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        General Admission Contact
        The New School for Social Research
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        79 Fifth Avenue, 5th floor
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        212.229.5600 or 800.523.5411

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        Tato Khundadze

        Department of Economics
        6 East 16th Street, room 1124A
        New York, NY 10003
        Tel: 212.229.5717 x3044
        Fax: 212.229.5724

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        New York, NY 10003

        Mark Setterfield

        Department Contact

        Student Advisor
        Victoria Echeverria

        Economics Student Handbook

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    • Courses in the Department of Economics combine abstract theory with concrete statistical analysis for a more nuanced and accurate understanding of important issues. Our classes offer the study of different schools of economic thought, explored for both historical context and modern importance.

      Please consult the New School Course Catalog for a full course list. Fall 2020 courses include:

      • Historical Foundations of Political Economy 1, GECO 5104 
        Paulo dos Santos, Associate Professor of Economics 

        This course provides an introduction to the history of classical economic thought. Classical economics provides important building blocks for an understanding of modern capitalism, because it attempts to integrate its economic analysis with social class, income distribution, real competition, technological change, the world economy, and the historical place and limits of industrial capitalism. It can therefore broaden and challenge the analytical scope of much contemporary economic thought. This course, the first of a two-part sequence, focuses on Smith, Ricardo, and Marx and on salient discussions and elaborations of their work. No prior background is required, and the course is open to advanced undergraduates.
      • Economics of Crisis and Austerity, GECO 5425
        Anwar Shaikh, Professor of Economics 

        This course begins by considering the present state of the world at the global level. It moves on to consider how various schools of economic thought attempt to explain structural patterns such as growth, cycles, crises, and unemployment. At the heart of any such enterprise is the following question: Given that capitalism is a social system in which economic outcomes are rooted in a constantly evolving mixture of institutions and interests, how does it also manage to generate strong economic patterns that repeat over long periods of time? Guest lecturers will be invited to speak on various facets of the global crisis.

      • The Economics of Socialism, GECO 5900
        Davide Gualerzi and Gary Mongiovi, Part-Time Faculty

        This course surveys the theoretical approaches that economists have applied to the analysis of socialism from the early 19th century to the present. Systematic analytical discussions of socialism, variously defined, emerged close on the heels of Smith's and Ricardo's systematic accounts of how market economies function. Among the themes examined in the literature on socialism were the degree to which market outcomes are just, whether there is a trade-off between social equity and economic efficiency, whether socialism hinders innovation and technical progress, whether socialism is practically feasible, and whether economic planning is compatible with individual freedom. The course examines how economists have engaged with these issues, paying particular attention to the following topics: John Stuart Mill and other pre-marginalist thinkers on the feasibility of socialism, Marx’s practical vision of a post-capitalist society, the early neoclassical economists on socialism and the role of the state, Fabian socialism, the socialist calculation debates of the mid-20th century (including the critiques put forward by von Mises and Hayek), the relation between the Keynesian Revolution and the discourse on socialism, and developments in the neoliberal era. The course explores in roughly equal measures the intellectual history of the topic and the technical aspects of the economics of socialism.

      • Market Culture: An Introduction to Economic Sociology, GECO 6100
        Eiko Ikegami, Walter A. Eberstadt Professor of Sociology

        The power of capitalist markets has permeated every aspect of our lives. Conversely, the dynamics of social relations, cultures, and values are deeply embedded in the operations of the contemporary market economy. It is in this context that sociology can make a distinct contribution to a realistic understanding of our economic life. This course is designed to provide an introduction to the field of new economic sociology and to prepare students to pursue research in this field. Special emphasis will be placed on learning contemporary organizational and network theories, developing an understanding of the historical rise of capitalism, and becoming sensitive to global variations in styles of capitalism. This course introduces students to organizational and institutional theories and provides students with the tools necessary to developing their own critiques of the cultural dimensions of capitalism. The course is run as a participatory seminar.

      • Graduate Macroeconomics, GECO 6191
        Willi Semmler, Arnhold Professor of International Cooperation and Development 

        This course covers the theory of macroeconomic fluctuations, economic growthm and income distribution. The first part of the course centers on the theory of economic fluctuations, aggregate demand, and the business cycle. Topics covered include the role of the financial market and the dynamic interaction of the product, financial, and labor markets; the Phillips Curve and the NAIRUl and monetary and fiscal policies. The second part of the course introduces classical, Keynesian, and neoclassical theories of economic growth and income distribution. In this context, the theory of endogenous growth and an open economy are also covered.

