ECON

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ECON

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2023-2024

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www.hws.edu

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2023-2024

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tools and perspectives to a variety of contemporary policy issues, such as inflation, unemployment, the environ- ment, regulation, urban problems, economic development, and the role of women and minority groups in the econ- omy. (Offered occasionally) HWS.EDU/CATALOGUE 175 2023 - 2024 CATALOGUE

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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2023-2024

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recording and interpreting the financial facts of business enterprise. The course covers such topics as the mea- surement of income, capital evaluation, cost accounting, budgeting, and financial analysis. Prerequisite: ECON 160. (Hamilton, offered annually) ECON 198 Business Law This course introduces students to the structure and underlying values of the U.S. legal system and key concepts in the law of tort and contract, business organizations, liability, intellectual property, and secure transactions. Skill development will focus on fluency with legal terminology, structure and critique of legal reasoning, and the ability to locate key sources of law - state and federal statutes, court opinions, and municipal code - both in the public realm and in proprietary legal databases. Prerequisite: ECON 160 with a minimum grade of

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

U.S. and learn about labor management disputes and their resolutions. This course will analyze public and private sector collective bargaining, focusing on the history, bargaining units, the scope of collective bargaining, adminis- tration of a CBA (collective bargaining agreement), and the major provisions of a CBA. Legal, economic, and social aspects will be evaluated by examining several major issues and case studies. ECON 207 Economics of Education This course applies the tools of economic analysis to the issue of education in the United States. It will use both current events and economic and sociological literature to provide an introduction to various aspects of the topic such as the history of education and governance in the U. S., higher education as an investment decision, teacher quality and school type, and class and demographic issues (e. g. , race, ethnicity, gen- der, inequality and the importance of family). Finally, the course will also evaluate the U. S.education system in rela- tion to other countries. Prerequisite: ECON 160 with a minimum grade of C-. (Houseworth, offered alternate years) ECON 210 Economic Inequality This course aims to provide students an in-depth understanding of the relationships of income (or wage) inequalities, labor market institutions, and global production networks. Students will analyze evidence of economic inequalities and their evolutions using detailed data-sets. They will also explore possible caus- es of inequalities through reading and discussing about recent research in labor economics and international trade. Students will develop an understanding of effective policy actions towards more equal societies. Prerequisite: ECON 160. (Lee, offered annually, or alternate years)

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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2023-2024

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www.hws.edu

to understanding environmental issues and possible solutions. The course is structured around four basic questions: How much pollution is too much? Is government up to the job? How can we do better? How do we resolve global issues? Throughout the course, students move back and forth between theory and practice, learning how basic prin- ciples from economic theory can be applied to environmental questions and then looking at how these principles have been used to implement policy nationally and internationally. Prerequisite: ECON 120, ECON 160, or ENV 110 (Energy). (Drennen, offered occasionally) HWS.EDU/CATALOGUE 176 2023 - 2024 CATALOGUE

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Edition

2023-2024

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www.hws.edu

present time, the course analyzes the hierarchy of cities in the U.S., market areas, and location. It then examines the economic issues concerned with urban housing, poverty, transportation, and finances. It has a policy orienta- tion and concludes with a discussion of urban planning. Prerequisite: ECON 160, or permission of instructor. (offered occasionally)

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2023-2024

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www.hws.edu

in the American Economy through examining 1.) student loans and their household and macroeconomic impact 2.) household debt including mortgages 3.) the history of the 2008 Financial Crisis and 4.) perspectives on the role of government debt, as well as topics such as corporate debt and its relationship to financial stability. ECON 218 Introduction to Investments This course is meant as a broad introduction to US financial markets (equity and capital) and instruments (stocks, bonds, etc) and the related major financial theories (efficient markets, modern portfolio theory, behavioral finance) and models (capital asset pricing, dividend discount). Much of finance is highly quantitative and extremely abstract but the main focus of this course will be on understanding and then applying financial theory rather than on numerical calculations. Prerequisite: ECON 160. (Hamilton, offered annually)

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ECON

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2023-2024

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www.hws.edu

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2023-2024

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vestors, markets, and managers. Behavioral Finance is interdisciplinary in its approach borrowing from accounting, economics, statistics, psychology, and sociology. This course applies both analytical and quantitative methods used in finance to better understand how people make decisions and why biases associated with cognitive dissonance and heuristics, overconfidence, and emotion impact preference in the financial decision-making process. Students will consider these limitations to better understand why and how markets might be inefficient. (Hamilton, offered annually)

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ECON

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course

Edition

2023-2024

Source

www.hws.edu

20th century, with special emphasis on the growth of “scientific economics” in Britain between 1770 and 1890. While the primary aim of the course is to trace analytical developments in economics, attention is also paid to the political and social environments in which economic theory evolved. This course provides helpful preparation for ECON 305.

