Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Not school:
From San Diego, CA
I enjoy spending time outside 🤙
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Not school:
From San Diego, CA
I enjoy spending time outside 🤙
I hope that you:
I hope that you:
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
Excited to be back in class in person
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
Excited to be back in class in person
Own plenty of masks for the remainder of the quarter
Today:
(i). Syllabus + Course Policies
(ii). General Economics Discussion
(iii). Intro to Urban Economics
Today:
(i). Syllabus + Course Policies
(ii). General Economics Discussion
(iii). Intro to Urban Economics
Upcoming:
EC201 review
Reading
PS01
All information is on the syllabus
All information is on the syllabus
I want to discuss the following:
All information is on the syllabus
I want to discuss the following:
(i). Course policies
(ii). Grades and grading
(i). Turn your camera on
(i). Turn your camera on
(ii). Mute mics when not talking
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
No passwords are turned on for now but we will see if we get bombed
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
No passwords are turned on for now but we will see if we get bombed
I will try and start the meeting a little early + stay on for OH
Attendance is mandatory, lectures will not be recorded
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Obviously, given the circumstances there exists some flexibility
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Obviously, given the circumstances there exists some flexibility
Complete slides will be posted to GitHub sometime after lecture†
† More to talk about this next slide
When I taught this class remotely, I made slides
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
I may not have time to adapt the slides into lecture notes
If I use slides, I will post them to a public Github Repository
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
I may not have time to adapt the slides into lecture notes
If I use slides, I will post them to a public Github Repository
Teach through examples
There are 500 points total. Your grade will be determined by:
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
Q: Is there a curve?
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
Q: Is there a curve?
A: Maybe
Following department policies, for 300 and 400 level classes roughly 65% of the class will receive A’s and B’s.
From the syllabus:
Your grade will be determined relative to your peers, so during the course, I will not be able to tell you what your exact letter grade is at any point in time, because it depends on everyone’s overall scores of the class.
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Drop this course if you are unable to take the scheduled midterm
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Drop this course if you are unable to take the scheduled midterm
Roughly 10% of points on the exam will be given for neatness + readability
Required reading Triumph of the City by Ed. Glaeser.
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Book Report: Due Sunday following the final exam (August 15)
Instructions and a rubric are posted on the course github + canvas
Syllabus has the reading schedule. Feel free to read ahead
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Book Report: Due Sunday following the final exam (August 15)
Instructions and a rubric are posted on the course github + canvas
Syllabus has the reading schedule. Feel free to read ahead
This is a suuuuper interesting book and easy to read. Read every night.
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
Start them early, they will cover a lot of material
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
Start them early, they will cover a lot of material
Geared to prepare you for the exams. Think of them as a study guide.
Canvas:
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Light, public course page with links to all course material
Do not need an account. It is just easier for me
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
"Wealth" ("weal")
Money and other assets
But also well-being, welfare
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
"Wealth" ("weal")
Money and other assets
But also well-being, welfare
Archaic use of "wealth" make it seem like economics is merely the study of how to get rich
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
Not just money:
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
Not just money:
Economics is very general; the market lens can be used across many topics
Explain how actors actually behave; less about how they should behave
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Figure out what the data say for evidence-based policy making
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Figure out what the data say for evidence-based policy making
Opportunity cost: What you have to give up by not putting a resource to its next-best alternative use
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
Geography: Studies effects of location and the environment
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
Geography: Studies effects of location and the environment
Economics + Geography : Study of how individuals and firms choose utility and profit maximizing locations, and consequences of these decisions
We will study how the distribution of people & firms across space impacts:
We will study how the distribution of people & firms across space impacts:
We will study how the distribution of people & firms across space impacts:
We will also examine the efficacy of various place - based policies
We will study how the distribution of people & firms across space impacts:
We will also examine the efficacy of various place - based policies
What are the economic drivers behind urban development?
This class has two fairly distinct halves:
Philosophy & Tools
Why do cities exist? Why do they grow? Why do they decline?
Fundamental tools of labor & urban econ (supply and demand)
This class has two fairly distinct halves:
Philosophy & Tools
Why do cities exist? Why do they grow? Why do they decline?
Fundamental tools of labor & urban econ (supply and demand)
Application
Rent Control & Minimum Wage
Highways and urban transportation
Income inequality and environmental issues
According to the Census Bureau...
According to the Census Bureau...
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
Metropolitan Area: an urbanized area with at - least 50k population
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
Metropolitan Area: an urbanized area with at - least 50k population
City: Dense collection of people in specific geographic area
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
Location matters
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
Location matters
Let's look at some data
Where you live has implications for
Where you live has implications for
Your contribution to global carbon emissions
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Your economic mobility
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Your economic mobility
We will answer these questions as we progress through this course
In this class we will make use of various mathematical models
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
The Canonical Example
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
The Canonical Example
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
This model allows us to make predictions about prices and quantities (from the supply & demand side), and the equilibrium price and quantity
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
The ability of the model to predict data and understand mechanisms determines how useful it is
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Are these reasonable? Can your behavior be explained by a simple linear function?
