Teaching

ECON 103 – Micro- and Macroeconomics II: Theories and Policies

This course presents a broad introduction to economics. The overall objectives are to help you gain a clear and useful understanding of how to think about economics theories and activities from the perspectives of history of thought, microeconomics, macroeconomics and international trade without losing sights of the real world. It does so from pluralistic and critical viewpoints. We will study the standard economic models, but in broader contexts than what is part of traditional neoclassical economic theory. This course also provides a careful examination of the goals and purposes of an economy, i.e., issues of economic wellbeing at the individual and the social levels.

By the end of the semester, students should be able to engage in economic reasonings (both verbally and in writing), apply economic tools and theories to market situations, understand policy debates and formulate informed opinions on contemporary economic issues. The course meets other departmental objectives by (1) providing both political economy and mainstream theoretical analyses, (2) examining the historical context of contemporary economic outcomes and policy debates on major domestic and global issues, and 3) encouraging critical thinking.

ECON 204 – Intermediate Political Economy

The purpose of this course is to study some alternative approaches to analyze and understand economics and the economy. The basic premise of the course is that our current capitalist economic system has many flaws, and these flaws are not addressed adequately by mainstream economics. There are alternative schools of thought that consider issues and problems that is largely ignored in mainstream economics thinking – one that is called heterodox economics. Throughout the class hours, we will study two main schools of heterodox economic thought, Marxist Economics and Institutional Economics to examine how heterodox economists have used these theories to study the economy and the society at large.

In this course, we will examine how the works of Marx, Veblen, and contemporary heterodox economists differ from those of mainstream economists, in terms of both their theoretical approach and the questions addressed. We will confine ourselves for the most part to exploration and examination of these heterodox ideas, and we will review mainstream economics only when needed to place the heterodox material in context.

The course is divided into four sections. In the first part of the course, we will investigate Marxist heterodox economics, reading selections from Marx's writings as well as some contemporary works of Marxist heterodox economists. The second part of the course will apply the Marxist approach along with some other heterodox approaches to current issues, including social class, the environment, race, and gender. The third part of the course will investigate the institutionalist approach to heterodox economics, with a focus on the ideas of Thorstein Veblen, along with some contemporary work in the Institutionalist tradition. The final section of the course will present alternatives to capitalism that have emerged from the ideas of heterodox economists.

ECON 308 – Economics of Innovation

This course introduces students to the important issues related to technological change and how it relates to economic growth as well as the government policies that aim to support growth and development. The lectures seek to explain how technology and innovation determine growth and development with special emphasis on learning-by-doing, organizational capability, appropriation of knowledge and spillover effects. Through lectures and class discussions, we will analyze issues including: (1) origins of new technology and its market introduction, (2) the process of technological adoption and advancement, (3) the dissemination of technology and innovations within and across firms, industries and countries, (4) the impacts of technological change, including benefits and costs, on individual and society at large and (5) government policies to promote innovation as well as to reduce its negative welfare effects. The rest of the course will also focus on the relationship of technological change to human development, social welfare, as well as prior experiences of industrialized economies and emerging economies. The course is divided into three following themes.

Evolution of Growth Models

First, we will study the classical growth models analyzed by Smith, Malthus, the classical school, Mill, Marx and their analytical view of technology in the growth process. Second, we will analyze and apply the neoclassical growth model developed by Robert Solow including its assumption and implications to the catch-up process and experiences seen in Russia and East Asia.

Technological Change: Measurement and Dynamic Models

Second, we will assess two different definitions of technological change, its common characteristics and how to measure it using the Total Factor Productivity method. We will then study and analyze two dynamic models of technological change developed by Joseph Schumpeter and Paul Romer with special attention to the role of innovation as the driver of growth.

Innovation, Policy and Experiences

Third, we will discuss the policy options and a number of country experiences that employed national policies to stimulate economic growth and development by the use of technological innovations. After assessing Friedrich List’s theoretical foundation for a national system of innovation (NSI), we will study how Prussia overtook Britain in the later half of the 19^th century. We will also analyze and compare the NSIs of Japan and the Soviet Union in the 50s and 60s. Next, we study the NSI in Germany with special attention to the role of Fraunhofer-Gesellschaft in leading Germany’s applied research and development for products in niche markets. Finally, we analyze the similarities and differences in the East Asian NSIs, especially in Singapore, South Korea, Taiwan and Hong Kong.