94-95 LS&A Bulletin

Economics

238 Lorch Hall

764-2355

Professor Alan V. Deardorff, Chair

Professor David Lam, Associate Chair for Administrative and Student Affairs

Professor Matthew D. Shapiro, Associate Chair for Recruitment

May be elected as a departmental concentration program

Professors

William James Adams, Industrial Organization, Western Europe

Theodore Bergstrom, Microeconomics, Public Finance

Kenneth Binmore, Microeconomics

Charles Brown, Labor, Microeconomics

Paul Courant, Public Finance, Public Policy, Urban Economics

John Cross, Microeconomic Theory

Alan Deardorff, International, Macroeconomics

Robert Dernberger, Comparative Economic Systems, Development/China

Greg Duncan, Microeconomics, Labor

Mark Gersovitz, Development

Roger Gordon, Public Finance, Econometrics

Edward Gramlich, Public Finance, Macro-economics

Robert Holbrook, Money, Macroeconomics

E. Philip Howrey, Econometrics, Macro-economics

Saul Hymans, Econometrics, Macro-economics

George Johnson, Labor

Thomas Juster, Microeconomics, Survey Research

Jan Kmenta, Econometrics

John Laitner, Macroeconomics

Lung-Fei Lee, Microeconomics, Labor

Richard Porter, Environmental, Development, Microeconomics

Stephen Salant, Microeconomics, Natural Resources

Gary Saxonhouse, Japanese Economy, Econometrics, Development

Carl Simon, Microeconomics

Joel Slemrod, Public Finance

Frank Stafford, Labor, Microeconomics

Robert Stern, International

Hal Varian, Microeconomics

Thomas Weisskopf, Political Economy

Michelle White, Law, Public Finance

Associate Professors

Robert Barsky, Money, Macroeconomics

John Bound, Labor, Econometrics

Miles Kimball, Macroeconomics, Money

David Lam, Development, Demography

Margaret Levenstein, Economic History

James Levinsohn, International, Development

Jeffrey MacKie-Mason, Public Finance, Econometrics

Matthew Shapiro, Macroeconomics, Econometrics

Gary Solon, Labor, Econometrics

Warren Whatley, Economic History, Political Economy

Assistant Professors

Susanto Basu, Macroeconomics

Yan Chen, Public Choice, Public Finance

Margarita Genius, Econometrics

Sherrie Kossoudji, Development, Demography

David Li, Comparative Economic Systems

Stefan Oppers,

David Roth, Theory

Gregg Shaffer, Industrial Organization

Ennio Stacchetti, Theory

Joseph Swierzbinski, Natural Resources, Industrial Organization

Robert Thomas, Business

Adjunct Assistant Professors

John Hussman,

Lecturers

Janet Gerson, Microeconomics

Frank Thompson, Political Economy

Janet Wolfe, Macroeconomics, Econometrics

Professors Emeriti Gardner Ackley, W. H. Locke Anderson, Morris Bornstein, Deborah Freedman, Daniel Fusfeld, Harold Levinson, James Morgan, Eva Mueller, William Palmer, Peter Steiner, Wolfgang Stolper.

Economic problems are central to modern society. Consequently, a broad understanding of the modern world requires some knowledge of economic systems. An individual's intelligent understanding of and participation in the solution of problems which face society is aided by an understanding of the point of view and techniques of analysis which have been developed by economists. The introductory courses (201 and 202) offered by the department are designed to provide basic knowledge as well as to serve as a foundation for other courses in economics for students who wish to pursue the subject at an intermediate or advanced level. A concentration in economics leads to a more detailed understanding of the modern economic world and provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students who wish to attain professional competence as economists in preparation for careers in research or in college or university teaching normally plan on graduate work in economics.

Prerequisites to Concentration. Economics 201 and 202 and Mathematics 115, each of which must be completed with a grade of at least C. Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond Mathematics 115. Mathematics 116, 215, and 217 are recommended for students with an interest in quantitative economics. For students who would only take one more course beyond Mathematics 115, Mathematics 118 is suggested. Students with a serious interest in advanced research should elect Economics 405 and 406.

Concentration Program. A minimum of 24 credits including at least 8 upper level economics courses must be selected from among groups B through M in the course listings. A concentration plan must include (1) Economics 401 (Intermediate Micro-economics) and 402 (Intermediate Macro-economics), each completed with a grade of at least C-, and (2) Economics 404 (Statistics for Economists) or 405 (Introduction to Statistics). Economics 401 and 402 are prerequisites to many advanced courses and should be elected during the sophomore or junior year. Economics 401 should be elected before Economics 402. Transfer credit is not normally granted for Economics 401. Students who wish to receive Economics 401 transfer credit for Intermediate Microeconomics courses elected elsewhere must perform satisfactorily on a departmental equivalency examination. Statistics 425 and 426 (or 525 and 526) may be substituted for Economics 405 and may count as 4 credits toward the minimum of 24 credits. Other courses in statistics may be used to satisfy the statistics requirement only with the approval of a concentration advisor and do not result in concentration credit. The 24 credits in economics required for the economics concentration must include at least 6 credits earned in classes for which Economics 401 or 402 is a prerequisite. The following courses may not be included in the concentration plan: Economics 400, 555 and 556.

