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Economics
Economics
has been described as the study of the issues arising from
the allocation of limited resources to meet unlimited human
needs. A major in economics provides the first stage for
those interested in graduate work in economics or business.
It also offers a background for careers in law, journalism,
government and international affairs, teaching, industrial
relations, business and business economics, and public service.
For up-to-date information on department faculty, the major,
course offerings, visiting lecturers and special events,
point your web browser to http://www.oberlin.edu/economic.
Advanced
Placement.
The department does not give advanced placement credit.
Students who believe they have covered the material in Economics
101 (Introduction to Political Economy) must meet with the
department chair to obtain written permission to bypass
this course and take more advanced courses.
Entry-Level
Course Sequence Suggestions.
Economics 101 - Introduction to Political Economy is a prerequisite
for all further study in the department. Although it is
possible to complete the major requirements even if Economics
101 is taken as late as the second semester of the sophomore
year, we recommend that potential majors take Economics
101 in their first year, and a second-level applied course
(numbered 201-250) and Mathematics 133 - Calculus I by the
end of their sophomore year. Economics 251, 253, and 255
should be taken no later than the end of the junior year.
Note: Mathematics 133 and 113 are prerequisites for Economics
255.
Students
planning graduate work in economics or business are strongly
encouraged to take as much work in mathematics as can reasonably
fit into their schedules. Mathematics 133, 134, and Economics
255 should be considered minimal preparation for graduate
study in business. Students who plan to enter business directly
after graduation also will find these courses desirable.
Most students admitted to graduate programs in economics
have backgrounds that include a calculus sequence and linear
algebra (Mathematics 133, 134, 231, and 232). In addition,
training in mathematical statistics and probability is quite
common (Mathematics 335 and 336). Those students considering
graduate study in economics are advised to take at least
one of the advanced Economic Theory and Methods courses
(351, 353, or 355).
Major.
A major in economics is defined as follows:
1.
A minimum of 24 hours in economics including Economics 101,
251, 253, one 300-level course, and one 400-level, upper-class
seminar;
2.
Economics 255 and/or Mathematics 231; and
3.
A minimum of 12 hours in other social sciences and mathematics
including statistics (Mathematics 113 or 114) and calculus
(Mathematics 133 or equivalent).
At
least 15 of the minimum 24 hours in economics required for
majors must be taken at Oberlin and must include at least
two of the following three courses: 251, 253, and 255.
Minor.
The minor in Economics consists of at least 15 hours in
economics, including Economics 101; at least two of Economics
251, 253, or 255; and one 300-level applied course.
Honors.
The department puts special emphasis on its honors program
and ordinarily invites up to a quarter of its senior majors
to participate. Invitations are extended toward the end
of the junior year on the basis of general academic standing
and work in the department up to that time. Interested students
should consult with a member of the department.
Students
wishing to qualify for admission to the honors program must
take Economics 251 and 253 before the senior year. In addition,
candidates for honors must take Economics 255 by the fall
of their senior year and are strongly urged to take it no
later than their junior year.
Transfer
of Credit. The awarding of transfer credit is at the
discretion of the department chair. Two of the following
--Economics 251, 253, and 255 must be taken at Oberlin.
Students must obtain preliminary approval of transfer credit
from the department chair prior to taking economics
courses elsewhere.
Winter
Term. Members of the Economics Department will be available
as sponsors of both on-campus and off campus projects. Internships
are available for economics majors at a number of government
agencies and private firms.
Research
opportunities. Economics majors are eligible to work
as research and lab assistants for the Social Science Data
Lab (SSDL). The SSDL serves the departments of Anthropology,
Economics, History, Politics, and Sociology. SSDL student
assistants act as software and data consultants for the
Windows NT computer lab located in King 137, obtain, install,
and maintain data sets for research use by faculty and students,
and serve as research assistants for social science faculty.
Interested students should contact the Director of the SSDL.
For more information visit the SSDL web page at http://www.oberlin.edu/ssdl.
Economics majors are also eligible to work as Albert Rees
research assistants and to apply for the Albert Rees Policy
Fellowship. Recent Albert Rees Fellows have worked during
Winter Term at the President's Council of Economic Advisors
in Washington, D.C. Interested students should contact the
department chair.
