Provisional University Bulletin (2024-2025)

• 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 and JSTOR.
• Use official data sources. Examples include the Current Population Survey (CPS), Federal Reserve Economic Data (FRED), World Development Indicators (WDI), and the UN Human Development Report.
• 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 Neoclassical 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 observational), 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, ECON 10a 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.

Mahsa Akbari
Applied econometrics. Labor economics.

Elizabeth Brainerd
Labor economics. Economic demography. Health economics.

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

Jiwon Choi
Labor Economics. Urban economics. Economic history.

Geoffrey Clarke, Undergraduate Advising Head (fall 2025)
Economic history. Applied microeconomics.

Maya Eden (on leave until fall 2026)
Macroeconomics.

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

Nader Habibi
Microeconomics. Economics of the Middle East.

George J. Hall (on leave spring 2025)
Macroeconomics.

Amelia Hawkins
Labor economics. Public economics.

Jingyi Huang
Industrial Organization and Economic History

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

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

Ashley Miller, Undergraduate Advising Head (fall 2024)
Education. Labor. Public health.

Scott A. Redenius
Economic history. The economics of financial institutions.

Benjamin Shiller (on leave spring 2024)
Applied microeconomics. Industrial Organization. Information economics.

Raphael Schoenle
International Macroeconomics. Macro- and Monetary Economics. International Trade.

Tymon Sloczynski 
Microeconometrics. Applied Microeconomics. Economic History.

Ryan Westphal
Industrial organization. Behavioral economics. Household finance.

Yinchu Zhu
Econometrics. Machine learning.

Affiliated Faculty (contributing to the curriculum, advising and administration of the department or program)
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 89b 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:

A. 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.

B. 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 184b), or any of the upper-level electives. If it is found that a student enrolled in ECON 80a, ECON 82b, ECON 83a, or ECON 184b 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.

C. 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 ECON 184b.

The following courses may substitute for ECON 83a: MATH 36a and MATH 36b, BIOL 51a, POL 52a, PSYC 51a.  However, Economics majors should take ECON 83a (or MATH 36a and MATH 36b) unless they wish to take an equivalent statistics class in one of their other majors (BIOL 51a, POL 52a, or PSYC 51a).  MATH 8a, BUS 51a, and AP Statistics can NOT substitute for ECON 83a.

D. ECON 184b. A grade of at least C- is required. Students are strongly encouraged to enroll in ECON 184b soon after completing ECON 83a.

E. 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 89b 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

F. Foundational Literacies: As part of completing the Economics major, students must:

• Fulfill the writing intensive requirement by successfully completing ECON 26b (co/pre-requisite is ECON 82b) or BUS 47a.
• Fulfill the oral communication requirement by successfully completing ECON 25a (co/pre-requisite is ECON 80a) or BUS 47a.
• Fulfill the digital literacy requirement by successfully completing ECON 83a or ECON 184b.

Students must earn a grade of C- or above in each of these classes.

G. 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.

H. 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 the economics major. 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.

I. 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 (see the Special Notes Relating to Undergraduates below).

J. 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 and have completed ECON 184b before the first semester of their final year. 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.

Transfer Credit 

Students may petition the Undergraduate Advising Head to allow courses taken elsewhere to count toward the requirements of the major or minor.  Majors can receive ECON credit for up to five courses and can also use transfer credit to satisfy the calculus requirement.  Majors must therefore take a minimum of five full semester ECON courses at Brandeis or through an approved study abroad program.  Students should expect to take ECON 25a and 26b, the two foundational literacy practicums, at Brandeis.

Courses taken through Brandeis-approved study abroad programs may count toward the requirements of the major or minor with the prior approval of the Undergraduate Advising Head.

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 89b. BUS 89b does not provide credit toward the economics major or minor, but it is a two-credit course that counts as one-half of 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 89b 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. Concurrent enrollment in ECON 10a is not allowed.

Introduces economic analysis with policy applications. The economist's approach to social analysis is systematically elaborated. Usually offered every semester.

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, and concurrent enrollment in ECON 2a is not allowed. 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.

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.

