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  • Current Courses

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        General Admission Contact
        The New School for Social Research
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        79 Fifth Avenue, 5th floor
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        212.229.5600 or 800.523.5411

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        Tato Khundadze

        Department of Economics
        6 East 16th Street, room 1124A
        New York, NY 10003
        Tel: 212.229.5717 x3044
        Fax: 212.229.5724

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        New York, NY 10003

        Mark Setterfield

        Department Contact

        Student Advisor
        Victoria Echeverria

        Economics Student Handbook

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    • Courses in the Department of Economics combine abstract theory with concrete statistical analysis for a more nuanced and accurate understanding of important issues. Our classes offer the study of different schools of economic thought, explored for both historical context and modern importance.

      Please consult the New School Course Catalog for a full course list. Fall 2021 courses include:

      • Math for Economics, GECO 5010
        Marjan Fadavi Ardekani and Faculty TBA
        This course provides students with the necessary mathematical tools needed for graduate courses in microeconomics, macroeconomics, econometrics, and finance, and prepares the students for reading classic texts such as Varian's Microeconomic Analysis without getting bogged down in mathematical details. The first third of the course covers matrix algebra and its use in solving systems of equations and equilibrium points, as well as probability and discrete probability distributions. The central portion focuses on interpretation and applications of one and two variable calculus including graphical analysis, derivatives and integrals, and optimization of functions. The final portion provides an introduction to different and differential equations. The focus will be on conceptual understanding, problem solving, and developing familiarity with mathematical notations and arguments.
      • Historical Foundations of Political Economy I, GECO 5104
        Paulo Dos Santos, Associate Professor of Economics, and Faculty TBA

        This course provides an introduction to the history of classical economic thought. Classical economics provides important building blocks for an understanding of modern capitalism, because it attempts to integrate its economic analysis with social class, income distribution, real competition, technological change, the world economy, and with the historical place and limits of industrial capitalism. As such, it may help broaden and challenge the analytical scope of much contemporary economic thought. This particular course is the first of a two-part sequence, and focuses on Smith, Ricardo, and Marx, and on salient discussions and elaborations of their work.

      • Comparative Economic Systems, GECO 5125
        Ying Chen, Assistant Professor of Economics

        This course will discuss the theories and practices of alternative economics systems. We will start with the early debates about Socialism, and then move on to study the actual historical practice of socialism, with a focus on evaluating the performance of the Soviet system first. Then we study the features of market socialism practiced in China and self-management practiced in Yugoslavia. We will then discuss the reasons for the demise of the soviet economy, from both the mainstream point of view and the alternative explanations. We conclude by discussing some new theories of socialism, specifically the debate between market socialism and participatory planning, and evaluate their feasibility in the 21st century.

      • The Political Economy of Distribution and Growth in the U.S. and Germany, GECO 6167
        Till van Treeck, 2021-2022 Distinguished Heuss Professor at NSSR, Professor of Social Economics at the University of Duisburg-Essen

        This course is about the political economy of growth models, with a focus on the U.S. “debt-led” growth model with the German “export-led” growth model. Different theoretical perspectives, including post-Keynesian models of distribution and growth, alternative theories of the firm and consumption theories, the “varieties of capitalism” approach and the “growth model perspective”, as well as macro- and microeconometric evidence will be discussed against the background of recent trends in the U.S. and German economies. This includes such questions as: Can Germany (still) be considered a “coordinated market economy” (in contrast to the U.S. “liberal market economy”)? What are the business strategies of Germany’s export-oriented “hidden champions” with high corporate savings (in contrast to the more “financialised” firms with high profit payouts in the U.S.)? Why is private household saving so high in Germany (in contrast to debt-based consumption in the U.S.)? Why is fiscal policy so restrictive in Germany in comparison with fiscal policy in the U.S.? What are the macroeconomic effects of different degrees of government-sponsored provision of goods (such as education, housing, health care) in Germany and the U.S.? Why do German workers work such few hours compared to U.S. workers? Why are wages growing so slowly in Germany? What are the macroeconomic implications of different models of skill formation (specific skills in Germany, general skills in the U.S.)?

      • Graduate Macroeconomics, GECO 6191
        Willi Semmler, Arnhold Professor of International Cooperation and Development, and Faculty TBA

        This course covers the theory of macroeconomic fluctuations, economic growth and income distribution. The first part of the course centers on the theory of economic fluctuations, aggregate demand, and the business cycle. Topics will include the role of the financial market and the dynamic interaction of the product, financial, and labor Markets, the Phillips Curve and the NAIRU, and monetary and fiscal policies. The second part of the course introduces classical, Keynesian, and neoclassical theories of economic growth and income distribution. In this context, the theory of endogenous growth and an open economy will also be covered.

      • Advanced Macroeconomics 1, GECO 6202
        Mark Setterfield, Professor and Chair of Economics, and Faculty TBA

        This course develops macroeconomics in the New School tradition, using neoclassical theory as a foil and emphasizing macroeconomic theory in the Classical Political Economy and Post-Keynesian traditions. Following a brief discussion of short-run macroeconomics that compares and contrasts New Classical, Real Business Cycle, and Post-Keynesian approaches to the determination of output and employment, the course focuses on longer-term theories of growth, distribution, and technical change. Models developed include Neoclassical theories of endogenous and semi-endogenous growth, and Classical Marxian, neo-Keynesian, Kaleckian, and Kaldorian theories of growth and distribution. Topics covered include the question as to whether growth is wage- or profit-led, the emergence and consequences of Harrodian instability, and reconciliation of the actual and potential rates of growth.

