Economics of Health, Human Capital, and Happiness (333-0-20)
Instructors
Hannes Alexander Schwandt
Meeting Info
Annenberg Hall 345: Mon, Wed 2:00PM - 3:20PM
Overview of class
Understanding causal relationships is a central goal in social science and science in general. Correlations help to predict outcomes, but if we want to influence outcomes we need to understand causal pathways. It is not sufficient to observe what is happening, we need to know why it is happening. In this course students will learn the toolbox of causal inference econometrics with applications to the economics of health, human capital, and subjective wellbeing. The empirical methods we will cover include multivariate regressions, panel data, difference-indifference designs, instrumental variables, randomized control trials, and regression discontinuities. We will also discuss causal evidence derived from theoretical models and machine learning. Health, human capital, and subjective wellbeing ("happiness") are core dimensions of social welfare and inequality in our society. They matter as an outcome for people's lives and they matter as an input into economic and social productivity. Moreover, health, human capital, and happiness are impacted by behaviors and by social and environmental conditions - factors that can be impacted via social policies. To develop effective social policies, however, it is crucial to understand the causal mechanisms driving these factors. We will discuss fetal origins, the impact of air pollution on health, causes and consequences of mental illness in childhood and youth, the impact of income on health, trends in mortality, the economic drivers of fertility, happiness across countries and over time, and the roots of midlife crisis.
Registration Requirements
Prerequisites: ECON 202-0 (Intro to Microeconomics) and a 200-level statistics class (SESP 210-0, STAT 202-0, STAT 210-0 and PSYCH 201-0 are all suitable).
Some knowledge of multivariate regression and Stata or R are also required.
Enrollment Requirements
Enrollment Requirements: Pre-Req: Students need to take ECON 202 and any one 200-level statistics course