The Bard Economics and Finance Program, established in the fall of 2007, is a five-year BS/BA dual-degree program.
Students receive both a BS degree in economics and finance and a BA degree in an academic program other than economics. The program is designed to meet the needs of students who wish to achieve a broad education in the liberal arts and sciences even as they prepare themselves for careers in the financial world.
Requirements
Degree Requirements
The BS/BA program requires 160 credits; the student must fulfill all general educational requirements of the College’s BA program. The BS degree will not be awarded unless the student also receives the BA degree. However, a student may elect to step out of the program, continuing in the BA program. Hence, the dual-degree program is structured to allow all requirements for the BA to be met within four years.
Course Requirements
Candidates for the dual degree must complete 56 credits in economics and finance, comprising the core courses of the program: Principles of Economics; Foundations of Finance and Investments; Money and Banking; Intermediate Microeconomics; Mathematical Economics; Accounting; Industrial Organization; Introduction to Econometrics; Seminar in International Economics; Advanced Econometrics; Contemporary Developments in Finance; and Corporate Finance. Students are required to complete a Senior Project relating to finance.
Student Work
Recent Senior Projects in Economics and Finance
“The Closed-End Fund Paradox in Country Funds: A Conventional and Behavioral Perspective”
“Forecasting Error in the U.S. Social Security Administration’s Economic Assumptions”
“A Microdata Analysis of the Gender Pay Gap in South Korea”
“Testing the Predictive Power of Equity Valuation Metrics: A Minskyan Approach”
Professor Pavlina Tcherneva on the Disconnect Between Biden’s Great Economic Numbers and How Voters Feel about the Economy
Professor of Economics Pavlina Tcherneva discusses the disconnect between the way economists see the US economy and the way families experience it. “Housing affordability, health care, education—these things have not fundamentally changed,” she tells Ian Masters on Background Briefing. “We emerged out of this COVID pandemic without some profound structural changes. [...] There were some policies that seemed to work and they expired, and others that we don’t see the benefits from yet. But I think that basically that is the message: we are back to the status quo.”
Professor Pavlina Tcherneva on the Disconnect Between Biden’s Great Economic Numbers and How Voters Feel about the Economy
Pavlina Tcherneva, professor of economics at Bard College and research scholar at Bard’s Levy Economics Institute, discusses the disconnect between the way economists see the US economy and the way families experience it. “Housing affordability, health care, education—these things have not fundamentally changed,” she tells Ian Masters on Background Briefing. “We emerged out of this COVID pandemic without some profound structural changes. I think that there are some good signs. We do want to keep this momentum. There were some policies that seemed to work and they expired, and others that we don’t see the benefits from yet. But I think that basically that is the message: we are back to the status quo. Folks are still experiencing the stresses of daily life. And there are far too many Americans that still live paycheck to paycheck.”
The Levy Economics Institute of Bard College is pleased to announce that it has received a two-year $500,000 grant from the Hewlett Foundation. The award will support the institute’s Gender Equality and the Economy program and aims to generate new knowledge and share information about the economic empowerment of women, particularly in sub-Saharan Africa.
Bard College’s Levy Economics Institute Receives $500,000 Hewlett Grant for Its Gender Equality and the Economy Program
The Levy Economics Institute of Bard College is pleased to announce that it has received a two-year $500,000 grant from the Hewlett Foundation. The award will support the institute’s Gender Equality and the Economy (GEE) program and aims to generate new knowledge and share information about the economic empowerment of women, particularly in sub-Saharan Africa.
The GEE program focuses on the ways in which economic processes and policies affect gender equality, and examines the relationships between gender inequalities and economic outcomes. During the grant period from 2023–2025, the institute and its partners—including Levy scholars Thomas Masterson, Fernando Rios-Avila, Aashima Sinha, and Ajit Zacharias, alongside regional partners Abena Oduro of the University of Ghana and Nthabiseng Moleko of the University of Stellenbosch—plan to generate new research on gender disparities in employment security and welfare outcomes in Ghana and South Africa. The dominance of wage employment in South Africa versus self-employment in Ghana, for example, may present different labor market scenarios with potentially significant implications for employment security and welfare outcomes. The grant will also support continued research using the Levy Institute’s expanded measure of poverty: the Levy Institute Measure of Time and Income Poverty (LIMTIP). Inspired by feminist approaches to economics, the LIMTIP takes account of time for household production in order to create a more accurate reading of economic deprivation.
