PDF version of this chapterCourses of Instruction
Economics (ECON)
The terms indicated are expected but are not guaranteed. For the courses offered during any given term, consult the Schedule of Classes.
203 Principles of Microeconomics (4, FaSp) Behavior of firms and consumers, functions of the price system, competition and monopoly, labor markets, poverty, government regulation, international trade, and the environment.
205 Principles of Macroeconomics (4, FaSp) Unemployment, inflation and output determination and links. Effects of government taxation and spending on growth, investment, saving, consumption, and trade.
238xg Political Economy and Social Issues (4, Fa) Contending politico-economic perspectives in modern Western thought: conservatism, liberalism, radicalism, and their relevance for contemporary policy issues including government and markets, class, race, gender, poverty and inequality. Not available for major credit to economics majors. Concurrent enrollment: WRIT 140.
303 Intermediate Microeconomic Theory (4, FaSp) Decision-making by business firms, consumer preferences and behavior, uncertainty, competition, monopoly, labor and resource markets, efficient resource allocation, externalities, and government policy. Prerequisite: ECON 203; MATH 118x or MATH 125;corequisite: ECON 205.
305 Intermediate Macroeconomic Theory (4, FaSp) The determinants of aggregate income, employment, and inflation; economic fluctuations; fiscal and monetary policy; financial markets; the national debt. Prerequisite: ECON 203 and ECON 205; MATH 118x or MATH 125.
317 Introduction to Statistics for Economists (4, FaSp) Introduction to statistical methods appropriate for analyzing economic data: probability theory, random variables and probability distributions, sampling, estimation, statistical inference. Prerequisite: MATH 118x or MATH 125.
330 The Political Economy of Institutions (4) Social functions served by the rules, laws, regulations, and customs that constrain human activity. Processes whereby such institutions adapt, or fail to adapt, to changing circumstances. Prerequisite: ECON 203.
332 Contracts, Organizations and Institutions (4) Contract law and economic organization, determinants of firm boundaries, transaction cost economics, agency theory, incomplete contracting, business strategy, bureaucracy, institutional environment, politics and property rights. Prerequisite: ECON 203.
336 The Political Economy of Values (4) Psychological foundations of human values and preferences. The role of values in organizational success, social order, and economic development. The political economy of shaping, reshaping, protecting, and destroying values. Prerequisite: ECON 203.
338 Political Economy and Social Issues (4, Sp) Contending politico-economic perspectives in modern Western thought and culture; absolutist, liberal, democratic, Marxist, anarchist, and other traditions, topics and issues. (Duplicates credit in former ECON 121x.) Prerequisite: ECON 205.
340 Economics of Less Developed Countries (4) Causes of economic underdevelopment: historical, institutional, structural, ideological, technological, cultural. Patterns and theories of development. Role of government, international trade, and education in economic growth. Prerequisite: ECON 203 or ECON 205.
342 Economic Development of the Middle East (4) Historical and comparative analysis of economies of Middle Eastern countries: institutions, resources, trade, finance, income distribution, population, migration. Prerequisite: ECON 203 or ECON 205.
343 Economic Development of East Asia (4) Contemporary economic problems of East Asian countries: management, labor, technology, trade, investment. Determinants of their high growth rates in the late 20th century. Prerequisite: ECON 203 or ECON 205.
344 Economic Development of Sub-Saharan Africa (4, FaSpSm) Contemporary economic problems of sub-Saharan African economies: policies and endowments. Focus on issues of poverty, agriculture, health, macroeconomy and political economy. Prerequisite: ECON 203 or ECON 205.
346 Economics of Transition and Development: China (4, FaSpSm) A focus on the Chinese economy, its reform and transition to a market economy, its relation with East Asian countries and integration into the world economy. Prerequisite: ECON 203 or ECON 205.
348 Current Problems of the American Economy (4, Fa) A comprehensive investigation of problems stemming from changing composition of the work force, urban decline, new technologies, inequalities, ethnic relations, government deficits. Prospects for continued growth. Prerequisite: ECON 203 or ECON 205.
350 The World Economy (4, SpSm) International cooperation and conflict in the world economy. Global economic problems of growth and development, trade and finance, migration, economic stability, and the environment. Prerequisite: ECON 203 or ECON 205.
357 Money, Credit, and Banking (4) The money, bond, stock, and other financial markets; portfolio choice; determinants of asset prices and interest rates; inflation; interactions between financial markets and government policies. Prerequisite: ECON 203 and ECON 205.
360 Public Finance (4) Role of the government; income and corporate taxation; direct versus indirect taxation; optimal tax structure; public goods; public sector pricing; public debt and macroeconomic stability. Prerequisite: ECON 203 and ECON 205.
