Courses of Study:
Minor
Major (B.A.)
Department website: http://www.brandeis.edu/departments/economics/econ.html
Objectives
All majors in economics receive broad yet rigorous training in the core subjects of the discipline: general principles, micro and macroeconomic theory, and statistics. Majors learn to use skills developed in the core to analyze a variety of economic problems, social issues, and economic institutions. This goal is accomplished in four elective courses chosen from a list that includes most of the subfields of interest to economists, e.g., international economics, financial markets, industrial organization, managerial economics, law and the regulation of economic activity, and the public sector.
The department stresses analytic and quantitative approaches to the economy as a system as well as to specific subject areas and economic issues. (As a consequence we expect students to develop analytic and quantitative skills useful not only for studying economics but for studying other subjects as well). Theoretical and applied courses are available. By the completion of the major, students are expected to be familiar with the scholarship associated with a variety of economic subjects; majors learn to read books and articles written for the general economist.
The major in economics provides background for many positions in business or government. A few graduates pursue advanced degrees in economics while others enroll in professional schools of business, law, and other fields. Programs of study can be designed to match the interests of the student (see list of courses on page 112).
Qualified seniors are invited to participate in the department's honors program, which involves research and the writing of a thesis under the supervision of a member of the faculty. Before the senior year, Brandeis undergraduates can apply for admission as "five-year students" to the Lemberg Master's Program in International Economics and Finance (see the Graduate School of International Economics and Finance section of this Bulletin). The department offers a general minor in economics and a program in international business (see the Program in International Business section of this Bulletin). The latter program is open to economics majors.
How to Become a Major
The major has a single entry point, ECON 2a (Introduction to Economics). (This course is also an option in the quantitative reasoning component of the General University Requirements.) Most majors begin their study in the first or second year with ECON 2a (Introduction to Economics) followed by a second principles course, ECON 8b (The Global Economy). Five core courses are required (two principles courses followed by three intermediate theory courses: microeconomic theory, macroeconomic theory, and statistics) plus four electives. It is important to begin the study of economics early because "upper level" electives, a requirement for the major, build on intermediate courses and have from three to six prerequisites. Also, some calculus is used in intermediate theory courses; students who have not had a good high school calculus course should take MATH 10a (Techniques of Calculus), at a minimum. Students with limited mathematical training should begin with MATH 5a (Precalculus Mathematics).
Faculty
F. Trenery Dolbear, Chair
Macroeconomics. Public sector.
Chad Bown
International economics. Economic development and industrial organization.
Laarni Bulan
Corporate, firm investment and real option finance.
Anne Carter
Technological change. Input/output.
Shi-fen Chen
International marketing and investment.
Michael Coiner
Economics of higher education. Macroeconomics. International economics.
Can Erbil
Economic development. International trade. Public finance.
Benjamin Gomes-Casseres
International business. International political economy.
Jane Hughes
Domestic and international cash management. Third World debt, sovereign risk, and foreign exchange markets.
Adam Jaffe
Technological change. Economics of regulation. Industrial organization.
Gary Jefferson
China. Technical progress. Open economy macroeconomics.
Blake LeBaron
Macroeconomics. International finance. Microeconomics.
Rachel McCulloch
International trade theory. Trade policy. Macroeconomic coordination. Investment and technology transfer.
Nidhiya Menon
Empirical microeconomics. Economic development. Econometrics. Economic demography and labor.
Peter Petri
International trade. Development. Japan. Korea.
Paroma Sanyal
Industrial organization. Regulation. Microeconomics.
Rashmi Shankar
Macroeconomics. International finance.
Narayan Subramanian
Corporate finance. Financial economics. Microeconomics.
O. Miguel Villanueva
Finance. Macroeconomics. Time Series.
