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Course 14: Economics |
 | | | 14.00-14.399 plus UROP | | | 14.40-14.999 and UROP and Thesis | | |  |
National Income and Finance14.41 Public Finance and Public Policy
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(Subject meets with 14.410) Prereq: 14.01 Units: 4-0-8  Lecture: MW10.30-12 (E51-149) Recitation: F12 (E52-164) +final
Explores the role of government in the economy, applying tools of basic microeconomics to answer important policy questions such as government response to global warming, school choice by K-12 students, Social Security versus private retirement savings accounts, government versus private health insurance, setting income tax rates for individuals and corporations. Students taking the graduate version complete additional assignments. N. Hendren Textbooks (Fall 2025) 14.410 Public Finance and Public Policy
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(Subject meets with 14.41) Prereq: 14.01 Units: 4-0-8 Lecture: MW10.30-12 (E51-149) Recitation: F12 (E52-164) +final
Explores the role of government in the economy, applying tools of basic microeconomics to answer important policy questions such as government response to global warming, school choice by K-12 students, Social Security versus private retirement savings accounts, government versus private health insurance, setting income tax rates for individuals and corporations. Students taking the graduate version complete additional assignments. N. Hendren No textbook information available 14.416[J] Asset Pricing
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(Same subject as 15.470[J]) Prereq: None Units: 4-0-8 Lecture: MW4-5.30 (E62-650) Recitation: F11 (E62-350) +final
Provides a foundation in the neoclassical theory of finance that underlies more advanced study. Covers arbitrage asset pricing, optimal consumption-portfolio choices, neo-classic theory of corporate finance, static equilibrium models of asset pricing, asymmetric information, and dynamic modeling. Prepares students for further study of asset pricing theories, corporate finance and econometric work in finance. Primarily for doctoral students in finance, economics, and accounting. L. Schmidt, J. Parker No textbook information available 14.42 Environmental Policy and Economics
( ) Not offered regularly; consult department (Subject meets with 14.420) Prereq: 14.01 Units: 4-0-8
Introduces key concepts and recent advances in environmental economics, and explores their application to environmental policy questions. Topics include market efficiency and market failure, methods for valuing the benefits of environmental quality, the proper role of government in the regulation of the environment, environmental policy design, and implementation challenges. Considers international aspects of environmental policy as well, including the economics of climate change, trade and the environment, and environmental challenges in developing countries. Students taking graduate version complete additional assignments. Consult Department Headquarters 14.420 Environmental Policy and Economics
()Not offered regularly; consult department (Subject meets with 14.42) Prereq: 14.01 Units: 4-0-8
Introduces students to key concepts and recent advances in environmental economics, and explores their application to environmental policy questions. Topics include market efficiency and market failure, methods for valuing the benefits of environmental quality, the proper role of government in the regulation of the environment, environmental policy design and implementation challenges. Also considers international aspects of environmental policy including the economics of climate change, trade and the environment and environmental challenges in developing countries. Students taking graduate version complete additional assignments. Consult Department Headquarters 14.43[J] Economics of Energy, Innovation, and Sustainability
() Not offered regularly; consult department (Same subject as 15.0201[J]) Prereq: 14.01 or 15.0111 Units: 3-0-9 Credit cannot also be received for 15.020
Covers energy and environmental market organization and regulation. Explores economic challenges and solutions to transforming energy markets to be more efficient, accessible, affordable, and sustainable. Applies core economic concepts - consumer choice, firm profit maximization, and strategic behavior - to understand when energy and environmental markets work well and when they fail. They also conduct data-driven economic analysis on the trade-offs of real and proposed policy interventions. Topics include renewable generation sources for electricity, energy access in emerging markets, efficiency programs and fuel efficiency standards, transitioning transportation to alternative fuels, measuring damages and adaptation to climate change, and the effect of energy and environmental policy on innovation. Expectations and evaluation criteria differ for students taking graduate version; consult syllabus or instructor for specific details. Staff 14.44[J] Energy Economics and Policy