ECON 23a Latin American Economic Development
[ djw nw ss ]

Prerequisite: ECON 2a or ECON 10a.

Introductory survey of the economic, financial, and institutional forces that drive Latin American economic development. The course combines economic theory, empirical evidence, and a historical approach to develop students' ability to analyze these forces. Topics include poverty and inequality, human capital, geographical determinants, institutions, debt crises and the macroeconomy. Usually offered every second year.

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 microeconomic applications. Teaches students to explain real-world economic problems to an audience using economic reasoning. Usually offered every semester.

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 semester.

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.

ECON 30a The Economy of China
[ nw ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 35b History of Taxation
[ ss ]

Prerequisite: ECON 2a or ECON 10a.

Traces taxation from the origins of coinage (560 BCE) to the proposed global minimum corporate tax (2021+). We examine taxes within the supply-and-demand model, including discussions of deadweight loss and allocative efficiency. Additionally, the course focuses on the political economy, welfare, and equity impacts of taxation. Usually offered every second year.

ECON 36b Climate Change Economics and Policy
[ ss ]

Prerequisite: ECON 2a or ECON 10a.

Examines essential concepts economists and other social scientists use to consider the link between climate change and human society. We will explore specific topics of climate impacts and justice, as well as how to mitigate and adapt to climate change. Special one-time offering, spring 2021.

ECON 55a American Economic History
[ ss ]

Prerequisite: ECON 2a or 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.

ECON 57a Environmental Economics
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 59b The Economics of Education
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 65b Governance, Bureaucracy and Economic Development
[ djw ss ]

Prerequisite: ECON 2a or ECON 10a.

Analyzes the role of institutions, governance, and bureaucracy in economic development. Topics include transaction costs, role of institutions, governance performance indicators, causes and consequences of corruption, anti-corruption policies, principal-agent theory and bureaucratic behavior. The course also includes a detailed case study on the role of governance and bureaucratic reforms in China's economic success since 1980. Usually offered every second year.

ECON 69a The Economics of Race and Gender
[ deis-us ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 70a American Fiscal Policy
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 76b Labor Economics
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 80a Microeconomic Theory
[ ss ]

Prerequisite: ECON 2a or 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.

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.

ECON 83a Statistics for Economic Analysis
[ dl qr 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.

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.

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 89b, 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.

ECON 93a Independent Research

Subject to the availability of research positions and requires the signature of the instructor. Does not count toward the major or minor in Economics. May only be taken once.

Provides students with an opportunity to work with a faculty member on an aspect of the faculty supervisor's research. The student and faculty member mutually design a one-semester project that contributes to ongoing research. Students must meet regularly with their faculty supervisor and present their findings in oral and written form at the end of the semester. Projects typically involve background reading to provide context and data collection and analysis. Usually offered every year.

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.

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.

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.

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.

ECON 122b The Economics of the Middle East
[ nw ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 132a Normative Economics
[ ss ]

Prerequisites: ECON 80a and ECON 82b.

The overarching question of normative economics is, what is the objective that policymakers should pursue? We will begin by exploring the role that individual preferences play in shaping the desirable social objective. We will then discuss approaches for balancing competing interests of different individuals. Finally, we will focus on the extent to which policymakers’ decisions should account for the interests of future generations. Usually offered every year.

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 the U.S. tax system, public debt, and state and local finance. Usually offered every year.

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.

ECON 136b Economics of Digitization
[ ss ]

Prerequisites: ECON 80a and ECON 184b.

Studies how technological advances fundamentally change how markets function, leading to novel firm strategies and consumer harms. Topics include: pricing digital goods, review/ratings platforms, advertising, search platforms, resale of digital goods, etc. Usually offered every year.

ECON 141b Economics of Innovation
[ ss ]

Prerequisites: ECON 80a and ECON 83a or permission of the instructor.

Studies 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.

ECON 142b Behavioral Economics: European Case Studies
[ 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.

ECON 143a Behavioral Economics
[ ss ]

Prerequisites: ECON 80a and ECON 83a.

