Jan 20: Introduction: Why Are We Here?
Assignments and notes at: http://delong.typepad.com/economics_210a_spring_201/2010/01/first-class-resources.html
- Growth Readings: Paul Krugman (1999), "The Fall and Rise of Development Economics" http://tinyurl.com/20100105a; Tyler Cowen (2010), "Daron Acemoglu on the U.S.-Mexican Border" http://tinyurl.com/dl20100105h Daron Acemoglu (2009), "What Makes a Nation Rich? One Economist's Big Answer" http://tinyurl.com/dl20100105i.
- Macro Readings: Narayana Kocherlakota (2009), "Some Thoughts on the State of Macro" http://tinyurl.com/20100105b; John Cassidy (2009), "Letter from Chicago," New Yorker (January 11), pp. 44-49 http://delong.typepad.com/cassidy2.pdf; Richard Posner (2009), "Honesty About the Stimulus," Atlantic http://tinyurl.com/dl20100105d; Robert Lucas (2009), "Why a Second Look Matters," Council on Foreign Relations http://tinyurl.com/dl20100105e.
- Systems Readings: Alex Tabarrok (2010), "Soviet Growth and American Textbooks" http://tinyurl.com/dl20100105f; David Levy and Sandra Peart (2009), "Soviet Growth and American Textbooks" http://tinyurl.com/dl20100105g.
Jan 27: One Economics or Many?
- M. I. Finley (1970), "Aristotle and Economic Analysis," Past and Present, No. 47. (May), pp. 3-25 http://www.jstor.org/view/00312746/ap020049/02a00010/0
- Peter Temin, "A Market Economy in the Early Roman Empire" http://sshi.stanford.edu/Seminars/Papers/classics/temin.pdf
- William Baumol (1990), "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy 98:5(1) (Oct), pp. 893-921 http://links.jstor.org/sici?sici=0022-3808%28199010%2998%3A5%3C893%3AEPUAD%3E2.0.CO%3B2-Z
- Snippets: Smith, Marx, Solow: http://delong.typepad.com/economics_210a_spring_201/2010/01/january-27-2010-snippets-smith-marx-solow.html
- J. Bradford DeLong, "Handout: Longest-Run Economic Growth" http://www.j-bradford-delong.net/2008_pdf/20080120_longestrungrowth.pdf
- (Optional) Richard Ericson, "The Classical Soviet-Type Economy: Nature of the System and Implications for Reform," Journal of Economic Perspectives 5 (Fall 1991), pp. 11-28, http://uclibs.org/PID/1011
- (Optional) M. I. Finley (1965), "Technical Innovation and Economic Progress in the Ancient World," Economic History Review, New Series, Vol. 18, No. 1, Essays in Economic History Presented to Professor M. M. Postan), pp. 29-45 http://www.jstor.org/stable/pdfplus/2591872.pdf
- (Optional) Michael Kremer (1993), "Population Growth and Technological Change: One Million B.C. to 1990," Quarterly Journal of Economics 108 (August), pp. 681-716. http://www.jstor.org/stable/pdfplus/2118405.pdf
Feb 3: The Malthusian Economy
- Jared Diamond (1987), "The Invention of Agriculture: The Worst Mistake in the History of the Human Race," Discover http://tinyurl.com/dl20090112d.
- Gregory Clark (2005), "The Logic of the Malthusian Economy," draft of chapter 2 of A Farewell to Alms (published version: Princeton University Press, 2007) http://tinyurl.com/dl20090112e.
- Gregory Clark (2005), "Living Standards in the Malthusian Era," draft of chapter 3 of A Farewell to Alms http://tinyurl.com/dl20090112j.
- M. I. Finley (1965), "Technical Innovation and Economic Progress in the Ancient World," Economic History Review, New Series, 18:1, pp. 29-45 http://tinyurl.com/dl20090112f.
