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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, DC. Interested students should contact the
department chair.
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Introductory
Economics
ECON 101
is the general introductory course and serves as a prerequisite
for all applied and intermediate courses.
FYSP.
Experimental Economics and Human Behavior 3
hours
3SS
Second Semester.
Experimental Economics is a relatively young discipline
which tests economic hypotheses about human behavior under
controlled laboratory conditions. In this seminar students
will design, run, and analyze the results of experiments
involving "free riding", trust and reciprocity, and attitudes
towards risk. A paper on each experiment will be team-written
and turned in for credit. No formal work in economics is
required, and concepts relevant to the experiments will
be explained in class meetings.
FYSP.
Global Economy 3 hours
3SS,
WP
Second Semester.
This course introduces students to contemporary problems
and issues in the world economy. It focuses on: principles
of international economics, such as comparative and absolute
advantage, free trade vs. protectionism, exchange rate determination,
the balance of payments, world currency markets, and economic
integration; and problems of economic development, transitional
economies, and regional economic issues in areas such as
the European Union, South and East Asia, Latin America,
and the former Soviet Union. Enrollment Limit: 15
first-year students. This course does not count toward the
economics major.
101. Introduction
to Political Economy 3 hours
3SS,
QPh
First and
Second Semester. 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.
Enrollment Limit: 50.
Mr. Kasper,
Mr. Piron, Ms. Gaudin, Mr. Zinser, Mr. Grim
102.
Introduction to Political Economy 3 hours
3SS
QPf
First Semester.
This course is equivalent to ECON 101. It covers the same
substantive material but introduces students to the application
of Mathematical tools in economics. Prerequisite:
MATH 133. Enrollment Limit: 50.
150. Computer
Spreadsheets for Economists 2 hours
2SS
Next
offered 2003-2004.
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Applied
Economics I
(Courses
with only ECON 101 as a prerequisite)
206. Financial
Management 4 hours
4SS,
QPf
First
Semester. This course provides a thorough foundation in
financial economics and applications to the financial
management of business enterprises. Coverage includes
capital budgeting; financial statement analysis; interest
and risk calculations; principles of market valuation;
financial funding decisions; dividend and cash flow analysis;
and taxation. Prerequisite:
ECON
101.
209. Economic
Development 3 hours
3SS,
CD, QPh, WR
210. Economic
Development in Latin America 3 hours
3SS,
CD, QPh, WR
Second
Semester. Survey of major factors that have influenced
economic development and income distribution in Latin
American and Caribbean nations. Topics include population
growth, internal and international migration, agrarian
reform, education, health care, inflation, foreign aid
and international indebtedness, privatization, economic
transformation, and trade negotions. Individual countries
will be studied in detail with attention to domestic economic
policy decisions and to the role of international agencies
in shaping development choices and patterns. Prerequisite:
ECON 101.
211. Money,
Credit and Banking 3 hours
3SS,
QPh
First
Semester. A detailed study of money in modern economics.
Topics include the historical development of the demand
for money and credit; the role of depository institutions
as well as central banks in determining the supply of
money and credit; and money's influence on national and
international macroeconomic variables. Prerequisite:
ECON 101.
217. Antitrust
Economics 3 hours
3SS,
QPh
First
Semester. Industrial Organization or Industrial Economics
is the study of of the operation and performance of imperfectly
competitive markets and the behavior of firms in these
markets. Important questions include: Why do some markets
have many sellers while others have only a few? Does market
organization affect the way in which firms set prices,
advertise, and innovate? What is the appropriate role
for antitrust policy? Prerequisite: ECON 101.
219. Labor-Management
Relations 3 hours
3SS,
QPh, WR
Second
Semester. 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. Prerequisite:
ECON 101.
223. Education
and Welfare 3 hours
3SS,
QPh
224. Law
and Economics 3 hours
3SS,
QPh, WR
Second
Semester. 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. Prerequisite:
ECON 101.
227. International
Trade and Finance 3 hours
3SS,
QPh
Second
Semester. 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
and contemporary role of international institutions. Prerequisite:
ECON 101.
