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2018-19 Course Catalog

Courses primarily for:

Courses Primarily for First-Year and Sophomore Students

ECON 101 – First Year Seminar

Open to first-year students in Weinberg College; does not satisfy major/minor requirements in Economics.

ECON 201 – Introduction to Macroeconomics

An introduction to economics with emphasis on macroeconomics. Topics include: scarcity and choice, elements of supply and demand, inflation, unemployment, recessions, booms, fiscal and monetary policy, international balance of payments, and budget deficits.  Prerequisite: basic algebra and graphing.

ECON 202 – Introduction to Microeconomics

An introductory course on the fundamentals of microeconomics.  The behavior of individuals and firms in deciding on prices and allocation of scarce resources.  Topics include: consumer preferences, costs of production, equilibrium prices and output, different market types, potential market failures, and the role of government interventions and public policy.  Prerequisite: ECON 201-0.

ECON 249 – Business Strategy

Firms’ choices of prices, capacity, location, quality, variety, investment and product innovation when navigating complex economic environments shaped by government policy and inter-firm rivalries. Prerequisites: ECON 202-0; MATH 220-1. (Majors and Minors should not take this course, but should take ECON 349-0 instead.  Students may not receive credit if they have completed ECON 349-0.)

ECON 281 – Introduction to Applied Econometrics

An introduction to econometrics.  The underlying theory of regression and the practical application of these techniques to data sets.  Understanding and diagnosing common statistical problems encountered during estimation.  Prerequisite: ECON 201-0, ECON 202-0, MATH 220-0, STAT 210-0 or higher level statistics class. All other substitutions (including AP Statistics) must be cleared through the Director of Undergraduate Studies for Economics.

ECON 310-1 – Microeconomics I

A more mathematically formal and rigorous treatment of the core concepts of microeconomics introduced in ECON 202-0.  Topics include: consumer behavior and the theory of demand, costs of production and the nature of equilibrium in competitive and monopolistic markets. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-0.

ECON 310-2 – Microeconomics II

The continuation of the intermediate microeconomics sequence provides tools to analyze social wellbeing, social choice, risk and uncertainty, information asymmetries, competitive independencies between firms (game theory), market spillovers and general equilibrium. Prerequisite: ECON 310-1.

ECON 311 – Macroeconomics

A more mathematically formal and rigorous treatment of the core concepts of macroeconomics introduced in ECON 201-0.  Topics include: aggregate consumption, inflation, unemployment, growth, international balances between countries, and the role of monetary and fiscal policy. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-0.

STAT 210 – Introductory Statistics for the Social Sciences

Introduction to basic concepts and methods of statistics and probability. Methods of data collection, descriptive statistics, probability, estimation, sampling distributions, confidence intervals, hypothesis testing. May not receive credit for both STAT 202-0 and STAT 210-0. Prerequisite: strong background in high school algebra (calculus is not required).

Courses Primarily for Juniors and Seniors

ECON 307 – Economics of Medical Care

Application of microeconomics to the study of health insurance and the health care sector.  Topics include: design and financing of health insurance, public and private demand for medical care, role of competition, regulation of hospitals and physicians, roles of nonprofit and for-profit organizations, and technological change. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 308 – Money and Banking

The role of money, banking, and financial markets in the modern economy. Topics include: function and history of money, financial flows, evolving nature of banks and their regulation, monetary policy, modern central bank practices, effect of monetary policy on economic outcomes, and the response to financial crises. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 309 – Public Finance

Understanding the role of government in the economy in theory and practice. Topics include:  structure and implications of various tax instruments, role of public debt, and methods for evaluating government expenditures and programs.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 315 – Topics in Economic History

Topics vary and may cover the economic history of a particular country or region, or a specific issue in economic history. May be taken twice for credit with different topics. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 316 – Advanced Topics in Macroeconomics

This course is for students looking for advanced and rigorous analysis in macroeconomics.  Topics vary and may include: growth, business cycles, unemployment and search, monetary economics, macroeconomic policy, inter-temporal choice, and general equilibrium. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311, MATH 224-0, MATH 230-0.

