ECN3645 Business and Economic Policy in Developing Countries
4 Advanced Liberal Arts CreditsThis course discusses the latest research in economics on the two fundamental questions of economic development: 1) why are some countries rich and some poor and what can be done about it, and 2) why are some individuals poor and remain poor for generations, and what can be done to alleviate poverty. In answering these questions, the course introduces students to the economic and political environment in poor countries. Topics include measures of development, economic growth, macroeconomic poverty traps (such as conflict, being landlocked, and low quality of institutions), foreign aid, and microeconomic poverty traps (such as poor nutrition and health, low educational endowments, and incomplete markets). The course introduces empirical strategies in economics to identify causal effect, such as randomized controlled trials, instrumental variable, difference-in-differences and regression discontinuity.

Prerequisites: (SME2031 or ECN2002) and ECN2000

ECN3664 College FED Challenge
2 Advanced Liberal Arts Elective CreditsThis course exposes selected students to a rigorous exploration of advanced macroeconomic and monetary economic concepts, with a special emphasis on the conduct of monetary policy by the U.S. Federal Reserve. During the semester, students will research appropriate economic topics and make policy-oriented presentations. All aspects of the course will emphasize teamwork. The culminating experience of the course will be participation in the College Fed Challenge where students will present a fifteen minute monetary policy recommendation to a panel of local economists at the Federal Reserve Bank of Boston. The presentation is followed by a 15 minutes question and answer session.

Prerequisites: ECN3615

ECN3650 Contemporary Economic Systems
4 Advanced Liberal Arts Elective CreditsAt the heart of contemporary economic debates is the question: what role should government play in the economy? This course provides a framework for understanding the real world implications and outcomes of these debates in the context of economic theories, policies and systems. The course begins with an exploration of the major economic theories as they have emerged through time and the problems each theory has sought to address. The course explores the big ideas in economics from free markets to communism to managed markets, and covers the core debates surrounding the relevance of fiscal, monetary, trade and policy/regulatory policies. The course then uses several policy and country case studies to explore the application of these ideas to pressing issues such as structural unemployment, inequality, civil conflict, climate change and the impacts of trade, focusing as well on the potential role of businesses and entrepreneurs in addressing these issues. Emphasizing fact-based analysis in assessing the goals and outcomes of diverse policies, the course builds critical thinking skills and helps prepare students for leadership roles in a dynamic global business environment.

Prerequisites: (SME2031 or ECN2002) and ECN2000

ECN3620 Econometrics
4 Advanced Liberal Arts Elective CreditsThis hands-on course is designed to provide students with a comprehensive introduction to the field of Econometrics. The course will be applied in nature and will be directed to undergraduate students that seek to further their understanding of how to use economic and statistical theory to develop economic models and forecast key financial and economic measures of performance while learning to assess the strengths and weaknesses of those models. These techniques can improve corporate financial planning, marketing, sales forecasts, production planning, legal consulting and many other decisions where better predictions in light of uncertainty can reduce costs, raise profits and lead to better decision making.

This course is typically offered in the following semesters: Spring

Prerequisites: (SME2031 or ECN2002)

ECN3663 Economics of Education
4 Advanced Liberal Arts CreditsHuman capital development is a critical and expensive social investment, leading to intense debates about education policies, such as public funding for private schools, access to "free" community college, and college student-loan burdens. We will examine education's critical role in growth, development, equitable outcomes, and economic well-being for individuals and societies. We will apply economic theories, methods, and frameworks to analyze educational problems, considering potential goals of efficiency, adequacy, and equity; to discuss policy context and implications; and to explore innovation in educational settings.

Prerequisites: SME2031 or ECN2002

ECN3671 The Economics of Labor Markets
4 Advanced Liberal Arts Elective CreditsLabor earnings provide over sixty percent of household income in the United States, driving the U.S. economy just as labor drives economies around the globe. The theoretical foundations for analyzing labor demand and supply will be the starting point for examining a range of labor market topics such as human capital investment, wage determination and inequality, the impact of robotics and artificial intelligence on employment, the choice between work and household production, the effect of unions on the labor market, labor mobility and migration, labor market discrimination, and the effects of taxation, regulation, unemployment insurance and other government policies on labor market outcomes.