- (Optional) Thomas Malthus, An Essay on the Principle of Population http://socserv2.socsci.mcmaster.ca:80/~econ/ugcm/3ll3/malthus/popu.txt
Feb 10: Industrious Revolutions
- Jan de Vries (1994), "The Industrious Revolution and the Industrial Revolution," Journal of Economic History 54:2 (June), pp. 249-70 http://links.jstor.org/sici?sici=0022-0507%28199406%2954%3A2%3C249%3ATIRATI%3E2.0.CO%3B2-8
- Hans-Joachim Voth, "Time and Work in Eighteenth-Century London," Journal of Economic History 58 (1998): 29-58 http://links.jstor.org/sici?sici=0022-0507%28199803%2958%3A1%3C29%3ATAWIEL%3E2.0.CO%3B2-Y
- Douglass North and Barry Weingast (1989), "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," Journal of Economic History 49:4 (December), pp. 803-832 http://links.jstor.org/sici?sici=0022-0507%28198912%2949%3A4%3C803%3ACACTEO%3E2.0.CO%3B2-9
- J. Bradford DeLong and Andrei Shleifer (1993), "Princes and Merchants: City Growth Before the Industrial Revolution," Journal of Law and Economics 36:5 (Oct), pp. 671-702 http://www.j-bradford-delong.net/movable_type/archives/000638.html.
- (Optional) Adam Smith (1776), An Inquiry into the Nature and Causes of the Wealth of Nations http://www.econlib.org/library/Smith/smWNtoc.html. Read Books I and V.
Feb 17: Industrial Revolutions
- Daron Acemoglu, Simon Johnson, and James A. Robinson (2005), "The Rise of Europe," American Economic Review 95 (2005) http://www.nber.org/papers/w9378
- Jan de Vries, "Dutch Economic Growth in Comparative-Historical Perspective, 1500-2000," De Economist 148 (2000): 443-467 http://www.springerlink.com/content/l4qp2l551l7t7361/
- Karl Marx and Friedrich Engels, "Manifesto of the Communist Party" http://www.marxists.org/archive/marx/works/1848/communist-manifesto/
- Robert Allen (2009), "Why Was the Industrial Revolution British?" http://www.voxeu.org/index.php?q=node/3570
- Maxine Berg and Pat Hudson, "Rehabilitating the Industrial Revolution," Economic History Review new ser. 45, pp.23-50 http://www.jstor.org/view/00130117/di011838/01p0208u/0
- Nicholas Crafts (2002), "The Solow Productivity Paradox in Historical Perspective," (London: CEPR Discussion Paper no.3142) http://www.cepr.org/pubs/dps/DP3142.asp
- (Optional) Karl Marx, "The So-called Primitive Capital Accumulation," Capital, I, Part VIII, Chs 26-32 http://www.marxists.org/archive/marx/works/1867-c1/ch26.htm
- (Optional) Jeffrey Williamson, "Why Was British Economic Growth So Slow During the Industrial Revolution?" Journal of Economic History 44, pp.687-712 http://www.jstor.org/view/00220507/di975668/97p1230f/0
- (Optional) Peter Temin, "Two Views of the British Industrial Revolution," Journal of Economic History 57, pp.63-82 http://ideas.repec.org/p/nbr/nberhi/0081.html
Feb 24: Globalizations
Assignments and notes at: http://delong.typepad.com/economics_210a_spring_201/2010/02/globalizations.html
- Jeffrey Williamson and Kevin O'Rourke, "After Columbus: Explaining Europe's Overseas Trade Boom, 1500-1800," Journal of Economic History 62 (2002): 417-456 http://www.nber.org/papers/w8186
- Jan de Vries, "The Limits to Globalization in the Early Modern World," Economic History Review (forthcoming) http://www.j-bradford-delong.net/2008_pdf/devries_limits_of_globalization.pdf
- W. Arthur Lewis, Evolution of the International Economic Order (Princeton, Princeton Univ. Press, 1978) http://j-bradford-delong.net/2008_pdf/Lewis_Evolution_A.pdf http://j-bradford-delong.net/2008_pdf/Lewis_Evolution_B.pdf
