Economics Department at Union College

In the spring term we will welcome back Professor Younghwan Song who is currently on sabbatical at the State University of New York at Albany. Professor Fuat Şener continues his sabbatical this year as a visiting scholar at Columbia University. He is working on a number of projects on international economics and economic growth; we will welcome him back next fall.

Spring course selection guide

· For students interested in taking the intermediate core courses 241, 242, 243 (Sophomores and Juniors):

We will offer the Eco 242 and 243 in the spring term. As I mentioned in the previous issue of the newsletter, Eco 241 will NOT be offered in the spring term; we offered two sections of this course in the Fall term. Majors must complete these courses by the end of the Junior year.

· For students who have taken only Eco 101 (old 12), or who are part way through the intermediate core (Freshmen and Sophomores):

In the spring we will have three courses which are appropriate for students who will have completed Eco 101: Environmental and Natural Resource Economics (Eco 228), Japanese-American Finance and Trade Relations (Eco 234), and Comparative Economics (Eco 236). Students who have taken Eco 101 (12) but have not yet taken other economics courses should consider taking at least one of these courses this year. First-year students normally should not take the intermediate core courses in their first year unless they have received a B+ or better in Economics 101. Sophomores who have taken only Eco 101 (12) and are considering majoring in Economics should begin taking the intermediate core and should also consider taking one of the 22x, 23x courses, described above, this year. Once a student reaches the junior year, he or she usually cannot take a 22x/23x course. So take 22x/23x courses of interest sooner rather than later!

We will have five 300-level courses in the spring. All of these courses have pre-requisites. Please make sure you satisfy the pre-requisites before you pre-register.

The spring upper-level courses will be: Contemporary Problems in Macroeconomics (Eco 352), Seminar in Econometrics (Eco 353), Sports Economics (Eco 374), Efficient Management of Technology (Eco 375), and Seminar in Labor (Eco 387). All of these courses have relatively small class size (with enrollment limits of 15-20 students).

Senior Thesis

Seniors: It won’t be long now until many of you will be celebrating the completion of your theses! Juniors: It’s not too soon to start thinking about your thesis. This is a good time of year to get advice from seniors who are finishing up. If you think that you want to write your thesis on a particular subject, do your best to take at least one course related to that subject. In the middle of Spring Term, there will be a meeting for Juniors to sign up for thesis advisors. If you are a Junior major, you will be notified of this meeting by the department.

Math prerequisites for Eco 241 and 242 math prereq

The calculus prerequisite for ECO 241 and 242 may be satisfied by Math 110, 101, 113, or an AP calculus score of 3 or higher on either the AB or the BC exam. Math 101 and 113 may be taken concurrently with Eco 241 or 242.

New Course Offered Spring 2006

Economics 234,* Japanese-American Finance and Trade Relations
Prof. Brad Lewis
Prerequisite: Economics 101
Carries East Asian Studies Gen Ed credit

Looking for a “bridge” course from Economics 101 to the intermediate level courses? Interested in considering academic work or a career in finance, possibly with an international dimension? Thinking about going on the Term Abroad in Japan sometime? This course may be for you.

This is a new and updated version of a course Prof. Lewis taught in the past to term abroad students at Kansai Gaidai University in Japan. Course readings will be quite varied. One is a book of Japanese adult cartoons on the economy (yes, they’re translated into English) that ran in the Japanese equivalent of the Wall Street Journal. Another will give you a close-up look at the surprising path by which one of Japan’s most influential financial service firms developed. Along the way we’ll talk about how the financial systems and trade relations between Japan and the United State have caused their two economies to become almost inextricably intertwined.

*Reminder: Because this is a course numbered below 240, it is not open to junior or senior Economics majors.

Term Abroad in New Zealand with Prof. Kenney

Professor Kenney and students survive terrible weather in New Zealand, Dec. 2006.

Lunchtime Discussions on Economic Issues with
Ellen Foster at Beuth House

What lies ahead for the U.S. economy in 2006? Will the economy continue to grow or will higher oil prices ignite inflation and push the economy towards recession? Will the Fed change the direction of monetary policy when Ben Bernanke takes over from Allan Greenspan? Will U.S. trade deficits continue to grow?

Share your thoughts over lunch at Beuth House on Friday, January 27^th from 12—1pm. Students, faculty and staff are welcome. Space is limited (and so are the free lunches). Email Ellen Foster (fostere@union.edu) by Thursday, January 19^thif you’d like to join in the January 27^th discussion. Additional lunchtime sessions are planned for February 10^th and February 24^th.

What is on Your Professor's Nightstand?

Dalai Lama, The Universe in a Single Atom: The Convergence of Science and
Spirituality.
(New York: Morgan Road Books, 2005).

