2007-08 - Pitzer College

98 ECONOMICS
economics major (two principles courses, two theory courses, statistics, and history of
economic thought) and the senior seminar. Special interests are accommodated in the
nature of the four upper level courses. Selected courses in other fields may be used to
satisfy this requirement.
Soc 13. Economy and Society. (See Sociology 13.) R. Volti. [not offered 2007-08]
51. Principles of Macroeconomics. Introduction to the determination of national income
and output including an examination of fiscal policy and monetary policy. Within this
framework, such problems as budget deficits, inflation, and unemployment will be
studied, as well as international economic issues such as trade deficits and exchange
rates. Basic economic principles will be applied to current policy questions. Fall, L.
Yamane/E. Stephens; Spring, E. Stephens.
52. Principles of Microeconomics. A study of the operation of the market system
(wherein relative prices and quantities are determined by supply and demand);
application of analytical tools (including algebraic and geometric) to current economic
policy problems; and an examination of the conditions under which the market system
will, or will not, optimally allocate resources. The determination of wages, profit, and
allocation of resources will be discussed as well as the problems arising from various
forms of monopoly. The course includes a demonstration of the interdependence of all
forms of economic activity. Fall, M. Federman; Spring, J. Lehman.
Econ 91. Statistics. An introduction to the statistical tools used in the quantitative
analysis of economic and political relationships. Topics include probability theory,
statistical estimation, hypothesis testing, and regression analysis. Spring, L. Yamane.
104. Macroeconomic Theory. Advanced analysis of the determination of national income,
employment, and prices in an open economy. Theories of consumption, investment,
business cycles, and the effectiveness of government stabilization policy are examined.
Various schools of thought are considered. Prerequisites :Econ 51 & 52. Spring, L. Yamane.
105. Microeconomic Theory. Theories of consumer behavior, demand, production, costs,
the firm, market organization, resource use, general equilibrium and income distribution
in a modern market economy. Prerequisites: Econ. 51 & 52. Fall, J. Lehman.
115. Labor Economics. This course will use economic analysis to study the behavior of,
and relationship between, employers and employees. Provides an introduction to the
characteristics of the labor market and analysis of wage and employment problems, with
a strong emphasis on policy issues. Among topics studied are job-seeking and
employment practices, the determination of wages and benefits, worker mobility and
immigration, discrimination, unionization, inequality, and unemployment. We will try to
answer such questions as: Why do “socially responsible” jobs pay less? Why do large
firms pay more? Is education a good social investment? Are unions good or bad?
Prerequisite: Econ 52. Spring, M. Federman.
ECONOMICS
124. Emerging Asia: Opportunities and Complexities. Asia contains many of the world’s
fastest growing economies. This course will focus on the political foundations of Asia’s
economic dynamism, covering the role of Japan, China’s rapid industrialization, recovery
and reform in East Asia, and India’s prospects of being the next regional superpower.
How do Asia’s giants-China, India and Indonesia-compare? We will explore many
perspectives on public policy during the rapid growth period and the subsequent
recovery to determine the distinctive features of Asia’s development and their
applicability in a changing world economy. Prereq: Econ 51 and 52. [not offered 2007-08]
125. Econometrics. Introduction to techniques and pitfalls in the statistical analysis of
economic data. The classical linear regression model, method of least squares, and
simultaneous-equation models are developed. The computer is used, but prior
programming experience is not required. Prerequisites: Econ 91. Fall, L. Yamane.
127. China and Japan: Economy and Society. This course will explore the evolution and
consequences of economic policies in China and Japan. The political, social, and cultural
settings of both countries will be considered, especially in regard to the ways in which
they have affected economic performance. Prerequisites: Economics 51 and 52. J. Lehman.
[not offered 2007-08]
132. Macroeconomic Policy: Case Studies. An exploration of case studies and issues in
macroeconomics from the perspective of the policy maker. Topics will include the U.K.
gold standard, 1930 depression, Kennedy tax cuts, Nixon flexible exchange rates, Volcker
interest rates, Mexican debt crisis, Thatcher monetary policies, Reaganomics, Japanese
financial liberalization, Europe 1992. Prerequisite: Econ 51 & 52. Spring, L. Yamane.
135. Money, Banking and Financial Markets. Discussion of various financial markets
such as money, bond and stock markets, and various financial institutions, banking and
non-banking. Introduction to the relevant basic monetary and financial theories. The
course will also cover the banking system and the money supply process of the Federal
Reserve, as well as the conduct of monetary policy such as its tools, goals, and
transmission mechanisms. Prerequisites: Economics 51 and 52. [not offered 2007-08]
140. Development Economics. An examination of the theory and process of economic
growth in less developed countries. The nature and determinants of economic change
and the related problems of political and social change will be emphasized. Prerequisites:
Econ 51 and Econ 52. Fall, E. Stephens.
141. The Chinese Economy. The course examines the development experience and
current issues of the Chinese economy. It will review the historical legacies of the central
planning from 1949 to 1978, and analyze the economic reform and transition to a market
economy from 1978 to the present time. The course will also discuss the current problems
and future challenges facing the Chinese economy and its relationship with the rest of the
world in the context of globalization. Prerequisites: Econ 51 and 52. [not offered 2007-08]
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