Economic Statistics (formerly ECON 0210) An introduction to the discipline of statistics as a science of understanding and analyzing data with an emphasis on applications to economics.   Key topics include descriptive statistics, probability distributions, sampling, random variables, the Central Limit Theorem, estimation, hypothesis testing, p-values, and linear regression.  Students will be introduced to a statistical programming language.  A weekly one-hour lab is part of this course in addition to three hours of class meetings per week. (Formerly ECON 0210)

Introductory Macroeconomics  An introduction to macroeconomics: a consideration of macroeconomic problems such as unemployment and inflation. Theories and policy proposals of Keynesian and classical economists are contrasted. Topics considered include: banking, financial institutions, monetary policy, taxation, government spending, fiscal policy, tradeoffs between inflation and unemployment in both the short run and the long run, and wage-price spirals.

Introductory Microeconomics An introduction to the analysis of such microeconomic problems as price formation (the forces behind demand and supply), market structures from competitive to oligopolistic, distribution of income, and public policy options bearing on these problems.

Health Economics and Policy In this course we will focus on the health care system of the United States. We will apply standard microeconomic tools to the problems of health and health care markets. The course provides the fundamental tools with which to understand how the health care market is different from the markets for other goods. For example, students will learn about the dominant presence of uncertainty at all levels of health care, the government's unusually large presence in the market, the pronounced difference in knowledge between doctors and patients, and the prevalence of situations where the actions of some impose costs or benefits on others (e.g., vaccinations, drug research).

Economics and Gender Economics and Gender is an introduction to using the tools of economics to understand gender-related issues. In the first part of the course we will review economic models of the household, fertility, and labor supply and discuss how they help us interpret long-term trends in marriage and divorce, fertility, and women’s labor-force participation. In the second part of the course we will study economic models of wage determination and focus on explanations of, and policy remedies for, earnings differentials by gender. The final part of the course will focus on new research in economics on gender-related topics.   (ECON 0155) 3hrs. lect.

Economic Statistics Basic methods and concepts of statistical inference with an emphasis on economic applications. Topics include probability distributions, random variables, simple linear regression, estimation, hypothesis testing, and contingency table analysis. A weekly one-hour lab is part of this course in addition to three hours of class meetings per week. Credit is not given for ECON 0210 if the student has taken MATH 0116, or MATH 0310, or PSYC 0201 previously or concurrently.

Introduction to Regression Analysis In this course regression analysis is introduced. The major focus is on quantifying relationships between economic variables. Multiple regression identifies the effect of several exogenous variables on an endogenous variable. After exploring the classical regression model, fundamental assumptions underlying this model will be relaxed, and further new techniques will be introduced. Methods for testing hypotheses about the regression coefficients are developed throughout the course. Both theoretical principles and practical applications will be emphasized. The course goal is for each student to employ regression analysis as a research tool and to justify and defend the techniques used. (MATH 0121; and ECON 0111, (formerly ECON 0210) ECON 0150 or ECON 0155)

Empirical Research Methods in Economics In this course we will provide students with the tools to conceptualize, design, and carry out a research project in economics. Topics will include survey design, sampling and power, experimental design (in and out of the lab), natural experiments, and other approaches to identifying causal relationships. Drawing from several sub-disciplines in economics, students will examine, replicate, and critique various studies. Emphasis will be placed on the formulation of valid, feasible research questions, and on the description and interpretation of results.

Economics of Happiness We will explore the economics of happiness in both the micro and macro realm.  We start with the neoclassical model of rational individuals who know with great precision what makes them happy.  Next we explore behaviorist challenges to that model, including issues of regret, altruism, fairness, and gender.  On the macro side, we investigate the puzzle of why, though most of us like more income, a growing GDP does not seem to make societies happier; we examine the impact of the macroeconomic environment on individual happiness.  Finally we touch on current policy issues such as quantitative happiness indicators that have been adopted around the world, “paternalistic” policy measures to increase happiness, and the no-growth movement.