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Introduction
to Economics
ECON
101 is the general introductory course and
all sections provide a balanced, common
core of economic analysis.
101. Introduction to Political Economy 3 hours
3SS, QPh
This course introduces the student to the economic problems
of unemployment, inflation, the distribution of income and
wealth, and the allocation of resources. The basic tools
of analysis for studying these problems are developed and
the role of public policy in securing economic objectives
is explored. The course is designed to serve as a foundation
for further work in economics and as a desirable complement
to study in history, government, and sociology. *Prerequisites:
MATH 133. Enrollment Limit: 50.
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ECON-101-01 |
MWF 11:00-12:15 |
Mr. Kasper |
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ECON-101-02 |
TuTh 3:00-4:15 |
Mr. Piron |
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ECON-101-03 |
MWF 8:35-9:50 |
Ms. Gaudin |
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ECON-101-04 |
MWF 2:30-3:20 |
Staff |
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ECON-101-05* |
TuTh 8:35-9:50 |
Mr. Fernandez |
| Sem 2 |
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ECON-101-01 |
MWF 11:00-12:15 |
Mr. Kasper |
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ECON-101-02 |
TuTh 3:00-4:15 |
Mr. Piron |
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ECON-101-03 |
TuTh 11:00-12:15 |
Mr. Zinser |
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ECON-101-04 |
MWF 2:30-3:45 |
Ms. Gaudin |
150. Computer Spreadsheets for Economists
2 hours
2SS
This is an introduction to the
use of spreadsheet software to analyze economic data and
calculate economic models. Topics will include: creating,
organizing and editing a spreadsheet, finding and importing
data off of the Internet, using a spreadsheet to analyze
a database, to visually analyze data, to perform financial
and other economic analysis, and to create tables and graphs
for inclusion into a document. Microsoft Excel 2000 will
be the software package used in the course. No previous
programming experience is assumed. Familiarity with Microsoft
Windows 95/98/NT will be helpful. Notes: CR/NE grading.
Enrollment Limit: 20.
| Sem 1 |
ECON-150-01 |
W 2:00-3:50 |
Mr. Fernandez |
| Sem 2 |
ECON-150-01 |
W 2:00-3:50 |
Mr. Fernandez |
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Applied
Economics I
(Courses
with only ECON 101 as a prerequisite)
206. Financial Management 4 hours
4SS, QPf
Next offered 2002-2003.
209. Economic
Development 3 hours
3SS, CD, QPh, WR
A survey or problems that have constrained economic progress
of developing economies and the newly industrializing economies
of Eastern Europe. A review of economic policy experiences.
The course considers the general issue of poverty and income
distribution, within and between countries. Topics include:
population growth, agriculture and land reform, migration,
education, environmental decay, privatization strategies
of individual countries and groups of countries, and analyzing
issues of transition to a market-oriented economy. Prerequisites:
ECON 101 or equivalent.
Sem 1 ECON-209-01 TuTh 11:00-12:15 Mr. Zinser
210. Economic
Development in Latin America 3 hours
3SS, CD, QPh, WR
Next offered 2002-2003.
211. Money,
Credit and Banking 3 hours
3SS,
QPh
Next offered 2002-2003.
219. Labor-Management
Relations 3 hours
3SS, QPh, WR
An introduction to the problems of labor economics and industrial
relations, primarily in the U.S. Emphasis is placed on the
development of the labor force, wages, the increased importance
of white-collar employment, the goals of labor and management,
collective bargaining, and major issues of public policy.
Prerequisites: ECON 101 or equivalent.
Sem 1 ECON-219-01 MWF 2:30-3:45 Mr. Kasper
223. Education
and Welfare 3 hours
3SS, QPh
This course focuses on the determinants of schooling and
its rate of return, including college education; examines
the relation between schooling and income inequality; describes
and analyzes changes in U.S. welfare policy and the effects
of those changes on poverty rates and social behavior. Prerequisites:
ECON 101 or equivalent.
Sem 2 ECON-223-01 MWF 2:30-3:45 Mr. Kasper
224. Law
and Economics 3 hours
3SS, QPh, WR
This course provides an introduction to the economic analysis
of legal issues and explores the relationship of legal institutions
and laws to economic efficiency and social goals, such as
justice. Topics are chosen from among the following: property
rights, externalities and environmental control, administrative
processes, crime, contracts and liability (e.g. product
liability and medical malpractice), public utility and antitrust
regulations, individual rights and discrimination. Criticisms
of the economic analysis of the law are also examined. Prerequisites:
ECON 101 or equivalent.