Reviewed by Doug Klein, Professor of Economics and Director of the Center for Converging Technologies at Union College

As Director of the Center for Converging Technologies, I have been doing a lot of reading these days about the intersections of disciplines, and the unity of knowledge. On the one hand many new ideas are emerging from the intersections of traditional disciplines, and on the other hand, people are recognizing that solutions to many of the important problems facing the world require input from many different areas.

In a famous 1959 speech titled “The Two Cultures and the Scientific Revolution,”[1] C. P. Snow launched the ongoing discussion of the increasing need for communication among increasingly narrow disciplinary specialists. Snow argued that scientists and humanists had reached a point at which meaningful conversation was no longer possible. Snow may have been a bit uneven in his assessment of the two sides of the issue, siding with the scientists as the bearers of truth, but he was certainly correct in noting that there was a failure to communicate.

The Dalai Lama’s recent book, The Universe in a Single Atom: The Convergence of Science and Spirituality, is a recent effort to promote a new dialog across intellectual boundaries. While I must confess that many of the detailed references to the history of Buddhist philosophy were new and a bit opaque to me, I found the overall theme of the book not only interesting, but very important. I admire the extensive effort that the Dalai Lama has made to learn about and understand modern science and technology. As he says in his first chapter:

Although my own interest in science began with curiosity about a world, foreign to me at that time, governed by technology, it was not very long before the colossal significance of science for humanity as a whole dawned on me. … Seeing the tremendous importance of science and recognizing its inevitable dominance in the modern world fundamentally changed my attitude to it from curiosity to a kind of urgent engagement.

As a result he has taken steps to include science and technology in the education of monks. His own studies have included quantum physics, cosmology, bioengineering, and neuroscience, to name a few. In the book he explains clearly his understanding of these emerging fields, and how they intersect with Buddhist thinking and how they affect society at large. Moreover, he is prepared to learn from science: “If science proves some belief of Buddhism wrong, then Buddhism will have to change.”[2]

Most importantly, he urges that we – scientists, humanists, engineers and economists – share “above all the need to ensure that we hold compassion as the key motivation for all our endeavors and that it is combined with a clear awareness of the wider perspective, including long-term consequences.

I have been collecting a selected list of references which address the need for broadly interdisciplinary thinking (and the costs of ignoring these connections) at this web page:

http://www.union.edu/PUBLIC/ECODEPT/kleind/ct/index.html

[1] C. P. Snow, The two cultures. (New York : Cambridge University Press, 1993).

[2] The Dalai Lama, Tenzin Gyatso, “Our Faith in Science,” The New York Times” (Nov. 12, 2005). Available online at: http://brainimaging.waisman.wisc.edu/New_York_Times.dalai_lama_op_ed.htm

Research Update

In November, I presented my paper entitled The Impact of the Euro on Investment at a conference organized by the European Central Bank (ECB). The conference took place in Vienna, Austria. The participants included academics as well as practitioners such as central bankers, finance ministry officials, commercial bankers and stock exchange executives. Pictured below from left to right are a professor from Tilburg University, me, the Chief Economist of the European Bank for Reconstruction and Development, the Director of Financial Research at the ECB, a professor from the Warsaw Academy of Entrepreneurship and Management, a senior economist at the World Bank. In December, the Austrian newspaper Die Presse ran a story on my paper - if you understand German, you can read it here.

Tomas Dvorak

ECO CRISIS CENTER

Individual tutoring is also available—please see your instructor for more information.

Welcome back!! We hope everyone had a great winter break and holiday season. Upon our return, we've immediately become involved with the Junior Achievement program. Many Union students have volunteered to visit local elementary classrooms to discuss the very basics of economics and the role each citizen plays in the workings and responsibility of each member in a community. This Tuesday, we are cozying up with hot chocolate and enjoying the film, "Barbarians at the Gate," based off the popular book of one of the biggest corporate acquisition in US history. The movie showing will be Tuesday January 31st in Wold house at 8pm. Meanwhile the Economics Club officers are in the process of planning a trip to New York City. Our trip will include a visit to the Federal Reserve, and a few other locations which are yet to be decided. Another event in progress is in collaboration with the Becker Career Center. Together we are working on possibly providing an alumni panel to help mentor students interested in a career in the finance industry. By bringing Union alumni we are hoping they will possibly be able to provide information regarding summer internships and possible job opportunities. As always we encourage the entire campus community to join our events. We'd also love to hear of any possible suggestions for upcoming Economics Club events, please contact me at peacheyc@union.edu. Wishing you all a warm winter term!

~ Celia Peachey
Economics Club President

Letter from the Department Chair