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Economics Course Offerings

ECON 101 Principles of Macroeconomics (Core: IS)
Introduction to macroeconomic problems – unemployment and inflation. National income accounting – measures of gross domestic product. Aggregate demand and supply. Fiscal and monetary policies. Open-economy issues.

ECON 102 Principles of Microeconomics (Core: IS)
Resource allocation by consumer and producer. Derivation of demand and supply curves. Market structure – perfect competition and imperfect competition. Determination of wages and other factor prices.

ECON 251 Intermediate Macroeconomics and Contemporary Issues
Theories of national income, employment, interest rates, exchange rates and the price level, along with an in-depth analysis of the open economy. This course will explore these notions in a theoretical and applied macroeconomic context including topics such as fiscal and monetary policies, financial crises, currency crises, sovereign debt, income inequality and other contemporary issues. Prerequisite: ECON 101, ECON 102. Spring semester.

ECON 252 Intermediate Microeconomics
Consumer demand theory, utility maximization, elasticity. Theory of the firm, production and cost functions, profit maximization. Price and output decisions under perfect competition, monopoly and imperfect competition. Factor markets. General equilibrium and pareto-optimality, income distribution. Market failure. Prerequisite: ECON 102. Fall semester.

ECON 300 History of Economic Thought (Adv. Core: WT)
Study of the principal thinkers in economic philosophy. Topics include: ancient and medieval economic thought; mercantilism and the dawn of capitalism; the classical period; criticisms of classical economics; socialism; marginalism; the neoclassical period; institutionalism; John Maynard Keynes; the Austrian school; and the Chicago school. Readings from primary sources. Prerequisite: junior or senior standing.

ECON 325 Introduction to Econometrics
Regression analysis, ordinary least squares method of estimating parameters of linear equation involving two or more variables. Hypothesis testing. Problems of estimation. Model building and forecasting. Use of econometric software. Prerequisites: BUAD 284 or SSCI 224 or MATH 321, ECON 101 or ECON 102 or instructor’s consent.

ECON 326 Advanced Applied Econometrics
Topics in advanced econometric analysis. Incorporating lags optimally, stationarity and co-integration, simultaneous models, pooling data and systems of equations. Recommended for students interested in graduate study. Prerequisite: ECON 325. Infrequently offered. 

ECON 330 Labor Economics
Theory of labor supply and demand. Theory of human capital. Compensation issues, wages, fringe benefits, minimum wage. Unions and collective bargaining. Employment and unemployment, measurement issues, labor force participation, full employment, immigration. Income distribution, discrimination. Prerequisites: ECON 101 and ECON 102.

ECON 335 Industrial Organization
Theory of the firm, nature of different market structures, relationship between industry structure and performance, pricing strategies, vertical integration and restriction, role of information and advertising, antitrust policy and its effects. Prerequisite: ECON 102. Infrequently offered.

ECON 340 Economics of Sports 1
Economic analysis of the professional spectator sports industry. Sports fans as consumers. Teams as profit-maximizing firms. Athlete labor markets. Economics of sports and media. Sports leagues as cartels. Stadium subsidies. Sports anti-trust policy. Prerequisites: ECON 102, BUAD 284 or SSCI 224.

ECON 341 Economics of Sports 2
Survey of major issues in sports economics research literature. Considers topics in individual sports/leagues (e.g., MLB, NBA, NHL, NFL, European soccer, women’s athletics, college athletics) and topics across different sports (e.g., measuring athlete labor productivity, athlete discrimination, competitive balance, demand estimation issues). Prerequisite: ECON 340. Infrequently offered.

ECON 345 An Economic Approach to Religion
The purpose of this course is to apply principles of economics involving, for example, resource allocation and competition in an effort to increase our understanding of religious behavior. The content is driven by economic theory, but we will see it informed by the important contributions of sociology, psychology and political science (among other disciplines). The majority of the course employs standard rational economic theory that has been prominent in the modern study of economic behavior. Some of our work will relax this assumption to reflect the contribution of behavioral economics, which has recently gathered attention within the discipline. The course will employ both theoretical and empirical analyses. Consequently, the class will develop or extend economic concepts in a step-by-step fashion in order to lead students to predictions of various aspects of religious behavior enabling them to test these predictions with data. Prerequisites: ECON 101 and ECON 102. 