Uses insights from psychology and the tools of microeconomic theory to study how our choices deviate from those of the perfectly rational, fully informed, self-interested “homo economicus” and considers the normative implications of our choices and potential public policy interventions. Usually offered every year.

ECON 148b Introduction to Machine Learning with Economic Applications
[ ss ]

Prerequisite: ECON 83a. Prior experience with Python recommended. Cannot be taken by students who completed COSI/ECON 148b or COSI 104a.

Provides an understanding of machine learning techniques, considers how to evaluate their performance, and demonstrates how they can be used to solve real-world problems in economics and business. The course involves hands-on experience applying/implementing machine learning models using Python. Usually offered every year.

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.

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.

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.

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.

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.

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.

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 other year.

ECON 174a Inflation Dynamics and Monetary Policy
[ ss ]

Explores the drivers and dynamics of inflation, past and present. The class combines formal mathematical modeling, discussions and debates about macroeconomic policy in the real world, and review of relevant macroeconomic events, with an emphasis on the history of macroeconomic thought. Usually offered every year.

ECON 175a Introduction to the Economics of Development
[ djw ss ]

Prerequisite: ECON 2a or ECON 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.

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.

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.

ECON 182a Topics in Advanced Macroeconomics
[ ss ]

Prerequisite: ECON 80a, ECON 82b, and ECON 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.

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, ECON 213a, 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.

ECON 191b Econometric Methods for Causal Inference
[ ss ]

Prerequisite: ECON 184b.

An introduction to methods for causal inference in economics and related fields. Topics include the potential outcomes framework, randomized controlled trials, regression, methods based on the propensity score, instrumental variables, difference-in-differences, synthetic controls, and regression discontinuity designs. Emphasis on applications in fields such as labor, education, development, and health economics. Usually offered every second year.

ECON/FIN 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.

ECON 202a Applied International Macroeconomics

Using countries to illustrate, this course covers domestic and international macroeconomics. Topics include the goals and functioning of monetary authorities, financial crises, international competitiveness and PPP, exchange rate regimes, hyperinflation, and the sustainability of government finances. Students also master basic skills for manipulating and presenting macroeconomic information. Usually offered every year.

ECON 207a Managerial Economics

May not be taken for credit by students who took ECON 80a. Teaches students to apply basic microeconomic concepts to business and management decision-making. Key concepts include consumer behavior, properties of market supply and demand, firm's production decisions, market structures, government interventions in the markets, and optimal pricing strategy under various market conditions such as monopoly and oligopoly. Usually offered every year.

ECON 213a Applied Econometrics with R

May not be taken for credit by students who took ECON 184b.

Aims at introducing econometric models and empirical techniques that are useful to conduct economic research with data. The course covers linear regression models, discrete choice models, time series models, and panel data models. We will devote significant space to empirical applications, and give the students the opportunity to gain hands-on experience on how to conduct empirical work in econometrics using the R programming language. Usually offered every year.

ECON 241a Antitrust Economics: Regulating Competition

Prerequisites: ECON 80a or ECON 207a.

Studies antitrust economics and economic regulation. The first part of the course will introduce the student to the economics of antitrust and to the economic theories and tools needed to understand and conduct antitrust policy analysis. The second part of the course will focus on economic regulation and introduce the student to the theory and practice of economic regulation involving the basics of natural monopoly regulation as applied to public utilities such as electricity, gas, water and telecommunications. Usually offered every year.

ECON 260a International Trade Policy and Institutions

Prerequisite: Intermediate Microeconomics or ECON 207a.

Develops the fundamental economic theories behind the various policies that regulate and interfere with international trade. Examines the predominant national and international institutions that are charged with administering these policies as well as the scope and process for potential reform. Usually offered every year.

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.

ECON 270a Economic Development Strategies

Prerequisites: At least one semester of undergraduate microeconomics and one semester of undergraduate macroeconomics, or the equivalent.

Discusses the current situation of developing countries and the main theories of development and underdevelopment. Introduces the field and tools of development economics, explores the theoretical and policy debates around developing economies, and looks at alternative development strategies. Usually offered every year.

ECON 286a International Institutions Laboratory

Prerequisites: ECON 202a.