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(Same subject as 15.037[J]) Prereq: 14.01 or 15.0111 Units: 4-0-8 Credit cannot also be received for 14.444, 15.035, 15.0351, 15.038
Analyzes business and public policy issues in energy markets and in the environmental markets to which they are closely tied. Examines the economic determinants of industry structure and evolution of competition among firms in these industries. Investigates successful and unsuccessful strategies for entering new markets and competing in existing markets. Industries studied include oil, natural gas, coal, electricity, and transportation. Topics include climate change and environmental policy, the role of speculation in energy markets, the political economy of energy policies, and market power and antitrust. Two team-based simulation games, representing the world oil market and a deregulated electricity market, act to cement the concepts covered in lecture. Students taking graduate version complete additional assignments. Limited to 60. C. Knittel 14.440[J] Advanced Corporate Finance
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(Same subject as 15.473[J]) Prereq: None Units: 3-0-9
Builds on 15.471 and considers further topics that are at the frontier of corporate finance research. Topics covered include: aggregate effects of financing frictions, financial intermediation, financial distress and bankruptcy, structural estimation of corporate finance models, entrepreneurial finance, venture capital and private equity, and other selected topics. Primarily for doctoral students in finance, economics, and accounting. T. Choukhmane, C. Palmer, A. Schoar, D. Thesmar, E. Verner 14.441[J] Doctoral Corporate Finance
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(Same subject as 15.471[J]) Prereq: None Units: 3-0-9
Provides an introduction to the basic theoretical and empirical contributions in corporate finance. Covers capital structure, corporate governance and agency problems, the market for corporate control, investments and financing frictions, banking and financial intermediation, and other selected topics. Exposes students to the key methodological tools in modern corporate finance. Primarily for doctoral students in finance, economics, and accounting. M. Farboodi, A. Schoar, N. Malenko, A. Malenko 14.442[J] Advanced Asset Pricing
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(Same subject as 15.472[J]) Prereq: None Units: 3-0-9 Lecture: MW10-11.30 (E62-687) Recitation: M EVE (6-7.30 PM) (E51-376)
Focuses on solving, estimating, and empirically evaluating theoretical models of asset prices and financial markets, as well as their microeconomic foundations and macroeconomic implications. Discusses theory and econometric methods, the state of the literature, and recent developments and empirical evidence. Covers topics such as cross-sectional and time-series models, consumption-based and intermediary-based models, financial institutions, household finance, housing, behavioral finance, financial crises, and continuous-time tools and applications. Students complete a short term paper and a presentation. Primarily for doctoral students in finance, economics, and accounting. L. Kogan No textbook information available 14.444[J] Energy Economics and Policy
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(Same subject as 15.038[J]) Prereq: 14.01 or 15.0111 Units: 4-0-8 Credit cannot also be received for 14.44, 15.035, 15.0351, 15.037
Analyzes business and public policy issues in energy markets and in the environmental markets to which they are closely tied. Examines the economic determinants of industry structure and evolution of competition among firms in these industries. Investigates successful and unsuccessful strategies for entering new markets and competing in existing markets. Industries studied include oil, natural gas, coal, electricity, and transportation. Topics include climate change and environmental policy, the role of speculation in energy markets, the political economy of energy policies, and market power and antitrust. Two team-based simulation games, representing the world oil market and a deregulated electricity market, act to cement the concepts covered in lecture. Students taking graduate version complete additional assignments. Limited to 60. C. Knittel 14.448[J] Current Topics in Finance
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(Same subject as 15.474[J]) Prereq: None Units: 3-0-9 [P/D/F]
Faculty present their current research in a wide variety of topics in finance. Provides a rapid overview of the literature, an in-depth presentation of selected contributions, and a list of potential research ideas for each topic. Faculty rotate every year to cover new topics. Primarily for doctoral students in accounting, economics, and finance. Consult: Kathryn Scott 14.449[J] Current Research in Financial Economics
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(Same subject as 15.475[J]) Prereq: Permission of instructor Units: 3-0-3 [P/D/F] Lecture: T12 (E62-687)
