At New College, our Economics AOC is designed to help you successfully confront the challenges of a rapidly changing world. The emphasis is on providing you with a conceptual framework with which to understand and assess the events and decisions that affect society at large as well as your own personal life. Upon graduation, should you continue on to graduate school or enter the job market? Should Europe abandon the euro? Should the Federal Reserve raise or lower interest rates in order to stabilize the economy? By mastering the tools of economic analysis, you will be able to evaluate questions such as these in a critical and systematic manner.
“Economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.” – John Maynard Keynes
As an economics student at New College, you can expect to be exposed to theories and concepts that underlie the discipline. Working closely with faculty, you will also be able to design a plan of study that matches your academic interests and goals and that provides hands-on experience by way of internships, study abroad opportunities and foreign language training. Both in the classroom, as well as through tutorials and independent study projects (ISPs), you’ll be challenged to explore, research and defend your ideas and to acknowledge and critique those of your classmates. And although we do not have a Business AOC at New College, our faculty offer courses in entrepreneurship, finance and other critical areas that help students prepare for graduate level work or careers in wide variety of fields.
Our students must complete seven contracts, three Independent Study Projects and a senior thesis project to graduate. Contracts consist of three to five academic activities — courses, tutorials, internships, independent reading projects, etc. — that will develop your personal educational goals during a semester.
The basic building blocks of the Economics program are the two introductory courses, Introductory Macroeconomics and Introductory Microeconomics. These courses are recommended for all students, regardless of their future interest in studying economics. The analytical tools learned — the economic “techniques of thinking” — will be a valuable resource for students who plan to enter such diverse fields as law, environmental studies, international relations, business and finance, decision sciences, history, political science and public policy.
Here’s a list of recent course offerings in Economics:
Introduction to International Business
Law and Economics: Property and Contract Law
Money, Banking and Financial Markets
Public Finance: Government Expenditures
Public Finance: Taxation
For a complete list of courses, click here.
William Dudley ’71 has been president and CEO of the Federal Reserve Bank of New York since 2009. Dudley earned his Ph.D. at the University of California at Berkeley. “I like to call New College the ‘graduate school for undergraduates’ because it is a place that encourages students to intellectually engage, learn, think and communicate,” he says. “My time at New College was extraordinarily valuable. I remember I took one test the whole time I was there; the rest was spent thinking and writing. That’s much more germane to your career than taking tests. I took as many courses in literature as I did in economics, and truly believe a liberal arts education is important to developing breadth.”
His New College thesis? “The Pursuit of Economic Growth: The Implications of Short Run Policy Formation.”
New College is proud of the many Economics and non-Economics graduates who have contributed to the field. Here’s a sampling of some of our graduates:
• Jonathan Smiga is CEO of Barnie’s CoffeeKitchen (formerly Barnie’s Coffee & Tea). He is also a managing member focusing on sales and marketing for Dept. C Wines, a producer of Burgundian-styled Pinot Noir from select family vineyards in California. He specializes in venture investments and has previously been employed or worked as a consultant for Robert Mondavi, Illy Espresso, Williams-Sonoma, Olive Garden, General Mills, Disney, Culinary Institute of America, Cheesecake Factory and Ste. Michelle Wine Estates.
• Felice Schulaner held management positions for Jordan Marsh, Macy’s and American Express before becoming senior vice president of human resources for Coach Inc., where she helped lead one of the most successful initial public offerings of the decade. “I applied to a number of fine graduate school programs and, even without grades, was accepted by all with generous financial packages. That is not unusual; graduate schools have long known the value of a New College education; the school is sometimes referred to as the ‘graduate school for undergraduates’ given its focus on research and writing. Consequently, New College students frequently find themselves better prepared than their graduate school colleagues.”
• David Allen is the New York Times best-selling author of Getting Things Doneand president of The David Allen Company / Getting Things Done. Often referred to as the guru of personal productivity, Allen has more than 20 years of experience as a consultant and executive coach for such organizations as Microsoft, the Ford Foundation, L.L. Bean and the World Bank. His books include Getting Things Done: The Art of Stress-Free Productivity and Ready for Anything: 52 Productivity Principles for Work and Life.
• Sam Patterson created the KL Grip Shift system for shifting gears on a road bike. It was the first time anyone had thought to move the gear shift to the handlebars. His bicycle part manufacturing company has grown into a multimillion dollar company with a global reach.
• Tracy Rahn is director at The Royal Bank of Scotland.
• Raymonda Burgman, Ph.D., is a former economics professor at Depauw University and associate provost at New College. She currently is director of the HERS Institute in Denver, Colorado.