International institutions--including the International Monetary Fund, multilateral development banks, the Intergovernmental Panel on Climate Change and many others--manage cooperation on global economic issues ranging from financial stability and fair trade to poverty reduction and climate change. This course examines the structure, operations and effectiveness of multilateral organizations and enables students to contribute to their work with research projects conducted under the guidance of Brandeis faculty and the staff of cooperating institutions. Usually offered every year.

ECON 298a Independent Study

Normally available for a student who wishes to pursue advanced reading or research in a subject or field not available in the department's course listings. Usually offered every semester.

ECON 298f Independent Study

Open only to IBS students. Meets for one-half semester and yields half-course credit.

Normally available for a student who wishes to pursue advanced reading on research in a subject or field not available in the department's course listings. Usually offered every year.

ECON 301a Advanced Microeconomics I

Prerequisites: Prior coursework in microeconomics, multivariate calculus, and linear algebra.

Study of the theories of microeconomics, including optimization, theory of the firm, theory of the consumer, duality theory, general equilibrium, welfare economics, public goods, and externalities. Usually offered every second year.

ECON 302a Advanced Microeconomics II

Prerequisites: ECON 301a.

This course will focus on game theory with specific emphasis on its application to firm behavior, information economics, and the study of market organization including auctions. Important contributions of behavioral economics will also be addressed in this course. A strong emphasis will be placed on acquiring the tools that are required for economic research. Usually offered every second year.

ECON 303a Advanced Macroeconomics I

Prerequisites: Prior coursework in microeconomics, multivariate calculus, and linear algebra.

Study of modern theories of short-run and long-run determination of aggregate income. Topics include private consumption and investment behavior, fiscal policy, the current account and exchange rates, economic growth, and stochastic dynamic programming with applications to macroeconomics. Usually offered every second year.

ECON 304a Advanced Macroeconomics II

Prerequisite: ECON 303a.

Current research issues in macroeconomics, such as the impact of supply shocks, real demand shocks, and monetary shocks on output, interest rates, and exchange rates. Empirical studies and testing of competing macroeconomic theories. Usually offered every second year.

ECON 307f Applied Methods I

Prerequisite: ECON 304a. Meets for one-half semester and yields half-course credit.

An advanced topics course on contemporary methods to solve, estimate, and evaluate structural models. Usually offered every second year.

ECON 308f Applied Methods II

Prerequisites: ECON 302a, ECON 311a, and knowledge of game theory and calculus. Meets for one-half semester and yields half-course credit. Intended for IBS PhD students.

Develops both reduced form and structural modeling techniques commonly used within the more general field of microeconomics. Throughout the course, there will be an emphasis on the thought process the authors went through in writing the papers. What are the goals of the paper? Why is the question/topic important? Is a non-structural method sufficient for answering the question? Why or why not? What benefits do more complicated structural models yield (in some contexts)? Is the model identified (apart from by functional form)? Are there features missing in the model that bias the findings? Usually offered every second year.

ECON 311a Advanced Econometrics I

Prerequisites: Prior coursework in microeconomics, multivariate calculus, and linear algebra.

Econometric theory and applications. Discusses the statistical theory of regression modeling and associated hypothesis testing, with emphasis on the construction, interpretation, and use of econometric models. Usually offered every second year.

ECON 312a Advanced Econometrics II

Prerequisite: ECON 311a or consent of instructor.

Examines the models and statistical techniques used to study time series data. Topics will include linear and non-linear univariate as well as multivariate econometric models. One objective of the course is to provide the students with a good understanding of econometric models for time series data. These models are widely used in the empirical literature, and a good understanding of these models is crucial for the second objective of the course: to provide the students with the ability to evaluate recent empirical studies. The third objective of the course is to develop practical skills, which are necessary to perform independent research using real world data. A theme throughout the course is the use of computational methods for analyzing the material covered in class, and throughout the course we will rely heavily on examples and applications with Matlab. Usually offered every second year.

ECON 330a International Macroeconomics

Prerequisite: ECON 304a.

Applications of macroeconomic theory to open economies. Topics include international parity theorems, models of exchange rate determination, and central bank management of the exchange-rate. Usually offered every second year.

