Franklin & Marshall College Franklin & Marshall College

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Courses Offered
Economics

A list of regularly offered courses follows. The indication of when a course will be  offered is based on the best projection of the home department and can be subject to change. 

Please note the key for the following abbreviations: (A) Arts; (H) Humanities; (S) Social  Sciences; (N) Natural Sciences with Laboratory; (LS) Language Studies requirement;  (NSP) Natural Science in Perspective; (NW) Non-Western Cultures requirement. 

100. Introduction to Economic Principles. (S) Every Semester 

Introduction to micro- and macroeconomics. Neoclassical models of economic behavior, market  structures and aggregate economic performance. Topics include: supply and demand analysis;  consumer and business behavior; market structures (competition, monopoly, oligopoly) and failures:  inflation and unemployment; government fiscal and monetary policies. Flaherty, Guleryuz, Koohi-Kamali, Maynard, Montgomery, Nicar, Wright 

103. Introduction to Economic Perspectives. (S) Every Semester 

Introduction to economic institutions, history and competing paradigms and ideologies in economics.  Conservative, liberal and radical perspectives; orthodox and heterodox economic theories. Topics  include: the role of cultural, legal, economic and political institutions; class, gender and race; wealth  and poverty; and the environment. Brennan, Maynard, Nersisyan, Zein-Elabdin 

130. Marxian Political Economy. (S) Spring 2014 

Marx’s analysis of capitalism as an economic, social and historical system. Areas covered are:  market economies and alienation; exploitation and class conflicts; the working “class”; competitive  and monopolistic tendencies of capitalism; capitalist accumulation and economic crises; the role  of the state; colonialism, imperialism and globalization. Particular attention will be paid to the  contemporary relevance of Marx’s theory. Students are also introduced to the problems and methods  of critical inquiry. Callari 

200. Microeconomics. (S) Every Semester 

Aggregate economic activity: an examination of the factors that influence its level, stability and rate  of growth. Consumption, savings, investment, fiscal and monetary policy and international trade  and finance as influences on the level of prices, output, employment and income. Prerequisites: ECO 100 and 103. Nersisyan, Nicar 

201. Macroeconomics. (S) Every Semester 

The analytical foundations of neoclassical price theory: theory of the consumer; theory of the  firm; market structure and efficiency; factor markets and income distribution; general equilibrium. Prerequisites: ECO 100 and 103. Dasgupta, Flaherty, Montgomery 

203. Value and Distribution. (S) Every Semester 

The analytical foundations of heterodox economic theories. Theoretical critiques of and alternatives  to orthodox theories of: “factor” pricing and the distribution of income; macroeconomic dynamics of  growth and stability; the neutrality and exogeneity of money; gendered (and non-market) economic  relations. Prerequisites: ECO 100 and 103. Callari, Zein-Elabdin 

210. Economic Statistics. (S) Every Semester 

An introduction to statistical concepts and techniques as used in economics. Topics include descriptive  statistics, sampling, probability, estimation, confidence intervals, hypothesis tests and regression analysis. Prerequisites: ECO 100 and 103. Guleyruz, Wright 

231. Money and Banking. (S) Every Fall 

Commercial and central banking in the United States, including: Federal Reserve responsibility for influencing economic activity; the role of money in determining the level of national income and  prices; and the nature of the international monetary system. Prerequisite: ECO 100 and 103. Nersisyan

238. The Economy of Cities. (S) 2014 – 2015 

An overview of the economic forces that have shaped the formation and transformation of cities in history, with particular focus on urban patterns since the 18th century. Topics covered include the effects of technological change (in production, transportation and marketing), urban sprawl, the  role of “place” in the power dynamics and conflicts of capitalist societies and the history of urbaneconomic-development public policy initiates in the U.S. Required work includes a term paper. Prerequisites: ECO 100 and ECO 103. Callari 

240. Environmental and Natural Resource Economics. (S) Fall 2014 

A survey of environmental and natural resource issues in economic theory and policy. History of the  environmental movement and environmental debates; theory of natural resource allocation, natural  resource issues; theory of environmental management — for example, externalities, public goods  and common property. Topics covered will include pollution, resource depletion and global climate  change. Prerequisite: ECO 100 and 103, or permission of the instructor. Same as ENV 240. Wright 

244. Women in the Economy. (S) Spring 2014 

An analysis of the roles women and men have historically played and continue to play in the economy,  both within and outside of the labor market. Topics include the historical conditions under which  dominant gender ideals emerged, the value of unpaid work and national accounting, occupational  segregation and labor market discrimination. Economic and interdisciplinary approaches are used.  Prerequisite: ECO 100 and 103, or permission of the instructor. Same as WGS 244. Nersisyan 

248. History of Economic Thought. (S) Fall 2014 

A survey of ways of thinking about “economic” issues from antiquity to contemporary times, with  each way placed in the context of the intellectual and social climate of its times. Special attention is  paid to key analytical and methodological issues. Key figures studied include: Aristotle, St. Thomas  Aquinas, John Locke, Thomas Munn, David Hume, Adam Smith, Thomas Malthus, David Ricardo,  Jeremy Bentham, Karl Marx, Thorstein Veblen, John Marshall, John M. Keynes, Fredrick Hayek,  Paul Samuelson, Milton Friedman, Piero Sraffa, Paul Sweezy, Robert Lucas, Alan Greenspan and  Paul Krugman. Callari 

