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        Department of Economics
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        Tel: 212.229.5717 x3044
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        Mark Setterfield

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        Silvina Palacio

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        Victoria Echeverria

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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 2019 courses include:

      • Math For Economics, GECO 5010
        Jose Alejandro Coronado Arciniegas
        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. Prerequisites: Students should have some experience with Calculus.

      • Historical Foundations Of Political Economy I, GECO 5104
        Paulo Dos Santos, Assistant Professor of Economics
        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. No prior background is required, and the course is open to advanced undergraduates.

      • Economics Of Climate Change, GECO 6050
        Willi Semmler, Arnhold Professor of International Cooperation and Development
        The economics of climate change has recently become an important topic both in academia and in public policy debates. The Intergovernmental Panel on Climate change (IPPC) and multilateral institutions (IMF, WB, and ILO) have undertaken extensive work on the causes and effects of climate change. The economics of climate change is related to environmental, resource economics and macroeconomic policies. We start with the theory of externalities in economics and focus on the causes of climate change, the latest research on climate change, and the mitigation and adaptation policies proposed to combat climate change, such as cap & trade, carbon tax, and green bonds, as well as on the distributional impacts of those policies. We also will study new technologies that may help to mitigate climate change. In this context, an important topic will be the transition to renewable energy. We will study the transition from fossil fuel to an economy based on renewable energy. Further important issues are the financing of climate policies, the frequency and severity of climate disasters, and the current proposal of the Green New Deal. International climate negotiation and treaties will also be discussed as well as the impact of climate change policies on employment and green jobs. Prerequisites: Basics of micro and macroeconomics. Graduate Microeconomics, GECO 6190 Faculty TBA "The field of Microeconomics has been dominated by the neoclassical approach. This course offers an alternative perspective to study the behaviors of individuals and firms. Instead of methodological individualism, we focus more on coordinations among individuals and firms to understand why sometimes coordination fails and what institutions can be designed to assist coordination success. All of the mathematics required for the course will be covered in the assignments, readings, and discussion sessions."

      • Advanced Macroeconomics 1, GECO 6202
        Mark Setterfield, Professor and Chair of Economics
        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 2, GECO 6205
        Anwar Shaikh, Professor of Economics
        The present course, Advanced Political Economy II is actually the first of the two-semester sequence, focused on a classical approach to microeconomics: the theory of consumer behavior and the theory of the firm. It will begin with a survey of the structure and dynamics of the center countries. The turbulent dynamics of the system, which express themselves as order generated in-and-through disorder, will be shown to give rise to patterns of recurrence over a wide variety of domains. It will then develop a consistent classical approach grounded in the theory of real competition to the determination of relative prices, profits, output, interest rates, stock market prices, exchange rates, and international trade. In all cases, the classical approaches will be compared to neoclassical and Keynesian/Post Keynesian ones, and to the relevant empirical evidence. In this course, students will be asked to work on specific course topics for weekly lab sessions, including the deconstruction of a standard microeconomics textbook and the possible construction of an alternate text grounded in the classical approach. There will be a final exam in the course, based on a question-set made available well in advance.

      • Classical Theory Of Price, GECO 6211
        Anwar Shaikh, 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.

      • International Finance, GECO 6253
        Willi Semmler, Arnhold Professor of International Cooperation and Development
        This course is devoted to studying international monetary economics and finance historically, empirically and theoretically. We begin with a historical overview of the monetary and currency systems such as the gold standard, the Bretton Woods system, the Euro-System, and other systems. We then examine for fixed and flexible exchange rate systems, the role of the balance of trade, the balance of payment, capital flows, foreign reserves and credit cycles for their potentials to generate international financial crises. Furthermore, the important role of central banks and multilateral institutions such as the IMF will be studied to what extent they can stabilize growth, employment, and inflation rates. Special emphasis is given to topics such as the impact of globalization, financial instability, and monetary and fiscal policies, exchange rate volatility and their impact on the real and financial sectors, foreign debt, capital flows, currency runs, and international portfolio decisions. As important recent historical crisis episodes the Latin American debt crisis, the Asian currency crisis, the US financial market meltdown, and the EU sovereign debt crisis are studied. We also will explore World Bank and IMF policies and issues concerning financial market liberalization, international financial regulations, and international financial architecture.

      • Labor Economics 1: Labor, Development And Gender, GECO 6270
        Teresa Ghilarducci, Irene and Bernard L Schwartz Professor of Economics and Policy Analysis
        Labor Economics I is a graduate survey course in labor economics. The course aims to survey the classic topics in labor economics to prepare students to engage in original research and teach labor economics in several economic traditions. The successful student will be able to distinguish between several schools of thought in labor economics: neoclassical, institutionalism and radical political economy. Specific objectives include understanding modern research methods in labor economics and the dominant and heterodox models of labor markets. Students will be able to explain the most important labor market outcomes using various analytical frameworks including ones that assume varying degrees of market power, full employment, and constraints on choice. Some labor union history, regulatory issues will also be covered. Modern capitalism distributes resources in such a way that living standards, not only in terms of material wellbeing, but also in terms of security, dignity, safety, and longevity, have never been more unequal. We cover how markets, institutions, and rules affect the power balances between capital and labor, employers and workers and determine the value of people’s time and life, and working conditions and wages and salaries.

      • Advanced Econometrics I, GECO 6281
        Feridoon Koohi-kamali
        The objective of the course is to enable students to conceptualize, perform, and critique statistical analyses from a Bayesian perspective on an advanced level. The course covers the statistical and computational foundations of Bayesian model estimation and evaluation. The first part of the course reviews the basics of probability theory, compares the Bayesian and frequentist approaches to statistical inference, discusses methods of model checking, evaluation and expansion, and introduces advanced posterior simulation methods. The second part enables students to estimate and evaluate linear and non-linear models of cross-sectional, time series and panel data. The aim of the course is to provide a thorough understanding of the theory underlying Bayesian inference, which is sought to be achieved by following a hands-on approach to modeling and computation. Students are required to work through numerous examples drawn from real applications and research using the free software packages R and Stan.

      • Economic Development 1, GECO 6290
        Sanjay Reddy, Associate Professor of Economics
        This course introduces students to the study of development economics at the advanced level, aiming to provide exposure to historical and current debates and preparation for independent research, drawing upon political economy perspectives and diverse disciplinary insights. Topics may include the concept of development; growth theory; industrial policy; project assessment and evaluation methodology; welfare economics and development; measurement and dynamics of inequality, poverty and living standards; economic history and historical legacies; international trade, finance, migration and development; state theory and development; international institutions; gender and development; population dynamics; urbanization; health; social protection; the environment and global public goods.

      • 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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