Theories of Economic Development in Latin America This course is designed to provide a survey of the most important issues facing Latin American policymakers today. We will place contemporary problems in their historical perspective and will use applied economic analysis to examine the opportunities and constraints facing the economies of Latin America. Readings, class discussion and assignments will principally be in Spanish.

Economics of Agricultural Transition In 1860 farmers made up over half the population of this country and fed about 30 million people.  Today they number 2% of the population and produce more than enough to feed 300 million people.  In this course we will look at the history, causes, and results of this incredible transformation.  While studying the economic forces behind the changing farming structure, we will examine farm production, resources, technology, and agricultural policy.  Field trips to local farms and screenings of farm-related videos and movies will incorporate the viewpoint of those engaged in agriculture. (ECON 0150 or ECON 0155)  2hrs. lect., 2 hrs. lab

Economic History and History of Economic Thought This course will provide an introduction to economic history and the history of economic thought. We will investigate and understand the causes and consequences of important historical events and trends, such as industrialization and globalization, from an economic perspective. We devote considerable attention to the dissemination throughout Europe of new industrial and agricultural practices originating in Britain. Along the way, we evaluate how prominent economists perceived and analyzed the events of their time.

Economies of Post-Communist Europe From the break-up of the Soviet Union and the Warsaw Pact through Europe’s largest war in almost eight decades, we will explore the trajectories of Europe’s former communist economies, with particular focus on Russia, Ukraine, and Poland. Though we will focus on economic developments and processes, we will also pay attention to relevant political and historical forces. Topics to be covered will include the economic legacy of communism, the region’s integration into European and global markets, the evolving balance between state and private actors in the economy, the public’s reaction to the economic transformation, and the economic consequences of Russia’s invasion of Ukraine.

Political Economy of Contemporary India Since gaining independence from the British in 1947, and three decades since the launch of the most ambitious set of economic reforms, India has changed dramatically over the years; but what does all this change really mean for the lives of ordinary citizens?   This course will explore the political economy context of India’s development, and in particular, the changing texture of democracy, economic transition from the state to the market, gender relations, environmental challenges, India's economic globalization, and a changing world view from the time of India's independence to the present.  The course will also capture the tensions inherent in such a multifaceted process of change. We will make use of historical texts and visual sources to map out how local and national economic, socio-political and cultural factors interweave with the global movement of people and ideas in the continued evolution of contemporary India.

The Chinese Economy In this course we will explore the economic development of China up until the present day, giving particular attention to the socialist era and the post-1978 reforms. Specific topics to be covered will include growth and structural change, the urban-rural divide, the state’s ongoing role in the economy, demography, and the country’s integration into the global economy.

Economics of Africa Sub-Saharan Africa is home to some of the poorest and some of the fastest growing economies in the world. In this course, we will explore the opportunities for sustained, inclusive economic growth in sub-Saharan Africa, the challenges that must be overcome in realizing these opportunities, and the policy options for overcoming these challenges. Topics may include demography, institutions, infrastructure, agriculture, urbanization, climate change, health, natural resources, mobile technology, trade, and regional integration. Students will be exposed to relevant economic theory and recent empirical economic research on Africa.

Industrial Organization Industrial Organization is the branch of economics which studies firm strategy and competition within markets. In this course we will use tools from microeconomics and game theory to study monopolies, oligopolies, price competition, mergers, and antitrust regulations.

International Economics: Theory and Policy This course provides an overview of international trade and finance. We will use economic theory to help us understand how and why countries interact in the global economy and evaluate the effects of different trade, exchange rate, and macroeconomic policies. Topics covered will include the reasons for trade, the winners and losers from trade, trade policies, trade agreements, exchange rates, the balance of payments, causes of and solutions to financial crises, and the role of the WTO and IMF. ECON 0240 does not count towards the ECON major or minor requirements.

