University Bulletin (2020-2021)

• Minor
• Major (BA)

Economics is the study of how people make choices under conditions of scarcity of resources, including time, and the implications of these choices for individual and social welfare. Its methods allow for a deeper, more analytic, understanding of the connections between individual choices and social outcomes.

The department stresses analytical and quantitative approaches to the study of human choice and economic behavior, the functioning of the economic system, and specific subject areas and economic issues. Majors in economics receive training in the core subjects of the discipline: general principles, micro- and macroeconomic theory, statistics, and econometrics. They learn to use the cumulative skills developed in the core courses to analyze a variety of economic problems, social issues, and economic institutions.

Exposure to a wide selection of economic fields is obtained through the requirement that majors take four elective courses from a list that includes most of the major sub-fields in economics. Included in our electives are courses that allow students to focus on international economic relationships (International Trade, International Finance), on economies from other parts of the world (China and the Middle East), on the behavior of firms and individuals (Industrial Organization, Economics of Innovation, Game Theory and Economic Applications, Financial Economics), or on a range of social welfare and public policy issues (Economic Development, Public Sector Economics, The Economics of Race and Gender, and Household, Health and Hunger in Developing Economies).

Students in the major develop analytical and quantitative skills, and the ability to apply these skills, that are useful not only for economics but for other subjects as well. The economics major provides background for many positions in business and government. Some graduates pursue advanced degrees in economics, and others enroll in professional schools of business, law, public policy, and other fields. Programs of study can be designed to match the interests of the student.

Brandeis juniors can apply for admission as "five-year students" to the Lemberg Master's Program in International Economics and Finance (see the Brandeis International Business School section of this Bulletin). Brandeis also offers a business major and minor (see the Business section of this Bulletin).

By the completion of the major, students will be better educated global citizens who can apply economic theory and empirical findings to illuminate a wide range of national and international social and policy issues. They will understand the large and growing economic interdependence of the nations and people of the world. They will be able to distinguish the difference between the kinds of questions that economics can and cannot answer, and they will be able to communicate their knowledge of economics to others.

The Economics Department has developed a set of learning goals and evaluation procedures to help the Department determine the effectiveness of both the core and elective course offerings in providing majors with a broad and rigorous training in the discipline. In particular, the Economics Department wants its majors to have knowledge of economic principles and the skills to apply this knowledge as described below.

Basic Economic Knowledge (Facts, Concepts, and Models)

Our majors should know:

• Basic economic facts. Examples include U.S. per capita income, its distribution, current and historical U.S. rates of inflation and unemployment and how these rates compare with those of other major economies.
• How the major macroeconomic data series are compiled and their limitations. Examples include GDP, inflation, and unemployment.
• The important institutions of the U.S. and global economies and their roles. Examples include markets, firms, money and central banks, the World Trade Organization, the International Monetary Fund, and exchange rate regimes.
• Basic microeconomic concepts. Examples include opportunity cost, comparative advantage, the discount rate, substitution and income effects, the importance of incentives, and elasticity.
• Basic macroeconomic concepts. Examples include the national income identity, the natural rate of unemployment, the money supply, real interest rates, purchasing power parity, and the self-correcting mechanism.
• Basic microeconomic models. Examples include the demand-supply model of how a market works, the model of choice based on indifference curves and budget constraints, and game theory.
• Basic macroeconomic models. Examples include the IS-LM model of the short run, the Aggregate Demand-Aggregate Supply model, and the Solow model of economic growth.

Ability to Access Economic Information

Our majors should be able to:

• Use relevant information databases. Examples include EconLit, Lexis-Nexis, and JSTOR.
• Use primary data sources. Examples include the Current Population Survey, the UN Human Development Report, and the Statistical Abstract of the United States.
• Read and assess general interest articles on economic topics, such as those found in The Economist or The Journal of Economic Perspectives.
• Understand and evaluate key findings in the economic research published in scholarly journals.