Advanced seminar intended for PhD students interested in finance. Topics and papers vary by term, following the latest research in academia and in correlation with the weekly finance faculty research seminar. Each week, students will critically review the contributions, method of analysis, and presentation of evidence of existing research; one session is devoted to preparing for the finance seminar, while the other session discusses further work on the same topic. Restricted to doctoral students. Fall: Consult: J. Alton Spring: Consult: J. Alton No textbook information available 14.45[J] Climate and Energy in the Global Economy
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(Same subject as 15.0161[J]) Prereq: 14.01 or 15.0111 Units: 3-0-9 Credit cannot also be received for 14.450, 15.016 Lecture: MW11.30-1 (E51-315)
Provides students with a comprehensive understanding of the challenges, opportunities, and policy responses to the global climate and energy crises. Discusses the role of energy in world economies, paying particular attention to low- and middle-income countries, as well as the impacts of climate change on those economies. Considers how access, cost, reliability, and environmental harm drive or hinder economic growth, the political influences on the energy sector, the impacts of climate change on low- and middle-income countries, and the role of energy in mitigating future impacts of climate change. Also discusses global climate solutions, including the role of the United Nations Framework Convention on Climate Change process, trade policy, climate finance, business strategies to reduce emissions, and business strategies to help people adapt to a changing climate. Students taking graduate students complete additional assignments. C. Wolfram No textbook information available 14.450[J] Climate and Energy in the Global Economy
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(Same subject as 15.016[J]) Prereq: 14.01, 15.010, 15.011, or 15.024 Units: 3-0-9 Credit cannot also be received for 14.45, 15.0161 Lecture: MW1-2.30 (E51-315)
Provides students with a comprehensive understanding of the challenges, opportunities, and policy responses to the global climate and energy crises. Discusses the role of energy in world economies, paying particular attention to low- and middle-income countries, as well as the impacts of climate change on those economies. Considers how access, cost, reliability, and environmental harm drive or hinder economic growth, the political influences on the energy sector, the impacts of climate change on low- and middle-income countries, and the role of energy in mitigating future impacts of climate change. Also discusses global climate solutions, including the role of the United Nations Framework Convention on Climate Change process, trade policy, climate finance, business strategies to reduce emissions, and business strategies to help people adapt to a changing climate. Students taking graduate students complete additional assignments. C. Wolfram No textbook information available 14.451 Dynamic Optimization Methods with Applications
(); first half of term
Prereq: 14.06 and permission of instructor Units: 3-0-3 Ends Oct 17. Lecture: TR1-2.30 (E51-151) Recitation: F2.30-4 (E51-151)
Provides an introduction to dynamic optimization methods, including discrete-time dynamic programming in non-stochastic and stochastic environments, and continuous time methods including the Pontryagin maximum principle. Applications may include the Ramsey model, irreversible investment models, and consumption choices under uncertainty. Enrollment limited. C. Wolf Textbooks (Fall 2025) 14.452 Economic Growth
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Prereq: 14.451 and permission of instructor Units: 3-0-3 Begins Oct 20. Lecture: TR1-2.30 (E51-151) Recitation: F2.30-4 (E51-151) +final
Introduces the sources and modeling of economic growth and income differences across nations. Topics include an introduction to dynamic general equilibrium theory, the neoclassical growth model, overlapping generations, determinants of technological progress, endogenous growth models, measurement of technological progress, the role of human capital in economic growth, and growth in a global economy. Enrollment limited. D. Acemoglu No textbook information available 14.453 Economic Fluctuations
(); first half of term
Prereq: 14.452 and permission of instructor Units: 3-0-3
Investigation of why aggregate economic activity fluctuates, and the role of policy in affecting fluctuations. Topics include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, and the role of central banks. Introduction to real business cycle and new Keynesian models. Enrollment limited. I. Werning 14.454 Economic Crises
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Prereq: 14.453 and permission of instructor Units: 3-0-3
Provides an overview of models of the business cycle caused by financial markets' frictions and shocks. Topics include credit crunch, collateral shocks, bank runs, contagion, speculative bubbles, credit booms, leverage, safe asset shortages, capital flows and sudden stops. Enrollment limited. R. Caballero 14.461 Advanced Macroeconomics I
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Prereq: 14.122 and 14.452 Units: 5-0-7 Lecture: MW10.30-12 (E52-432) Recitation: F3-4.30 (E51-390)
