10 INVESTMENTS
The primary goal of this course is to enable students to become informed and intelligent investors in the area of stocks, bonds, and mutual funds. We will also attempt to answer the question: Is it possible to predict changes in stock prices or are they determined only by random events? Other topics covered include ethical investing, international investing, and green investing. Emphasis will be on group learning, oral presentations, and the case study approach. This course is intended for non-Economics majors and does not count for credit toward an Economics major. Every fall. (4 credits)
13 FINANCIAL ACCOUNTING
Accounting is the language of business. One of the objectives of this course is to learn that "language." The emphasis will be on understanding financial statements both for profit and non-profit organizations. International accounting, ethics and investment decisions are also covered. This course is designed for students who desire an understanding of the elements of accounting as a component of a liberal arts education as well as for those who would like to study further in accounting or business. No prerequisite. Every semester. (4 credits)
19 PRINCIPLES OF ECONOMICS
A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. No prerequisite. Every semester. (4 credits)
21 INTRODUCTION TO INTERNATIONAL ECONOMICS
This course explores the theoretical foundations and empirical realities of international trade flows, commercial policies (tariffs, quotas, etc.) and international finance. The course emphasizes the welfare implications of international trade and commercial policies and links these to discussion of disputes over international trade agreements. The international finance portion of the course covers the foreign exchange market, balance of payments analysis and an introduction to open economy macroeconomics. Recommended for students majoring in international studies. Prerequisite, Economics 19. Every year. (4 credits)
22 ENVIRONMENTAL ECONOMICS AND POLICY
This course presents the elementary theories of environmental pollution (e.g., air, water and land pollution) and the economics of such global issues as climate change and biodiversity. The aim is to provide an understanding of the conditions determining whether markets do a good job in protecting the environment and biological resources, to explore potential areas for government intervention, and to employ economics in evaluating the relative effectiveness of alternative forms of government intervention in achieving particular objectives. Both local, state, national and global environmental issues and policy, and the linkages between them, are addressed. Prerequisite, Economics 19. Every year. (4 credits)
24 INTRODUCTION TO TAX POLICY
This course presents the major methods of taxation used by federal, state and local governments. These include taxes on personal and corporate income, sales, real and personal property, value added, consumption as well as so-called `sin taxes'. Taxes are analyzed against the traditional goals of efficiency, horizontal and vertical equity, benefits received, revenue sufficiency and stability, and taxpayer acceptability. Prerequisite, Economics 19. Alternate years, next offered 2000—2001. (4 credits)
25 COMPARATIVE ECONOMIC SYSTEMS (Same as International Studies 25)
This course examines the workings of economic systems from the perspective of the incentives facing the firm and consumer. The course provides an introduction to the economics of information and organization which is used to evaluate resource allocation under the specific institutional environment of different economic systems. Our understanding of the incentive system is then used to evaluate the overall economic system. The focus of the course is primarily on the U.S. economy, Japan and the former Soviet Union/Russia. As time permits the course may examine China, Germany and Central Europe. Prerequisite, Economics 19. Next offered spring 2001. (4 credits)
26 ECONOMICS OF GENDER
This course uses economic theory to explore how gender differences lead to different economic outcomes for men and women, both within families and in the marketplace. Topics include applications of economic theory to 1) aspects of family life including marriage, cohabitation, fertility, and divorce, and 2) the interactions of men and women in firms and in markets. The course will combine theory, empirical work, and analysis of economic policies that affect men and women differently. Prerequisite, Economics 19. Every year. (4 credits)
27 ADAM SMITH AND KARL MARX
The objective of this course is to study the lives and the original writings of two of the most important scholars in the history of economic thought. Adam Smith, the patron saint of laissez-faire capitalism, was the founding father of modern economics, as well as the intellectual predecessor of Marx. Marx's historical and political vision embraced an equally large panorama. Prerequisite, Economics 19. Alternate years, next offered spring 2000. (4 credits)
28 INDUSTRIAL ORGANIZATION
This course examines theories of firm behavior in the various industrial environments along the continuum from monopoly to perfect competition, with oligopoly and monopolistic competition in between. In view of its ubiquity, oligopoly receives special emphasis; the contributions of Bertrand, Chamberlin and Cournot are treated in detail. Attention is also given to more recent developments, such as the theory of contestable markets. Finally, application of the theory unfolds as the enforcement of antitrust laws is studied through a discussion of landmark judicial decisions. Prerequisite, Economics 19. Alternate years, next offered 2000—2001. (4 credits)
33 MANAGERIAL ACCOUNTING
Planning is the key to business success. How do firms plan for the future? Setting objectives and budgets. Evaluating and rewarding employee performance. Controlling inventory, cash budgeting, and capital budgeting. Extensive use of case studies and group work. Prerequisite, Economics 13 or instructor's permission. Spring semester. (4 credits)
35 ECONOMICS OF THE TRANSITION (Same as International Studies 35)
This course surveys the theoretic and empirical literature on Soviet-style central planning and the transition to a market economy. The economic history of central planning is examined with emphasis on the experience of the Soviet Union and its variants in Eastern Europe and China. The tool of analysis is the branch of economics known as the economics of organization and information, which will be used to analyze the operation, strengths, and limitations of central planning. The legacy of central planning forms the backdrop for an examination of the transition to a market economy. Prerequisites, Economics 19 and one 20s level Economics course; Economics 21 or 25 are recommended. Alternate years; next offered 1999—2000. (4 credits).
