Fall 2007 & Spring 2008 Courses

Course descriptions are immediately following. There may be periodic changes and additions, particularly to Spring 2008 courses, so please check back frequently.

Spring 2008 Course Grid (Adobe PDF)

To view courses for 2006-07, click here.

FOUNDATIONAL COURSES

GECO 5104
Historical Foundations of Political Economy I
Fall 2007. Three credits. (Syllabus)
William Milberg
This course provides an introduction to the history of classical economic thought. We begin with a brief survey of political economy to 1776, then turn to the classical economists. The main focus is on Smith, Malthus, Ricardo, Mill, and Marx, with about half the semester devoted to a survey of Marx’s economics, treated in the context of classical political economy. Cross-listed as LECO 4501.

GECO 5105
Historical Foundations of Political Economy II
Not offered 2007–08. Three credits.
Instructor to be announced
This course surveys the history of economic thought since 1870, beginning with marginalism and the origins of the neoclassical school. We then turn to the contributions of Marshall, Wicksell, Schumpeter, Robinson, Sraffa, and Keynes. Finally, we survey developments in political economy, emphasizing the interdisciplinary tradition of Polanyi and contemporary issues in Marxian economics, focusing on issues of state-market relations and the theoretical and historical link between capitalism and democracy.

GECO 5108
World Political Economy
Spring 2008. Three credits.
Anwar Shaikh
This course brings economic theory and political theory to bear on the analysis of contemporary economic problems, including the Asian financial crisis, the stagnation of wages in the United States, the monetary union in Europe, and economic integration of the Americas. Other possible topics include migration and urbanization, trade and investment, nationalism and national class divisions, patterns of the world division of labor, the economics of race and gender, the globalization of capital, the changing role of the modern state, contemporary macro policy, financial instability, technological change, and business organization. Lectures by Professor Anwar Shaikh and guests provide historical background and use case studies to analyze issues in political economy.

GECO 5117
Economics of Technological Innovation and Design
Spring 2008. Three credits.
William Milberg
Why do some technological innovations alter the course of history while others are quickly forgotten? Why do some new products and designs have staying power while others disappear overnight? This course is aimed at building an understanding of the economic causes and consequences of innovations in technology and design. The course begins with a historical overview of the role of innovation in economic development and the institutional contexts in which innovation has or has not flourished. We then look at the role of the firm as a source of innovation and consider both supply- and demand-based theories of innovation as well as theories of innovation and market structure. This leads to an in-depth study of economic, cultural, and political institutions in which innovations occur—for example, companies, universities, media arrangements, defense efforts, and even countercultural groups. We consider briefly the relation between innovation and production processes, analyzing the move to greater flexibility of production processes and to a more international focus in production and consumption. We then take up the issue of patents and intellectual property protection. The course ends with a series of case studies both of national systems of innovation (e.g., the United States, Germany, Japan, Korea, China) and of specific commodities (e.g., those produced in electronics, fashion, and pharmaceuticals) whose design and technology provide general lessons for understanding what makes innovation successful and how that success is sustained in society. The course is intended for upperlevel undergraduates and beginning MA students. Prerequisite: Introduction to Microeconomics (ULEC 2030), Introduction to Macroeconomics (ULEC 2020), an equivalent course in the principles of economics, or permission of the instructor. Cross-listed as LECO 4504.

GECO 6020
New Approaches to Economic and Business History
Spring 2008
Julia Ott
Students develop their own systematic method for exploring the historical relationships between capitalism, politics, and culture in the United States. Together, we assess what recent investigations of historical markets have contributed to social inquiry at large. If we set aside ancient models of homo economicus as a timelessly rational, profit-maximizing actor, how shall we proceed to interpret market actions, arrangements, and institutions? Recently, scholars in the humanities have renewed their interest in economic behavior and institutions, while social scientists have turned their attention to the cultural contexts of markets. All emphasize that power relations, social norms, and historical precedent shape and constrain the economic behavior of both individuals and institutions. This course evaluates the recent scholarship and exposes a range of approaches. Topics include the social construction of value and credit, the negotiation of risk and failure, exploitation and market resistance, systems of production and consumption and their relation to political and social identities, the institutional logic of corporations, the interactions between economic theory, financial logic, and political ideology, and the ability of markets to traverse national borders and transcend national histories. Readings include Karl Marx, Thorstein Veblen, Michel Abolafia, Walter Johnson, William Roy, Sidney Mintz, Jefferson Cowie, Michael Perelman, Roland Marchand, Marc Granovetter, and Lizbeth Cohen. Cross-listed as GHIS 6005.