Analytical Skills

Our majors should be able to:

• Apply the concepts and models of micro- and macroeconomics to current economic issues and to specific policy questions (examples: What concepts and models are relevant for assessing the effects of a carbon tax? What concepts and models are applicable to understanding how a country might escape from a major recession?)
• Understand the logic of economic models to the point where they can evaluate the effects of a change in an exogenous variable on economic outcomes, both in partial and general equilibrium settings (examples: How does an increase in the savings rate or in the rate of productivity growth affect the growth of living standards over the long-run? Does it matter whether the savings rate or productivity change is exogenous or endogenous?).
• Use empirical evidence to evaluate the extent to which an economic model is supported by the data we observe (examples: To what extent does a decrease in taxes promote increased economic activity? To what extent are economic models of the direction of trade consistent with actual trade patterns?).
• Compare economic models that reach different conclusions, both on theoretical grounds and in terms of their consistency with the empirical evidence (examples: One economic model – the Neo-Classical Model – predicts that deficit spending by the government raises interest rates, while another model – the Ricardian Model – predicts that such spending leaves interest rates unchanged. What are the differences in assumptions that lead to these differing conclusions, and which model is better supported by the empirical evidence?).

Quantitative Skills

Our majors should be able to:

• Access, manipulate and interpret data and have practical knowledge of statistics and econometrics to the point where they can run and interpret a regression.
• Understand the differences between the different types of empirical studies (experimental, quasi-experimental and econometric), and evaluate the extent to which a given empirical result is robust.

Communication Skills

Our majors should be able to:

• Organize and present economic ideas in a clear and logical form (both orally and in writing), marshal evidence to support their ideas, and use citations correctly.

The Limitations of Economics and Economic Policy

Our majors should understand:

• The limits of economics, the kinds of questions economics can and cannot answer (example of an answerable question: What factors help shape household behavior, such as rates of fertility and rates of saving? How might certain minimum wage legislation affect efficiency and income distribution?; examples of an unanswerable question: Is a certain minimum wage or the existing income distribution fair or socially just?).
• The strengths and limits of economic policies. Examples include the distinction between the economic effects of fiscal and monetary policies in the short-run vs. the long-run, and the sources of market failure that may justify government intervention as well as reasons why such intervention may not work as desired.

Opportunity for Research and Advanced Work

As part of their coursework, most of our majors will complete a research paper that makes use of economic data.

In addition to the preceding goals for all majors, qualified majors will have an opportunity to engage in economic research through independent study, graduate coursework, and the senior honors thesis.

Qualified majors who are considering graduate work in economics will have access to and be advised toward appropriate mathematics courses and International Business School graduate courses.

The main entry point for the major or minor is ECON 10a (Introduction to Microeconomics) which is one of the courses that fulfills the quantitative reasoning component of the general university requirements. Most majors begin their study in the first or second year with ECON 10a, followed by a second principles course, ECON 20a (Introduction to Macroeconomics). If a student has any potential interest in becoming a major or a minor, ECON10a is the correct place to start.

A total of six core courses are required for the major. The two principles courses are followed by four intermediate theory courses: microeconomic theory, macroeconomic theory, statistics, and econometrics (which builds on statistics). Majors must also complete four electives. It is important for prospective majors to begin the study of economics early, because the upper-level electives required for the major build on intermediate courses and have from three to six prerequisites. Calculus is required for the major and is a prerequisite for the intermediate theory courses.

Elizabeth Brainerd, Chair
Labor economics. Economic demography. Health economics.

Linda Bui
Environmental economics. Public economics. Applied microeconomics. Industrial organization.

Geoffrey Clarke
Economic history. Applied microeconomics.

Maya Eden (on leave academic year 2020-2021)
Macroeconomics.

Kathryn Graddy
Applied microeconomics. Industrial organization. Economics of the arts.

Nader Habibi
Microeconomics. Economics of the Middle East.

George J. Hall
Macroeconomics.

Amelia Hawkins
Labor economics. Public economics.

Gary H. Jefferson
Economics of innovation. Institutional economics. Development and industrial organization. China.

Jean-Paul L’Huillier
Macroeconomics. Monetary policy. Experimental economics.

James Xinde Ji
Environmental economics.

Nidhiya Menon
Empirical microeconomics. Economic development. Econometrics. Economic demography and labor.

Scott A. Redenius, Undergraduate Advising Head
Economic history. The economics of financial institutions.

