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Economics

Professor:
Michael Rock, Chair

Associate Professors:
Janet Ceglowski
Harriet B. Newburger
David R. Ross (on leave, semester I)

Assistant Professor:
Scott Redenius

The economics curriculum consists of courses given at Bryn Mawr and Haverford. It is designed to provide an understanding of economic processes and institutions and the interactions among economic, political and social structures; it trains undergraduates in the methods used to analyze those processes and institutions and enables them to make policy judgments.

Economics 105 (or 101 and 102 at Haverford) introduces the theories and operating characteristics of modern economies that an educated person should understand; it also prepares students for further work in economics and its policy and business applications. Courses in the 130 series apply the theories and tools learned in Economics 105 to current issues in economic policy and analysis.

The group of intermediate 200-level courses offers a full range of topics in the discipline and is intended to meet a variety of student interests. Two intermediate theory courses (Economics 300 and 302) examine in depth the workings of the price system in allocating economic resources and the aggregate processes that determine employment, inflation and growth. When combined with the tools of quantitative empirical analysis (Economics 203 and 304), these courses supply a methodological and theoretical foundation for those planning to use economics in their professional careers. Advanced seminars provide a critical appreciation for the process of economic research through careful evaluation of professional journal articles and written work, including the senior research paper.

Major Requirements

Requirements for the major are 10 semester courses in economics, including Economics 105: Principles of Economics; Economics 203: Statistical Methods in Economics; Economics 300: Microeconomic Analysis; Economics 302: Macroeconomic Analysis; plus at least two additional semester courses of 300-level work. At least eight of the 10 required courses must be taken above the 100 level and have Economics 105, or Economics 101 or 102 at Haverford, as a prerequisite. At least one course that requires a substantial research paper must be taken, preferably in the senior year. Economics 304, 306, 313, 314, 320, 322, 324 and 326 either require or can incorporate such a paper.

Students should carefully consult individual course descriptions for prerequisites, which can differ between Bryn Mawr and Haverford. In most cases, Economics 101 and 102 at Haverford may substitute for Economics 105 at Bryn Mawr; while 105 and an additional elective substitute for 101 and 102 at Haverford. Depending on the topics covered, Economics 100 with a grade of 3.0 or higher may substitute for Economics 101 or 102. Mathematics 101 (or equivalent) is a prerequisite for Economics 300, 302 and 304 at Bryn Mawr; Mathematics 102 (or equivalent) is a prerequisite for Economics 300 and 302 at Haverford.

Prospective majors in economics are advised to take Economics 105 (or 101 and 102 at Haverford) by the end of the first semester of sophomore year. Economics 203 and either Economics 300 or 302 must be completed by the end of the junior year; Economics 300 and 302 must both be completed by the end of first semester of senior year. Students whose grade in Economics 105 (or Economics 101 and 102 at Haverford) is 2.3 or below are advised not to major in economics. Students planning to spend junior year studying abroad must complete Economics 105 (or 101 and 102) and 203, and at least one other 200-level course, by the end of sophomore year. It is suggested that two or three 200-level courses be taken as background for 300-level courses. Members of the department should be consulted about desirable sequences of courses.
Students intending to pursue graduate work in economics should take Economics 304 and consider a minor in Mathematics: Mathematics 201, 203 and appropriate additional courses. Consult with members of the Department of Mathematics as early as possible, ideally by the end of the sophomore year.

Honors

An economics major whose average in all of her economics courses, including those taken in the second semester of her senior year, is 3.7 or better will receive her degree with honors in economics.

Minor Requirements

Requirements for the minor in economics include Economics 105 (or 101 and 102), 203 and a coherent selection of four or more additional courses approved by the department chair.

ECON B105. Principles of Economics

An introduction to micro- and macroeconomics: opportunity cost, supply and demand; consumer choice, the firm and output decisions; market structures; efficiency and market failure; the determination of national income, including government spending, money and interest rates; unemployment, inflation and public policy. (staff, Division I)

ECON B132. Economics of Globalization

An introduction to international economics through policy issues and problems. In addition to the economic foundations of free trade, possible topics include uses and abuses of trade protection; labor standards; immigration; bilateral trade tensions; and multilateral trade agreements. Prerequisite: Economics 105, or 101 and 102. (Ceglowski, Division I)

ECON B136. Working with Economic Data

Applies selected principles of economics to the quantitative analysis of economic data; uses spreadsheets and other tools to collect and judge the reliability of economic data. Topics may include measures of income inequality and poverty; unemployment, national income and other measures of economic well-being; cost-benefit of public and private investments; construction of price indices and other government statistics; and evaluating economic forecasts. Prerequisite: Economics 105 or 102, or permission of instructor. (Ross, Division I or Quantitative Skills; cross-listed as Growth and Structure of Cities 136) Not offered in 2004-05.

