ECON 357(S) The Strange Economics of College
The course is going to focus on current economic problems in U.S. higher education with the ambitious intention of resolving-or at least illuminating-some of them in creative ways, using economic theory and careful analysis to do it. An understanding of the economics of colleges and universities and higher education that's emerged only recently makes that a not-unreasonable aim. The first three weeks will establish a common understanding of the economic facts and theory of nonprofit firms and colleges and universities and the higher education "industry." There will be a good deal of reading and class sessions will discuss it. In the fourth week, students will choose a topic for a major research project drawn from a list of important problems. These will include simulation of price and student quality interactions, competition through price discrimination or price reductions, faculty quality (tenure, pay), church finance, other "customer-input products" (like college athletics or graduate teaching or research assistants), and the implications of intellectual property. The list will be expanded before spring, but everyone will be expected to choose a topic/focus from "The List" (a blatant denial of freedom of choice). After the first few weeks, classes-meeting Tuesdays at night-will be working-sessions on these questions with, hopefully, frequent participation of members of the Williams administration and local and visiting scholars. In the last two weeks, extra sessions will be scheduled so papers can be presented. Economics 251 is a firm prerequisite; Economics 253 or 255 or permission of the instructor. Enrollment is limited to 20.