• Margaret Knight, J.D., graduated from NYU School of Law and is an appellate lawyer for the New York Public Defender’s Office.
• Misha (Mike) Snytkin, J.D., graduated from University of Florida’s Levin College of Law and is an attorney in Orlando, Florida.
• Aaron Delgado, J.D., graduated cum laude from the University of Florida’s Levin College of Law and is an attorney in Daytona, Florida.
• Annie Spencer works at the World Bank.
• Jonathan Schaan, J.D., received his law degree from University of Minnesota, a top ten program, and is now a lawyer in Chicago.
• Aaron Gubin, Ph.D., went to graduate school at the University of Florida and is currently professor of finance at Eastern Carolina University.
• David King earned his master’s in finance from the University of Florida and is currently working for a firm on Wall Street.
• Adam Kendall is a financial advisor at Morgan Stanley in Sarasota, Florida.
• Logan Cobb worked at the Bureau of Labor Statistics following graduation and is now in graduate school at George Washington University.
• Ari Goelman is a fiction writer and children’s novelist.
• Harvard University
Each academic experience builds toward your senior thesis project. It’s required for graduation, and our students tell us that while it’s demanding, it’s also one of the most rewarding experiences of their lives. Here are some thesis projects in Economics:
“Are You Getting What You Pay For? An Analysis of the Education Production Function in South Carolina” by Erin Lapeyrolerie
“Crowding-Out in Public Radio” by Matthew Cutler
“Tax Havens and an Expanding Economy: Policy Recommendations for China” by Timothy Richardson
“Turning Our Darkness to Dawn: The Effect of the Preference Clause on the Pacific Northwest Electricity Market” by Willis Schueler
“Changing Slices of a Growing Pie: The Decline of the Wage Share and Rise of the Profit Share in U.S. GDP” by Rebecca Ryan Keenan
“Fixed Against Floating: An Investigation of the Stability of Barbados’ Fixed Exchange Rate Regime” by Tristan A. Zucker
“Crimes of Emission: How Dirty are the Hfc-23 Abatement Projects of the Clean Development Mechanism?” by Oliver Laurence Peckham
“Cuba: Dependency and Development” by Carlos A. Iglesias Garcia
“Product Differentation with Bimodal Consumer Preference Distributions” by Regina Willis
“Bon Voyage? Tourism and Development in the Caribbean: The Case of Barbados” by Nicole Whalen
“Sources of Liquidity in the Great Credit Crunch” by Ezekiel Brustkern
“Wow You’re Doing it Wrong: An Examination of Secondary RMT, External Costs, and Profit Maximization in World of Warcraft” by Wyatt Kostygan
“The Favorable Treatment of Owner-Occupied Housing in the Federal Individual Income Tax” by David Price
“Anyone Can be a Fisherman in May: The Economics of Fisheries and Fishery Regulation with an Exploration into the Icelandic Fisheries” by Gabriel Esteban Rodriguez
“Emprical Estimation of Asian Import Demand Functions: An Implication of Thirlwall’s Law for Developing Nations” by Preston Bebas
“Economic Examination of the Case for Societal Subsidization of Education” by Ioana Ruxandra Brebenel
“Optimal Retrospective Capital Gains Taxation” by Nicholas Frazier
“An Empirical Investigation into the Demand for Mass Produced Artistic Products” by Chaitanya Katikala
“Targeting Strategies of Terrorist Groups: A Comparative Case Study of Northern Ireland and Spain” by Stephen Quirke
“Guyana’s Post-Liberalization Stagnation: Real Exchange Rate or Oligopolistic Banking?” by Kyle Crandell
“Perspectives on Status Consumption” by Alexander English
“Explaining Variation in Homelessness Rates Across States” by Jeremy Spangler
“Risky Business: A Case for Cat-Bonds in Florida’s Insurance Crisis” by David A. Kling
“The Political Economy of Development in South Korea” by Geoffrey Gordon
“Crisis in the Capian: The Overfishing of Sturgeon in the Caspian Sea for the Production of Caviar” by Jordan Clark
“Estimating the Aggregate Production of Azeroth” by Whitney Fish
“Examining the Economic Consequences of Low Skilled Immigrants in the United States” by Sandra Daniela Santistevan Gutierrez
“Solving the Shortage of Human Organs in the United States” by Eric Quintero
“Trade in Ideas and the Ideas of Trade: Using Constructivist Political Economy to Explain the Spread of Economic Regionalism” by Adam Tubridy
“The New Great Game: A Study of International Energy Competition in the Caspian Sea Region” by Robert Kupstas Byla
“Globalization: Revisiting Marxian Economic Theory” by Frank Hujsa
“Microeconomic Implications of Market-Based Fisheries Regulations in Marine Fisheries: Balancing Equity and Compliance with Theoretical Results” by Thomas Knight
