Human Studies substitution versus export-led growth, the role of free trade and neoliberal macroeconomic reform, sustainability, and the writings of Amartya Sen. Demographic models will be covered briefly. Case studies will be used where appropriate to illustrate the success or failure of theory to account for reality. While the focus of the course is familiarity with theory, we will take some time to contextualize the theory and models by briefly surveying economic development processes, successes, and failures in Latin America, Asia, and Africa since World War ii, and by addressing some of the critiques of neoclassical theory, especially how economic development is distinguished from and fits into larger goals of human development. Evaluation will be based primarily on weekly homework assignments (both modeling exercises and thought questions based on readings), along with classroom participation, and a final paper in which the student integrates theory with current policy or historical analysis. Prerequisites: One economics course, or signature of instructor.
Economic Development: Theory and Case Studies
Davis Taylor
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, countryspecific 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), 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.
Introduction to Economics: Global Issues
Davis Taylor
Class 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 will 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 will 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 will emphasize problem-solving methods and use of models. Evaluation will be based on weekly homework assignments emphasizing technical proficiency in basic mathematical modeling, along with four quizzes and classroom participation.
Advanced Seminar in Economics: Globalization This seminar will use 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,
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Davis Taylor