366 Urban Economics (4) Urban trends and problems, including changing urban form and function, urban public finance, housing, renewal, poverty, race, transportation, and the environment. Prerequisite: ECON 203 and ECON 205.
387x Economics for Natural Resources and the Environment (4, FaSp) (Enroll in ENST 387x)
390 Special Problems (1-4) Supervised, individual studies. No more than one registration permitted. Enrollment by petition only.
395 Economic Policy Issues (4) Selected policy dilemmas, including welfare reform, urban renewal, government budget deficits, regulation and deregulation, environmental problems, immigration, and global development. Lectures by leading authorities and weekly discussion sessions. Prerequisite: ECON 203 and ECON 205 and departmental approval.
401 Mathematical Methods in Economics (4, Fa) Introduction to quantitative methods for analyzing economic equilibria; comparative statics and dynamics. Utility theory, consumer behavior, and profit maximization. Model formulation in micro and macroeconomics. Prerequisite: ECON 303.
404 Games and Economics (4) Analysis of strategic economic interactions. Topics include bargaining, insurance, patents, voting, environmental depletion, strategic trade, learning, reputation, strikes, corporate takeovers, and the provision of public goods. Prerequisite: ECON 303.
414 Introduction to Econometrics (4, FaSp) Application of statistical methods to economic data: estimating economic relationships using regression analysis, testing hypotheses involving economic behavior, forecasting economic variables. Prerequisite: ECON 317.
417 Statistics for Economists (4) Introduction to mathematical statistics, including random variable, families of distributions, sampling, maximum likelihood and other methods of estimation, statistical inference. Prerequisite: ECON 317; ECON 401 or MATH 226.
419 Forecasting (4) Trends, time-series models, low-cost forecasting methods, regression models, evaluation and combination of forecasts. Applications in business and economics. Prerequisite: ECON 317;corequisite: ECON 417.
426 History of Economic Thought (4) Major contributions to economics from Adam Smith to the present, notably classical economics and its 19th century critics, neo-classical economics and its 20th century critics. (Duplicates credit in former ECON 326.) Prerequisite: ECON 303 or ECON 305.
432 Economics of Happiness (4) What is happiness? How does it vary by socio-economic status and over the life cycle? This course will develop insight into the nature and determinants of subjective well-being. Prerequisite: ECON 303;recommended preparation: ECON 305.
434 Economic Analysis of Law (4) Common law and property; rationing of justice, resource allocation between prevention and enforcement; division of decision making between public and private sectors. Prerequisite: ECON 303.
446 Comparative Economic Systems (4) Comparative analysis of the theory and practice of classic and contemporary economic systems; capitalism, Marxism, socialism, fascism, communism. Market and planning systems in selected countries. (Duplicates credit in former ECON 346.) Prerequisite: ECON 303 or ECON 305.
450 International Trade (4) Determinants and economic consequences of international trade patterns; effects of trade restrictions and trading blocs; trade negotiations and arrangements. Prerequisite: ECON 303.
451 The Politics of International Trade (4) (Enroll in IR 430.)
452 International Finance (4) Consequences of trade deficits; theories of capital and currency markets, exchange rate regimes, and international monetary coordination. Prerequisite: ECON 305.
457 Financial Markets (4) General equilibrium analysis of economies with financial markets; decision making under uncertainty; methods of risk reduction; portfolio theory and valuation of securities; efficiency of security markets. Prerequisite: ECON 303.
471 Economics of Labor Markets and Human Capital (4) A human capital interpretation of labor demand and supply; wage determination, differentials, and discrimination; job turnover and occupational mobility; unions and collective bargaining. Prerequisite: ECON 303.
472 Economics of Medical Care (4) Health as an investment in human capital; analysis of the demand for and supply of health services and manpower; health insurance; cost-effectiveness analysis; market structures and the pricing of medical services. Prerequisite: ECON 303.
473x Population Economics (4) Socioeconomic causes and effects of changes in fertility, migration and mortality; sex roles, labor force patterns, economic development, marriage, divorce, population policy. Not available for graduate credit. Prerequisite: ECON 303.
480 Economics of Industrial Organization (4) Pricing and resource allocation in imperfectly competitive markets; monopoly regulation, collusion, cartels, mergers and antitrust; patents and development incentives; industry case studies. Prerequisite: ECON 303.
481 Economics of Mass Communications Industries (4) Industrial organization of the mass communications industries; concentration, regulation, and economic efficiency in print, film, and electronic broadcast media. Prerequisite: ECON 303.
