arts, financial economics, economics of sports, and economic history. May be repeated for credit if the topic is different.

Topic for Spring 2020: Topics in the Economics of Pandemics
The course explores the use of economic analysis and quantitative policy tools to address the public policy challenges of preparing for and responding to the outbreak and spread of infectious diseases (including, of course, the coronavirus SARS-CoV-2 current wreaking havoc across the globe). Topics include the development of basic literacy, vocabulary, and concepts related to infectious disease outbreaks, the public policy architecture for preparing and responding to these outbreaks, and the macroeconomic effects of disease pandemics.

A study of the microeconomic foundations of economics. The course focuses on equilibrium models for consumers and firms in competitive markets, as well as deviations from perfect competition. PREREQUISITES: Sophomore standing and ECON 100 and MATH 140 or MATH 130

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. PREREQUISITES: MATH 130 or MATH 140, ECON 300

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. PREREQUISITES: Sophomore standing, STAT 255; previous course in economics recommended

Intermediate readings, discussions, and essays in economic problems of special interest to the student. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: ECON 300, 320, or 380; To register student must complete the Student Initiated Course Form with consultation of supervising instructor

Intermediate research on a topic of the student’s choice, organized in consultation with an instructor. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

Industrial organization is the study of how markets are structured and why it matters. The course begins with the standard applied microeconomic treatment of economic regulation (e.g., antitrust, natural monopoly, advertising restrictions) and then explores disequilibrating phenomena, including entrepreneurship and innovation. PREREQUISITES: ECON 300, ECON 380 recommended

This course examines economic theories of innovation and entrepreneurship (I&E), the role of I&E in the economy, and policy questions related to I&E. Theories are discussed in the context of the history and current prevalence of innovation and entrepreneurship in modern economies. PREREQUISITES: ECON 300

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. Sufficient mathematical maturity required. PREREQUISITES: MATH 130 or MATH 140; MATH 300 recommended

This course studies how political theorists responded to the emergence of open societies in the West. It focuses on the scope of personal autonomy, the consequences of commerce and luxury, the best political and economic arrangements, and other topics explored by writers from the Renaissance to the Twentieth Century. PREREQUISITES: Junior standing or consent of instructor

This course continues the discussion of important principles of money, banking, and financial markets. We will examine more carefully and in more detail the connections between the financial system and the macro-economy. This course emphasizes the role of central banks, financial institutions, and global capital flows in economic growth and price stability. Students will read carefully, complete regular problem sets, take quizzes and exams, and do group presentations. PREREQUISITES: ECON 320

This course provides advanced coverage of economic growth and poverty traps. We first explore canonical economic growth models, focusing on capital accumulation, productivity, population growth, and the growth of ideas. We next explore the determinants of growth, the role of policy, and factors that limit development. Class will combine lecture and active group work, with students completing reading, problem sets, and projects outside of class. PREREQUISITES: ECON 300, 320, and 380

The term political economy classically refers to the interface between the private and public sectors, including the regulation of market activity. This course focuses specifically on the once and future of United States antitrust regulation of Big Business, from the heyday of the Chicago meat packers to the current issues surrounding big tech, and hence is colloquially known as the “Big Seminar.” PREREQUISITES: ECON 300 and ECON 380 recommended

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 there 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. PREREQUISITES: ECON 300 or GOVT 271

This course is an exploration of how economic globalization shapes growth, development, and poverty outcomes in non-rich countries. We focus on three vehicles of economic globalization: trade (goods), foreign investment (capital), and migration (people). Our exploration is facilitated by careful reading and discussion of contemporary development research. Students will use real-world data to compare recent trends with theoretical predictions. PREREQUISITES: Econ 300 and Econ 380

A survey of labor economics that covers wage determination, minimum wages, employment and welfare policies, education, earnings inequality, market power, globalization, and worker migration. PREREQUISITES: ECON 300 and ECON 380

Free markets are central in economics, but markets depend on human-made institutions and are sometimes created and organized by human-made rules. This course examines how human-made marketplaces, exchanges, and matching mechanisms facilitate mutually beneficial transactions, and how the new field of market design can improve outcomes. Applications include some labor markets, auctions, school choice, and college admissions. PREREQUISITES: ECON 300

The course explores advanced econometric topics in model specification, estimation, and prediction (e.g., two-stage least squares, limited dependent variables and logistic regression, nonparametric regressions, censored regressions, time-series analysis). Techniques are introduced through work related to the instructor’s areas of interest and expertise (e.g., labor, development, health, education). PREREQUISITES: ECON 380

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. May be repeated when the topic is different.

Advanced topics in microeconomics that prepare students for a first graduate course in microeconomics. PREREQUISITES: ECON 300; MATH 300 or 310 recommended

Advanced readings, discussions, and essays in economic problems of special interest to the student. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: ECON 300, 320, or 380; To register student must complete the Student Initiated Course Form with consultation of supervising instructor

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

Students focus on a monograph &/or readings appropriate for advanced undergraduates, engage in active discussion, and produce a paper that expands upon or responds to the readings. Successful completion satisfies the department’s Senior Experience requirement. PREREQUISITES: Senior standing; at least one advanced economics courses (400- or 500-level)

Students will produce a well-researched paper that meets standards of profession. To register, students must submit to instructor a paper prepared in a 400-level economics course with a one-page proposal on how it will be extended, refined and polished in content and form. Instructors approval of this proposal is prerequisite for registration. PREREQUISITES: Senior standing; at least one advanced economics courses (400- 500-level)

Advanced readings, discussions, and essays in economic problems of special interest to the student. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.

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. PREREQUISITES: ECON 300, 320, or 380; To register student must complete the Student Initiated Course Form with consultation of supervising instructor

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. PREREQUISITES: To register student must complete the Student Initiated Course Form with consultation of supervising instructor.