Requirements for the Major
A. ECON 2a and ECON 8b. Normally a grade of C- or higher is required in these courses.
B. ECON 80a, 82b, and 83a.
C. Four elective courses in economics, at least two of which must be "upper-level." Upper-level electives are courses that have as prerequisites ECON 80a, ECON 82b, or ECON 83a. Note: Not all 100-level courses meet this criterion. In particular, ECON 122b, ECON 165a, and ECON 175a are lower-level electives. Lower-level electives can be any course in economics other than the required courses, except that ECON 98 a, b, ECON 99d, and IB 92b do not count as electives for the major. Cross-listed courses are acceptable as lower-level electives. Some other courses offered by IEF, Heller, and other departments in the social sciences may be accepted as lower-level electives, if they have significant economics content. Any student who intends to offer an economics-oriented course in another department toward the economics major should obtain approval of the undergraduate advising head in advance.
D. A passing letter grade must be obtained in each course taken for the major credit. (Pass/Fail courses are not allowed.) Students must also achieve a grade point average of at least 2.00 in the major courses; students close to this average should consult the undergraduate advising head before enrolling in economics courses for the senior year.
E. Any exception to the above rules requires department approval.
See the department academic administrator or the undergraduate advising head for a petition; for example, a student must petition to get major credit for an economics course taken at another university.
Requirements for the Undergraduate Minor
B. Three additional economics courses. Any ECON course, including cross-listed courses (but excluding ECON 19b, ECON 98, and IB 92b) may be counted. IEF courses and courses taken at other institutions may be substituted if their content is primarily economics, but such substitution requires the permission of the undergraduate advising head.
C. Students undertaking the economics minor and the program in International Business are subject to additional restrictions to minimize the overlap in content. Consult your advisor for approval of such combined programs.
D. A grade point average of 2.00 or higher is required in courses offered for the minor.
Special Notes Relating to Undergraduates
Program in International Business
Students interested in pursuing the formal program in international business should consult the description given in the Program in International Business section of this Bulletin.
Mathematics
The required intermediate theory courses (80a, 82b, 83a) assume a knowledge of calculus at the level taught in MATH 10a (Techniques of Calculus). (Students with weak mathematics background should begin with MATH 5a [Precalculus Mathematics].) For some more advanced courses, additional calculus and linear algebra provide a useful background. Students unsure of the adequacy of their mathematics preparation should consult their advisor.
Academic Advisor and Selection of Courses
Students are strongly advised to choose courses with well-considered educational objectives in mind. Course offerings in economics can be grouped roughly into five categories (see below). Some students will wish to take at least one course from each of the five groups and thereby obtain a broad exposure to the discipline. Others will find a more narrow focus with in-depth study in only a few groups more appropriate. Each major should discuss educational objectives and course selections and sequencing with his/her academic advisor.
ECON Course Offering Groups
1. Core Analytical Courses
2. International and Comparative
3. The U.S. Economy: Analysis, Institutions, Policy
4. Analytical Methods and Managerial Economics
The following courses from other groups also contain substantial material relating to management: 74b, 76b, 80a, 82b, 83a, 134b, 135a, 141b, 172b, 176b.
5. Advanced Theory
Several first-year international economics and finance (IEF) courses would be appropriate analytical electives for advanced undergraduates. See your advisor or the undergraduate advising head.
Courses of Instruction
(1-99) Primarily for Undergraduate Students
ECON 2a Introduction to Economics
[ qr ss ]
Common final exam.
A one-semester introduction to economic analysis with policy applications. The economist's approach to social analysis is systematically elaborated. Usually offered every semester in multiple sections. Will be offered in the fall of 2002.
Staff
ECON 8b The Global Economy
[ wi ss ]
Prerequisite: ECON 2a. A library intensive course. Common final exam. Enrollment limited to 35.
The basic tools and models of economic analysis are applied to a wide range of topics in micro, macro, and international economics. Usually offered every semester in multiple sections. Will be offered in the fall of 2002.
