Course Descriptions

101 Topics in Microeconomics (3 credits) A series of microeconomic topics courses designed to introduce students to the theories and principles economists have devised to understand exchange relationships and markets. These principles and theories are applied to analyze economic issues and problems. Topics for investigation are drawn from subfields of the discipline, including: government policy, markets, law and economics, race and gender and labor. Taught every Fall and Spring

102 Topics in Macroeconomics (3 credits) A series of macroeconomic topics courses designed to introduce students to the basic models and concepts used in analyzing the economy as a whole. Core elements include the process of long-run growth, determinants of the business cycle and policies for promoting growth and moderating the business cycle. Topics are broad ranging, including war, food, natural resources and social insurance. Taught every Fall and Spring

221 Microeconomic Theory (4 credits) Focuses on the theoretical depiction of decision-making processes of firms and consumers. Topics are considered in a context that includes mathematical and game- theoretic applications and perspectives. Competitive and cooperative behavior associated with markets is explored in detail. Taught every Fall. Prerequisite: ECON 101 (QFR)

222 Macroeconomic Theory (4 credits) Investigates the causes and consequences of inflation and unemployment and how these problems are described and theoretically analyzed through national income and product accounts. Monetary and fiscal stabilization policies are emphasized in an international context, with careful consideration given to balance of payments issues, trade deficits and the effect of changes in the value of the dollar and other currencies. Taught every Spring. Prerequisite: ECON 102 (QFR)

223 Econometrics (4 credits) The method by which real world data is used to test economic theory and/or to make predictions about future economic events. Presents regression analysis as a tool with which the statistical relationship between economic variables may be rejected or validated. Equal time is devoted to understanding econometric theory and to the direct application of that theory to analysis. The course culminates with students preparing an analytical research paper on a specific question of personal interest. Taught every Fall. Prerequisite: ECON 101 or 102; MATH 108, 121 or a MATH course at the 200 level

311 Economic History (3 credits) Explores economic causes and consequences pertaining to the development of markets in a research seminar setting. Recent topics for investigation have included: the origins of plantations, the emergence of multinational corporations from 1850 to 1900, and nineteenth and twentieth century labor history. Common readings are initially discussed and then each student undertakes a substantial project to investigate a specialized theme. Prerequisites: ECON 101 or 102 (ILS)

312 Financial Economics (3 credits) Provides a critical understanding of choice under uncertainty, portfolio formation and equilibrium asset pricing (such as the CAPM and APT) with an eye toward financial market efficiency and stability and a reliance on basic mathematic tools. Prerequisites: ECON 221, ECON 222. (ILS)

313 Classical Political Economy (3 credits) Contemplates the economic, political and philosophical "visions" in Adam Smith's Wealth of Nations, Karl Marx's Capital, and John Maynard Keynes' General Theory. The development of the liberal ideal of unrestrained individual freedom is traced through the ways these economists interpreted the social reality of their time. The evolution of neoclassical economics is also considered, and the contemporary relevance of these works is discussed throughout the course. Prerequisites: ECON 101, 102. (ILS)

314 Development and Transition (3 credits) Considers various explanations for the disparate levels of economic well-being among nations, both historically and currently. Issues include the potential trade-off between economic growth and societal equity, miracles and failures, the sustainability of certain development plans, the feasibility of "trickle down" development, and innovative development techniques at both the grassroots and macro levels. The course includes issues of post-communist transition as a subset of causes for current economic difficulty. Prerequisites: ECON 221, 222. (ILS)

315 Government Policy (3 credits) A critical look at contemporary domestic policy issues using the tools of theoretical and empirical economic analysis, institutional analysis and the history of social policy. Potential topics include crime, child care, education, medical care, social security and long term care for the elderly. A significant portion of the course will be devoted to independent student assessment of current policy initiatives-specifically their costs and benefits-and the design of policy reform initiatives. Prerequisites: ECON 221, 223. (ILS)

316 Race and Gender (3 credits) Utilizes economic analysis to shed light on the social issues of race and gender in contemporary United States society. Potential topics include labor and credit market discrimination, employment and housing segregation, the male-female and black-white wage gap, labor market participation, divorce and domestic violence. While neo-classical economic theory will serve as a point of departure for each issue, the assumptions behind the theory will be carefully scrutinized and empirical evidence in support of and/or against the theory will be brought to bear. Prerequisites: ECON 221, 223. (ILS)

317 Labor Economics (3 credits) Economic theory is applied to analyze topics related to employment. The processes by which businesses determine the quantity, quality and compensation levels of their employees and individuals decide whether, how much and where to work are examined. The course begins with the primary building blocks of labor economics: labor supply and labor demand. It then narrows its scope to look more closely at policy-relevant issues such as welfare reform, labor unionism, unemployment and the minimum wage and appropriate investments in education. A significant portion of the class will be devoted to independent student research on a relevant topic of personal interest. Prerequisites: ECON 221, 223. (ILS)

318 Environmental Economics (3 credits) Applies economic logic to an issue of ongoing importance. The analysis includes: externalities and market failure, comparison of command-and-control strategies with market-incentive strategies, evaluation of costs and benefits of alternative proposals, consequences of court decisions to resolve environmental disputes, the effects of public policies on environment quality and the basic elements of natural resource economics. Prerequisites: ECON 221, 222. (ILS)

319 Mathematical Economics and Game Theory (3 credits) Focuses on the application of mathematics and game theory to economics. Topics include unconstrained and constrained maximization, comparative statics, Nash equilibrium, simultaneous and sequential games and games with asymmetric information. Prerequisites: ECON 221, 222. (ILS)

320 International Economic Policy (3 credits) Evaluates contemporary policy issues and concerns in the international economy. Topics for consideration include: trade relations and managed trade, protectionism, balance of payments disparities, wage inequalities, trading blocs, exchange rate regimes, and the causes and consequences of volatility in financial markets. Students will discuss common readings and undertake a substantial research project on a particular area of interest. Prerequisites: ECON 221, 222. (ILS)

325 Industrial Organization (3 credits) Analyzes firm organization and behavior using microeconomic theory and game theory. Topics include vertical integration, asset-specificity, monitoring, monopoly, natural monopoly, price-discrimination, entry, deterrence, mergers, oligopoly, monopolistic competition, limit pricing, and collusion. Prerequisite: ECON 221. (ILS)

326 Monetary Economics (3 credits) Explores the organization of banking and other financial systems, including the operation of central banks such as the U.S. Fed and their interaction with macroeconomics. During the semester students will examine connections between financial instruments, institutions and markets and the intent and operation of monetary policy. Prerequisites: ECON 221, 222. (ILS)

350 Advanced Topics in Economics (3 credits) Advanced topics of current interest. Subjects of these courses will be announced before registration. Prerequisite: ECON 221, 222.

395, 495 Internships in Economics (3-6 credits) Opportunities for career development and applied work for Economics students. Placements are designed to test academic concepts in a work setting and to bring the practical knowledge of a functioning business or institution to the classroom. Prerequisites: Economics major or minor, permission of the department and satisfactory internship qualifications. May be taken for 3 to 6 credits, but only 3 credits may count toward the major or minor requirements.

490 Senior Thesis and Seminar in Economic Research (3 credits) The Senior Thesis Seminar is the capstone to the major in Economics, and represents a substantial research project on a topic of interest. Students will meet periodically with faculty and peers to present work-in-progress. The seminar is required of all majors, and concludes with submission of the completed thesis.