Economics(B.A.)
Economics(Minor)

Economics (ECON)

ECON-1311 Principles of Microeconomics
Description
An introduction to the economic organization of society, with emphasis on how markets, prices, profits and losses guide and direct economic activity. Throughout the course, economic analysis is applied to a wide range of contemporary problems and issues.
Credits
3 credits
Level
Lower Division
Pathways Curriculum
Approaches to Creation and Analysis
ECON-1312 Principles of Macroeconomics
Description
The theory and measurement of changes in the levels of prices, employment, national income and other aggregates. Topics addressed include money and the banking system, international economics, unemployment and inflation, and government stabilization policy. Prerequisite: ECON 1311
Credits
3 credits
Level
Lower Division
Pathways Curriculum
Approaches to Creation and Analysis
ECON-2301 Statistics for Business and Economics
Description
Applications of statistical techniques to business and economics. Sampling, tests of hypotheses, regression and other statistical techniques and their implementation using modern statistical software. (Also listed as BAT 2301.)(Offered every semester). Prerequisites: MATH 1305 or MATH 1311.
Credits
3 credits
Level
Lower Division
Pathways Curriculum
Approaches to Creation and Analysis, The Core Capacities
ECON-2410 Adam Smith's Wealth of Nations
Description
By exploring Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations (1776), this course will evaluate Smith's leading theories regarding the economy, government, and society and will test these theories against our contemporary understandings. The course will engage such questions as, What is wealth? What is an empire? What are the proper functions of government?
Credits
4 credits
Level
Lower Division
Pathways Curriculum
The Core Capacities, The Interdisciplinary Clusters
ECON-3071 Internship
Description
Internships may be arranged with businesses, non-profit institutions, and government agencies. Economic analysis must be performed during the course of the internship, with work load requirements similar to those of a typical Economics course carrying the same number of hours of credit. The sponsoring institution develops a work program, to include written economic analysis, in conjunction with the supervising faculty member and the student. Students are limited to a maximum of six hours' credit for internship experiences. Prerequisites: Six semester hours of economics and permission of the Department Chair.
Credits
0 credits
Level
Upper Division
ECON-3171 Internship
Description
Internships may be arranged with businesses, non-profit institutions, and government agencies. Economic analysis must be performed during the course of the internship, with work load requirements similar to those of a typical Economics course carrying the same number of hours of credit. The sponsoring institution develops a work program, to include written economic analysis, in conjunction with the supervising faculty member and the student. Students are limited to a maximum of six hours' credit for internship experiences. Prerequisites: Six semester hours of economics and permission of the Department Chair.
Credits
1 credit
Level
Upper Division
ECON-3190 Research Topics
Description
Supervised independent study on selected topics in economics. Prerequisites: Junior standing, 3.0 grade average in economics, and permission of instructor.
Credits
1 credit
Level
Upper Division
ECON-3198 Honors Readings
Description
Independent study in selected areas in preparation for Honors Thesis. May be taken for up to three hours of credit.
Credits
1 credit
Level
Upper Division
ECON-3271 Internship
Description
Internships may be arranged with businesses, non-profit institutions, and government agencies. Economic analysis must be performed during the course of the internship, with work load requirements similar to those of a typical Economics course carrying the same number of hours of credit. The sponsoring institution develops a work program, to include written economic analysis, in conjunction with the supervising faculty member and the student. Students are limited to a maximum of six hours' credit for internship experiences. Prerequisites: Six semester hours of economics and permission of the Department Chair.
Credits
2 credits
Level
Upper Division
ECON-3290 Research Topics
Description
Supervised independent study on selected topics in economics. Prerequisites: Junior standing, 3.0 grade average in economics, and permission of instructor.
Credits
2 credits
Level
Upper Division
ECON-3298 Honors Readings
Description
Independent study in selected areas in preparation for Honors Thesis. May be taken for up to three hours of credit.
