Courses in Economics (Division 358)

Econ. 101. Principles of Economics I.

(Introductory Courses)

No credit granted to those who have completed or are enrolled in 400. I, II, IIIa, and IIIb. (4; 3 in the half-term). (SS). (QR/2).

The basic ideas of microeconomics: production, consumption, and the markets for outputs and inputs. The virtues of competitive markets are explored, and the causes and remedies of such market failures as monopoly, indivisibility, spillover costs and inequity are examined.

Econ. 102. Principles of Economics II.

(Introductory Courses)

Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. I, II, IIIa, and IIIb. (4; 3 in the half-term). (SS). (QR/2).

The basic ideas of macroeconomics: employment, inflation, output, and growth. The determinants of the state of the market economy are explored, and the influence of monetary, fiscal, and other public policies are examined.

Econ. 108. Introductory Microeconomics Workshop.

(Introductory Courses)

First-year standing and concurrent enrollment in Economics 101. (1). (SS). Offered mandatory credit/no credit.

Discussions of the previous week's Wall Street Journal articles, stressing the use and application of the microeconomic tools being learned in Econ. 101.

Econ. 195. Seminar in Introductory Economics.

(Introductory Courses)

Only first-year students, including those with sophomore standing, may pre-register for First-Year Seminars. All others need permission of instructor. (3). (SS).

This first-year seminar focuses on specific topics of current interest in economics. Instructors and topics vary from term to term. The course emphasizes reading, writing, and discussion of economic issues and points of view.

Econ. 309(109). Experimental Economics.

(Introductory Courses)

Econ. 101. (3). (SS). (QR/1).

This course introduces students to the subject of economics through experience in a laboratory. By participating in laboratory experiments, then analyzing the results in class discussion and written reports, they learn the principles of economics from their own empirical observation.

Econ. 310. Money and Banking.

(Monetary and Financial Economics)

Econ. 101 and 102. (3). (SS).

The role of money, banking, and finance in the economy. At the macroeconomic level, we study how monetary policy influences interest rates, prices, and overall economic activity.

Econ. 320. Survey of Labor Economics.

(Labor Economics)

Econ. 101 and 102. (3). (SS).

Overview of the economics of labor markets and income distribution (topics covered more intensively in 421 and 422).

Econ. 323. Economics and Gender.

(Other Topics in Economics)

Economics 101 and 102. (3). (Excl).

Examines many aspects of the economic status of women, including their role in the labor market, their relative wages status, the incidence of poverty in female-headed households, and the importance of historical and demographic trends as determinants of the economic status of women.

Econ. 330. American Industries.

(Industrial Organization and Public Control)

Econ. 101 and 102. (4). (SS).

A survey course which develops an analytic framework for evaluating the performance of major U.S. industries and examines the principal government policy instruments affecting industrial performance.

Econ. 340. International Economics.

(International Economics)

Econ. 101 and 102. (3). (SS).

A general course with an introduction to the fundamentals of theory, but with major emphasis upon important contemporary policy issues in the field of international economics.

Econ. 357/CAAS 357. Economic History of African-Americans.

(Economic History)

(3). (SS).

This course covers the economic history of Africans in America from the 15th century to the present, with emphasis placed on the historical roots of contemporary African-American life.

Econ. 360. The Developing Economies.

(Economic Development)

Econ. 101 and 102. No credit granted to those who have completed or are enrolled in 461. (3). (SS).

Examination of the structure and problems of the low-income nations; an analysis of the economic issues of development policy; and discussion of the economic relationships between the poor and rich nations of the world. Designed for students who wish a relatively nontechnical introduction to the problems of economic development.

Econ. 370/NR&E 375. Natural Resource Economics.

(Environmental Economics)

Econ. 101 and 102. No credit granted to those who have completed or are enrolled in Econ. 471 or 472. (3). (Excl).

Initial emphasis is on economic principles and analytical techniques of significance to natural resources problems. The latter part of the course emphasizes application of economic analysis to actual problems of managing natural resources both public and private.

Econ. 380. Public Finance.

(Public Finance)

Econ. 101 and 102. No credit granted to those who have completed or are enrolled in 481 or 482. (3). (SS).

A survey of government expenditure and revenue issues, designed for students wishing to take a single comprehensive course in the field of public finance. Students wishing to elect two courses in public finance should elect Economics 481 and Economics 482.

Econ. 395. Topics in Economics and Economic Policy.

(Other Topics in Economics)

Econ. 101 and 102. (1-3). (Excl). May be repeated for a total of six credits.

This course focuses on specific topics of current interest in economics and economic policy. Instructors and topics vary from term to term. The course emphasizes applications of economic approaches from a variety of fields to the analysis of real-world economic issues.

Econ. 398. Strategy and Equity.