Advanced subject in macroeconomics that seeks to bring students to the research frontier. Topics vary from year to year, covering a wide spectrum of classical and recent research. Topics may include business cycles, optimal monetary and tax policy, monetary economics, banking, and financial constraints on investment and incomplete markets. C. Wolf, A. Mian No textbook information available 14.462 Advanced Macroeconomics II
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Prereq: 14.461 Units: 5-0-7
Topics vary from year to year. Often includes coordination failures; frictions in beliefs, such as rational inattention, higher-order uncertainty, certain forms of bounded rationality, heterogeneous beliefs, and ambiguity; implications for business cycles, asset markets, and policy; financial frictions and obstacles to trade; intermediation; liquidity; safe assets; global imbalances; financial crises; and speculation. R. Caballero, I. Werning 14.47[J] Global Energy: Politics, Markets, and Policy
() Not offered regularly; consult department (Same subject as 11.167[J], 15.2191[J], 17.399[J]) Prereq: None Units: 3-0-9 Credit cannot also be received for 11.267, 15.219
Focuses on the ways economics and politics influence the fate of energy technologies, business models, and policies around the world. Extends fundamental concepts in the social sciences to case studies and simulations that illustrate how corporate, government, and individual decisions shape energy and environmental outcomes. In a final project, students apply the concepts in order to assess the prospects for an energy innovation to scale and advance sustainability goals in a particular regional market. Recommended prerequisite: 14.01. Meets with 15.219 when offered concurrently. Expectations and evaluation criteria differ for students taking graduate version; consult syllabus or instructor for specific details. Preference to juniors, seniors, and Energy Minors. Staff 14.471 Public Economics I
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Prereq: 14.04 Units: 4-0-8
Theory and evidence on government taxation policy. Topics include tax incidence; optimal tax theory; the effect of taxation on labor supply and savings; taxation and corporate behavior; and tax expenditure policy. J. Poterba, I. Werning 14.472 Public Economics II
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Prereq: 14.471 Units: 3-0-9 Lecture: MW2.30-4 (E51-376) Recitation: F12 (E51-390) +final
Focuses on government expenditures and policies designed to correct market failures and/or redistribute resources. Key topics include theoretical and empirical analysis of insurance market failures, the optimal design of social insurance programs, and the design of redistributive programs. A. Finkelstein, N. Hendren No textbook information available 14.475 Environmental Economics
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Prereq: None Units: 4-0-8
Covers the economics of the environment and climate change. Topics include the economic impacts of global warming; adaptation; the development and impacts of clean technology; resource depletion and sustainability; pollution; deforestation; biodiversity; regulation and public policy; and the role of international issues including climate agreements, geopolitics, trade, and global inequality. J. Moscona, B. Olken International, Interregional, and Urban Economics14.54 International Trade
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(Subject meets with 14.540) Prereq: 14.01 Units: 4-0-8 Lecture: MW10.30-12 (E51-361) Recitation: F11 (E51-376) +final
Provides an introduction to theoretical and empirical topics in international trade. Offers a brief history of globalization. Introduces the theory of comparative advantage and discusses its implications for international specialization and wage inequality. Studies the determinants and consequences of trade policy, and analyzes the consequences of immigration and foreign direct investment. Students taking graduate version complete additional assignments. A. Costinot No textbook information available 14.540 International Trade
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(Subject meets with 14.54) Prereq: 14.01 Units: 4-0-8 Lecture: MW10.30-12 (E51-361) Recitation: F11 (E51-376) +final
Provides an introduction to theoretical and empirical topics in international trade. Offers a brief history of globalization. Introduces the theory of comparative advantage and discusses its implications for international specialization and wage inequality. Studies the determinants and consequences of trade policy, and analyzes the consequences of immigration and foreign direct investment. Students taking graduate version complete additional assignments. A. Costinot No textbook information available 14.581 International Economics I
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Prereq: 14.04 Units: 5-0-7 Lecture: MW9-10.30 (E51-151) Recitation: F9-10.30 (E51-151) +final
