ECON 462/662 is intended as an overview of the theory of international trade. It is essential that you have passed your principles courses, and have a working knowledge of algebra and geometry, for we will learn many of the tools of the economist. Topics covered will include the pure theories of trade (Ricardian, Samuelson-Jones, Heckscher-Ohlin, and others), the basis and effects of barriers to trade, industrial policy, U.S. trade policy, free trade zones such as NAFTA or the EU, and the role of international institutions such as the International Monetary Fund and the World Trade Organization. We will consider the effects of international trade on economic growth and income distribution as well as the ongoing debate over free trade.
course is an international business major course, and the
first part of a two-course sequence which used to
be taught as the single course (ECON 458). The second part,
ECON 463 (International
Monetary Relations), is usually taught in Spring.
Need a short review?
Here are my freshman class lecture notes: Introduction
to International Economics.
Any cheating will be severely punished, ranging from failing the exam or assignment at a minimum to failing the course and even expulsion from the university, in egregious cases or in cases where there is evidence of any prior offenses. Students who are caught cheating also lose their chance at college scholarships. Cheating includes both copying someone else's work as well as letting your work be copied, bringing in notes, text messaging or taking pictures of the exam, plagiarizing other people's words or ideas and passing them off as your own, et cetera. I am serious as a heart attack about this.Academic Success Services:
Your student fees cover usage of the Math Center (784-4433), Tutoring Center (784-6801), and University Writing Center (784-6030). These centers support your classroom learning; it is your responsibility to take advantage of their services. Keep in mind that seeking help outside of class is the sign of a responsible and successful student.Audio and Video Recording:
Surreptitious or covert video-taping of class or unauthorized audio recording of class is prohibited by law and by Board of Regents policy. This class may be videotaped or audio recorded only with the written permission of the instructor. In order to accommodate students with disabilities, some students may be given permission to record class lectures and discussions. Therefore, students should understand that their comments during class may be recorded.
School and Work:
Economics is essentially about making decisions when resources are scarce, and time is often our most scarce resource. Many of you work, but working too much while going to school makes it hard to focus on your studies and succeed in school. The College of Business recommends the following maximum relationship between work and school:
These maximum recommendations work both ways. For example, a student working 10 hours per week should not take more than 15 credits and conversely, a student who is taking 15 credits should not work more than 10 hours per week. Of course, many of you will choose to exceed these maxima, but you should know that unless you have superpowers or take extremely easy courses, you are setting yourself up for lower grades, inadequate sleep, or other trouble. If you do not have scholarships or other means of support, then you might consider taking fewer credits per semester and an extra year or two to graduate.Students with Disabilities:
Any student who qualifies with a disability is to provide his or her instructor with a letter from the Disability Resource Center stating the appropriate accommodations for this course. If you have a documented disability and wish to discuss how these academic accommodations will be implemented for this course, please contact the instructor during the first two weeks of class.
Final Exam Policy:
It is university policy that all classes are required to meet during the final week at the appropriate times and dates indicated in the Final Week Class Schedule http://www.unr.edu/academic-central/academic-resources/finals-schedule. This is in keeping with accreditation requirements for the appropriate number of hours for classes. Also, deviating from the final week schedule can cause undue hardship on students’ overall final schedules.Graduate Student Requirements:
Wednesday, December 12, 2012, is this semester’s designated prep day. The intent of prep day is to allow students a day of preparation for final exams, so faculty may not schedule exams or any required classes or activities on that day. It is allowed to schedule optional activities like review sessions, or to specify prep day as a due date for papers and projects.
To receive graduate credit for this course, significant additional work is required. Graduate students must do additional problems on the exams, do the homework, and also write a research paper. The group homework will count for 25% of the grade, the midterm will count for 25% of the grade, the final will count for 25%, and the research paper will count for 25%. Quizzes will not be graded, though graduate students may take them for feedback. Any deviation to these weights must be negotiated with the professor by the beginning of the second week.