GECO 6030
Seminar on Finance
Spring 2008
Salih Neftci
This seminar is based on Financial Engineering and deals with new topics and current market trends in finance. Well-known guests from the financial services industry will speak. Some math background is required.

GECO 6140
Financial Markets and Valuation
Fall 2007. Three credits. (Syllabus)
Salih Neftci
This course is an introduction to models for financial valuation, including discounting, bond mathematics, stock valuation models, and models for futures, and other derivative instruments. On a theoretical level, it is a course in the problems of time and risk, the two key dimensions placing finance as a specialization within economics. On an applied level, it is an introduction to various new instruments of finance and their models from the fields of economics and finance.

GECO 6141
Principles of Financial Engineering
Not offered 2007–08. Three credits.
Salih Neftci
This course provides an introduction to the principles of financial engineering: cash flows and synthetic creation of cash flows, valuation and the role of yield curve and construction, devising of arbitrage and hedging strategies, least-cost instruments, and portfolio replication. It also introduces major tools and their analytical roles.

GECO 6165
Financial History
Fall 2007
Edward Nell
Financial history starts with the early development of money and credit in the ancient world. We examine the relations between them, then move on to the emergence of accounting and present value calculation in the medieval cities, especially in connection with banking and calculations of risk. The history of thinking about risk is explored. Instability also develops during the Renaissance; the “Bubbles” in the end of the 17th and early 18th centuries are studied. (The South Sea Bubble saw appearance of the first derivatives.) In the 19th century we trace the movement of a definite business cycle; we consider whether and why we can also find a clear financial cycle. In the first part of the 20th century financial cycles become more intense. After World War II it is repeatedly claimed that cycles have been tamed, that a “new era” has emerged. The various rationales for this are explored. At all points the relationship of financial activity to the real economy are examined.

GECO 6181
Introduction to Econometrics
Spring 2008. Three credits. (Syllabus)
Instructor to be announced
This course provides an introduction to econometrics and its statistical foundations. The main focus is on the classical linear regression model. Basic mathematical skills are necessary for a full understanding of the material. Lab sessions to be arranged. Prerequisite: GECO 6189 or permission of the instructor.

GECO 6189
Mathematics for Economics
Fall 2007. Three credits. (Syllabus)
Lucas Bernard
The course is designed to provide students with the fundamental mathematical and statistical skills required for graduate study in economics. This course is strongly recommended for all incoming MA and PhD students in economics and is a requirement in some of the economics MA concentrations. The course is open to any degree or non-degree student at The NewSchool for Social Research.

GECO 6190
Graduate Microeconomics
Spring 2008. Three credits. (Course Page) (Syllabus)
Lopamudra Banerjee
This course covers the fundamental aspects of microeconomic theory that are required to read contemporary economics journals and to create new models to explain the behavior of firms, households, and markets and to evaluate economic policies. Some of the material overlaps with a high-level undergraduate intermediate microeconomics course, but it is treated from a more critical and methodological point of view. Students who have had a strong undergraduate intermediate microeconomics course should consult the instructor to decide between this course and Advanced Microeconomic Theory. The first part of the course focuses on modeling households, firms, and markets under the assumption of full information about the commodities being produced and exchanged. This section of the course reviews supply and demand models and the theory of consumer surplus; the theory of consumer choice, particularly as applied to labor supply, saving, and risk-taking; the theory of the cost-minimizing and profitmaximizing competitive firm; cost functions and industry equilibrium; general equilibrium and market failure due to externalities, monopoly, and government intervention; the theory of the “second best,” oligopoly; monopolistic competition; and basic concepts of game theory. The second part of the course considers the problem of incomplete and asymmetric information in market interactions, including the issues of moral hazard, adverse selection, and signaling. Theoretical concepts are illustrated by examples of applications to important social and policy problems, including environmental degradation, financial evolution, industrial regulation, market liberalization, and labor market discrimination. The critical evaluation of microeconomic theory as an analytical and policy tool is a major focus of class discussion. Prerequisite: GECO 6189 or permission of the instructor. Cross-listed as LECO 4500.