ECON B203. Statistical Methods in Economics

An introduction to econometric terminology and reasoning. Topics include descriptive statistics, probability and statistical inference. Particular emphasis is placed on regression analysis and on the use of data to address economic issues. The required computational techniques are developed as part of the course. Prerequisites: Economics 105, or 101 and 102, and a 200-level elective or permission of instructor. (Redenius, Ross, Quantitative Skills)

ECON B204. Economics of Local Government Programs

Elements of state and local public finance are combined with policy analysis. The course focuses on areas such as education, housing, local taxes and interaction between central city and suburban governments. Each is examined from the standpoint of economic theory, then in terms of actual programs that have been carried out. Relevance of the economic theory is evaluated in light of lessons learned from program implementation. Examples are drawn from the Philadelphia area. Prerequisite: Economics 105 or 101. (staff, Division I) Not offered in 2004-05.

ECON B206. International Trade

Study of the major theories offered to explain international trade. Includes analyses of the effects of trade barriers (tariffs, quotas, non-tariff barriers), trade liberalization and foreign investment by multinational corporations on growth, poverty, inequality and the environment. Prerequisite: Economics 105 or 101 and 102. (Rock, Division I)

ECON B207. Money and Banking

Analysis of the development and present organization of the financial system of the United States, focusing on the monetary and payment systems, financial markets and financial intermediaries. Prerequisites: Economics 105, or 101 and 102. (Redenius, Division I)

ECON B213. Taming the Modern Corporation

Introduction to the economics of industrial organization and regulation, focusing on policy options for ensuring that corporations enhance economic welfare and the quality of life. Topics include firm behavior in imperfectly competitive markets; theoretical bases of antitrust laws; regulation of product and occupational safety, environmental pollution and truth in advertising. Prerequisite: Economics 101 or 105. (Ross, Division I; cross-listed as Growth and Structure of Cities 213)

ECON B214. Public Finance

Analysis of government's role in resource allocation, emphasizing effects of tax and expenditure programs on income distribution and economic efficiency. Topics include sources of inefficiency in markets and possible government responses; federal budget composition; U.S. tax structure and incidence; multi-government public finance. Prerequisites: Economics 105 or 101. (Newburger, Division I; cross-listed as Growth and Structure of Cities 214)

ECON B216. International Macroeconomics and International Finance

Introduction to the theory of and current issues in international macroeconomics and international finance. Examination of the role of international factors in macroeconomic performance; policymaking in an open economy; exchange rate systems and exchange rate behavior; international financial integration; and international financial crises. Prerequisite: Economics 102 or 105. (Ceglowski, Division I)

ECON B221. U.S. Economic History

Study of the evolution of the economy of what is today the United States from the period of European settlement through the Great Depression. The course examines the roles played by technology, the environment, government and the nation's evolving economic institutions on the course of its economic development. Prerequisites: Economics 105, or 101 and 102. (Redenius, Division I; cross-listed as Growth and Structure of Cities 221.) Not offered in 2004-05.

ECON B225. Economic Development

Examination of the major issues related to and the policies designed to promote economic development in the developing economies of Asia, Africa, the Middle East and Latin America. Focus is on why some developing economies grow faster than others and why some growth paths are more equitable, poverty reducing and environmentally sustainable than others. Includes consideration of the impact of international trade and investment policy, macroeconomic policies (exchange rate, monetary and fiscal policy) and sector policies (industry, agriculture, education, population and environment) on development outcomes in a wide range of political and institutional contexts. Prerequisite: Economics 105, or 101 and 102. (Rock, Division I)

230-249. Topics in Economics

Courses in the 230-249 series deal with contemporary problems from the economist's viewpoint. They are offered as demand and staffing permit. Courses offered in recent years are listed below. Students should consult the instructor about prerequisites.

ECON B234. Environmental Economics

Introduction to the use of economic analysis to explain the underlying behavioral causes of environmental and natural resource problems and to evaluate policy responses to them. Topics may include air and water pollution; the economic theory of externalities, public goods and the depletion of resources; cost-benefit analysis; valuing nonmarket benefits and costs; economic justice; and sustainable development. Prerequisites: Economics 105, or 101 and 102. (Ross, Division I; cross-listed as Growth and Structure of Cities 234) Not offered in 2004-05.

