ECON 101

Principles of Microeconomics [3] (GEP/GFR: Meets SS)

Basic economic principles and their policy applications: value and price for the firm and industry in different competitive situations, public policy toward the firm, income distribution, elements of international economics and comparative economic systems.

ECON 102

Principles of Macroeconomics [3] (GEP/GFR: Meets SS)

Basic economic principles and their policy applications: economic methods and institutions, measurement of aggregate economic activity, national income determination, business cycles and economic growth, and elements of aggregate economic policies such as monetary and fiscal policy.

ECON 121

Principles of Accounting I. [3]

The principles of financial accounting for individuals and business entities, including the use of accounting data in making business decisions and public policy.

ECON 122

Principles of Accounting II. [3]

Continuation of ECON 121. Prerequisite: ECON 121.

ECON 250

Gender Roles in Economic Life. [3]

This course will investigate the influence of gender roles in paid and unpaid work. Topics to be covered include gender in the labor market (job segregation, pay equity, affirmative action), the economics of housework and family care, women in poverty and the role of government. Prerequisite: An introductory course in economics, sociology or gender and women's studies.

ECON 263

Sports Economics [3] (GEP/GFR: Meets SS)

This course covers a broad number of issues in the economics of sports. Issues studied relate to monopoly structure of professional sports, labor relations between owners and players, and public subsidies to professional sports franchises. Should time allow, the class also will discuss the economics of intercollegiate sports. Prerequisite: ECON 101

ECON 280

The International Economy [3]

An introduction to international economic problems and issues. Topics will include the growing importance of international economic relations, comparative advantage as a basis for gains from trade, impact of various types of trade restrictions,arguments for protection, regional trading arrangements, international investment and migration, balance of payments problems, determination of exchange rates under alternative international monetary systems and special problems of developing countries. Prerequisite: ECON 101 and 102

ECON 301

Intermediate Accounting I. [3]

A comprehensive treatment of the theory underlying accounting principles. Prerequisite: ECON 122.

ECON 302

Intermediate Accounting II. [3]

A continuation of ECON 301. Prerequisite: ECON 301.

ECON 309

Survey of Economics and Finance for Scientists and Engineers [3] (GEP/GFR: Meets SS)

This course is designed to provide science and engineering students with the concepts and tools of economic analysis. It will provide students with an understanding of the broad issues that arise in evaluation of public and private-sector decision-making. Students will learn various concepts of costs and benefits, including social costs and benefits that are needed to evaluate the economic feasibility of private and public-sector projects. Topics include: ways of evaluating costs, including social costs, time values of money, general accounting concepts, economic efficiency criteria, methods to evaluate projects, and ways to incorporate risk and uncertainty into project analysis. Prerequisite: ECON 101 and MATH 140 or 151, or MATH 155

ECON 311

Intermediate Microeconomic Analysis. [3]

Economic theory of consumer behavior, production and costs, the firm, price, distribution, general equilibrium and welfare. Prerequisite: ECON 101 and MATH 151 or 155

ECON 312

Intermediate Macroeconomic Analysis [3]

Systematic study of the theory of aggregate economics, including the level and growth of national income and employment, the degree of utilization of productive capacity and the general level of prices. Prerequisite: ECON 101, 102, and MATH 151 or 155.

ECON 313

Economics Internship [1-3]

Students can earn academic credit for internships related to economics. The internship site is usually off-campus. Students must sign up for and pass Shriver Center practicum. This course can be taken Pass/Fail only and cannot be used to meet Economic major or minor requirements. Prerequisite: ECON 311 and ECON 312 and permission of the instructor.

ECON 320

Elements of Quantitative Methods for Management. [3]

This course is designed to teach selected topics in mathematics, statistics and models of decision-making to economics and administrative sciences students interested in improving their ability to learn the techniques of modern management. Prerequisite: ECON 101 and STAT 121 or its equivalent.

ECON 352

Industrial Relations. [3]

This course focuses on trade unions and collective bargaining. Although considerable emphasis is placed on studying the economic effects of unions - for example, the impact of collective bargaining on wages and productivity - unions also will be analyzed as institutions. Topics covered in this course include union history, union growth, collective bargaining procedures, collective bargaining in other countries, union impacts on the economy and on union members, union democracy and public policy concerning unions. Prerequisite: ECON 101 and 102.