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ECON

Type

course

Edition

2023-2024

Source

www.hws.edu

Prerequisite

ECON 160 (Grayson, offered alternate years)

nize themselves economically, how their key economic institutions function and how well they have performed over time. We will move away from the traditional ‘capitalist versus socialist’ or ‘command versus market’ split within comparative economics to also look at how different religious traditions have attempted to answer the age old questions of ‘what,’ ‘how,’ and for ‘whom’ to produce as well as how increasing economic and financial integration (i.e., ‘globalization’) and financial crises have impacted economic systems worldwide. Prerequisite: ECON 120 or 160. (Khan, offered annually) ECON 236 Introduction to Radical Political Economy This course provides an introduction to the economic thought of Karl Marx, to contemporary radical political economy, and to current debates in radical political economy. Topics include the theory of value, surplus value and exploitation, capital and its accumulation, and capital and crisis. Recent debates in socialist-feminist thought, the political economy of race, and ecofeminism are addressed. ECON 240 International Trade This course provides an introduction to the theory of gains from trade, comparative advantage and international monetary relations using the analytical tools of micro-and macroeconomics acquired in ECON 160 Principles of Economics. It uses this theory to examine issues such as protectionism, economic integration (e.g., NAFTA and the European Union), and international investment, with an emphasis on how economic and finan- cial relations among countries have very different consequences for different groups of people. Prerequisite: ECON 160. (Lee and Tessendorf, offered each semester) ECON 243 Political Economy of Race Persistent racial inequalities in income and wealth remain a fact of life in the USA and throughout the Americas. In this course, we explore the interaction between race, gender, and ethnicity in labor and product markets, and we consider the theory and evidence for present-day debates over discrimination and policies such as affirmative action. Finally, we examine how different understandings of “race” color economic theories that seek to explain differences in economic outcomes. Prerequisite: ECON 160. (Staff, offered annually)

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2023-2024

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www.hws.edu

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2023-2024

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Plus two from this list of core electives:

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2023-2024

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2023-2024

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HWS.EDU/CATALOGUE 174

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

economic analysis. The major focus is on the development of theoretical economic models that examine the inter- relationships within the economic system. Once these models have been developed, they are used extensively to examine the current macroeconomic problems in the economic system, e.g., inflation, unemployment, economic growth, international balance of payments, the business cycle, and others. Prerequisite: ECON 160, one 200 level topics/issues course, and MATH 130 or equivalent. (Offered each semester)

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ECON

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Edition

2023-2024

Source

www.hws.edu

economy, this course examines the theories of demand and production, and the determination of prices for com- modities and factors of production in competitive and non competitive markets. The concept of economic efficiency is central to the course. Prerequisites: ECON 160, one 200-level topics/issues course, and MATH 130 or equivalent. (Offered each semester) ECON 302 International Trade Issues This course studies microeconomic aspects of the field of international trade to develop skills to evaluate popular ideas about the impact of globalization. We will start by reviewing micro- economic theory’s analytical tools that provide some theoretical backgrounds in international trade. Then we will explore 1) different underlying causes of gains from trade, 2) the effect of trade policies, and 3) various recent topics in international trade. Specifically, we will investigate the evidence of the following questions using case studies fo- cusing on Asian countries, among others: What made the growth in international trade possible during the late 20th century? Is international trade beneficial? Do trade barriers help or hurt the domestic economy? Does trade help or harm the environment? Does trade help reduce gender inequality? Why and how does globalization backlash? ECON 304 Econometrics The subject of this course, broadly speaking, is regression analysis. After a brief review of the simple linear model , the course develops the theoretical framework for the multivariate linear model. Various special topics are studied while students complete individual research projects that demonstrate comprehension of the steps in conducting an econometric analysis. Prerequisites: ECON 202 and ECON 300 or ECON 301. (Offered each semester) ECON 305 Political Economy This course analyzes alternative ways of understanding economics and political econ- omy. It investigates debates on economic theory and discourse within a broad context of critical issues in the foun- dations and development of the social sciences. Theoretical foundations of major schools of economic thought (e.g., neoclassical, Keynesian, Marxist) are explored, as well as questions of ideology and method in economic thought. Feminist economics is introduced. Prerequisites: ECON 300 and ECON 301, or permission of the instructor. (Offered each semester) ECON 307 Mathematical Economics This course has two objectives. First, to acquaint the student with the various mathematical tools widely used in theoretical economics today. These tools include simple linear algebra, matrix algebra, and differential calculus. Second, to utilize these tools to demonstrate and examine the fundamental con- cepts underlying microeconomic and macroeconomic theory. Prerequisites: ECON 300 and ECON 301. (Grayson, offered alternate years) ECON 308 Corporation Finance This course deals with the strategic decision-making process relative to three main areas: capital budgeting; capital structure; and working capital management. One important role a financial man- ager plays is to create value for the shareholder within legal and ethical constraints in a rapidly changing enterprise environment. Topics include the time value of money, risk and return, security valuation, capital budgeting, cash and HWS.EDU/CATALOGUE 178 2023 - 2024 CATALOGUE