Staff
ECON 12a Managerial Accounting
[ ss ]
Prerequisite: ECON 2a. This course may not be repeated for credit by students who have received credit for IEF 204a. Enrollment limited to 40.
Develops basic concepts and accounts and applies them to income measurement, capital values, and costs. Through the use of cases, develops the basis for rational choice and control of business activity. Usually offered every semester. Will be offered in the fall of 2002.
Staff
ECON 19b Issues in Business and Management
[ ss ]
Prerequisite: All other required courses for the program in international business. Seniors will have priority for admission. Enrollment limited to 35.
Explores issues central to the success of American business. Representative issue: Why have some companies developed strong export markets while others focus almost exclusively on domestic sales? Special attention is given to ethical issues and the role of the corporation and its employees as citizens of their own nation and of the world of nations. Although the topics may vary from year to year, the course may NOT be repeated for credit. Usually offered every year. Will be offered in the fall of 2002.
Ms. Hughes
ECON 26a Latin America's Economy
[ nw ss ]
Prerequisite: ECON 2a. This course may not be repeated for credit by students who have taken ECON 25a in previous years. Enrollment limited to 35.
Introductory survey of economic, financial, and institutional problems, distortions, and reforms in Latin America. Topics include the role of government, privatization, liberalization of trade and capital flows, pension funds reforms, inflation, stabilization, and international debit crisis. Current and future trends will be discussed. Usually offered every second year year. Last offered in the fall of 2001.
Mr. Villanueva
ECON 33a Business in the Global Economy
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 35.
Modern firms frequently cross national borders to find new markets and resources. Their strategies are then shaped by the international economy and by the policies of national governments. Using case discussion, students explore why and how United States, Japanese, and European firms operate outside their home countries. Usually offered every fourth year. Last offered in the spring of 1998.
Mr. Gomes-Casseres
ECON 37b Functions of Capitalist Enterprise
[ ss ]
Prerequisite: ECON 2a (may be taken concurrently) or permission of the instructor. Enrollment limited to 35.
Introduces the internal complexity of modern businesses and the various roles they play in society. First examines the internal workings of firms--marketing, operations, finance, and other functions. Subsequently, the relationships between businesses and their context--the economy, social issues, and government are studied. Usually offered every year. Will be offered in the fall of 2002.
Staff
ECON 56b Social Priorities and the Market
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 35.
Examines the strengths and limitations of free markets in promoting major social goals: efficiency, equity, and technological advance. Usually offered every second year. Last offered in the spring of 2002.
Ms. Carter
ECON 57a Environmental Economics
[ ss ]
Prerequisite: ECON 2a.
This course will investigate the theoretical and policy problems posed by the use of renewable and nonrenewable resources. Theoretical topics include the optimal pricing of resources, the optimal use of standards and taxes to correct pollution problems under uncertainty, and the measure of costs and benefits. Usually offered every second year. Last offered in the spring of 2002.
Mr. Jaffe
ECON 59b Introduction to the Economics of Education
[ ss ]
Prerequisite: ECON 2a.
An introduction to economic analysis of the education sector. Topics include the concept of human capital, private and social return to investment in education, cost-benefit analysis of special educational programs, and issues in the financing of education. Usually offered every second year. Last offered in the fall of 2001.
Mr. Coiner
ECON 69a The Economics of Race and Gender
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 35.
The role of race and gender in economic decision making. Mainstream and alternative economic explanations for discrimination, and analysis of the economic status of women and minorities. Discussion of specific public policies related to race, class, and gender. Usually offered every second year. Last offered in the spring of 2002.
Ms. Lee
ECON 71a Introduction to Finance
[ ss ]
Prerequisite: ECON 2a. May not be repeated for credit by students who are currently or have previously enrolled in ECON 171a. Enrollment limited to 75.
Designed to give students and overview of the issues involved in modern finance. Topics include random walks, bubbles, derivative markers, online trading, hedge funds, foreign exchange markets, and recent international crises. Usually offered every year. Will be offered in the fall of 2002.
