Click on the course to view its description.

ECO-028-01 Environmental and Natural Resource Economics (Prof. Kenney)
ECO-036-01 Comparative Economics (Prof. Dvorak)
ECO-041-01 Microeconomic Analysis (Prof. Stephen Schmidt)
ECO-042-01/02 Macroeconomic Theory and Policy (Prof. Sener)
ECO-043-01 Introduction to Econometrics (Prof. Song)
ECO-120-01 Sports Economics (Prof. Fried)
ECO-125-01 Efficient Management of Technology (Prof. Yaisawarng)
ECO-141-01 Current Topics in Microeconomics (Prof. Stephen Schmidt)
ECO-142-01 Contemporary Problems in Macroeconomics (Prof. Motahar)
ECO-162-01 Seminar in Finance (Prof. Bradley Lewis)
ECO-166-01 Seminar in Public Policy (Prof. McCarty)
ECO-167-01 Seminar in Labor (Prof. Song)

Please note: There are no “card” courses in Economics this term. After you have discussed your course selection with your advisor, you can simply register for your Economics courses during the pre-registration appointment assigned to you by the Registrar’s Office. Note that in order to be able to register, it is important that you meet the exact date and time of your appointment as printed on your pre-registration sheet.

     Economics 28
PRIVATE Environmental and Natural Resource Economics
Prof. J. Kenney

             The objective of the course is to introduce students to the principal issues in environmental and natural resource economics.  The focus is on the economic causes of the major natural resource management problems confronting society and the evaluation of alternative public policies for environmental protection and natural resource preservation.

            Specific issues addressed include: 

Population growth:  Is it still too rapid?
Global food supply:  Will there be enough?
Energy:  Has the crisis returned?
National forests:  Parks or plywood?
Wild rivers:  To dam or not to dam?
Air pollution:  What should be done about acid rain?
Global warming:  Can an international agreement be reached?
Water pollution:  How much is pure water worth?
Solid waste:  Burn it, bury it, or recycle it?
Economic growth:  Friend or foe?                                

            The format of the class is lecture cum discussion.  Course materials consist of a policy-oriented text, supplemental readings on reserve in the library, and information from a number of Web sites.

             The prerequisites for the course are Economics 12 (waived for Environmental Studies majors) and an interest in environmental management.  [Note:  This course is highly recommended for those students intending to participate in the mini-term on electric power development in New Zealand during Fall/Winter break.]

             Student evaluation will be based on performance on three (3) intra-term examinations and a final paper (10-12 pages) in which you must develop a legislative agenda that will result in the optimal management of the natural resources and environment of the United States.  Insightful contributions to class discussions will also be rewarded.

             The course will meet MWF, 8:20-9:25am.

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Eco 36
Comparative Economics
Instructor: Tomas Dvorak

Description:

Why are some countries rich and others poor? Consider that the average income in the richest country in the world is 76 times larger than the average income in the poorest country. The objective of this course is to attempt to understand the tremendous differences in living standards around the world. We will ask what it is about rich countries that makes them rich, and poor countries that makes them poor. We will explore several factors: geography, investment, economic systems and institutions such as property rights, investor protection and corporate governance. We will examine the channels through which these factors affect economic performance, and will use data to assess their importance. While no single explanation fits all countries, the comparison of different countries and the circumstances in which they develop will help us to understand what makes each country succeed or fail. This understanding gives us the ability not only to help poor countries but also to maintain western prosperity.

Prerequisites

The formal prerequisite is Eco 12, Introduction to Economics. Informal prerequisites include a strong interest in applied economics and enthusiasm to work with economic data.

Requirements

Requirements will include midterm and final exams and weekly homework. The homework will consist of problem solving, short essays, data manipulation and class presentations.

This course will meet Monday, Wednesday, Friday 10:50-11:55AM.

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Economics 41 Section 01
Microeconomic Analysis
Stephen Schmidt

Course Description

A great many problems in economics concern the way in which people and firms change their spending and production in response to changes in prices, incomes, government policies, or other economic changes. Economics 41 covers the basic microeconomic models used to analyze the behavior of individuals, households, and firms, and introduces the use of those models in economic analysis. Topics to be covered will include utility theory, firm theory, welfare economics, intertemporal choice, and if time permits, externalities and public goods. By the end of the term, students will have a practical toolkit of economic models that they can put to use when studying these sorts of problems in elective courses and in their senior theses.