Honors Concentration. Qualified students are encouraged to consider an Honors concentration in economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in economics. An Honors concentration plan must include Economics 405 and 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis is usually an extension of concentration coursework and includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of Economics 495 (Seminar in Economics). Honors concentrators have an opportunity to elect Economics 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

Advising. Students interested in a concentration in economics should consult an economics concentration advisor. Appointments are scheduled at 1213 Angell Hall.

Economics Undergraduate Office. The undergraduate office is located at 158 Lorch Hall (763-9242). The Student Services Assistant for the economics undergraduate program is available to answer questions about concentration requirements, course offerings, wait-list procedures, and other matters concerning the undergraduate program.

Accelerated Program in Economics and Public Policy (A.B.-M.P.P.). The Department of Economics and the Institute of Public Policy Studies (IPPS) participate in a joint degree program in public policy. This program enables qualified students to complete the requirements for both the bachelor's degree with a concentration in economics and a two year master's degree program in public policy within a five year period. Application for admission to the accelerated program should be made during the junior year through the Institute of Public Policy (440 Lorch Hall; 764-3490). Students accepted into the program begin graduate work in public policy and administration in the senior year by electing the full sequence of core courses in the IPPS Masters program. Many of the courses in the IPPS core curriculum also satisfy concentration requirements in economics.

Students interested in the joint degree program should consult the Institute of Public Policy Studies and an economics concentration advisor during the sophomore year.

Michigan Economic Society. The Michigan Economic Society (154 Lorch Hall, 763-5318) is the organization for undergraduate students in Economics. Student representatives to department committees are elected by MES members. MES provides informational meetings about careers for economic graduates, informal talks by faculty members, informal peer counseling, and social events. Undergraduate students are encouraged to join MES and avail themselves of its many services.

Prizes. The Sims Honor Scholarship in Economics, which carries a stipend of $500, is awarded yearly in the spring to the junior judged the most outstanding and promising economics concentrator.

The Harold D. Osterweil Prize in Economics, which carries an honorarium of $500, is awarded yearly to the most outstanding graduating senior in economics who has also shown a high degree of social awareness.

The John Elliot Parker Prize, which carries a stipend of $500, is awarded yearly in the spring to an economics undergraduate and graduate student for outstanding written contribution in the area of labor economics or human resources.

Half-Term Information. Some courses are offered in half terms for reduced credit. Refer to the Time Schedule for specific credit hour information.


Courses in Economics (Division 358)

A. Introductory Courses

201. Principles of Economics I. No credit granted to those who have completed or are enrolled in 400. I, II, IIIa, and IIIb. (4). (SS). (QR/2).

202. Principles of Economics II. Econ. 201. No credit granted to those who have completed or are enrolled in Econ. 400. I, II, IIIa, and IIIb. (4). (SS). (QR/2).

B. Economic Theory and Statistics

401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (4). (SS). (QR/1).

402. Intermediate Macroeconomic Theory. Econ. 201 and 202, and Math. 115. (3). (SS). (QR/1).

403. Advanced Economic Theory. Econ. 401 and 402. (3). (Excl).

404. Statistics for Economists. Econ. 201 and 202 and Math. 115. No credit granted to those who have completed or are enrolled in 405 or Stat. 311, 402, or 412. (4). (Excl). (BS). (QR/1).

405/Statistics 405. Introduction to Statistics. Math. 116 or 118, or permission of instructor. Juniors and seniors may elect this course concurrently with Econ. 201 or 202. No credit granted to those who have completed or are enrolled in Stat. 311 or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4). (Excl). (BS). (QR/1).

406. Introduction to Econometrics. Econ. 405 or Statistics 426. (4). (Excl). (BS).

409. Game Theory. Math. 217, or permission of instructor. (3). (Excl). (BS).

C. Monetary and Financial Economics

310. Money and Banking. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 411 or 412. (3). (Excl).

411. Monetary and Financial Theory. Econ. 402, and 404 or 405. No credit granted to those who have completed or are enrolled in 310. (3). (Excl).

412. Topics in Macroeconomics. Econ. 402. No credit granted to those who have completed or are enrolled in 310. (3). (Excl).

