Course Syllabus

COURSE INFORMATION for Spring 2019

Introduction:

The wealth of a nation is no longer the value of its physical capital and land. Rather, it depends substantially on its human capital. Significant income growth occurred historically, first because of increased trade, then due to the accumulation of physical capital, and most recently because of augmented human capital. The latter fact is evident in modern growth accounting and the size of the residual.

But what exactly is human capital and how does that amorphous mass impact economic growth? In what manner does the role of human capital depend on the institutions of the labor market and whether workers are free, contract labor, tenants, serfs, or slave? Why does economic growth per capita not get eroded away by population growth, in a classic Malthusian fashion? Why have societies greatly limited their birth rates, even when utilizing pre-modern contraceptive technologies? How does health, a critical input to human capital, impact economic growth and vice versa? Human capital is often produced in school-based settings, and education is generally provided by the “state.” What has been the history of formal education, and why is the government almost always involved? 

The course then turns to aspects of distribution and group differences. Differences in income, education, and mobility by race in the U.S. can be traced historically to slavery. But how much economic inequality by race can be attributed to slavery? What accounts for the narrowing since the 1940s? Gender differences in economic outcomes and education have also narrowed substantially over time, although some remain. What portion of the remaining pay gap is due to aspects of marriage, family, children, and home production, and how much to the labor market? Economic inequality in the U.S. and elsewhere rose greatly in the 1980s, but fell for much of the early part of the twentieth century. We explore the reasons for these disparate trends and why the very top of the income distribution expanded so greatly. We end with intergenerational mobility, the role of geographic mobility especially long-distance emigrations, and aspects of the American economy and society that have made it exceptional.

The course is organized as both lecture and class discussion, with two classes per week. Almost all readings are linked on this list and are also available on the readings page of the website.

Course Logistics and Requirements

The 2019 Ec 2330 syllabus is here.

1. Read the assigned materials before class and be an active participant. If a link to any reading does not work, please tell one of the teaching staff members.The presentation notes for class are posted the day before class meetings under "Pages." 
2. Write a Research paper.
3. Pass a final examination. Four final exam questions will be posted at the end of the semester and two will be on the exam. The final exam will be scheduled to avoid conflict with generals and other comprehensive exams. Those with end-of-year comprehensive exams will be given extended deadlines on the research paper.

Ec2330 is intended for PhD students in economics and related fields. Non-degree and MA students should not register for it. They are welcome to sit in on lectures.