GECO 6191
Graduate Macroeconomics
Fall 2007. Three credits. (Syllabus) (Course Page)
Willi Semmler
This course covers the theory of economic fluctuations and growth. The first half centers on the theory of economic fluctuations, including the study of inflation and unemployment; dynamic interaction of the product, financial, and labor markets; the Phillips curve and the NAIRU; and monetary and fiscal policies. The second half covers classical, Keynesian, and neoclassical theories of economic growth, technical change, and endogenous growth theory. Those topics are studied and illustrated with respect to major areas of the world economy, such as the United States, the euro-area countries, Asia, and Latin America. Cross-listed as LECO 4506.

GECO 6194
Political Economy of the Environment
Fall 2007. Three credits. (Syllabus)
Lance Taylor
This course reviews environmental questions currently under debate. Topics include contrasting cultural and ethical approaches to the environment, economic and political factors affecting environmental quality and prospects for sustainable growth, analysis of possible public interventions and their complications, natural resource issues, and global environmental questions, especially interactions between North and South. Cross-listed as LECO 4502.

GECO 6198
Internship in Global Political Economy
Fall 2007, Spring 2008. Three credits.
Duncan Foley
Internships are in public or private sector organizations, including the New York financial industry and labor unions. The internship is arranged by the student with the department internship coordinator.
 

ADVANCED METHODS COURSES

GECO 6200
Advanced Microeconomics I
Fall 2007. Three credits. (Syllabus)
Duncan Foley
This course covers advanced techniques of microeconomic analysis used in state-of-the-art economic research, treated from a general, critical, and rigorously mathematical standpoint. The focus is on how theories treat the problem of the relationship between microeconomic and macroeconomic behavior. Topics include Ricardian long-period analysis; Marxian circuit-ofcapital models; foundations of the theory of choice and index numbers; basic dynamic analysis in economic models; existence, stability, and uniqueness issues in neoclassical general equilibrium models; expected utility theory; foundations of game theory; and bounded rationality and evolutionary approaches to economic modeling. Prospective students should consult the instructor before registering to insure that they are adequately prepared for the course. Lab sessions will be arranged. Prerequisite: GECO 6190 or permission of the instructor.

GECO 6201
Advanced Microeconomics II
Spring 2008. Three credits.
M. Ali Khan
This course traces the extent to which modern economic theory, particularly as it pertains to pure competition in market and non-market games under the rationality postulate, is grounded in the language of probability and measure theory. Special attention is paid to the formal expression of ideas such as economic and numerical negligibility on the one hand and diffuseness and conditional independence of information on the other. Toward this end, the course develops rigorous formulations of basic ideas of conceptual (rather than computational) probability, including spaces of events, random variables and their means, marginal and joint densities, stochastic independence, and derivatives of probabilities. We apply those formulations first to the basic theorems of welfare economics, including the core theorems, and second to large anonymous and non-anonymous games, as well as to finite-agent games with private information. If time permits, the course concludes with some basic vocabulary of evolutionary game theory. The course is self-contained from the technical point of view but presupposes a level of mathematical maturity that ought typically to be achieved by taking a course such as GECO 6189. Prospective students who are not sure they have the necessary interest and background should contact the instructor.

GECO 6202
Advanced Macroeconomics I
Fall 2007. Three credits. (Syllabus)
Lance Taylor
This course presents a critical review of both mainstream and structuralist macroeconomic traditions. Topics covered include social accounts and social relations; price formation and the functional income distribution; money, theories of the interest rate, and inflation; effective demand and its real and financial implications; short-term model closures and long-term growth; Chicago monetarism, new classical macroeconomics, and mainstream finance; effective demand and the distributive curve; structuralist analyses of finance and money; models of cycles; open economy macroeconomics; and growth and development theories. Lab sessions will be arranged. Prerequisite: GECO 6191, GECO 6289, or permission of the instructor. GECO 6189 is recommended.

GECO 6203
Advanced Macroeconomics II
Spring 2008. Three credits. (Syllabus)
Willi Semmler
This course extends the study of the foundations of macroeconomic theory by providing a critical theoretical and empirical analysis of the problems of economic growth, fluctuations, and employment. We focus on theory and empirical work of different traditions of dynamic macroeconomics. Topics covered include the empirical evidence on the old and new growth theory, business cycle models in the equilibrium and disequilibrium traditions, empirical work on the Phillips curve and unemployment, labor market dynamics and inequality, asset market fluctuations and economic activity, recent theoretical and empirical work on monetary and fiscal policies, and open-economy dynamics. Students are encouraged to develop their own research, and emphasis is placed on empirical work in macroeconomics. Prerequisites: GECO 6189, GECO 6191, GECO 6202 (recommended), or permission of the instructor.

