Why Study Economics at New College?
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.
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Overview
“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.
You will discover that our faculty’s knowledge and expertise translate into rich classroom experiences and provide connections to pursue internships, gain entry into leading graduate programs and successfully launch careers in a host of fields. New College economics students have gone on to graduate school at the London School of Economics, Harvard, Brandeis and Duke, among many others. They lead successful careers as professional economists, entrepreneurs, financial analysts, researchers, teachers and lawyers. One of them, William Dudley, is currently president of the Federal Reserve Bank of New York.
This intense, non-competitive environment is one of the keys to our success in placing our students in leading graduate school programs. In recent years, New College graduates have been admitted to graduate and business school programs at Babson College, University of Florida, University of California at Berkeley, Carnegie-Mellon University, Duke University, Rochester University, Vanderbilt University, Tulane University, Stanford University and a host of others, many of them with full funding for their graduate studies.
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Curriculum
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:
Introductory Macroeconomics
Macroeconomics is one of the two broad fields in economics. Macroeconomics analyzes the aggregate performance of the economy – the overall level of output, employment and prices. The primary learning objectives of the course are: 1) to familiarize the student with the measurement and importance of the basic macro performance variables – GDP, unemployment and inflation; 2) to build a model of the economy that incorporates the most important behavioral relationships that influence macro performance; 3) to analyze the potential effects of government fiscal and monetary policy on the performance of the economy; 4) to understand the historical macroeconomic performance of the U.S. economy in light of 2) and 3) above; and 5) to analyze the determinants of international exchange rates and the effects of changes in such on the performance of the economy.Intermediate Macroeconomics
This upper-level course provides an in-depth study of the determinants of the level of output, growth, prices and employment in the U.S. economy. We begin by first examining how these key performance variables are defined and measured. After reviewing the elementary Keynesian aggregate expenditure model, we develop a more advanced model of the shorter-run determinants of macroeconomic performance, with special attention paid to the role of the foreign sector. The possible use of fiscal and monetary policy to affect the business cycle is examined. Other topics studied include government deficits and debt, the consumption function, and the Phillips Curve. Throughout the course we look at past macroeconomic performance and policy, as well as alternative schools of thought, in order to see what lessons can be learned for today’s economy.Introductory Microeconomics
The course is designed to introduce the student to the way economists analyze social behavior and evaluate public policies. We examine the principles underlying how a market-oriented economy allocates its scarce resources among competing uses so as to answer the three basic economic questions – what to produce, how to produce it, and who gets it. We also develop an analytical framework to answer the question of whether a market-based allocation of resources is “good” for society. Considerable attention is devoted to understanding the basic market model of supply and demand. We will use that model to examine the pros and cons of selected policies, including rent controls, the minimum wage, and protectionist trade measures. The goal is to develop the student’s ability to undertake relatively sophisticated policy evaluation using the basic tools of economic analysis. We also analyze the appropriate role of the government in affecting the allocation of resources in a market-oriented economy. No prior knowledge of economics is assumed. No math beyond basic arithmetic is needed, although heavy reliance is placed on graphical analysis. The course serves as a basic building block for further study in economics and is a prerequisite for most additional course work in the field.Intermediate Microeconomics
This is a course on microeconomic analysis. Students will learn the tools that are needed to analyze the behavior of individuals and firms in a world of scarcity as well as the effects of individual decisions on markets. Topics include: the theory of consumer behavior, the theory of the firm, perfectly competitive markets, monopoly, and imperfect competition. If time permits, factor markets (labor and capital), public goods, and general equilibrium analysis will be covered. In addition to theoretical work, we will apply theories and tools to real world applications. A deep understanding of the concepts you learn in this course will be essential in your future coursework in economics. This course is also centrally important to any student who plans to pursue graduate studies in economics.Developmental Economics
This course is a survey of topics in development economics. The course will be focused on a fundamental question: why are some countries poor while some are rich? It provides a foundation from which students can advance to further studies in economic development and international studies. It examines the meaning and measurement of development and then reviews development theories, issues and policies. Some of the main issues we will examine this semester are: (i) the meaning and measurement of development; (ii) classical and modern development theories; (iii) political economy aspects of development; (iv) trade and development; (v) institutions and development; (vi) finance and development; (vii) the role of the State in development, (viii) environmental issues in development, and (ix) theories of economic growth. Prerequisites: (i) Introduction to Microeconomics; and/or (ii) Introduction to Macroeconomics. However, the ideal student would have completed Econometrics and the intermediate economics sequence. This is not a class for first year students.Econometrics
The aims of this course are to: (i) provide an introduction to econometric methods that will assist students in understanding empirical research in their field; and (ii) enable students to apply these methods in their own research or thesis. The objectives of the course are: (i) students must demonstrate their understanding of the appropriate econometric methods for analyzing data; and (ii) generate and interpret computer output for the estimation and testing of economic relationships. Several fundamental topics in mathematical statistics would be reviewed. These include mathematical expectations, variance and covariance of random variables. The following topics would be covered: (i) the OLS estimator; (ii) two stage least squares and instrumental variable technique; (iii) the maximum likelihood estimator; (iv) vector autoregressions (VAR); (v) cointegration and error correction models (VECM); (vi) volatility models (ARCH, GARCH and GARCH-M); and finally (vii) univariate time-series models.Environmental Economics
