Faculty Profile

Andrew Farrant

Associate Professor of Economics (2005), Department Chair

Contact Information

farranta@dickinson.edu

Althouse Hall Room 113
717.245.1872

Bio

Teaching interests include: Monetary Theory and Policy, Political Economy, Microeconomics. Research interests include: Political Economy, British Economic History (1945-1951), 19th century Philosophic Radicalism.

Education

  • B.S., University of London, 1996
  • M.A., George Mason University, 1998
  • Ph.D., 2003

2015-2016 Academic Year

Fall 2015

ECON 111 Intro to Microeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon consumer demand and upon the output and pricing decisions of business firms. The implications of actions taken by these decision-makers, operating within various market structures, upon the allocation of resources and the distribution of income are examined. Special attention is given to the sociopolitical environment within which economic decisions are made. This course fulfills the Social Sciences (Division II) distribution requirement and QR graduation requirement.

ECON 111 Intro to Microeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon consumer demand and upon the output and pricing decisions of business firms. The implications of actions taken by these decision-makers, operating within various market structures, upon the allocation of resources and the distribution of income are examined. Special attention is given to the sociopolitical environment within which economic decisions are made. This course fulfills the Social Sciences (Division II) distribution requirement and QR graduation requirement.

ECON 214 Intro to Austrian Economics
The basic premise of Austrian economics is that the role of prices as mechanisms for large scale coordination is revealed more clearly once we look at the entrepreneurial process by which prices form and adjust, a process that is imperfect and takes time. We will consider an array of questions from microeconomics, macroeconomics, and political economy, such as: What is entrepreneurship? Do neoclassical models of competition fully capture the rivalrous nature of competition in the real world? How do we incorporate Schumpeterian "creative destruction" more fully into our microeconomic models? What do we miss if we model capital as homogeneous? What is the connection between the specificity of capital goods and the length of recessions and the existence of involuntary unemployment? How do monetary policies affect entrepreneurial decisions, possibly inducing large-scale misallocations of capital? What institutions are most robust in delivering desirable social outcomes as we relax assumptions of benevolence and perfect knowledge? Why do ideas, rather than only interests, matter as drivers of social change, and what are the channels by which ideology and culture influence or constrain institutional change?

ECON 268 Inter Macroeconomic Theory
Neoclassical theories of economic behavior in the aggregate. Models will be used as a framework for analyzing the determination of the level of national output and for explaining fluctuations in employment, the price level, interest rates, productivity, and the rate of economic growth. Policy proposals will be appraised. Prerequisite: 111 and 112; MATH 170; and MATH 121 or MATH 225 or INBM 220 (for INBM majors only).

ECON 278 Inter Microeconomic Theory
Neoclassical theory of relative prices of commodities and productive services under perfect and imperfect competition. The role of prices in the allocation and distribution of resources and commodities. Economic behavior of individual economic units like consumers, firms, and resource owners. Prerequisite: 111 and MATH 170.

ECON 314 Great Recession
This course examines the events of the recent recession, as well as its causes and aftermath. Special attention is paid to the housing bubble that preceded the recession, how the crisis in the housing sector spread to the rest of the economy, the response of monetary, fiscal, and regulatory policies, and the disappointing rate of recovery after the official end of the recession. The seminar focuses on refining students’ theoretical and empirical skills and applying them to recent macroeconomic events. The recession was an extraordinarily complex event. Tools from diverse areas, including macroeconomics, microeconomics, law, finance, political science, and other disciplines, contribute to understanding its causes. Even with a full semester, we will only cover a small fraction of the material that I find worthwhile. If students are interested in an aspect of the recession that the class ignores or brushes over, I hope that you will consider making it the basis of the course’s required research paper.