Macroeconomic Theory Macroeconomic theory analyzes whether the market effectively coordinates individuals' decisions so that they lead to acceptable results. It considers the effectiveness of monetary, fiscal, and other policies in achieving desirable levels of unemployment, inflation, and growth. The theories held by various schools of economic thought such as Keynesians, monetarists, and new classicals are considered along with their proposed policies.

Microeconomic Theory Microeconomic theory concentrates on the study of the determination of relative prices and their importance in shaping the allocation of resources and the distribution of income in an economy. We will study the optimizing behavior of households in a variety of settings: buying goods and services, saving, and labor supply decisions. We will also examine the behavior of firms in different market structures. Together, the theories of household and firm behavior help illumine contemporary economic issues (discrimination in labor markets, mergers in the corporate world, positive and negative externalities, for example).

Money and Banking In this course we will study the connections between the macroeconomy, money, and financial markets. We will explore the role of money, financial instruments, the banking system, and monetary policy in the economy. In addition, we will discuss the causes and outcomes of financial crises with special attention towards the role that monetary policy plays in managing these events. This course is for anyone trying to gain a macroeconomic perspective on banks, financial markets, and monetary policy.

Environmental Economics This course is dedicated to the proposition that economic reasoning is critical for analyzing the persistence of environmental damage and for designing cost-effective environmental policies. The objectives of the course are that each student (a) understands the economic approach to the environment; (b) can use microeconomics to illustrate the theory of environmental policy; and (c) comprehends and can critically evaluate: alternative environmental standards, benefits and costs of environmental protection, and incentive-based environmental policies.

Economics of Religion Economics and religion have played fundamental roles in human civilization.  In this course we will use economic methods (statistical analysis and microeconomic theory) to examine the role that religion plays in economic activity.  Topics explored will include the markets for religion, the effects that religion has on economic outcomes and welfare, and the political economy of religion.  We will investigate studies and use data from both historical and contemporary time periods.  While Christianity will be a prominent religion in the course due to the literature and data that are available, the economic methods used in this course will be applied to other religions. (ECON 0150 and ECON 0155) 3 hrs. lct

Game Theory Game theory is general in scope and has been used to provide theoretical foundations for phenomena in most of the social and behavioral sciences. Economic examples include market organization, bargaining, and the provision of public goods. Examples from other behavioral sciences include social dilemmas and population dynamics. In this course students will learn the basics of what constitutes a game and how games are solved.

The Vermont Economy: Past and Present In this course, we will study the economic forces shaping Middlebury College’s home state. We will use introductory-level theoretical and econometric tools to investigate the historical roots of key tensions in Vermont's economy, such as the changing agricultural sector, the impact of regulation, and Vermont’s evolving demographic profile. The narrative we construct will place Vermont within the broader context of American economic history. Students will complete an independent project studying some aspect of Vermont’s economy in historical context. (ECON 0150, ECON 0155, and ECON 0111) This course counts as elective credit towards the Economics major.

Causal Inference “Correlation is not causation” is a frequent refrain from people investigating relationships in data.  But what does this mean?  In this course we will focus on empirical tools that economists use to identify causal relationships.  Students will explore the concept of causality and estimation of counterfactuals using randomized and natural experiments to study economic and social phenomena. Students will learn to apply the main research designs used by economists including randomized control trials (RCTs), difference-in-differences estimation, event studies, instrumental variables, and regression discontinuity.  The ethics of conducting empirical research will also be emphasized throughout the course. (ECON 0211)

Operations Research Operations research is the utilization of quantitative methods as an aid to managerial decisions. In the course, several of these methods will be introduced and studied in both a mathematical context and a physical context. Topics included will be selected from the following: classification of problems and the formulation of models, linear programming, network optimization, transportation problems, assignment problems, integer programming, nonlinear programming, inventory theory, and game theory.

