Courses in Economics
A ECO 110 Principles of Economics I: Microeconomics (3)
Analysis of supply and demand in markets for goods and markets for the factors of production. Study of various market structures, price determination in perfectly competitive and imperfectly competitive markets. May not be taken for credit by students with credit for A ECO 300. A ECO 110 and A ECO 111 must be completed with a C or better for the major in Economics. Prerequisite(s): plane geometry and intermediate algebra, or A MAT 100.
A ECO 111 Principles of Economics II: Macroeconomics (3)
Examination of the institutional structure of an economic system. Analysis of aggregate economic activity, the determinants of the level, stability, and growth of national income, the role of monetary and fiscal policy. May not be taken for credit by students with credit for A ECO 301. A ECO 110 and A ECO 111 must be completed with a C or better for the major in Economics. Prerequisite(s): A ECO 110.
A ECO 130 Developing Economies (3)
An interdisciplinary study of economic disparities among nations. Focus on underdevelopment and poverty, problems in agricultural and industrial development. Population growth and unemployment. Global interdependence and role of the United States. Global issues including debt crisis; privatization and deregulation; relationship with developed countries including the United States.
A ECO 202 The American Economy: Its Structure and Institutions (3)
Discussion of the historical development and current structure of the American economy. Using an interdisciplinary approach and without any technical/mathematical tools, major economic issues will be discussed, such as federal budget deficit, unemployment, poverty, family structure, welfare reforms, America in the world economy, immigration, and health reforms. May not be taken for credit by students with credit for A ECO 110 or 111.
A ECO 210 Tools of Economics (3)
Introduction to some of the basic mathematical tools used in economics, including the construction and comprehension of simple graphs, as well as some of the economist’s conceptual tools, including marginal analysis, national income analysis, supply and demand. May not be taken for credit by students with credit for A MAT 101, 106, 111, 112, 118, or equivalent.
A ECO 280/280Z Current Topics in Economics (3)
Examines current topics in economics; topics vary from time to time. Only one version of A ECO 280 may be taken for credit.
A ECO 300 Intermediate Microeconomics (3)
Introduction to price theory, distribution theory, and market structure analysis. Relevance of economic theory in production and consumption decisions. Only one of A ECO 300 or T ECO 300 may be taken for credit. Prerequisite(s): A ECO 110 with grade of C or better; A ECO 111; and A ECO 210 or A MAT 101, or 106, or 111 or 112 or 118.
T ECO 300 Honors Intermediate Microeconomics (3)
This course provides an advanced introduction to intermediate level microeconomics. Topics that will be covered include price theory, distribution theory, and market structure analysis. Relevance of economic theory in production and consumption decisions will also be discussed. Only one of A ECO 300 or T ECO 300 may be taken for credit. Prerequisite(s): A ECO 110 with grade of C or better; A ECO 111; and A ECO 210 or A MAT 101, or 106, or 111 or 112 or 118. Open to Honors College students only.
A ECO 301 Intermediate Macroeconomics (3)
Theoretical and empirical analysis of aggregate output and employment, the average price level, and interest rates. Applications include long-run growth, business cycles, and fiscal and monetary policy. Prerequisite(s): A ECO 110; A ECO 111 with grade of C or better; A ECO 210 or A MAT 101, or 106, or 111 or 112 or 118.
A ECO 312 Development of the American Economy (3)
Study of American economic institutions from the early 19th century to the present. Employs statistical methods and both micro and macro theoretical constructs. Only one version of A ECO 312 may be taken for credit. Prerequisite(s): A ECO 110 and 111. May not be offered in 2021-2022.
A ECO 313 Development of the European Economy (3)
Economic change in modern European societies. Comparative study of the growth of various European countries emphasizing the variables associated with development: population, technology, capital formation, output, resources, and income distribution. Only one version of A ECO 313 may be taken for credit. Prerequisite(s): A ECO 110 and 111. May not be offered in 2021-2022.
A ECO 320 Economic Statistics (3)
Statistical techniques in economic analysis. Topics include distribution theory and statistical inference as applied to regression models. Students gain experience in testing economic theories using a computer regression package. Prerequisite(s): A ECO 110 and 111; A ECO 210 or A MAT 101, or 106, or 111 or 112 or 118.
A ECO 330/330W Economics of Development (3)
Introduction to the analysis of economic growth and development. Historical, descriptive, and analytical approaches to the problems of fostering economic growth. Consideration of alternative theories of the causes and problems of underdevelopment. Only one version of A ECO 330 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 341/341W Urban Economics (3)
Analysis of the city-metropolis and the economic forces which condition its growth pattern and allocation of scarce resources. The public sector, especially local government, is examined in its role of solving the problems of inadequate jobs, housing, education, and other services. Only one version of A ECO 341 may be taken for credit. Prerequisite(s): A ECO 110 and A ECO 111.
A ECO 350 Money and Banking (3)
The principles of money, commercial banking, and central banking; an elementary consideration of issues of monetary policy and financial markets. Prerequisite(s): A ECO 110 and 111.