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ECON

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2023-2024

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

nomic theory. It examines the gendered nature of economic life through topics such as the economics and history of the family, household production and the allocation of time, gender differences in occupation and earnings, economic policy, gender in a global context, and alternative approaches for promoting gender equity. A discussion of feminist approaches to the study of economics provides the context for these issues. Prerequisite: ECON 301 or

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ECON

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Edition

2023-2024

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www.hws.edu

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ECON

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Edition

2023-2024

Source

www.hws.edu

microeconomic principles, methodologies, and techniques to solve managerial problems relating to costs, prices, revenues, profits and competitive strategies. Using managerial economic techniques, four basic areas of finance are addressed: risk analysis, production analysis, pricing analysis and capital budgeting. This course further explores how economic and financial forces affect a firm’s organizational architecture relative to both its internal and external environment, as well as within a global context. Prerequisite: Econ 301. (Hamilton, offered alternate years) ECON 316 Labor Market Issues The supply of labor and the demand for labor is addressed in the first third of the course. We discuss the within firm decision to hire, profit maximization for different markets, wage elasticity, tech- nological change, and policy. On the supply side we analyze the labor leisure model, household production, age earnings profiles, and policies applicable to each topic. Once the basics are addressed we explore expansions of these models within a variety of topics. A model of human capital is developed. Education is examined as an invest- ment decision, with applications. The determinants of earnings are studied and examined by group, including race, gender, ethnicity, and nativity. A substantial portion of this section will focus on immigration, specifically adjustment and impact. We examine other topics such as unemployment and inequality. Prerequisite: ECON 301. ECON 319 Structure, Agency, and the Behavior of Economic Agents This course examines differing perspectives on economic behavior. The course begins by addressing the economic theory of the individual with attention to meth- odological disagreements concerning the bi-directional influence between social structures and individual agency, the preconceptions of individual action, and the incorporation of psychology and cognitive sciences in understand- ing economic behavior. The course then progresses to the application of the economic theory of the individual to assess implications from differing perspectives on the understanding of economic relations and outcomes. How are consumer preferences formed and what do consumption patterns reveal? How are we to understand self-regarding and competitive behavior as well as other-regarding and cooperative behavior? How do ascribed and acquired iden- tities determine the scope and strength of networks of cooperative economic behavior? (Prerequisite ECON 301) (Stanfield, offered annually or alternate years) ECON 324 Money and Financial Markets This is a basic ‘money-and-banking’ course that integrates macroeconomic theory and monetary theory, with special emphasis on how interest rates are determined and their role in the overall economy, the changing structure and function of financial markets, the role of the Federal Reserve System, the rela- tionship between the domestic and international monetary system, and how and why financial crises develop and their impact upon the economy. Prerequisites: ECON 300. (Khan, Damar, offered annually)

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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2023-2024

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focus on issues of inequality. We will discuss different conceptions, definitions, and measurements of inequality, ex- amine current trends in poverty and inequality empirically, both internationally and with a particular focus on current trends in the U.S., study competing theories on how economic distribution is determined and inequality is created, and, finally review some possible remedies to reduce inequality, and whether or not they are feasible or desirable.

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ECON

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course

Edition

2023-2024

Source

www.hws.edu

Prerequisite

ECON 301. (Greenstein, offered alternate years)

role of finance in macroeconomic performance. Students will become familiar with leading theories on the financial aspects of macroeconomics. The class will concern both the role of finance in increasing efficiency through facilitat- ing economic activity and the role of finance in increasing instability in economic activity. Given an understanding HWS.EDU/CATALOGUE 179 2023 - 2024 CATALOGUE

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2023-2024

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2023-2024

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and the campus legal counsel, this course covers topics ranging from the higher education business model to sub- stantive areas of law affecting the higher education sector. The course examines the current legal and regulatory landscape for colleges and universities and considers its economic, financial, and social impact on the operations and fundamental mission of colleges and universities. In particular, this course is focused on legal and regulatory de- velopments in the last ten or so years and institutional strategies for responding to such developments. In addition, the course examines the recent economics of higher education, both as they affect the ‘consumers’ and ‘produc- ers’, including issues surrounding affordability (student debt, state subsidization), competition in the sector, return on investment in higher education, and the internal organization of colleges and universities (budgets, financing, forecasting).

