Director Spring 2011: Professor Thomas Michl, Department of Economics
Prerequisites | Course descriptions | Living arrangements | Costs | Deadlines
Further information | Helpful links
The London Economics Study Group (LESG) is conducted each year by the Economics Department. It is one of the oldest of Colgate’s off-campus study programs and was the first of its kind to be established in London. Initiated in 1962, assisted significantly by numerous Colgate alumni in London, and developed over the years with the cooperation of UK officials and scholars, the program has become an important component to the on-campus offerings of the Economics Department. Briefly stated, its goals are:
[1] To contribute to the student’s learning of general economic principles and methods of analysis at an advanced undergraduate 1evel.
[2] To develop an understanding of Britain’s economic problems and policy responses, and to extend the analysis into a wider European context.
[3] To broaden the student’s social and cultural perspectives in a different society, and to stimulate the development of personal career objectives.
The program provides the equivalent of a full semester’s work on campus. It consists of classroom meetings led by the Colgate professor who also directs the program, lectures by invited scholars and other professionals from the London area, and visits and group interviews at both government and private institutions. Students conduct internships arranged with banks, businesses, legal, non-profit, and sometimes government agencies during second half of the semester. Visits to European Community institutions in Brussels and Luxembourg or to the International Atlantic Economics Society conference have become an important extension to the UK-based program since 1973.
Classroom activities are conveniently located in the Bloomsbury district of central London a short walk from the British Museum. Its location in the heart of London maximizes the exposure of students to the many facets of cosmopolitan Euro-British culture. At the same time the location provides ready access to important resources that serve the narrower academic purposes of the program.
Courses
Three of the four courses required in the program will be for credit in economics. The British Economy (ECON 403Y) and the Economics of the European Community (ECON 401Y) are the distinctive centerpieces of the LESG. The third required course is Advanced Topics in International Economics (ECON 394Y).
British Economy (ECON 403Y) applies both microeconomic and macroeconomic theory to the British context. It studies a selection of historical and current macroeconomic, industrial, public sector and balance of payment problems of the UK, and the resulting policy responses to them. It includes a weekly series of visits to local economic institutions for group interviews about their activities and perspectives on current economic and government policy issues.
A concurrent internship experience in London is the basis for the required short paper at the end of ECON 403Y. The internship gives the student an opportunity to view UK economic life at the ground level and, in many cases, to explore possible career choices. A set of potential sponsors in the London area that includes banks, business firms, government agencies, and labor unions has been collected over the years. Coordinated by the study group director.
The Economics of the European Community (ECON 401Y) deals with economic aspects of the functioning and development of the European Community. It includes a week-long trip to the continent to meet with officials at EC and host-country agencies in Brussels and Luxembourg, or to attend the International Atlantic Economics Society conference. It also requires students to write a journal reflecting on their experiences during the trip. ECON 401Y effectively extends the scope of ECON 403Y to encompass Britain’s economic role and prospects within the European Community. Taught by local adjunct professor Ted Hyett.
The third economics course is Advanced Topics in International Economics (ECON 394Y). This course is an advanced study of international economic problems, with special reference to the role of economic theory in the understanding and solutions of such problems. The course includes several issues in trade policy but will emphasize Britain’s role in the world economy. Coordinated by the study group director.
The fourth required course is Contemporary London Theater and Culture (English 332Y). For this course students will see and study about ten plays in London; the focus will be not only on what the specific productions can reveal about contemporary London or British theater and culture, but also on what they can reveal about technical and theoretical aspects of contemporary theater more generally. This course satisfies a Humanities distribution requirement. Taught by a local adjunct professor.
Prerequisites
The LESG is an honors program designed for the most highly qualified students within its annual pool of applicants. All current sophomores and juniors with above-average GPA’s and/or B or better in the economics core courses are encouraged to apply for admission.
All LESG participants must have completed Intermediate Microeconomics (ECON 25l), Intermediate Macroeconomics (ECON 252), and Topics in International Trade (ECON 349) prior to the semester in London. ECON 349 is a new course. Spots will be reserved in ECON 349 for students accepted into the LESG during the semester preceding the study group.
Costs
Costs above Colgate’s tuition include room and meals, airfare, and necessary out-of-pocket expenses. On the average students can expect to spend $6,000-$7,000 more than a semester on campus. These increased costs are used in calculating the aid packages of students who receive financial aid, provided this is their first study group experience.
Students who are planning extensive personal travel will need to increase their budget accordingly.
Estimate Student Expenses London Economics Study Group
Living arrangements
Colgate University has made arrangements with ACORN Educational Services to provide housing in London, which will be billed through Colgate. The flats are located within walking distance from the classroom facilities. Each flat is apartment-style and houses 5-6 students, which may include students from other Colgate study groups. Board will not be provided; students will be responsible for their own meals during their stay abroad.
Deadlines
Applications are available in the Economics Department (222A Persson Hall) and the Off-Campus Study office and are due to Marni Manwarren in the Economics Department office by Friday, November 20, 2009.
Further information
An informational meeting will be held Thursday, November 5 at 6pm in 208 Persson Hall. Inquiries should be addressed to Professor Michl (tmichl@colgate.edu).
Helpful links
General information