- Jeffry G. Williamson, "Globalization, Convergence, and History" Journal of Economic History 56 (1996):227-306 http://links.jstor.org/sici?sici=0022-0507%28199606%2956%3A2%3C277%3AGCAH%3E2.0.CO%3B2-T
- Richard Baldwin and Philippe Martin (1999), “Two Waves of Globalization: Superficial Similarities, Fundamental Differences,” NBER Working Paper no.6904 (January) http://www.nber.org/papers/w6904
Mar 3: Divergences
- Evsey Domar (1970), "The Causes of Slavery or Serfdom: A Hypothesis," Journal of Economic History, pp. 18-32 http://www.j-bradford-delong.net/movable_type/2003_archives/001447.html
- Stanley Engerman and Kenneth Sokoloff (1994), "Factor Endowments, Institutions and Differential Paths of Development Among New World Economies: A View from Economic Historians of the United States" (Cambridge: NBER Working Paper no. h0066) http://papers.nber.org/papers/h0066.pdf
- Richard Easterlin (1981), "Why Isn't the Whole World Developed?"_ Journal of Economic History_ 41:1 (March), pp. 1-19
- Susan Wolcott and Gregory Clark (1999). "Why Nation's Fail: Managerial Decisions and Performance in Indian Cotton Textiles, 1890-1938." Journal of Economic History, June http://links.jstor.org/sici?sici=0022-0507%28199906%2959%3A2%3C397%3AWNFMDA%3E2.0.CO%3B2-9
- Lant Pritchett, "Divergence, Big Time," Journal of Economic Perspectives (Summer 1997), pp. 3-17, http://uclibs.org/PID/1011
Mar 17: WWI and the Great Depression
- Michael D. Bordo and Hugh Rockof (1996), "The Gold Standard as a 'Good Housekeeping Seal of Approval'" Journal of Economic History 56 (1996): 389-428 http://tinyurl.com/dl20090112ah
- John Maynard Keynes (1920), The Economic Consequnces of the Peace, chapters 1, 2, and 6 http://www.gutenberg.org/files/15776/15776-h/15776-h.htm
- Christina Romer (1990), "The Great Crash and the Onset of the Great Depression," Quarterly Journal of Economics 104, pp.719-736, http://tinyurl.com/dl20090112af
- John Maynard Keynes (1932), "The World Economic Outlook," Atlantic http://tinyurl.com/dl20090112ae
- Christina Romer (1992), "What Ended the Great Depression?" Journal of Economic History 52, pp.757-784. http://www.jstor.org/stable/2123226
- Margaret Weir and Theda Skocpol, "State Structures and Social Keynesianism: Responses to the Great Depression in Sweden and the United States," International Journal of Comparative Sociology pp. 4-29 http://books.google.com/books?hl=en&lr=&id=GLQ3AAAAIAAJ&oi=fnd&pg=PA7-IA3&dq=Margaret+Weir+and+Theda+Skocpol,+%22State+Structures+and+Social+Keynesianism&ots=P2iXGFkFfu&sig=APmY6D1P2QkJ0l28RRWX5YxjBmg#PPA29,M1
- (Optional) William Keeton (1992), “The Reconstruction Finance Corporation: Would it Work Today,” Economic Review of the Federal Reserve Bank of Kansas City 77:1, pp.33-54. http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1992/1q92keet.pdf
Mar 19: Paper prospectus due, 5 PM
Mar 31: WWII and the Thirty Glorious Years
- Peter Temin (2002), "The Golden Age of European Growth Reconsidered," European Review of Economic History 6, pp. 33-22. http://www.international.ucla.edu/cms/files/Temin.pdf
- Barry Eichengreen, "Institutions and Economic Growth in Postwar Europe: Evidence and Conjectures" (with Pablo Vazquez), http://www.econ.berkeley.edu/~eichengr/research/vanark.pdf
- Paul Krugman, "Introduction" to John Maynard Keynes, The General Theory of Employment, Interest and Money http://www.pkarchive.org/economy/GeneralTheoryKeynesIntro.html
Apr 7: The Forward March of Social Democracy Halted?