(Other Topics in Economics)

Econ. 101. (4; 3 in the half-term). (SS).

This course is an introduction to the science of strategic thinking and the art of equity. Basics of non-cooperative as well as cooperative game theory are covered via simple cases in business, international crises, mass elections, legislative voting, cost sharing, college admissions, housing lotteries, kidney allocation, etc.

Econ. 401. Intermediate Microeconomic Theory.

(Economic Theory and Statistics)

Econ. 101 and 102, and Math. 115. (4). (SS). (QR/1).

A systematic study of the role of the price system in organizing economic activity and an evaluation of its effectiveness. Analytical tools are developed and applied to the activities of the household, the firm, and to their interactions in the market under varying degrees of competition.

Econ. 402. Intermediate Macroeconomic Theory.

(Economic Theory and Statistics)

Econ. 101 and 102, and Math. 115. (3). (SS). (QR/1).

A systematic study of the theory of aggregate demand, the degree of utilization of productive capacity, and the general level of prices.

Econ. 403. Advanced Economic Theory.

(Economic Theory and Statistics)

Econ. 401. (3). (Excl).

The course stresses mathematical techniques which are used in contemporary economic theory and treats economic theory as a subject of intrinsic interest as well as a tool to be used in various empirical areas. The range of possible topics for the course is extremely broad, and coverage during any particular term is determined by the interests of the students and the instructor.

Econ. 404. Statistics for Economists.

(Economic Theory and Statistics)

Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stat. 265, 311, 402, 405, or 412. (4). (Excl). (BS). (QR/1).

This course is designed to equip students to read empirical literature in economics and other social sciences. Topics include tabular and regression analysis and emphasize multiple regression.

Econ. 405/Stat. 405. Introduction to Statistics.

(Economic Theory and Statistics)

Math. 116 or 118. Juniors and seniors may elect this course concurrently with Econ. 101 or 102. No credit granted to those who have completed or are enrolled in Stat. 265, 311, or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4). (MSA). (BS). (QR/1).

The purpose of this course is to provide students with an understanding of the principles of statistical inference. Topics include probability, experimental and theoretical derivation of sampling distributions, hypothesis testing, estimation, and simple regression. (Students are advised to elect the sequel, Economics 406.)

Econ. 406. Introduction to Econometrics.

(Economic Theory and Statistics)

Econ. 405 or Statistics 426. (4). (Excl). (BS).

This course, a continuation of Economics 405, is intended to prepare students to conduct empirical research in economics. The classical linear regression model is developed with special emphasis on the basic assumptions of the model, economic situations in which the assumptions are violated, and alternative estimation procedures that are appropriate in these cases. Computer exercises are used to introduce students to special problems encountered in the analysis of economic data.

Econ. 407. Marxist Economics.

(Other Topics in Economics)

Econ. 101 and 102. (3). (Excl).

Analysis of economic theories of Karl Marx and their development by later Marxist writers, critical analysis of Marxism, and works in revival of Marxism in recent years.

Econ. 409. Game Theory.

(Economic Theory and Statistics)

Math. 217. (3). (Excl). (BS).

Parlor games: nim, tic-tac-toe, hex, chess. Fixed points and equilibria. Zero-sum games. Chance and information. Poker. Coordination and cooperation. Bargaining. Evolution of cooperation.

Econ. 411. Monetary and Financial Theory.

(Monetary and Financial Economics)

Econ. 402, and 404 or 405. (3). (Excl).

Modern financial markets and the role of monetary policy in influencing asset prices and the economy. Formal development of monetary and financial economics. Topics include interest rate determination, portfolio theory, regulation of financial institutions, money supply and demand, and monetary policy.

Econ. 412. Topics in Macroeconomics.

(Monetary and Financial Economics)

Econ. 402. (3). (Excl).

Topics in macroeconomic theory including empirical studies and policy applications.

Econ. 418. Business Cycles.

(Monetary and Financial Economics)

Econ. 402. (3). (Excl).

An examination of the factors which make for economic instability and of policies to promote stability. Major emphasis is placed on the postwar business cycle in the U.S. The approach is both theoretical and empirical.

Econ. 421. Labor Economics I.

(Labor Economics)

Econ. 401. (3). (Excl).

Analysis of the determination of the levels and distribution of skills, wages, employment, and income in a market economy. Applications of the theories of consumer choice, production, and investment in human capital to a wide range of real-world problems.

Econ. 422. The Structure of Labor Markets.

(Labor Economics)

Econ. 401. (3). (Excl).

Emphasis on institutional complications of labor markets such as trade unionism and discrimination. Intensive investigation of impact of policies concerning collective bargaining, equal opportunity, and unemployment.

Econ. 430. Business Abroad.

(Industrial Organization and Public Control)

Econ. 401. (4). (Excl).

