Catalog
2018-19

Economics

Major

Students enrolled in the School of Liberal Arts and who wish to pursue a major in Economics must take:

MATH 153Linear Mathematical Analysis3
MATH 154Calculus for Business Decisions3
BUAN 227Business Statistics3
ECON 203Microeconomics3
ECON 204Macroeconomics3
or ECON 150 Roots: Economics
ECON 301Intermediate Price Analysis3
ECON 302Intermediate Macroeconomics3
ECON 305Money and Banking3
ECON 334International Economics3
ECON 433Econometrics3
Three approved electives in Economics9

*Or approved substitutes
 A minimum grade of C is necessary to receive major credit.

Minor

Students who are in Schools other than Business may pursue a minor in Economics. Students must obtain the permission of the School in which they are enrolled.

ECON 203Microeconomics3
ECON 204Macroeconomics3
or ECON 150 Roots: Economics
Three approved electives in Economics9
Total Credits15

Courses

ECON 150. Roots: Economics. 3 Credits.

An explanation and critical examination of selected concepts in the social sciences. Students examine the logic and methods of social science research and engage in analysis of contemporary social issues from the perspective of the discipline of economics. The main emphasis of the course is to study the behavior of households and business firms in the marketplace. ECON 150 or ECON 203 is the prerequisite for ECON 204.

ECON 203. Microeconomics. 3 Credits.

An introductory study of the behavior of households and business firms in the marketplace, including households as consumers and resource suppliers, business firms as producers of goods and services and buyers of resources, market structures for outputs and inputs, role of the government, and free trade vs. protection.

ECON 204. Macroeconomics. 3 Credits.

An introductory study of the determination of the level of production and the price level in the macro economy. Topics covered include inflation and unemployment, money and banks, federal budget and national debt, monetary and fiscal policy, and economic growth and development.

ECON 301. Intermediate Price Analysis. 3 Credits.

Market and factor pricing under pure competition, imperfect competition conditions and monopoly; the pricing process and the allocation of resources. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227.

ECON 302. Intermediate Macroeconomics. 3 Credits.

The nature and causes of unemployment and inflation and the debate over the policies used to fight these problems in a global economy. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227.

ECON 303. Mathematical Economics. 3 Credits.

A course that applies linear algebra, calculus, and unconstrained and constrained optimization techniques to solve economic problems and perform economic analysis. Topics covered include equilibrium analysis, comparative static analysis, and optimization. Prerequisite: MATH 153 and MATH 154.

ECON 305. Money and Banking. 3 Credits.

This course considers the nature of money, the markets that allocate money to a variety of uses, the institutions that create and control the money stock, the flow of money and how it is related to employment levels, GDP, inflation and interest rates, and international financial matters. Much attention will be paid to problems and issues requiring the attention of policymakers. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227.

ECON 332. Introduction to Environmental Economics. 3 Credits.

An introductory study of the way economists approach environmental problems. Topics covered include externalities, market failure, public goods, common-pool resources, policy instruments (e.g. taxes, command and control policies, cap and trade, and tradable pollution permits, and cost-benefit analysis. Pre-requisites: ECON 203 and ECON 204.

ECON 333. Public Finance. 3 Credits.

A study of why a government role in the economy is needed and how it ought to be financed. It considers the nature of different types of government programs involving expenditures and the types of taxes used to raise revenues. It is concerned with the impact of the government on the efficiency and equity of market outcomes. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227.

ECON 334. International Economics. 3 Credits.

A study of international trade and financial relationships. Topics covered include theory of international trade, public and private barriers to trade, commercial policy of the U.S., regional economic integration, foreign exchange markets, balance of payments, disequilibrium and the adjustment process, international monetary systems, and economic development of the developing nations. Prerequisites: ECON 203 (or ECON 202) and ECON 204 (or ECON 201), and by permission of instructor.

ECON 375. Assimilating the Internship Experience in Economics.. 3 Credits.

In consultation with the faculty advisor, students design and complete an independent project related to their Economics internship. This project aids in assimilating the practical off-campus work experience in business, industry, government or cultural organization with the students’ studies and/or career interests. This course is subject to the approval of the Department Chair, Dean and Internship Coordinator of the School of Business. The student is required to pre-register with the Internship Coordinator and to obtain internship placement prior to the start of the semester. (Free/business elective).

ECON 401. Advanced Microeconomics. 3 Credits.

The course will focus on the analytical tools of modern microeconomics – especially game theory and information economics – and will apply these tools to economics problems such as imperfect competition, auctions, bargaining, price discrimination, moral hazard and adverse selection.

ECON 402. Seminar in MacroEconomics and Financial Markets. 3 Credits.

Advanced topics in macroeconomics and financial market will be discussed. Emphasis will be placed on a theoretical understanding and the applications to forecasting cyclical and dynamic movements in the economy. Prerequisites: ECON 203 (or ECON 202), ECON 150 or ECON 204 (or ECON 201), and ECON 302.

ECON 403. Seminar in Monetary Theory and Policy. 3 Credits.