Nelson Sa
Industrial organization. Economics of telecommunications. Macroeconomics.

Benjamin Schiller  
Applied microeconomics. Industrial Organization. Information economics.

Raphael Schoenle (on leave fall 2020)
International Macroeconomics. Macro- and Monetary Economics. International Trade.

Tymon Sloczynski 
Microeconometrics. Applied Microeconomics. Economic History.

Yinchu Zhu
Econometrics. Machine learning.

Affiliated Faculty (contributing to the curriculum, advising and administration of the department or program)
John Ballantine (Brandeis International Business School)
Daniel Bergstresser (Brandeis International Business School)
Stephen Cecchetti (Brandeis International Business School)
Judith Dean (Brandeis International Business School)
Alice Hsiaw (Brandeis International Business School)
Blake LeBaron (Brandeis International Business School)
Lisa Lynch (Heller School for Social Policy and Management)
Aldo Musacchio (Brandeis International Business School)
Debarshi Nandy (Brandeis International Business School)
Carol Osler (Brandeis International Business School)
Peter Petri (Brandeis International Business School)
Davide Pettenuzzo (Brandeis International Business School)
Anna Scherbina (Brandeis International Business School)
Yang Sun (Brandeis International Business School)

1. Successful completion of ECON 10a (Introduction to Microeconomics) and ECON 20a (Introduction to Macroeconomics). A grade of C or higher is required in each of these courses. ECON 2a (A Survey of Economics), with a grade of B+ or higher, may be used in place of ECON 10a.
2. Four additional economics courses. Only one course that does not include ECON 2a, ECON 10a, or ECON 20a as a prerequisite can be accepted as an elective for the minor. Students must earn at least a C- in each of these four electives. ECON 98a/b and BUS 89a do not count as electives for the minor.
3. Students undertaking the economics minor together with the business major or minor are subject to additional restrictions. Business majors and minors may double count no more than two courses with their Economics minor. For such students, BUS 10a (required for the Business major and minor) will count as an elective for the Economics minor but no further Business courses will double count.
4. No course taken pass/fail may count toward requirements for the minor.
5. Students must achieve a GPA of at least 2.0 in the minor courses; students close to this average should consult the Undergraduate Advising Head before enrolling in economic courses for their senior year.

Eleven semester courses are required, including the following:

1. Successful completion of ECON 10a (Introduction to Microeconomics) and ECON 20a (Introduction to Macroeconomics). A grade of C or higher is required in each of these courses. ECON 2a (A Survey of Economics), with a grade of B+ or higher, may be used in place of ECON 10a.
2. All majors must satisfy the calculus requirement. The calculus requirement can be fulfilled in one of three ways a) completing MATH 10a, an equivalent course, or a more advanced calculus course with a grade of C- or above or with a pass/fail grade of P, b) scoring at least 4 on the AP Mathematics AB test or at least 3 on the AP Mathematics BC test, or c) passing a departmental placement exam. Students who have taken a college calculus course elsewhere or who are entitled to MATH 10a credit based on their AP or international exam score should transfer those credits to Brandeis. Students who have taken a calculus course and feel they have mastered the material but have not received the necessary math or exam credit may take the departmental placement exam. The placement exam is administered once at the start of each semester and each summer school session. The exam can only be taken once.
   