ECON 374

Fundamentals of Financial Management [3]

Fundamentals of financial management, including financial and working-capital analysis and forecasting, asset pricing theory, capital budgeting, capital structure and cost of capital, dividend policy and special topics in financial management. Prerequisite: ECON 101, 102, 121, 122 and STAT 350 or 351 or 355.

ECON 382

Asian Economic History [3] (GEP:WI and C. GFR: C)

A historical survey of the development of the economies of Asia. Prerequisite: ECON 101 and 102

ECON 385

Economic Development. [3]

A survey of the principles and problems of the economies of less-developed countries. Includes dimensions of poverty, patterns of development, sources of growth, role of trade and industrial development, planning, the agricultural sector and the new international economic order. Case studies from Asia, Africa and South America. Prerequisite: ECON 101 and 102.

ECON 387

Economic Development of Latin America [3]

A study of the economic history and current important economic issues of the countries of Latin America. Topics covered in this course include the economics of colonial Latin America, dependency theory, strategies of import substitution, industrialization and the debt crisis. The experiences of several specific countries will be analyzed in detail. Prerequisite: ECON 101 and 102

ECON 403

Economic Growth and Cycles [3]

A study of the theories, problems and policies related to economic growth and business cycles. Prerequisite: ECON 312 and STAT 351 or its equivalent.

ECON 405

Benefit-Cost Evaluation. [3]

This course develops the basic conceptual framework used in benefit-cost analysis and illustrates how the framework can be used to evaluate specific public-sector programs and policies. The course demonstrates how many of the tools of economics can be applied to practical problems. Prerequisite: ECON 311.

ECON 408

Managerial Economics. [3]

Application of economic analysis to resource allocation within the firm. Problems associated with production scheduling, inventory management, product promotion and distribution are analyzed. Prerequisite: ECON 311 and 320.

ECON 410

Selected Topics in Financial Economics [3]

Study of a particular topic in financial economics. Each semester this course is offered, the specific topic to be covered will be announced before registration. Students should refer to the course description published in the schedule of classes. Prerequisite: ECON 374.

ECON 411

Selected Topics in Microeconomics. [3]

Study of a particular topic in microeconomics. Each semester this course is offered, the specific topic to be covered will be announced before registration. Students should refer to the course description published in the Schedule of Classes. Prerequisite: ECON 311.

ECON 412

Selected Topics in Macroeconomics. [3]

Study of a particular topic in macroeconomics. Each semester this course is offered, the specific topic to be covered will be announced before registration. Students should refer to the course description published in the Schedule of Classes. Prerequisite: ECON 312.

ECON 413

Industrial Organization [3]

A study of the structure and performance of American industry. Prerequisite: ECON 311.

ECON 414

Economics of Antitrust and Regulation [3]

Analysis of policies on antitrust, patents and technology, economic regulation ofnatural monopoly and social regulation (such as environmental and occupational safety regulations). Prerequisite: ECON 311.

ECON 415

Organizations, Incentives and Behavior: Theory and Policy [3]

This course applies economic analysis of corporations to alternative organizations, including nonprofit and public-sector organizations, and markets and economies as forms of organizations. Topics include transactions costs and property rights; contracting, information and incentives; and implications for policy analysis. Prerequisite: ECON 311 and 312.

ECON 416

The Economics of Law [3]

Assessment of the role of economics in jurisprudence. Applications of economic theory to analyze and evaluate the doctrines of the main types of common law - property, liability, contract and criminal law - as means to promote efficiency. Other topics may include copyright and First Amendment issues. Prerequisite: ECON 311.

ECON 417

The Economics of Strategic Interaction. [3]

Economists have adapted and developed numerous analytical techniques to study settings where strategic interaction between a few agents - competitors or cooperators - is important. These techniques help us understand how imperfect information can affect bargaining, threats, contracting, market entry, vertical integration and the performance of oligopolies. This course surveys these techniques, defining and analyzing games with symmetric and asymmetric information, examining communication-related issues, including adverse selection, moral hazard, signaling, bargaining, auctions and issues in industrial organization. This course is especially recommended for students planning to go on to graduate school in business or economics. Prerequisite: ECON 311.

ECON 421

Introduction to Econometrics. [3]

Fundamentals of regression methods applied to empirical analysis of economic phenomena. Topics include single-equation regression models with classical assumptions, special econometric techniques for non-classical regression models and simultaneous-equations models. Prerequisite: ECON 311, 312, and STAT 351 or its equivalent.

ECON 422

Topics in Econometrics [3]

Selected advanced topics in econometrics. Prerequisite: ECON 421.