“We are grateful to the Hewlett Foundation for their generous decade-long support” said Ajit Zacharias, senior scholar and director of the Institute’s Distribution of Income and Wealth Program. “Inequality in earnings between men and women is an important and well-studied aspect of gender inequality. However, the gender disparities in child-rearing, care of dependent adults, and division of other family responsibilities often force women into less secure forms of employment than men with similar labor market profiles. The gender distribution of types of employment thus has a fundamental effect on current earnings differentials. Such disparities also drive the gender disparity in cumulative earnings, i.e., earnings over working life. They have gendered implications for old-age income security, e.g., by shaping private savings or eligibility for employer-provided pensions. We aim to provide fresh insights and evidence on these issues, hoping they will contribute to policies that promote gender equality and social justice.”
The award will facilitate two workshops in the region to disseminate its findings, along with related work by scholars in the region, and engage with policymakers and other stakeholders. Additionally, the institute will host an international workshop on gender and economic analysis featuring new research in feminist economics, providing a platform for new studies and mutual engagement with global research and policy community members.
Finding the Money, a new film by Maren Poitras, follows economist Stephanie Kelton, research associate at the Levy Economics Institute of Bard College, on an exploration of Modern Monetary Theory—the heterodox economic policy model that reframes our understanding of government funding, spending, and national debt. The films also features Bard and Levy economists Pavlina R. Tcherneva, L. Randall Wray, Mathew Forstater, and Fadhel Kaboub.
Finding the Money: New Documentary on the Paradigm-Shifting Modern Monetary Theory Features Levy Scholar Stephanie Kelton and Bard Economists
Finding the Money, a new film by Maren Poitras, follows economist Stephanie Kelton, research associate at the Levy Economics Institute of Bard College, on an exploration of Modern Monetary Theory—the heterodox economic policy model that reframes our understanding of government funding, spending, and national debt. “An alternative story of money will revolutionize our conception of what we as a society believe we can afford and can achieve,” says the filmmaker. Bard economists featured in the film include economics professors and Levy scholars Pavlina R. Tcherneva and L. Randall Wray, and Levy research associates Mathew Forstater and Fadhel Kaboub. This past weekend, Finding the Money had its world premiere at the 2023 Woodstock Film Festival with Kelton, Wray, Tcherneva, and Forstater all in attendance.
Bard Economist Pavlina Tcherneva Provides Expert Opinion on UN Job Guarantee Report, to Speak at Report’s Official Launch on June 30
Pavlina Tcherneva, associate professor of economics at Bard College, provided expert opinion during the preparation of the new United Nations report on the job guarantee, “The Employment Guarantee as a Tool in the Fight Against Poverty.” Professor Tcherneva collaborated with UN Special Rapporteur on Extreme Poverty and Human Rights Olivier De Schutter on the project.
“The UN report is a significant recognition of the job guarantee as a key strategy for addressing unemployment, poverty, and inequality,” says Professor Tcherneva. “Nation states concerned with these issues will have the opportunity to respond and, if so willing, adopt the technical recommendations outlined in the report.”
Tcherneva will participate in the official launch of the report on June 30, in a side event held on the occasion of the 53rd session of the UN Human Rights Council in Geneva. The event is jointly organized by the UN special rapporteur on extreme poverty and human rights and ATD Fourth World, and cosponsored by the Permanent Mission of Belgium and the Permanent Mission of Luxembourg to the United Nations in Geneva.
Tcherneva will speak remotely on a panel moderated by Olivier De Schutter, and will be joined by Aye Aye Win, president of the International Committee for October 17th; Kate Philip, programme lead on the Presidential Employment Stimulus, South Africa; and Mito Tsukamoto, chief of the Development and Investment Branch (DEVINVEST) of the Employment Policy Department at the International Labour Office (ILO).
For more information about the event, including the concept note and list of speakers, visit srpoverty.org.
Pavlina Tcherneva is an associate professor of economics at Bard College, the director of the OSUN Economic Democracy Initiative, and a research scholar at the Levy Economics Institute at Bard College. She is the author of The Case for a Job Guarantee (Polity, 2020) which has been published in eight languages.
What Is Money?: Bard Economist L. Randall Wray Discusses How Money Works on the Podcast Something You Should Know
L. Randall Wray, professor of economics at Bard and senior scholar at the Levy Institute, speaks with Mike Carruthers on Something You Should Know about the definition of money and how it actually works. “We need to get away from this notion that money is something we can get our hands on,” Wray explains. “If you go back in time, most market activity as far back as we go took place on the basis of credit and debit. And really that is how we should look at money. Money is credit in your hands and it’s somebody’s debt.” Wray asserts that the Federal Reserve cannot run out of money. “Money is a keystroke credit to an account . . . As long as there is one person left at the Fed with one finger, they can keystroke some more credits . . . Can the government or the private sector spend too much and cause inflation, which will reduce the value of the money? Yes, that can happen.” Wray’s newest book Money for Beginners: An Illustrated Guide was published in May 2023. Professor Wray’s interview begins at 24:00.