   All students must satisfy the calculus requirement prior to taking the intermediate theory courses (ECON 80a, 82b, 83a, and Econometrics), or any of the upper-level electives. If it is found that a student enrolled in ECON 80a, ECON 82b, ECON 83a, or Econometrics has not successfully completed this prerequisite at any time during the semester, the student will be dropped from the course. For some more advanced courses, additional calculus courses and linear algebra provide a useful background. Students unsure of the adequacy of their mathematics preparation should consult their advisor.
3. ECON 80a, 82b, and 83a. Students receiving less than a C- for any of these courses must retake the course and earn a C- or better before enrolling in any upper-level elective. Students receiving less than a C- in ECON 83a must retake the course and earn a C- or better before enrolling in an Econometrics course.
4. ECON 184b. A grade of at least C- is required. Students are strongly encouraged to enroll in ECON 184b as soon as possible after completing ECON 83a.
5. 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, and/or ECON 83a; not all 100-level courses meet this criterion. ECON 122b and 175a are lower-level electives. Lower-level electives can be any course in economics other than the required courses, except that ECON 92a, ECON 98a/b, ECON 99a/b, and BUS 89a do not count as electives for the major. Only one course that does not include ECON 2a, ECON 10a, or ECON 20a as a prerequisite can be accepted as a lower-level elective. Eligible electives include cross-listed courses and certain other courses that contain significant economics content offered by IBS, Heller, and other departments in the social sciences. Any student who intends to count an economics-oriented course in another department or school that is not cross-listed as an Economics elective should obtain prior approval of the Undergraduate Advising Head.
6. Foundational Literacies: As part of completing the Economics major, students must:
   • Fulfill the writing intensive requirement by successfully completing: ECON 26b in conjunction with ECON 82b.
   • Fulfill the oral communication requirement by successfully completing: ECON 25a in conjunction with ECON 80a.
   • Fulfill the digital literacy requirement by successfully completing one of the following: ECON 83a or ECON 184b.
7. A passing letter grade must be obtained in each course taken for credit toward the major. No course taken pass/fail may count toward requirements for the major. Students must earn at least a C- in three of the four electives, that is, no more than one grade of D, D+, or D-. Students must also achieve a GPA 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.
8. Students undertaking the economics major and the business major or minor are subject to additional restrictions. Business majors and minors may double count no more than two courses for another major or minor. For business and economics double majors, BUS 10a (required for the business major) will count as a lower level elective for Economics and ECON 20a (required for the economics major) will count as a Business and Society elective for business.
9. Any exception to the previously listed rules requires department approval. See the department academic administrator or the Undergraduate Advising Head. For example, a student must petition to get credit toward the major for an economics course taken at another university.
10. Qualified seniors are invited to participate in the department's honors program, which involves researching and writing a thesis under the supervision of a member of the faculty. Candidates for honors must maintain a GPA of at least 3.5 in the major. Honors are awarded on the basis of excellence in courses taken in the major and the senior thesis.

Business Major and Minor

Students interested in pursuing a major or minor in business should consult the description given in the Business program of this Bulletin.

Academic Advisor and Selection of Courses

Students are strongly advised to choose courses with well-considered educational objectives in mind. Some students will wish to take a range of elective courses and thereby obtain a broad exposure to the discipline. Others will find a more narrow focus with in-depth study in only one or two areas more appropriate, e.g., international economics, labor economics, finance, development economics. Majors should discuss educational objectives and course selections and sequencing with their academic advisors.

Several Brandeis International Business School courses may be appropriate analytical electives for advanced undergraduates, including first-year courses in the PhD program in international economics and finance. Interested students should see their advisor or the Undergraduate Advising Head for more information.

Internships

Most economics majors and minors interested in taking an internship for credit enroll in BUS 89a. BUS 89a does not provide credit toward the economics major or minor, but it is a four-credit course that counts as one of a student’s thirty-two courses. Internships can be done during an academic semester or during the summer. For more information, consult the description and enrollment information for BUS 89a in the Business section of this Bulletin or the Hiatt internships website.

Economics majors who are also undertaking interdepartmental programs with economics connections (e.g. legal studies, environmental studies), and who are doing an internship related to economics to fulfill the requirements of the interdepartmental program, may enroll in ECON 92a. Like BUS 89a, ECON 92a does not provide credit toward the economics major or minor but does count as one of a student’s thirty-two courses.