ECON 423

Economic Forecasting. [3]

Study of the application of economic statistics to forecasting problems. Topics covered include analysis of cross-section and time-series data, use of published economic indicator series and forecasting methodology. Prerequisite: ECON 312 and STAT 351 or its equivalent.

ECON 433

Urban Economics [3]

Analysis of the economic aspects of urban problems and of alternative public policy of local, state and federal government. Topics are government expenditure, location, tax theory and borrowing policy, employment, income, poverty and welfare, housing and urban renewal, environmental quality, transportation and public overhead capital, and public services. Prerequisite: ECON 311.

ECON 434

Regional Economics. [3]

Economic analysis of the location of economic activity. Topics covered include theories of location choice, transportation costs, migration, land use, regional development and government policies affecting regional development. Prerequisite: ECON 311.

ECON 437

The Economics of Natural Resources [3]

Economic theory of the use of renewable and non-renewable resources. Economic theory is used to determine optimal pricing and use of natural resources, both in the current period and over time. Actual markets and institutions for selected resources, such as energy resources, are studied in some detail. Prerequisite: ECON 311.

ECON 439

Environmental Economics [3]

Economic analysis of the causes, effects and alternative solutions of the problems of air pollution, water pollution and toxic wastes. Economic theory is applied to define environmental quality goals and to analyze alternative policies for achieving these goals. Prerequisite: ECON 311.

ECON 441

American Economic History. [3]

A survey of the growth and development of the American economy from colonial times to the present. Prerequisite: ECON 311 or 312.

ECON 442

European Economic History [3]

A survey of European economic history from prehistoric times to the present. Prerequisite: ECON 311 or 312

ECON 443

History of Economic Thought I. [3] (GEP:WI.)

Survey and analysis of major developments in economic thought from ancient times through the middle of the 19th century. Mercantilism, physiocracy, the classical economics of Adam Smith and David Ricardo, and the economic ideas of Karl Marx. Prerequisite: ECON 311 and 312.

ECON 444

History of Economic Thought II. [3] (GEP:WI.)

Survey and analysis of major developments in economic theory from mid-19th century through mid-20th century. The breakdown of classical economics, marginalism, the theory of production and income distribution, Alfred Marshall's neoclassical economics, the development of welfare economics and macroeconomic analysis. Prerequisite: ECON 311 and 312.

ECON 451

Labor Economics [3]

This course focuses on theoretical and policy issues that relate to the operation of labor markets. Topics include labor supply, labor demand, labor mobility, unemployment and the effect of various government policies on labor markets. A wide range of government policies on labor markets, including minimum-wage legislation, income transfer programs, and employment and training programs are examined. Prerequisite: ECON 311.

ECON 453

Household Economics [3]

Systematic and integrative treatment of a range of household decisions that utilizes and extends intermediate consumer theory. Topics include household production, marriage and fertility, life-cycle models of consumption, learning and the allocation of time. Prerequisite: ECON 311.

ECON 454

Economics of Education and Human Capital [3]

This course deals with theoretical and policy issues relating to the development of human resources. Topics to be covered include: the theory and importance of investment in education and training; measuring the rate of return to education; racial and sexual discrimination; poverty and the distribution of income; analyzing the effectiveness of the American educational system; recent innovations in the organization of education; and issues in the financing of primary, secondary and higher education. Prerequisite: ECON 311.

ECON 455

Economic Systems [3]

A comparative survey of alternative economic systems. Topics include the theoretical foundations of economic systems, analysis of the structure and performance of important national economies, and the economics of transition from planned to market economies. Prerequisite: ECON 311.

ECON 457

Economic History of Russia and the Soviet Union. [3]

An economic analysis of the history, development and operation of the Russian and Soviet economies from feudal Russia to the demise of the Soviet Union. Analysis of the institutional structure and performance of pre-1917 Russian agriculture and industry. Analysis of war, communism, the new economic policy, the Stalinist model, post-Stalin reforms and the end of the Soviet economic system. Prerequisite: ECON 311.

ECON 463

Theory of Public Finance [3]

Economic theory of government finance. Social goals and economic criteria for tax,expenditure, transfer, regulatory, debt and stabilization policy. Prerequisite: ECON 311.

ECON 464

State and Local Public Finance [3]

Analysis of state and local government economics. Application of social norms and economic criteria for evaluation of receipts (taxation, borrowing, user charges and transfers), outlays (education, transportation, law and justice, utilities, welfare, fire protection, health and others), and regulation and control (land use, environmental quality, utilities, transportation and others). Prerequisite: ECON 311.