See the graduate student requirements, with details on research paper requirements.
Homework is done in groups of 3-4 students, and each group turns in one complete set at the start of class on the due date. Though work may be divided up, your group is expected to discuss the entire homework together, and you are all responsible for your joint answers. It is unacceptable to not meet once per homework assignment, or to assemble the homework in a mad scramble at the start of class. It is also foolish, because if you don't understand the homework you will find the exams to be impossible.
Your group's homework is due at the start of the class period on the due date, and late homework will be penalized. The homework assignment should have a cover page with the group number and member names on it. It is expected to be stapled together, in order, complete, and legible, otherwise your grade will be marked down. It will usually take me a week to return the graded homework.
On the day your homework set is turned in, you must turn in a confidential evaluation (here are the evaluation forms) of your group members rating them for their contribution to all chapters assigned in the set. "Confidential" means that you can't show it to your group members and you can't discuss it with them. On a piece of paper or an e-mail, put your name first, then list the other members of your group.
The instructions have changed, so read carefully.
You will not evaluate your own contribution, and must instead count on your fellow group members for this evaluation. The evaluation you get from your fellows will be used to calculate your individual grade. Each week, you will need to grade your fellows using one of five grades:
You should aim for an average evaluation of 3, so if you give one member a 4, you need to give another member a 2, and so on. If the average evaluation of your group members is above 3, I will make an adjustment to correct this. If you fail to turn in your evaluation, this will reduce the evaluation you receive from your fellows.
Any member who receives zero points from a majority of fellow group members will be given a warning, and if it happens again you will be dismissed from your group (aka, fired, or voted off the island). At that point, you may either do the homework on your own, or you can join another group -- but you are responsible for finding a group that is willing to accept you as a member, and they must all e-mail me individually to tell me that they accept you. Perhaps you may even be able to convince your former group to give you another chance, and I may assist you with finding a new group if you can explain the problem to my satisfaction.
If a student drops the course, this will not be used to improve the grades of other members except for perhaps the initial homework set for which they were depending on him or her. Then I will reduce the group size and/or readjust the groups.
If your group is not satisfied with the results of an evaluation (perhaps because some evaluations were not turned in), then you may ask to be re-evaluated. In order to ensure that such a re-evaluation is a Pareto Improvement, all members of your group must re-submit their evaluations to me in individual e-mails. Once I receive e-mails from all members, I will then notify your group by e-mail if the evaluation has changed.
I reserve the right to adjust groups and their evaluations as I see fit.
The Federation of International Trade Associations (FITA) has a lot of country information on their website, along with a new site for finding jobs in international business.
Want to know exchange rates? Check out this currency converter by OANDA, Inc.
International agencies you might check out include the World Trade Organization Homepage, the United Nations, the Bank for International Settlements, the Organization for Economic Co-operation and Development, and the World Bank. There is also a site with links to foreign embassies., and another with a link to foreign central banks.
United States government agencies with good international data include US Customs, the U.S. Trade Representative, the Department of Commerce (see the Bureau of the Census, the International Trade Administration, and the Bureau of Labor Statistics), the International Trade Commission., and the Central Intelligence Agency Factbook (the homepage of the CIA itself is, as you might guess, a secure site.) See also the FedWorld Federal Internet Resource Locator.
Information on international treaties and regulations and be found at:International Business Resources on WWW, Shipping Digest - shipping industry news, sailing schedules, and related industry sites, and BrokerPower - a wealth of trade news and information.
Search the UNR Knowledge Center for books or journals. They also have a long list of business/economics databases for article citations, abstracts, and statistical information, including a good index of economic journals, especially Econlit from the Journal of Economic Literature, and a lot of other good reference information. Many economics journals now have websites (the library has a different list of online business/economic journals), and you can find an article, read its abstract, and order it if you want the whole thing through interlibrary loan.
If you find any errors or know of any other good international websites, email me!