Economics

The course examines the political theory of finance, which investigates the broad normative and theoretical questions provoked by financial markets, institutions, and crises in contemporary societies. Large-scale financial intermediaries and global financial markets are reshaping capitalism, and these transformations raise fundamental issues of efficiency, fairness, inclusion, and democratic accountability in the design and functioning of finance. Topics include historical debates about usury and speculation, the contemporary philosophy of money and debt, the right to credit and to default, discrimination and credit ratings, systemic risk and collective responsibility, the challenges finance and central banking pose to democracy, and the potential for radical alternatives, ranging from cryptocurrencies to public finance.

This course examines the stakes of microfinance development in developing countries, as well as in Europe. It analyzes the links between financial inclusion and poverty reduction. The course addresses specific needs of targeted populations, the specifics of financial and non-financial services offered to these populations, and the challenges of the stakeholders who gravitate towards microfinance institutions (public donors, investment funds, regulators, rating agencies). Issues of social performance and impact are analyzed to identify best practices and discuss controversial issues.

This course covers central topics in the global economic history since 1500. The topics are chosen from the comparative history of the development of nations. The course emphasizes the dynamic process of historical change. The method is in part applied economics with a critical attitude towards timeless explanations of the wealth of nations. The list of questions includes: Why and how has the world become increasingly unequal? Why did some countries industrialize before others? What was the role of income distribution, endowments and political institutions for economic progress? What role did high wages play to induce change? Why was it Europeans who conquered the world? How was the Americas incorporated into the global economy? Why has Africa remained the poorest region in the world? This course addresses these and other similar questions using simple tools and by contrasting them to contemporary and modern economic theories for understanding the role of economic incentives, inequality, and institutions for economic and social development. This course requires students to have completed courses in microeconomics, macroeconomics, and mathematics as prerequisites.

This course provides students with the necessary sensitivity when applying theoretical models. The traditional model of the homo economicus is ubiquitous in microeconomic theory. Economic agents are assumed to be rational utility maximizers with self-regarding preferences and unlimited processing capacities. Common sense and the results of economic experiments show that this is not always the case. Often people behave differently than predicted by theory. This course deals with the following problem statements: 1) When does microeconomic theory apply and when does it lose its predictive power? 2) If it does not apply, what concepts and models can be used to either extend or substitute the current theory to describe human behavior? Specifically, students discuss the following issues: non-expected utility theory; inter-temporal choice; social preferences; reciprocity; levels of analytical reasoning; the role of mistakes; mental accounting; heuristics; and neuroeconomics.

This course focuses on the study of corporations. Topics include: the structure of productivity and human relations, the business environment, business as a cultural project, and the management of human resources. It provides an introduction to how corporations are set up in France, including an explanation of multiple cultural differences that happen in the French business world compared to the rest of the world.

This course introduces students to the structure and workings of modern economic activity, focusing on macroeconomics.  Students identify influences in the national and international economies, and consider the role of government policy. They also learn basic approaches in macroeconomics and the value of models, and proceed to consider different perspectives. Problems are discussed in groups to enable participatory learning and students apply macroeconomic theory to debate issues in the real world. 

Full course description

In this course we investigate international economic relations, with a particular focus on the European Union (EU) and the euro area (EA). We discuss channels through which nations are economically connected. This involves analyzing the dynamics of international markets for products and services, labor and finance and the importance of the underlying institutional designs. We study the underlying economic theory and the way such insights have been translated into the institutional arrangements of the European Union. We discuss how effects of macroeconomic policies are transmitted from country to country through these channels and how fiscal and monetary policies can/should be coordinated to contribute to fostering economic integration. We pay attention both to the intra-European dynamics and the relation of Europe with the rest of the world.