      • Advanced Macroeconomics 1, GECO 6202
        Mark Setterfield, Professor of Economics

        This course develops macroeconomics in the New School tradition, using neoclassical theory as a foil and emphasizing macroeconomic theory in the classical political economy and post-Keynesian traditions. Following a brief discussion of short-run macroeconomics that compares and contrasts new classical, real business cycle, and post-Keynesian approaches to the determination of output and employment, the course focuses on longer-term theories of growth, distribution, and technical change. Models developed include neoclassical theories of endogenous and semi-endogenous growth, and classical Marxian, neo-Keynesian, Kaleckian, and Kaldorian theories of growth and distribution. Topics covered include the question of whether growth is wage- or profit-led, the emergence and consequences of Harrodian instability, and reconciliation of the actual and potential rates of growth.

      • Advanced Political Economy 2, GECO 6205
        Anwar Shaikh, Professor of Economics 

        Advanced Political Economy 2, the first of a two-semester sequence, focusing on a classical approach to microeconomics: the theory of consumer behavior and the theory of the firm. It begins with a survey of the structure and dynamics of the center countries. The turbulent dynamics of the system, which express themselves as order generated in and through disorder, are shown to give rise to patterns of recurrence over a wide variety of domains. The course then develops a consistent classical approach grounded in the theory of real competition to the determination of relative prices, profits, output, interest rates, stock market prices, exchange rates, and international trade. In all cases, the classical approaches are compared with neoclassical and Keynesian and post-Keynesian ones and to the relevant empirical evidence. Students will be asked to work on specific course topics for weekly lab sessions, including the deconstruction of a standard microeconomics textbook and the possible construction of an alternative text grounded in the classical approach. There will be a final exam, based on a question set made available well in advance.

      • Post-Keynesian Economics, GECO 6206
        Mark Setterfield, Professor of Economics

        This course presents an overview of post-Keynesian economics. It begins by distinguishing post-Keynesian economics from other varieties of Keynesianism and identifying the major methodological concerns of post-Keynesian economics. Thereafter the course explores various topics in post-Keynesian economic theory, including the principle of effective demand, cost-plus pricing theory, the conflicting-claims theory of inflation, theories of endogenous money and finance, and demand-led growth theory. 

      • International Finance, GECO 6253
        Willi Semmler, Arnhold Professor of International Cooperation and Development 

        This course is devoted to studying international monetary economics and finance historically, empirically, and theoretically. We begin with a historical overview of monetary and currency systems such as the gold standard, the Bretton Woods system, the Eurosystem, and other systems. We then examine fixed and flexible exchange rate systems, the role of the balance of trade, the balance of payment, capital flows, foreign reserves, and credit cycles for their potential to generate international financial crises. We also study the important role of central banks and multilateral institutions such as the IMF in stabilizing growth, employment, and inflation rates. Special emphasis is given to topics such as globalization, financial instability, monetary and fiscal policies, and exchange rate volatility and their impact on the real and financial sectors, foreign debt, capital flows, currency runs, and international portfolio decisions. In addition, we study important recent historical crisis episodes, including the Latin American debt crisis, Asian currency crisis, U.S. financial market meltdown, and EU sovereign debt crisis. We also explore World Bank and IMF policies and issues concerning financial market liberalization, international financial regulations, and international financial architecture.

      • Advanced Econometrics 1, GECO 6281
        Feridoon Koohi-Kamali, Visiting Associate Professor of Applied Political Economy

        The objective of the course is to enable students to conceptualize, perform, and critique statistical analyses from a Bayesian perspective on an advanced level. The course covers the statistical and computational foundations of Bayesian model estimation and evaluation. The first part of the course reviews the basics of probability theory; compares the Bayesian and frequentist approaches to statistical inference; discusses methods of model checking, evaluation, and expansion; and introduces advanced posterior simulation methods. The second part enables students to estimate and evaluate linear and non-linear models of cross-sectional, time series, and panel data. The aim of the course is to provide a thorough understanding of the theory underlying Bayesian inference through a hands-on approach to modeling and computation. Students are required to work through numerous examples drawn from real applications and research using the free software packages R and Stan.

      • Economic Development 1, GECO 6290
        Sanjay Reddy, Associate Professor of Economics

        This course introduces students to the study of development economics at the advanced level, with the aim of providing exposure to historical and current debates and preparation for independent research drawing upon political economy perspectives and diverse disciplinary insights. Topics covered may include the concept of development; growth theory; industrial policy; project assessment and evaluation methodology; welfare economics and development; measurement and dynamics of inequality, poverty and living standards; economic history and historical legacies; international trade, finance, migration and development; state theory and development; international institutions; gender and development; population dynamics; urbanization; health; social protection; and the environment and global public goods.
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