Bard Economist Pavlina Tcherneva Interviewed on Background Briefing with Ian Masters
Ian Masters spoke with Pavlina Tcherneva, associate professor of economics at Bard College, research associate at the Levy Economics Institute, and author of The Case for a Job Guarantee (2020), on his nationally syndicated radio program Background Briefing. In the episode, “As Pundits Warn of Recession and Inflation, We Get the Best Economic News Since 1969,” Masters asks Tcherneva for her take on the latest U.S. Bureau of Labor Statistics jobs report, which added 517,000 jobs in January 2023 and stunned most economists and people who continue to harbor a doomsday mentality about the economy.
According to Tcherneva, two years after the COVID-induced crisis, such good news about low unemployment levels tells us that “public policy has tools. It can act boldly, quickly and bring jobs back.” She points out, however, that these low unemployment numbers also reflect the 5.7 million people who are not looking for work, and 4 million people who are working part-time but would like to have full-time jobs.
“Part of the anxiety still being experienced in the labor market is that the jobs are there but they are not exactly these well-paying jobs with very good benefits and good working conditions. On that front, there is more to be accomplished. Let us remember our minimum wage is still $7.25, and no one can live on $7.25 an hour,” she asserts.
Tcherneva sees the big fiscal policies implemented over the last two years by the Biden administration, which do not overly focus on the financial sector or prioritize tax cuts for the wealthy, as all good news. Still, she advocates for more economic progress. “The question for me is did we come out of the pandemic with better jobs, better conditions for working families than we had going into the pandemic?”
Professor Pavlina Tcherneva Helps Chart a Path for Job Guarantee Program in Colombia
Pavlina Tcherneva, associate professor of economics at Bard College, research associate at Bard’s Levy Economics Institute, and director of the Open Society University Network's Economic Democracy Initiative, recently met with government officials in Bogotá, Colombia, to present her proposal for a national job guarantee program. At the invitation of Vice Minister of Finance Diego Guevara, Professor Tcherneva met with five government divisions: the ministries of energy, development, finance, and culture, and the SAE (Sociedad de Activos Especiales, or Special Assets Society), which administers seized assets of narcotics traffickers in the country.
“The job guarantee is an economic policy that provides public employment opportunities on demand to anyone seeking decent, living-wage work,” Tcherneva says. “It is a structural stabilization policy that alleviates the economic, social, and political costs of unemployment and precarious employment. It is equity-driven and draws on a long tradition of human rights and social justice.” Governments all over the world have implemented policies that provide some level of job guarantee, though none have a truly universal job guarantee program. One example in U.S. history is the Works Progress Administration. Part of President Franklin Roosevelt’s New Deal, the agency employed millions of Americans on a wide range of public works projects during the Great Depression.
Bard College Professor Pavlina Tcherneva
During Tcherneva’s meetings in Bogotá, Colombian officials proposed to draft pilot public employment projects to further the work of each ministry. SAE, for example, discussed various ways in which the assets of the agency could support the creation of local employment and strengthen the work of grassroots and community organizations. These pilots would also support the public employment component of the national development plan, which President Gustavo Petro will present before the Colombian Congress in May.
“I was inspired by SAE's employment-centered, social inclusion approach to the management of seized assets,” Tcherneva notes. “In much of my policy work, I am asked to explain the innovative aspects of the job guarantee proposal. In Colombia, I had to do very little of that. Instead, I met with policy makers who were not only receptive but were already thinking about how to make it happen.”
During her stay in Colombia, Professor Tcherneva also delivered one of the two opening keynotes at the Third Annual Conference on Heterodox Economics at the National University of Colombia. Her talk was titled “The Role of Women in Heterodox Economics.”
Pavlina Tcherneva is a macroeconomist specializing in modern money theory and public policy, with a focus on fiscal and monetary policy coordination, full employment policies, and their impact on macroeconomic stability, unemployment, income distribution, and gender. Her book The Case for a Job Guarantee (Polity, 2020) was named one of the Financial Timesbest economics books of 2020 and has been published in eight languages. Her first book, Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey (coedited with M. Forstater), is a rare collection of the lesser-known works by Nobel Prize–winning economist William Vickrey and reinterprets his proposals for the modern day. Tcherneva holds a BA in mathematics and economics (Phi Beta Kappa) from Gettysburg College and an MA and PhD in economics from the University of Missouri–Kansas City. She is an expert at the Institute for New Economic Thinking and, formerly, a visiting research fellow at the University of Cambridge Centre for Economic and Public Policy in the United Kingdom.