487 Resource and Environmental Economics (4) Management and extraction of renewable and non-renewable natural resources; environmental externalities and regulation of air, water, and land pollution; market incentives versus direct regulation. Prerequisite: ECON 303.
490x Directed Research (2-8, max 8, FaSpSm) Supervised individual research. Not available for graduate credit. Requires departmental approval.
495 Honors Thesis (4) Individual research supervised by a faculty advisor. Successful completion required for departmental honors degree.
499 Special Topics (2-4, max 8, FaSpSm) Selected topics in economic theory, history, or policy.
500 Microeconomic Analysis and Policy (4, Fa) Theories of the household and the firm; product and factor markets; perfect and imperfect competition; welfare criteria. Prerequisite: ECON 303 and ECON 305;corequisite: ECON 401.
501 Macroeconomic Analysis and Policy (4, Sp) Theories of aggregate economic activity; design and use of macroeconometric models; stabilization and control of inflation, unemployment, and growth. Prerequisite: ECON 303, ECON 305, and ECON 401.
502 Mathematical Methods in Dynamic Economics (4, SpSm) Movement of economic systems over time; differential and difference equations; introduction to the optimal control of economic processes; dynamic programming and optimal strategies; selected applications. Prerequisite: ECON 401.
503 Microeconomic Theory I (4, Fa) Optimization of the consumer and the firm; duality and imputed value; perfect and imperfect competition in product and factor markets. Prerequisite: ECON 401;recommended preparation: ECON 500.
505 Macroeconomic Theory I (4, Fa) Aggregate demand, supply and government policy; theories of economic growth and business cycles; static and dynamic implications of government policies. Prerequisite: ECON 401;recommended preparation: ECON 501, ECON 502.
511 Econometric Methods (4, Sp) Review of statistical methods of estimation and inference, linear regression with multicollinearity and serial correlation; multivariate regression and simultaneous equations.
513 Practice of Econometrics (4) Application of econometric tools using standard econometric software packages for microcomputers; empirical applications to selected economic problems of estimation and inference. Prerequisite: ECON 401 or departmental approval.
514 Probability and Statistics for Economists (4, Fa) Introduction to probability theory and statistical inference to prepare students for graduate courses in econometrics and economic theory; probability, random variables, distributions, estimation, testing, asymptotics. Prerequisite: ECON 417, MATH 226.
523 Economic History and Development (4) Historical trends in developed and developing societies in various aspects of modernization such as human resources, capital, technology, resource allocation, income distribution, international relations. Prerequisite: ECON 303 or departmental approval.
527 Classical Economic Theory and Its Critics (4) Classical economic theory; its precursors, main contributors, extensions, and critics; focus upon the writings and ideas of Smith, Say, Malthus, Ricardo, Mill, and Marx. Prerequisite: ECON 303 and ECON 305 or departmental approval.
537 Contracts, Organizations, and Institutions (4) Information, property rights, bargaining, transaction costs, incentives, free-riding and contracting in organizations; the nature of cooperation; bureaucracies. Prerequisite: ECON 303 or departmental approval.
538 Values and Social Analysis (4) Factors that make values an essential feature of human society; how values develop, change, and are abandoned; role of values in economic development. Prerequisite: ECON 303 or departmental approval.
539 Political Economy (4) (Enroll in PEPP 539)
541 Economic Development (4) Development, underdevelopment and the problems thereof; agriculture, industry, trade, population, human capital, capital formation; structural, technological, environmental and institutional changes; political economy of the state. Prerequisite: ECON 303 and ECON 305 or departmental approval.
546 Comparative Economic Systems I (4) Comparative review and critique of major theories of economic organization (capitalism versus collectivism), recent literature, criteria, and programs of national economic planning; control and reform. Prerequisite: ECON 303 and ECON 305 or departmental approval.
587 Advanced Natural Resource and Environmental Economics (4, Irregular) Covers the application of microeconomic theory to the management of natural resources, pollution, and environmental hazards. Prerequisite: ECON 487, ECON 500 or departmental approval.
590 Directed Research (1-12, FaSpSm) Research leading to the master’s degree. Maximum units which may be applied to the degree to be determined by the department. Graded CR/NC.
594abz Master’s Thesis (2-2-0, FaSpSm) Credit on acceptance of thesis. Graded IP/CR/NC.
599 Special Topics (2-4, max 8, FaSpSm) Selected topics in economics as developed by the instructor. Prerequisite: departmental approval.
600 Economics of Choice (4) Reviews the normative and positive theories of choice drawing upon recent theoretical and empirical work in cognitive and evolutionary psychology, artificial intelligence, linguistics and economics. Prerequisite: ECON 500.
