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Economics Courses

Please note: The course descriptions displayed here are current as of Wednesday, February 8th 2012, but the official Course Catalog should be used for all official planning.

ECON 100
Introductory Microeconomics
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. Especially appropriate for students who intend to take additional courses in economics. Units: 6.

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

ECON 151
Introduction to Environmental Policy
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. Units: 6.

Also listed as Environmental Studies 151, Government 151

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

Prerequisite: Sophomore standing

ECON 180
The Art of Entrepreneurship
A broad introduction to entrepreneurship for students in the arts, humanities, and social sciences. This course aspires to give students the tools and the mindset to become agents of innovative, entrepreneurial change, social entrepreneurs or entrepreneurial artists. After presenting a social science view of entrepreneurship, the course will feature faculty from a variety of disciplines as well as practitioners. May not be taken on an S/U basis. Units: 6.

Prerequisite: Junior or senior standing

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

Prerequisite: Counter Registration Required.

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

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

ECON 200
Economic Development
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. Units: 6.

Also listed as Government 276

Prerequisite: ECON 100 or 120

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

Also listed as Government 275

Prerequisite: ECON 100 or ECON 120

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

Prerequisite: ECON 100 and ECON 120

ECON 206
Field Experience in Sierra Leone
Students engaged in this course will have the opportunity to do field research in Sierra Leone, West Africa. Each student will develop and implement a project that concerns economic, political, and/or environmental issues important in Sierra Leone. Students will also have the opportunity to learn from national and local leaders, and upon completion of the field experience, present their research to the wider Lawrence community. Students must register for this course in both the fall and the winter terms. During the extended winter break, class members will travel to Sierra Leone for an 18 day study tour. Units: 2.

Also listed as Government 401, Environmental Studies 311

Prerequisite: Completed or concurrent enrollment in ENST 300, ECON 205, or GOVT 500 (Research Methods in Comparative Politics and International Relations)

ECON 209
Water, Politics, and Economic Development
This course focuses on the political economy of water in the developing world. Students will explore the relations among water use politics and economic development as well as the quality and distribution of water among a country’s stakeholders. China will provide the primary context for the course. Units: 6.

Also listed as Government 209, Environmental Studies 209

Prerequisite: One of ECON 100, ECON 110, GOVT 110, GOVT 140, or GOVT 150

ECON 211
In Pursuit of Innovation
This course acquaints students with innovation—its objectives, major characteristics, and likely origins. The course focuses mainly on scientific and /or technological innovation; it will be taught as a joint physics/economics offering. The course will include one or two lectures per week along with student presentations and hard-charging discussion based on readings from books, articles and case studies. Outside resource individuals (in most cases Lawrence alumni) who are well-placed and experienced in innovation will offer advice and guidance to particular student projects. May not be taken on an S/U basis. Units: 6.

Also listed as Physics 201

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

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

Prerequisite: ECON 100 or ECON 120

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

Prerequisite: ECON 100 or ECON 120, and sophomore standing

ECON 225
Game Theory and Applicatons
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. Units: 6.

Prerequisite: ECON 100 or ECON 120

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

Also listed as Government 277

Prerequisite: ECON 100 or ECON 120

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

Prerequisite: ECON 100

ECON 271
Public Economics
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. Units: 6.

Also listed as Government 274

Prerequisite: ECON 100 or ECON 120

ECON 280
Environmental Economics
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. Units: 6.

Also listed as Environmental Studies 280

Prerequisite: ECON 100; sophomore standing recommended

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

Also listed as Environmental Studies 285

Prerequisite: ECON 100; sophomore standing recommended

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

Also listed as Biomedical Ethics 290

Prerequisite: ECON 100 or ECON 120

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

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

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

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

ECON 330
History of Economic Thought
The course examines the origins and development of ideas pertaining to production and distribution of goods and services in ancient to modern civilizations. Special attention will be devoted to ideas (and their authors as well as their critics) that led to the emergence of market-oriented societies. Units: 6.

