Do you want to know what will happen to the U.S. economy if the Fed lowers interest rates or the effects of raising the minimum wage rate? Or, perhaps, you'd like to investigate why working women earn a fraction of what men earn, or the effectiveness of policies aimed at improving the environment, or even the impact of our economy's growing globalization. If you are interested in developing a coherent framework to answer questions like these, then you should consider studying economics.
Introductory courses in economics use economic analysis to understand a broad range of issues. Students enroll first in Econ 101, Issues in Microeconomics which discusses topics such as the behavior of firms under varying degrees of market competition, determination of wages and income distribution, taxes, government regulation, and international trade.
Students interested in studying economics further can then enroll in Econ 102, Issues in Macroeconomics, which examines issues from an economy-wide perspective. Topics in Econ 102 include unemployment, inflation, exchange rates, growth of income, and fiscal and monetary policy.
Both Econ 101 and Econ 102 are required for economics majors, but they are also appropriate for students who want an introduction to economic issues and analysis. Both courses require a knowledge of high school algebra.
If you are considering majoring or minoring in economics, you should be aware that Math 113 (Calculus I) or its equivalent is one of the prerequisites for Economics 275 (Microeconomic Theory), one of the courses required for the major and the minor. (Concentrators are required to complete the course by the end of their junior year and must take it at Hamilton.) Students who are placed into Math 114 (Calculus II) by the Math Department will have fulfilled the calculus prerequisite for Economics 275. Thus, prospective majors or minors in economics should take one of the math placement exams. Students who have studied some calculus in high school should take the calculus placement exam.
Students who score a 5 on the AP micro exam will receive a credit for Econ 101 if they complete Econ 275 with a grade of B- or higher. Students who score a 5 on the AP macro exam will receive a credit for Econ 102 if they complete Econ 285 with a grade of B- or higher.
The Department will allow entering students who have achieved a top score in the international A-Level Microeconomics exam (grade of A) or International Baccalaureate exam in Microeconomics (score of 7 plus IB diploma) to place out of Econ 101; Issues in Microeconomics, and if the student subsequently achieves a grade of B- or greater in Econ 275; Microeconomic Theory, he/she will then also get Hamilton course credit for Econ 101 and can apply this toward the major or minor in Economics.
Similarly, a top score on the A-Level or IB exam (plus IB diploma), permits a student to place out of Econ 102: Issues in Macroeconomics, and if the student subsequently achieves a grade of B- or greater in Econ 285: Macroeconomic Theory, he/she will then also get Hamilton course credit for for Econ 102 and can apply this toward the major or minor in Economics.
Entering students who feel that they have a strong background in economics but have not achieved a qualifying score to pursue credit toward the major as specified above should talk to their advisors about whether it would be appropriate to skip an introductory course and enroll in an intermediate level course. However, a student who places out of Econ 101 or 102 without receiving credit toward the major cannot count this course as one of the 9 required for the major.
101F,S Issues in Microeconomics.
The price system as a mechanism for determining which goods will be produced and which inputs employed; profit-maximizing behavior of firms under differing competitive conditions; pricing of factors of production and income distribution; taxation, discriminatory pricing and government regulation; theory of comparative advantage applied to international trade. Conover, Toomey, Videras and Wu (Fall); Conover and Toomey (Spring).
102F,S Issues in Macroeconomics.
Gross domestic product; its measurement and the determination of production and employment levels; the role of the government in the economy, particularly fiscal policy; the money supply, monetary policy and inflation; foreign exchange rates. Prerequisite, 101. Balkan (Fall); D Jones and Morgan-Davie (Spring).
230F,S Accounting.
Study of the fundamental principles underlying financial accounting. Strong emphasis on understanding and analysis of companies' annual reports and the four basic financial statements included therein: balance sheet, income statement, statement of changes in stockholders' equity and statement of cash flows. Does not count toward the concentration or minor. Open to sophomores, juniors and seniors only.
Not open to students who have taken 330.
(Oral Presentations.)
S Owen.
235S Policy, Poverty and Practice.
Investigates policies to alleviate poverty, with a focus on the Earned Income Tax Credit (EITC). Topics include: poverty, income inequality and inequality of opportunity; tax policy; and incentives created by policies aimed at alleviating poverty. The class has a significant service learning component in which students complete IRS training and assist low-income families in Utica in filling out Federal tax forms to claim the EITC. Prerequisite, None. The course meets one hour per week through April 15, with a minimum in-class time of 10 hours. Requires significant self-paced training prior to start of classes. Course can only be taken credit/no credit. Does not count toward the concentration or minor.
Maximum enrollment, 30.
Morgan-Davie.
251F Introduction to Public Policy.