Covers a variety of topics, both theoretical and empirical, in international trade, international macroeconomics, and economic geography. Focuses on general equilibrium analysis in neoclassical economies. Considers why countries and regions trade, and what goods they trade; impediments to trade, and why some countries deliberately erect policy to impede; and implications of openness for growth. Also tackles normative issues, such as whether trade openness is beneficial, whether there are winners and losers from trade and, if so, how they can possibly be identified. D. Atkin, A. Costinot No textbook information available 14.582 International Economics II
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Prereq: 14.06 Units: 5-0-7
Building on topics covered in 14.581, revisits a number of core questions in international trade, international macroeconomics, and economic geography in the presence of increasing returns, imperfect competition, and other distortions. Stresses their connection to both macro and micro (firm-level) data for questions related to trade policy, inequality, industrial policy, growth, and the location of economic activities. Focuses on both theoretical models, empirical findings, and the challenging task of putting those two together. A.Costinot, D. Donaldson Labor Economics and Industrial Relations14.64 Labor Economics and Public Policy
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(Subject meets with 14.640) Prereq: 14.30 or permission of instructor Units: 4-0-8
Provides an introduction to the labor market, how it functions, and the important role it plays in people's lives. Topics include supply and demand, minimum wages, labor market effects of social insurance and welfare programs, the collective bargaining relationship, discrimination, human capital, and unemployment. Completion of or concurrent enrollment in 14.03 or 14.04, and 14.32 recommended. Students taking graduate version complete additional assignments. M. Kolerman 14.640 Labor Economics and Public Policy
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(Subject meets with 14.64) Prereq: 14.300 or permission of instructor Units: 4-0-8
Provides an introduction to the labor market, how it functions, and the important role it plays in people's lives. Topics include supply and demand, minimum wages, labor market effects of social insurance and welfare programs, the collective bargaining relationship, discrimination, human capital, and unemployment. Completion of or concurrent enrollment in 14.03 or 14.04, and 14.32 recommended. Students taking graduate version complete additional assignments. M. Kolerman 14.661 Labor Economics I
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(Subject meets with 14.661A) Prereq: 14.32 and (14.03 or 14.04) Units: 5-0-7 Lecture: TR10.30-12 (E52-432) Recitation: F10.30-12 (E52-432) +final
A systematic development of the theory of labor supply, labor demand, and human capital. Topics include wage and employment determination, turnover, search, immigration, unemployment, equalizing differences, and institutions in the labor market. Particular emphasis on the interaction between theoretical and empirical modeling. No listeners. D. Acemoglu, M. Uccioli No required or recommended textbooks 14.661A Labor Economics I
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(Subject meets with 14.661) Prereq: 14.32 and (14.03 or 14.04) Units: 5-0-7 Lecture: TR10.30-12 (E52-432) Recitation: F10.30-12 (E52-432) +final
Covers the same material as 14.661 but in greater depth. Additional assignments required. Limited to economics PhD students who wish to declare a major field in labor economics. D. Acemoglu, M. Uccioli No textbook information available 14.662 Labor Economics II
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(Subject meets with 14.662A) Prereq: 14.32 and (14.03 or 14.04) Units: 5-0-7
Theory and evidence on the determinants of earnings levels and inequality, intergenerational mobility, skill demands, imperfect competition, and employment structure. Particular focus on the determinants of worker and firm-level productivity; and the roles played by supply, demand, discrimination, institutions, information, technology, and trade in the evolving distribution of income. D. Autor, L. Lagos 14.662A Labor Economics II
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(Subject meets with 14.662) Prereq: 14.32 and (14.03 or 14.04) Units: 5-0-7
Covers the same material as 14.662 but in greater depth. Additional assignments required. Limited to economics PhD students who wish to declare a major field in labor economics. D. Autor, L. Lagos Economic History14.70[J] Medieval Economic History in Comparative Perspective
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(Same subject as 21H.134[J]) Prereq: None Units: 3-0-9
Surveys the foundations of material life and changing social and economic conditions in medieval Europe in their broader Eurasian context. Covers the gradual disintegration of the Roman imperial order, the emergence and decline of feudal institutions, the transformation of peasant agriculture, living standards and the impact of climate and disease environments, and the ebb and flow of long-distance trade across the Eurasian system. Particular emphasis on the study of those factors, both institutional and technological, which contributed to the emergence of capitalist organization and economic growth in western Europe in comparison to the trajectories followed by the other major medieval economies. A. McCants Economic Development14.73 The Challenge of World Poverty