GECO 6204
Advanced Political Economy I
Not offered 2007–08. Three credits.
Duncan Foley
This course presents the fundamental concepts of Marxian economics in the context of the tradition of classical political economy. We begin with a review of the long-period method of reasoning that underlies Smith’s and Ricardo’s analysis and supplement it with a discussion of Marx’s method based on his account in the Grundrisse. The course then covers the basic outline of Capital: commodities and money, value, and abstract labor; surplus value, wage labor, and exploitation; the decomposition of the profit rate; absolute and relative surplus value; the circuit of capital; the equalization of the rate of profit; rent; productive and unproductive labor; banking and interest-bearing capital; and fictitious capital. The course concludes with a discussion of the position of Marx’s economics within the general tradition of heterodox macroeconomics. A representative selection of the post-Marx literature on each topic is discussed. Prerequisite: GECO 6190 or the permission of the instructor.

GECO 6205
Advanced Political Economy II
Spring 2008. Three credits.
Anwar Shaikh
This course covers advanced topics in Marxian economics and, where possible, compares and contrasts classical Marxian and post-Keynesian approaches to these issues. Lectures are based on Capital, volumes 1, 2, and 3; and Theories of Surplus Value, as well as modern contributions by authors in the Marxian and Keynes-Kalecki traditions. The course begins with Marx’s theory of competition and contrasts it with theories of perfect and imperfect competition. Some of the implications of Marx’s theory of competition for neoclassical approaches to foreign trade and structuralist analyses of macrodynamics are discussed. We then apply the theory of competition to Ricardo’s and Marx’s theories of rent. We move on to a discussion of finance and growth. In this section we compare the Chartalist theory of money with that of Marx, the application of social accounting matrices to the study of macrodynamics, and the relationship of the circuitist school to Marx’s theories of money, finance, and the circuit of capital. In the final section on the political economy of the state, we discuss the effects of budget deficits on growth and some of the contemporary post- Keynesian policies such as the employer-of-last-resort proposal. We also look at some of the sociological and political literature on the state and attempt to identify the underlying economic theories of capitalism. Prerequisites: GECO 5104, GECO 6190, GECO 6191, GECO 6189 (recommended), and GECO 6202 (recommended), or permission of the instructor.

GECO 6206
Post-Keynesian Economics
Fall 2007. Three credits.
Edward Nell
This course covers recent developments in post-Keynesian economic theory and explores major themes and controversies. Topics include the theory of effective demand, the distinction between demand- and supplyconstrained equilibria, the theory of endogenous money, and the theory of financial fragility. The course aims to show how post-Keynesian economics constitutes an intellectually coherent body of thought. Prerequisite: GECO 6191 or permission of the instructor.

GECO 6281
Advanced Econometrics I
Fall 2007. Three credits.
Salih Neftci
This course builds on GECO 6181. The first half of the semester revisits estimation, inference, and diagnostics. Microeconometric techniques such as panel data, qualitative response models, and nonparametric estimation are introduced. The second half is devoted to time series econometrics. Lab sessions to be arranged. Prerequisites: GECO 6181 and GECO 6189, or permission of the instructor.

GECO 6282
Advanced Econometrics II
Spring 2008. Three credits.
Instructor to be announced
This course builds on the material in Advanced Econometrics I to cover specialized topics in time series analysis, including estimation of dynamical systems, general method of moments, spectral analysis, seasonality, detrending, stationary and nonstationary systems, causality, and ARCH and its extensions. Prerequisite: GECO 6281 or permission of the instructor.

GECO 6289
Advanced Mathematics for Economics
Spring 2008. Three credits.
Instructor to be announced
This course covers the following topics, with economic examples: difference and differential equations with applications, optimal control problem and Hamiltonians, the Ramsey model, stochastic control and the certainty principle, dynamic optimization and Euler equations, optimality principle of dynamic programming and value functions, and using computer software for simulation of economic models. Prerequisite: GECO 6189 or permission of the instructor.
 