A ECO 351 (= A MAT 301) Theory of Interest (3)
The basic measures of interest, annuities, sinking funds, amortization schedules, bonds, and installment loans. Recommended as preparation for Actuarial Society exam FM. Only one version of A ECO 351 may be taken for credit. Prerequisite(s): A MAT 113.
A ECO 355/355W Public Finance (3)
Introduction to the financial problems of governments: public expenditures, basic kinds of taxes and tax systems, grants-in-aid, public borrowing, debt management, and fiscal policy. Only one version of A ECO 355 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 356/356W State and Local Finance (3)
Problems of financing state and local government within the context of a federal system. Relevance and limits of fiscal theory for state and local government tax and expenditure policy. Only one version of A ECO 356 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 360 International Economic Relations (3)
The development of international trade and trade theory since mercantilism; international financial institutions, the foreign exchange market, and the problems of international balance of payments and international liquidity. Prerequisite(s): A ECO 110 and 111.
A ECO 361 (= A LCS 361) Development of the Latin American Economy (3)
Economic change in Latin American societies. Comparative study of the growth of various Latin American countries emphasizing the variables associated with development: population, technology, capital information, output, resources and income distribution. Only one version of A ECO 361 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 362 (= A EAS 362) Economies of Japan and Korea (3)
A study of the development of Japan and Korea. Emphasis will be given to the role of the state, and institutions, in the selection and implementation of growth strategies, and to the relationship of natural resources, population, capital and technology to the expansion of total output and economic welfare. Only one version of A EAS 362 and A ECO 362 may be taken for credit. Prerequisite(s): A ECO 110 and 111 or permission of instructor.
A ECO 364 (= A EAC 364 & A HST 372) China's Economic History (3)
This course focuses on the development of the Chinese economy from its Neolithic period to economic reform in the twenty-first century. The goal is to understand the dynamics that produced distinctive patterns in the evolution of China's economy. At the same time, students will understand how a grasp of basic economic concepts can illuminate China's broader historical experience. Topics of special interest include the relationship between technological innovation and economic life, distinctive forms of economic organization in China, the impact of government policy on the private economy, China's experiment with state socialism, and the emergence of the so-called "socialist market economy."
A ECO 370/370W/370Z Economics of Labor (3)
Study of wage theories and wage structures; wage-cost-price interaction; and wage, supply, and employment relationships. Only one version of A ECO 370 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 371/371W The Distribution of Income and Wealth (3)
Theoretical, empirical, and institutional analysis of the distribution of income and wealth, including policies and programs designed to affect these distributions. Only one version of A ECO 371 may be taken for credit. Prerequisite(s): A ECO 110 and 111.
A ECO 374/374W Industrial Organization (3)
Relationship between market structure, economic efficiency, and social welfare. Consequences of competition, monopoly, and business practices including collusion, horizontal mergers and dominant firms. Discussion of policy implications using antitrust cases. May not be taken for credit by students with credit for A ECO 474 or equivalent. Only one version of A ECO 374 may be taken for credit. Prerequisite(s): A ECO 300.
A ECO 380/380Z Contemporary Economic Issues (3)
An introductory discussion of selected economic issues of current importance. The course will focus on different economic problems each term. May be repeated up to 6 credits when content varies. Prerequisite(s): A ECO 110 and 111.
A ECO 381/381W (= H HPM 381 & H SPH 381) Economics of Health Care (3)
Economics concepts are used to explain the nature of demand and supply in the health care field. The behavior of consumers and health care providers is examined from an economic perspective. Areas of market failures and the rationale for government intervention are also described. Only one version of A ECO 381 may be taken for credit. Prerequisite(s): A ECO 300 or permission of the instructor.
A ECO 383/383W Economics of Law (3)
The application of economic concepts such as efficiency, externalities, and trade-offs to the analysis of common law, crime and punishment, product safety laws, and other legal interventions in market and non-market behavior. Only one version of A ECO 383 may be taken for credit. Prerequisite(s): A ECO 300.
A ECO 385/385W Environmental Economics (3)
Develops the economic frameworks of pollution control and natural resources management, and provides economic analyses of past and current environmental policies. Covers control of both local pollution (e.g., acid rain) and global pollution (e.g., climate change), and the management of both nonrenewable resources (e.g., coal and gas) and renewable resources (e.g., fisheries, wind and solar). Only one version of AECO 385 may be taken for credit. Prerequisite(s): AECO 300 and 320 or permission of instructor.
A ECO 401 Macroeconomic Modeling, Forecasting, and Policy Analysis (3)
Introduction to the construction and use of econometric macro models, including theoretical specification, statistical estimation and validation; the structure of large-scale macro models; forecasting and policy analysis; critiques of current macroeconomic modeling. Prerequisite(s): A ECO 300, 301, and 320.
A ECO 405 Game Theory (3)
Study of the strategic interaction among rational agents. Development of the basic analytical tools of game theory, including simultaneous and sequential move games, games with incomplete information, and alternative equilibrium concepts. Applications in fields such as industrial organization, public economics, international trade, and voting. Prerequisite(s): A ECO 300; A ECO 320 (or B ITM 220 or A MAT 108) or permission of instructor.
