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Economics Courses

Economics courses are listed below.

Proficiency exam. To enroll in starred (*) economics courses, you must pass a proficiency exam. Harvard College students see additional information about exemptions from the proficiency exam. See economics proficiency exam for more information about fulfilling this requirement and for test dates.

Courselist

• ECON S-10ab Principles of Economics
• ECON S-10a Principles of Economics: Microeconomics
• ECON S-10b Principles of Economics: Macroeconomics
• ECON S-190 Introduction to Managerial Finance
• ECON S-192 Introduction to Capital Markets and Investments
• ECON S-1010 Microeconomic Theory
• ECON S-1012 Macroeconomic Theory
• ECON S-1123 Introduction to Econometrics
• ECON S-1452 Money, Financial Institutions, and Markets
• ECON S-1476 International Corporate Governance
• ECON S-1530 International Monetary Economics
• ECON S-1535 International Trade and Commercial Policy
• ECON S-1620 Organizations, Management Behavior, and Economics
• ECON S-1749 Study Abroad in Venice, Italy: Corporate Finance
• ECON S-1900 Financial Accounting
• ECON S-1901 Managerial Accounting
• ECON S-1913 Financial Strategy and Behavioral Finance
• ECON S-1920 Capital Markets and Investments
• ECON S-1936 Study Abroad in Venice, Italy: Redeeming Keynes
• ECON S-1941 Derivatives and Risk Management: Analytics and Applications
• ECON S-1945 The Global Financial Crisis

ECON S-10ab Principles of Economics (30057)

This course covers both micro- and macroeconomics. The microeconomic subjects studied include the workings of the market mechanisms—how supply and demand determine the quantities and prices of goods and factors of production and international trade, and how quantities and prices are affected by government intervention. The macroeconomic subjects include the determinants of economic growth, financial institutions, short-run fluctuations in output and employment, inflation, macroeconomics of the open economy, and the role of government policy. Prerequisites: elementary algebra and geometry. (8 credits)

ECON S-10a Principles of Economics: Microeconomics (30056)

This course offers an introduction to the market system, emphasizing economic interactions among individuals, business firms, and government. Topics include supply and demand, economic decision making, social efficiency, perfect and imperfect competition, labor markets, capital markets, and market failures. Issues such as the environment, taxation, and income distribution are addressed. This course is equivalent to the first half of ECON S-10ab. Prerequisites: elementary algebra and geometry. (4 credits)

ECON S-10b Principles of Economics: Macroeconomics (30058)

This introduction to macroeconomic theory and policy emphasizes the overall performance of the national economy. Topics include economic growth, financial markets, and the causes and consequences of short-term movements in gross domestic product, unemployment, interest rates, inflation, the budget deficit, and the trade deficit. The course also covers key policy-making institutions, such as the Federal Reserve, and controversies over the proper role of government in stabilizing the economy. Prerequisites: elementary algebra and geometry. (4 credits)

ECON S-190 Introduction to Managerial Finance (30298)

Students examine the practices and perspectives of financial management, with reference to the foundations of modern finance: economics, managerial organization, and accounting. This course builds analytical and quantitative skills in several topic areas: financial condition and performance, financial planning and control, working capital management, long-term asset decisions, and financial and capital structure. It introduces the processes of financial engineering, innovation, and restructuring. The roles of economic value added and the balanced scorecard in developing managerial strategies and incentive structures are also discussed. Prerequisite: ECON S-10ab or the equivalent. (4 credits)

ECON S-192 Introduction to Capital Markets and Investments (32419)

Students are introduced to investment analysis, including the functioning of capital markets, changes in markets, and analysis and tests of the efficient market hypothesis; portfolio theory; risk/return paradigms; and valuation theory applied to the aggregate market, industries, and firms. Topics covered include the analysis of currency markets, and an introduction to options, futures, and derivative securities. Prerequisite: ECON S-10ab or the equivalent. (4 credits)

*ECON S-1010 Microeconomic Theory (30344)