ECON B300. Intermediate Microeconomic Analysis

Systematic development of the analytical framework underlying the behavior of consumers and firms. Determination of price; partial and general equilibria; welfare economics. Application to current economic problems. Prerequisites: Economics 105, or 101 and 102, Mathematics 101 (or equivalent), junior standing, or sophomore standing and one 200-level applied microeconomics elective. (Newburger, Division I)

ECON B302. Intermediate Macroeconomic Analysis

Theoretical foundations of income determination, monetary phenomena, and fluctuations in price levels and employment; introduction to dynamic processes; economic growth. Prerequisites: Economics 105, or 101 and 102, Mathematics 101 or equivalent, and sophomore standing or permission of the instructor. (Ceglowski, Division I)

ECON B304. Introduction to Econometrics

The econometric theory presented in Economics 203 is further developed and its most important empirical applications are considered. Each student does an empirical research project using multiple regression and other statistical techniques. Prerequisites: Economics 203, 300, or both 302 and Mathematics 201. (Ross, Division I)

ECON B306. Research Seminar: International Economics

Thesis seminar. Each student does a semester-long research project on a relevant topic of interest. Research topics in international trade or trade policy, international finance, international macroeconomics and international economic integration are appropriate. Prerequisites: Economics 206 and 300 or Economics 216 and 302, or permission of instructor. (Ceglowski, Division I)

ECON B313. Industrial Organization and Public Policy

Seminar focusing on the ways that property rights, market structure, firm behavior and public policies interact to determine the impact of industries on economic welfare. Students may choose between a senior research paper or two discussion papers. Prerequisites: Economics 203, 300 and 213 or 234, or permission of instructor. (Ross, Division I)

ECON B314. Research Seminar: Topics in Social Policy

Thesis course for students with a background in one or more of the applied microeconomic fields concerned with social policy, including public finance, labor, urban economics, and state and local economics. Each student does a semester-long research project on a relevant topic of interest. Examples of research topics include differences in resources and expenditures among communities; income distribution; the results of government programs to alleviate poverty; and discrimination. Prerequisites: Economics 203, 300 and at least one course from among 204, 208, 214, 215 or 324, or permission of instructor. (Newburger, Division I; cross-listed as Growth and Structure of Cities 314)

ECON B320. Research Seminar on the Financial System

Thesis seminar. Each student does a semester-long research project on a relevant topic of interest. Research topics may include the monetary and payment systems, financial markets and financial intermediaries from a microeconomic perspective. Group meetings will involve presentation and discussion of research in progress. Prerequisites: Economics 207, 300 and permission of instructor. (Redenius, Division I)

ECON B322. Issues in Macroeconomics: Theory, Policy, History

Several timely issues in macroeconomic theory and policy-making are examined in depth. Possible topics include the implications of chronic deficit spending, the effectiveness of fiscal and monetary policies, growth and productivity. Prerequisites: Economics 203 and 302. (staff, Division I) Not offered in 2004-05.

ECON B324. Seminar on the Economics of Poverty and Discrimination

Typically includes three modules covering topics in poverty and discrimination, two of which are chosen by the instructor; the third is chosen jointly by the instructor and the students. Examples include housing and labor market discrimination; distributional issues in educational finance; growth of inequality in the United States. Prerequisites: for economics majors, Economics 203 and 300; for non-majors, at least one course among 204, 208, 214 or 215 and a statistics course, or permission of instructor. (Newburger, Division I; cross-listed as Growth and Structure of Cities 334)

ECON B326. Open Economy Macroeconomics

Thesis seminar. Each student does a semester-long research project on a relevant topic of interest. Research topics may include advanced theory and policy with respect to aggregate international economic issues — international mobility of saving and investment flows; international transmission of economic disturbances; domestic impacts of international economic policies; and causes and consequences of balance of payments disequilibria. Prerequisites: Economics 216, 302 and permission of instructor. (Ceglowski, Division I) Not offered in 2004-05.

ECON B335. East Asian Development

Identifies the core economic and political elements of an East Asian newly industrializing economies (NIEs) development model. Assesses the performance of this development model in Northeast (Korea and Taiwan) and Southeast Asia (Indonesia, Malaysia and Thailand) in a comparative perspective. Considers the debate over the impact of interventionist and selective development policies associated with this model on the development successes and failures of the East Asian NIEs. Prerequisites: Economics 300 or 302, or permission of instructor. (Rock, Division I; cross-listed as East Asian Studies 335)

ECON B403. Supervised Work

An economics major may elect to do individual research. A semester-long research paper is required; it satisfies the 300-level research paper requirement. Students who register for 403 must submit an application form before the beginning of the semester (the form is available from the department chair). The permission of both the supervising faculty member and department chair is required.

Haverford College currently offers the following courses in economics:

101. Introduction to Microeconomics
102. Introduction to Macroeconomics
203. Statistical Methods in Economics
205a. Corporate Finance
224a. Women in the Labor Market
240. Economic Development and Transition: China vs. India
247a. Financial Accounting
300. Intermediate Microeconomic Analysis
302. Intermediate Macroeconomic Analysis
304. Introduction to Econometrics
348a. Global Economy: Theory and Policy

Students should consult the course guide for specific information on the Haverford courses offered in 2004-05.

 
     
 
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