231. Environmental
Economics 3 hours
3SS,
QPh
First
Semester. The course is an introduction to the theory
and practice of environmental economics. The emphasis
is on understanding how the basic tools of economic analysis
are used to identify sources of environmental problems,
value environmental resources, and design environmental
policy. Illustration topics such as air/water pollution,
ozone depletion, global warming, solid waste management,
and biodiversity are used throughout the course. Other
topics include benefit cost analysis, trade and the environment,
voluntary action by firms, and the economics of sustainable
development. Prerequisite:
ECON 101. Identical to ENVS 231.
Ms. Gaudin
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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
First and
Second Semester. 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.
253. Intermediate
Microeconomics 3 hours
3SS,
QPh (4SS, QPf for second semester)
First and
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.
(Calculus, MATH 133 or equivalent for second semester.) Enrollment
Limit: 30.
255. Introduction
to Econometrics 4 hours
4SS,
QPf
First and
Second Semester. 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, MATH 133, and both ECON 251 and ECON 253 or
consent of instructor. Enrollment Limit: 25.
258. Mathematical
Methods for Economic Analysis 4 hours
4SS,
QPf
First
Semester. An introduction to mathematical optimization
techniques in economics. Students develop skills in linear
algebra and multivariate calculus and utilize these skills
to derive analytical solutions to a variety of economic
problems first introduced in ECON 251 and 253. An introduction
to the economics of uncertainty and/or optimization over
time will be included as time permits. Prerequisites:
MATH 133 or its equivalent and ECON 251 or 253.
Mr. Grim
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(Courses
requiring intermediate theory as a prerequisite)
313. Games
and Strategy in Economics 3 hours
3SS,
QPh
Second Semester.
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.
320. Labor
Economics 3 hours
3SS,
QPh, WR
First Semester.
The labor market and its relation to the economy as a whole.
Emphasis on wage theory, the economic impact of trade unionism,
unemployment, education, discrimination, and major issues
of public policy. Prerequisites:
ECON 253 or consent of instructor.
321. Poverty
and Affluence 3 hours
3SS
322.
Workshop in Experimental Economics 3 hours
3SS
325. US-EU
Economic Relations 3 hours
3SS,
CD
First Semester.
The course provides analysis of the economic policy concerns
and links between the United States and the European Union
(EU), evidence on the development and growth of trade, details
of transatlantic economic and financial integration, and
analysis of convergence and disparities in the economic
policy positions of the US and the EU with respect to a
variety of global economic issues. Focus will be on trade
and competition theory and measurement and the analysis
of policy making illustrated with detailed studies of national,
supranational, and international cooperative efforts in
international financial systems, economic development, and
competition and trade policies. Prerequisites:
ECON 253 and either ECON 227 or ECON 224 or consent of instructor.
326. International
Trade 3 hours
3SS,
QPh
First Semester.
Advanced theory of international trade which focuses on
the factors which determine trade patterns, the gains from
trade, and the domestic and international distribution of
the gains from trade. Trade restrictions in the form of
tariffs and quotas will be analyzed as well to understand
how government trade policies can alter both trade flows
and the distribution of the gains from trade. Offered in
alternate years. Prerequisites: ECON 253 and MATH
133 or equivalent.
327. International
Finance 3 hours
3SS,
QPh
331. Topics
in Environmental Economics 3 hours
3SS,
QPh
Second Semester.
The course applies microeconomic analysis to the allocation
and management of natural resources. Economic modeling is
used to analyze the optimal use of specific resources such
as land, water, fossil fuel and mineral resources, fisheries,
and forests. The analysis incorporates issues such as the
influence of property right regimes and market structure
as well as the distinction between public and private goods.
Static/steady state models are presented first but emphasis
is placed on models of natural resource use in a more realistic
dynamic setting. Much of this course is inherently mathematical.
It will be assumed that all students are willing to stretch
their basic knowledge of calculus. Prerequisites:
ECON 253 and MATH 133. ENVS 231 recommended. Identical to
ENVS 331.
341. Macroeconomic
Policy 3 hours
3SS,
QPh
First Semester.
This course will focus on major macroeconomic problems on
both domestic and international dimensions. Topics to be
emphasized will vary from year to year, but will include
monetary and fiscal policy, monetary integration, structural
reform in developing countries, the international financial
institutions, external debt, and economic restructuring
in Eastern Europe. Prerequisite: ECON 251.
342. Monetary
Theory 3 hours
3SS,
QPh
Next
offered 2003-2004.
