Please note: The course descriptions displayed here are current as of Wednesday, November 22, 2017, but the official Course Catalog should be used for all official planning.

ECON 100: Introductory Economics

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.
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.
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 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: 1 TO 98.
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: 1 TO 98.
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

ECON 202: Global Economic Relations

This course covers the major concepts utilized in the field of international political economy. Major issues covered include debates about globalization, trade policy and free-trade agreements, monetary policy and currency regulation, aid and development, immigration policy and labor migration, global corporations, and international institutions such as the World Bank, IMF, and WTO.
Units: 6.
Also listed as Government 275
Prerequisite: Sophomore standing and ECON 100. GOVT 140 or GOVT 340 recommended.

ECON 204: Effective Altruism

Effective altruism acknowledges that individuals want to help others while examining the most effective ways to do so. Taking a global approach that draws on development, health and experimental economics, this course compares differences in relative welfare and opportunity and evaluates the effectiveness of causes like health interventions, cash transfers, and gender equity. Emphasis placed on close reading problem sets, quizzes, research papers and discussions.
Units: 6.
Prerequisite: ECON 100

ECON 205: Introduction to International Economics

This course aims to develop an understanding of international economic issues and policies in open economies. The course will provide a general body of knowledge on topics such as gains from trade; patterns of trade; effect of trade on welfare; exchange rate policy regimes; international organizations; financial crises; and the effect of government policies on trade and the exchange rate. You will get exposed to economic modeling and learn analytical tools that can be applied to understand the changing world economy and analyze problems in international economic policy. You are encouraged to explore the potential and limitations of international economics in dealing with real-world problems. This course will assist you in improving your economic writing skills as well as your ability to read critically and understand discussions on international economic issues in the press.
Units: 6.
Prerequisite: ECON 100

ECON 206: Field Experience in Development

Students engaged in this course will have the opportunity to do field research in a developing country. Each student will develop and implement a project that concerns economic, political, and/or environmental issues important in Sierra Leone, Jamaica, or another selected country. Students will also have the opportunity to learn from both national and local leaders in political, economic, environmental, and social development issues. Class members will travel to a developing country during a term break. Students must register for this course in the term prior to the planned travel and in the subsequent term, when they will present their research to the wider Lawrence community.

Location for 2016-17: Students will travel to Sierra Leone and/or Morocco during winter break. Admission is by application to Prof. Skran. Students should register for both fall and winter terms.
Units: 3.
Also listed as Government 401, Environmental Studies 311
Prerequisite: ENST 300, GOVT 248, GOVT 500 and RLST 240

ECON 208: Sustainable China: Environment and Economy

This course integrates environmental and economic topics relevant for understanding sustainability in the Chinese context, including economic development, natural resource management, urban growth, and environmental policy. It is a prerequisite for a December study trip to China.
Units: 6.
Also listed as Environmental Studies 208, Government 208
Prerequisite: Limited to students selected for the Sustainable China study trip

ECON 211: In Pursuit of Innovation

This course acquaints students with various aspects of innovation and entrepreneurship, broadly understood. Topics cover methodologies, theories, and history of innovation. The course focuses largely on projects pursued by teams which conceive and conduct ventures that illuminate innovation and entrepreneurship. Class activities include lectures, discussions, student presentations. Experienced guest experts will offer advice and guidance to student teams. May not be taken on an S/U basis.
Units: 6.
Also listed as Innovation & Entrepreneurship 100
Prerequisite: Sophomore standing

ECON 212: Corporate Finance

This course studies the function of finance and the flow of funds within the corporation. Topics include financial analysis, decision making, capital acquisition and use, and strategic planning. Three comptetencies will be emphasized: numeracy through financial analysis, decision-making based on financial information, and communication skills through conveying analyses and decisions to the end user (the board, shareholders, other stake holders). Lecture with case studies assignments, and exams.
Units: 6.
Also listed as Innovation & Entrepreneurship 212
Prerequisite: I-E 110

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

ECON 223: Quantitative Decision-Making

The students will learn how to develop formal, quantitative approaches to structuring difficult problems, particularly those problems involving probabilistic factors. We will develop and practice the steps of defining a problem, gathering data, formulating a model, performing numerical calculations, evaluating numerical information, refining the model, analyzing the model's alternatives, and communicating the results.
Units: 6.
Also listed as Mathematics 223
Prerequisite: Sophomore standing

ECON 225: Decision Theory

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

ECON 245: 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.
Units: 6.
Prerequisite: ECON 100 or consent of instructor

ECON 251: The Economics of London

This course provides a significant variation on the Urban Economics course (ECON 250) that is offered on campus. First, it focuses on one city, London UK, as the context for the analysis. Secondly, it addresses the London economy from both economic history and contemporary economic analysis perspectives. London has remained a vibrant city from the late middle ages to the present through a variety of changes to its character, its economy, and the diversity of its population.
Units: 6.
Prerequisite: Only open to students attending the London Centre.