A ECO 410 Mathematics for Economists (3)
Applications of advanced calculus to economic analysis of consumption, production, profits, stock valuation and general equilibrium. Topics include series convergence, continuity, differentiability, the Mean Value Theorem, Taylor's Theorem, vector spaces, the Fundamental Theorem of Linear Algebra, determinants, the Jacobian Matrix, the Implicit Function Theorem, optimization, constrained maximization and the Fundamental Theorem of Calculus. Prerequisites: A ECO 300, A ECO 301, and A MAT 112, or A MAT 118, or permission of instructor.
A ECO 420/420W/420Z Applied Econometrics (3)
Application of regression to a problem chosen by the student. Some general discussion of data sources, the derivation of index numbers and other problems that might be encountered in estimating economic relations. Emphasis is on class presentation and analysis of student projects. Only one version of A ECO 420 may be taken for credit. Prerequisite(s): A ECO 320.
A ECO 445 International Trade (3)
Theoretical, institutional, and empirical characteristics of trade and capital movements between nations. Review of the pure theories of comparative advantage, gains from trade, commercial policy, and resource transfers. Brief review of modern balance of payments theory and policy question. Prerequisite(s): A ECO 300 and 301.
A ECO 446 International Macroeconomics (3)
The foreign exchange market and international payments are described and analyzed. Emphasis is placed on analyzing the implications of flexible and fixed exchange rate regimes for the stabilization of price levels and employment in small and large countries. Proposals for exchange management and reform of the international monetary system are evaluated. Prerequisite(s): A ECO 110, 111, and 301.
A ECO 455/455Z Public Microeconomics (3)
Microeconomic analysis of the role of the public sector in resource allocation within a market economy: theory of market failures, alternative corrective measures for market failures, public choice theory, partial and general equilibrium analyses of major taxes, and welfare-based public investment criteria. Only one version of A ECO 455 may be taken for credit. Prerequisite(s): A ECO 300 and 355 or permission of instructor.
A ECO 457 Theories of Fairness (3)
Explores alternative notions of fairness and their relation to economic efficiency and collective welfare. The focus will be on developing appropriate analytical tools and applying them to a wide range of allocation problems, including market exchange, bargaining, cost-sharing, bankruptcy, estate division, and collective decision-making. Prerequisite (s): A ECO 300.
A ECO 466/466W Financial Economics (3)
Financial markets, efficient-market theory, financial panics, choice under uncertainty, risk aversion, portfolio choice, capital-asset pricing model, futures, options, flow of funds, saving and investment, financing economic development, government debt, international debt, term structure of interest rates, interest rate forecasting. Only one version of A ECO 466 may be taken for credit. Prerequisite(s): A ECO 301 or 350.
A ECO 471 Advanced Labor Economics (3)
This course provides an up-to-date overview of the labor market. While the benchmark competitive market model is discussed, the main focus is on the mechanisms that prevent the labor market from being competitive. At the micro level, the course addresses wage formation through bargaining and contract analysis. At the macro-level the course addresses wage dispersion and unemployment. The course will incorporate the latest theoretical models on each of the topics covered and discuss their empirical validity. This course will include a term paper which will provide an opportunity to explore some area of the syllabus in more depth. Prerequisite(s): A ECO 300, A ECO 301 and an introductory statistics class (A ECO 320 or equivalent). A prior course in labor economics will be helpful but not required. May not be offered in 2019-2020.
A ECO 474 Industrial Organization (3)
Relationship between market structure, behavior of the firm, economic performance, and analysis of U.S. antitrust activities. Prerequisite(s): A ECO 300.
A ECO 475 Managerial Economics (3)
Application of economic concepts to the decision making of the firm. Topics may include market and demand analysis, risk and uncertainty, pricing, production, investment decisions, and capital budgeting. Prerequisite(s): A ECO 300 and 320, or permission of instructor.
A ECO 480/480Z Topics in Economics (3)
Detailed analysis of specific topics in economics. Topics may vary from semester to semester. May be repeated up to 6 credits when content varies. Prerequisite(s): A ECO 300, 301, and 320; permission of instructor.
A ECO 496 Economics Internship (3)
Economics Internship requires active participation in economic research outside the University, together with senior standing as an economics major. May be taken only once for credit. Internships are open only to qualified seniors who have an overall grade point average of 2.50 or higher. Permission of instructor is required. S/U graded.
A ECO 497/497Z Independent Study and Research (3)
Student-initiated research project under faculty guidance. May be repeated for credit up to a total of 6 credits with permission of department. Prerequisite(s): A ECO 300, 301 and 320; a B average or higher in all economic courses attempted.
A ECO 499Z (formerly A ECO 499) Senior Honors Research Seminar (3)
Senior seminar, in which a substantial “senior thesis” is prepared by an honors candidate under the supervision of a faculty adviser. Students present oral and/or written progress reports on their ongoing research and read, discuss, and criticize each other’s work. The former A ECO 499 does not yield writing intensive credit. Prerequisite(s): admission to the honors program and A ECO 420.