ECON 318 – History of Economic Thought

Development of economic thought from the advent of the mercantilists to the formation of current schools of economics. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 323-1 – Economic History of the United States Before 1865

Economic development of the United States with emphasis on changing structure and performance of the economy: Colonial period to 1865. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 323-2 – Economic History of the United States After 1865

Economic development of the United States with emphasis on changing structure and performance of the economy: 1865 to the present. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0. ECON 323-1 is not a prerequisite.

ECON 324 – Western Economic History

Western European developments from 1750 to the present. Topics include: demographic, technical, social, and economic change. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 325 – Economic Growth and Development

Macroeconomic aspects of long-term patterns of economic development, and the examination of differences in the income levels and growth performances across countries. The role of investment, education, population, and technological change in economic growth. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 326 – The Economics of Developing Countries

Microeconomic issues in underdeveloped countries.  Topics include: land use, labor, migration, credit and microfinance, informal and formal insurance, famine, education and health. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 327 – Economic Development in Africa

Economic change in sub-Saharan Africa, emphasizing current issues and policies in their historical contexts. Agriculture and rural development, industrialization, and international economic relations.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 326-0.

ECON 329 – Experimental Economics

Application of experimental methods to study economic questions.  Students will learn about, participate in, and potentially design, experiments to gain insight into economic theories about decision-making, games, and markets. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 330 – Behavioral Economics

Understanding of how humans make choices in economic situations. The incorporation of psychology and/or sociology into economics to gain deeper insight into economic behavior, to make better predictions, and to generate improved policy prescriptions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 331 – Economics of Risk and Uncertainty

Models of decision making under uncertainty. Use of these models to understand economic phenomena such as investments in financial assets, insurance, contracting, and auctions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, Math 300-0 or equivalent.

ECON 335 – Political Economics

The analysis of political motivations and policy outcomes using economic models of social choice theory and voting theory. Application of formal theory to contemporary and historical public policy decisions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 336 – Analytic Methods for Public Policy Analysis

Study of methodological problems in public policy analysis and an examination of how economists perform policy analysis in practice. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 337 – Economics of State and Local Governments

Economic functions and financing of state and local governments in theory and practice, costs and demands for local public services, and the role of government finance in urban and regional growth. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 339 – Labor Economics

The theory and empirical analysis of employment relationships.  Topics include: decision to participate in the labor market, tradeoff between labor and leisure, demand for labor by firms, matching of workers and jobs, role and effect of trade unions, minimum wage legislation, labor mobility, and human capital acquisition, Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 340 – Economics of the Family

Application of microeconomic theory to the analysis of family issues.  Topics include: marriage, cohabitation, decision to have children, divorce, credit and insurance, legacies, bargaining within the household, and division of household labor. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 341 – Economics of Education

The economic analysis of education. Topics include: returns to schooling, individual decisions to invest in education, the production of education, markets for schools and teachers, financing, and public policy. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 342 – Economics of Gender

Analysis of gender differences in employment, earnings and division of labor in the household. Topics include:  the status of women around the world, education, marriage, fertility, labor supply, household decision-making, and discrimination. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 349 – Industrial Economics

Examination of the competitive and cooperative strategies employed by profit-maximizing firms in a wide range of market structures.  Topics include: the setting of prices and outputs, product quality and variety, competitive responses, entry barriers, mergers and acquisitions, and relationships with suppliers and distributors.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 350 – Monopoly, Competition, and Public Policy

Application of microeconomic tools to the problems and issues caused by monopoly power in the context of antitrust law, public utility regulation, and intellectual property.  Use of economic theory and landmark legal cases to study the purpose and development of policies to mitigate anti-competitive practices, and highlight currently unresolved public policy debates.   Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 351 – Law and Economics

Use of economic analysis to understand the incentives, workings and efficiency of the legal system.  Topics include: torts, contracts, property, criminal law, corporate law, and antitrust and regulation statutes. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 354 – Issues in Urban and Regional Economics

Factors affecting the spatial distribution of economic activity within cities and between different regions of a country. Choice of residential and workplace location.  Applications of economic analysis to problems of urban areas such as housing markets, zoning restrictions, and racial and social patterns of employment and housing. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 355 – Transportation Economics and Public Policy

Economics of all forms of transportation and the regulatory and public policy environment in which they operate.  Topics include: demand by passengers and freight shippers, costs of production, optimal pricing, regulatory interventions, subsidies, evaluation of investment, and dealing with congestion.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 359 – Economics of Nonprofit Organizations

