John Jay College of Criminal Justice



B8

John Jay College of Criminal Justice

The City University of New York

New Course Proposal

(Please note: this is a course revision of ECO 225 Price Systems & the Modern Corporation, which has not been offered for some time. The content is being significantly revised so a New Course Proposal Form is needed)

When completed, this proposal should be submitted to the Office of Undergraduate Studies-Room 634T for consideration by the College Curriculum Committee.

1. Department (s) proposing this course:

Department of Economics

2. Title of the course:

Microeconomics

Abbreviated title (up to 20 characters):

Microeconomics

3. Level of this course:

___100 Level __X __200 Level _ __300 Level ____400 Level

4. Course description as it is to appear in the College bulletin:

(Write in complete sentences except for prerequisites, hours and credits.)

Microeconomics examines how individuals, groups and businesses make decisions to allocate scarce resources and the effects of government intervention on these processes. Course topics include: utility maximization, illegal behavior, profit maximization, general equilibrium, imperfect competition, externalities, public goods and selected special topics.

5. Has this course been taught on an experimental basis?

_ X __No (It will be taught experimentally in Spring 2009)

___Yes: Semester (s) and year (s):

Teacher (s):

Enrollment (s):

Prerequisites (s):

6. Prerequisites:

ECO 101: Principles of Economics

ENG 101: Composition 1

7. Number of: class hours_3__ lab hours____ credits_3__

8. Brief rationale for the course:

A knowledge of microeconomics is essential for students intending to continue studying economics. At least one full semester is standard in nearly all Economics Bachelors programs. This course will be required of all students majoring in the new Bachelor of Science in Economics. The course may also be of interest to students in related majors – e.g. government, public management.

9a. Knowledge and performance objectives of this course:

(What knowledge will the student be expected to acquire and what conceptual and

applied skills will be learned in this course?)

Students are expected to:

1. Demonstrate an understanding of market mechanisms: individual decision making, theory of business firms, supply, demand, markets, general equilibrium of market systems, externalities, public goods, imperfect competition, government intervention, illegal behavior and selected special topics.

2. Demonstrate the positive and negative roles of government intervention in the allocation of goods and services include an understanding of public goods, externalities and market concentration.

3. Demonstrate an understanding of the role of Microeconomics in criminal decisions.

4. Use the ECONLIT database to find articles and/or CUNY+ to find books.

Students are expected to demonstrate their understanding through examinations, clear writing, presenting interpretations of and producing graphs of economic data, ability to research issues, and working in groups.

9b. Indicate learning objectives of this course related to information literacy.

The information literate student determines the nature and extent of the information needed, accesses information effectively, efficiently, and appropriately, and evaluates information and its sources critically. The student uses information effectively to accomplish a specific purpose, ethically and legally. (e.g., students demonstrate critical interpretation of required readings; and/or effective searching of appropriate discipline specific bibliographic databases; and/or primary data gathering by observation and experimentation; and/or finding and evaluating Internet resources. For many more examples of classroom performance indicators and outcomes see the ACRL standards for higher education at ).

For questions on information literacy see the library’s curriculum committee representative.

Students are expected to:

1. Find assigned journal articles in electronic or bound format from the university’s libraries.

2. Select a paper to review and evaluate from a list of suggested readings, or find an appropriate alternative.

3. Summarize and critically evaluate an assigned reading.

4. Demonstrate proper citation of direct quotes and paraphrased ideas using APA citation.

5. Produce presentation quality graphical information.

6. Use the ECONLIT database or CUNY+ catalogue to find specific articles or books.

10. Recommended writing assignments:

(Indicate types of writing assignments and number of pages of each type. Writing

assignments should satisfy the College’s requirements for writing across the curriculum.)

Two papers are assigned. One is a single authored paper. The other is a group research project. These papers require the student to write clearly and concisely.

11. Will this course be part of any major (s) or program (s)?

___No

_X_Yes. Major or program: Bachelor of Science in Economics

What part of the major? (Prerequisite, core, skills, etc.)

Required course for the Bachelor of Science in Economics and, as the BS in Economics grows, this course will serve as a prerequisite for 300 level courses.

12. Is this course related to other specific courses?

__X_No

__Yes. Indicate which course (s) and what the relationship will be (e.g., prerequisite,

sequel, etc.).

13. Please meet with a member of the library faculty before answering question 13. The faculty member consulted should sign below. (Contact the library’s curriculum committee representative to identify which library faculty member to meet with).