FIELD COURSES

GECO 6210
Topics in Economic Analysis: Inflation
Fall 2007. Three credits.
Anwar Shaikh
This seminar concentrates on the role of effective demand in Marx, Keynes, and Kalecki. It focuses on the distinction between Marxian and Keynesian approaches to capitalist reproduction, credit, and accumulation, and on their significance for analysis of the capitalist economy. The aim is to compare the Keynesian questions of effective demand with the corresponding Marxian approaches, to develop a more fully articulated Marxian theory of effective demand and growth, and to critically analyze the various Keynesian theorems on this basis. Prerequisites: GECO 6202 and GECO 6204.

GECO 6211
Seminar: The Classical Theory of Price
Not offered 2007–08. Three credits.
Anwar Shaikh
This course focuses on the structure of the theories of price in Ricardo, Marx, and Sraffa. Close attention is paid to the logic of the arguments, as well as to their mathematical formalization. We also attempt to assess their theoretical and empirical significance for modern advanced economies, through the use of input-output data. Readings include parts of Ricardo’s Principles, Marx’s Capital, Sraffa’s Production of Commodities by Means of Commodities, and various other readings on the subject. Some familiarity with linear algebra is highly recommended.

GECO 6230
Globalization and Development
Not offered 2007–08. Three credits.
Deepak Nayyar
We are in the midst of the second great global expansion of modern capitalism, very different from the first. Today’s globalization concerns culture and politics as well as economics; but economics provides the driving force, and the new technologies the means. The world is being transformed, and productivity is expanding. But inequality is increasing at a rapid pace worldwide, and so is instability. We have to ask if this is sustainable. Crosslisted with GPIA.

GECO 6232
Seminar in Labor and Political Economy
Not offered 2007–08. Three credits.
This course addresses contemporary issues related to labor and political economy. Topics include labor market segmentation, globalization, technological change, and work, as well as issues of social science methodology related to the study of contemporary labor markets and industrial relations.

GECO 6240
Industrial Organization
Not offered 2007–08. Three credits.
Willi Semmler
This course covers current theoretical and empirical debates in industrial organization. Topics include competition theories, the evolutionary approach to firm size and industry dynamics, path dependence of industrial development, innovation and diffusion of technology, industry pricing, profit rate differentials, market share dynamics, firm valuation, and firm and industry stock price volatility. Empirical applications cover industries in the “new economy” and the “old economy.” Students are encouraged to give presentations of their work in class.

GECO 6250
Inequality and Social Policy
Fall 2007. Three credits. (Syllabus)
David Howell
This course is concerned with worldwide trends in earnings inequality. The course addresses three central questions. The first concerns the evidence: What are the long-run and more recent trends in labor market inequalities in the United States and how do these compare to other developed and developing countries? The second concerns theory and empirical analysis: How does economic theory explain these outcomes, what are the key theoretical controversies (e.g., Friedman, Becker, Rawls, Bowles, Sen), and what does the evidence suggest (e.g., technology- or trade-related skill shifts, migration of less skilled workers, labor market institutions)? And the third addresses policy responses: In light of theory, recent empirical work, and our own values, how much inequality is the right amount and what can/should social policy do about it? Cross-listed with Milano.

GECO 6252
International Trade
Spring 2008. Three credits.
William Milberg
This course covers the major theories of international trade, including mercantilist, Ricardian, neoclassical, neo-Ricardian, technology gap, unequal exchange, and Marxian models. It focuses on determinants of the direction of trade and potential gains from trade and on the links between international trade, income distribution, employment, and economic growth. Emphasis is placed on empirical tests of the theories. Other topics include intra-industry and intra-firm trade, strategic trade policy, outsourcing, trade-investment linkages, and contemporary commercial policy issues, including labor and environmental standards. Prerequisite: GECO 6190 or permission of the instructor.

GECO 6253
International Finance
Spring 2008. Three credits. (Syllabus)
Willi Semmler
This course is devoted to studying international monetary economics and finance theoretically and empirically. We begin with a historical overview of the gold standard, the Bretton Woods system, and current international monetary regimes and currency systems. We then examine theoretically and empirically the balance of trade and balance of payment accounts and their adjustments. Exchange rate systems and exchange rate determination and adjustments are also studied, with particular attention to empirical studies on exchange rate dynamics and their impact on macroeconomics. Special emphasis is given to the study of international monetary and financial arrangements, the financial sector, and financial instability and monetary and fiscal policy issues. Topics include issues of exchange rate volatility and its impact on the real and financial sector, foreign debt, capital flows, currency runs, and international portfolio choice; World Bank and IMF policies and issues concerning financial market liberalization; international financial regulations; and international financial architecture.