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Are these reasonable? Can your behavior be explained by a simple linear function?
Does a function even exist?
Next Class:
EC201 Review
5 Axioms of Urban Economics
Next Class:
EC201 Review
5 Axioms of Urban Economics
Reading:
Get the book ASAP!!
Read the introduction
Keyboard shortcuts
↑, ←, Pg Up, k | Go to previous slide |
↓, →, Pg Dn, Space, j | Go to next slide |
Home | Go to first slide |
End | Go to last slide |
Number + Return | Go to specific slide |
b / m / f | Toggle blackout / mirrored / fullscreen mode |
c | Clone slideshow |
p | Toggle presenter mode |
t | Restart the presentation timer |
?, h | Toggle this help |
o | Tile View: Overview of Slides |
s | Toggle scribble toolbox |
Esc | Back to slideshow |
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Not school:
From San Diego, CA
I enjoy spending time outside 🤙
Name: Andrew Dickinson (please call me Andrew)
†: I will hold office hours on Monday starting at 10 am. Not the official time yet
Not school:
From San Diego, CA
I enjoy spending time outside 🤙
I hope that you:
I hope that you:
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
Excited to be back in class in person
I hope that you:
Are an eager student ready to learn about urban econ
Have passed EC-201 with at least some recollection of the material
Excited to be back in class in person
Own plenty of masks for the remainder of the quarter
Today:
(i). Syllabus + Course Policies
(ii). General Economics Discussion
(iii). Intro to Urban Economics
Today:
(i). Syllabus + Course Policies
(ii). General Economics Discussion
(iii). Intro to Urban Economics
Upcoming:
EC201 review
Reading
PS01
All information is on the syllabus
All information is on the syllabus
I want to discuss the following:
All information is on the syllabus
I want to discuss the following:
(i). Course policies
(ii). Grades and grading
(i). Turn your camera on
(i). Turn your camera on
(ii). Mute mics when not talking
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
No passwords are turned on for now but we will see if we get bombed
(i). Turn your camera on
(ii). Mute mics when not talking
(iii). Do not share images or recordings
(iv). Feel free to interupt me or "raise hand"
(v). Keep the chat open and use it
(vi). If there is any technical difficulties tell me
No passwords are turned on for now but we will see if we get bombed
I will try and start the meeting a little early + stay on for OH
Attendance is mandatory, lectures will not be recorded
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Obviously, given the circumstances there exists some flexibility
Attendance is mandatory, lectures will not be recorded
The expectation is that you attend class every day
The quality of these lectures increase with participation and attendance
Obviously, given the circumstances there exists some flexibility
Complete slides will be posted to GitHub sometime after lecture†
† More to talk about this next slide
When I taught this class remotely, I made slides
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
I may not have time to adapt the slides into lecture notes
If I use slides, I will post them to a public Github Repository
When I taught this class remotely, I made slides
However, I have a strong preference to use the board
I may not have time to adapt the slides into lecture notes
If I use slides, I will post them to a public Github Repository
Teach through examples
There are 500 points total. Your grade will be determined by:
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
Q: Is there a curve?
There are 500 points total. Your grade will be determined by:
40%: Final Exam (1x): 200 points
30%: Midterm Exam (1x): 150 points
25%: Problem sets (4x): 25 points each
10%: Book Report (1x): 50 points
Q: Is there a curve?
A: Maybe
Following department policies, for 300 and 400 level classes roughly 65% of the class will receive A’s and B’s.
From the syllabus:
Your grade will be determined relative to your peers, so during the course, I will not be able to tell you what your exact letter grade is at any point in time, because it depends on everyone’s overall scores of the class.
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Drop this course if you are unable to take the scheduled midterm
Midterm: Monday of week 03 (Nov 04)
Final: Thursday of week 04 (Dec 08)
Absolutely no makeups
Under extraordinary circumstances I will shift midterm weight to the final
Drop this course if you are unable to take the scheduled midterm
Roughly 10% of points on the exam will be given for neatness + readability
Required reading Triumph of the City by Ed. Glaeser.
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Book Report: Due Sunday following the final exam (August 15)
Instructions and a rubric are posted on the course github + canvas
Syllabus has the reading schedule. Feel free to read ahead
Required reading Triumph of the City by Ed. Glaeser.
Problem sets: Several questions (gifts) from assigned reading
Exams: Several questions (gifts) from the book
Book Report: Due Sunday following the final exam (August 15)
Instructions and a rubric are posted on the course github + canvas
Syllabus has the reading schedule. Feel free to read ahead
This is a suuuuper interesting book and easy to read. Read every night.