435. Financial Economics. Econ. 401 and 405, or equivalent. (3). (Excl).

D. Labor Economics

320. Survey of Labor Economics. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in Econ. 421 and/or 422. (3). (Excl).

325/Poli. Sci. 439. Inequality in the United States. Econ. 201 or Poli. Sci. 111. (3). (Excl).

421. Labor Economics I. Econ. 401. No credit granted to those who have completed or are enrolled in 320 or 326. (3). (Excl).

422. The Structure of Labor Markets. Econ. 401. No credit granted to those who have completed or are enrolled in 320 or 326. (3). (Excl).

E. Industrial Organization and Public Control

330. Industrial Performance and Government Policy. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 431 or 432. (3). (Excl).

333. Economic Analysis of Industrial Policy. Econ. 201 and 202. (3). (Excl).

431. Industrial Organization and Performance. Econ. 401. No credit granted to those who have completed or are enrolled in 330. (3). (Excl).

432. Government Regulation of Industry. Econ. 401. No credit granted to those who have completed or are enrolled in 330. (3). (Excl).

438/HSMP 661 (Public Health). Economics of Health Services. Econ. 401 or HSMP 660, or permission of instructor. (3). (Excl).

F. International Economics

340. International Economics. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 441 or 442. (3). (Excl).

441. International Trade Theory. Econ. 401 or the equivalent. (3). (Excl).

442. International Finance. Econ. 402 or the equivalent. (3). (Excl).

G. Comparative Economic Systems and National Economies

350. Comparative Economic Systems. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 451. (3). (Excl).

451. Comparative Analysis of Economic Systems. Econ. 401. No credit granted to those who have completed or are enrolled in 350. (3). (Excl).

453. The European Economy. Econ. 401 and 402; or permission of instructor. (3). (Excl).

454. Economics of Japan. Econ. 201 and 202. (3). (Excl).

455. The Economy of the People's Republic of China. Econ. 201 and 202. (3). (Excl).

456. The Soviet Economy. Econ. 201 and 202. (3). (Excl).

457. Post-Socialist Transition in Central/ Eastern Europe and the Former Soviet Union. Econ. 201 and 202. (3). (Excl).

H. Economic Development

360. The Developing Economies. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 461. (3). (Excl).

461. The Economics of Development I. Econ. 401. No credit granted to those who have completed or are enrolled in 360. (3). (Excl).

462. The Economics of Development II. Econ. 401 and Econ. 360 or 461. (3). (Excl).

466. Economics of Population. Econ. 401. (3). (Excl).

467. Economic Development in the Middle East. Econ. 201 and 202. (3). (Excl).

I. Environmental Economics

370/NR&E 470. Natural Resource Economics. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in Econ. 471 or 472. (3). (Excl).

471/NR&E 571. Environmental Economics. Econ. 401. or Nat. Res. 570 or equivalent. (3). (Excl).

472/NR&E 583. Intermediate Natural Resource Economics. Econ. 401 or Nat. Res. 570. (3). (Excl).

J. Public Finance

380. Public Finance. Econ. 201 and 202. No credit granted to those who have completed or are enrolled in 481 or 482. (3). (Excl).

481. Government Expenditures. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

482. Government Revenues. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

K. Economic History

491/Hist. 491. The History of the American Economy. Econ. 201 and 202. (3). (Excl).

493/Hist. 493. European Economic History. Econ. 201 and 202. (3). (Excl).

494/Hist. 494. Topics in Economic History. Econ. 201 and 202. (3). (Excl).

496. History of Economic Thought. Economics 201 and 202. (3). (Excl).

L. Other Topics in Economics

395. Topics in Economics and Economic Policy. Econ. 201 and 202. (3). (Excl).

407. Marxist Economics. Econ. 201 and 202. (3). (Excl).

408. Consumer Economics. Econ. 201 and 202. (3). (Excl).

476/CAAS 457. Political Economy of Black America. Econ. 201. (3). (Excl).

485. Law and Economics. Econ. 401. (3). (Excl).

487. Urban Economics. Econ. 401. (3). (Excl).

573/IPPS 573. Benefit-Cost Analysis. Econ. 555 or the equivalent; or permission of instructor. (4). (Excl).

M. Honors Program, Seminars, and Independent Research

495. Seminar in Economics. Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be elected for a total of 6 credits.

498. Honors Independent Research. Open only to students admitted to Honors concentration in economics. (1-4). (Excl). (INDEPENDENT). May be repeated for a total of 8 credits.

499. Independent Research. Written permission of staff member supervising research, and permission of Economics concentration adviser. (1-4). (Excl). (INDEPENDENT). May be elected for a total of 8 credits. No more than 4 credits may be used in concentration program.


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