GECO 6264
Money and Banking
Not offered 2007–08. Three credits.
Edward Nell
This course follows the parallel development of the history of monetary theory and monetary institutions. The course begins with the early quantity theory and examines the development of mercantilist monetary systems and early banking, concentrating on the English system. Controlling the issue of notes and the role of “reflux” are examined in light of monetarism and its claims. The spread of banking and the role of central banking are examined, first with regard to the English system, then the U.S. system. The role of the Fed in the 1930s is examined, especially considering Friedman and Schwartz, then the shift to war finance and the development of “modern money,” giving rise to theories of endogenous money. The evolution of Hicks’ thinking, from the IS-LM to endogenous money, is traced and contrasted with the transformation of “old Keynesians” into “new Keynesians.”

GECO 6266
Financial Modeling and Financial Econometrics
Spring 2008. Three credits.
Salih Neftci
Applications of financial theory and new financial instruments require new econometric tools. This course first reviews the basic theories of derivatives pricing and estimation and then deals with volatility dynamics, nonparametric estimation, and Kalman filters.

GECO 6269
Financial Economics
Fall 2007. Three credits. (Syllabus) (Reading List)
Willi Semmler
This course studies the interaction of the financial markets and economic activity. The financial markets to be considered encompass the money and bond market, credit market, stock market, and foreign exchange market. Economic activity is described by the activity of households, firms, banks, governments, and countries. The course shows how economic activity affects the financial markets and how the financial markets, financial market volatility, and instability feed back into economic activity. Emphasis is given to theory and empirical work on credit and derivative markets, bond prices and yield curves, stock prices and returns, CAPM and static and dynamic portfolio theory, and consumption- and production-based asset pricing theory. Further topics include the impact of the volatility of asset prices on economic activity, the economics of risk, and financial fragility and crises. Reading for the course includes Semmler’s Asset Prices, Booms, and Recessions (2003, rev. 2006). Prerequisite: GECO 6191 or permission of the instructor.

GECO 6270
Labor Economics I
Spring 2008. Three credits.
Teresa Ghilarducci
This course is the first of a two-semester sequence that provides an intensive analysis of the labor process and labor markets, considering neoclassical, Marxian, and institutionalist approaches to the field of labor economics. Major course sections include the history of thought in labor economics; the organization of production and the determination of labor demand; the structure of the household and the determination of labor supply; the operation of labor markets; the determination of wages, income, and employment; the generation of inequalities and the persistence of discrimination; the determination and impact of collective bargaining; and the theory and history of the labor movement and labor organizations. Prerequisites: GECO 6190 and GECO 5104, or their equivalents. Some familiarity with calculus and econometrics is recommended.

GECO 6273
Economics of Race, Class, and Gender
Not offered 2007–08. Three credits.
The course takes a global, historical, and interdisciplinary perspective on the interactions between race, class, ethnicity, and gender. Using data, methods, and theories from economics, sociology, and anthropology, the course covers such topics as wealth and income inequality, wage gaps, discrimination, and household production and distribution. The course also surveys the contribution of economics to the construction of categories of race, class, and gender by examining readings from women’s studies, history, political science, and historical texts such as political economy treatises, census reports, novels, travel writings, and manners guides. The principal focus is on how these texts reflect and contribute to the formation of individual and group identities and to the possibilities for social action.

GECO 6290
Economic Development I
Spring 2008. Three credits.
Instructor to be announced.
This course is the first in a two-semester sequence on development economics. It focuses on the macroeconomics of development, beginning with a historical review of development doctrine. Further topics include economic growth, income distribution, stabilization and adjustment, and external relations.

GECO 6291
Economic Development II
Not offered 2007–08. Three credits.
This course is the second in a two-semester sequence on development economics, concentrating on the microeconomic issues of development. Both theoretical and empirical research are studied. The theoretical component emphasizes issues related to rural household decisions such as consumption, agricultural production, and fertility, although some attention is given to urbanization and industrialization. The empirical component includes statistical and microeconometric methods, but also nonquantitative methods such as anthropological studies. Prerequisites: GECO 6181 and GECO 6190, or permission of the instructor. Recommended: GECO 6281 and GECO 6200.
 