36 CAPITAL MARKETS
The structure, operation, regulation and economic role of financial markets and institutions; fundamental security analysis and present-value techniques; forecasts of earnings and analysis of yields on stocks and bonds; the portfolio theory and characteristic lines, betas and mutual-fund ratings; futures and options markets. Prerequisites, Economics 13 and 19. Every year. (4 credits)
41 INTRODUCTION TO ECONOMETRICS
This course investigates the methods economists use to test theories and conduct economic forecasts. This course will provide the student with the ability to design, conduct, and evaluate empirical work in economics and other social sciences. The primary focus of the course is on the final project that consists of a research paper that will integrate library research, economic theory, and econometric analysis. The course will take a "hands on" approach as much as possible with weekly use of the microcomputer in class. Prerequisites, Economics 19, any Economics course in the 20s, Math 14 or 27, and Math 21. Every semester. (4 credits)
50 TOPICS
Topics courses offered in recent years have included: Farm and Food Policy: Topics in Agricultural Economics; Law and Economics; Economics of Higher Education Policy; and African Americans and Economics. Information on topics courses to be offered in 1999—00 may be obtained from the Registrar or the department office. (4 credits)
51 INTERMEDIATE MICROECONOMIC ANALYSIS
Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis. Prerequisites, Economics 19, any Economics course in the 20s, and Math 21. Not open to first-year students except by permission of the instructor. Every semester. (4 credits)
57 FINANCE
This course concentrates on developing and applying economic principles to the decision making process of the firm. Typically the course is taught from the viewpoint of the financial manager of a firm (profit or non-profit). Traditional corporate finance topics will be covered, including: cash flow management, sources of capital, capital budgeting, cost of capital, and financial structure. Recent theoretical developments in the capital asset pricing model and portfolio theory also will be examined. Actual case studies of financial decision making often are included in the course. Prerequisites, Economics 13, 41 and 51. Every year. (4 credits)
58 ENTREPRENEURSHIP: NEW VENTURES
This course focuses on starting up new businesses. From how to write a business plan to analyzing marketing and finance alternatives, the emphasis is on discovering the common elements in successful, new ventures. Typically a theme for a particular year's class is employed. An analysis of research in entrepreneurship in new ventures is an important element of the course. Guest speakers, student team projects and presentations, and analyses of case studies also are used. Prerequisites, Economics 13 and 51. Next offered 1999—2000. (4 credits)
59 INTERNATIONAL ECONOMIC DEVELOPMENT
This course will apply the tools of economic analysis to gain an understanding of economic development problems and their solutions. Patterns of economic development in a historical and dynamic context will be examined. The central role of agriculture and the problem of technological change in agriculture will also be examined. Other topics will include neo-classical growth models, domestic and international economic policies, international trade, foreign aid, external debt, technology transfer, rural-urban migration and income distribution. Prerequisites, Economics 41 and 51. Fall semester. (4 credits)
61 INTERMEDIATE MACROECONOMIC ANALYSIS
This course develops in detail theories of the determination of national income, employment and the price level. The foundations and mechanics of neo-classical and Keynesian models of the aggregate economy are studied and modern syntheses of these approaches are explored. Considerable attention will be paid to current behavior of the national economy. Prerequisites, Economics 19, 51 (or permission of the instructor), and Math 21. Every semester. (4 credits)
66 MONEY AND BANKING
Money and monetary standards; the role of depository institutions within the financial system; depository institutions and the Federal Reserve as creators of money; monetary theory; aggregative models; unemployment and inflation; international finance. Prerequisite, Economics 61. Alternate years, next offered 2000—2001. (4 credits)
71 PUBLIC FINANCE
Public goods, externalities, and the role of government. Types of government taxes and expenditures and their impacts on resource allocation and income distribution. State and local fiscal systems; intergovernmental fiscal relations. Public sector debt. Prerequisites, Economics 51 and 61. Alternate years, next offered 2000—2001. (4 credits)
72 THEORY OF INTERNATIONAL FINANCE
This is a course in open economy macroeconomics and international finance. Special emphasis is placed on the causes and consequences of the international financial system's evolution. The four major international monetary regimes of the twentieth century–the classical gold standard, the interwar gold-exchange standard, the Bretton Woods System, and the floating-rate dollar standard–are explored in chronological order as well as attempts at monetary union in Europe. Topics examined include: 1) exchange rate determination, 2) balance of payments, 3) macroeconomic adjustment, and 4) international monetary institutions. Case studies are used extensively. Prerequisites, Economics 51 and 61. Every year. (4 credits)