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Prereq: None Units: 4-0-8 Lecture: MW1-2.30 (E51-372) Recitation: R4 (66-154) or F1 (56-180) or F3 (56-180) +final
Designed for students who are interested in the challenge posed by massive and persistent world poverty. Examines extreme poverty over time to see if it is no longer a threat, why some countries grow fast and others fall further behind, if growth or foreign aid help the poor, what we can do about corruption, if markets or NGOs should be left to deal with poverty, where to intervene, and how to deal with the disease burden and improve schools. E. Duflo No textbook information available 14.74 Foundations of Development Policy
() Not offered regularly; consult department (Subject meets with 14.740) Prereq: 14.01 Units: 4-0-8
Explores the foundations of policy making in developing countries, with the goal of spelling out various policy options and quantifying the trade-offs between them. Topics include education, health, fertility, adoption of technological innovations, financial markets (credit, savings, and insurance), markets for land and labor, political factors, and international considerations (aid, trade, and multinational firms). Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. Consult Department Headquarters 14.740 Foundations of Development Policy
()Not offered regularly; consult department (Subject meets with 14.74) Prereq: 14.01 Units: 4-0-8
Explores the foundations of policy making in developing countries, with the goal of spelling out various policy options and quantifying the trade-offs between them. Topics include education, health, fertility, adoption of technological innovations, financial markets (credit, savings, and insurance), markets for land and labor, political factors, and international considerations (aid, trade, and multinational firms). Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. Consult Department Headquarters 14.75 Political Economy and Economic Development
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(Subject meets with 14.750) Prereq: 14.01 Units: 4-0-8
Explores the relationship between political institutions and economic development, covering key theoretical issues as well as recent empirical evidence. Topics include colonialism and its legacy, voting, vote buying, media, social media, corruption, and war. Discusses not just what we know on these topics, but how we know it, covering how to craft a good empirical study or field experiment and how to discriminate between reliable and unreliable statistical evidence. Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. B. Olken, J. Moscona 14.750 Political Economy and Economic Development
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(Subject meets with 14.75) Prereq: 14.01 Units: 4-0-8
Explores the relationship between political institutions and economic development, covering key theoretical issues as well as recent empirical evidence. Topics include colonialism and its legacy, voting, vote buying, media, social media, corruption, and war. Discusses not just what we know on these topics, but how we know it, covering how to craft a good empirical study or field experiment and how to discriminate between reliable and unreliable statistical evidence. Some basic familiarity with probability and/or statistics is useful for this class. Students taking graduate version complete additional assignments. B. Olken, J. Moscona 14.76 Firms, Markets, Trade and Growth
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(Subject meets with 14.760) Prereq: 14.01 and (14.30 or permission of instructor) Units: 4-0-8
Examines how industrial development and international trade have brought about rapid growth and large-scale reductions in poverty for some developing countries, while globalization has simply increased inequality and brought little growth for others. Also considers why, in yet other developing countries, firms remain small-scale and have not integrated with global supply chains. Draws on both theoretical models and empirical evidence to better understand the reasons for these very different experiences and implications for policy. Students taking graduate version complete additional assignments. D. Atkin, D. Donaldson 14.760 Firms, Markets, Trade and Growth
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(Subject meets with 14.76) Prereq: 14.01 and (14.30 or permission of instructor) Units: 4-0-8
Examines how industrial development and international trade have brought about rapid growth and large-scale reductions in poverty for some developing countries, while globalization has simply increased inequality and brought little growth for others. Also considers why, in yet other developing countries, firms remain small-scale and have not integrated with global supply chains. Draws on both theoretical models and empirical evidence to better understand the reasons for these very different experiences and implications for policy. Students taking graduate version complete additional assignments. D. Atkin, D. Donaldson 14.770 Introduction to Collective Choice and Political Economy