Economics 41 is a required course for the economics major, and is a prerequisite for many of the 100 level courses in Economics and for senior thesis. It is best to take Economics 41 by the end of your sophomore year, and it is mandatory that you take it before starting your thesis.

Prerequisites

The prerequisites for Eco41 are Eco12, Math 10, 11B, 13 or equivalent AP credit.

Requirements

Economics 41 is scheduled to meet Mondays, Wednesdays, and Fridays from 10:50 - 11:55 a.m. The course will require weekly problem sets, a midterm exam, and a final exam. The course will also make occasional use of the World Wide Web on problem sets.

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Economics 42-01 and 02
Macroeconomic Theory and Policy
Professor M. Fuat Sener

Course Description
Economics 42 is one of the core courses in the Economics Program. Macroeconomics is concerned with the determination of a country's overall levels of production, employment, and growth. We start the course starts by developing short-run macroeconomic models. Then we explore the medium and long term dynamics of an economy. For each time horizon, we discuss the effects of changes in monetary/fiscal policy and macroeconomic shocks. By the end of this course, you should be able to pick up economic pages of publications like The Wall Street Journal and understand its coverage of macroeconomic issues.

Economics 42 is required for all majors in Economics. Students intending to major in Economics should try to take this course by the beginning of their junior year. This course may also be attractive to non-majors who would like to develop a better understanding of the structure and performance of an economy.

Prerequisites
Economics 12 and Math 10, 11B, 13 or equivalent AP credit are the prerequisites for this course.

Requirements
The format of the course is lecture with some class discussion. Course work will include weekly homework assignments, two mid-terms and a final exam. Students are expected to keep up with current economic news and actively participate in class discussions. Participation will count as 10% of course grade. Students will be required to follow the Wall Street Journal.

Students are not expected to talk among themselves during class hours. If excessive and disturbing conversation takes place, and/or other continuous noises (such as murmuring, ongoing foot tapping and etc.) are generated, I reserve the right to kindly invite the student(s) outside of the classroom.   

There are two sections for this course.  Section 1 meets TTH from 9:00-10:40am.  Section 2 meets TTH 10:50-12:30am.  Each section has a maximum of 35 students. 

Please specify the section number when you sign up during the pre-registration period, e.g., ECO41-01 or ECO41-02.  If you would like to be considered for either section, please sign up for both sections and list your preferred section first.

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Economics 43-01
Introduction to Econometrics
Professor Younghwan Song

Course Coverage and Goals

This course is an introduction to the fundamentals of statistical concepts and techniques needed in quantitative analysis in economics: descriptive statistics, probability, random variables and their distributions, sampling, statistical inference including confidence interval estimation, hypothesis testing, and regression analysis.  This course emphasizes the intuitive understanding of the statistical concepts and their application to the real world economic problems.  Computer skills are important and some of the problem sets will require the use of statistical software, EViews.

Prerequisites
The prerequisite for this course is Economics 12, Introduction to Economics. It is very helpful to have taken either Economics 41 or Economics 42 though it is not required.

Requirements

There will be two midterms, seven or eight problem sets and a research paper.  The research paper should be an empirical analysis of an economic topic.  Any statistical techniques may be employed to analyze the topic you selected but regression analysis is preferred. The class will meet on Tuesday and Thursday from 1:45-3:25pm.

Note:  ECO 43 carries WAC credit.

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Economics 120
Sports Economics
Professor H. Fried

Course Description

This course applies economics to issues in sports.  Sports topics include player salaries, free agency, discrimination, gambling, the Olympics, golf, horse racing, competitive balance, the impact of stadiums on local economies and more.  The building blocks are intermediate microeconomics and econometrics.

Prerequisites

Students must have completed Introductory Economics (12), Intermediate Microeconomics (41) and Econometrics (43).

Requirements

There will be a midterm, a final and two projects.  The projects will include written and oral components.

This course meets Tuesday and Thursday 1:45pm-2:50pm.