      • Advanced Political Economy II, GECO 6205
        Anwar Shaikh, University in Exile Professor of Economics, and Faculty TBA

        This is a one semester course on the classical approach to economic analysis, built around the material in my book Capitalism: Competition, Conflict, Crises, Oxford University Press, 2016. The aim is to show that there exists a coherent alternative to neoclassical and Post Keynesian theory that does not rely in any way on utility maximization, rational choice, rational expectations, or perfect/imperfect competition. Consumer theory is based on real consumer behavior, the behavior of the firm is addressed in terms of the theory of real competition, and the theoretical and empirical concerns of Keynes' theory of effective demand and Kalecki's theory of price are be derived from the classical framework of profit-driven growth. The course ends with a consideration of the implications of this approach to macroeconomic policy and to issues of economic development. In all cases, the classical approaches will be compared to corresponding neoclassical and Keynesian/Post Keynesian ones, as well as to the relevant empirical evidence in each domain. Pre-requisites for the course include Graduate Micro and Macro, or their equivalent, and some familiarity with the History of Economic Thought.

      • Classical Theory of Price, GECO 6211
        Anwar Shaikh, University in Exile Professor of Economics

        This seminar analyzes the relation between Ricardo, Sraffa, and Marx on the questions surrounding the theory of value. It also examines various developments of Sraffa's work and attempts to assess their theoretical and empirical significance. Readings include parts of Ricardo's Principles, Sraffa's Production of Commodities by Means of Commodities, Steedman's Marx After Sraffa, and the more recent debates between the neo-Ricardians and various Marxists.

      • Advanced Econometrics I, GECO 6281
        Feridoon Koohi-Kamali, Visiting Associate Professor of Applied Political Economy

        This is a course of advanced econometrics covering Microeconometrics and Macroeconometrics Time-series based on a balance of theory, and lab class practice sessions; non-empirical practice on questions related to theory, and, especially, empirical applications. The emphasis of the course is on applied Econometrics, esp. on panel data analysis topics, though time permitting, some other topics are also examined. The first half of the course will focus on some key Microeconometric topics such as duration models, e.g. of unemployment; and those with discrete dependent variables; fixed and random effects models, dynamic models of panel data. The second half of the course will focus on testing and modeling non-stationary time series, and on variety of auto-regressive models, vector auto-regression and error correction; including models for panels with long time-series components. Students will learn how to test a model appropriate to the data and task at hand, to estimate a variety of models of cross-sectional, time series and panel data series, where appropriate, use the estimates to forecast the series, and evaluate the quality of the forecast prediction. All necessary revisions and practice sessions are conducted in the lab as well as recitation classes.

      • Economic Development II, GECO 6291
        Ying Chen, Assistant Professor of Economics

        We examine development issues in a comparative historical context. We will start with the classical theories of development, then move to the real world development history, and end with discussions on contemporary development issues. The two courses Economic Development I and II are non-sequential.

      • Seminar in Economic Methodology, GECO 6323
        Clara Mattei, Assistant Professor in Economics

        About seven years after the outbreak of the financial crisis, there are hardly any signs of a crisis of the economic discipline. The 2013 Nobel Prize winner in Economics, Eugene Fama, stands as an eloquent example of this strange non-crisis in economics. Indeed, his “Efficient Market Hypothesis” has been regarded by many heterodox economists as one of the main causes of the 2008 financial crisis. An important internal reason for the lack of substantive self-criticism and re-orientating force is the neglect of economic methodology, manifested in the taking for granted of an underlying ontology, epistemology, and technical toolbox. This seminar intends to provide food for thought on these issues, which constitute indispensable knowledge for self-aware and critical economists. Indeed, as pointed out in 1836 by J. S. Mill, any dispute of economic theories is grounded in methodological disagreement. Economic methodology involves ample philosophical and theoretical reflection on the discipline of economics. The seminar will adopt a broad perspective that is both historical and thematic. The structure of this course is coherent with the appreciation that concerns about ideology, history, rationality, individualism, embeddedness, etc., emerge time and again in the history of economics. It will be divided in four modules. Module I will look at classical debates of economic methodology, identifying the rise of positivism as the undisputed paradigm of mainstream economics. Module II will sketch a brief excursus on the main developments in the philosophy of science, a discipline that traditional economic methodology considers a pivotal source of self-legitimation. In particular, this module will focus on the rise and fall of positivism, closing with the deadly criticisms of Kuhn and Quine. Module III will expand the historical outlook to critical philosophical traditions and economic approaches, which have challenged the scientist ideology of economic modernism and provided alternative interpretative frameworks. Among others, we will discuss the contributions of the Frankfurt School, the connection between Pragmatism and Institutionalism, and Marxism. Module IV will be of a thematic nature. We will tackle several thorny topics of economic methodology that are pertinent for today’s economic research. The final topics will be decided collegially among students according to their general inclination. They may include: uncertainty; formalization and modelling; time and equilibrium; ideology, or rationality (see below for the complete list of options). The discussions undertaken in the previous modules (I-III) will allow you to discuss these issues with historical awareness and critical attitude.

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