Bard College Professor Pavlina Tcherneva meets with and SAE Director Daniel Rojas Medellin. Photo courtesy Sociedad de Activos Especiales, Colombia.
Bard Economist L. Randall Wray Wins 2022 Veblen-Commons Award in Recognition of Significant Contributions to Evolutionary Institutional Economics
L. Randall Wray, professor of economics and senior scholar at the Levy Economics Institute of Bard College, has won the 2022 Veblen-Commons Award. This award is the highest honor given annually by the Association for Evolutionary Economics (AFEE) in recognition of significant contributions to evolutionary institutional economics. Named after the founders of institutional economics, Thorstein Veblen (1857-1929) and John R. Commons (1862–1945), and awarded since 1969, the Veblen-Commons Award is presented to scholars “on the basis of their contributions to a better understanding of both the economic process and the behavior of the major institutions that shape that process and society’s goals and values” (Trebing, 1992, 333). By recognizing significant contributions to institutional analysis, this award furthers the goal of institutional economics to make the world a better place.
Recipients of the Veblen-Commons Award have made outstanding contributions to institutional economics in the tradition of Veblen and Commons. Award recipients have focused their work on some of the most important topics confronting human society. Such topics include exploring the underlying power relations within society, the origins and implications of inequality, feminist economics, the origins of discrimination, the enabling myths of the dominant groups, the continuing conflict between rights and duties, the possibilities offered by modern technologies and the use of those possibilities for good or ill, the causes of financial crises, among others. Previous recipients include Levy scholars James Galbraith (2020), John F. Henry (2017), Jan Kregel (2011), and Hyman P. Minsky (1996).
L. Randall Wray is a senior scholar at the Levy Economics Institute and professor of economics at Bard College. He is one of the original developers of Modern Money Theory. Wray’s most recent books are Why Minsky Matters (Princeton University Press, 2016), and A Great Leap Forward (Academic Press, 2020), and Handbook of Economic Stagnation(with Flavia Dantas; Elsevier, 2022). Four new books will be published in 2022/2023: Making Money Work for Us (Polity Press, Fall 2022), Money For Beginners (with Heske Van Doornen; Polity Press, 2023), Modern Monetary Theory: Key Thinkers, Leading Insights (editor; Edward Elgar Publishing, 2022), and The Elgar Companion to Modern Money Theory (with Yeva Nersisyan; Edward Elgar Publishing, 2023).
Wray is the author of Money and Credit in Capitalist Economies (Edward Elgar Publishing, 1990), Understanding Modern Money (Edward Elgar Publishing, 1998), The Rise and Fall of Money Manager Capitalism (with É. Tymoigne; Routledge, 2013), Modern Money Theory (Palgrave Macmillan, 2012; 2nd rev. ed., 2015), and Macroeconomics (with William Mitchell and Martin Watts; Red Globe Press, 2019).
Wray previously taught at the University of Missouri–Kansas City and at the University of Denver, and has been a visiting professor at the Universities of Paris, Bologna, Bergamo and Rome, as well as UNAM in Mexico City. He holds a BA from the University of the Pacific and an MA and a Ph.D. from Washington University, where he was a student of Minsky. He has held a number of Fulbright Grants, including most recently at the Tallinn University of Technology in Estonia. He is the 2022 Veblen-Commons Award winner for contributions to Institutionalist Thought and will be the 2022-2023 Teppola Distinguished Visiting Professor at Willamette University, Salem Oregon.
Bard Economist L. Randall Wray on How Modern Monetary Theory Isn’t the Future. It’s Here Now.
In the Wall Street Journal, Bard economist and leading scholar of Modern Monetary Theory L. Randall Wray comments on how important elements of MMT, including the claim that a government need never default on debt issued in its own currency, are now accepted by much of the economic and financial establishment. “We got five or six trillion dollars of spending and tax cuts without anyone worrying about payfors, so that was a good thing,” says Wray. “In January [2020], MMT was a crazy idea, and then in March, it was, OK, we’re going to adopt MMT.” L. Randall Wray is Professor of Economics and Senior Scholar at the Levy Economics Institute of Bard College.
Campus Center, George Ball Lounge6:00 pm – 8:00 pm EDT/GMT-4 It time for a break! Join us for recharging snacks and drinks in this midterm season! Brought to you by the Economics Club!