Global Economics - Junior

Course # ECON 3246

Credits 6

Pre-requisites and Co-requisites: None

Course Description

This course focuses on processes of economic development within the context of low and middle-income countries, emphasizing the implications for development strategies and policies. Key issues include the level and nature of inter-relationships between rural and urban development, the processes of economic transformation, and the role of institutions and policies in development. The analytical approach and many of the issues discussed are drawn from development economics, although these will be positioned within the broader geographical, social and political context of Central Asia. The course employs theories and skills learnt in other economics courses and applies them in a less abstract way through collection and analysis of data from various sources. By the end of the course, the students should be able to identify relevant problems constraining the economic (rural and urban) development of the individual Central Asian republics and approach these problems in a rigorous and critical way.

Course Learning Outcomes

Upon completion of the course, the students will be able to:

• Discuss economic theories that have shaped growth and development
• Explain the causes and consequences of underdevelopment, poverty and income inequality
• Apply the tools of economic analysis to problems of rural and urban development
• Analyze policy initiatives undertaken to spur economic growth and their economic, social and environmental impact
• Employ theory and data to conduct basic economic analyses on issues specific to economic development
• Evaluate empirical work in development.

Course Assessment and Grading

Course # ECON 3409

Credits 6

Pre-requisites and Co-requisites: Introductory Microeconomics, Financial Economics

Course Description

This course introduces students to the principles of managerial economics and their application to strategic decision-making. Using concepts such as demand analysis, cost estimation, and game theory, students will develop the tools needed to make effective business decisions. The course emphasizes analytical and critical thinking skills to solve real-world problems in competitive and non-competitive markets.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Apply economic theories to analyze managerial and business challenges.
• Evaluate market dynamics and the impact of external factors on business decisions.
• Utilize quantitative methods for demand forecasting and cost analysis.
• Formulate pricing strategies under various market conditions.
• Use game theory to make strategic decisions in competitive environments.
• Recognize the implications of government policies on business strategies.

Course Assessments and Grading

Course # ECON  3411E

Credits 6

Pre-requisites and Co-requisites: Financial Economics

Course Description

This course examines the tax policies and systems in Central Asia, with a focus on the Republic of Tajikistan, Kyrgyzstan, and Kazakhstan. Students will explore various taxation structures, principles, and compliance requirements, along with the economic and social implications of tax policy. By analyzing real-world examples and case studies, students will gain insights into regional tax challenges and reforms.

Course Learning Outcomes

Upon completion of this course, students will be able to:

• Analyze the legal and institutional frameworks of tax systems in Central Asia.
• Assess the impact of different types of taxes on individuals and businesses.
• Evaluate compliance and tax reporting mechanisms.
• Calculate taxes and conduct audits by applying relevant tax regimes.
• Propose policy solutions to enhance tax fairness and efficiency.

Course Assessments and Grading

Course # ECON 4263E

Credits 3

Pre-requisites and Co-requisites: Introduction to Microeconomics

Course Description

The course introduces you to cutting-edge research in the economics of AI and the implications for economic growth and labor markets. We start by analyzing the nature of intelligence and information theory. Then we connect our analysis to modeling production and technological change in economics, and how these processes are affected by AI. Next, we turn to how technological change drives aggregate economic growth, covering a range of scenarios including a potential growth singularity. We also study the impact of AI-driven technological change on labor markets and workers, evaluating to what extent fears about technological unemployment are well-founded. We continue with an analysis of economic policies to deal with advanced AI. Finally, we evaluate the potential for transformative progress in AI to lead to significant disruptions and study the problem of how humans can control highly intelligent AI algorithms.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Understand the nature of intelligence
• Explore the relationship between agency, goals and intelligence
• Learn basic concepts in information theory
• Describe technological progress in economic models
• Capture the potential biases of technological progress
• Analyze the distributive implications of technological progress
• Review how different economic models capture different epochs of economic development
• Explore the vast range of possibilities from transformative AI for economic growth
• Analyze labor market effects of technological progress
• Study effects of automation by decomposing jobs into tasks
• Evaluate effects of technological change on social welfare
• Design economic policies to increase social welfare
• Analyze an economy of artificially intelligent agents (AIAs)
• Study the AI control problem