Mr. LeBaron
ECON 74b Law and Economics
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 35.
A study of economic foundations of American law in selected areas of interest. Topics include the role of property rights and liability rules in the control of externalities, controlling the cost of accidents, the control of criminal behavior, product failure and damage, medical malpractice. Usually offered every second year. Last offered in the fall of 2001.
Staff
ECON 76b Trade Unions, Collective Bargaining, and Public Policy
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 50.
Study of trade unions, the process and impact of collective bargaining, and the legal environment. Usually offered every second year. Will be offered in the fall of 2002.
Staff
ECON 77a Introduction to Regulation and Public Policy
[ ss ]
Prerequisite: ECON 2a. Enrollment limited to 35. This course may not be repeated for credit by students who are currently or have previously enrolled in ECON 177b.
Economic rationale behind government intervention in markets. Theoretical, practical, and historical aspects of regulation. Recent trends toward deregulation or regulatory reform. Specific case studies such as telecommunications, electric utilities, environment, transportation, drugs, and workplace safety. Usually offered every second year. Last offered in the spring of 2002.
Ms. Sanyal
ECON 80a Microeconomic Theory
[ ss ]
Prerequisite: ECON 8b. Intermediate theory courses (ECON 80a, 82b, 83a) assume a knowledge of calculus at the level taught in MATH 10a. Enrollment limited to 35.
Analysis of the behavior of economic units within a market economy. Emphasis upon the individuals' decisions as demanders of goods and suppliers of resources, and firms' decisions as suppliers of goods and demanders of resources under various market structures. Usually offered every semester. Will be offered in the fall of 2002.
Staff
ECON 82b Macroeconomic Theory
[ ss ]
Prerequisites: ECON 8b. ECON 80a and 83a would be helpful. Enrollment limited to 35.
Models of the determination of economic aggregates--such as national income, consumption, investment, government spending, exports, imports, and international capital flows--and economy-wide variables--such as the interest rate, the exchange rate, the price level and inflation, and the unemployment rate. The influence of fiscal and monetary policies on these aggregates and variables is examined. Usually offered every semester. Will be offered in the fall of 2002.
Staff
ECON 83a Statistics for Economic Analysis
[ qr ss ]
Prerequisite: ECON 2a. Enrollment limited to 35.
A first course in statistical inference. Topics include descriptive statistics, probability, normal and binomial distributions, sampling distributions, point and interval estimation, properties of estimators, hypothesis testing, regression, and analysis of variance. Usually offered every semester. Will be offered in the fall of 2002.
Staff
IB 92b Work in the Global Business Environment: Internship and Seminar
Normally students must arrange an internship placement prior to registration and the internship is concurrent with the seminar. Students wishing to fulfill the internship component of the course abroad, or in a semester when the seminar is not offered, must obtain approval from the instructor prior to the internship. A structured journal documenting the internship experience is required as a basis for seminar participation. Signature of the instructor required.
Encourages students to pool experiences and lessons drawn from various business environments and to analyze and discuss them in the context of related readings and guest lectures. Usually offered every spring.
Staff
ECON 98a Independent Study
Signature of the instructor required. Does not meet the requirement for the major in economics.
Normally available for a student who has taken a course and wishes to pursue further reading or research in that field or study a subject not listed among the department course offerings. Usually offered every year.
Staff
ECON 98b Independent Study
Signature of the instructor required. Does not meet the requirement for the major in economics.
See ECON 98a for course description. Usually offered every year.
Staff
ECON 99d Senior Research
Signatures of the instructor and the department administrator required. Does not meet the requirement for the major in economics.
A student whose grade point average in economics courses is 3.00 or above may petition to be admitted into the Senior Honors Program and enroll in this course. Usually offered every year.