Credits
2 credits
Level
Upper Division
ECON-3320 Strategies and Games
Description
An introduction to strategic thinking and the basic concepts of Game Theory, according to which a participant's action depends critically on the actions of other participants. The course emphasizes the application of those concepts in a wide variety of areas, including finance, management, marketing, law, political science, biology, anthropology, and psychology. Topics include but are not limited to games with perfect information, games with asymmetric information, auctions, uncertainty and risk, and evolutionary stable strategies. Prerequisites: ECON 1311 and sophomore standing or permission of the instructor
Credits
3 credits
Level
Upper Division
ECON-3323 The Economics of Government
Description
Microeconomics analysis of governmental decision-making and the democratic process. Emphasis is on evaluating the economic efficiency of taxation and expenditure decisions of policymakers, and on how institutional arrangements of majority voting, representative democracy, political parties, bureaucracies and special-interest groups affect the decisions. Prerequisite: ECON 1311
Credits
3 credits
Level
Upper Division
ECON-3325 Intermediate Microeconomics
Description
An analytical study of decentralized economic decision-making, with primary emphasis on markets and prices. The range and precision of the analytical techniques developed in Economics 1311 are expanded substantially; these techniques are applied to a variety of economic situations, issues and problems. Attention is given to the economic efficiency consequences of different market structures in both product and input markets, and of various kinds of government intervention in market processes. Prerequisite: ECON 1311
Credits
3 credits
Level
Upper Division
ECON-3329 Labor Economics and Labor Relations
Description
Theories of the demand for and the supply of labor. Analysis of human capital formation, labor force participation, income distribution, unemployment, and unions. Case studies in labor relations. (Also listed as MGMT 3311.) Prerequisite: ECON 1312 and 3325. ECON 3325 may be taken concurrently.
Credits
3 credits
Level
Upper Division
ECON-3330 Economics and the Environment
Description
The economic problem of coping with a finite environment. Study of the interrelationships among economic growth, environmental quality, urban concentration, and resource constraints. Economic analysis of pollution control and other environmental policy problems. (Also listed as URBS 3330.) Prerequisite: ECON 1311
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3333 Health Economics
Description
An introduction to the application of the tools of microeconomics to issues in the organization, delivery, and financing of health care. Economic analysis will be utilized to better understand critical issues in health care such as the level and growth of health expenditures, the role of the government versus the private sector in financing care, the relationship between doctors, hospitals, insurance providers, patients, and employers, and the role of society in providing for the uninsured. (Also listed as HCAD 3333.) Prerequisite: ECON 1311 or consent of the instructor.
Credits
3 credits
Level
Upper Division
ECON-3334 Urban Economics
Description
Analytical study of the reasons for cities to exist, the location of economic activity, the economic base of urban areas and the functioning of urban land markets. Economic analysis of selected urban policy issues such as local economic development, zoning and growth controls, housing, transportation, poverty, crime, and the provision of local public services. Attention is paid to the urban experience outside as well as within the U.S. (Also listed as URBS 3334.) Prerequisites: ECON 1311, and three hours of upper-division credit in either Economics or Urban Studies.
Credits
3 credits
Level
Upper Division
ECON-3338 Government Regulation of Business
Description
Economic analysis of direct government regulatory activity. The course first explores how regulation arises from the political process. These insights, and the tools of microeconomic theory, are then applied to analyze public policy in such fields as electricity, telecommunications, broadcasting, transportation, and safety. (Also listed as BUSN 3338.) Prerequisite: Three hours of upper division Economics, or consent of instructor.
Credits
3 credits
Level
Upper Division
ECON-3342 Latin American Economic History
Description
A selective survey of the principal currents of economic growth and change in Latin America since the sixteenth century. Special attention given to the uneven formation of market economies and to problems associated with colonialism and neo-colonialism; with international financial crises and adjustment; and with ideologically diverse models of development. (Also listed as HIST 3348.) Prerequisites: ECON 1311 and 1312.
Credits
3 credits
Level
Upper Division
ECON-3345 Economic and Business History of the United States Since 1865
Description
A study of the development of American business and the economy from the U.S. Civil War to the present. (Also listed as BUSN 3345 and HIST 3361.) Prerequisites: ECON 1311 and 3 hours of U.S. history or consent of instructor.