ECON 332f Topics in Empirical International Economics: Questions, Methods, and Data

Prerequisite: Open to IBS PhD students only. Meets for one-half semester and yields half-course credit.

Students present and discuss current working papers in economics and finance focusing on the questions that are being asked, the empirical methods used, and the sources of data. Course prepares students for the thesis process and for presenting thesis work. Usually offered every second year.

ECON 360a International Trade Theory

Prerequisite: ECON 301a. Open only to International Business School students.

Analyzes the economic issues involved in the integration into world markets of trade in consulting and professional services, investment, financial and banking services, telecommunications, and transportation. Also addresses the tradeoffs in regulating services trade through the WTO's General Agreement on Trade in Services (GATS), regional initiatives, as well as conflict areas and dispute settlement. Usually offered every second year.

ECON 370a Development Economics

Prerequisite: ECON 302a.

Introduces selected topics in the micro-economic literature in development economics. Also teaches advanced empirical techniques that are commonly used.Usually offered every second year.

ECON 398a Independent Study

Normally available for a PhD student who wishes to pursue advanced reading under the direction of a faculty member. Usually offered every semester.

ECON 399a Dissertation Workshop

Prerequisites: ECON 302a and ECON 304a.

Third year and above PhD students present to PhD cohort and faculty. Presentation and discussion of dissertation topics and work in progress. Usually offered every semester.

ECON 83a Statistics for Economic Analysis
[ dl qr 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.

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.

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, ECON 213a, 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.

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 microeconomic applications. Teaches students to explain real-world economic problems to an audience using economic reasoning. Usually offered every semester.

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 semester.

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 other year.

ECON 23a Latin American Economic Development
[ djw nw ss ]

Prerequisite: ECON 2a or ECON 10a.

Introductory survey of the economic, financial, and institutional forces that drive Latin American economic development. The course combines economic theory, empirical evidence, and a historical approach to develop students' ability to analyze these forces. Topics include poverty and inequality, human capital, geographical determinants, institutions, debt crises and the macroeconomy. Usually offered every second year.

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.

ECON 30a The Economy of China
[ nw ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 35b History of Taxation
[ ss ]

Prerequisite: ECON 2a or ECON 10a.

Traces taxation from the origins of coinage (560 BCE) to the proposed global minimum corporate tax (2021+). We examine taxes within the supply-and-demand model, including discussions of deadweight loss and allocative efficiency. Additionally, the course focuses on the political economy, welfare, and equity impacts of taxation. Usually offered every second year.

ECON 36b Climate Change Economics and Policy
[ ss ]

Prerequisite: ECON 2a or ECON 10a.

Examines essential concepts economists and other social scientists use to consider the link between climate change and human society. We will explore specific topics of climate impacts and justice, as well as how to mitigate and adapt to climate change. Special one-time offering, spring 2021.

ECON 55a American Economic History
[ ss ]

Prerequisite: ECON 2a or 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.

ECON 57a Environmental Economics
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 59b The Economics of Education
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 65b Governance, Bureaucracy and Economic Development
[ djw ss ]

Prerequisite: ECON 2a or ECON 10a.

Analyzes the role of institutions, governance, and bureaucracy in economic development. Topics include transaction costs, role of institutions, governance performance indicators, causes and consequences of corruption, anti-corruption policies, principal-agent theory and bureaucratic behavior. The course also includes a detailed case study on the role of governance and bureaucratic reforms in China's economic success since 1980. Usually offered every second year.

ECON 69a The Economics of Race and Gender
[ deis-us ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 70a American Fiscal Policy
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 76b Labor Economics
[ ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 122b The Economics of the Middle East
[ nw ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 175a Introduction to the Economics of Development
[ djw ss ]

Prerequisite: ECON 2a or ECON 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.

ECON 132a Normative Economics
[ ss ]

Prerequisites: ECON 80a and ECON 82b.

The overarching question of normative economics is, what is the objective that policymakers should pursue? We will begin by exploring the role that individual preferences play in shaping the desirable social objective. We will then discuss approaches for balancing competing interests of different individuals. Finally, we will focus on the extent to which policymakers’ decisions should account for the interests of future generations. Usually offered every year.