Identify and assess the adequacy of the following types of library resources to support this course: databases, books, periodicals. Attach a list of available resources.

Databases:

ECONLIT

American Economic Review

Journal of Economic Literature

Journal of Economic Perspectives

Journal of Political Economy

Quarterly Journal of Economics

Public Choice

Academic Search Premier (EBSCOHOST)

Business Source Premier (EBSCOHOST)

Brookings-Wharton Working Papers on Urban Affairs

JSTOR

Theory & Society

Sage Management and Organization Studies Collection

Reference:

Palgrave Dictionary of Economics

Books:

Levitt, S. & Dubner, S. (2006). Freakonomics. New York: William Morrow.

Harford, T. (2007). The Undercover Economist: Exposing Why the Poor Are Poor, the Rich Are Rich --and Why You Can Never Buy a Decent Used Car! New York: Random House.

Attach a list of recommended resources that would further support this course. Both lists should be in a standard, recognized bibliographic format, preferably APA format.

(1) List of Books & Monographs for Purchase

Hernderson, D. ed. (2007). The concise encyclopedia of economics. Liberty fund inc. Indianapolis, IN.

Leeson, P. (2009). The invisible hook. Princeton university press. Princeton, NJ.

Roberts, R. (2008). The price of everything: a parable of possibility and prosperity. Princeton university press. Princeton, NJ.

(2) List of Journals to Consider for Purchase

American Economic Journal: Applied Economics.

Journal of Forensic Economics

(3) List of Databases and Other High-ticket Items

None at this time.

Signature of library faculty member consulted: _____________________

14. Are the current resources (e.g. computer labs, facilities, equipment) adequate to support this course? __ X __ Yes

_____ No

If not, what resources will be necessary? With whom have these resource needs been discussed?

15. Syllabus:

Attach a sample syllabus for this course. It should be based on the College’s model syllabus. The sample syllabus must include a week by week or class by class listing of topics, readings, other assignments, tests, papers due, or other scheduled parts of the course. It must also include proposed texts. It should indicate how much various assignments or tests will count towards final grades. (If this course has been taught on an experimental basis, an actual syllabus may be attached, if suitable.)

16. This section is to be completed by the chair(s) of the department(s) proposing the course.

Name(s) of the Chairperson(s):

Joan Hoffman

Has this proposal been approved at a meeting of the department curriculum committee?

___No __X_Yes: Meeting date: December 3rd, 2008

When will this course be taught?

Every semester, starting _2010 (provided sufficient enrollment in major)_

One semester each year, starting __2009______________

Once every two years, starting ________________

How many sections of this course will be offered? _1________

Who will be assigned to teach this course?

Jay Hamilton

Is this proposed course similar to or related to any course or major offered by any other department (s)?

_X_No

___Yes. What course (s) or major (s) is this course similar or related to?

Did you consult with department (s) offering similar or related courses or majors?

_X_Not applicable ___No ___Yes

If yes, give a short summary of the consultation process and results.

Will any course be withdrawn if this course is approved?

_X_No

___Yes, namely:

Signature (s) of chair of Department (s) proposing this course: Joan Hoffman______

Date: December 2008

ECO 225 Microeconomics

John Jay College of Criminal Justice

CUNY

Department of Public Management/Economics

Professor Jay Hamilton Office 3501N.

Email. jhamilton@jjay.cuny.edu (Preferred contact method).

Phone. 212-237-8093

Office hours. Ideal time to talk is after class. Otherwise email me for an appointment.

Course Desrciption

Microeconomics examines how individuals, groups and businesses make decisions to allocate scarce resources and the effects of government intervention on these processes. Course topics include: utility maximization, illegal behavior, profit maximization, general equilibrium, imperfect competition, externalities, public goods and selected special topics.

KNOWLEDGE AND PERFORMANCE OBJECTIVES

Students are expected to:

1. Demonstrate an understanding of market mechanisms: individual decision making, theory of business firms, supply, demand, markets, general equilibrium of market systems, externalities, public goods, imperfect competition, government intervention, illegal behavior and selected special topics.

2. Demonstrate the positive and negative roles of government intervention in the allocation of goods and services include an understanding of public goods, externalities and market concentration.