ECON 2a A Survey of Economics
[ qr ss ]
Intended for students who are not Economics majors or minors. May not be taken for credit by students who took ECON 10a in prior years.
Introduces economic analysis with policy applications. The economist's approach to social analysis is systematically elaborated. Usually offered every semester.
Geoff Clarke

ECON 10a Introduction to Microeconomics
[ qr ss ]
Intended for Economics majors and minors or students who intend to take more than one Economics course. Students who have taken ECON 2a and received a B+ or better cannot receive credit for this course. May not be taken for credit by students concurrently with or after they have taken ECON 80a.
Introduces the field of microeconomics, which is the study of how individuals and firms make decisions and how these decisions interact. Usually offered every semester.
Geoff Clarke and Nelson Sa

ECON 20a Introduction to Macroeconomics
[ ss ]
Prerequisite: ECON 2a with a B+ or higher or ECON 10a. May not be taken for credit by students concurrently with or after they have taken ECON 82b.
Introduces the field of macroeconomics. Macroeconomics is the study of the overall or aggregate economic performance of national economies. Usually offered every semester.
Geoff Clarke, George Hall, Scott Redenius, and Nelson Sa

ECON 25a Oral Communication in Economics Practicum
[ oc ]
Prerequisite: ECON 80a. Course may be taken as a corequisite. Yields half-course credit.
Introduces students to techniques of public speaking in economics using microeconomics applications. Teaches students to explain real-world economic problems to an audience using economic reasoning. Usually offered every year.
Galit Eizman

ECON 26b Writing in Economics Practicum
[ wi ]
Prerequisite: ECON 82b. Course may be taken as a corequisite. Yields half-course credit.
Introduces students to how economists communicate research and policy analyses to the public through writing exercises on macroeconomic policy and economic indicators. Usually offered every year.
Steve Sass

ECON 28b The Global Economy
[ ss ]
Prerequisites: ECON 2a or ECON 10a and ECON 20a. ECON 20a may be taken concurrently with ECON 28b.
Applies the basic tools and models of economic analysis to a wide range of topics in international economics. Usually offered every semester.
Scott Redenius

ECON 30a The Economy of China
[ nw ss ]
Prerequisite: ECON 2a or 10a.
Analysis of China's economic transformation with particular emphasis on China's economic reforms since 1978, including the restructuring of its enterprise, fiscal, financial, and political systems and the roles of trade, foreign investment, and technology in driving China's economic advance. Usually offered every year.
Gary Jefferson

ECON 39b Writing in Economics
[ ss wi ]
Prerequisite: ECON 20a.
Uses the real-time economic calendar to develop the tools of professional writing in economics. Students write weekly 1-2 page briefings on major economic data releases and events. Emphasis on developing quantitative and analytical skills for reporting economic indicators. Usually offered every year.
Kim Chase

ECON 45a European Economic History
[ ss ]
Prerequisite: ECON 2a or 10a.
Examines the determinants of economic growth in Western Europe during the 19th century: agricultural and industrial revolutions, demographic transitions, the evolution of financial systems, the size and structure of business organizations, and the integration of world markets. Usually offered every year.
Staff

ECON 55a American Economic History
[ ss ]
Prerequisite: ECON 10a. Formerly offered as ECON/HIS 55a.
Analyzes the sources of American economic growth from colonial times until the end of the twentieth century. Topics include immigration, land policy, industrialization, and the increasing role of government in shaping economic performance. Usually offered every second year.
Geoff Clarke

ECON 57a Environmental Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Investigates 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 measurement of costs and benefits. Usually offered every year.
Linda Bui and James Ji

ECON 59b The Economics of Education
[ ss ]
Prerequisite: ECON 2a or 10a.
An introduction to economic analysis of the education sector. Topics include the concept of human capital, private and social return on investment in education, cost-benefit analysis of special educational programs, and issues in the financing of education. Usually offered every second year.
Staff

ECON 69a The Economics of Race and Gender
[ deis-us ss ]
Prerequisite: ECON 2a or 10a.
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.
Mahsa Akbari and Elizabeth Brainerd

ECON 70a American Fiscal Policy
[ ss ]
Prerequisite: ECON 2a or 10a.
Examines Federal and State level tax and spending decisions with a focus on debt crises, the financing of wars and infrastructure, and the political debates surrounding choices made. Theories of monetary and fiscal policy will be presented and evaluated. Usually offered every second year.
George Hall

ECON 76b Labor Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Analysis of competitive and less-than-competitive markets. Rationale for alternate methods of paying workers (e.g., hourly wages, piece rates, bonuses). Sources of wage differentials among jobs and workers. The U.S. labor movement, the process of collective bargaining, and the economic effects of unions. Effects of government interventions in the labor market, such as the minimum wage and occupational safety regulation. Extent and effects of discrimination in the labor market. Inequality in the distribution of wages. Usually offered every second year.
Elizabeth Brainerd