603 Microeconomic Theory II (4, Sp) General equilibrium theory; existence, uniqueness, and stability; welfare economics; social choice; dynamic models and uncertainty; special topics. Prerequisite: ECON 503.
604 Game Theory (4) Strategies and equilibrium concepts; dynamic and repeated games; incomplete information and learning in games. Prerequisite: ECON 500 or ECON 503.
605 Macroeconomic Theory II (4, Sp) Macroeconomic theory based on the concepts of optimal growth and intertemporal equilibrium; overlapping generations models; recent developments in macroeconomic theory. Prerequisite: ECON 503 and ECON 505.
606 Complex Economic Dynamics (4) Stability and instability, cycles, chaotic fluctuations, and evolving structure in economic processes. Prerequisite: ECON 502.
607 Topics in Dynamic Optimization (4) Theory and numerical methods for dynamic optimization and control; selected applications in economic analysis and econometrics. Prerequisite: ECON 502 and knowledge of FORTRAN.
609 Adaptive, Evolutionary Economics (4) Partial information, imperfect decision-making, incomplete coordination of production and exchange; adaptation to economic experience; evolution of market and government institutions. Prerequisite: ECON 503 and ECON 505 or departmental approval.
610 Quantitative Analysis in Macroeconomics (4, Sp) Dynamic economics, applied general equilibrium models, computational and calibration tools, discrete-state dynamic programming, log-linearization of Euler equations. Prerequisite: ECON 505, ECON 605.
612 Econometric Theory (4) Inference and prediction, generalized and restricted least square, specification analysis, multivariate and seemingly unrelated regressions, simultaneous equations techniques, dynamic models, instrumental variable estimation. Prerequisite: ECON 511.
613 Economic and Financial Time Series I (4, Fa) Simultaneous equation models, dynamic structural econometric models, vector autoregressions, causality, forecasting, univariate and multivariate nonstationary time series, tests for unit roots, cointegration, autoregressive conditional heteroscedasticity models, time series models with changes in regime. Prerequisite: ECON 511.
614 Economic and Financial Time Series II (4, Sp) Stock returns, predictability and volatility, random walk and variance-bounds tests, estimation of capital asset, multifactor, and derivative pricing models, term structure of interest rates. Prerequisite: ECON 511.
615 Applied Econometrics (4, Fa) Use of quantitative models to describe and forecast economic activity; estimation and application of such models to selected policy problems. Prerequisite: ECON 511.
616 Experimental Economics (4) Laboratory methods for testing economic theory; experimental comparison of alternative market and non-market institutions; identification of behavioral responses to alternative regulations. Prerequisite: ECON 500 or ECON 503.
633 Law and Economics (4, Sp) ( Enroll in LAW 633)
634 Political Economy of Institutions (4) The functions of laws, rules, customs, conventions, and other restrictions on economic and social activity. Theories of institutional evolution. (Duplicates credit in former ECON 534.) Prerequisite: ECON 500 or ECON 503.
639 Contemporary Economic Policy: Theory and Practice (4) History and analysis of the fundamental continuing policy issues: recession, inflation, public debt, regulation, international competition, energy resources and environmental issues, welfare and income distribution. Prerequisite: ECON 500 and ECON 501 or departmental approval.
641 Empirical Analysis of Economic Development (4, FaSp) Theory and empirics of the sources of and barriers to economic development and the micro underpinnings of macroeconomic dynamics of growth, inequality, and productivity. Prerequisite: ECON 503, ECON 511.
642 Poverty, Human Resources and Economic Development (4, FaSpSm) Household production models and intra-household models of behavior and their empirical implementation, focus on poverty, human resource investments and their interaction with public policies. Prerequisite: ECON 501, ECON 511.
644 Economic Development Programming and Policy Planning (4) Model construction and application to policy and planning: open economy macroeconomics, trade and investment, institutions, technology, income inequality, environment, policy reforms, political economy. Prerequisite: ECON 501 or ECON 505; ECON 500 or ECON 503.
645 Economic Growth (4, Fa) Surveys theoretical and empirical developments in growth macroeconomics. To equip students to undertake frontier research and policy work to reduce global income inequality. Graduate standing. Prerequisite: ECON 505.
650 International Trade Theory (4) General equilibrium theory applied to theory and practice of commercial policy, economic growth, and trade. Prerequisite: ECON 500 or ECON 503.
651 International Monetary Theory (4) Balance of payments concepts and measures; price theory and the foreign exchange market; international monetary systems; adjustment mechanisms; speculation and official intervention. Prerequisite: ECON 500 or ECON 503 and ECON 501 or ECON 505.
