201. Principles of Economics I. No credit granted to those who have completed 400. (SS).
Economics 201 concentrates on the microeconomics of the modern economy: how markets function under competitive conditions as well as with various other types of market organization; the distribution of income and wealth; the public sector; socialism; and related topics of current interest. Grades are based largely on course-wide hour tests and the final exam, but there will also be quizzes in the sections. Economics 201 is the first part of the two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics. Any student absent from the first two discussion section meetings will be dropped from the course.
202. Principles of Economics II. Econ. 201. No credit granted to those who have completed Econ. 400. (SS).
Economics 201 and 202 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 202, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GNP, unemployment, inflation, international trade, and economic growth. The section meetings are limited to 35 students.
400. Modern Economic Society. For upperclass and graduate students without prior credit for principles of economics. (SS).
A one-term course which covers the basic principles of economics, including both microeconomic and macroeconomic analysis, the theory of production and cost, industrial organization, and input markets. Macroeconomic topics include the determination of national income, inflation and unemployment, money and banking, and stabilization policy. The course is aimed at upperclass and graduate students who are not concentrating in economics. Students who wish to retain the options of further courses in economics or of economics as a possible concentration should take the two-term introductory course, Economics 201 and 202.
401. Intermediate Microeconomic Theory. Econ. 201 and 202, and Math. 115. (SS).
This course is based on H. Varian INTERMEDIATE ECONOMICS. The course provides a moderately detailed description of the neo-classical microeconomic theories of consumer demand for commodities, firm behavior, various market types, and an introduction to welfare economics. Emphasis is also placed upon methods of analysis. Some introductory knowledge of differential calculus is assumed. Grades will be determined from midterm tests and a final examination. (Morgan)
404. Statistics for Economists. Econ. 201 and 202; or permission of instructor. No credit granted to those who have completed 405. (SS).
This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression theory. Data analysis and interpretation of quantitative results will be emphasized. There are two lectures and one problem session per week. Grades are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. (Howrey)
C. Economic Stability and Growth
412. Stabilization Policy. Econ. 402. No credit granted to those who have completed or are enrolled in 310. (SS).
This course will consist of an intensive examination of the business cycle and related issues. We will begin by discussing the set of stylized facts that collectively constitute what is known as the business cycle. The first half of the course is dedicated to the classical/new classical approach to business cycle theory. These models attempt to explain boom and recessionary periods in a market clearing framework. Real GNP deviations from potential are initially the result of imperfect information and remain due to various propagation. We will also comment on the more recent developments in real business cycle theory. The second half of the course covers the Keynesian version of business cycle theory. Primary focus is on explanations of real and nominal rigidities. Prerequisites include Economics 402 and a working knowledge of algebra and calculus at the Math 115 level. (Warner)
271/Accounting 271 (Business Administration). Accounting. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (Excl).
This course covers basic financial accounting principles for a business enterprise. Topics include the accounting cycle, merchandising accounts, asset valuation, income measurement, partnership accounting, and corporation accounting.
272/Accounting 272 (Business Administration). Accounting. Economics 271. Not open to freshmen. May not be included in the minimum 24 credits required for a concentration in economics. (Excl).
This course completes the coverage of financial accounting principles and provides an introduction to management accounting. Topics include investments, long-term liabilities, the statement of changes in financial position, consolidated statements, job-order and process cost accounting, special analysis for management, and standard costs.
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