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  • Current Courses

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        General Admission Contact
        The New School for Social Research
        Office of Admission
        79 Fifth Avenue, 5th floor
        New York, NY 10003
        212.229.5600 or 800.523.5411
        SocialResearchAdmit@newschool.edu

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

        Mailing Address
        79 Fifth Avenue, room 1124A
        New York, NY 10003

        Chair
        Mark Setterfield

        Senior Secretary
        Silvina Palacio

        Student Advisor
        Victoria Echeverria

        Economics Student Handbook (PDF)

        Admission Links

    • 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. Spring 2020 courses include:

      • Historical Foundations of Political Economy 2, GECO 5105
        Clara Mattei, Assistant Professor of Economics

        The class explores the connection between leading trends of economic theory in the 20th century and applied policymaking from a historical and comparative perspective. We begin with a study of the concept of economic technocracy, delving into six noteworthy case studies in the history of political economy. We conclude by examining the influence of neo-institutionalism on the World Bank, particularly its shift in focus from structural adjustment to comprehensive development. Through this course, students acquire a thorough understanding of the main schools in the 20th-century history of political economy. Chiefly, students develop critical tools that enable them to appreciate the importance of economic rationales and academic enterprises in the making of the world we inhabit.
         
      • Comparative Economic Systems, GECO 5125
        Ying Chen, Assistant Professor of Economics

        In this course, we discuss the theories and practices of alternative economic systems. We start with early debates about socialism and then move on to study the actual historical practice of socialism. First we evaluate the performance of the Soviet system. Then we study the features of market socialism practiced in China and self-management practiced in Yugoslavia. We then discuss the reasons for the demise of the Soviet economy, from both mainstream and alternative points of view. We conclude by discussing new theories of socialism, specifically the debate between market socialism and participatory planning, and evaluate their feasibility in the 21st century.

      • The Economics of Crisis and Austerity, GECO 5425
        Anwar Shaikh, Professor of Economics

        This course begins by considering the present state of the world at the global level. It moves on to consider how various schools of economic thought explain structural patterns such as growth, cycles, crises, and unemployment. At the heart of any such enterprise is the following question: Given that capitalism is a social system in which economic outcomes are rooted in a constantly evolving mixture of institutions and interests, how does it manage to generate strong economic patterns that repeat over long periods of time? Guest lecturers will be invited to speak on various facets of the global crisis.

      • Advanced Math Methods and Modeling, GECO 6110
        Duncan Foley, Leo Model Professor of Economics

        This course will survey mathematical and statistical modeling methods widely used in economic research, organized around the “info-metric” metatheory developed by Amos Golan and his associates. The topics will include review of econometric methods as joint distribution estimation from a Bayesian point of view; entropy and constrained entropy maximization in underdetermined systems; constrained maximization in convex and non-convex problems; linear dynamic models; non-linear dynamic models; equilibrium concepts from general equilibrium theory and game theory; Bowles’ program of explanation in social science; Markov models, including agent-based models; information theory; Bayesian inference; and maximum entropy statistical equilibrium models. In each case, the relevant mathematical and statistical formalisms will be explained and illustrated by examples from current political economy, together with a critical review of recent published and working paper research.

      • Graduate Econometrics, GECO 6181
        Jamee Moudud, Part-Time Faculty

        This course will provide a detailed understanding of the mechanics, advantages, and the limits and limitations of the “classical” linear regression model. Where relevant, questions of methodology will be discussed. The first part of the course will cover the theoretical and applied statistical principles which underlie Ordinary Lest Squares (OLS) regression techniques, including assumptions underlying the Best Linear Unbiased Estimates of a regression equation — also known as the BLUE conditions. Emphasis will be placed on the assumptions underlying the distribution of a model’s error term and other BLUE conditions. We also cover hypothesis testing, sample selection, and the critical role of the t and f statistics in determining the statistical significance of an econometric model and its associated slope or “b” parameters. The second part of the course addresses the three main problems associated with the violation of a particular BLUE assumption: multicollinearity, autocorrelation, and heteroscedasticity. Students learn how to identify, address, and (hopefully) remedy each of these problems. We take a similar approach to exploring and correcting model specification errors. The third part of the course focuses on the econometrics of time-series models, including Granger causality, error-correction models, and co-integration.

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

        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 covered 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.

      • Classical Macrodynamics, GECO 6192
        Anwar Shaikh, Professor of Economics

        This course develops the macrodynamics of a classical framework. It is the second half of a sequence (the first half of which is GECO 6205) focusing on the microeconomics of a classical approach: the derivation of demand curves and price and income elasticities without any reference whatsoever to standard assumptions of utility, rationality (bounded or not), optimizing behavior, etc.; and the classical theory of real competition based on price-setting, cost-cutting firms that compete for market share. Employing a classical approach to macroeconomics, the course begins with a history of the rise and fall of modern macroeconomics, moving from pre-Keynesian theory to Keynes, Kalecki, and Hicks to various prominent neoclassical arguments by Friedman, Phelps, Lucas, and others and the corresponding rise of the post-Keynesian economics of Davidson, Godley, Taylor, Lavoie, and others. The various elements are then brought together to develop a classical analysis of the current world crisis. Students are required to write short papers on various topics during the course and a research paper at the end on a topic relevant to the material in this course, selected in conjunction with the instructor. 

