HUMAN STUDIES
DEVELOPMENT: █ ECONOMIC THEORY & CASE STUDIES Davis Taylor Course limit: 15 Economic growth in the developing world has lifted millions out of poverty at the same time that misguided attempts at widespread application of generic economic development theories has impoverished millions. As a result of this tragedy, new approaches and methodologies to economic development are emerging, and represent some of the most important, dynamic, and controversial theories in all of economics. This course examines these new perspectives on economic development. We will briefly contextualize the new by reviewing “old” economic development, then move on to theories that emphasize very place based, country specific approaches to how economies develop; this will involve examining the specific roles of capital accumulation, capital flows (including foreign exchange, portfolio capital, foreign direct investment, and microfinance), human capital, governance, institutions (especially property rights, legal systems, and corruption), geography and natural resource endowments, industrial policy (e.g. free trade versus dirigiste policies), and spillovers, clustering, and entrepreneurship. The course will involve a rigorous mix of economic modeling, careful application of empirical data (including both historical analysis and cross sectional studies; students with no exposure to econometrics will receive a brief introduction) and country studies. Evaluation will be based on classroom participation, responses to reading questions, short essays, and a final project consisting of an economic development country study of the student’s choice that demonstrates application of theoretical concepts to the real world. Prerequisites: one economics course, signature of instructor.
GLOBAL ISSUES █ ECONOMICS: (INTRODUCTION TO)
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Davis Taylor Course limit: 15 This course gives students currency in the leading economic theories (models, concepts, vocabulary, etc.) used in the analysis and policy formation regarding domestic economies and international economic relations, with an emphasis on applications in the realms of globalization, international environmental politics and policy, and other major international issues. Topics include an introduction to competing economic perspectives, alternative normative criteria (e.g. efficiency, distribution, sustainability), markets, supply and demand, basic macroeconomic variables, aggregate supply and demand, and monetary and fiscal policies.
We use these ideas as a basis to explore additional theories such as international dimensions of economic development, comparative advantage, and trade theory; tariffs and non-tariff barriers to trade, trade agreements, and economic integration; international finance (currency markets, exchange rate regimes, currency crises, moral hazard), speculative bubbles, and economic crises; foreign direct investment, outsourcing, and labor standards; migration, and international environmental issues (e.g. public goods, open access, and the Coase Theorem). The course includes a mandatory lab session that emphasizes problem solving methods and use of models. Evaluations are based on weekly homework assignments emphasizing technical proficiency in basic mathematical modeling, along with four quizzes, and participation.
GLOBALIZATION █ ECONOMICS: (ADVANCED SEMINAR IN) Davis Taylor This seminar uses the topic of economic globalization as a context in which to learn, tinker with, and critique a wide range of microeconomic, macroeconomic, and economic development theories, models, and empirical evidence. There is no general economic theory of globalization, so our coverage will necessarily be eclectic, selective, and largely based on student interests. As a departure point for using economics to explore the contours of globalization, we employ a rubric encompassing five themes: fundamental processes (such as economic growth and population dynamics) that lead to economic globalization; studies of the flows of economic inputs and products (addressing capital flows and controls, migration and remittances, international commodity markets, and trade and trade imbalances); the institutions and governance that influence economic globalization (such as preand post- colonial institutions, corporate structure and governance, and the roles of the imf and wto); inequality (addressing global class structure, foreign aid and sovereign debt, and gender issues); and crises (currency crises and contagion, the recent financial crisis). Evaluations are based on participation in extensive discussions in and out of the classroom, submission of précis and problem sets, and a synthetic capstone essay. Prerequisites: courses in intermediate economics and international issues or equivalent, and permission of instructor.