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Advanced
Economic Theory and Methods
351. Macroeconomic
Theory 3 hours
3SS,
QPf
Second Semester.
Study of advanced methods in macroeconomic theory. Topics
to be covered include dynamic as well as stochastic macroeconomic
models, rational expectations, alternative models of the
business cycle, and the microeconomic foundations of macroeconomic
models. Prerequisites: ECON 251.
353. Microeconomic
Theory 3 hours
3SS,
QPf
410. Seminar:
Economic Development in Latin America 3 hours
3SS,
WR
First Semester.
Critical analysis of contemporary problems that have affected
economic development and the distribution of income in Latin
America. Analysis of the impact of specific domestic policies,
the role of foreign aid, and the prospects for regional
cooperation. Prerequisites:
ECON 251, ECON 253, and at least one course in economic
development or international economics.
425. Seminar:
Economic and Monetary Union. 3 hours
3SS
First Semester.
This seminar will examine the political economy of the evolution
of Economic and Monetary Union (EMU) in the European Union
(EU). The primary focus of the seminar is on understanding
the development and application of economic models drawn
from international finance and open economy macroeconomics.
Prerequisites: ECON 251 and either ECON 327 or ECON
342.
431. Seminar:
Environmental and Resource Economics 3 hours
3SS
441. Seminar:
Economics of Labor and Welfare Policy 3 hours
3SS,
WR
445. Seminar:
The Economics of Health Care and Health Insurance 3
hours
3SS
Second Semester.
The seminar will examine the reasons for the apparent conflict
between the provision of high quality universal health care
coverage, health cost containment, and the development of
new health therapies and drugs. We will look at single-payer
health insurance systems (Canada), nationalized health care
systems (United Kingdom), and employer-provided private
health insurance (U.S.) both before and after the introduction
of managed care, PPOs, and HMOs. Prerequisites: ECON
253 and MATH 113 or MATH 114 or equivalent. Enrollment
Limit: 15.
453. Seminar:
Nineteenth-Century Economic Thought 3 hours
3SS
Second Semester.
An intellectual tour of classical economics, from its beginning
with Adam Smith and including (but not limited to) the works
of Ricardo, Malthus, Senior, Say, Mill, Walras, Jevons,
Menger, Marshall, and Keynes. As the century's major alternative
paradigm, the economics of Marx will also be discussed in
detail, with emphasis on both its theoretical precision
and policy implications. Enrollment
Limit: 10.
460.
Seminar: Economics of Uncertainty 3 hours
3SS
Second Semester.
A detailed study of the impact of uncertainty on a variety
of economic problems. Topics include the nature of risk
and uncertainty in economics, von Neumann-Morganstern utility,
portfolio analysis, state preference models, insurance,
signalling theory, and search theory. Prerequisites:
ECON 253, MATH 113 or 114, and MATH 133. Enrollment Limit:
15.
491. Honors
Program 1-7 hours
1-7SS,
WR
First and
Second Semester. 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.
995. Private
Reading 1-3 hours
1-3SS
First and
Second Semester. Projects sponsored by Mr. Cleeton, Ms.
Craig, Mr. Fernandez (Second Semester only), Ms. Gaudin,
Mr. Grim, Mr. Kasper, Mr. Piron, and Mr. Zinser. Consent
of instructor required.
Oberlin-in-Europe Euro Summer School
Students
register for three courses for a total of eight credit
hours for the seven-week program. The first course is
required for all students as is the ungraded German-language
module of the third course. Topical choices will be available
for the core and optional European business courses. More
complete details on the program can be found on the web
site located at: www.oberlin.edu/~oeurope.
901. Introduction
to International Buiness 3 hours
3SS
Summer 2002.
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. Taught on site at the University
of Maastricht, The Netherlands.
902. Core
European Business Course 3 hours
3SS
Summer 2002.
This serves as the designation for the core courses taught
at the Wirtschaftsuniversitat, Vienna, Austria. The course
options will be posted on the program web site.
Staff
903.
Optional European Business Course 2 hours
2SS
Summer
2002. This serves as the designation for the short optional
courses taught at the Wirtschaftsuniversitat, Vienna,
Austria. The course options will be posted on the program
web site. A component of the course is a required German-language
module.
Mr. Cleeton,
Staff
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