Jeffrey Parker, Reed College
Course Information
This course examines the effects of science and technology on the economic system, and the economic incentives underlying scientific research and technological development. We will study both historical and modern aspects of these issues, including devoting a substantial amount of time to case studies.
This class will meet for three 50-minute sessions per week, Mondays, Wednesdays, and Fridays at 12:00 noon in Vollum 120 . Class sessions will usually be conducted as conferences. Extensive student participation is expected. We may have occasional guest speakers (perhaps scientists, managers, venture capitalists, patent lawyers, etc.) from the science and technology community, who will talk about their roles in technological innovation.
The only prerequisite is Economics 201: Introduction to Economic Analysis. We will use mathematical analysis infrequently in this class. When mathematical models are analyzed, students lacking the calculus tools used in the readings are encouraged to read "between the equations" to develop an understanding of the economic points the author is making.
The instructor will hold formal office hours in Vollum 229 (telephone extension 7308) on Mondays and Wednesdays from 1:30 to 3:00. Feel free to make an appointment or to drop in at other times if these hours are not convenient for you. If you drop in at a bad time, we can schedule an appointment for later. The best way to communicate with the instructor outside of class is via electronic mail. Send email to parker@reed.edu. [Note: Do not send email to jparker or parkerj, these go to other people!
Homework and Short Essays: There will be occasional short assignments (perhaps three during the semester) related to the material that we are covering. These may either be problem sets or short essays.
Exams: There will be a mid-term exam and a final exam for this course. Both exams will be essay-oriented and may be partially or wholly take-home.
Paper Suggestion Reports: Twice during the semester, you are to submit a summary of a paper that you think could be added to the reading list for the class. The first of these will be due a week after the mid-term exam; the second will be due on the last day of classes. For each paper, you are to give a full bibliographic reference to the paper (and attach a copy), summarize the contents of the paper in detail, and describe where in the reading list you think the paper should go and how it would complement (or substitute for) other readings currently on the syllabus. The paper may be any academic paper published in an economics-related journal, or an unpublished paper from a major university or a research organization such as the National Bureau of Economic Research or the Centre for Economic Policy Research. (Articles in the non-academic press such as The Economist are not eligible for this assignment.)
Experiment: We will perform an extended experiment on technological innovation outside of class, in which all students will participate. Participation involves making decisions about R&D policy for a hypothetical firm that you manage. Each day before noon, you will receive an update via the Internet or electronic mail. You will be asked to respond to this information by making decisions about your R&D policies for the next period. These decisions must be submitted electronically by 6am the following day. (Weekends will count as a single day: decisions are due by 6am, Monday through Saturday, with information sent out by noon that day.) Failing to respond will not be penalized directly, but will be interpreted as undertaking no new R&D in the period, which may be a risky innovation strategy. The experiment will continue for at least several weeks. There will be a short written assignment or perhaps an exam question relating to the experiment.
Grades will be based on all information the instructor has about your level of understanding of the subject matter. This includes evidence from exams, papers, class and experiment participation, and individual discussions. Evidence of preparation for class conferences will carry significant weight in grading.
We will read a fairly large amount of material from a variety of sources. Much of the reading is from books. We will read multiple chapters from each of the following books:
Any of these can be ordered from the Reed Bookstore or from online sources if you want your own copy. Most cost less than $50 (new) and some are under $30. Multiple copies of all of these books will be on reserve in the Reed Library. We will make arrangements to have photocopied or scanned chapters of scarce books available as necessary.
Beyond these books, there are many other readings from books and journals that are either assigned or recommended. All of these will be available in printed form through library reserves. Some readings are available through online sources and have links from the reading list.
Most class sessions will be true conferences, not the "interruptible lecture" format that is common in some economics classes. This format presupposes that all students have read the required materials and are prepared to participate in the discussion. A considerable part of your course grade will be based on the effectiveness of your contributions to class discussions. From time to time, students will be asked to present summaries of papers on the reading list, or to comment on the presentations of other students. In preparing these summaries or comments, as well as in preparing for class on a daily basis, I suggest that you follow the recommendation in the instructor's guide to reading economics papers. This will help you focus on what is important in your reading and preparation.