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
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
- 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 10: 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 17: 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
Mar 19: Paper prospectus due, 5 PM
Mar 31: 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 7: 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
Apr 14: Lombard Street, 1825-1914
- Walter Bagehot (1873), Lombard Street http://www.gutenberg.org/etext/4359 , entire.
April 21: Macroeconomics to 2007
- 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
Apr 28: 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 5: 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 Readings:
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.