Theory and Measurement in Economic History Economic historians study past events, employing diverse methodologies to understand technology adoption, market integration, and the effect of institutions on performance. In this course we will focus on strategies economists use to learn about the past itself and to use past events to understand how all economies function. We will ponder especially conflicts and complementarities between theoretical and empirical reasoning. Each student will complete a research proposal that justifies applying a set of tools to address an economic history question.

International Economics International trade and financial flows are increasingly important in today’s interconnected world. In this advanced course we will use tools from introductory and intermediate courses to help us analyze the causes and consequences of these flows. We will investigate why countries trade, what they trade, who gains (or loses) from trade, and the motives and effects of trade policies. We will then consider the monetary side of the international economy, including the balance of payments, the determination of exchange rates, and financial crises. This course is not open to students who have taken ECON 0240 or IPEC 0240.

Advanced Macroeconomic Theory and Policy In this course we will build on ECON 0250 to further develop the analytical tools for exploring key macroeconomic outcomes and policy. Topics covered may include, but are not limited to, economic growth; distribution; institutions; monetary, fiscal and macroprudential policy; and behavioral macroeconomics. We will explore modern developments in macroeconomic theory, and compare and critically evaluate the ability of different theoretical perspectives to provide insight into current events and the efficacy of macroeconomic policy (MATH 0121 or equivalent and (ECON 0250 or IPEC 0240 or ECON 0240) and ECON 0211).

Empirical Methods in Macroeconomics This course is designed to provide students the tools needed to carry out empirical research projects in macroeconomics. We will examine current empirical methods used to identify causal effects in macroeconomics using both time series and panel data sets. We will cover different identification strategies such as timing restrictions, external instruments, and the narrative approach. We will then apply these different methods to the analysis of contemporary and historical macroeconomic data. Prerequisites: (ECON 0211 and ECON 0250) 3 hrs. lct.

Federal Reserve Challenge In this course we will study the tools of monetary policy to achieve the Federal Reserve’s dual mandate of maximum employment and stable prices.  We will use macroeconomic theory, data, and cutting-edge research to analyze current economic conditions.  The class will formulate a monetary policy recommendation for the U.S. central bank, emulating the Federal Open Market Committee, and five members of the class will present this recommendation in the annual Fed Challenge Competition at the Federal Reserve Bank of Boston.  For a final project, each student will design their own mock monetary policy briefing and present it to the class.

The Economics of Climate Change In this course we will apply the tools of economic analysis to the problem of global climate change. The goal is to expose students to how economists approach this important policy problem. The course will begin with a review of reasons for policy interventions in markets and policy instrument choice. We will then focus on the measurement of damages from emissions of greenhouse gases. Subsequent topics will include: discounting, technology and abatement costs, benefit-cost analysis, uncertainty and catastrophic risk, and policies in practice. (ECON 0255; ECON 0265 encouraged).

Law and Economics in Healthcare This course will introduce students to the ways in which the U.S. government attempts to mitigate challenges in the market for healthcare. We will discuss how laws and regulation are used to contain healthcare costs, protect consumers from anti-competitive practices, improve access to safe and effective medical care, ensure consumer privacy and safety, and reform the payment and delivery system in the United States. We will rely on actual court and regulatory cases to understand legal frameworks, regulatory structures, and economic outcomes. Students will review the economic literature on healthcare market interventions, engage with Vermont policymakers and regulators, and participate in mock trials and simulated regulatory hearings. This course is not open to students who have completed ECON 1232.

Introduction to Behavioral and Experimental Economics This course surveys research incorporating psychological and other experimental evidence into economics. Topics will include: attitudes towards risk (e.g., prospect theory) and time (e.g., self-control); judgment and decision-making biases; fairness, altruism, and public goods contributions; bargaining and financial market anomalies; incentives (e.g., performance pay and nudges).

Poverty, Inequality and Distributive Justice This seminar will explore recent theoretical and empirical research on socioeconomic inequality. The definitions, causes and consequences of inequality at both the individual (micro) and national and international (macro) levels will be considered.