WORKSHOPS AND SEMINAR COURSES

GECO 6334
Research Workshop and Seminar in Macroeconomics: Topics in Post-Keynesian Economics
Fall 2007. Three credits.
Lance Taylor
This course focuses on the nexus between the theory of distribution and the theory of effective demand. A distinctive feature of post-Keynesian economics is its rejection of the marginalist theory of distribution, but there is no consensus on an alternative. We explore various approaches to distribution that have characterized post-Keynesian literature, including the theory of distribution implicit in the General Theory, the Kaleckian tradition, the Kaldor and Pasinetti equations, monetary theory and income distribution, and the Sraffian approach. This course is a seminar on macroeconomics, with an emphasis on student presentations. Students are welcome to suggest other topics for discussion. Prerequisites: GECO 6202 or permission of the instructor. Recommended: GECO 6206.

GECO 6335
Research Workshop in Economic Theory and Economic Modeling
Fall 2007. Duncan Foley, Wolfram Elsner
Evolutionary and institutional economics: Theory and simulation. The first half of the workshop (Elsner) offers an overview of conceptions, theories, and models of evolutionary and institutional economics. Biological analogies in economic theory, complexity, and evolutionary processes of complex systems will be discussed. The conceptions of “self-organization,” “equilibrium,” and “emergence” will be compared. Applications will include “self-policing” institutions, the “evolution of cooperation,” the evolution of technology selection, and the evolutionary theory of the firm. The second half (Foley) will combine reading papers in the simulation literature with student pilot research projects.

GECO 6340
Seminar on Transformational Growth, Business Cycles, and Financial Markets
Spring 2008. Three credits.
Edward Nell
The seminar builds on previous empirical work comparing the business cycles and growth patterns of selected advanced capitalist economies prior to World War I with the cycles of the same countries following World War II. The aim is to examine the role of financial markets in contributing to the role of finance in connection with the stagnation of the later postwar years. Prerequisite: permission of the instructor.

GECO 6910
Computer Language Workshop
Fall 2007, Spring 2008. Not for credit. (Syllabus)
This is a student-run computer-language workshop.

GECO 6990
Independent Study
Fall 2007, Spring 2008. One, two, or three credits.
Students pursue advanced research on specific topics of their own design with the guidance of a faculty member. Permission of the instructor is required.

GECO 6991
Internship
Fall 2007, Spring 2008. One-half credit.
The internship provides the opportunity to receive credit for professional training related to the degree. Students are expected to engage in such training for at least five hours per week. Training should take the form of teaching, research, or other work relevant to the student’s program of study. It may take place at institutions of higher learning, with governmental agencies, or at other sites as appropriate. Students meet regularly with an advisor and submit a written report at the end of the internship. Grading is pass/fail.

GECO 6992
Practical Curricular Training
Fall 2007, Spring 2008. One-half credit.
This course provides the opportunity to receive credit for professional training related to the degree. Students are expected to engage in such training for at least five hours per week. Training should take the form of teaching, research, or other work relevant to the student’s program of study. It may take place at institutions of higher learning, with government agencies, or at other sites as appropriate. Students meet regularly with an advisor and submit a written report at the end of the training. Grading is pass/fail.

GECO 6993
Mentored Research
Fall 2007, Spring 2008. Three credits.
A mentored research project with a faculty advisor leading to a 25-page research paper.

GECO 7990
Dissertation Workshop
Fall 2007, Spring 2008. Not for credit.
Duncan Foley, Willi Semmler
This is a workshop designed to discuss development of thesis topics, thesis proposals, and research methods. All students are welcome to attend and students may present their research at any stage in its development. Faculty will also make presentations on research methods.

GECO 7991
Directed Dissertation Study
Fall 2007, Spring 2008. One, two, or three credits.
Dissertation research and writing is supervised by a dissertation director. A student may take up to three credits of directed dissertation study per semester and may have a maximum of nine credits total of directed dissertation study. Grading is pass/fail.
 