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Economics 125
Efficient Management of Technology
Professor Suthathip Yaisawarng

Course Description

Economics 125 applies production theory to study the efficiency and productivity of firms or decision-making units (DMUs).  The course focuses on how to empirically measure individual firm’s performance.  Discussions include definitions of efficiency and productivity; Data Envelopment Analysis (DEA); quantitative measurement of inputs and outputs; identification of efficient peers; uses of efficiency results for management purposes and for resource allocation and ethics in management.  Data on specific industries, such as electricity, hospitals, nursing homes, higher education, and financial institutions will be analyzed to address economic and business problems.

Economics 125 is an elective course, which is very beneficial for juniors intending to write senior theses on efficiency and productivity.  Students majoring in managerial economics, intending to pursue business careers, or attending graduate schools will find this course attractive and useful.

 Prerequisites

Economics 41 (Microeconomic Analysis) and Economics 43 (Introduction to Econometrics) or equivalent courses

Requirements

This course will meet on Mondays and Wednesdays from 3:00pm - 4:40 pm.  Reading assignments include articles from the popular press and economics journals; there is no standard textbook.  Class time will be spent on lecture material, one-minute papers, hands-on computer exercises, discussion and presentations.  There will be a few assignments, a presentation and a research project.  The assignments will help students develop necessary skills to do their research projects.  The project is due in stages and the complete paper is due during the final exam week.  There is no final exam.

Note:  Eco 125 is a WAC course.

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Economics 141
Current Topics in Microeconomics
Professor Stephen Schmidt

Course Description

This term, Economics 141 will cover game theory and its economic applications, including an introduction to experimental economics. Students will learn the basic concepts of games - strategies, reactions, payoffs, and equilibria - and study models of economics problems using those concepts. They will also build their own game theory models and apply them to economic problems of their own choice. Applications of the material will be drawn from a wide variety of microeconomic subjects, including competition between small numbers of firms, principle-agent problems, financial economics, auctions, and design of economic institutions.

 Prerequisite

The prerequisite for Economics 141 is Economics 41, Microeconomic Analysis.

Requirements

Economics 141 will meet on MWF 1:45 – 2:50pm. Regular class attendance is expected, and participation in class discussions of the reading will count towards the class grade. The course will have problem sets, two midterms, and a final examination; students will also write two short (2-3 page) papers applying game theoretic models to economic applications, or write one longer paper in which they design and conduct an economic experiment of their choice.

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Economics 142
Contemporary Problems in Macroeconomics
Professor Eshragh Motahar

Course Description

The objective of this course is to use analytical tools of modern macroeconomics to gain a deep understanding of some of the most important contemporary macroeconomic issues. Topics that we will study in this course include:

■  Growth and productivity.  What factors account for long-run economic growth?  After many years of slow productivity growth, did we enter a new era of sustained resurgent productivity growth in the 90s?  In the late 1990s commentators were hailing the boom in some western economies as the dawn of a new economy.  More recently, with a slowdown biting in the US economy, dot.coms folding, and information and telecommunication technology firms feeling the pinch globally, they are saying that it was all a myth.  Was it? 

■  Inflation and unemployment.  In most of the 1990s the U.S. experienced both low inflation and low unemployment rates. Was this just luck?  Did favorable supply shocks, structural changes in labor and goods markets, very competitive pricing conditions, the increased openness of the U.S. economy to world trade and competition, help reduce permanently the long-term inflation rate in the economy? Have we entered a "New Economy" where a "New Paradigm" of high growth and low inflation-unemployment tradeoff (at least for the U.S.) holds?

■  Macroeconomic Policy.  We will analyze the conduct and effectiveness of U.S. fiscal and monetary policy in recent years.  Will the administration’s recent tax-cut measures lead to a permanent change in the tax structure, or have they/will they in fact stimulate the economy?  What are some of most important issues facing monetary authorities in an era of very high budget and trade deficits?

Prerequisites

Economics 42 (macroeconomics), and 43 (statistics/econometrics). Eco 41 (microeconomics) is not a pre-requisite but is desirable. 

Requirements

The format of the course is a combination of lectures, and seminar presentations by students. There will be two executive summaries (short essays), one oral presentation per student on a topic in one of the above three areas, a final examination, and a term paper.  This class meets M W 3:00-4:40

Students are required to adhere to the following professional code of conduct in class.  Please do not sign up for this course if you are unable to adhere to this code:  “Professional Conduct.  In order for everyone to benefit from the educational process in an appropriate environment, adherence to professional conduct in the classroom is expected.  Eating, cell-phone use, late arrival, leaving the classroom while the class is in session, conversation which interferes with class activity, and similar unprofessional conduct is not acceptable.  Such conduct will lead to point deductions from your course grade.”