Survey of current policies and issues in areas such as economic development, education, the environment, health care and welfare. Perspectives on policy analysis from economics, philosophy and political science. Examination of methods and principles for evaluating policies. Prerequisite, Economics 101. Open to seniors with consent of instructor. Students must also register for Government 230 in the same semester.
(Same as Public Policy 251 and Government 251.)
Wyckoff.
265F,S Economic Statistics.
An introduction to the basic concepts of probability and statistics. Topics include descriptive statistics, probability theory, estimation, hypothesis testing and linear regression. Computer laboratory will make use of statistical software packages. 150 minutes of lecture and 75 minutes of laboratory. Prerequisite, 102 or consent of instructor. No previous experience with computers required. Not open to seniors or students who have taken or are concurrently taking Math 253 or Math 352. Hagstrom (Fall); Videras (Spring).
275F,S Microeconomic Theory.
The theory of consumer behavior. Theories of the firm and market structures, and of resource allocation, pricing and income distribution. General equilibrium and economic efficiency. Prerequisite, 102 and Math 113 or the equivalent. Not open to senior concentrators. Bradfield (Fall); Jensen (Spring).
285F,S Macroeconomic Theory.
Theories of business cycles and economic growth. Theories of monetary policy, budget and trade balances, aggregate consumption and investment activity, unemployment, inflation, technological change and productivity growth. Prerequisite, 102. Not open to senior concentrators. Georges.
[310]
Public Economics.
Analysis of the role of government in the economy from both the expenditure side and the income (tax) side. Topics include public goods, externalities, the U.S. "safety net," social security, government involvement in health care, public choice, budget deficits, the U.S. tax
system, and the effects of taxation and government programs on behavior. Prerequisite, 102. Not open to students who have taken 440/475.
316S Globalization and Gender.
Analysis of globalization and its impact on the economic experience of women. Topics include the definition of globalization with particular emphasis on economic globalization; restructuring in the industrialized economies; gender-related issues in the labor markets of industrialized countries, such as occupational segregation, wage gap, feminization of the labor process; structural adjustment; and case studies of female labor participation in the Third World.
(Writing-intensive.)
Prerequisite, 102.
(Same as Women's Studies 316.)
Maximum enrollment, 20.
N Balkan.
[320]
Social Economics.
Examines the influence of culture, norms and social interactions on the values and behaviors of economic agents. Topics include the economic determinants and effects of social capital, the influence of group membership on individual behavior, social and ethnic heterogeneity and the provision of public goods, the role of religious beliefs and practice in economic attitudes and choices, and fads and fashion.
(Writing-intensive.)
Prerequisite, 102.
Maximum enrollment, 20.
325S Comparative Economic Systems.
A comparative analysis of economic systems and criteria for evaluation. An examination of market, command, mixed and market socialist economies. Emphasis on problems of transition in former communist countries and Japan and Germany compared to the United States.
(Writing-intensive.)
Prerequisite, 102.
Maximum enrollment, 20.
D Jones.
331S International Trade Theory and Policy.
Theoretical and empirical analysis of the pattern of international trade and international trade policies. Emphasis on theoretical models used by economists. Topics include the determinants of the pattern of international trade, immigration, foreign direct investment, the gains from trade, tariffs, quotas, voluntary export restraints, dumping, subsidies, trade-related intellectual property rights, international labor standards, trade and environmental issues, the WTO, customs unions, free trade agreements and trade adjustment assistance. Prerequisite, 102. Pliskin.
337F Economics of Antitrust and Regulation.
An examination of the economics of antitrust and regulation in the United States, with emphasis on what specific market failures provide a rationale for government intervention and what appropriate forms of government activity might be in particular circumstances. Possible topics include antitrust policy toward mergers and monopolization, economic regulation of public utilities and transportation, and environmental regulation. Prerequisite, 102. Jensen.
340F Economic Development.
Analysis of the process of international development. Topics include economic growth, poverty and income inequality; health and demography; migration; education; the environment; corruption; conflict; and education.
(Writing-intensive.)
(Quantitative and Symbolic Reasoning.)
Prerequisite, 102.
Maximum enrollment, 20.
Conover.
346F Monetary Policy.
A study of the goals, strategies and tactics of monetary policy. The interaction of the central bank with financial markets, the tools and the transmission mechanism of monetary policy, the money supply process, the structure of the Federal Reserve System and the international financial system. Emphasis on policy application.
(Oral Presentations.)
Prerequisite, 102 and 265 or Government 230 or Math 253.
Maximum enrollment, 20.
The Department.
349F Theory of Financial Markets.