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
Start them early, they will cover a lot of material
There will be 4 problem sets throughout the term:
Each one is worth 5% of your grade
You must submit a pdf document on Canvas*
No late homework assignments will be accepted
Start them early, they will cover a lot of material
Geared to prepare you for the exams. Think of them as a study guide.
Canvas:
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Canvas:
All the important materials will be posted to Canvas
Homework submission
Announcements
Light, public course page with links to all course material
Do not need an account. It is just easier for me
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
"Wealth" ("weal")
Money and other assets
But also well-being, welfare
The Wealth of Nations by Adam Smith (1776)
Seminal work on economics, four volumes; as important to its field as:
Newton’s Principia Mathematica
Darwin’s Origin of Species
"Wealth" ("weal")
Money and other assets
But also well-being, welfare
Archaic use of "wealth" make it seem like economics is merely the study of how to get rich
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
Not just money:
In a nutshell:
Economics is the study of how people make allocation decisions to maximize their happiness when facing limit resources (budgets)
There is never enough resources to fulfill all human wants
Scarcity gives us constraints and we do the best we can s.t. constraints
Not just money:
Economics is very general; the market lens can be used across many topics
Explain how actors actually behave; less about how they should behave
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Figure out what the data say for evidence-based policy making
Explain how actors actually behave; less about how they should behave
Normative statements: Matters of opinion; may never be resolved
Positive statements: Matters of fact that can be resolved by data
Figure out what the data say for evidence-based policy making
Opportunity cost: What you have to give up by not putting a resource to its next-best alternative use
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
Geography: Studies effects of location and the environment
A mashup between geography and economics.
Economics: Study of how people and firms allocate scarce resources.
Geography: Studies effects of location and the environment
Economics + Geography : Study of how individuals and firms choose utility and profit maximizing locations, and consequences of these decisions
We will study how the distribution of people & firms across space impacts:
We will study how the distribution of people & firms across space impacts:
We will study how the distribution of people & firms across space impacts:
We will also examine the efficacy of various place - based policies
We will study how the distribution of people & firms across space impacts:
We will also examine the efficacy of various place - based policies
What are the economic drivers behind urban development?
This class has two fairly distinct halves:
Philosophy & Tools
Why do cities exist? Why do they grow? Why do they decline?
Fundamental tools of labor & urban econ (supply and demand)
This class has two fairly distinct halves:
Philosophy & Tools
Why do cities exist? Why do they grow? Why do they decline?
Fundamental tools of labor & urban econ (supply and demand)
Application
Rent Control & Minimum Wage
Highways and urban transportation
Income inequality and environmental issues
According to the Census Bureau...
According to the Census Bureau...
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
Metropolitan Area: an urbanized area with at - least 50k population
According to the Census Bureau...
Urban Area: a densely settled geographical area with:
Metropolitan Area: an urbanized area with at - least 50k population
City: Dense collection of people in specific geographic area
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
Location matters
The majority of the US population lives in cities† and more people will continue to migrate into urban areas
†. 80 - ish percent, according to the Census Bureau
Questions:
Do you like cities?
What are favorite city amenities?
Are cities at odds with the natural world?
Why do cities exist?
Location matters
Let's look at some data
Where you live has implications for
Where you live has implications for
Your contribution to global carbon emissions
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Your economic mobility
Where you live has implications for
Your contribution to global carbon emissions
Your wage and rent
Your economic mobility
We will answer these questions as we progress through this course
In this class we will make use of various mathematical models
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
The Canonical Example
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
In this class we will make use of various mathematical models
What is a mathematical model?
A model is a description of a system using .... math
Useful to help explain and predict behavior
The Canonical Example
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
This model allows us to make predictions about prices and quantities (from the supply & demand side), and the equilibrium price and quantity
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
What are the pros of models?
Allows for us to be very percise with our language
Gives us the ability to predict the various aspects of the economy
Can shed insight on mechanisms through which procceses interact
What are the cons of models?
They require assumptions
Claim: Almost all assumptions are wrong
The ability of the model to predict data and understand mechanisms determines how useful it is
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Are these reasonable? Can your behavior be explained by a simple linear function?
Did we make assumptions our supply/demand model? Discuss
Supply:P(Qs)=10+5∗QsDemand:P(Qd)=20−2∗Qd
Marginal values are diminishing and marginal costs are increasing †
†: Marginal = Adding one additional unit
Demand and Supply are linear
Demand and Supply are deterministic
Are these reasonable? Can your behavior be explained by a simple linear function?
Does a function even exist?
Next Class:
EC201 Review
5 Axioms of Urban Economics
Next Class:
EC201 Review
5 Axioms of Urban Economics
Reading:
Get the book ASAP!!
Read the introduction