Sem 2 ECON-224-01 TuTh 3:00-4:15 Mr. Zinser
225. Political
Economy of European Integration 3 hours
3SS, CD, QPh
Next offered 2002-2003.
227. International
Trade and Finance 3 hours
3SS, QPh
An introduction to international economics with an emphasis
on the economic analysis of international transactions,
financial interdependence, and current trade conflicts,
as well as discussions of the historical development of
international institutions. Prerequisites: ECON 101
or equivalent.
Sem 2 ECON-227-01 MWF 9:00-9:50 Ms. Craig
231. Environmental
Economics 3 hours
3SS, QPh
Application of economic analysis to environmental issues.
Topics include economic determination of and policies to
deal with air and water pollution, solid waste, use of exhaustible
and renewable natural resources, and the extent to which
public policies dealing with these contribute to economic
efficiency. The course will also present economic analysis
of issues arising in connection with preservation of endangered
species, assessment of risk, cost-benefit analysis, and
environmental degradation in developing countries. Prerequisites:
ECON 101 or equivalent. Identical to ENVS 231.
Sem 1 ECON-231-01 MWF 2:30-3:45 Ms. Gaudin
232. Experimental
Economics 3 hours
3SS, QPh
A
significant number of important economists have now adopted
experimental techniques in the quest for answers to problems
such as: do competitive markets really reach equilibrium;
how fast does it take them to do that; and how efficient
are the results? We shall try to answer such questions
by studying a range of "classic" experiments and attempting
to replicate their results, and illustrate the wide range
of questions addressable by these methods. Prerequisites:
ECON 101 or equivalent. Consent of instructor required.
Sem 2 ECON-232-01 TuTh 11:00-12:15 Mr.
Piron
Intermediate
Economic Theory and Methods
This
sequence of courses ECON 251, ECON 253, and ECON 255 is
designed to provide students with a solid foundation in
economic theory and analysis. ECON 251 and ECON 253 may
be taken in either order.
251. Intermediate
Macroeconomics 3 hours
3SS, QPh
Intermediate macroeconomic theory with special attention
to the roles of monetary and fiscal policies in stabilizing
the price level, fostering high levels of employment and
promoting economic growth. Prerequisites: ECON
101 and sophomore standing or a 200-level course in economics.
Enrollment Limit: 30.
Sem 1 ECON-251-01 MWF 8:35-9:50 Mr. Hess
Sem 2 ECON-251-01 MWF 8:35-9:50 Mr. Hess
253. Intermediate
Microeconomics 3 hours
3SS, QPh (QPf for second semester)
Intermediate
price, distribution, and welfare theory, with special
attention to the relation of theory to decision making
by households and by business firms in markets characterized
by varying degrees of competition and concentration. Prerequisites:
ECON 101 and sophomore standing or a 200-level course
in economics. (MATH 133 for second semester.) Enrollment
Limit: 30.
Sem 1 ECON-253-01 TuTh 11:00-12:15 Mr.
Piron
Sem 2 ECON-253-01 MWF 9:00-9:50 Staff
255. Introduction
to Econometrics 4 hours
4SS, QPf
This is an introduction to the application of statistical
methods to the estimation of economic models and the testing
of economic hypothesis using non-experimental data. The
central statistical tool is multivariate regression analysis.
Topics covered include: the Gauss-Markov theorem, testing
hypotheses, and correcting for heteroskedasticity, autocorrelation,
and simultaneous equation bias. In the weekly computer
lab sessions econometric estimation software (Eviews)
is used to analyze real-world data. Prerequisites:
MATH 113 or 114 and MATH 133 and either ECON 251 or ECON
253 or consent of instructor. Enrollment Limit:
25.
Sem 1 ECON-255-01 MTuTh 9:00-9:50 Ms. Craig
W 9:00-9:50
Sem 2 ECON-255-01 TuTh 3:00-4:15 Mr.