“Developing from the Margins: Microfinance Repayment Incentives and Social Proximity” by Karlye Dilts
“A Post-Autistic Examination of the Giffen Good” by Timothy Buisker
“Is Working Paying Off? An Anaysis of Labor Market Commitment and Gender Pay Parity” by Elizabeth Hudson
“Dollatization to the Rescue? A Study of Currency Area Theory Applied to Ecuadirian Dollarization” by Oswaldo Javier Patiño Vega
“The Economics of Advertising: Analyzing the Effects of Different Types of Advertisements Under an Attribute Analysis Framework” by Natalie Guyette
“Quality of Health Care Assessment of Pediatric Acute Lymphoid Leukemia Patients Admitted to Florida Hospitals in 2003” by Laura A. Navarro-Borelly
“Economic, Social and Cultural Rights in Bolivia” by Jonathan Steven Schaan
“Islamic Commercial Law and Economic Development” by Zeeshan Javed Hafeez
“A Critical Review of the Efficient Market Hypothesis” by Paul M. Reynolds
“Neuroeconomics: An Investigation into the Biological Foundations of Decision Making” by Sascha J. Mohr
“The Cyclical Nature of United States Commercial Bank Lending to Latin America: World War I through the 1990s” by Lawrence Austin Bowdish
“The Role of Corruption in Preventing Consolidation of Democracy in Bulgaria” by Polina Gueorguieva
“Millennium Madness, Now That We Are Over That …” by Jennifer A. Harter
“Comparative Analysis of American and British Models of Pharmaceutical Regulation” by Matthew Mazzuckelli
“The Effects of Western Hemisphere Economic Integration on the Economic, Political, and Social Development of the Dominican Republic” by Myriam Isabel Alvarez Thomas
“Rural Reform and Development in China: From Mao to Deng” by Lacey Bradley
“The Effect of Context on Assignment of Gender to an Ambiguous Target” by Amanda Kennedy
“Examining the Economic Approach to Individual Decision Making: Arguments to Rethink Unbounded Rationality” by Stephen W. Nelson
“Let’s Make a Deal: Labor Exploitation in the National Basketball Association” by Scott Schwieger
“The Bulgarian Currency Board: A Resolution of the 1996-1997 Crisis” by Ivan D. Dimitrov
“The Net Effect: Consumers, Copyright, and the Internet” by George Vincent Famiglio
“Alternatives to the Income Tax: A Tax on Consumption” by Aaron David Delgado
“An Unfinished Symphony: The Economic Viability of American Symphony Orchestra” by Jean-Pierre Mesia
“International Trafficking of Russian Women for the Purpose of Sexual Exploitation” by Rebecca Schaaf
“Managing Fisheries: A Case Study of Conceptual Frameworks for Policy Design” by Jessica Campese
“On Integer Flows in Cayley Graphs: Excursions in Tutte’s 3-edgecoloring Conjecture” by Scott Moser
“An Overview of Acid Mine Drainage with an Emphasis on the Biological and Economic Factors Involved” by Ian Hallett
“The Economics of Government Intervention: A Case Study of the Prohibited Market for Marijuana” by Dean Lo
“An Institutional Analysis of the Bulgarian Stock Market” by Irina Barakova
“Puerto Rican Industrial Incentives Acts: A Political EconomicExamination of Development” by Alexander D. Villafañe
The Jane Bancroft Cook Library at New College has a strong collection of materials for the study of economics. Students have electronic access to journals and books, World Bank data, world development indicators, international finance statistics, government finance statistics, and various micro-oriented data bases, such as Census Bureau data, the Panel Study of Income Dynamics, and the National Longitudinal Youth Study. New College also has a Social Science Research Laboratory that is open to economics students.
Professor of Economics Tarron Khemraj serves as a research associate at the Caribbean Center for Money and Finance, a think tank for about 18 countries. “I advise the region on monetary policy, interest-rate policy, or money supply and exchange-rate policy,” says Dr. Khemraj. “Through this, one of my students then had a full internship at the Central Bank of Barbados.”
New Topics New College is a public lecture series that runs from October through March. Free to students, the series features guest speakers discussing a wide range of current topics and issues — local, national and international.
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In recent years, a number of students in the Economics AOC at New College have been able to land local and national internships with such leading firms as Morgan Stanley, giving them hands-on experience in the field and a leg up when it comes to graduate school and future employment.