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 the U.S. tax system, public debt, and state and local finance. Usually offered every year.

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.

ECON 136b Economics of Digitization
[ ss ]

Prerequisites: ECON 80a and ECON 184b.

Studies how technological advances fundamentally change how markets function, leading to novel firm strategies and consumer harms. Topics include: pricing digital goods, review/ratings platforms, advertising, search platforms, resale of digital goods, etc. Usually offered every year.

ECON 141b Economics of Innovation
[ ss ]

Prerequisites: ECON 80a and ECON 83a or permission of the instructor.

Studies 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.

ECON 142b Behavioral Economics: European Case Studies
[ 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.

ECON 143a Behavioral Economics
[ ss ]

Prerequisites: ECON 80a and ECON 83a.

Uses insights from psychology and the tools of microeconomic theory to study how our choices deviate from those of the perfectly rational, fully informed, self-interested “homo economicus” and considers the normative implications of our choices and potential public policy interventions. Usually offered every year.

ECON 148b Introduction to Machine Learning with Economic Applications
[ ss ]

Prerequisite: ECON 83a. Prior experience with Python recommended. Cannot be taken by students who completed COSI/ECON 148b or COSI 104a.

Provides an understanding of machine learning techniques, considers how to evaluate their performance, and demonstrates how they can be used to solve real-world problems in economics and business. The course involves hands-on experience applying/implementing machine learning models using Python. Usually offered every year.

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.

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.

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.

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.

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.

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.

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 other year.

ECON 174a Inflation Dynamics and Monetary Policy
[ ss ]

Explores the drivers and dynamics of inflation, past and present. The class combines formal mathematical modeling, discussions and debates about macroeconomic policy in the real world, and review of relevant macroeconomic events, with an emphasis on the history of macroeconomic thought. Usually offered every year.

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.

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.

ECON 182a Topics in Advanced Macroeconomics
[ ss ]

Prerequisite: ECON 80a, ECON 82b, and ECON 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.

ECON 191b Econometric Methods for Causal Inference
[ ss ]

Prerequisite: ECON 184b.

An introduction to methods for causal inference in economics and related fields. Topics include the potential outcomes framework, randomized controlled trials, regression, methods based on the propensity score, instrumental variables, difference-in-differences, synthetic controls, and regression discontinuity designs. Emphasis on applications in fields such as labor, education, development, and health economics. Usually offered every second year.

ECON/FIN 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.

BUS 6a Financial Accounting
[ dl ss ]

Prerequisite: ECON 2a or ECON 10a with a grade of C or higher.

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.

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.

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.

FIN 202a Corporate Finance

Prerequisite: FIN 201a and either FIN 212a or FIN 213a. May not be taken by students who completed FIN 203a or FIN 204a.

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 year.

HIST 114b Histories of American Capitalism
[ deis-us ss wi ]

Explores the history of American capitalism as it developed from the colonial period to the near present. We will follow three main analytical themes through the centuries: racial capitalism; the role of the state in shaping economic development; and the function of social reproduction and other unwaged work in commercial societies. As we engage central historiographic debates about the timing and location of the transition to capitalism in the United States, we will use the concept of capitalism as a tool to better understand and differentiate the wide range of economic systems that have existed in the nation’s history. Topics include: the rise of wage labor and the expansion of markets; slavery and emancipation; territorial conquest; technological and infrastructural development; the rise of big business and organized labor; alternative labor regimes and the experience of work; the economic dimensions of gender, race, and other categories of social difference; social welfare policy; and recent developments in deindustrialization, globalization, and income inequality. Usually offered every year.

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.

HS 110a Labor, Work, and Inequality
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Examines what economic and social factors drive inequality in terms of conditions at work, from wages to discrimination to worker voice, and how these conditions are connected to business decisions, government policies, union and worker advocacy, and worker norms and beliefs. Usually offered every year.

HSSP 104b Health Economics
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Prerequisite: ECON 2a or ECON 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.

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.