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ECON

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Edition

2023-2024

Source

www.hws.edu

approach emphasizes the cultural components of economic behavior and the evolution of economic provisioning processes. The course also examines the institutionalists’ critique of neoclassical economic theory. The readings for the course include classic and contemporary texts from both original institutional economics and the “new institu- tional” economics. Prerequisite: ECON 305 or permission of instructor. (Waller, Offered annually)

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ECON

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course

Edition

2023-2024

Source

www.hws.edu

social development worldwide. While no country of the world is corruption free, some countries suffer much more from it than others, with extremely serious indeed debilitating effects on their economy, society, institutional struc- ture and overall governance. We will analyze the theory, causes and consequences of corruption, drawing on a wide variety of historical and contemporary sources, examples and case studies. We will also examine both historical and contemporary anti-corruption efforts and analyze which factors were responsible for their success or failure. While the major focus of the course will be on economic issues, factors, and consequences, a nuanced understanding of the issue of corruption requires a more interdisciplinary approach that we will endeavor to follow. ECON 335 Marxist Political Economy This course offers students an introduction to Marx’s critique of political economy through a reading of Marx’s original writings, including the first volume of Capital and accompanying texts and articles. This course will build the basics of Marx’s critique and analysis of capitalist society, money, wages, the labor process, the imposition of work, the state, class struggle, accumulation and crises, and explores applications of Marxist theory to contemporary economic issues.

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

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www.hws.edu

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2023-2024

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www.hws.edu

their attempts to modernize and industrialize. Some topics that are discussed include: the roles of agricultural and industrial development, investment, urbanization, infrastructure, foreign trade, foreign aid and debt, and govern- ment planning. The course evaluates the importance of the distribution of income, education, the transfer of tech- nology, population control, and neo-colonialism. Countries from Africa, Asia, and Latin America are used frequently and extensively as examples. Prerequisite: ECON 300. (Kahn, offered occasionally)

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ECON

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course

Edition

2023-2024

Source

www.hws.edu

ing the environment requires a strong interdisciplinary approach. The course covers the basic theoretical models of natural resource use as well as the implications of these models for policy decisions. Topics include opposing views of natural resource use and depletion; basic criteria and methods for decision analysis; property rights and exter- nalities; the linkage between population growth, resource use, and environmental degradation; energy options; HWS.EDU/CATALOGUE 180 2023 - 2024 CATALOGUE

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ECON

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2023-2024

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www.hws.edu

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ECON

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2023-2024

Source

www.hws.edu

havior among parties having interests that may be quite similar or in direct opposition. The student will learn how to recognize and model strategic situations, and how to predict when and how actions influence the decisions of oth- ers. We will begin with an analysis of normal form games in which we have a static setting and players move simul- taneously. Concepts such as a player’s best response, dominant strategies, and the Nash equilibrium are presented, along with various applications. Then we will turn to extensive form games to analyze games in which players move sequentially. Lastly, we will study situations in which players have less than full information. Prerequisite: ECON 301 and MATH 130. (Grayson, offered alternate years) ECON 474 Topics in Political Economy This course focuses on different topics each year, such as the changing na- ture of work, and globalization. Prerequisite: ECON 305, or permission of instructor. (Offered occasionally) ECON 480 Seminar: Current Issues in Macroeconomics In this seminar, students consider a variety of current macro- economic and global issues. Examples of such issues might be the 2007-2008 and other financial crises, growth and investment, inequality and income distribution, financial globalization, the role of institutions and so on. Students are expected to be active participants, write a substantial paper, and make class presentations. Prerequisites: ECON 300 with a minimum grade of C-. (Offered occasionally)

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ECON

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2023-2024

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ECON

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2023-2024

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ECON

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2023-2024

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ECON

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2023-2024

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ECON

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2023-2024

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ECON

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2023-2024

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Policy on Transfer Courses and AP Credit Students taking courses in an off-campus program not led by HWS faculty may count up to two courses toward the major. To qualify as an upper-level elective course, the course must require either intermediate macroeconomic theory with calculus as a prerequisite or intermediate microeconomic theory with calculus as a prerequisite and the student must have completed these prerequisites prior to taking the course in the off-campus program. Currently enrolled HWS students may transfer core courses other than ECON 304 taken at other accredited insti- tutions, subject to the rules of the Colleges. Students should obtain prior approval from the department chair to transfer the course, using the appropriate form from the Hobart or William Smith Dean’s office. The department does not count AP credit toward the major.

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2023-2024

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can be used by student majors to fulfill one upper-level elective requirement. HWS.EDU/CATALOGUE 181 2023 - 2024 CATALOGUE

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ECON

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2023-2024

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www.hws.edu