ECONOMICS COURSE DESCRIPTIONS: AUTUMN 2002
ECONOMICS COURSE DESCRIPTIONS: AUTUMN 2002
INTRODUCTION TO
MICROECONOMICS
200A* (5) Eugene Silberberg
MWF 11:30-12:20
Economics
200 is the introductory course in “microeconomic” theory. We analyze changes in
the behavior of individuals and firms in response to changes in the constraints
they face. This course will stress applications of elementary economic theory
to real world issues and problems. The course is largely devoid of algebraic
derivations, but analytical reasoning based on fundamental principles is
stressed throughout. This is a scientific course: we shall be concerned with explanations of real world events. These
explanations are always based on a few fundamental postulates of behavior and
technology. Be warned: this is not a course where you can memorize facts and
regurgitate them on an exam!
Grades
will be assigned approximately as follows. The average of the quiz grades (with
the worst grade deleted) will be treated as one exam. This will be averaged
with the other two midterms, and then this will be averaged with the final exam
grade. Thus, the final exam counts for 50% of the grade. The T.A.’s can then
adjust the grade by up to 0.3 based on classroom performance.
This
course is not, repeat, not graded on a curve. The good news is if you do well,
you will not be penalized because others have also done well; the bad news is
that if you do badly, the fact that others may have also done badly will not
help you.
Recommended: MATH 111
200B* (5) Keith
Leffler
TTh 8:30-9:50
This
course will stress applications of elementary economics to explain aspects of
society. Economics is based on a few
fundamental postulates and the application of analytical reasoning. The economic approach to understanding
behavior is difficult to learn passively.
The lectures and the exams will focus on examples. An important part of your reading is the
questions at the end of the chapters and the practice questions. My experience has convinced me that working
through these practice questions is essential for a superior performance in the
class. Economics is learned through
practice not through memorization. Use
your
quiz sections to have your TA explain how to answer the practice
questions.
Ø
Grading:
§
Three
midterms--30 percent each
§
Six
quizzes and TA evaluation--best four, 2 1/2 percent each
I anticipate an overall class average of about
2.9. I grade relatively easy at the
bottom and tough at the top.
Recommended: MATH 111
This
is an introductory course in principles of macroeconomics. Macroeconomics
studies the aggregate economic phenomena. It addresses
questions
regarding the causes and effects of inflation and unemployment, determinants of
long
term
economic growth, and the role of government policies in maintaining a healthy
and prosperous economy. Our main goal here is to help you learn an approach
that enables you to think about aggregate economic issues in an insightful
manner, and allows you to critically evaluate the economic information and
analyses provided in news publications such as the Wall Street Journal, the Economist
magazine, and the like.
Grading
and Tests: There will be 6 weekly quizzes, a midterm and a final exam. In
addition, you'll be required to hand in 6 or 7 assignments, generally due on
Tuesdays during the course of the term as announced by your quiz section TAs.
Most of these assignments constitute analysis and explanation of your
understanding of the material in an article or two in the Wall Street Journal (of a few days preceding the date of the
assignment).
Prerequisite(s):
ECON 200; recommended: MATH 111
300A
(5) Haideh Salehi-Esfahani
MW
1:30-3:20
In
this course, we attempt to understand the workings of a market economy by
studying its main participants: consumers (buyers) and firms (suppliers). We
also study the resource reallocation effects of government policies: taxes,
subsidies, and price regulations. In discussing the fundamentals of the
consumer and firm decision making process, we make use of both graphical and
mathematical analysis. The mathematical analysis of the issues involves mostly
solving equations for unknown variables, and, taking derivatives of variables.
Grading
and Tests: There will be a number of in-class writing assignments, 4 sets of
assignments, one midterm and one final exam. The writing assignments can be
done in small groups, up to 4 students per group. I will give each of you the
grade obtained by the group. Your worst assignment grade will be dropped and
the rest will count towards your final course grade.
Prerequisite(s):
ECON 200; either MATH 112, MATH 124, MATH 127, MATH 134, or MATH 145
300H (5) Richard Hartman
MTTh 10:30-11:50 Honors
In
this course we analyze the economic behavior of
individuals and of firms and we explore the ways they interact in markets. We use this analysis to explain how a market
economy solves the following
three basic questions: (i) Which goods and services are produced? (ii) How are
those goods and services produced? (iii) How are they allocated to individuals?