Fernandez
F 3:00-4:15
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Applied
Economics II
(Courses
requiring intermediate theory as a prerequisite)
313. Games and Strategy in Economics 3 hours
3SS, QPh
This course is an introduction to the use of non-cooperative
game theory in economic analysis. Non-cooperative game theory
was invented in 1945 by John von Neumann to study poker,
but has since been applied to the study of the military
strategy of mutual assured destruction, the mating rituals
of penguins, price and output in markets that are neither
monopolized nor perfectly competitive, Congressional voting,
and the decisions of the Federal Reserve. The course will
cover both static and dynamic games with both complete and
incomplete information. Applications will be drawn from
many fields of economics, including: industrial organization,
labor economics, corporate finance, macroeconomics, international
trade, and public choice. Prerequisites: ECON 253
and MATH 133 or consent of instructor. Enrollment Limit:
25.
Sem 2 ECON-313-01 TuTh 8:35-9:50 Mr. Fernandez
317. Industrial
Organization 3 hours
3SS, QPh, WR
Analysis of modern theory and review of empirical evidence
about the organization of firms and industries: why firms
and markets are organize3d as they are and how their organization
affects the way they operate. Topics include the relationship
between market structure and firm behavior -- pricing, advertising,
patent races, strategic adoption of new technologies, and
collusion -- and the effects of government regulation and
antitrust policy. Prerequisites: ECON 253.
Sem 1 ECON-317-01 TuTh 3:00-4:15 Mr.
Zinser
320. Labor
Economics 3 hours
3SS, QPh, WR
Next offered 2002-2003.
321. Poverty
and Affluence
3SS
Next offered 2002-2003.
326. International
Trade 3 hours
3SS, QPh
Next offered 2002-2003.
327. International
Finance 3 hours
3SS, QPh
Advanced theory of international finance which covers exchange
rate determination, the differences between fixed and flexible
exchange rate regimes, official currency market intervention,
and empirical tests of exchange rate theory. In addition,
the course will offer an introduction to dynamic theories
of international borrowing, lending, and direct investment.
Prerequisites: ECON 251 or equivalent, ECON 255,
and MATH 133.
Sem 2 ECON-327-01 MWF 2:30-3:50 Mr. Hess
331. Topics
in Environmental Economics 3 hours
3SS, QPh
Topics to be examined include: the economics of greenhouse
gas control; the benefits and costs of air and water pollution;
valuing ecological protection; the economics of materials
recycling. The use of market mechanisms and other innovative
federal, state and local policies will be examined. Prerequisites:
ECON 231 or consent of instructor. Identical to ENVS 331.
Sem 2 ECON-331-01 MWF 12:00-1:15 Ms. Gaudin
342. Monetary
Theory 3 hours
3SS, QPh, WR
Advanced theory of the design and impact of monetary policy
and formal theories of the role of money, credit and banking
in market economies. Prerequisites: ECON 251, ECON
253, and ECON 255.
Sem 1 ECON-342-01 MWF 2:30-3:50 Mr. Hess
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Advanced
Economic Theory and Methods
331. Topics in Environmental Economics 3
hours
3SS, QPh
Topics to be examined include: the economics of greenhouse
gas control; the benefits and costs of air and water pollution;
valuing ecological protection; the economics of materials
recycling. The use of market mechanisms and other innovative
federal, state and local policies will be examined. Prerequisites:
ECON 231 or consent of instructor. Identical to ENVS 331.
Sem 2 ECON-331-01 MWF
12:00-1:15 Ms. Gaudin
342. Monetary Theory 3 hours
3SS, QPh, WR
Advanced theory of the design and impact of monetary policy
and formal theories of the role of money, credit and banking
in market economies. Prerequisites: ECON 251, ECON
253, and ECON 255.
Sem 1 ECON-342-01 MWF
2:30-3:50 Mr. Hess
Upper-Class Seminars
410. Seminar: Economic
Development in Latin America 3 hours
3SS, WR
Next offered 2002-2003.
426. Seminar: Agricultural
Trade and Development 3 hours
3SS
Next offered 2002-2003.
431. Seminar: Environmental
and Resource Economics 3 hours
3SS
This seminar will involve a study of contemporary literature
and research dealing with the economics of natural resource
use and the environment. Specific emphasis will be given
to an examination of public policies regulating the extent
and location of economic development, and the resulting
distribution of costs and benefits in the economy. Prerequisites:
ECON 253. Identical to ENVS 431. Consent of instructor
required. Enrollment Limit: 15.