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3346 La economia espanola y la Union Europea (The Spanish Economy and the European Union)
Description
An examination of Spain's economic development and its position within the European Union. The business, economic, and political transformation of Spain from a struggling nation with an authoritarian regime to an economic power with an open and democratic society are studied. The course also examines the development of European Union, with a special focus on its influence on the Spanish business environment. The experiential component of the course includes visits to businesses, government agencies, and NGO's in Spain. (Also listed as INTB 3346, SPAN 3346, and LAC 3346.) (Offered once a year). Prerequisites: ECON 1311, three additional hours in business or economics, SPAN 2302 or the equivalent, and consent of the instructor.
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Core Capacities, The Interdisciplinary Clusters
ECON-3348 International Monetary Systems
Description
A study of the principles and practices of foreign exchange, international money markets, the balance of payments, payments adjustment mechanism and the national policies for achieving both domestic and international objectives. Coverage includes the description and history of the relevant national and international institutions. Practice is provided in understanding recent international economic events and current policy issues. (Also listed as FNCE 3348.) Prerequisites: ECON 1311 and 1312.
Credits
3 credits
Level
Upper Division
ECON-3356 Financial Institutions and Markets
Description
Analytical investigation of the structure, efficiency, and regulation of financial markets and institutions. Topics include determination of the level and structure of interest rates, asset valuation, and the flow of funds between markets, theory and practice of financial intermediation, and the social utility of the financial sector. Prerequisites: ECON 1312.
Credits
3 credits
Level
Upper Division
ECON-3361 International Finance
Description
This course emphasizes the study of the global exchange rate and associated derivatives markets with particular emphasis on foreign risk hedging; the study of financial equilibrium relations and their effects on the international capital markets, and the potential arbitrage opportunities that result in the absence of equilibrium; and the use of case studies to illustrate the application of theoretical tools on the multinational corporate environment. (Also listed as FNCE 3361.) Prerequisites: FNCE 3301 or Consent of Instructor
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3366 The Globalized Economy: America and Japan in the 21st Century
Description
The course examines issues such as the interconnection between politics and economics, globalization, multinational corporations, tariffs, free trade agreements and the World Trade Organization, economic development, world financial market crisis, East Asian socioeconomic issues, the Japanese economy, the creation of wealth, and rising economic inequality. All of these issues are essential for an understanding of life in the 21st century, and they are all particularly salient in Japan and the United States of America. The course will also compare marketing and management paradigms in both countries, as well as a description of Japanese lean manufacture production models. (Offered every year). (Also listed as BUSN 3366.) Prerequisite: Consent of Instructor
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Core Capacities
ECON-3367 Comparative Views of Modern China
Description
This course represents an overview of the most important economic relationship of the twenty-first century. The global financial crisis that started in 2008 revealed just how much the strategic relationship between China and the United States represents the heart of the world's economy. China has recently surpassed Japan to become the world's second largest economy and America's third largest commercial partner. The rise of China has brought about a reorganization of the global economy and the international balance of power. This new world order carries challenges and opportunities. China remains a communist country with a significant legacy of a command economy. It is also a market economy. Understanding this mixture - capitalism with Chinese characteristics or the Chinese variety Capitalism - is the major aim of this course. We also cover topics relevant to the economic relationship between China and the USA, including international trade and the balance of trade, the Chinese currency system, the growth of China and its growing influence in the international sphere. (Also listed as URBS 3367, CHIN 3367, and BUSN 3367.)
Credits
3 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters, The Core Capacities
ECON-3371 Internship
Description
Internships may be arranged with businesses, non-profit institutions, and government agencies. Economic analysis must be performed during the course of the internship, with work load requirements similar to those of a typical Economics course carrying the same number of hours of credit. The sponsoring institution develops a work program, to include written economic analysis, in conjunction with the supervising faculty member and the student. Students are limited to a maximum of six hours' credit for internship experiences. Prerequisites: Six semester hours of economics and permission of the Department Chair.