ECON 80a Microeconomic Theory
[ ss ]
Prerequisite: ECON 10a. Students must earn C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
Analysis of the behavior of economic units within a market economy. Emphasis upon 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.
Geoff Clarke, Kathryn Graddy, Nader Habibi, Benjamin Shiller, and Nelson Sa

ECON 82b Macroeconomic Theory
[ ss ]
Prerequisite: ECON 20a. Students must earn a C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
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.
Maya Eden, George Hall, Jean-Paul L’Huillier, Nelson Sa and Raphael Schoenle

ECON 83a Statistics for Economic Analysis
[ dl qr ss ]
Prerequisite: ECON 2a or 10a. Students must earn a C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
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.
Linda Bui, Nidhiya Menon, and Tymon Słoczyński

ECON 92a Internship
Signature of the undergraduate advising head required. Does not count toward the major in economics.
Available to economics majors who wish to do an internship as part of an interdepartmental program (e.g., legal studies, environmental studies), where the internship itself will be in an area related to economics. Any economics major not seeking credit for such a program should enroll instead in BUS 89a, an internship class connected to the business major and minor (see the Business section of this Bulletin for the course description). Usually offered by request.
Staff

ECON 98a Independent Study
Signature of the instructor required. Does not count toward the major or minor 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 count toward the major or minor in economics.
See ECON 98a for course description. Usually offered every year.
Staff

ECON 99a Senior Research
Signature of the instructor required. Does not count toward the major in economics.
A senior Economics major whose GPA in economics courses is 3.50 or above and who has completed ECON 184b or an equivalent course may petition to be admitted to the senior honors program and to enroll in this course. Usually offered every year.
Staff

ECON 99b Senior Thesis
Prerequisite: Satisfactory completion of ECON 99a. Signature of the instructor required. Does not count toward the major in economics.
Senior Economics majors who wish to complete a senior honors thesis normally enroll in this course. Usually offered every year.
Staff

ECON/FA 87a Economics and the Arts
[ ca ss ]
Prerequisite: ECON 2a or 10a; FA 30a, 30b, 57a, 59a or 62a. The FA course may be taken concurrently with ECON/FA 87a.
Economics and art history provide dual lenses for studying the mechanics of art auctions and building collections. The course will focus on the intersection of history and patronage of specific artists and works of art with the marketplace. Usually offered every second year.
Kathryn Graddy and Nancy Scott

ECON 122b The Economics of the Middle East
[ nw ss ]
Prerequisite: ECON 2a or 10a or the equivalent. Does not count toward the upper-level elective requirement for the major in economics.
Examines the Middle East economies – past experiences, present situation, and future challenges – drawing on theories, policy formulations and empirical studies of economic growth, trade, poverty, income distribution, labor markets, finance and banking, government reforms, globalization, and Arab-Israeli political economy. Usually offered every year.
Nader Habibi

ECON 134b Public Sector Economics
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
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.
Staff

ECON 135a Industrial Organization
[ qr ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
Microeconomic analysis of firm behavior under alternative market structures and implications for market outcomes. Topics include strategic interaction, entry and exit, collusion, predation, price discrimination, product differentiation, vertical relations, imperfect information, advertising, and patents and innovation. Usually offered every year.
Mahsa Akbari and Benjamin Shiller

ECON 141b Economics of Innovation
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
Studies the innovation and technological change as the central focus of modern economies. Topics include the sources of growth, economics of research and development, innovation, diffusion and technology transfer, appropriability, patents, information markets, productivity, institutional innovation, and global competitiveness. Usually offered every year.
Gary Jefferson

ECON 142b Behavioral Economics
[ ss ]
Prerequisite: ECON 2a or ECON 10a. Students must earn a C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course. Corequisite: ECON 80a. Course to be taught at Brandeis program in Copenhagen.
Behavioral economics rethinks the standard economic model of human behavior by integrating experiential learning and psychological research into economic theory. This course is based on behavioral economic theory and cases from Denmark and Europe examining choices of individuals. Usually offered every year.
Staff