The focus of this course is on the optimizing behavior of individual consumers and firms and the coordination of these individual decisions through markets. Topics include the theory of the consumer, the theory of the firm, decisions involving time and risk, perfect competition, imperfect competition, general equilibrium, and welfare economics. Prerequisites: ECON S-10a and MATH S-1a, or the equivalent; also pass proficiency examination. (4 credits)

*ECON S-1012 Macroeconomic Theory (30345)

In this course we build economic models of growth, unemployment, inflation, and trade. These models are used to analyze fiscal and monetary policies and to sort out the controversies among macroeconomists. Students learn advanced concepts which can be applied to the economic analysis of business and policy situations. In addition to the textbook, we utilize articles by Nobel laureate and other notable economists so students get the opportunity to read "real" economics. Concepts from the course are applied to current policy debates in the United States and elsewhere. Prerequisites: ECON S-10ab or the equivalent; also pass proficiency examination. (4 credits)

*ECON S-1123 Introduction to Econometrics (31837)

*** *ECON S-1123 has been CANCELED. ***

ECON S-1452 Money, Financial Institutions, and Markets (31138)

This course presents a moderately advanced overview of concepts and techniques in the fields of money, banking, and finance. It examines the agents, instruments, and institutions that make up the financial system of the modern economy, such as bonds, the stock market, derivatives, and the money market, including the role of banks in deposit and credit creation. Along the way, standard concepts and tools of financial analysis are covered, including the risk-return tradeoff (Sharpe ratio), the capital asset pricing model (CAPM), option pricing theory, and the efficient market hypothesis (EMH) and its alternatives. Prerequisites: ECON S-10ab or equivalent, introductory statistics, proficiency with algebra (not linear or matrix algebra), calculus desirable, or permission of instructor. (4 credits)

ECON S-1476 International Corporate Governance (31388)

This course examines international corporate governance topics that collectively are termed agency theory in modern finance, as applied to the corporation, with focus on the separation of ownership and control and related issues. The formal and informal contracts that bind together shareholders, bondholders, directors, managers, employees, suppliers, customers, and communities are explored. The collaborative efforts as well as the potential conflicts of interest of these various constituencies are analyzed in the context of a changing legislative and regulatory environment. This enables us to evaluate the effectiveness of how corporate objectives are determined and achieved in the United States, Great Britain, Germany, and Japan. Selected cases and readings illustrate research findings and highlight key issues in international corporate governance. The issues raised by recent scandals are integrated into class discussions. Prerequisites: ECON S-10ab or the equivalent, or permission of the instructor; ECON S-190 desirable. (4 credits)

*ECON S-1530 International Monetary Economics (32360)

*** *ECON S-1530 has been CANCELED. ***

*ECON S-1535 International Trade and Commercial Policy (32855)

The course focuses on the fundamental principles that underlie international trade: the gains from trade and comparative advantage. It covers the trade models, factor price equalization, and more recent developments in the international trade, such as distortions and trade policy, openness indices, trade, growth and technology, custom unions, and global integration. The course uses data sources that provide insight into past and recent international trade flows and the increasing trend of globalization. Case studies are employed to provide deeper understanding of the current issues and debates surrounding international trade and globalization, such as outsourcing, trade disputes, and trade talks. Emphasis is placed on empirical evidence, testing theory, and a brief historical review of how globalization evolved. Policy guidelines from predominant international institutions, such as the World Trade Organization, the International Monetary Fund, and the World Bank, toward openness and globalization are used as real life examples. Prerequisites: ECON S-10ab or the equivalent; pass proficiency examination. (4 credits)

ECON S-1620 Organizations, Management Behavior, and Economics (31390)

This course examines topics that can be collectively termed contracts and business organization. The problem of economic organization and the problem of social cost are considered along with efficient incentives (contracts and ownership), design and dynamics of organizations, motivation (contracts, information, and incentives), and employment incentives (contracts, compensation, and careers). Economic theories of organizations and management are explored using selected cases and readings to illustrate research findings and highlight key issues, including international dimensions. The evolution of corporate structure is considered as a basis for development of a model for the future relationship of economics, organizations, and management behavior. This includes consideration of nontraditional organization and management models to address current and future effectiveness and efficiency of organizations. Prerequisite: ECON S-10ab or the equivalent, or permission of the instructor. (4 credits)

ECON S-1749 Study Abroad in Venice, Italy: Corporate Finance (32607)

See Study Abroad for more information.

