Teaching
The Wealth and Poverty of Nations
Why are some places so rich while others are so poor? It is one of the most important, most intriguing questions in economics. In this course, we examine the causes of economic growth in the long run...the very long run. Looking back over the last several hundred, and in some cases several thousand, years, we search for the "deep determinants" of growth – how the fundamentals of geography and environment, along with changes in institutions, technology, and economic integration have allowed some, but not all, societies to prosper and provide their members with remarkably high standards of living. This process has accelerated rapidly among the economically developed countries over the last two hundred years, in what has been termed modern economic growth. Only in a long-run historical context can we adequately address the stark divergence between these countries and those who have remained poor.
Evolution of the Global Economy
Modern nations are linked together by an extensive network of international economic relationships; in other words, there is a global economy. In this course we examine how things got this way. When and how did people, technology, goods, and capital—both physical and financial—begin to flow so extensively and so far across national borders, and what was the impact of these flows on national economic development? These questions are at the center of our study. We focus on the nineteenth and twentieth centuries, during which time the size and scope of trade, migration, finance, and other forms of market integration increased dramatically. The course is organized chronologically. We begin by studying the beginnings of large-scale globalization during the period 1800 to 1913; then move on to the inter-war period from the First to the Second World Wars, a time of international economic disintegration; and finish with the time of reintegration from the end of World War II to the present.
Game Theory
This course introduces the basic concepts of game theory. Game theory is the study of strategic decision-making—that is, making decisions when individuals' actions affect each other. It is a powerful tool, applicable in a broad range of fields, from economics and business, to politics and law, and even biology. Firm competition, auctions, international conflict resolution, and animal mating behavior are all multi-agent decision problems; they are all games. In this course students learn how to recognize games, how to formally model their key properties, and how to predict outcomes based on concepts of equilibrium. More generally, students hone quantitative, analytical, and problem-solving skills. Above all, they learn to think strategically, and to do so with precision and rigor.
Principles of Macroeconomics
Macroeconomics deals with economic and political issues that are discussed all the time in the media and the business community...especially in these days of great economic uncertainty. The issues are complicated, but understanding their fundamental nature is not. In this course, we develop a basic understanding of growth and stagnation, booms and recessions, unemployment and inflation, the deficit and interest rates. By the end of the course, students can read the paper, listen to the talking heads, and discuss "The Economy" with a new level of insight and understanding. In a general sense, students hone their ability to think carefully and analytically about complex phenomena and develop quantitative and qualitative problem solving skills.