Credits
3 credits
Level
Upper Division
ECON-3372 Practica profesional en Espana (Internship in Spain)
Description
A supervised summer internship in Spain. Students enrolled in ECON 3372 will serve as interns with various firms, trade groups, governmental agencies, or public interest groups where they will work and gain experience related to the Spanish economy and business world. The nature of the student's responsibilities will vary with the internship involved and be subject to the approval of the supervising faculty member. (Also listed as INTB 3372, SPAN 3372, and LAC 3372.) (Offered once a year). Prerequisites: ECON 1311, three additional hours in business or economics, SPAN 2302 or the equivalent, and consent of instructor.
Credits
3 credits
Level
Upper Division
ECON-3390 Research Topics
Description
Supervised independent study on selected topics in economics. Prerequisites: Junior standing, 3.0 grade average in economics, and permission of instructor.
Credits
3 credits
Level
Upper Division
ECON-3398 Honors Readings
Description
Independent study in selected areas in preparation for Honors Thesis. May be taken for up to three hours of credit.
Credits
3 credits
Level
Upper Division
ECON-3415 Iceland - Its Unique Geological, Economic and Cultural History
Description
This course will expose students to the unique economic, geologic, and cultural history of Iceland. The economic aspects will focus on the role of financial markets and monetary institutions in economic booms and crashes using Iceland as a case study, possible solutions to public good problems such as the Icelandic fishing quota, business practices which often prioritize protection of the environment and social responsibility, and the role of international trade in development of a small country. The geological history will emphasize Iceland's plate tectonic setting, volcanism, glacial history and related hazards, geothermal energy, and the effects of climate change. The cultural portion will explore the fundamental role of literature in a country with virtually no illiteracy, and the role of the sagas in the transmission of culture, language, and the law in the country with the oldest parliament in the world. The course includes an excursion to Iceland for 12-14 days in late May-early June. (Also listed as GEOS 3415 and INTL 3415.) (Offered occasionally.)
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Core Capacities
ECON-3423 The Economics of Government
Description
Microeconomics analysis of governmental decision-making and the democratic process. Emphasis is on evaluating the economic efficiency of taxation and expenditure decisions of policymakers, and on how institutional arrangements of majority voting, representative democracy, political parties, bureaucracies and special-interest groups affect the decisions. Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
ECON-3425 Intermediate Microeconomics
Description
An analytical study of decentralized economic decision-making, with primary emphasis on markets and prices. The range and precision of the analytical techniques developed in Economics 1311 are expanded substantially; these techniques are applied to a variety of economic situations, issues and problems. Attention is given to the economic efficiency consequences of different market structures in both product and input markets, and of various kinds of government intervention in market processes. Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
ECON-3426 Intermediate Macroeconomics
Description
Theoretical analysis of changes in national income, price level, employment, and the international value of the dollar. Evaluation of alternative stabilization policies. Introduction to economic forecasting. Prerequisites: ECON 1311 and 1312.
Credits
4 credits
Level
Upper Division
ECON-3427 Sports Economics
Description
The utilization of economic methods to study sports. The economic tools employed come from the fields of labor economics, industrial organization, public finance, fame theory, and econometrics. Particular attention will be paid to real world applications to sports issues. Topics will vary over time. Examples of topics: optimal game strategy; player compensation and incentives; government subsidization of the construction of new stadiums; optimal pricing strategies; the mechanisms used by sports leagues to achieve their goals; labor market discrimination; and the causes and consequences of monopsony power in sports. (Offered every other year). Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
ECON-3428 Monetary Policy Markets & Banking
Description
An introduction to the financial system and the impact of money and monetary policy on the economy. Major topics include: the economics of financial markets, the Federal Reserve and fundamentals of the money supply process, and the macroeconomic effects of monetary policy. (Offered every year.) Prerequisites: ECON 1311 and 1312
Credits
4 credits
Level
Upper Division
ECON-3429 Labor Econ & Labor Relations
Description
Theories of the demand for and the supply of labor. Analysis of human capital formation, labor force participation, income distribution, unemployment, and unions. Case studies in labor relations. (Also listed as MGMT 3411.) Prerequisite: ECON 1312 and 3425. ECON 3425 may be taken concurrently.