The economic rationale for the non-profit sector in a mixed economy. Topics include: objectives and behavior of non-profit organizations, competition with commercial firms, volunteerism, and charitable donations. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 360-1 – Foundations of Corporate Finance Theory

How corporations allocate resources over time as facilitated by capital markets. Topics include: discounting techniques and applications, stock and bond valuation, asset pricing models, diversification and portfolio choice, capital budgeting, and basic option theory. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0. (Should not be taken by students who have taken KELLG_FE 310-0 or BUS_INST 304-0.)

ECON 360-2 – Investments

Analysis of the issues and tradeoffs involved in forming a portfolio of financial instruments from the perspectives of individual and institutional investors. Prerequisites: ECON 360-1 (Should not be taken by students who have taken KELLG_FE 312-0.)

ECON 361 – International Trade

Factors influencing trade in goods and services between countries and the implication of globalization. The reasons for, and the effects of, trade policy instruments  such as  tariffs, quotas, and voluntary export restrictions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 362 – International Finance

Determination of exchange rates, balance of payments, and international asset flows and prices; international transmission of macroeconomic disturbances. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 370 – Environmental and Natural Resource Economics

Externalities and the role of property rights, pollution, waste disposal, common property problems, renewable resource management, nonrenewable resource use and depletion, recyclable resources, water allocation, and management of public lands. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2. (Students may not receive credit for both ECON 370-0 and ECON 372-0 or ECON 373-0.)

ECON 371 – Economics of Energy

Analysis of the functioning and regulation of electricity, oil and natural gas markets.  Topics include: the role of competition and environmental concerns.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 372 – Environmental Economics

Economic analysis of scarcity and incentives explaining environmental issues such as pollution and climate change. Modeling and evaluation of public policy. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2. (Students may not receive credit for both ECON 370-0 and ECON 372-0.)

ECON 373 – Natural Resource Economics

Evaluation of economics models and public policy concerning natural resources such as farming, fisheries, forests, minerals, ores and fossil fuels. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2. (Students may not receive credit for both ECON 370-0 and ECON 373-0.)

ECON 380-1 – Game Theory

Game theory is a collection of mathematical models of interaction among decision makers. It is used widely in understanding economic phenomena.  This course will present some of the basic ideas of game theory Prerequisites: ECON 310-1, ECON 310-2, MATH 224-0, MATH 230-0. (Should not be taken by students who have completed MMSS 211-2.) 

ECON 380-2 – Game Theory

This course extends the material presented in ECON 380-1 to explore more advanced models in game theory.  Prerequisite: ECON 380-1 or consent of instructor.

ECON 381-1 – Econometrics

First part of the specialized sequence in econometrics.  A more rigorous and higher level alternative to ECON 281-0.  Economics majors completing ECON 381-1 will have the ECON 281-0 requirement waived.  Prerequisites: ECON 310-1, (ECON 310-2, ECON 311-0 recommended), MATH 230-0, MATH 234-0, MATH 240-0 and MATH 314-0 (or equivalent).

ECON 381-2 – Econometrics

Second part of the upper-level econometrics sequence.  The course introduces additional econometrics tools beyond those introduced in ECON 381-1.  The course also explores the empirical application of these tools, and how to evaluate critically econometric and statistical methods used in policy analysis.  Prerequisite: ECON 381-1, (ECON 310-2, ECON 311-0 recommended).

ECON 383 – Applied Econometrics

Methods for using actual data together with modern software to build, assess critically, and interpret econometric models of real world phenomena and policy issues. Prerequisites: ECON 281-0, ECON 310-1.

ECON 398-1,2 – Senior Seminar

For students of superior ability. Original research on a topic of interest to the student, culminating in a senior thesis. By department invitation only. Grade of K given in 398-1. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0, MATH 224-0, MATH 230-0; at least four 300-level economics electives.

ECON 399 – Independent Study

Advanced work through reading, research, and discussion to build on economics coursework taken by the student. Project to be decided by mutual agreement with a faculty member.