Market structure, conduct, and performance when firms compete on a global basis. Emphasis is placed on the identification of those traits of national economic culture and policy which shape the behavior and performance of large-scale business enterprises. Most classes are be conducted in discussion format.

Econ. 431. Industrial Organization and Performance.

(Industrial Organization and Public Control)

Econ. 401. (3). (Excl).

Theory and empirical evidence on the causes and effects of market power, especially in industrial markets. The focus on the relations between market structure and performance as a guide to policy formation.

Econ. 432. Government Regulation of Industry.

(Industrial Organization and Public Control)

Econ. 401. (3). (Excl).

Analysis of government policies aimed at maintaining desirable economic performance, especially antitrust regulation and public enterprise.

Econ. 435. Financial Economics.

(Monetary and Financial Economics)

Econ. 401 and 405. (3). (Excl).

An introduction to the economic analysis of financial markets and financial decision making. Asset pricing theory, net present value, arbitrage strategies, portfolio management, and financial market behavior. Case studies of current policy.

Econ. 438/Health Management and Policy 661 (Public Health). Economics of Health Services.

(Industrial Organization and Public Control)

Econ. 401 or HMP 660. (3). (Excl).

Application of economic analysis to the field of medical care. Use of economics to explain current developments in medical care, more effective use of resources, and predictions of changes in current situation.

Econ. 441. International Trade Theory.

(International Economics)

Econ. 401. (3). (Excl).

The theory of international specialization and exchange; trade, tariffs, and welfare; and selected policy problems in international trade.

Econ. 442. International Finance.

(International Economics)

Econ. 402. (3). (Excl).

The foreign-exchange market, balance-of-payments accounting, balance-of-payments adjustment, international investment, and selected policy problems in international finance.

Econ. 451. Comparative Analysis of Economic Systems.

(Comparative Economic Systems and National Economies)

Econ. 401. No credit granted to those who have completed or are enrolled in 350. (3). (Excl).

Selected models, cases, and problems of various economic systems with different arrangements for ownership, resource allocation, and income distribution. Intended for students with a background in microeconomic theory.

Econ. 453. The European Economy.

(Comparative Economic Systems and National Economies)

Econ. 401. (3). (Excl).

A study of the European economy including economic growth, the Common Market, European relations with underdeveloped countries, East-West and trans-Atlantic trade relations, and the technological and managerial gap.

Econ. 454. Economics of Japan.

(Comparative Economic Systems and National Economies)

Econ. 101 and 102. (3). (Excl).

An analysis of the development of the Japanese economy followed by a discussion of the post-war Japanese economic system and the prospects for the future.

Econ. 455. The Economy of the People's Republic of China.

(Comparative Economic Systems and National Economies)

Econ. 101 and 102. (3). (Excl).

Analysis of economic organization, structure, system of planning, economic performance, and problems in China after 1949. The first third of the course is devoted to review of development before 1949.

Econ. 461. The Economics of Development I.

(Economic Development)

Econ. 401. No credit granted to those who have completed or are enrolled in 360. (3). (Excl).

Survey of the historical and economic determinants of stagnation and growth in the underdeveloped countries. Emphasis is given to the role of economic analysis and techniques in the planning process.

Econ. 462. The Economics of Development II.

(Economic Development)

Econ. 401, and 360 or 461. (3). (Excl).

The second of the two term sequence in economic development, following either Economics 360 or 461. Focuses on the applications of economic theory to several specific problems of policy and planning in underdeveloped countries.

Econ. 466. Economics of Population.

(Economic Development)

Econ. 401. (3). (Excl).

An introduction to the economic approach to the study of human population growth. Its primary aim is to acquaint the student with changing trends in fertility, mortality, migration and family composition, and the implications of these trends for the economy.

Econ. 471/NR&E 571. Environmental Economics.

(Environmental Economics)

Econ. 401 or NR&E 570. (3). (Excl).

Economic analysis of market failures due to externalities and imperfect transmission of information and of normative recommendations for efficient government intervention to correct the market failures. Positive analysis of government behavior creating and implementing policies for air pollution, water pollution, hazardous wastes and occupational health. The course includes a computer simulation of river pollution, where teams of students assume the role of the Water Basin Authority.

Econ. 472. Intermediate Natural Resource Economics.

(Environmental Economics)

Econ. 401 or NR&E 570. (3). (Excl).

An intermediate level review of Natural Resource Economics. Topics include basic optimization techniques, resource scarcity, cost-benefit analysis, depletion of exhaustible resources, harvesting of renewable resources and common property problems.

Econ. 476/CAAS 457. Political Economy of Black America.

(Other Topics in Economics)

Econ. 101. (3). (Excl).

Focuses on the economic life of African Americans in the U.S., including the role of economics in the social construction of race, and the relationship between the evolution of the U.S. economy and the changing status of African Americans.