Prerequisite: ECON 100 or ECON 120

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

Prerequisite: MATH 207, and either ECON 300 or ECON 320

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

Prerequisite: Counter Registration Required.

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

Prerequisite: Counter Registration Required.

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

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

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

Prerequisite: Counter Registration Required.

ECON 400
Industrial Organization
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. Units: 6.

Prerequisite: ECON 300

ECON 405
The Economics of Innovation & Entrepreneurship
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. Units: 6.

Prerequisite: ECON 300

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

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

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

Prerequisite: ECON 320

ECON 421
Investments
This is an applied course in financial economics. It aims to develop an understanding of the principles of modern finance theory and their application to the study of financial markets, regulations, investment instruments, asset valuation, portfolio management and efficient diversification. Units: 6.

Prerequisite: ECON 300 or ECON 320 or ECON 380

ECON 425
Entrepreneurship and Finance
This course applies microeconomic thinking to the development of entrepreneurial enterprises. Students will work in teams to develop plans for a new enterprise. The course relies heavily on the expertise of invited speakers (including alumni) and the analysis of case studies. Each invited expert will give a guest lecture, lead discussion of a case study, and mentor students in their projects. Units: 6.

Prerequisite: ECON 300 and either ECON 170 or ECON 220

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

Prerequisite: ECON 300 and 320

ECON 450
Economics of the Firm
Even in a “market” economy, the preponderance of economic activity is carried out through firms and other organizations. The course examines economic theories of the firm, and explores some of the canonical questions, such as why are their firms, how the separation of ownership and control of a firm shapes decision making, what determines the boundary between organizations and markets (e.g., make-or-buy decisions), what types of firms are most innovative, and how new technologies affect organizational structure. Units: 6.

Prerequisite: ECON 300 or GOVT 271

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

Prerequisite: ECON 300

ECON 465
International Finance
The course focuses on macroeconomic issues and policies in open economies such as the United States. The course will provide a general body of knowledge on topics such as exchange rate policy regimes; international financial organizations; the interaction between macroeconomic policies and exchange rate regimes; and financial crises. It presents economic models and analytical tools that can be applied to understand the changing world economy and analyze problems in international economic policy. Units: 6.

Prerequisite: ECON 320

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

Prerequisite: ECON 300 and ECON 380

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

Prerequisite: ECON 300 or consent of instructor

ECON 495
Advanced Topics in Economics
Topics will vary with instructor and year; thus, if the substance of the course changes, students may take Advanced Topics more than once. Each offering will employ analytical techniques developed in the intermediate-level courses (Economics 300, 320, and 380.) Substantive topics might include, but would not be limited to, economics of the arts, economics of sports, computational finance, international finance, public sector economics, economics of the environment, and studies of specific industries. Units: 6.

Prerequisite: ECON 300, 320, and 380

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

Prerequisite: ECON 300; MATH 300 or 310 recommended

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

Prerequisite: ECON 300, 320, and 380

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

Prerequisite: ECON 300; MATH 300 recommended

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

Prerequisite: Counter Registration Required.

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

Prerequisite: Counter Registration Required.

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

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

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

Prerequisite: Counter Registration Required.

ECON 601
Senior Experience: Book Option
This course satisfies the senior experience requirement in economics. Students will read a monograph by a formidable economist or a piece of central interest to economists, engage in active discussion, and produce a term paper in reaction to the reading. Units: 3.

Prerequisite: Senior standing; at least two advanced economics courses (400- or 500-level)

ECON 602
Senior Experience: Research Paper Option
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. Instructor’s approval of this proposal is prerequisite for registration. Units: 3.

Prerequisite: Senior standing; at least two advanced economics courses (400- 500-level)

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

Prerequisite: Counter Registration Required.

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

Prerequisite: Counter Registration Required.

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

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

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

Prerequisite: Counter Registration Required.