Because prices are crucial in this process, microeconomics is frequently called
price theory. Several of the topics we cover are also
covered in elementary economics courses, but our analysis will be more
quantitative and more rigorous. This course provides the basic tools that
are used in many branches of economics including finance, industrial
organization, international economics, labor economics, natural resource
economics, and public finance. Although you will be expected to memorize a few
definitions, it is generally true that memorization is a very
ineffective way to learn this material. To do well in this course you must
understand how the underlying concepts work, and you must be able to use the
basic tools of microeconomics to set up and solve problems. The best (and
probably the only) way to learn this is through practice. There will be
regular weekly problem sets, which will require basic algebra and some
calculus. In addition, we will use the tools and techniques of price theory
to analyze a variety of real world applications.
Prerequisite: ECON 200; either MATH 112,
MATH 124, MATH 127, MATH 134, or MATH 145
UNDERGRADUATE SEMINAR IN
ECONOMICS
MW 1:30-3:20 Writing Course
Topic: Financial Crisis
Textbooks: Krugman, Paul, The
Return of Depression Economics; Friedman, Milton and Schwartz, Anna, Monetary History of the United States 1867 –
1960; Eichengreen, Barry, Globalizing
Capital: A History of the International Monetary System
Prerequisite(s): ECON 200
MONEY, CREDIT AND THE
ECONOMY
421A (5) Michael
Hadjimichalakis
TTh 10:30-12:20
This is a
macroeconomics course on the financial sector of the economy. We start by
examining the structure and behavior of six groups of participants in the
financial system: the Federal Reserve; financial intermediaries (banks); U.S.
Treasury; households' firms; and foreign
participants. Next, we analyze how the interaction of these participants in the
marketplace determines rates of return of financial instruments and the
quantity of money. Finally, we examine how the financial sector
affects (and is affected by) the real sector of the economy. Emphasis is on the
interaction of theory and practice in a changing financial environment. Among
the topics examined are: the policies and practices of the Federal Reserve
(Fedwatching); the changing regulatory
structure and the effects of deregulation on the financial markets; and credit
crunches and banking issues across time and countries.
Ø Grading Policies: 1st midterm 30%-2nd midterm 30%-Final exam
40%. Discretionary factor: Class
participation may count for up to 10% of your grade.
Ø
Note: This course is an (non-quantitative)
elective for the Certificate in
Quantitative Managerial Economics.
Prerequisite(s): ECON 301
INVESTMENT, CAPITAL, AND
FINANCE
422A (5)
Richard Parks
TTh 1:30-3:20
Economics 422 is an introduction to the theory of
finance. We analyze the ways in which individuals and firms use financial
markets to allocate resources over time and to manage risk. The course will
introduce students to the basic institutional structure of markets for stocks,
bonds, options, and futures and the elements of financial calculations relevant
in each. The primary goal of the course is for students to learn the basic
tools and techniques of finance (including some inevitable formulas) and to
learn how to apply them in a variety of contexts. To do well in the course
students must understand the underlying concepts but then must learn to use the
tools and techniques to set up and solve finance problems. The best (and
probably the only) way to learn these skills is through practice in solving
problems. There will be regular problem
sets throughout the quarter, which make extensive use of arithmetic, algebra,
and some calculus. Knowledge of a spreadsheet program such as Excel will be
useful.
Ø Course Materials Available on Course Website: You
may download copies of the syllabus, problem set assignments, the investment
project, and answers to problem sets (available after the corresponding due
dates) from the course website. Go to the Economics Department site at
www.econ.washington.edu. From there choose Courses, Spring 2002, and Econ 422.
I will use the site for general announcements as well as for all class
materials. The website also includes a file of past exams. Past exams will give
you a clear idea of what to expect on exams, and they are an excellent source
of practice problems. An answer key for these test questions is not available.
Ø Note from instructor:
Solid understanding of intermediate microeconomics (Economics 300), calculus
(Math 124 or 112), and statistics (Econ 311 or equivalent) will be assumed. The
course is quantitative and makes extensive use of arithmetic, algebra, and some
calculus. You must be prepared to develop your quantitative problem solving
skills.
Prerequisite(s): ECON 300; either ECON 311,
STAT 311, QMETH 201, or STAT 220
ECONOMICS OF THE ENVIRONMENT
436A (5) Robert Halvorsen
MW 1:30-3:20
This
course analyzes the relationship between economic activity and environmental
quality. The major topics considered are the economic origins of environmental
problems, the tradeoffs involved in determining the goals of public policy
toward the environment, the choice of policy instruments for attempting to
attain those goals, and the role economic analysis has played in the
formulation of actual environmental policy in the U.S. The class discussions
will assume that students have taken an intermediate level course in
microeconomics, such as ECON 300.