Econ. 481. Government Expenditures.

(Public Finance)

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

Normative theory of public expenditures, expenditure decision-making processes, historical trends and determinants of government expenditures, benefit-cost analysis and other techniques of program evaluation, and intergovernmental fiscal relations.

Econ. 482. Government Revenues.

(Public Finance)

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

Historical trends and determinants of government revenues, revenue decision-making processes, social objectives attainable with revenue instruments, and evaluation of major types of revenue (taxes, user charges, borrowing).

Econ. 483/Poli. Sci. 482. Positive Political Economy.

(Other Topics in Economics)

Econ. 401. (3). (Excl).

An introduction to positive political economy, analyzing political institutions and their impact on economic policies. The tools of game theory are used to analyze different voting mechanisms, legislative games, the bureaucracy, and interest groups, and to incorporate these political institutions into the analysis of issues such as income taxation and the provision of public goods.

Econ. 485. Law and Economics.

(Other Topics in Economics)

Econ. 401. (3). (Excl).

This course surveys the literature on economic analysis of the common law. Topics to be covered would include (1) property rights and the problem of the commons, (2) the economic efficiency of various approaches to tort (accident) law (such as negligence rules, negligence with contributory negligence bar, strict liability and comparative negligence), (3) economic analysis of contracts, (4) the properties of tax versus liability rule versus regulatory approaches to pollution control, (5) economic approaches to deterrence of crime, and (6) other topics.

Econ. 490. Current Topics in Economics.

(Other Topics in Economics)

Econ. 401, 402, 404 or 405. (3). (Excl).

Sections cover specialized topics and topics that span subfields in economics. The topics are presented at an advanced undergraduate level. Topics vary with the interests of the faculty member teaching the section.

Econ. 491/Hist. 491. The History of the American Economy.

(Economic History)

Econ. 101 and 102. (3). (Excl).

Covers American economic history from colonial times to the present, emphasizing the causes and consequences of economic growth, business cycles, and issues of economic equity.

Econ. 493/Hist. 493. European Economic History.

(Economic History)

Econ. 101 and 102. (3). (Excl).

A survey of European economic history since 1000 A.D., with most emphasis on the determinants of economic growth in the eighteenth and nineteenth centuries.

Econ. 494/Hist. 494. Topics in Economic History.

(Economic History)

Econ. 101 and 102. (3). (Excl).

Study of issues in economic history with emphasis on a particular region of the world, a particular time period, or a topic of current interest. The specific topics vary with the faculty member teaching the course.

Econ. 495. Seminar in Economics.

(Honors Program, Seminars, and Independent Research)

Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be repeated for a total of six credits.

Seminar sections cover specialized topics and topics that span the subfields in economics. The topics are presented and discussed at an advanced undergraduate level. The specific topics vary with the faculty member teaching the seminar section.

Econ. 496. History of Economic Thought.

(Economic History)

Econ. 101 and 102. (3). (Excl).

Designed to give the student an overview of the development of economics in the era of modern industrial capitalism, from Adam Smith to the present day. Topics include: (1) classical economics: Adam Smith through Karl Marx; (2) Neo-classical economics – from Jevons, Menger and Walras through Marshall and his followers; (3) critiques of the mainstream; (4) Keynesian economics and the neoclassical synthesis.

Econ. 498. Honors Independent Research.

(Honors Program, Seminars, and Independent Research)

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

Each student completes a paper for the Honors thesis requirement under the direction of the director of the Honors program in economics and an additional faculty member.

Econ. 499. Independent Research.

(Honors Program, Seminars, and Independent Research)

Written permission of staff member supervising research, and permission of the economics concentration advisor. (1-4). (Excl). No more than four credits may be used in an economics concentration program. (INDEPENDENT). May be repeated for a total of eight credits.

Student and instructor agree on a substantial piece of work involving reading or research. Evaluation is based on the written work, either papers or examinations.

Econ. 555/Public Policy 555. Microeconomics.

(Other Topics in Economics)

Permission of instructor. (4). (Excl).

This course begins a two-term sequence designed to provide students with an understanding of the economic implications of public policies and with analytic tools useful in system design and policy planning. Major topics include production, costs, prices, resource allocation, governmental involvement in economic activity, and the operation of market systems.

Econ. 573/Public Policy 573. Benefit-Cost Analysis.

(Other Topics in Economics)

Econ. 555. (4). (Excl).

This course teaches students how to evaluate government programs. It covers the mechanics of benefit-cost analysis, how scarce or unemployed resources should be priced, the choice of a proper time discount rate, treatment of income distribution issues, environmental benefits, intergovernmental grants, and regulatory problems. An essential part of the course is a term project – each student selects a program and does a benefit cost evaluation of it.