3. Demonstrate an understanding of the role of Microeconomics in criminal decisions.

4. Use the ECONLIT database to find articles and/or CUNY+ to find books.

Students are expected to demonstrate their understanding through examinations, clear writing, presenting interpretations of and producing graphs of economic data, ability to research issues, and working in groups.

PREREQUISITES:

Economics 101, and English 101.

Texts

Intermediate Microeconomics (Varian), University of California Berkeley, 7th Edition, 2005.

SUGGESTED Readings for individual paper

Levitt, S. & Dubner, S. (2005). Freakonomics. NY: William Morrow.

Harford, T. (2007). The undercover economist: exposing why the poor are poor, the rich are rich --and why you can never buy a decent used car! NY: Random House.

Levitt, S. (2004). Understanding why crime fell in the 1990s: four factors that explain the decline and six that do not. Journal of Economic Perspectives, 18: 163-90.

Jacob, B. & Levitt, S. (2003). Catching cheating teachers: the results of an unusual experiment in implementing theory. Brookings-Wharton Papers on Urban Affairs, 185-209.

Levitt, S. & Venkatesh, S. A. (2000). Are we a family or a business? History and disjuncture in the urban American street gang. Theory & Society, 29 (4): 427-462.

Olken, B. (2007). Monitoring corruption: evidence from a field experiment in Indonesia. Journal of Political Economy, 115(2): 200-249.

Azfar, O. & and Nelson, W. R. (2007). Transparency wages and the separation of powers: An experimental analysis of corruption. Public Choice, 130(3-4): 471 – 493.

Becker, G. (1968). Crime and punishment: an economic approach. Journal of Political Economy, 76(2): 169-217.

Ehrlich, I. (1973). Participation in illegitimate activities: a theoretical and empirical investigation. Journal of Political Economy, 81(3): 521-565.

Djankov, S. et al. (2003). Courts. Quarterly Journal of Economics, 118(2): 453-517.

Course requirements

Self evaluation of quantitative and analytical skills (diagnostic test)

Timely submission of periodic assignments, regular attendance, and class participation

Weekly quizzes

Short individual review paper (summarize a research paper in “Freakonomics” style)

Group research project

Midterm and Final

Academic honesty (appropriate citations etc. see plagiarism policy below)

Grading

30% Homeworks and quizzes (5 homeworks @ 2% each & 5 quizzes @ 4% each)

30% Group research project and individual paper (15% each)

40% Midterm and final (20% each)

More than three absences will be penalized: each additional absence will lead to one point being deducted. Late arrival will be counted as an absence.

Individual review and evaluation paper: Three page paper summarizing and critically evaluating an important article. The reading choice can be, but doesn’t have to be, from the recommended reading list. Single chapters from the books listed above are sufficient. If you’re choosing a paper not on the list, please discuss it with me first. The articles listed above can be found electronically using the “ECONLIT” (paid for with your technology fee), EBSHOHOST, or JSTOR databases available through the college’s library. The reading being summarized should be from one of the top economics journals, or an NBER Working Paper. The paper should be double spaced, written in 12 point font, Times New Roman and have 1 inch margins. The paper must include a half page graph or table showing important statistical results or the structure of the argument. The paper must use proper APA citation of direct quotes and paraphrased ideas. The review paper should be submitted on .

Suggested timeline:

End of week 2: select the paper to be reviewed (ask the professor for assistance or approval). “Browse” several options to make sure you have found a good match for your interests.

End of Week 3: complete “first read” of the paper with notes and questions.

End of Week 5: complete a draft of the paper. Drafts received by the professor by the end of the 5th week will be reviewed and returned by the end of week 6.

End of Week 7: turn in final paper.

Group research project: Groups can be of two, three or four students. Students should propose a research question and strategy to answer it in Week 8 and submit a research paper in week 12. The research paper should be 6-8 pages long including a maximum of two pages of tables and graphs. The first page of the group research project should contain the title, a 100 word abstract and the names of the authors. Each student should contribute substantially to the group project, and the contributions of each student should be briefly described in a footnote on the first.

PLAGIARISM

Plagiarism is the presentation of someone else‘s ideas, words, or artistic, scientific, or technical work as one‘s own creation. Using the ideas or work of another is permissible only when the original author is identified. Paraphrasing and summarizing, as well as direct quotations, require citations to the original source. Plagiarism may be intentional or unintentional. Lack of dishonest intent does not necessarily absolve a student of responsibility for plagiarism. It is the student‘s responsibility to recognize the difference between statements that are common knowledge (which do not require documentation) and restatements of the ideas of others. Paraphrase, summary, and direct quotation are acceptable forms of restatement, as long as the source is cited.