      • Advanced Microeconomics I, GECO 6200
        Ali Khan, Part-Time Faculty

        This course surveys modern economic theory as it pertains to the allocation of resources over time in multi-agent societies. Particular attention is paid to the formal mathematical expression of economic ideas such as the market, competition, interaction, technological efficiency, good allocations, and distortions — in short, a coherent, logical explanation of loose economic intuition. The course covers topics in modern microeconomic theory in the following order: the theory of the individual producer; the theory of the individual consumer; Kuhn-Tucker theory. including basic results in the theory of linear programming; the two-sector model of general equilibrium; the existence of competitive equilibria Pareto optimal allocations; intertemporal allocation; externalities and public goods; and core allocations and Nash equilibria of games in normal form. The course is self-contained from a mathematical point of view and requires only elementary knowledge of calculus and linear algebra, although it does presuppose the desire and ability to engage in abstract reasoning.

      • Advanced Macroeconomics II, GECO 6203
        Willi Semmler, Arnhold Professor of International Cooperation and Development

        This course extends the theoretical and empirical study of the foundations of macroeconomic theory by providing a critical theoretical and empirical analysis of the problems of business cycles, economic growth, employment, income and wealth distribution and macro policies. We focus on theory and empirical work from different traditions of dynamic macroeconomics. Topics covered include empirical evidence for 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, the financial market-real linkage, the role of banking and asset price fluctuations in economic activity, recent theoretical and empirical work on monetary and fiscal policies, and open economy dynamics. Suggestions for other topics in macroeconomics are welcome. Students will be encouraged to develop their own research, and emphasis will be placed on empirical work in macroeconomics using regime change models. 

      • Post-Keynesian Economics, GECO 6206
        Mark Setterfield, Professor and Chair of Economics

        This course presents an overview of post-Keynesian economics. It begins by distinguishing post-Keynesian economics from other varieties of Keynesianism and identifying the major methodological concerns of post-Keynesian economics. Thereafter, the course explores various topics in post-Keynesian economic theory, including the principle of effective demand, cost-plus pricing theory, the conflicting-claims theory of inflation, theories of endogenous money and finance, and demand-led growth theory.

      • Money and Banking, GECO 6264
        Paulo dos Santos, Assistant Professor of Economics

        In this course, we discuss salient, critical contributions to our understanding of money, the nature of banking, and the functioning of monetary and credit systems. The course is divided into six substantive parts: (1) a discussion of contract-theoretic, functional, and logico-historical characterizations of the nature and functioning of financial intermediaries, particularly money banks; (2) a discussion of the historically defining and enduringly relevant debates on monetary theory and policy in early-19th-century Britain; (3) a detailed examination of three influential contributions to our understanding of what money is — by Marx, Menger, and Wicksell; (4) a detailed discussion of the Walrasian or Neoclassical-Synthesis approaches to money advanced by Hicks and Patinkin; (5) a comparative examination of contemporary heterodox contributions to analysis of money, including Chartalist, Nominalist, and neo-Marxian theorizations; and (6) a concluding discussion on the question of international settlements, world money, and the distinct difficulties created by the post-Bretton Woods international monetary system.

      • Graduate Labor Economics II, GECO 6271
        William Rodgers, Part-Time Faculty

        In this course, we critically examine economic approaches and thought with regard to persistent group-based inequality. We employ theoretical and empirical approaches to examine, challenge, and expand on the conventional “orthodox” economic view of group-based inequality. We look beyond individual optimizations to fuse insights from multiple social sciences in an examination of identity formation and collective group actions and processes as they relate to social hierarchy and economic outcomes and distributions. The domains of intergroup disparity include class, race, ethnicity, nativity, tribal affiliation, religion, gender, and phenotype. The field examines the interplay between members of social groups motivated by collective self-interest to attain or maintain their position in a social hierarchy in both domestic and international contexts.

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

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

      • Economics, Ethics, and Political Theory, GECO 6300
        Sanjay Reddy, Associate Professor of Economics

        This course surveys ways in which economic analyses are illuminated by considerations in ethics and in political philosophy, and vice versa. It includes a discussion of relevant debates in welfare economics, social choice theory, theories of justice, professional ethics, and other areas.

      • Bayesian Econometrics Workshop, GECO 6920
        Mark Setterfield, Professor and Chair of Economics

        This workshop introduces students to the mathematical and programming skills necessary to implement a few popular techniques in Bayesian econometrics. The course begins with a motivation of the Bayesian approach to statistical inference as well as an outline of modern posterior sampling methods using the R programming language. Next, we discuss several standard modeling approaches, including linear regression and Generalized Linear Models for binary and count data; students are also introduced to hierarchical and multi-level models. Practical issues concerning workflow are emphasized throughout — including prior and posterior predictive simulation and diagnostic criteria and model validation procedures. Depending on time constraints and participant interest, the course may address other topics, such as noisy or incomplete data, simple state-space models, and panel approaches.
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