ECON 252: Sustainable Cities

How can cities be sustainable? The increasing urbanization of the world's population, shift to service-driven economies, and growing diversity of cities make this question pressing and complicated. This course introduces economic, environmental, and social dimensions of the urban sustainability problem and explores responses to it through a two-week December study trip to London and Amsterdam and winter term studies and poster presentations. Program fee is required. Students pay their own airfare.
Units: 3.
Also listed as Environmental Studies 252, Government 252
Prerequisite: An introductory course in GOVT, ECON, ENST or GLST, or consent of instructor

ECON 255: Start-Up Theatre

Open to students from theatre, economics, and other students interested in entrepreneurship in the performing arts. Topics change each year. May be repeated when topic is different up to 6 total units.
Units: 1 TO 3.
Also listed as Theatre Arts 255, Innovation & Entrepreneurship 255
Prerequisite: Sophomore standing

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

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 or ENST 151

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

ECON 291: Health Policy: A Comparison of U.S. and U.K. Approaches

This course compares U.K. and U.S. health systems, markets, and public health policies. In particular, the course will analyze trade-offs made in each country among access to care, the cost of care and the quality of care as well as how resources are generated and allocated for each system.
Units: 6.
Also listed as Biomedical Ethics 291
Prerequisite: Only open to students attending the London Centre.

ECON 295: Topics in Economics

Each offering will build on modeling and reasoning techniques developed in the introductory-level courses (ECON 100 or 120). Topics depend on the instructor and will vary year-to-year. Topics include, but are not limited to, economics of the arts, financial economics, economics of sports, and economic history. May be repeated for credit if the topic is different.
Units: 6.
Prerequisite: ECON 100

ECON 300: Microeconomic Theory

A study of the microeconomic foundations of economics. The course focuses on equilibrium models for consumers and firms in competitive markets, as well as deviations from perfect competition.
Units: 6.
Prerequisite: Sophomore standing and ECON 100 and MATH 140 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 300 and ECON 380

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: Sophomore standing and MATH 107, 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: 1 TO 98.
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: 1 TO 98.
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: 1 TO 98.
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: 1 TO 98.
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 380 recommended

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. Sufficient mathematical maturity required.
Units: 6.
Prerequisite: Junior standing or consent of instructor

ECON 415: Individuality & Community

This course studies how political theorists responded to the emergence of open societies in the West. It focuses on the scope of personal autonomy, the consequences of commerce and luxury, the best political and economic arrangements, and other topics explored by writers from the Renaissance to the Twentieth Century.
Units: 6.
Also listed as Government 405
Prerequisite: Junior standing 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 course blends a web-based course on investment philosophies with classroom discussion of economic and valuation principles. It aims for students to develop an understanding of contemporary financial markets and instruments as well as how economic fundamentals apply to the evaluation of investment alternatives and strategies. Students will apply such knowledge to craft their own economic philosophies and implementation strategies.
Units: 6.
Prerequisite: I-E 110 and at least one of ECON 300, ECON 320 or ECON 380

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 444: 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 444
Prerequisite: ECON 300 and ECON 380

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 there firms, how the separation of ownership and control of a firm shapes decision making, what determines the boundary between organizations and markets (e.g., make-or-buy decisions), what types of firms are most innovative, and how new technologies affect organizational structure.
Units: 6.
Prerequisite: ECON 300 or GOVT 271

ECON 460: International Trade

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 481: Advanced Econometrics & Modeling

The course explores advanced econometric topics in model specification, estimation, and prediction (e.g., two-stage least squares, limited dependent variables and logistic regression, nonparametric regressions, censored regressions, time-series analysis). Techniques are introduced through work related to the instructor’s areas of interest and expertise (e.g., labor, development, health, education).
Units: 6.
Prerequisite: ECON 380

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.

Topic for Winter 2018: Institutional and Organizational Analysis
The course introduces instititional and organizational economics (institutions, property rights, transaction costs) to the conventional neoclassical economics paradigm to understand contractual choice and economic performance. It also applies fundamental economic and social science tools, such as agency theory, the Coase Theorem, credible commitments, structure-induced equilibrium, and the Riker Objection, to the study of formal policy institutions.
Units: 6.
Prerequisite: ECON 300

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 590: Tutorial Studies in Economics

Advanced readings, discussions, and essays in economic problems of special interest to the student.
Units: 1 TO 98.
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: 1 TO 98.
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: 1 TO 98.
Prerequisite: ECON 300, 320, or 380; Counter Regsitration 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: 1 TO 98.
Prerequisite: Counter Registration Required.

ECON 601: Senior Experience: Reading Option

Students focus on a monograph &/or readings appropriate for advanced undergraduates, engage in active discussion, and produce a paper that expands upon or responds to the readings. Successful completion satisfies the department’s Senior Experience requirement.
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: 1 TO 98.
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: 1 TO 98.
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: 1 TO 98.
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: 1 TO 98.
Prerequisite: Counter Registration Required.

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