Application of microeconomic theory to describe optimal portfolio construction and the equilibrium risk/return tradeoffs in financial markets. Comparison of the capital asset pricing model, the arbitrage pricing model and various factor models on both theoretical and empirical grounds. Emphasis on evaluating financial markets against the criterion of economic efficiency. Topics may include corporate takeovers, insider trading, performance of mutual funds, use of options and futures contracts for hedging, and optimal capital structure. Prerequisite, 265 and 275 or equivalent, or consent of instructor. Not open to students who have taken ECON 425. Bradfield.
350S Economics of Poverty and Income Distribution.
A study of domestic poverty and of government programs designed to address poverty. Topics include the definition and measurement of poverty, the factors associated with becoming poor and the design, purpose, financing and individual incentive effects of various state and federal public assistance programs, as well as their effectiveness in reducing the incidence or duration of poverty. Prerequisite, 102. Hagstrom.
352S Political Economy of the Middle East.
An interdisciplinary study of the relationship between Islamic societies and Western economic systems from early Islam to the present. Focus on the structure and history of economic development and transformation of the Middle East in the modern period.
(Writing-intensive.)
Prerequisite, 102.
Maximum enrollment, 20.
E Balkan.
360S Health Economics.
An analysis of the economics of health and medical care, with particular emphasis on the provision of health care in the United States. Topics include the structure of public and private health insurance programs, financing the rising costs of medical care and the impact of health status on labor supply and retirement decisions. Relates these issues to current public policy debates surrounding the health care profession. Prerequisite, 102. Wu.
365F Economic Analysis of American History.
An examination and explanation of the development of the American economy, focusing on the period from 1840 through World War II. Topics include the economics of slavery and share cropping, the rise of big business, railroads and economic growth, the development of banks and the causes of the Great Depression.
(Writing-intensive.)
Prerequisite, 102.
Maximum enrollment, 20.
Jensen.
[375F]
History of Economic Thought.
A survey of economic theory and methodology from the early Greeks to the present. Discussion of the ideas of major economic writers such as Smith, Marx, Marshall and Keynes, with attention paid to historical context as well as relevance to current economic debates.
(Writing-intensive.)
Prerequisite, 102.
Maximum enrollment, 20.
380F Environmental Economics.
An examination of issues in environmental policy from the perspective of economic theory. Topics include the measurement of benefits and costs of curtailing pollution and preserving ecosystems, the design of public policies to improve environmental quality, and the examination of past and current environmental programs in the United States and their success. Also considers sustainable growth and issues of environmental equity.
(Writing-intensive.)
Prerequisite, 101.
Maximum enrollment, 20.
Videras.
400F Econometrics.
An introduction to econometric methods that are frequently used in applied economic research. Emphasis on interpreting and critically evaluating empirical results and on establishing the statistical foundations of widely used econometric methods. Topics include the classical linear regression model, functional form, dummy explanatory variables, binary choice models, panel data models, heteroskedastic and autocorrelated disturbance terms, instrumental variables estimation and an introduction to simultaneous equation models. Three hours of class and 75 minutes of laboratory. Prerequisite, 265 or Mathematics 253 or 352. Pliskin.
[425/470F]
Theory of Financial Markets.
Application of microeconomic theory to describe optimal portfolio construction and the equilibrium risk/return tradeoffs in financial markets. Comparison of the capital asset pricing model, the arbitrage pricing model and various factor models on both theoretical and empirical grounds. Emphasis on evaluating financial markets against the criterion of economic efficiency. Topics may include corporate takeovers, insider trading, performance of mutual funds, use of options and futures contracts for hedging, and optimal capital structure. Prerequisite, 265 and 275 or equivalent, or consent of instructor. Senior concentrators who plan to complete their senior project in this course must take it as 470 and must receive consent of the instructor.
[426S]
Seminar in Financial Economics.
Using oral presentations supplemented by brief papers, students will evaluate and synthesize articles from the scholarly literature in financial economics. Most of the expositions will be by teams. Each student will also write a term paper analyzing the articles presented and placing those works in the wider contexts of financial economics and microeconomics. Emphasis on the generality of the application of fundamental principles of microeconomics to theoretical and empirical questions in financial economics. Prerequisite, 425 or consent of instructor.
430/471F Topics in Macroeconomics.
An advanced treatment of selected topics of current interest in macroeconomics. Comparisons of different theoretical and empirical approaches to explaining recent recessions and trends in economic growth, unemployment, inflation and income inequality. Prerequisite, 265, 285 and Mathematics 113, or consent of instructor. Senior concentrators who plan to complete their senior project in this course must take it as 471 and must receive consent of the instructor.
Maximum enrollment, 20.
Georges.
432/472F International Finance.