ECON 350 Environmental Economics
The study of the economic aspects of environmental issues such as water and air pollution, global warming and deforestation, in a microeconomic framework. Possible consequences of economic activity on the environment. Design of policies meant to foster economic development along with environmental protection. Benefit-cost analysis. Optimal use of natural resources. Prerequisite: ECON 102.

ECON 357 Economics of Globalization (Adv. Core: BB)
This course is an introduction to the economics behind globalization and is designed for students with little or no previous training in economics. The course explores the historical development of international trade and finance. Examination of data will lead to the establishment of various economic theories to explain trade patterns and will cover theories ranging from those of Ricardo to those related to new trade theorists such as Paul Krugman. The course will explore many of the contentious issues related to international trade and international finance, and will consider the forces that drive increased economic integration.

ECON 375 Growth and Development
Characteristics of developing countries. Theories of economic growth: neoclassical and structuralist models, endogenous growth. Importance of physical and human capital. Export-led growth vs. import substitution. Fiscal, monetary and exchange-rate policies. Regional and global trade agreements. Country studies. Prerequisites: ECON 101 and ECON 102. Infrequently offered.

ECON 376 International Trade
Comparative advantage, theories of international trade, terms of trade and welfare. Commercial policy-tariffs and quotas. Regional trading blocs, international trade agreements. Prerequisites: ECON 101 and ECON 102.

ECON 377 International Finance and Monetary Economics
Balance of payments – current account and capital account. Exchange rate determination, purchasing power parity. Open-economy macroeconomics, fiscal and monetary policies, fixed and flexible exchange rates. The role of IMF and World Bank, international debt crisis. Prerequisites: ECON 101 and ECON 102.

ECON 380 Managerial Economics
The application of microeconomic theory to managerial decision-making regarding demand, production and cost. Traditional neoclassical theory of the firm combined with modern adaptations addressing property rights, transaction costs, imperfect information and global markets. Use of linear programming techniques, emphasis on critical-thinking skills in managerial problem-solving. Prerequisite: ECON 102.

ECON 390 Money and Banking
The nature of money and the function of money in an economy. How banks and financial institutions affect the economy and the role of the Federal Reserve as a policy-making and stabilizing force. Monetary policy and its effectiveness in the context of various macroeconomic models and in the world economy. Prerequisites: ECON 101 and ECON 102.Note: Students may not get credit for both BUAD 352 and ECON 390.

ECON 391 Public Finance
Role of government – allocation, distribution, stabilization. Welfare economics, externalities, public goods. Public choice theory. Government expenditures, cost-benefit analysis. Government finance, tax vs. debt financing, deficits and the public debt. Taxation theory, income, consumption and wealth taxes. Fiscal federalism, state and local government issues. Prerequisites: ECON 101 and ECON 102.

ECON 489 Special Topics (2 or 4 credits)
This is a seminar course offered whenever a mutual interest in a more specialized topic in economics exists for a member of the faculty and a sufficient number of students. Prerequisite: instructor’s consent.

ECON 490 Independent Study (2 or 4 credits)
Individual study of an approved topic in economics under the direction of an economics faculty member. Permits faculty and students to explore together some subject of special or personal interest. Reading and tutorial discussion are required, written work is optional. Prerequisite: instructor’s consent and approval of associate dean of social sciences.

ECON 492 Directed Research (2 or 4 credits)
Qualified students may perform economics research projects under the supervision of an economics faculty member. Prerequisite: instructor’s consent and approval of associate dean of social sciences.

ECON 494 Internship
Appropriate work experience with business firms or government agencies may be undertaken for course credit when directly related to the educational goals of the student. Prerequisite: instructor’s consent and approval of associate dean of social sciences.