Economics of Innovation and Scientific Research
We will use simple microeconomic principles to understand how and why innovation happens, how
innovation is related to basic scientific research, what factors influence the production and diffusion
of new ideas, and how government policy can help or hinder innovation. We will also study the
relationship between innovation and economic welfare using recent macroeconomic models. Students
must have already taken principles of microeconomics, and principles of macroeconomics. Intermediate
microeconomics and at least one semester of econometrics are recommended, though not required.
There will be two midterms and a final exam, as well as written homework assignments.”
Principles of Microeconomics
An introduction to economics with particular attention to the pricing mechanism, competitive and
monopolistic markets, government regulation of the economy, labor-management relations and
programs, income determination and public policy, foreign trade and the international economy.
The current problems of Third World countries are analyzed in a historical context, with attention given
to competing theoretical explanations and policy prescriptions. The course will combine the study of
the experiences of Latin American, African, and Asian countries with the use of the analytical tools of