Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

This course covers, with a focus on both theory and empirics, advanced topics in international trade (as well as inter-regional trade and economic geography). It includes the study of positive issues, such as: Why do countries trade? What goods do countries trade? What are the implications of openness for the location of production, industries, occupations, and innovative activity? And, what impedes trade and why do some countries deliberately erect policy impediments to trade? The course also concerns normative issues, such as: Is trade openness beneficial to a representative agent? And, Are there winners and losers from trade and if so, can we identify them? Throughout, these issues are approached in neoclassical settings as well as those with market failures, at the industry-level as well as the firm-level, and in the presence of both mobile and immobile factors (e.g., foreign direct investment (FDI), offshoring of tasks, multinational firms and immigration).

This introductory survey course is intended to develop an understanding of key issues and dilemmas of planning in non-Western countries. The issues covered by the course include state intervention, governance, law and institutions in development, privatization, participatory planning, decentralization, poverty, urban-rural linkages, corruption and civil service reform, trade and outsourcing and labor standards, post-conflict development and the role of aid in development.

The development and evolution of labor market structures and institutions. Particular focus on competing explanations of recent developments in the distribution of wage and salary income and in key institutions and organizational structures. Special attention to theories of worker motivation and behavior, the determination of wages, technology, and social stratification.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section you will be able to:

Explain how exchange rate shifting influences aggregate demand and supply
Explain how shifting exchange rates also can influence loans and banks

By the end of this section, you will be able to:

Asses the complexity of international trade
Discuss why a market-oriented economy is so affected by international trade
Explain disruptive market change

By the end of this section, you will be able to:

Identify at least two advantages of intra-industry trading
Explain the relationship between economies of scale and intra-industry trade

Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.