Economics Department at Union College

The Department warmly welcomes Professor Lewis Davis whom we hired last year after a national search for a tenure-track position. Recently, Professor Doug Klein from our Department was appointed Dean of Interdisciplinary Studies and Special Programs. We wish him success. Also, we welcome back Professor Fuat Şener from his one-year sabbatical at Columbia University.

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

We will offer one section each of Eco 241, Eco 242, and Eco 243 in the winter and spring terms. 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 winter, we will have two courses appropriate for students who just had Eco 101: The Mind of the Entrepreneur (Eco 230), and Japanese-American Finance and Trade Relations (Eco 234). In the spring, we will also have two courses at this level: Environmental and Natural Resource Economics (Eco 228), 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 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 winter and six 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 winter courses are: Introduction to Financial Analysis (Eco 334), International Economics (Eco 354), Labor Economics (Eco 378), Economics Internship (Eco 390), and The Income Tax: Policy and Practice (Eco 391).

The spring upper-level courses will be: The Economics of Health (Eco 335), Economics of Education (Eco 344), Contemporary Problems in Macroeconomics (Eco 352), Efficient Management of Technology (Eco 375), Seminar in Global Economic Issues (Eco 376), and Seminar in Labor (Eco 387).

Juniors: If you think that you want to write a thesis in a particular area, you should take a 300-level course that will give you the necessary background.

Math prerequisites for Eco 241 [41] and 242 [42]

The calculus prerequisite for ECO 241 and 242 may be satisfied by Math 110 [10], 101 [11B], 113 [13], or an AP calculus score of 3 or higher on either the AB or the BC exam. Math 101 [11B] and 113 [13] may be taken concurrently with Eco 241 or 242.

Union's Volunteer Income Tax Assistance (VITA):

Union’s Volunteer Income Tax Assistance (VITA) program will run this winter term. It is part of a new course, Economics 391, which examines theoretical and practical issues surrounding the individual income tax. Students work together at the college’s Kenney Community Center filling out and filing tax returns for Schenectady residents.

Adrienne Ringer ’05, who participated in the VITA program in its first year, has the following to say about the program, “The VITA experience was truly a great experience. There is no other program at Union that allows you to connect with the community and increase people’s economic opportunities like the VITA program can. Many individuals did not know about the child tax credit or the earned income tax credit, which enabled them to receive a significant tax return that they were not expecting. So many of the clients last year went to H&R Block and were charged hundreds of dollars and we had the ability to assist them for free. It was great! While it was challenging at times, I found the experience to be incredibly rewarding and worthwhile.”

The students who worked in the winter 2006 VITA program did an amazing job of marketing and helping clients. They almost tripled the number of clients served over the previous year, making a big difference in the lives of 160 low-income working families and senior citizens. Simi Koshy, Jared Levy, and Jay Martin were some of the outstanding students in the 2006 program. They are still on campus this year and I encourage students considering our winter 2007 program to talk to them about their experiences.

Economics Crises Center

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

What is on Your Professor's Nightstand?

Team of Rivals: The Political Genius of Abraham Lincoln Doris Kearns Goodwin, 2005

This book is a political history of the Lincoln Administration, set against the backdrop of the political crises of the 1850s and, of course, the Civil War. It's long, but it's pretty easy reading. It is of local interest because one of the five major figures in the book is William Seward, Union class of 1820, Lincoln's major rival for the Republican nomination in 1860, and then Secretary of State in his cabinet.

The first half of the book traces the political development of the four most significant Republican contenders in 1860; Lincoln, Seward, Salmon Chase, and Edward Bates. In this part of the book, they are all treated equally and given equal attention, which gives the other three, especially Bates, the spotlight which they deserve but rarely receive in the history of the era. It shows how they all become Republicans during the 1850s (the Republican Party was formed in 1854) but took substantially different positions within the party, leading to their eventual rivalry for its control. The main conclusion of this half of the book is that while Lincoln was viewed as an incompetent Western "hick" by much of the Republican party, in fact he was a better, more sophisticated politician than any of the others, which enabled him to get the nomination that Seward had been heavily favored to win.

The second half begins with one of Lincoln's more startling decisions, which was to include all of his rivals in his cabinet, despite the fact that at least two of them intended to supplant his authority as soon as possible (Seward was one of the two) and, in the face of the Civil War, he could not afford infighting among his own advisors. Kearns, who is a Pulitzer-prize winning historian for her past books, traces the history of Lincoln establishing himself as the dominant figure over the group, and taking control of the war effort entirely into his own hands. Seward was Lincoln's closest confidant in the Cabinet, and thus the Lincoln-Seward relationship is studied more closely than any other. The books ends with Lincoln's assassination in April 1865.

Recommended for anyone with an interest in politics, in the Civil War and the period leading up to it, or to anyone who wants to learn more about one of Union's most famous alumni, after whom a section of town and a big parking lot have been named....

Submitted by Professor Stephen Schmidt

News from the President of the Economics Club

The Economics Club would like to welcome the class of 2010 to our beautiful campus. This academic year kicked off with a relaxed evening where members got to know each other, and watched the comedy film Trading Places. Also, last week Professor Dvorak discussed one of the most important issues facing us all: the causes and consequences of the escalation of US Debt, during our first Food & Economics session of the year held at Beuth House. This academic year is full of exciting events, where there is something for everyone, ranging from talks on current economic conditions to entrepreneurs talking about their innovative and inspiring ideas. We are looking forward to doing events with the Becker Career Center and KAPLAN (Graduate Studies information sessions & practice tests with individual feedback just for you!). There will be a lot of important speakers, and faculty-student get-togethers. There would also be some community service opportunities available during spring term. Oh, and of course, we have a trip planned to the Wall Street during spring term as well. So please stay alert to all the news relating economics club events.

I would urge everyone with even the slightest interest in economics/business to attend our events, and both contribute and gain from these activities.
Moreover, don’t forget that these events are lots of fun and lots of food!
We would love to hear from you regarding any possible ideas or suggestions about the upcoming Economics Club events - please contact me at gardezia@union.edu. Wishing you all the best,

Ali Gardezi
President, Economics Club
518-986-3213

Department of Economics

Letter from the Department Chair

Math prerequisites for Eco 241 [41] and 242 [42]

Union's Volunteer Income Tax Assistance (VITA):

What is on Your Professor's Nightstand?

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