Economics

The Economics Department presents the top personnel in the field, but getting to meet these leading economists often is a problem. The concentrator can take courses under key men in each field, but classes are almost inevitably huge. Tutorial will be expanded next year to include honors juniors and seniors, easing what somewhat the problem of individual instruction, which has existed in the department since the end of the war.

Requirements for concentration are four full courses and a course in both Government and History. Honors candidates must take an additional Economics course and write a thesis; they are also expected to take Economics 101, Theory and Policy.

Three Steps to Economics

The Department's courses have been organized on three levels, although Economics 1 is the only prerequisite for any course. Economics 1 is the first level course, a dull but thorough introduction to the field. A department committee is now at work considering revising the curriculum, and it is hoped that this basic course will be brighter next year.

There are four courses on the second level, each covering a division of the department. Theory and Policy (101) discusses current theories of production, exchange, and distribution. Professor Duesenberry will take over complete charge of this course next year. It is generally considered dull but important. Almost all of the students are honors candidates, and the course is graded accordingly.

Three Key Courses

Money and Banking (141) with Professors Williams and Hansen takes up both the practical and theoretical aspects of the subject. It is one of the key courses in the department, popular with most concentrators. Business Organization and Control (161) with Professors Galbraith and Kaysen is another key course, an extremely thorough presentation of the subject. Trade Unionism, Public Policy, and Labor (181) is the College's best treatment of trade unions and current labor problems. It is given by Associate Professor John Dunlop, of coal strike fame.

The third level contains specialized courses within the various fields. Two new courses will be offered in empirical Economics by Assistant Professor Orcutt. These will deal with the application of statistical evidence to theories. One course will deal with the business cycle, the other with prices.

Professor Hanson returns from sabbatical to teach Business Cycles. Professor Leontieff leaves on sabbatical, and his course on the Economy of Russia will be handled by Associate Professor Gerschenkron.