- Mancur Olson (1996), "Varieties of Eurosclerosis: The Rise and Decline of Nations Since 1982," in Nicholas Crafts and Gianni Toniolo (eds), Economic Growth in Europe Since 1945, Cambridge, Cambridge University Press, pp.73-94 http://books.google.com/books?hl=en&lr=&id=wiTtnUn5qGsC&oi=fnd&pg=PA73&dq=%22OLSON%22+%223+The+varieties+of+Eurosclerosis:+the+rise+and+decline+...%22+&ots=s86KlJoXe7&sig=wabLIsaAIsicZhoppgt-vDhRxcE#PPA69,M1
- J. Bradford DeLong (1995), "America's Only Peacetime Inflation: The 1970s," in Christina Romer and David Romer, eds., Reducing Inflation: Motivation and Strategy (University of Chicago Press), pp.-, http://tinyurl.com/dl20090112v
- Eric Hobsbawm (1978), "The Forward March of Labour Halted?" Marxism Today http://www.amielandmelburn.org.uk/collections/mt/pdf/78_09_hobsbawm.pdf
Apr 21: China Stands Up
- David Landes (2006), "Why Europe and the West? Why Not China?" Journal of Economic Perspectives 20(2): 3–22 http://www.atypon-link.com/AEAP/doi/pdf/10.1257/jep.20.2.3
- Dani Rodrik, "Getting Interventions Right: How South Korea and Taiwan Grew Rich," Economic Policy 20, (1995) pp. 55-107, http://papers.nber.org/papers/w4964.pdf
- Barry Bosworth and Susan M. Collins( 2008), "Accounting for Growth: Comparing China and India." Journal of Economic Perspectives 22(1): 45–66 http://www.atypon-link.com/AEAP/doi/pdf/10.1257/jep.22.1.45
- Franco Modigliani and Shi Larry Cao (2004)< "The Chinese Saving Puzzle and the Life-Cycle Hypothesis," Journal of Economic Literature Vol. XLII (March) pp. 145–170 http://home.wlu.edu/~smitkam/274/pdfs/ModiglianiCao.pdf
April 28: Macroeconomics to 2007
- Walter Bagehot (1873), Lombard Street http://www.gutenberg.org/etext/4359 , entire.
- Ben Bernanke (1983), "Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression" American Economic Review 73, pp. 257-276, http://www.jstor.org/view/00028282/di950033/95p00602/0
- John Hicks (1937), "Mr. Keynes and the 'Classics': A Suggested Interpretation", Econometrica http://web.econ.unito.it/bagliano/macro3/hicks_econ37.pdf
- John B. Taylor (2000), "Reassessing Discretionary Fiscal Policy," Journal of Economic Perspectives Vol. 14, No. 3 (Summer, 2000), pp. 21-36 http://www.jstor.org/stable/2646917
- Alan Auerbach and William Gale (2009), "Activist Fiscal Policy to Stabilize Economic Activity" http://www.nber.org/papers/w15407.pdf
May 5: The Panic of 2007-2010
- Martin Baily, Robert Litan and Matthew Johnson (2008), "The Origins of the Financial Crisis" http://www.brookings.edu/~/media/Files/rc/papers/2008/11_origins_crisis_baily_litan/11_origins_crisis_baily_litan.pdf
- Claudio Borio (2008), "The Financial Turmoil of 2007-?" http://www.bis.org/publ/work251.pdf?noframes=1
- Markus Brunnermeier (2009), "Deciphering the Liquidity and Credit Crunch 2007-2008," Journal of Economic Perspectives http://www.princeton.edu/~markus/research/papers/liquidity_credit_crunch.pdf
- David Greenlaw, Jan Hatzius, Anil Kashyap, and Hyun Song Shin (2008), "Leveraged Losses: Lessons from the Mortgage Meltdown" http://faculty.chicagogsb.edu/anil.kashyap/research/MPFReport-final.pdf
- Lars Jonung, Jaako Kiander and Pentti Vartia, "The Great Financial Crisis in Finland and Sweden: The Dynamics of Boom, Bust and Recovery" http://ec.europa.eu/economy_finance/publications/publication13551_en.pdf
- Gauti Eggertson and Michael Woodford (2003), "Optimal Monetary Policy in a Liquidity Trap" http://www.nber.org/papers/w9968
May 12: Reflections
- Robert M. Solow (1985), "Economic History and Economics," American Economic Review Papers and Proceedings 75 (May): 328-331 http://www.jstor.org/view/00028282/di950057/95p00934/0
May 12: Paper due, 5 PM
Economics Learning Goals: CT2: Apply economic analysis to evaluate specific policy proposals. CT3: Compare two or more arguments that have different conclusions to a specific issue or problem. CT4: Understand the role of assumptions in arguments. QT1: Understand how to use empirical evidence to evaluate an economic argument. PS1: Solve problems that have clear solutions. PS2: Propose solutions for problems that do not have clear answers, and indicate under what conditions they may be viable solutions. CS1: Communicate effectively in written, spoken, and graphical form about specific economic issues. CS2: Formulate a well-organized written argument that states assumptions and hypotheses, which are supported by evidence. LL3: Understand and evaluate current economic events and new economic ideas.