Staff
(100-199) For Both Undergraduate and Graduate Students
ECON 122b Economics of the Middle East
[ ss ]
Prerequisite: ECON 2a. Does not count toward the upper-level elective requirement for the major in economics. Enrollment limited to 35.
Lays a foundation for understanding the economy of Middle Eastern countries. Explores similarities and differences, as well as a variety of topics that include economic geography, general economic features, agriculture, industrialization, services, and regional development policies. Also examines the role oil plays in the economy of the region. Usually offered every third year. Last offered in the fall of 2000.
Staff
ECON 125a Transition and Institutional Economics
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
Examines the role of institutions in shaping economic behavior and performance, particularly in developing and transition economies. Topics include: problems and models of transition, enterprise reform, market failure in key economic systems, and constitutional economics. Usually offered every two years. Last offered in the spring of 2001.
Mr. Jefferson
ECON 129b Economics for the New Economy
[ ss ]
Prerequisites: ECON 80a and ECON 82b. Enrollment limited to 35.
A study of the economic issues particular to the "new economy," within the framework of economic theory. Topics include causes and consequences of increasing returns, productivity and economic growth, skill-biased technological progress and the wage gap, network economics, and human capital. The objective is to enable a student to use economic theory to understand these issues. Usually offered every year. Last offered in the spring of 2002.
Mr. Subramanian
ECON 133a Economics of Discrimination and Inequality
[ ss ]
Prerequisite: ECON 83a or equivalent. Enrollment limited to 35.
Uses economic and statistical analyses to explore the extent and consequences of discrimination in U.S. markets, as well as other determinants of income inequality in the United States. Proposed policy options are analyzed and evaluated. Usually offered every two years. Last offered in the spring of 2001.
Staff
ECON 134b Public Sector Economics
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
The effect of tax and expenditure policies on economic efficiency and equity. Topics include externalities and public goods, public choice, cost-benefit analysis, income redistribution, social security, and health care. Also discussion of U.S. tax system, public debt, and state and local finance. Usually offered every year. Will be offered in the fall of 2002.
Mr. Dolbear
ECON 135a Industrial Organization
[ qr ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
Economic analysis of industrial organization and strategy. Topics include markets with a dominant firm, oligopoly (including several models of strategic interaction), monopolistic competition, and cartels. Students construct and analyze computer-based models of market structure, conduct, and performance. Usually offered every year. Will be offered in the fall of 2002.
Staff
ECON 137a Economic Theory of Organizations and Management
[ ss ]
Prerequisite: ECON 80a. Corequisite: ECON 83a. Enrollment limited to 35.
Explores the application of economic analysis and modeling to understanding the structure and performance of firms and other organizations. Particular attention is paid to the use of formal models to illuminate the roles of coordination, information, and incentives. Usually offered every two years. Last offered in the spring of 2001.
Staff
ECON 141b Technological and Economic Change
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 50.
Technological change as the central focus of modern economies. Topics include changing industrial and international specialization, economics of research and development, innovation, diffusion and technology transfer, appropriability, patents, information markets, productivity, intersectoral effects, and global competitiveness. Usually offered every year. Will be offered in the fall of 2002.
Mr. Jefferson
ECON 160a International Trade Theory
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
Causes and consequences of international trade and factor movements. Topics include determinants of trade, effects on welfare and income distribution, trade and growth, protection, foreign investment, immigration, and preferential trading. Usually offered every year. Last offered in the spring of 2002.
Staff
ECON 161a International Finance
[ ss ]
Prerequisites: ECON 80a and 82b. Enrollment limited to 35.
Applications of international economic theory--regarding trade, the balance of payments, investments, and exchange rates--to the management of import/export firms and multinational corporations. Usually offered every year. Will be offered in the fall of 2002.
Staff
ECON 165a The Economy of China
[ nw ss ]
Prerequisite: ECON 2a. Students who have not taken ECON 8b should talk with the instructor. Does not count toward the upper-level elective requirement for the major in economics. Enrollment limited to 35.