Credits
4 credits
Level
Upper Division
ECON-3430 Economics and the Environment
Description
The economic problem of coping with a finite environment. Study of the interrelationships among economic growth, environmental quality, urban concentration, and resource constraints. Economic analysis of pollution control and other environmental policy problems. (Also listed as URBS 3330.) Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3435 Industrial Organization
Description
The determinants of market structure and the effects of market structure on firm and industry behavior. The relationship between industry characteristics and desirable economic performance. Frequent applications to particular American industries. Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
ECON-3439 Economic Analysis of Law
Description
Economic analysis of such basic legal concepts as property, contracts, torts and crime. Economic theory is also applied to the legal system itself, including an examination of such matters as law enforcement, civil procedure, and the effectiveness of legal sanctions. Prerequisite: ECON 3325
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3440 Economic Growth and Development
Description
An inquiry into the desirability, the methods of measurement, alternative strategies for, and the impact of individuals and groups within society on economic development. A survey of theories of economic development. Case studies in comparative perspective. Prerequisites: ECON 1311 and 1312.
Credits
4 credits
Level
Upper Division
ECON-3442 Latin American Economic History
Description
A selective survey of the principal currents of economic growth and change in Latin America since the sixteenth century. Special attention given to the uneven formation of market economies and to problems associated with colonialism and neo-colonialism; with international financial crises and adjustment; and with ideologically diverse models of development. (Also listed as HIST 3348.) Prerequisites: ECON 1311 and 1312.
Credits
4 credits
Level
Upper Division
ECON-3447 International Trade
Description
A study of the economic theory of international trade and the development of the practices of commercial policy. Emphasis is on the economic analysis of a variety of protectionist policies, the international institutions involved in trade and protectionist issues, the importance of trade for development, issues in international capital flows, and multinational corporations. Practice is provided in reading and understanding published sources of data and analysis. Prerequisite: ECON 1312 and ECON 3425
Credits
4 credits
Level
Upper Division
ECON-3448 International Monetary Systems
Description
A study of the principles and practices of foreign exchange, international money markets, the balance of payments, payments adjustment mechanism and the national policies for achieving both domestic and international objectives. Coverage includes the description and history of the relevant national and international institutions. Practice is provided in understanding recent international economic events and current policy issues. (Also listed as FNCE 3348.) Prerequisites: ECON 1311 and 1312.
Credits
4 credits
Level
Upper Division
ECON-3451 Development of Economic Thought
Description
This course addresses vital micro- and macro-economic questions that concern us today and examines how economic thinking has evolved over time to answer them. Some of the questions we will look at are: How does an economist distinguish a man from a rat? Are our preferences fixed, or does exchange change our preferences? Under what conditions is paper money preferred to commodity money? Under what condition is public debt, the preferred form of public financing? Why do we observe differences in wage rates? Why is economics dismal? The course is topical, not chronological. Prerequisite: ECON 1311 and 1312
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Core Capacities
ECON-3462 The American Corporation
Description
This course acquaints the student with organization theory, corporate decision-making, and the role of the corporation in society. Contemporary corporate issues are discussed and analyzed through readings and the application of fundamental principles to case studies. (Also listed as BUSN 3413.) Prerequisite: ECON 1311
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Core Capacities
ECON-3465 Behavioral and Experimental Economics
Description
Uses experimental findings to test existing theories and motivate the development of new ones. Students participate in both the design and running of experiments. Analyzes the impact of behavioral theories on such topics as trust, reciprocity, time discounting, portfolio choice, and altruism. Behavioral Economics incorporates psychological findings into both traditional economic and game theoretic models of decision making. Experimental Economics studies the design and methodology of economic experiments. Prerequisite: ECON 3425 or permission of the instructor.