ECON S-1900 Financial Accounting

This course is an introduction to financial accounting, its concepts, and the techniques of recording, summarizing, and reporting the flow of financial information through the entity concerned. It offers an understanding of the information flow process and the necessary techniques for analysis and evaluation of the firm's potential in light of historical data. (4 credits)

ECON S-1901 Managerial Accounting (30073)

This course introduces the principles and methods of data collection and presentation for planning and control, performance evaluation, and management decision making. It emphasizes product costing (both traditional and activity-based), cost-volume-profit analysis, operating and capital budgeting, evaluation of business operating segments, transfer pricing, and relevant costs for decision making. Prerequisite: ECON S-1900 or the equivalent. (4 credits)

*ECON S-1913 Financial Strategy and Behavioral Finance (31733)

This is an advanced course in corporate finance that is designed to provide an understanding of financial strategies and how they are influenced by behavioral finance. Traditional financial management topics such as valuation, capital budgeting, capital structure, and dividend decisions are discussed in reference to behavioral aspects. More advanced strategic corporate finance issues such as corporate governance, mergers and acquisitions, and risk management are also revisited from a behavioral perspective. The objective of this course is to develop a framework for behavioral analysis of financial strategies and to highlight the behavioral pitfalls affecting financial decision making. Students are taught analytical tools to avoid biases leading to faulty decisions in a financial context. Prerequisite: ECON S-10ab or the equivalent, ECON S-190, ECON S-192, or permission of the instructor; also pass proficiency examination. (4 credits)

*ECON S-1920 Capital Markets and Investments (32440)

This course examines capital markets and fundamental quantitative models used in securities analysis and portfolio management. Focus is on capital markets and instruments, modern portfolio theory, statistical concepts, asset pricing models, active versus passive investing, equity and fixed income styles, traditional and modern approaches to securities analysis, fixed income analytics including duration and convexity, performance measurement, and the role of derivative securities in investment management. Alternative investments and methods applicable to hedge funds and other long/short investors are also covered. Course activities include team-based projects analyzing securities and constructing investment portfolios. The above topics are applicable to equity and fixed income securities analysis, portfolio management, and investment modeling/research positions. Prerequisites: ECON S-190, ECON S-192, or consent of instructor; also pass proficiency examination. (4 credits)

ECON S-1936 Study Abroad in Venice, Italy: Redeeming Keynes (32736)

See Study Abroad for more information.

*ECON S-1941 Derivatives and Risk Management: Analytics and Applications (31602)

This is a course on the analytics of financial derivatives and risk management that also covers a range of topics in contemporary finance. Specifically, the course examines the pricing and use of financial derivatives, including options, forwards, futures, and swaps, as well as credit derivatives in risk management. The course focuses extensively on the analytical aspects of derivative products and the practical applications of risk management tools in various contexts. Prerequisites: ECON S-190, ECON S-192, or consent of instructor; also pass proficiency examination. (4 credits)

ECON S-1945 The Global Financial Crisis (32597)

This course examines the literature on the most severe global financial and economic crisis since the Great Depression. It begins with a review of the institutional and regulatory framework—for example, governmental and quasi-governmental institutions like finance ministries, central banks, and regulatory agencies, and financial institutions such as banks, stock exchanges, and hedge funds—and a brief history of financial crises. The class discusses the recent critiques of the conceptual framework of macroeconomics and financial economics that focus on self-regulating and efficient markets and the implications for policy, particularly the role of monetary, fiscal, and regulatory policies and proposals for promoting transparency. The implications for managing investments and corporate investment as well as other topical areas of interest are also discussed. Prerequisites: ECON S-190, S-192, or consent of instructor. (4 credits)

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