ECON 403 is designed as a survey of modern monetary policies and theories. The primary objective of the course is to examine how unconventional monetary phenomena and policies are determined, and how they impact the domestic and foreign economies. The course will also provide rigorous training for the College Federal Reserve Challenge Competition. This competition is designed to bring real-world economics into the classroom - student teams assume the role of monetary policymakers by analyzing economic conditions and recommending a course for monetary policy. Prerequisite: ECON 302.

ECON 405. Labor Economics. 3 Credits.

A study of the labor market, employment and wage determination; theories that explain wage differentials and unemployment; and alternative policies that can reduce labor market problems. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227 or by permission of instructor.

ECON 412. Economic Growth and Development. 3 Credits.

This course offers a broad overview of the economic problems that developing countries face along with policies to mitigate these issues. Topics may include poverty, inequality, institutional breakdowns, failures in education and health care systems, environmental degradation, the international trade regime, and financial crises. Prerequisites: ECON 204 (or ECON 201) or ECON 150 and ECON 203 (or ECON 202), BUAN 227; or by permission of instructor.

ECON 422. History of Economic Thought. 3 Credits.

A historical and analytical perspective on the developments of economic ideas and the major schools of thought. Special attention will be given to important economic thinkers such as Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. The purpose is to understand why economics is what it is today. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201), BUAN 227.

ECON 432. Applied Environmental Economics. 3 Credits.

A study of the applications of economic theory and econometric methods to analyze environmental problems and to valuate environmental improvements. Topics include: game theory, behavioral economics experiments focused on common resources, public goods, and nudges, as well as revealed and stated preference methods and applications to value improvements to the environment. (Prerequisites: ECON 332 and BUAN 227).

ECON 433. Econometrics. 3 Credits.

A systematic attempt of setting theoretical hypotheses about economic reality against empirical evidence produced by real-world situations and problems. Emphasis is on the process and application of statistical inference through the use of various distributions and on the estimation and measurement of relationships among economic variables. Prerequisites: ECON 203 (or ECON 202), ECON 204 (or ECON 201) and BUAN 227 or its equivalent.

ECON 434. Advanced Econometrics. 3 Credits.

Advanced Econometrics: It is the second of a two-course sequence that introduces the student to econometric analysis. EC444 focuses on Gauss Markov Theorem and its classical assumptions which guarantee that the OLS is the optimal estimator of the classical linear regression model. The course delves deeper into the consequences associated with violating the classical OLS assumptions and how to detect and correct for them. Course topics include the different functional forms of regression models, dummy variable regression models, multicollinearity, heteroscedasticity, autocorrelation, model specification and diagnostic testing, simultaneous-equation models, and identification problem. Prerequisites: ECON 433.

ECON 441. Economics Seminar. 3 Credits.

A program of supervised research and reading related to a theme or topic of economics. Open to a limited number of students majoring in economics or finance who meet the departmental requirements and have the approval of the Chair of the Department. Open to economics and finance majors only.

ECON 444. Special Topic: in Economics. 3 Credits.

ECON 445. The Economics of Public Issues. 3 Credits.

A study of the economics of contemporary public and social issues. Using micro- and macro-economic analysis, the course analyzes specific issues and events of inherently economic nature as well as issues and events of controversial and seemingly non-economic nature. It also examines policy alternatives and outcomes in the context of each issue. Topics include the economics of government spending and regulation, the environment, use of natural resources, health care and aging, education, crime, drug and alcohol use, sex and race discrimination, immigration, organ sale, property rights, poverty, global affairs, and others. Prerequisites: ECON 203 and ECON 204 or ECON 150, and BUAN 227.

ECON 450. Advanced Econometrics. 3 Credits.

ECON450 is the second of a two-course sequence that introduces the student to econometric analysis. ECON444 focus on Gauss Markov Theorum and its classical assumptions wich guarantee that the OLS is the optimal estimator of the classical linear regression model. The course delves deeper into the consequences associated with violating the classical OLS assumptions and how to detect and correct for them. Course topics include the different functional forms of regression models, dummy variable regression models, multicollinearity, heteroscedasticity, autocorrelation, model specification and diagnostic testing, simultaneous-equation models and identification problem. Prerequisites: ECON 433 or FIN 303 or BUAN 227.

ECON 470. Economics Tutorial/Independent Study. 3 Credits.

A single-semester tutorial course, related to a particular topic of economics, directed by a faculty member from the department. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

ECON 471. Economics Thesis Project I. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a comprehensive research proposal which includes a topic, a review of the literature, the research methodology, sources of data and potential results. Open to qualified students who meet the departmental requirements and have the approval of the Department Chair and the Dean.

ECON 472. Economics Thesis Project II. 3 Credits.

An in-depth program of research, under the direction of a member of the department (mentor), leading to a completion of the research project proposed in ECON 471 Thesis Project I. A defense of the thesis is required. Prerequisite: ECON 471 Thesis Project I.

ECON 475. Assimilating the Internship Experience in Economics. 3 Credits.

This course may be used as a second internship experience and/or with senior status. (Free/business elective).

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