73 LABOR ECONOMICS
This course uses theoretical and empirical research to examine the economics of work from both the point of view of the firm and the worker. Economic tools will be used to analyze some of the important issues relevant to labor economics, such as labor force participation, the division of labor within the household, occupational choice, investments in education, minimum wage legislation, wage elasticities, employment-hours tradeoff, labor market discrimination, unions, and job search. Prerequisites, Economics 41, 51, 61. Every year. (4 credits)
74 ADVANCED ECONOMETRICS
This course will introduce advanced topics in applied econometrics. Among other topics, it will examine limited dependent variable models, vector autoregression and advanced time series techniques, simultaneous equations models and the econometrics of panel data estimation. Although the emphasis will be on applied work, the course will also examine the underlying mathematical structure of these estimation methods. Prerequisites: Economics 41, 51, 61 and Math 21 and 36. Alternate years, next offered fall 2000. (4 credits)
75 MATHEMATICAL ECONOMICS
Mathematical treatment of selected topics in economic theory and finance. The first part consists of a mathematical treatment of compound interest, capital accumulation and amortization, present discounted value and rate of return, and the relationship of these topics to models of economic growth. The second part of the course deals with optimization, Lagrange multipliers, and operations research. Optional topics may vary from year to year. Prerequisites, Economics 51 and 61 (Math 22 recommended). Alternate years, next offered 2000—2001. (4 credits)
76 SELECTED TOPICS IN MICROECONOMICS
This course will extend the subject matter of Intermediate Microeconomics, considering both theory and selected applications in four broad areas: (1) Extensions of the theory of choice to considerations of risk and uncertainty, the expected utility hypothesis, and the economics of information; (2) Extensions of the competitive market model to examine the supply of exhaustible resources, airline regulation and deregulation, and rent controls; (3) Extensions of simple, undifferentiated oligopoly theory to examine product differentiation, game theory, and contestable markets; and (4) Extensions of the theory of factor markets to study discrimination in the labor market, the negative income tax, and the incidence of the social security payroll tax. Prerequisites, Economics 51 and 61. Alternate years, next offered spring 2001. (4 credits)
77 SELECTED TOPICS IN MACROECONOMICS
This course extends the subject matter of Intermediate Macroeconomics. It focuses on theoretical and empirical issues related to: 1) long-run economic growth, 2) equilibrium business cycle models, 3) the macroeconomics of imperfect competition (i.e., "New Keynesian" economics), 4) the macroeconomic policy debate, with emphasis on the application of game theory to monetary policy analysis, and 5) open economy macroeconomics. Prerequisites, Economics 51 and 61. Alternate years, next offered 1999—2000. (4 credits)
78 ECONOMICS OF PUBLIC POLICY
This course examines the role of economics in the adoption, implementation, and evaluation of public policies, focusing primarily on microeconomic policies: the provision of public goods, regulation, subsidization, and taxation. The course has two parts. The first deals with the use of economic theory in understanding and evaluating government policy decisions. Topics include the philosophical foundations of economic policy analysis, the rudiments of program evaluation techniques (including benefit-cost analysis), the rational actor approach to studying democratic decision-making processes, and the connections of the economic consequences of a program to its political support and opposition. The second applies these concepts to study several aspects of public policy, including budgeting, environmental protection, monopoly regulation and antitrust, income distribution programs, resource management, and/or international trade. The course is writing intensive as well as quantitative. Prerequisites, Economics 51 and 61. Alternate years, next offered 1999—2000. (4 credits)
96 INDEPENDENT PROJECT
Further study in fields of special interest. Readings, conferences, field work, reports. Prerequisites, Economics 51, 61, and permission of the instructor. (4 credits)
97 INTERNSHIP
Work that involves the student in practical off-campus experiences with business, government, and non-profit organizations. Pass/No-Pass grading only. Prerequisites, Economics 51 and permission of the instructor. (1 to 4 credits)
98 PRECEPTORSHIP
Work in assisting faculty in the planning and teaching of a course and/or tutoring individual students. Pass/No-Pass grading only. Prerequisites, Economics 51, 61 and permission of the instructor. (4 credits)
Adress:1600 Grand Avenue
St. Paul, MN, 55105
Phone:651-696-6227
email economics@macalester.edu