652 Economics of Financial Markets II (4, Sp) Financial market equilibrium and partial equilibrium asset pricing in discrete and continuous time; properties of equilibria with and without complete markets; theory of option prices; Black-Scholes pricing formula; term structure of interest rates; hedging strategies and managing market risk using options, futures and swaps; hedging exchange-rates risks. (Duplicates credit in former ECON 700.) Prerequisite: ECON 503.
653 Empirical International Economics (4) Empirical treatment of advanced topics in international finance including the determination of real and nominal exchange rates; stabilization policies in developing currencies and currency crisis models. Econometric methods in analyzing foreign exchange data and in forecasting. Prerequisite: ECON 501, ECON 513;recommended preparation: ECON 625, ECON 651.
657 Monetary Theory and Policy I (4) Money-credit creation; money demand; monetary aspects of general equilibrium and disequilibrium; conceptual problems of money and exchange. Prerequisite: ECON 500 or ECON 503 and ECON 501 or ECON 505.
659 Economics of Financial Markets I (4, Fa) Equilibrium model of finance economy; absence of arbitrage; complete and incomplete markets; asset pricing theory; representative agent pricing. Capital Asset Pricing Model, martingale property of security prices. Prerequisite: ECON 503.
660 Public Finance (4) Externalities; welfare economics of government supply of services; incidence and effects of taxes; program budgeting; benefit-cost analysis; debt. Prerequisite: ECON 500 or ECON 503, and ECON 501 or ECON 505.
671 Economics of Labor and Human Capital (4) A human capital interpretation of labor demand and supply; wage determination, differentials, and discrimination; job turnover and occupational mobility; unions and collective bargaining. Prerequisite: ECON 500 or ECON 503.
672 Economics of Medical Care (4) Medical care as an investment in human capital; analysis of the demand for and supply of health services and labor; health insurance; cost-effectiveness analysis; market structures and the pricing of medical services. Prerequisite: ECON 500.
673 Program Evaluation (4) This course first proposes various means of evaluating an economic program. It then applies the tools to specific problems. Prerequisite: ECON 500 or ECON 503; ECON 511.
680 Industrial Organization (4) Decision making, economic behavior and organization in firms; types of competition and market structure; property rights, nonprofit decision making. Prerequisite: ECON 500 or ECON 503.
681 Economics of Regulated Industries (4) Theories and methods of government regulation; effects of regulation on various industries; behavior of regulatory agencies. Prerequisite: ECON 500 or ECON 503.
688 Empirical Industrial Organization (4, Sp) Econometric analysis of industrial organization issues including industry regulation and deregulation, collusions and pricing in differentiated oligopolistic markets, entry and exit, auction mechanisms, contractual relationships. Prerequisite: ECON 503, ECON 511;recommended preparation: ECON 600, ECON 603, ECON 612, ECON 615, ECON 680.
690 Seminar in Economic Theory (2, max 8, FaSp) Current research in economic theory presented by faculty, students and outside scholars. Graded CR/NC. Prerequisite: departmental approval.
691 Seminar in Econometrics (2, max 8, FaSp) Current research in econometrics presented by faculty, students and outside scholars. Graded CR/NC. Prerequisite: departmental approval.
692 Seminar in Economic Development (2, max 8, FaSp) Current research in international, regional, and urban development economics presented by faculty, students and outside scholars. Graded CR/NC. Prerequisite: departmental approval.
693 Seminar in Applied Economics and Public Policy (2, max 8, FaSp) Current research in applied microeconomics, macroeconomics and public policy presented by faculty, students and outside scholars. Graded CR/NC. Prerequisite: departmental approval.
694 Seminar in Dynamic Economics (2, max 8, FaSp) Topics in dynamic economics involving business fluctuations, economic growth and development, micro-economic adjustments and market mechanisms; related quantitative and qualitative methods; empirical research involving economic change. Graded CR/NC.
695 Internship in Mathematical Finance (4, Sm) Internship for students in the Mathematical Finance master’s program. Practical training in real market environments. Real-world first-hand experience in implementing trading strategies. Application of mathematical finance to real financial markets.
715 Advanced Topics in Econometrics (4) Time-series methods; aggregation; structural models and methods such as factor analysis and multiple indicator models; various special topics. Prerequisite: ECON 612 and ECON 613.
790 Research (1-12, FaSpSm) Research leading to the doctorate. Maximum units which may be applied to the degree to be determined by the department. Graded CR/NC.
794abcdz Doctoral Dissertation (2-2-2-2-0, FaSpSm) Credit on acceptance of dissertation. Graded IP/CR/NC.