There
will be two exams and a number of required problem sets. The exams will count
for 80% of the grade and the problem sets will count for 20%, unless you do
better on the exams than on the problem sets, in which case the course grade
will be based entirely on the exams. The exam grade will be a weighted average
of the numeric grades assigned to the individual exams, with the exam on which
you do better receiving a weight of .6 and the exam on which you do worse
receiving a weight of .4. Except as otherwise explicitly noted, the exams will
be based on the material covered in the lectures and problem sets.
Prerequisite(s): ECON 300
COST-BENEFIT ANALYSIS
454A (5) Robert Halvorsen
TTh 10:30-12:20
Benefit-cost
analysis is a widely applied method for evaluating government projects,
policies, and regulations. This course reviews the theory and practice of
benefit-cost analysis with the goal of providing students with a working
knowledge of its methods and problems. In addition to lectures, readings, and
class discussions, the course will involve hands-on experience in the form of
both problems and a term paper.
The
topic of the term paper will be a review either of a benefit-cost study or of a
study that evaluates the social benefit or cost of a particular input or
output. The term papers will be written in teams of two. The expected length of
the paper is ten, double-spaced pages (about 2500 words). Each team will also
make a class presentation summarizing its results.
Grading/Comments:
There will also be two exams and about five required problem sets. The exams
will count for 50% of the grade, the problem sets will count for 20%, and the
term paper will count for 30%. The exams grade will be a weighted average of
the numeric grades on the two exams, with the exam on which you do better
receiving a weight of 0.6 and the exam on which you do worse receiving a weight
of 0.4.
ECONOMETRICS
482A (5) Dick
Startz
MW 1:30-3:20
Econometrics
is the study of statistics as applied in economics. We are interested in
answering three kinds of questions. How do we test a given scientific
hypothesis? (Example: Are men paid more than women with equivalent levels of
education?) How do we measure parameters of scientific interest? (Example: How
much does one year of schooling raise wages?) What are good methods of
forecasting the future? (Example: What will GNP be next year?) The basic tool
we learn is multiple regression. We also explore a number of extensions. Class
work is largely mathematics, intuition building, and examples of computer use.
Homework emphasizes hands-on computer work.
Ø
Note: THIS A HARD COURSE! Take a look at http://www.econ.washington.edu/user/startz/482_Sp2002/Learning%20Goals%20482.htm for course goals.
Ø Coursework and grades: There will be homework (20%) due at the beginning of
class most Mondays (maybe more often), and two in-class quizzes (20% each).
Everyone must turn in their own homework, but collaboration is permitted.
Collaboration on the computer assignments is encouraged! You also have to write
a short (five page or so) paper. The paper has a tightly specified format. The
grade on the paper depends on both substance and presentation. Regular class participation is the norm
and I reserve the right to retroactively include class participation in the
grading scheme. Late homework isn’t accepted, there
aren’t make-ups for the quizzes, and no, you can’t have an extension on the
paper.
Prerequisite(s): ECON 300; ECON/STAT 311.
ISSUES
IN ECONOMIC DEVELOPMENT
491A (5) Anil
Deolalikar
MW 11:30-1:20
This course is an introductory survey course in
economic development. A wide range of
topics in development will be covered, including growth and planning models,
industrialization, agricultural and rural development, technological change and
technology transfer, labor markets, population growth, education, health and
nutrition, natural resources and environment, migration, and women in
development. The main focus will be on
the problems and experiences of developing countries in Asia, although other
parts of the developing world--Africa and Latin America--will also be covered.
Ø
Note: This course is an elective
for the Certificate in International
Economics.
Prerequisite(s): ECON 301
ECONOMIC
TRANSFORMATION OF
RUSSIA AND
EASTERN EUROPE
495A (5) Judith
Thornton
MW 9:30-11:20
NOTE: Econ 495 will no longer be a
writing (W) course
Economics
of Transition considers the process of introducing private-property based
market institutions into formerly socialist economies. We analyze the incentive features of
socialist and market institutions, investigating the process of economic reform
and establishment of institutional infrastructure. We apply economic tools to analyze differences in the success of
different transition economies. Topics
include: Measuring performance; Markets
and rationing; Property rights and ownership; Incentives and information in
organizations; Coordination and risk; Adverse selection and moral hazard;
Strategic behavior; Rents and efficiency; Innovation and investment.
Prerequisite(s): ECON 301