Credits
4 credits
Level
Upper Division
Pathways Curriculum
The Interdisciplinary Clusters
ECON-3490 Research Topics
Description
Supervised independent study on selected topics in economics. Prerequisites: Junior standing, 3.0 grade average in economics, and permission of instructor.
Credits
4 credits
Level
Upper Division
ECON-4198 Honor Thesis
Description
Individual research and scholarly investigation under faculty supervision leading to the preparation of an Honors Thesis. To be taken only by Senior Honors students in both semesters of their Senior year.
Credits
1 credit
Level
Upper Division
ECON-4397 Seminar in Economics
Description
Study of theoretical and empirical work in economics from scholarly books and periodicals. Independent research and group discussion. May be repeated when topics differ. Topic A: Microeconomics Topic B: Macroeconomics Topic C: Labor Economics Topic D: Selected topics Prerequisite: Permission of instructor.
Credits
3 credits
Level
Upper Division
ECON-4398 Honor Thesis
Description
Individual research and scholarly investigation under faculty supervision leading to the preparation of an Honors Thesis. To be taken only by Senior Honors students in both semesters of their Senior year.
Credits
3 credits
Level
Upper Division
ECON-4449 Seminar in Economic Issues
Description
Use of economic analysis and reasoning to better understand current economic issues. Topics vary. Representative selection includes economics of the stock market, Social Security, welfare reform, and topics selected by students from articles in the Journal of Economic Perspectives. Emphasis is on oral and written analysis of economic issues, class discussion and debate, and reading of articles by leading economists from sources other than textbooks. Focus is on the questions being asked by economists and the approaches taken to address these questions - that is, what economists do and how they do it. Prerequisites: Six hours of upper-division Economics and Junior standing.
Credits
4 credits
Level
Upper Division
ECON-4465 Game Theory
Description
The science of strategic thinking. A study of the strategic aspects of situations in which a person's choice depend critically on what other people may choose. Topics include static games with complete information, dynamic games, games with uncertainty and games with incomplete information. Emphasizes the application of game theoretic tools to a broad array of economic issues. Prerequisites: ECON 3425, MATH 1312, and ECON/BAT 2301 (or equivalent) or consent of instructor
Credits
4 credits
Level
Upper Division
ECON-4467 Advanced Microeconomic Theory
Description
This course acquaints the student with classical microeconomic theory and enables him or her to construct mathematical economic models. Topics include: consumer theory; theory of the firm; multimarket equilibrium; decision-making under certainty; optimization over time; theoretical and applied welfare economics. Prerequisite: ECON 3425 and MATH 2321
Credits
4 credits
Level
Upper Division
ECON-4470 Econometrics
Description
The development of statistical techniques of measurement and inference especially suited to empirical economics. The course covers linear regression, maximum likelihood estimation, and significance tests. The main emphasis is on the proper formulation and testing of hypotheses. Prerequisites: ECON 1312, ECON 3425; ECON 2301 (or equivalent), and MATH 1312 or permission of instructor.
Credits
4 credits
Level
Upper Division
Nels Peter Christiansen
Nels Peter Christiansen, Ph.D.
Department Chair
Associate Professor
Dennis Ahlburg
Dennis Ahlburg, Ph.D.
Professor Emeritus
" "
Maria Alvarado
Office Manager
Headshot of John Anders
John Anders, Ph.D.
Assistant Professor
Richard Butler
Richard Butler, Ph.D.
Professor Emeritus
" "
Irma Escalante
Administrative Assistant
John Huston
John H. Huston, Ph.D.
Professor Emeritus
David A. Macpherson
David A. Macpherson, Ph.D.
E.M. Stevens Professor of Economics
Shana McDermott
Shana McDermott, Ph.D.
Associate Professor
" "
Richard Salvucci, Ph.D.
Professor Emeritus
Ricardo Manuel Santos
Ricardo Manuel Santos, Ph.D.
Associate Professor
" "
Roger Spencer, Ph.D.
Professor Emeritus
Ben Vaughan, Ph.D.
Associate Professor of the Practice

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