Courses Primarily for Graduate Students

ECON 401 – Mathematical Methods of Economic Theory

A preparatory course held prior to the Fall Quarter of the student’s first year.  Emphasizing mathematical concepts and results applied in graduate economics courses.  Topics include linear algebra, multivariate calculus, constrained optimization and probability theory. 

ECON 410 – Microeconomics

Theoretical treatment of the behavior of consumers and firms.  Topics include: uncertainty, monotone comparative statics, competitive equilibrium, matching, game theory, informational asymmetries, and mechanism design (Required sequence.)

ECON 411 – Macroeconomics

Theoretical methodologies and their application to the study of dynamic economies. Topics include: economic growth and business cycles, the determinants of consumption and investment, and the effects of monetary and fiscal policy. (Required sequence.)

ECON 412 – Economic Theory and Methods

Methodological aspects of modern economic theory. Problems in economic decision making, strategic interaction, and welfare economics.

ECON 414 – Economics of Information

Information imperfections and asymmetries in markets and organizations. The theory and application of mechanism design to markets and contracts. Topics include: modeling information, search, the value of information, games with incomplete information, adverse selection and moral hazard. 

ECON 415 – Advanced Microeconomics

Current topics in microeconomic theory.  Mathematical formulations and techniques and their applications in fields such as political economy, industrial organization, and finance.

ECON 416 – Advanced Macroeconomics

Recent contributions to macroeconomics. Topics may include: models with heterogeneous agents, the role of financial markets and of the housing market, models of search and unemployment, the role of market power in good markets, and inequality.

ECON 420-1 – American Economic History

Application of economic theory and other quantitative techniques to research on long-term factors in the development of the American economy.

ECON 420-2 – European Economic History

Application of economic theory and other quantitative techniques to studies of European economic evolution.

ECON 425 – Development Economics

Theoretical and empirical study of economic behavior and institutions in developing countries.

ECON 436 – Public Finance

Theoretical and empirical aspects of government spending and taxation.

ECON 440 – Labor Economics

Theoretical and empirical study of the structure and functions of labor markets.

ECON 450 – Industrial Organization

Theoretical and empirical analysis of the behavior of firms, the structure of markets and related public policy issues.

ECON 460 – International Economics

Analytical tools for understanding international trade and international macroeconomics. Topics include: the relationship between trade and growth, international trade policy, international effects of monetary and fiscal policy, capital flows, and the choice of exchange rate regimes.

ECON 480 – Econometrics

Nonparametric and linear regression, identification, principles of statistical inference, extremum estimators, asymptotic statistical theory, discrete response analysis, and and structural microeconometrics. (Required sequence.)

ECON 481 – Advanced Econometrics

Advanced theory of identification, estimation, and statistical inference. Topics include: partial identification of probability distributions, the bootstrap, refinements of asymptotic theory, and semi- and nonparametric structural microeconometrics.

ECON 482 – Applied Time-Series Econometrics

Methods used to analyze time-series data with a focus on macroeconomic applications.

ECON 483 – Applied Microeconometrics

Methods used to analyze cross-section and panel data sets with an emphasis on applications.

ECON 498 – Advanced Topics in Economics

Topics vary with the field of specialization of visiting or regular faculty.

ECON 499 – Independent Study

Permission of instructor and department required. May be repeated for credit.

ECON 501 – Graduate Student Seminar

Student presentations of research papers. Primarily aimed at third year students.

ECON 515 – Research Seminar in Economic Theory

Open to graduate students with research interests in economic theory.

ECON 520 – Research Seminar in Economic History

Open to graduate students with research interests in economic history.

ECON 530 – Research Seminar in Macroeconomics

Open to graduate students with research interests in macroeconomics.

ECON 535 – Research Seminar in Applied Microeconomics

Open to graduate students with research interests in labor, public finance, health care, education and development economics.

ECON 536 – Research Seminar in Public Finance

Open to graduate students with research interests in public finance.

ECON 540 – Research Seminar in Labor Economics

Open to graduate students with research interests in labor economics.

ECON 550 – Research Seminar in Industrial Organization

Open to graduate students with research interests in industrial organization.

ECON 560 – Research Seminar in Development and Trade Economics

Open to graduate students with research interests in international economics and economic development.

ECON 580 – Research Seminar in Econometrics

Open to graduate students with research interests in econometrics.

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