The Economics of “Sin”: Sex, Crime, and Drugs In this course we will apply traditional microeconomic principles to non-traditional topics such as adultery, prostitution, teen pregnancy, crime and punishment, drugs and drug legalization, and gambling. We will ask the following questions throughout the course: To what extent is "sinful" behavior rational and utility-maximizing? What role does the government play in regulating "sinful" behavior and what are the consequences of these government interventions? The primary focus will be on the United States but brief comparisons will be made to "sinful" behavior and policy interventions in other countries.

Applied Econometrics This course is designed to further students' understanding of parameter estimation, inference, and hypothesis testing for single and multiple equation systems. Emphasis will be placed on specification, estimation, and testing of micro/macro econometric models and using such models for policy analysis and forecasting. Large cross-sectional as well as panel data sets will be used for estimation purposes.

Macroeconomics of Depressions In this course we will develop a framework for analyzing liquidity traps, economic depressions, and failures of macroeconomic stabilization policy. We will contrast the causes of and policy responses to the Great Depression, Japan’s “Lost Decades,” the Great Recession, and the ongoing depression in Greece. We will also study the international transmission of the Great Depression through the gold standard and the global transmission of the Great Recession through modern financial and trade linkages. Throughout, we will track the evolution of views on stabilization policy, austerity, and the costs of prolonged periods of depressed demand.

Globalization and US Inequality Does globalization increase inequality in the United States?  In this course we will study how trade, automation, immigration, and financial integration relate to the distribution of income, wealth, and employment in the US over the last century.  In the first part of the course we will study theoretical frameworks to shed light on this question.  In the second part, we will turn to the data and read peer-reviewed articles, discussing evidence for and against globalization increasing US inequality.  Lastly, we will debate policy prescriptions, to address these issues.

Seminar on Economic Development Much of the world still faces the daily pain of poverty. Developing countries have to accelerate their growth rates, eradicate poverty, reduce inequalities, address environmental concerns, and create productive employment. We examine the major analytic and policy issues raised by these challenges and study the need for a productive balance between market forces and positive state action. With the help of case studies from Asia, Latin America, and Africa, we focus on different development strategies adopted, the choice of policy instruments, and methods of implementation.

Population Economics In this course we will use an economic perspective to analyze changes in fertility, mortality, marriage, and household structure in both industrialized and developing countries.  We will explore how these changes interact with labor markets, poverty, inequality, urbanization, migration and the status of women using the theoretical and empirical tools of applied economic analysis.  Students will engage in data-driven projects to study demographic behavior.  Experience with statistical analysis is strongly encouraged.

Trade and Foreign Aid in Latin America This course is designed to provide an in-depth examination of a number of critical issues that currently confront policymakers in Latin America. The topics of development, regionalization and free trade, and the efficacy of foreign aid will be analyzed in the context of Latin American economic development.

Economics of the European Union This course will introduce students to the major economies of Western Europe and also the economic functions and structure of the institutions of the European Union. The course aims to familiarize students with the theoretical economic and policy issues that are currently of concern in the European Union. Moreover, the course aims to analyze economic problems that are of particular relevance to the member states of the European Union, such as the coordination of policies within an intergovernmental supranational framework and how to sustain the integration dynamic.

Political Economy In this course we will study the interaction between political and economic forces to understand how they shape our society. We will explore a variety of topics including political business cycles, partisanship in economic policies, voting and political decisions in practice, the origins and effects of political polarization, political instability and economic growth, the rise of populism, and the political impact of immigration. Emphasis will be given to empirical research in political economy. Experience with statistical analysis is strongly encouraged.

International Trade Since March 2020 when the world economies went into cascading lockdowns, global trade has been severely impacted.  As the global economy slowly opens up, we will answer some age old and some new questions - First, what factors determine flow of international goods and services? Second, how are the gains and losses from international trade distributed amongst nations? Do all benefit, or are some countries made better off at the expense of others?  Third, how does trade affect the internal allocation of resources and distribution of income within a country?  Fourth, why do national governments try and influence or control international trade flows?  Finally, how does international trade affect the low- and middle-income countries in today's global economy especially in the post Covid world?