This is a WAC Course.

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Economics 162
SEMINAR IN FINANCE
Professor Bradley Lewis

Course Description

Are financial markets, especially large equities markets like the New York Stock Exchange, efficient?   How well do we measure the risk of investments in equity? What are the ramifications of our answers to these questions for the markets themselves, the investing public, academic economists, and policy makers? Economics 162, the Seminar in Finance, will focus on these issues. 

Prerequisites
The prerequisites for this course are Economics 43 and 134. Accounting 10 is recommended, and familiarity with a spreadsheet program will be useful for those who want to do empirical studies (see below).

Requirements

Readings for the course will be drawn from academic journals, business periodicals, and books such as The (Mis) Behavior of Markets:  A Fractal Review of Risk, Ruin and Reward by Benoit Mandelbrot and Richard Hudson, Burton Malkiel’s A Random Walk Down Wall Street, Robert Haugen’s The Inefficient Stock Market, John Kenneth Galbraith’s The Great Crash, and The Essays of Warren Buffett.

Each student will be asked to participate in the seminar in the following ways:

1.      By completing required common readings and participating in class discussions on them (60-70 percent of our class time);

2.      By serving as a discussion expert twice, which will entail writing a short summary of material to be discussed on a particular day;

3.      By completing and presenting a major paper on some aspect of market efficiency.  Each paper will be distributed in advance to the rest of the class and the author will lead a workshop-style discussion on it for 50-60 minutes. Generally these major papers and the related presentations will be completed during the last four weeks of the term. Students may choose to master and evaluate a part of the literature on efficient markets, risk, or return, or to complete an empirical study. Topics will be agreed on in advance with the instructor—there are plenty of good ones available.

Student grades will be based entirely on discussion contributions, presentation of the major paper, and written work.  There will be no examinations.

The class will meet TTH 9:00-10:40 am.  This is a WAC course.  Enrollment is limited to 15 students.

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Economics 166
Seminar in Public Policy
Professor Therese A. McCarty

Course Description
Economics 166 is an upper-level seminar that focuses on the methodology that economists use to analyze public policy issues. The course will cover a wide variety of issues, with topics being chosen in part by students. Topics are likely to include education finance, illegal drugs, gun control, the minimum wage, deposit insurance, affirmative action, and antitrust policy. We will investigate in detail how economic theory and methodology can be applied to study interesting public policy questions. Readings for the course will consist of articles from economics journals.

Prerequisites
This course is designed for Juniors and Seniors who have completed Economics 41, 42, and 43 (intermediate microeconomics, intermediate macroeconomics, and econometrics).  ECO 41 and 43 are firm prerequisites.  ECO 42 may be taken concurrently.

 Requirements
Assignments focus on effective written and oral communication of arguments regarding policy issues. Each student will make a 50-minute presentation to the class, on a topic of his or her choice. Topics for student presentations can involve any microeconomic or macroeconomic public policy issue. Topics chosen in the past include policies regarding the environment, the welfare system, child care, international trade, and budget deficits. I work closely with students as they prepare for their presentations.

Written assignments will include an opinion piece that will be considered for publication in the Schenectady Gazette. This course carries WAC credit.

The class will meet on TTH 1:45-3:25pm.

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Economics 167
Seminar in Labor
Younghwan Song

Course Description

The objective of this course is to learn how to do empirical research in labor economics using the Current Populations Survey (CPS).  The CPS is a monthly survey of about 50,000 households conducted by the Bureau of the Census for the Bureau of Labor Statistics and is the primary source of information on the labor force characteristics of the U.S. population.  In order to process the CPS data for research, students will learn how to use new statistical software, SPSS.  Students will be required to write and present an empirical paper using the CPS.

The main labor economics topics to be covered in this course include compensating wage differentials, human capital, labor mobility, immigration, and labor market discrimination.

Prerequisites

Microeconomic Analysis (Economics 41) and Introduction to Econometrics (Economics 43) are prerequisites.

Requirements

Requirements will include problem sets, project assignments, and a research paper.  There will be no exams.   The class will meet on Tuesdays and Thursdays from 10:50-12:30 p.m.

Note:  ECO 167 carries WAC credit.

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