ECON 150b Urban and Regional Economics
[ ss ]
Prerequisite: ECON 80a.
Examines the main economic forces that lead to the establishment and growth of cities and economic regions. Develops theories of urban and regional growth. Analyzes patterns of firm location, agglomeration, city growth and urban land use. Usually offered every third year.
Bjorn Markeson

ECON 151a Statistical Modeling with R for Economics and Finance
[ ss ]
Prerequisite: ECON 83a.
Introduces students to statistical modeling using R, with applications to real-world issues in economics and finance. Topics include: describing data; computing of probability; data generation; Markov-Monte Carlo methods and Bayesian linear regression. Teaches the basics of programming in R, including how to write functions, store and manage data, and produce data visualizations. Usually offered every second year.
Mark McAvoy

ECON 155b Change on Earth: Evolution, Technical Change, and Economics
[ ss ]
Prerequisites: ECON 80a and ECON 83a.
Analyzes evolution and technical change in the broadest possible context, as interactions between the Earth's biological and physical environments. The course spans a wide variety of concepts and literature exploring the interactions between economics and science that create change. Usually offered every second year.
Gary Jefferson

ECON 160a International Trade Theory
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
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.
Staff

ECON 161a International Macroeconomics and Finance
[ ss ]
Prerequisites: ECON 82b. Corequisite: ECON 184b or permission of the instructor.
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.
George Hall

ECON 171a Financial Economics
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
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.
John Ballantine

ECON 172b Money and Banking
[ ss ]
Prerequisites: ECON 82b and ECON 83a or permission of the instructor.
Examines the relationship of the financial system to real economic activity, focusing especially on banks and central banks. Topics include the monetary and payments systems; financial instruments and their pricing; the structure, management, and regulation of bank and nonbank financial intermediaries and the design and operations of central banks in a modern economy. Usually offered every year.
Scott Redenius

ECON 173a Central Banking: Theory and Policy
[ ss wi ]
Prerequisite: ECON 82b.
Studies the purposes and functions of central banks over time and the challenges they confront. Examines central banks' roles in the recent financial crisis and explores current debates over the policies that central banks are following in its aftermath. Usually offered every year.
Lynn Browne

ECON 175a Introduction to the Economics of Development
[ ss ]
Prerequisite: ECON 2a or 10a or permission of the instructor. Does not count toward the upper-level elective requirement for the major in economics.
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 second year.
Mahsa Akbari and Nidhiya Menon

ECON 176a Health, Hunger, and the Household in Developing Countries
[ djw nw ss ]
Prerequisites: ECON 80a and ECON 184b or permission of the instructor.
Examines aspects of poverty and nutrition that are confronted by households in low-income countries. Examines these issues primarily from a microeconomic perspective, although some macroeconomic angles are explored as well. Usually offered every second year.
Nidhiya Menon

ECON 181b Game Theory and Economic Applications
[ ss ]
Prerequisites: ECON 80a, ECON 83a, and MATH 10a or equivalent.
Analysis of decision making in multiperson settings. Studies models of equilibrium and various kinds of games under perfect and imperfect information. The applications include business strategy and competition, auctions, and risk sharing. Usually offered every year.
Nelson Sa

ECON 182a Topics in Advanced Macroeconomics
[ ss ]
Prerequisite: ECON 80a, 82b, and 83a.
Contemporary theories of economic growth, business cycles, monetary economics, and financial crises and their implications for monetary and fiscal policy. Emphasis on empirical work and computer modeling. Usually offered every year.
George Hall

ECON 184b Econometrics
[ dl qr ss ]
Prerequisites: ECON 83a. Corequisite: ECON 80a or permission of the instructor. Students must earn a C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course. This course may not be taken for credit by students who have previously taken or are currently enrolled in ECON 185a or ECON 311a.
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.
Mahsa Akbari, Elizabeth Brainerd and Yinchu Zhu

ECON 192b Spatial Analysis and Econometrics
[ ss ]
Prerequisite: ECON 184b. Corequisite: ECON 80a.
Enables students to understand and visually represent spatially referenced data, develop econometric applications for the study of spatial data, and understand how these techniques can help them answer questions about topics in economics that have a spatial component. Usually offered every second year.
Bjorn Markeson