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Prereq: None Units: 4-0-8 Lecture: TR10.30-12 (E25-117) Recitation: R12 (E25-117)
Broad introduction to political economy. Covers topics from social choice theory to political agency models, including theories of voter turnout and comparison of political institutions. A. Banerjee, A. Wolitzky No textbook information available 14.771 Development Economics: Microeconomic Issues
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Prereq: 14.121 and 14.122 Units: 5-0-7 Lecture: MW10.30-12 (E51-151) Recitation: W12 (E51-361)
A rigorous introduction to core micro-economic issues in economic development, focusing on both key theoretical contributions and empirical applications to understand both why some countries are poor and on how markets function differently in poor economies. Topics include human capital (education and health); labor markets; credit markets; land markets; firms; and the role of the public sector. E. Duflo, B. Olken No textbook information available 14.772 Development Economics: Macroeconomics
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Prereq: 14.121 and 14.451 Units: 5-0-7
Emphasizes dynamic models of growth and development. Topics include migration, modernization, and technological change; static and dynamic models of political economy; the dynamics of income distribution and institutional change; firm structure in developing countries; development, transparency, and functioning of financial markets; privatization; and banks and credit market institutions in emerging markets. Examines innovative yet disruptive digital technologies, including blockchain, digital assets, crypto currency, distributed ledgers, and smart contracts. D. Atkin, A. Banerjee, R. Townsend, 14.773 Political Economy: Institutions and Development
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Prereq: 14.121 and 14.451 Units: 5-0-7
Economists and policymakers increasingly realize the importance of political institutions in shaping economic performance, especially in the context of understanding economic development. Work on the determinants of economic policies and institutions is in its infancy, but is growing rapidly. Subject provides an introduction to this area. Topics covered: the economic role of institutions; the effects of social conflict and class conflict on economic development; political economic determinants of macro policies; political development; theories of income distribution and distributional conflict; the efficiency effects of distributional conflict; the causes and consequences of corruption; the role of colonial history; and others. Both theoretical and empirical approaches discussed. Subject can be taken either as part of the Development Economics or the Positive Political Economy fields. D. Acemoglu, J. Moscona 14.775 Comparing Societies
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Prereq: None Units: 4-0-8 Lecture: W EVE (4-6.30 PM) (E52-432) Recitation: TBA
Studies the cultural, social, and institutional foundations of societies around the world, emphasizing fundamentals and mechanisms that are outside the scope of traditional models in economics. Topics include social organization, perceptions of reality (e.g., the spiritual and meta-human world), drivers of innovation and technology diffusion, conflict, determinants of fertility and population growth, moral frameworks (e.g., views about right/wrong, fairness, equality, and community membership), religion, objectives and definitions of success, and societal equilibria. Emphasizes how research ranging from economic theory to development and policy design can benefit from an understanding of these vast differences that exist around the world. Also considers how these differences affect and are affected by culture, formal institutions, and development. Open to PhD students. J. Moscona, N. Nunn, J. Robinson No textbook information available 14.78[J] Shaping the Future of Technology: From Early Agriculture to Artificial Intelligence
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(Same subject as 15.238[J]) Prereq: None Units: 4-0-8
Provides a framework for thinking about major technological transitions over the past 12,000 years as a means to explore paths to a better future. Discusses who gains or loses from innovation and who can shape the future of artificial intelligence, biotech, and other breakthroughs. Introduces major questions tackled by researchers and relevant to economic policy through faculty lectures, interactive events with prominent guests, and group work. Instruction and practice in oral and written communication provided. D. Acemoglu, S. Johnson 14.TAC Teaching Requirement in Economics
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| | | 14.00-14.399 plus UROP | | | 14.40-14.999 and UROP and Thesis | | | |
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