Students who are unsure how and when to provide documentation are advised to consult with their instructors. The Library has free guides designed to help students with problems of documentation.

(From the John Jay College of Criminal Justice Undergraduate Bulletin, p. 36)

You will submit your papers on which will check for whether you are plagiarizing. Plagiarism will be punished.

15 Week Course plan

Week 1

Introduction & review of markets. Varian Chapter: 1.

Weeks 2 & 3

Utility maximization and choice. The economic theory of human behavior, rational choice and behavioral critiques. Decisions to engage in crime. Varian Chapters: 2, 3, 4 & 5.

End of week 2: select the paper to be reviewed (ask the professor for assistance or approval).

End of Week 3: complete “first read” of the paper with notes and questions.

Week 4

Demand curves: the notion of effective demand (want backed by purchasing power), why demand curves slope down, complements and substitutes, income and substitution effects. Demand for illegal goods (like illegal drugs). Varian Chapters: 6, 7 & 8.

Weeks 5 & 6

Theory of the firm: marginal cost and marginal revenue, cost minimization. Long run and short run costs. Why paying taxes and entering the legal economy can actually reduce costs. Incentives for “organized” crime. Varian Chapters: 21, 22 & 23.

End of Week 5: complete a draft of the paper.

Week 7

Monopoly, competition and collusion: legal and illegal industry structures, A comparison of the three market structures, why collusion is individually rational and socially harmful, an analysis of why firms do it and how the FTC prevents it. Antitrust law. Varian Chapters: 24 & 25.

End of Week 7: turn in final paper.

Week 8

Oligopoly and game theory: normal form and extensive form games, Nash equilibrium, forward and backward induction. Prisoner’s dilemma and illegal oligopolistic collusion. Varian Chapters: 27, 28 & 29.

Week 9

Markets and exchange: the intersection of demand and supply, the principle of comparative advantage, why market equilibria are nearly efficient, what can be done to improve them, and what is the role of law enforcement in providing the legal infrastructure for markets. Varian Chapters: 31 & 33.

Midterm

Week 10

Public goods: the notion of public goods, non-rival and non excludable goods, law enforcement as a public good. Varian Chapter: 36.

First paper due

Week 11

Externalities and regulation: positive and negative externalities, the choice of regulations, taxes and permit auctions in reducing pollution. Regulation to protest consumers from monopoly and health risks. Detecting and punishing polluters. Varian Chapter: 34.

Plan for group research project due

Week 12

Decision making under uncertainty: how individuals behave in risky situations. The role of uncertain arrest on criminal decisions. Varian Chapters: 12.

Group Project Due

Week 13

Moral hazard and adverse selection: exchange when some parties know more than others. Varian Chapter: 37.

Week 14

Experimental economics: studying how people really behave. Varian Chapter: 30.

Week 15

Review

Final Exam

Bibliography

Azfar, O. & Nelson, W. R. (2007). Transparency wages and the separation of powers: An experimental analysis of corruption. Public choice.

Becker, G. (1968). Crime and punishment: an economic approach,” Journal of political economy, 76 (2) 169-217.

Becker, G.S., Grossman, M. & Murphy, K.M.(1994). An empirical analysis of cigarette addiction. American economic review, 84(3), 396-418.

Becker, G.S., Grossman, M. & Murphy, K.M. (1991)."Rational addiction and the price of consumption. American economic review, 81(2), 237-241.

Benson, B.L & Rasmussen, D.W. (1991). Relationship between illicit drug enforcement policy and property crimes. Contemporary policy issues,1(10), 106-115.

Benson, B.L. & Rasmussen, D.W. (1998). The context of drug policy: An economic interpretation. Journal of drug issues, 28(3), 681-700.

Benson, B.L. & Rasmussen, D.W. (1996). Illicit drugs and crime. Oakland, CA: Independent Institute.

Chaloupka, F.J., Grossman, M., Bickel, W.K. & Saffer, H. (Eds.). (1999). Economic analysis of substance use and abuse: An integration of econometric and behavioral economic research. Chicago, IL: University of Chicago Press.

Corman, H. & Mocan, H.N. (1998). An economic analysis of drug use and crime. Journal of Drug Issues, 28(3), 613-632.