This course is typically offered in the following semesters: Spring

Prerequisites: SME2031 or ECN2002

ECN3605 Entrepreneurial Economics
4 Advanced Liberal Arts CreditsToday more than ever, entrepreneurs and entrepreneurial leaders have the opportunity to use data to improve strategic decision making. Often, their problem is not how to access or gather data, but how to use the data to help guide decisions around pricing, production decisions and investments. Entrepreneurial Economics enables students to apply economic principles to data effectively in the common situations faced by entrepreneurs of all kinds. Students will be encouraged to think about the strategic implications of decisions and to use both theory and data to support, validate and revise decisions as needed. They will also consider ethical implications of customer data usage. Entrepreneurial leaders are challenged in the global marketplace to effectively communicate not only the results of analysis but the rationale for decisions. Through both individual and group work, students will conduct market analysis and present the results while also interacting with their peers to provide constructive practical critiques.

Topics:
- Applied demand and elasticity analysis for decision-making
- Strategic competitor response in an entrepreneurial context
- Cost structure analysis
- Linkages between market structure and strategy for new entrants and established firms
- Pricing strategy in the context of different firm objectives, startup to mature
- Potential conflicts between the economic objectives of different stakeholders in a firm
- Incorporating risk and uncertainty into business decision making in a systematic way
- Assessing and responding to changes in a dynamic market environment
- Game theory for market entry decisions
- Game theory for predictions about how individuals and firms will react to strategic decisions made by the firm
- Ethical issues arising from decisions made by the firm such as pricing, distribution, product development, externalities, and data usage

Prerequisites: SME2031 or ECN2002

ECN3675 Environmental Economics - Policy and Analysis
4 Advanced Liberal Arts Elective CreditsAvoiding environmental catastrophe in the next century requires that business leaders and policy makers value, both inherently and quantitatively, the impact of production and consumption choices on natural resources and the environment. Students in this course will consider the tension between the resource needs of current versus future generations and will use microeconomic models to analyze non-renewable energy resources, our access to clean water and our ability to control pollution, among other topics. Students will leave this course knowing how to evaluate economic and environmental tradeoffs in the context of the most pressing resource issues, and understanding the impact of potential policies that affect environmental outcomes, including market-based approaches.

This course is typically offered in the following semesters: Spring

Prerequisites: ECN2000 and (SME2031 or ECN2002)

ECN3630 Industrial Organization & Public Policy
4 Advanced Liberal Arts Elective CreditsStrategic decisions that firms make on a wide range of issues such as market entry, entry deterrence, supply chain development, outsourcing and vertical integration, diversification, mergers and acquisitions, product positioning and managing innovation are the topics of this advanced course in the economic analysis of markets. Industrial Organization teaches students how market structure (or the nature of competition in a market) and the inter-relations between industries influence firm performance, and how understanding these linkages enables firms to identify opportunities and risks. Public policy and its role in industrial organization, through anti-trust enforcement for example, is important for entrepreneurs and business leaders trying to understand the rules of competition for their industries. Students will also learn to apply basic Game Theory to various aspects of strategic business decision making. Cases from a wide range of industries are used to illustrate successful business strategies.

This course is typically offered in the following semesters: Fall and Spring

Prerequisites: SME2031 or ECN2002

ECN3665 International Finance
4 Advanced Liberal Arts Elective CreditsThe global financial system provides the framework for trade and capital flows among countries. It has experienced severe disruptions in recent years from structural and policy changes that are transmitted globally through exchange rates and investment flows. This course provides broad and deep exposure to the (a) global financial institutions and markets, (b) quantitative and analytical tools, which are valuable for firms operating in the global marketplace, and (c) the costs and benefits of living in an increasingly interdependent world. This is a very valuable course for anyone with international interests and/or anyone who would like to work in a globally oriented job.

This course is typically offered in the following semesters: Fall, Spring

Prerequisites: ECN2000