ECON 465

The Economics of Discrimination. [3]

This course examines economic theories, empirical evidence and economic policies that relate to discrimination in economic life. Discrimination will be examined in a range of economic markets, including labor, education, housing, mortgages, other loans and insurance. Discrimination by government also will be examined. The types of discrimination covered are based on ethnicity, gender, race and religion. However, the focus is on African Americans and women. The course emphasizes critical analysis of empirical evidence and economic models. Prerequisite: ECON 311.

ECON 467

Health Economics. [3]

The course deals with the factors underlying the demand and supply of health and medical care services. Included are the market, voluntary nonprofit and governmental sectors of the industry. Special topics are the regional coordination of hospital facilities and programs, the consumer price index, and the measurement of benefits and costs of control programs. Prerequisite: ECON 101 and 102.

ECON 471

Money and Capital Markets. [3]

Analysis of portfolio theory and the role of finance in the economy. Survey of sources and uses of funds of the major financial institutions in the contemporary American economy. Analysis of sources of funds, organizational structure, yields, and the impact on the macroeconomy of major money markets (federal funds, commercial paper, Treasury bills, etc.) and capital markets (state and local government securities, mortgages, bonds and stocks). Major international financial markets (foreign exchange, Euro-dollars) are discussed briefly. Prerequisite: ECON 374 and 311.

ECON 472

Monetary Theory and Policy [3]

A study of theories of monetary economics from the classical quantity theory to the contemporary monetarist view. Analysis of contemporary theory and empirical evidence on money supply and demand and the impact of money on the economy. Evaluation of monetary policy in a historical-analytical framework. Prerequisite: ECON 312.

ECON 474

Cases in Corporate Finance. [3]

Economic analysis of the problems of financing modern corporations. A theoretical and applied treatment of asset pricing, capital budgeting, capital structure and the cost of capital, as well as an analysis of specific debt and equity instruments. Students are required to analyze and present cases on a regular basis. Prerequisite: ECON 374 and 311.

ECON 475

Financial Investment Analysis. [3]

An examination of financial assets, financial markets and investment portfolio decisions. Stocks, bonds and derivative securities and their risk and return characteristics are examined. Prerequisite: ECON 374 and ECON 311.

ECON 476

Portfolio Analysis and Management [3]

Application of economic analysis to the process of portfolio management, including objectives and risk preferences, portfolio constraints and optimization techniques (such as linear programming), scenario forecasting, asset allocation and individual asset selection. Prerequisite: ECON 374 and 311.

ECON 477

Analysis of Derivative Securities [3]

A survey of the nature of major financial derivative securities, including options, futures and swaps. Study of the theoretical models of derivative securities including the binomial options model and the Black-Scholes model. Evaluation of the role of options in hedging and arbitrage. Prerequisite: ECON 374 and 311.

ECON 478

Real Estate Economics and Finance [3]

This course focuses on the analysis and valuation of residential and commercial property. Topics include the financing or purchase of properties, factors that determine valuation and methods to evaluate investment in projects. Prerequisite: ECON 374 and 311.

ECON 481

International Trade Theory. [3]

A survey of the major theories of international trade. An analysis of why countries trade, what determines the commodity composition of international trade and the gains from trade. The theory of trade restrictions and the formulation of trade policy. Other topics include customs unions, international factor movements, cartels and commodity agreements, and trade policies for developing countries. Prerequisite: ECON 311.

ECON 482

International Finance. [3]

Introduction to international monetary relations. A study of exchange rate determination, balance of payments phenomena and international monetary systems. Prerequisite: ECON 312.

ECON 486

Topics in Economic Development [3]

Application of economic analysis to a study of some of the major issues in the economics of development, including project appraisal (cost-benefit analysis), planning, sources of capital, the role of population growth and labor markets, and macroeconomic stabilization. Prerequisite: ECON 311, 312 and 385, or 387.

ECON 490

Analytic Methods in Economics. [3]

Study of linear algebra, derivatives, differentials and optimization. Each topic is followed by economic applications. Prerequisite: ECON 311.

ECON 493

Individual Research in Economics. [3]

Open to economics majors with 3.2 grade point average or better in economics. Prerequisite: At least one 400-level course in the field in which the student proposes the research and the consent of instructor in the relevant field.