Course Assessments and Grading

Course # ECON 4273E

Credits 3

Pre-requisites and Co-requisites: Introduction to statistics and econometrics

Course description

The course “Applied Microeconomics: From Correlation to Causation” focuses on concepts that aim to distinguish “correlation” from “causation”. The course engages with appropriate empirical settings rather than solving mathematical proofs. We discuss specific settings and empirical concepts that lead to a causal interpretation of how a certain variable or behavior causes a certain outcome. The course introduces these concepts in a non-technical manner. Each concept is introduced with figures and graphs to train the intuition behind it. To deepen the understanding of the respective concepts, we read and understand research papers in the field of long-run development and political economy that focus on specific concepts of causal empirical analysis. The aim of the course is to bring students in touch with state-of-the-art empirical research methods of causal inference so that students can critically judge empirical findings and distinguish “correlation” from “causation”. Every researcher should aim for the latter. The course also provides you with a toolbox for your own empirical work, be it your masters’ thesis, PhD thesis or your work as a data analyst.

Course Learning Outcomes

• Apply different empirical research methods of causal inference
• Distinguish “correlation studies” from “causation studies”

Course Assessments and Grading

Course # ECON 4133E

Credits 3

Pre-requisites and Co-requisites: Introductory Microeconomics, Introductory Macroeconomics, Introductory Statistics, Econometrics I

Course Description

This course provides a theoretical foundation for analyzing key challenges in labor market economics and understanding the complexities faced by policymakers. Each topic includes core theoretical concepts of labor economics, a review of modern empirical evidence related to theoretical models and a practical component involving data analysis and problem-solving using econometric methods. Students work with real-world data and apply econometric tools in the R software package. By the end of the course, students will not only gain knowledge of labor economics but also develop practical data analysis skills essential for economic research.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Define key concepts in labor economics, including theoretical models and their real-world applications.
• Analyze labor market issues using economic theories and empirical evidence.
• Interpret and evaluate empirical studies related to labor market dynamics and policies.
• Apply econometric methods to real-world labor economics problems using R software.
• Work with economic data, conducting statistical analysis to test labor market hypotheses.
• Solve practical problems related to labor economics using quantitative tools.
• Critically assess labor policies based on theoretical models and empirical findings.
• Develop independent research skills by applying economic theory and data analysis to labor market issues.

Course Assessments and Grading

Course # ECON  3103E

Credits 3

Pre-requisites and Co-requisites: None

Course Description

This course explores the major economic changes that have occurred in world history in the modern period.  Topics taught in this course deal with the history of economic growth, trade and industrialization from the period of colonialization to the recent globalization of the world economy. The focus of this course is to examine the origin and rise of global trade, industrial, demographic and technological changes, differences, and disparity in economic growth in different parts of the world, in developing and developed countries. By exploring economic history students will be able to question how some countries become poor, and some rich; what were the geographical, cultural, social, human, political, and economic factors that led to the growth of human capital, and industry in the rich countries. Overall, the course enables students to reflect on the possible impact of history on the recent economic and technological changes in the world. Throughout the course students are introduced to up-to-date research, relevant primary, and secondary sources (databases) on global economic history.

Course Learning Outcomes

Upon the completion of the course, students will be able to:

• Critically examine the primary and secondary historical sources informing about economic changes
• Analyze historical events, and transformations that have shaped the global economy
• Examine the historical roots of economic growth and various paths of development in different countries, and economic regions of the globe
• Apply relevant economic concepts to explain patterns of economic development and historical transformations worldwide?
• Evaluate the causes of historical changes and long-run economic development around the globe.
• Explain the underlying reasons for the economic growth around the globe.
• Identify, interpret and present relevant information about history of the world economy.

Course Assessments and Grading

Course # COOP 3001

Credits 2