Other Recommended Courses

Students are encouraged to take elective courses outside the Department of Economics. These include courses offered by other New School for Social Research departments as well as those offered at Milano The New School for Management and Urban Policy. Some Milano courses that may be of particular interest are listed below. See the Milano catalog or website for a complete listing and course descriptions.

MHTC 5020
The Political Economy of the City
Three credits.
This course introduces the framework of urban policy and development in the United States. The focus is on conveying a broad understanding of the structure and context in which local governments, local communities, and the private sector interact to formulate urban policy. The investigation of this dynamic leads to discussions of recent major development projects in New York City. In the end, students learn new ways of analyzing how urban policy is formulated and implemented in modern cities.

MEFI 5062
Fundamentals of Accounting in the Nonprofit Environment
Three credits.
This course is recommended for students with little or no financial management background and no prior exposure to accounting principles. It introduces the basic language, concepts, principles, and practices of accounting as applied in nonprofit settings. The objective is to enable students to comprehend, analyze, and interpret principal organizational financial statements.

MHTC 5066
Continuum of Health Care
Three credits.
Key policy issues concerning home, ambulatory, extended, chronic, and nursing care are at the center of this course. Students analyze the care by various types of agencies—voluntary and municipal hospitals, voluntary and public community agencies, and proprietary agencies—and explore the current and future roles of hospitals and nursing homes.

MMTE 5070
Quantitative Methods
Three credits.
This course covers basic statistical methods and how to apply them to policy analysis and management decision-making. Students develop an appreciation for statistics, become statistically literate, learn to use statistical techniques properly, gain confidence using of SPSS software, and acquire the skills necessary to look at statistical analyses critically.

MIOR 5074
Race, Gender, and Public Policy
Three credits.
This course explores the significance of race and ethnicity in urban political economies by identifying methodological approaches to the study of race, gender, and ethnicity and analyzing the practice of urban policy analysis, the conception of U.S. public policy, and the design of urban spaces with specific reference to race, gender, and ethnicity.

MPLC 6068
Urban Labor Markets and Public Policy
Three credits.
This course explores how urban labor markets function and how government programs and nonprofit organizations can work to improve outcomes for low-skill workers. The course focuses on the extent to which employment and earnings outcomes can be explained by worker skills, with considerations of skill mismatch, spatial mismatch, and discrimination and the effectiveness of recent public policies designed to improve labor-market outcomes for disadvantaged workers in urban areas.

MEFI 6082
Housing and Real Estate Development
Three credits.
The development and redevelopment of urban real estate, especially housing, is examined from a public policy perspective. Through case studies, students learn the development process and master the basics of project-level real estate economics. Emphasis is on the financial structure of real estate ventures, including tax efforts, and how a variety of public policies can influence private development activity.

MPLC 6516
Public Finance and Fiscal Management
Three credits.
This course deals with how governments tax and spend. Students become familiar with the theoretical, empirical, and practical tools and methods used to create and analyze government budgets, as well as the flow of public resources.

MPLC 7010
Advanced Policy Analysis
Three credits.
This course provides an advanced treatment of the theoretical foundations of policy analysis. The course examines alternative tools of analysis, ranging from models of individual choice and market behavior to group and institutional behavior and the development and role of social norms; contemporary political philosophies of public policy and the practice of policy analysis; and the tools and perspectives that drive the actual practice of public decision-making.

Democracy & Diversity Summer Institutes

Usually held during the university’s winter break, Democracy and Diversity is a two-week program of interdisciplinary courses taught jointly by faculty from The New School for Social Research and from South Africa and attended by students from The New School and a number of African and Eastern European universities. Past courses have focused on the politics, culture, and economics of development, including a seminar on Political Democratization and Economic Liberalization. The program is founded and run by the school’s Transregional Center for Democratic Studies. The Cape Town program can be taken for credit, and some scholarship funds are available.

GECO 6360
Economic Development and Global Governance
Cape Town: January 2008. Three credits.
William Milberg and Stephen Gelb, EDGE Institute and the University of the Witwatersrand, Johannesburg
The globalization of economic life has meant greater capital mobility and more international trade, occurring along with rapid technological change and a political shift in many countries to a greater reliance on market mechanisms. These changes have corresponded with rising income inequality and a narrowing of the scope for effective economic policy in any given country. This course explores economic development in the context of global changes in technology, corporate strategies, and the political shift toward neoliberalism. Cross-listed as GANT 6023.

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This page was last updated December 13, 2007.