International Finance An analysis of the world's financial system and the consequences for open economies of macroeconomic interdependence. Particular topics include: exchange rate determination, balance of payments adjustments, and monetary and fiscal policies in open economies. Special attention is paid to the issues and problems of the European Economic Community and European integration and debt in developing countries.

Historical Development of the World Economy Many of the controversies and tensions modern economies have to contend with today, such as growth, inequality, and instability, emerged during the last few centuries. In this seminar we will use economic and historical tools to develop a better understanding of the profound transformations in technology, finance, and international trade over time. We will analyze the challenges the world faced as capital, labor, and commodity markets became rapidly integrated, including financial crises, rising income and wealth inequality, and modernizing policies.

History of the Firm In this course we will trace the history of firms from the Classical Age to the present, using theoretical and empirical economics to understand what makes a “firm,” how firms have been organized throughout history, why firm organization may differ across countries (e.g., early industrial firms in Europe vs. Latin America vs. the United States), and what firm structure implies for economic performance. Our discussion will rely on subfields like institutional economics, development, and finance. Final research papers will evaluate the organizational history of a single firm or the development of firm structures in an industry or country.

Information Economics When individuals make economics decisions, they often have different information than their peers or firms they interact with. This course is designed to analyze how an individual’s private information (or lack thereof) shapes their decision making and strategic interactions. This course introduces students to formal models of asymmetric information which we use to analyze moral hazard, adverse selection, mechanism design, matching, cheap talk, and costly information acquisition. Throughout the course we will study applications of the models we cover including car sales, job search, certification programs, bargaining, auctions, school choice, course selection, and selling user data on tech platforms. (ECON 0255 required, ECON 0280 recommended) 3 hrs.sem.

Special Topics in Environmental Economics The objective of this seminar is that each student achieves fluency in a set of advanced concepts in environmental economics. The seminar is divided into two main sections. First, we introduce the core theory and policy implications of environmental economics. These include the economics of renewable and non-renewable resources, the theory of externalities and public goods, the Coase theorem, the Ostrom perspective; and sustainability. Second, we study selected topics including the promise and challenges of economic growth, the future of fossil fuels and renewables, and the imperative of climate justice.

Environment and Development Climate change, air pollution, tropical deforestation: there is little doubt that economic development affects, and is affected by, the global and local environment and natural resources. In this course we will explore the complex relationship between environment and development using the theoretical and empirical tools of applied economic analysis. We will begin with pioneering research papers on the empirics of economic growth, examine the macroeconomic evidence, and then move to the micro foundations of the poverty-environment nexus. Major topics will include the resource curse and environmental Kuznets curve hypotheses, approaches for understanding responses to climate variability and disasters in poor communities, management of natural resources in smallholder agriculture, choosing policy instruments for pollution reduction, conservation, and environmental protection, and relationships between human health and the environment. We will conclude with a number of selected topics and issues of contemporary policy relevance. (ECON 0111 (formerly ECON 0210) and ECON 0255 or IPEC 0240 [formerly ECON 0240])

Long-run Growth, Living Standards, and Sustainability The average person today has vastly more health, wealth, and leisure opportunities than 50 years ago, let alone 500. In this course, we will study this remarkable set of facts: how these improvements have been won; at what cost, and for whom; and whether current, unprecedented levels of population and living standards are sustainable. Through analysis of historical data, engagement with academic research, and in-class debates, students will develop a deeper understanding of these long-term trends and critically evaluate the key forces shaping them. They will then apply this toolkit to examine urgent questions about the future of progress, exploring challenges and opportunities such as climate change, resource scarcity, ecosystem degradation, population dynamics, and emerging technologies.