255. Political Economy of Health Care. (S) 2014 – 2015 

A seminar format approach to issues in health and health care reform from an economics-based  perspective but also including multi-disciplinary considerations. Topics include the following: the  unique qualities of the market for health care; controlling costs/improving outcomes in health care  delivery; the economic status of health care providers; economic and ethical issues of pharmaceutical  development and distribution; health — and health care — disparities by income, race, ethnicity,  and gender; the looming fiscal crisis of Medicare and Medicaid; the political economy of systemic  health care reform; comparative health care systems. Prerequisites: ECO 100 or ECO 103.  Flaherty 

264. Introduction to International Economics. (S) Every Fall 

Introduction of key concepts to describe and analyze international economic linkages. Analysis  of international transactions in various markets including goods and services, capital, labor and  foreign exchange. Core topics include: reasons for and benefits from international trade; exchange  rate developments; benefits and risks of international capital flows; globalization; liberalization;  regional integration; and development. Empirical approach with introduction of core theoretical  concepts and policy perspectives. Prerequisite: ECO 100. Maynard 

281. Political Economy of Africa. (S) (NW) 2013 – 2014 

A broad idea of economic and social conditions in Africa and the factors that influence economic  development in the region, power structures and processes of change. Historical analysis of pre-colonial systems of production and exchange and modifications introduced during the European  colonial period. Examination of major current economic and political problems such as food  production, external debt and the role of the state. Reflection on the question of economic development.  Prerequisites: ECO 100 and 103, or permission of instructor. Same as AFS 281. Zein-Elabdin 

282. Women, Culture and Development. (NW) (S) Fall 2013 

Role of gender in different cultures across the non-industrialized world and impact of economic  development on the position of women and gender relations in these societies. Women’s contribution  to economic and social change and the extent to which conventional methods of analysis in  development economics can be applied to their situations. Examination of the development of the  “Third World woman” in the development literature. Prerequisite: ECO 100 and 103, or permission  of the instructor. Same as WGS 282. Zein-Elabdin 

291. Directed Readings. Every Semester 

Tutorial for students who have not yet completed ECO 200, 201, 203 and 210. Students who have  a special interest may arrange a tutorial with a faculty member. Enrollment is conditional on  instructor’s permission. 

310. Econometrics. (S) Every Spring 

An introduction to statistical analysis of economic data, with a balance of theory, applications and  original research. The Classical Linear Regression Model is covered in detail, along with typical  departures from its assumptions including heteroscedasticity, serial correlation and non-stationarity.  Further subjects can include instrumental variables, limited dependent variables and advanced  time-series topics, depending on time and student interest. Prerequisites: ECO 100, 103 and ECO  210 or MAT 216. Koohi-Kamali, Nicar 

315. Macroeconomic Stability. (S) Spring 2014 

John Maynard Keynes and Hyman Minsky on financial crises and economic recessions. Keynes’s  critique of the neoclassical approach and his revolutionary investment theory of the business cycle.  Minsky’s financial theory of investment as an evolutionary understanding of modern financial  institutions and their role in preserving or undermining economic stability. Contemporary research  to assess the relative effectiveness of monetary and fiscal policies in stabilizing an unstable economy,  as well as their impact on employment, prices, and income distribution. Prerequisite: ECO 200 and  ECO 203. Nersisyan 

320. International Trade. (S) 2014 –  2015 

Intermediate and advanced topics in international trade. Introduces theoretical structures and evaluates associated empirical literature.Core topics include examination of the determinants of  international trade patterns, the gains from trade, trade policy, the relationship between trade and  growth and the institutional evolution of the international trading system. Emphasis on different theoretical approaches, including models based on assumptions of perfect competition and of  imperfect competition. Prerequisite: ECO 201 and ECO 264. Staff 

325. International Finance. (S) Spring 2014 

Intermediate and advanced topics in international finance. Introduces theoretical structures and  evaluates associated empirical literature. Core topics include determination of exchange rates,  the functioning of the macroeconomy under different exchange rate regimes, foreign exchange  intervention, currency crises, debt crises, coordinated macroeconomic policy, the evolution and future  of the international monetary system as a whole. Emphasis on open-economy macroeconomics.  Prerequisite: ECO 200 and ECO 264 Maynard 

335. Economic Development. (S) (NW) Fall 2013 

Theories of economic growth and development. Historical and political context of the emergence of the “less developed” world and the project of international development. Structure and performance of  “less developed” economies. Current major policy issues including agriculture, industry, technology, foreign investment and international trade and debt. Prerequisite: ECO 200, or permission of the  instructor. Zein-Elabdin 

350. Game Theory. (S) Every Fall 

Game Theory provides a framework for analyzing strategic situations. Where to put your first serve in  tennis, why some professors will never accept late submissions and why do Circuit City and BestBuy offer price matching guarantees are examples of strategic situations. Here each participant’s action  can affect the outcome for others. The course teaches how to build models of strategic situations  and introduces techniques to solve them. The solutions provide benchmark predictions of behavior observed in our lives. Prerequisite ECO 201. Dasgupta 

391. Directed Reading. (S) Every Semester 

Tutorial for students who have completed ECO 200, 201 and 203. Students who have a special interest  may arrange a tutorial with a faculty member. Enrollment is conditional on instructor’s permission. 

490. Independent Study. Every Semester

Independent research directed by the Economics staff. Permission of the instructor.