Survey of international financial markets in both theory and practice. Topics include optimal monetary and fiscal policy in an open economy and central banking; international financial markets for foreign exchange; Eurocurrencies and international bonds; the nature and operation of the principal international financial institutions; financial and currency crisis; international debt issues and country risk. Prerequisite, 265, 275 and 285. Senior concentrators who plan to complete their senior project in this course must take it as 472 and must receive consent of the instructor.
Maximum enrollment, 20.
E Balkan.
435/473S Industrial Organization Theory and Applications.
Theoretical and empirical analysis of firm conduct with emphasis on firms in oligopolistic industries. Examination of conduct primarily, but not entirely, from a game theory perspective. Exploration of business practices such as product differentiation and advertising, research and development, and price discrimination. Consideration of relevant public policies, especially antitrust policy. Prerequisite, 265 and 275 or consent of instructor. Senior concentrators who plan to complete their senior project in this course must take it as 473 and must receive consent of the instructor.
Maximum enrollment, 20.
Jensen.
[438/474F]
Topics in Environmental Economics.
A study of the distribution of environmental hazards across communities according to race, income and participation in the political process, as well as sustainable development as a manifestation of inter-generational and inter-country equity concerns. We investigate fair trade and social responses toward sustainability using theoretical and empirical methods. Prerequisite, 265 or equivalent, and 275 or consent of instructor. Senior concentrators who plan to complete their senior project in this course must take it as 474 and must receive consent of the instructor.
Maximum enrollment, 20.
442/482S Topics in Development.
Advanced level class that focuses on econometric methods for empirical research in development economics. In the course students will read and analyze recent empirical papers in the field of international development and learn the theory behind the methods used. Students will apply the theory in assignments and projects that will require them to work with data. Topics include: education, health, labor markets, corruption, institutions, and impact evaluation
(Quantitative and Symbolic Reasoning.)
Prerequisite, 265 and 275.
Maximum enrollment, 20.
Conover.
445/476S Economic Growth.
Why are some countries so rich while others are so poor? Examines the difference in living standards both across and within countries, using both theoretical and empirical methods. Topics include the effects of income distribution, technology, population growth, international trade, government policy and culture on the level and growth of per capita income.
(Oral Presentations.)
Prerequisite, 265, 275, 285 and Mathematics 113 or consent of instructor. Senior concentrators who plan to complete their senior project in this course must take it as 476 and must receive consent of the instructor.
Maximum enrollment, 20.
The Department.
451/481F Behavioral Economics.
Why do people tip at restaurants that they will never go to again? Why do people pay for health club memberships that cost them more than if they just paid at the door each time they went? Why do successful bidders tend to bid in the final minute in online auctions? Recent research involving both economics and psychology has identified ways in which human behavior consistently deviates from standard
rationality. Topics which explore these deviations include time-inconsistent preferences, emotion, attitudes toward risk, overconfidence, information processing problems, and altruism. Prerequisite, 265 and 275.
Maximum enrollment, 20.
Toomey.
460/478S Game Theory and Economic Behavior.
An introduction to theories of strategic behavior as they have been developed and applied in economics. Applications include strategic behavior in oligopolistic markets, auctions, wage bargains, trade policy, standards setting and the provision of public goods. Prerequisite, 265 and 275, and Mathematics 113 or consent of the instructor. Senior concentrators who plan to complete their senior project in this course must take it as 478 and must receive consent of the instructor.
Maximum enrollment, 20.
Toomey.
461/479S Application of Labor Economics.
An advanced treatment of selected theoretical and empirical questions concerning labor markets. Prerequisite, 265 or consent of instructor and 275. Senior concentrators who plan to complete their senior project in this course must take it as 479 and must receive consent of the instructor.
Maximum enrollment, 20.
Wu.
462/480F Economic Analysis of Human Resource Management Practices.
Economic analysis of human resource management practices. Topics include the choice of the form of labor compensation (e.g., fixed wage, salary, piece rates and other forms of pay for performance), the effects on firm performance of employee involvement programs (e.g., self-directed teams) and of financial participation schemes (e.g., profit sharing and
employee stock ownership) and the level and structure of executive compensation and corporate governance. As well as reviewing the existing literature of these topics, students will carry out their own econometric analyses of data. Prerequisite, 265 or consent of the instructor and 275. Senior concentrators who plan to complete their senior project in this course must take it as 480 and must receive consent of the instructor.
Maximum enrollment, 20.
Pliskin.
560S Research Seminar.
Each student works intensively on a topic chosen in consultation with the instructor. Weekly meetings held to hear progress reports and to discuss research techniques pertinent to student topics. Candidates for honors must complete this course. Prerequisite, 265, 275, 285, 400 and permission of the department.
Maximum enrollment, 12.
Balkan, Hagstrom, Pliskin, Videras.