This upper-level course applies the tools of economic analysis to issues involving the environment. We begin with a discussion of how the fundamental evaluative criteria of economics – static efficiency, dynamic efficiency, intergenerational equity and intergenerational equity– apply specifically to environmental issues. The remainder of the term is divided into three broad areas: the economics of natural resources, pollution control and sustainable growth. Specific topics covered, among others, include global warming, the sulfur-dioxide emissions permit program, the environmental justice movement, the evaluation of environmental amenities, the economics of fisheries, the population growth issue, and the preservation of endangered species.Health Economics
This course is an introduction to the economics of health and health care. It explores the health care sector and healthy policy issues from an economic perspective. We will cover issues including the value of health, the demand for health care, health insurance markets, managed care, medical technology, government insurance programs, health care reform, the pharmaceutical industry, and the economics of bad habits. This is a writing-intensive course and part of New College’s Seminars in Critical Thinking; it is recommended to students who want to improve their critical thinking and writing skills.Introduction to International Business
This course examines the different business, cultural, ethical, political, financial and legal challenges firms face when they operate in an international environment. It provides students with an overview of the different business strategies firms use in order to successfully globalize their operations and adapt to local markets. It also explains the managerial implications of international trade and investment and the global monetary system. By the end of this course, students will understand the strategies and structures of international business and how these strategies affect the various other functions of the firm. Students will also have a good idea of the core issues and problems international businesses face.Law and Economics: Property and Contract Law
This upper-level seminar applies the principles of economic analysis to the basic legal rules underlying property and contract law. Do such rules represent a fair and efficient way of resolving disputes between affected parties? In the area of property law we cover such topics as nuisance law, government takings, and rights to intellectual property. In the area of contract law topics covered include formation defenses, performance defenses, efficient breach, and the determination of damages. The casebook method will be followed, with heavy emphasis on class discussion. The course is recommended for economics concentrators as well as upper-level students with an interest in the law.Money, Banking and Financial Markets
This course examines the theory and institutional aspects of banking, the interaction of banks with financial markets, and the role banks play in determining financial outcomes. We will examine the issue of central banking and its interrelationship with other financial institutions and markets. Topics that would be covered include: (i) interest rate determination and term structure theories; (ii) the nature of various financial institutions and markets; (iii) central banking and the conduct of monetary policy; (iv) the international financial system and foreign exchange market; (v) the demand for money; (vi) monetary transmission mechanisms; (vii) money and inflation; and (viii) financial derivatives. We would also examine various circumstances surrounding the recent financial crisis and how it could change the nature of banking and finance. The analytical tools for this course would be the IS/LM model and AD/AS framework.Political Economy
This course is a survey of topics in modern political economy. It is a course which examines the workings of the capitalist economic system. As a matter of fact, we could easily name this course ‘understanding capitalism.” The course will examine several institutional issues like the implications of market power of an oligopolistic market structure for price formation, stability, distribution and income inequality. We will examine some issues that are typically not covered in standard mainstream micro and macroeconomics courses. In particular, the course places political rivalry for economic space at the forefront of discussions. For example, we will look at how the dominant American corporate governance framework has influenced the rights and welfare of workers. The course will also examine the political economy roots of the Great Financial Crisis of 2007-2009 and the continuing stagnation of the US economy. For us to appreciate contemporary political economy, we must first return to the history of economic thought and some history on the evolution of capitalism. Therefore, we will survey the theories of several influential economists – Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, John Kenneth Galbraith, Thorstein Veblen, F.A. Hayek, Amartya Sen and Milton Friedman – and examine how these ideas are embedded in modern mathematical economic theories and policy debates.Public Finance: Government Expenditures
This course examines the theory and practice of government expenditures in a market-based economy. The theory part of the course covers the concepts of public goods and externalities, as well as basic cost-benefit analysis. In the second half of the course we will study some of the major policy issues regarding government spending facing the United States today, namely, the Social Security system, health care, and education reform.Public Finance: Taxation
How the government acquires resources to perform its functions can have profound impacts on the economy. In this course we will analyze the efficiency and equity implications of the major methods that governments employ to acquire resources from the private sector. Taxation is the primary method, and we will examine the major taxes utilized in the United States. Primary attention will be devoted to the federal individual income tax. We will also study the corporate income tax, the estate and gift tax, the sales tax and the property tax. Other methods that governments do or can use to acquire resources, such as the lottery, will be studied. The course will conclude with an examination of the ongoing debate concerning tax justice and reforms to our tax system.For detailed requirements, check out our General Catalog and the Economics Academic Learning Compact.
For a complete list of courses, click here.
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Faculty
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Outcomes
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.
Sample of Graduate Schools Attended by NCF Students in Economics- Harvard University
- London School of Economics
- Stanford University
- University of California at Berkeley
- University of Virginia Law School
- University of North Carolina Law School
- University of Florida Law School
- American University
- Brandeis University
- Carnegie-Mellon University
- Duke University
- Rochester University
- Tulane University
- University of Edinburgh
- University of London
- University of Pittsburgh
- Vanderbilt University
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Senior Thesis
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
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Resources
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.