Political Economy of the Middle East In this course we will study the complex relationship between economics and politics in the Middle East. We will use the theoretical and empirical toolboxes of economics and political science to better understand the joint evolution of political and economic structures/institutions and its implications for development and political make-up. We will address the following questions: What are the political underpinnings of divergent economic development and underdevelopment in the region? What is the role of the state and industrial policy in promoting economic modernization? What are the consequences of greater state involvement in pursuing industrial policy? Is there a political or economic resource curse? Main themes of the course include close relations between state and private business, crony capitalism, the military-industrial complex, international trade, human development, and inequality in the context of the Middle East.

Technology and Labor Markets In this course, we will explore the question: who gains from technological advances, and who loses? We will first learn theories of skill-biased technical change and automation through canonical and task-based Ricardian models. We will then apply these theories to a range of technological advances, including robots, computers, and complex software. For each technology, we will study the nuanced effects on employment, the wage distribution, and the nature of work. Additional topics will include historical technological advances (eg: electricity), and how technology contributes to growth in developing countries. We will then turn to emerging technologies like AI: can we extrapolate from what we have learned to predict how new technologies will impact workers? (ECON 0111 (formerly ECON 0210) and ECON 0250 or ECON 0255)

The Economics of Sports This is a survey course of topics illustrating how microeconomic principles apply to the sports industry. Topics covered will include the industrial organization of the sports industry (notably, issues of competitive balance and the implications of monopoly power), the public finance of sports (notably, the impact teams have on host municipalities), and labor issues related to sports (including player worth and discrimination). The prerequisites for this course are meant to ensure that students can both understand fundamental economic concepts and present the results of econometric research as they apply to the sports industry.

Space Economics In this course we will study the economics of outer space. Specific topics include: the existing terrestrial space economy, the historical development of the launch and space observation sectors, the physical constraints of space travel (the rocket equation, life support units), and dual-use technologies; orbit use, focusing on satellites, orbital debris, and emerging industrial concentration; the use of lunar resources, particularly ice extraction and dust management; and the economics of extra-terrestrial human settlements. (ECON 0210 and (ECON 0250 or ECON 0255); ECON 0265 strongly recommended.)

Behavioral Economics and Public Policy In this course we will examine some of the main findings of behavioral economics, with a focus on how these findings help design psychologically grounded policies. We will cover policy applications in areas like taxation, health, climate change, and education. We'll discuss papers covering real-world applications of behavioral insights across various contexts. Students will make a policy proposal to improve a current social program using insights from the class. The primary reading for the course will be journal articles and working papers, complemented with policy reports and book chapters.

Research in Behavioral and Experimental Economics In this seminar we will consider current research topics in behavioral and experimental economics. Although the theme for the course is likely to change from semester to semester, all students will design their own study, gather decision-making data, and write a research paper summarizing their main findings.

Senior Research Workshop I In this first semester, students will design and begin their projects. Emphasis will be on designing a novel research question (while making the case for its importance) and an appropriate strategy for answering it. This requires immersion in the academic literature on the topic. General research principles and tools will be taught in class, as a group, while those specific to individual projects will be covered in one-on-one meetings. By the end of the term, students will outline their plan for completing the project, including demonstrating that it is a feasible research question for which the necessary information (e.g., data or source materials) is available or can be generated by the student (e.g., lab or other experiment).

Senior Research Workshop II In this second semester of the senior research workshop sequence, the focus is on the execution of the research plan developed in ECON 0701.  Most instruction is now one-on-one but the workshop will still meet as a group to discuss and practice the presentation of results in various formats (seminars, poster sessions, et cetera) to the rest of the workshop and others in the college and broader communities. Feedback and critiques from such presentations will be incorporated into the project, which will culminate in a research paper in the style of an economics journal article.