Sem 2 ECON-431-01 Tu 7:30-9:30 p.m. Ms.
Gaudin
441. Seminar: Economics
of Labor and Welfare Policy 3 hours
3SS, WR
Critical analysis of current policy issues, taken from journal
literature, on the economic effects on wages of unions,
discrimination, and schooling; examines recent changes in
welfare policies and the effects on poverty. Enrollment
Limit: 15.
Sem 1 ECON-441-01 To Be Arranged. Mr. Kasper
442. Seminar: Consumption 3
hours
3SS
This seminar will involve a study of the contemporary literature
and research dealing with the economics of household consumption
and savings decisions. Macroeconomic implications will also
be investigated. Prerequisites: ECON 253, ECON 255,
and MATH 113 or MATH 114 or equivalent. Enrollment Limit:
15.
Sem 1 ECON-442-01 MW 4:30-6:30 Mr. Hess
445. Seminar: The
Economics of Health Care and Health Insurance 3 hours
3SS
Next offered 2002-2003.
453. Seminar: Nineteenth-Century
Economic Thought 3 hours
3SS
Next offered 2002-2003.
491. Honors Program 1-7
hours
1-7SS, WR
This program is open by departmental invitation near the
end of the junior year to major students whose general and
departmental records indicate their ability to carry the
program and the likelihood that they will profit from it.
The program extends through the year and involves the independent
preparation of a thesis, defense of the thesis, active participation
with other honors students and the department staff in a
weekly seminar meeting during the second semester, and an
oral examination by an outside examiner. Consent of instructor
required.
Sem 1 ECON-491-01 W 7:30-9:30 p.m. Staff
Sem 2 ECON-491-01 W 7:30-9:30 p.m. Staff
995. Private Reading 1-3
hours
1-3SS
Consent of instructor required. Projects sponsored by
Ms. Craig, Mr. Fernandez, Ms. Gaudin, Mr. Hess, Mr. Kasper,
Mr. Piron, and Mr. Zinser.
Oberlin-in-Europe
Euro Summer School
For more complete details
on the program see the web site at: http://www.oberlin.edu/~oeurope.
901. International
Business 3 hours
3SS
This course introduces students to contemporary problems
and issues in the world economy as it impacts on the practice
of international business. A significant portion of the
course will be devoted to the study of intercultural communication
in business and organizations. Additional topics covered
include: principles of international economics, such as
comparative and absolute advantage, free trade vs. protectionism,
exchange rate determination, balance-of-payments accounting,
world currency markets, and economic integration; and problems
of economic development, transitional economies, and regional
economic issues with a special focus on the European Union.
Taught on site at the Center for European Studies at the
University of Maastricht, The Netherlands, the course will
include field trips to Brussels and other locations to visit
the institutions of the European Union and international
business operations. Credit hours for this course do not
count toward the economics major.
Summer
2001 ECON-901-01 To be arranged Mr. Cleeton
902. European Affairs 3
hours
2.5SS
This is the first
of two modular courses taught through the Euro Summer School
consortium of business schools. Three ten-hour modules will
be taught on separate topics during the week-long stay at
each of the locations. The modules are as follow: (i) European
Integration and Institutions (HEC School of Management,
Paris, France); (ii) Economics of the European Union (Bocconi
University, Milan, Italy); (iii) European Union Trade Relations
and Enlargement (Wirtschaftsuniversitat, Vienna, Austria).
This course is equivalent to ECON 225.
Summer
2001 ECON-902-01 To be arranged Staff
903. European
Business Transformation 3 hours
2.5SS
This is the second
of two modular courses taught through the Euro Summer School
consortium of business schools. Three ten-hour modules will
be taught on separate topics during the week-long stay at
each of the locations. The modules are as follow:(i) New
Technology and European Strategic Management (HEC School
of Management, Paris, France); (ii) Electronic Commerce
(Bocconi University, Milan, Italy); (iii) International
Marketing (Wirtschaftsuniversitat, Vienna, Austria). Credit
hours for this course do not count toward the economics
major.
Summer 2001
ECON-903-01 To be arranged Staff
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