Corman, H. & Mocan, H.N.(1996). A time-series analysis of crime and drug use in New York City. Cambridge, MA: National Bureau of Economic Research. NBER Working Paper Series #5463.

Ehrlich I. (1973). Participation in illegitimate activities: a theoretical and empirical investigation. Journal of political economy, 81(3), 521-565.

Eichenwald, K. (2000). The Informant. New York: Broadway Books.

Elzinga, K. G. & BREIT, W. (1976). The antitrust penalties: A study in law and economics. New Haven, CT: Yale University Press.

Friedman, M. (1991). The war we are losing." In Krauss, M.B. & Lazear, E.P., (Eds.), Searching for alternatives: Drug-control policy in the United States. Stanford, CA: Hoover Institution Press, Stanford University.

Friedman, M. (1992). Friedman and Szasz on liberty and drugs: Essays on the free market and prohibition. Washington, DC: Drug Policy Foundation Press.

Harford, T. (2007). The Undercover Economist. New York: Random House.

Hovenkamp, H. (1999). Federal antitrust policy: The law of competition and its practice, 2d ed. St. Paul, MN.: West Group.

Jacob, B. & Levitt, S. (2003). Catching cheating teachers: The results of an unusual experiment in implementing theory." Brookings-Wharton Papers on Urban Affairs, 185-209.

Levitt S. & Sudhir V. A. (2000). Are we a family or a business?" History and disjuncture in the urban American street gang. Theory & society, 29(4), 427.

Levitt, S. & Dubner, S. (2006). Freakonomics. New York: William Morrow.

Levitt, S. (2004). Understanding why crime fell in the 1990s: four factors that explain the decline and six that do not. Journal of economic perspectives 18(1), 163-190.

Lieber J. B. (2000). Rats in the Grain: The dirty tricks and trials of Archer Daniels Midland. New York: Four Walls Eight Windows, 2000.

Kleiman, M. (1997). Neither prohibition nor legalization: Grudging toleration in drug control policy. In McShane, M. & Williams, F.P., III, (Eds.), Drug use and drug policy. New York: Garland. 1997.

MacCoun, R.J. & Caulkins, J.P. (1998). Examining the behavioral assumptions of the National Drug Control Strategy. In Bickel, W.K. & DeGrandpre, R.J. (Eds.), Drug policy and human nature: Psychological perspectives on the prevention, management, and treatment of illicit drug abuse. New York: Plenum Press.

Miron, J.A. & Zweibel, J. (1995). The economic case against drug prohibition. Journal of Economic Perspectives. 9(4), 175-192.

Olken, B. (2007). Monitoring Corruption: Evidence from a Field Experiment in Indonesia. Journal of political economy, 115, 200-249.

Rasmussen, D.W., Benson, B.L. (1994). The economic anatomy of a drug war: Criminal justice in the commons. Lanham, MD: Rowman and Littlefield.

Rasmussen, D.W., Benson, B.L., & Mocan, H.N. (1998). The economics of drug abuse in context: Can economics be a part of an integrated theory of drug use? Journal of Drug Issues, 28(3), 575-592.

Rasmussen, D.W. & Benson, B.L. (2003). Rationalizing drug policy under federalism. Florida State University Law Review, 30(4), 679-734.

Russell, K. A. (1983). Economic crime: antitrust offenses. In Encyclopedia of Crime and Justice. Edited by Sanford H. Kadish. (pp. 679–683). New York: The Free Press.

Reuter, P. (1998). The mismeasurement of illegal drug markets. Santa Monica, CA: Rand.

Reuter, P., MacCoun, R.J., Murphy, P., Abrahamse, A. & Simon, B. (1990). Money from crime: A study of the economics of drug dealing in Washington, D.C. Santa Monica, California: Rand.

Seiberg, K. (2005). Criminal dilemmas: understanding and preventing crime (studies in economic theory). New York: Springer.

Djankov S. et al. (2003). Courts. Quarterly journal of economics.

Smith, Adam. (1776). An inquiry into the nature and causes of the wealth of nations Edited by Rogers, James E. Thorold. Oxford: Clarendon Press, 1880.

Thornton, M. (2002). Prohibition vs. legalization: Do economists reach a conclusion on drug policy? Auburn, AL: Ludwig von Mises Institute.

Warburton, C. (1932). Economic results of prohibition. New York: Columbia University Press.

Winter, H. (2008). The economics of crime. New Jersey: Rutledge.

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