Extending Financial Services to the Unbanked In this course we will explore different interventions and tools used for poverty alleviation, financial inclusion, and the extension of financial services to the unbanked poor in emerging markets. Using examples drawn from the field, we will look at the use of microfinance, microinsurance, and digital financial services to achieve these goals in developing countries. In addition to articles, the practitioner will draw on special guest speakers to represent case studies and themes from the course outline. (This course may be used to fulfill a 200-level elective towards the economics major requirements.)   Elizabeth Toder began her international development adventure as a Peace Corps Volunteer in Thailand 30 years ago and most recently served as the US Treasury Department’s Resident Advisor in Madagascar, advising the Ministry of Finance and Central Bank on financial inclusion.

Health Care Law, Economics and Regulation In this course we will explore why health care is one of the most highly regulated industries in the U.S. and how government intervention impacts market outcomes. We will discuss how laws and regulation are used to contain health care costs, protect consumers from anti-competitive practices, and ensure consumer privacy and safety. We will rely on actual cases to understand legal frameworks, regulatory structures, and economic outcomes. Students may also have the opportunity to travel to Montpelier, VT to see health policy, legislation, and regulation in action. (ECON 0155 recommended but not required) (This course may be used to fulfill a 200 level elective towards the economics major requirements.)  Robin J. Lunge, JD, MHCDS is a Member of Vermont’s Green Mountain Care Board, which is charged with designing and administering health care payment and delivery system reform as well as regulating the health care industry. Previously Lunge served as Governor Shumlin’s Director of Health Care Reform for close to 6 years, coordinating health reform efforts for his administration.  She also worked as a nonpartisan staff attorney at Vermont Legislative Council for 8 sessions and provided drafting and staff support in health and human services issues to members of the Vermont Legislature.

Consumer Psychology How does Amazon convince us to buy things we do not need? How has Netflix managed to get us to spend 18% of our waking hours watching its content? In this course, we will learn the fundamentals of consumer psychology and the ways in which consumer behavior can be influenced. Using social psychology and behavioral economics, we will study how consumers form opinions, make purchase decisions, and advocate for products and causes they care about. We will study examples of interventions by companies and NGOs that successfully influenced consumers’ opinions and behaviors and debate the ethical implications of such interventions.

Akhil Rao

Alice Gindin

Amanda Gregg

Andrea Robbett

Andrew Fieldhouse

Caitlin Myers

Carolyn Craven

Cihan Artunc

David Munro

Elizabeth Toder

Erick Gong

Erin Wolcott

German Reyes

Jason Dolatshahi

Jeffrey Carpenter

Jessica Holmes

John Maluccio

Jon Isham

Julia Berazneva

Kevin Kuruc

Kristina Sargent

Martin Abel

Mike Olinick

Mohamed Hussein

Obie Porteous

Paul Sommers

Peter Matthews

Phani Wunnava

Raphaelle Gauvin-Coulombe

Robin Lunge

Sebnem Gumuscu

Steven Pecsok

Sunder Ramaswamy

Tanya Byker

Tristan Potter

Will Pyle

Zara Contractor

Read 1316 reviews for Economics courses at Middlebury College. Find the best Economics professors and courses.  Discover your new major today!

Prof. Munroe is an extremely enthusiastic professor with his way of teaching. We didn't have a textbook and relied mostly on his slides and course notes, while those were much more accessible compared to the majority of econ textbooks, he was still in the process of writing them back in the day, so sometimes information was incomplete. He is a good lecturer and was breaking down the information into very digestible pieces, as well as provided a bunch of examples how the information could be used, but the lectures are extremely faced paced and require to really pay attention in class. Exams are on the more difficult side, he would always introduce problems that would take a step beyond in-class things and problem sets. There was on average about one problem set per week, and they took quite a bit of time to complete. Generally a great course to start your econ journey, but  it is pretty demanding.

The content of Game Theory is pretty difficult, but Carpenters grading and exam style makes it easy to do well. Homeworks definitely require office hours but they are graded on completion and effort. 

This course is not too much of a strain academically. I took macro theory a few semesters before and micro theory is much easier in comparison. I don't think I ever had to go to office hours and if I did Gindin made herself easily accesible.