AAAS 60a Economics of Third World Hunger
[ nw ss ]
Employs the tools of social science, particularly economics, to study causes and potential solutions to problems in production, trade, and consumption of food in the underdeveloped world. Usually offered every second year.
Wellington Nyangoni

BUS 6a Financial Accounting
[ dl ss ]
Prerequisite: ECON 2a or ECON 10a.
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 in multiple sections.
Robert Angell, Linda Stoller and Hagit Weihs

BUS 10a Business Fundamentals
[ dl ss ]
Prerequisite: BUS 6a. BUS 6a may be taken concurrently with BUS 10a.
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 semester in multiple sections.
Ed Bayone, Sava Berhane and Philippe Wells

ECON 261a Empirical Analysis of Trade Policy
Prerequisites: One semester of econometrics, at either the undergraduate or graduate level, and one semester of international trade, at either the undergraduate or graduate level.
Explores contemporary trade policy issues, with a focus on emerging markets, while helping students learn advanced econometric techniques. Students read professional empirical studies to learn what we know and carry out their own original research on a policy issue, from data collection to econometric testing and evaluation. Usually offered every year.
Judith Dean

ENG 133b Imagining Money: Literature and Economics from Barter to Bitcoin
[ hum ]
Money works because it is socially shared fiction; literature works because it has socially shared value. We will discuss the economics of literary experience: both literature about money (e.g. Chaucer, Shakespeare, Zola) and the picoeconomic game theory literature relies on. Usually offered every third year.
William Flesch

ENVS 100b GIS Methods
[ ss ]
A skills and methods course that trains students in geographic information systems (GIS) as a tool for understanding the ecology, economics, history, and conservation of landscapes. Usually offered every second year.
Staff

FIN 202a Corporate Finance
Prerequisite: FIN 201a and FIN 212a.
Focuses on how companies make their investment, financing, and dividend decisions in a global environment. Examines the theory and practices of firms through a combination of current articles, problems in the text, and case analysis. Students will have a firm understanding of how companies create value through their decisions. Usually offered every semester.
Hamza Abdurezak and Yang Sun

HS 104b American Health Care
[ ss ]
Examines and critically analyzes the United States healthcare system, emphasizing the major trends and issues that have led to the current sense of "crisis." In addition to providing a historical perspective, this course will establish a context for analyzing the current, varied approaches to health care reform. Usually offered every year.
Stuart Altman

HS 110a Wealth and Poverty
[ ss ]
Examines why the gap between richer and poorer citizens appears to be widening in the United States and elsewhere, what could be done to reverse this trend, and how the widening disparity affects major issues of public policy. Usually offered every year.
Tom Shapiro

HSSP 104b Health Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Emphasizes the concepts and tools of health economics applicable to both developed and developing countries. Topics include: cost-benefit and cost-effectiveness analysis, the demand for health services, insurance and risk, managed care, provider reimbursement, national health insurance, and an overview of health care systems in other countries. Usually offered every second year.
Dominic Hodgkin

LGLS 127b International Economic Law
[ ss ]
Prerequisite: ECON 2a or ECON 10a or permission of the instructor.
Studies the transnational legal institution and practices that constitute the global economic networks of the 21st century. Surveys the fields of corporate regulation, including business practices and human rights, and legal regimes supporting trade and finance. Practice in arbitrating investment disputes between states and corporations. Usually offered every second year.
Staff

POL 172b Seminar: International Political Economy
[ ss ]
Prerequisite: Sophomore standing or higher.
The politics and modern evolution of international economic relations, comprising trade, money, multinational productions, and development. Also the role of states and transnational actors in international markets and the global differentiation of power, and distribution of wealth. Usually offered every year.
Kerry Chase

POL 173a Seminar: U.S. Foreign Economic Policy
[ oc ss wi ]
Prerequisite: Sophomore standing or above.
Presents the history and politics of the foreign economic policy in the United States. Emphasis is on political and economic considerations that influence the domestic actors and institutions involved in the formulation of policy. Usually offered every year.
Kerry Chase