Surveys the highlights of China's pre-revolution economy, the development of the socialist economy from 1949 to 1978, and its recent transformation toward a modern, market-oriented economy. Examines conditions accounting for major changes in China's economic performance during the 20th century, including savings, investments, demographic change, trade, technology, institutions, politics, and government policy. Usually offered every fourth year. Last offered in the fall of 1998.
Mr. Jefferson
ECON 166a Global Economic Integration
[ ss ]
Prerequisite: ECON 80a or ECON 82b. Enrollment limited to 35.
Focuses on global economic integration driven by formal policy arrangements. Considers GATT/WTO and regional trade arrangements such as EU and NAFTA. International financial topics include fixed rates, EMU, and "dollarization." Usually offered every third year. Last offered in the fall of 1999.
Staff
ECON 171a Financial Economics
[ ss ]
Prerequisites: ECON 80a and 83a. May not be taken for credit by students who have previously taken IEF 205a. Enrollment limited to 35.
An introduction to financial economics. Topics include the selection of assets, portfolio choice under uncertainty, equilibrium asset pricing models, the efficient markets hypothesis, futures, and options markets. Usually offered every year. Will be offered in the fall of 2002.
Mr. Subramanian
ECON 172b Money and Banking
[ ss ]
Prerequisites: ECON 80a and 82b. Enrollment limited to 35.
Considers the operation of banks and other financial institutions in a money- and capital-market setting. The role of central banks in the control of the quantity of money is examined in relation to the performance of the national economy. Supervision of banks, insurance of deposits, reform of banking legislation, as well as the internationalization of banking are also studied. Usually offered every second year. Last offered in the summer of 2001.
Staff
ECON 173a Venture Capital and Private Equity
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
Explores the private equity and venture capital industry using economic theory and case studies. Addresses the issues of raising capital, interactions between investors and entrepreneurs, exiting private equity deals, and investment in developing countries. Usually offered every second year. Last offered in the spring of 2001.
Staff
ECON 174a Corporate Finance
[ ss ]
Prerequisite: ECON 80a. May not be taken for credit by students who are currently or have previously taken IEF 210b. Enrollment limited to 35.
An introductory course in corporate finance and financial management. Covers the theory and application of capital budgeting techniques and capital structure choice of firms. Usually offered every year. Last offered in the spring of 2002.
Ms. Bulan
ECON 175a Introduction to the Economics of Development
(formerly ECON 75a)
[ ss ]
Prerequisite: ECON 2a or permission of the instructor. May not be repeated for credit by students who are currently or have previously taken ECON 75a. Does not count toward the upper-level elective requirement for the major in economics. Enrollment limited to 30.
An introduction to various models of economic growth and development and evaluation of these perspectives from the experience of developing and industrial countries. Usually offered every year. Will be offered in the fall of 2002.
Mr. Jefferson
ECON 177b Economic Regulation and Deregulation
[ ss ]
Prerequisite: ECON 80a. Enrollment limited to 35.
Rate regulation of natural monopolies, antitrust regulation of horizontal and vertical mergers and contracts, and the deregulation movement. Focus on the peak-load pricing problem, vertical restraints, and case histories of airlines and savings and loan institutions. Usually offered every third year. Last offered in the spring of 2000.
Mr. Jaffe
ECON 184b Econometrics
[ qr ss ]
Prerequisites: ECON 80a, 82b, and 83a. Enrollment limited to 35.
An introduction to the theory of econometric regression and forecasting models, with applications to the analysis of business and economic data. Usually offered every year. Will be offered in the fall of 2002.
Staff
Cross-Listed Courses
AAAS 60a
Economics of Third World Hunger
AAAS 80a
Economy and Society in Africa
HS 104b
American Health Care
HS 110a
American Jobs and Wages: The Paradox of Wealth and Poverty
HS 540b
Families, Work, and the Changing Economy