Economics Courses

Faculty

Professor: Myong-Hun Chang (Chairperson); Professors Emeriti: Diran Bodenhorn, Karl B. Bonutti, John F. Burke Jr., Leonard Martin, Vijay K. Mathur, Harvey S. Rosen; Associate Professors: Vasilios Kosteas, Sheldon H. Stein; Associate Professors Emeriti: Edward B. Bell, Jon D. Harford, Douglas O. Stewart, Allan J. Taub; Assistant Professors: Sebastien Buttet, Yee Fei Chia, Matthew Henry, Subhra Saha.

Course Descriptions

ECN 201 Principles of Macroeconomics (3-0-3). Introductory course in macroeconomic theory: national accounting, levels of output and employment, money supply, government monetary and foreign exchange, and the international monetary system. Return to top

ECN 202 Principles of Microeconomics (3-0-3). Introductory course in microeconomic theory: pricing, resource allocation, distribution, current domestic economic problems, international trade, and alternate economic systems. Return to top

ECN 221 Introduction to Mathematical Methods in Economics (3-0-3). Prerequisite: high-school algebra. Introduction to mathematical tools necessary for the effective study of economic theory and econometric models. Cannot be used for elective credit to satisfy major-field requirements. Return to top

ECN 230H Game Theory and the Social Sciences - Honors (4-0-4). Prerequisite: Honors standing or permission of university Honors Program. This course is an introduction to game theory and its application to social sciences. The main focus is on developing the basic tools of game-theoretic modeling and analysis through lectures and exercises and putting these tools to work by applying them to issues that arise in many diverse areas of the social sciences. The ultimate purpose is to enable the students to understand various social phenomena as the logical outcomes of individually rational and strategically motivated choices. Students who are taking or have taken ECN 494/694/794 (Special Topics: Game Theory and Business Strategy) are not permitted to take this course. Return to top

ECN 301 Intermediate Macroeconomics (3-0-3). Prerequisites: ECN 201 and ECN 202 or equivalent. Determinants of aggregate economic variables such as GDP, unemployment, inflation, interest rate, exchange rate and trade balance. Return to top

ECN 302 Intermediate Microeconomics (3-0-3). Prerequisites: ECN 201 and ECN 202 or equivalent. Systems for allocating resources among competing wants, prices as a rationing mechanism, consumer choice, business behavior under various market situations, markets for capital and labor, general equilibrium and welfare economics. Return to top

ECN 311 Economic History of the United States (3-0-3). Economic development of agriculture, commerce, money and banking, industry, labor, and government. Return to top

ECN 316 Comparative Economic Systems (3-0-3). Prerequisites: ECN 201 and ECN 202 or equivalent. American capitalism compared with socialism, communism, and other planned economies. Return to top

ECN 322 Statistics and Econometrics (4-0-4). Prerequisite: MTH 147 or equivalent. Development of statistical theory and its application to econometric models, including simple, multiple, and nonlinear regression and correlation; derivations of some important sampling distributions and their application in economics and business. Return to top

ECN 330 Managerial Economics (4-0-4). Prerequisite: ECN 302. Applications of economic theory and methodology to decision-making problems of business and public institutions. The course deals with microeconomic concepts, such as demand, demand forecasting, production, costs, pricing practices, and capital budgeting. Return to top

ECN 333 Economics of Health Care (4-0-4). Prerequisite: ECN 202 or equivalent. Overview of health and the features of medical-care markets; economic analysis of demand for medical care including the role of uncertainty and insurance on demand; supply of medical care and the role of doctors, hospitals and insurance on supply side; organizational form of health-care markets and policy issues in financing and resource allocation; international dimensions of health-care issues. Return to top

ECN 350 Economics of Crime and Punishment (4-0-4). Prerequisite: Junior standing. Trends in criminal activity, data and data sources; economic impact on society of criminal activity; economic analysis of criminal behavior and the criminal justice system; role of deterrence including certainty and severity of punishment, and economics of victimless crimes with applications in the markets for heroin and cocaine. Return to top

ECN 355 Money and Banking (4-0-4). Prerequisites: ECN 201 and ECN 202 or equivalent. The role of money in economic activity, financial markets and instruments, depository financial institutions and money, the Federal Reserve System, monetary theory and policy, international banking and finance. Return to top

ECN 360 Public Sector Economics (4-0-4). Prerequisite: ECN 201 or ECN 202 or equivalent. Economics of the governmental or public sector in the United States; topics include the economic rationale for government, theory of public choice, public expenditure theory, analysis of selected expenditure programs, taxation theory, analysis of selected taxes and fiscal relations between governments. Return to top

ECN 391 Consumer Economics (3-0-3). Money management and consumer choice and protection; budgeting, saving, and borrowing; buying food, clothing, housing, insurance, and investments. Return to top

ECN 415 History of Economic Thought (3-0-3). Prerequisites: ECN 201 and ECN 202 or equivalent. Development of economic thought from ancient times to the present day. Return to top

ECN 433 Industrial Organization (4-0-4). Prerequisite: ECN 202 or equivalent. Investigation of how market structure and firms' conduct influence economic performance. Topics include oligopoly theory, entry barriers, merger activity, product differentiation, and innovation. Effects of government regulation (and deregulation) and antitrust policy will also be examined. Return to top

ECN 441 Business Fluctuations and Forecasting (4-0-4). Prerequisite: ECN 301 or permission of instructor. Nature and causes of business fluctuations; business cycle theories; methods of forecasting GDP, inflation, and unemployment. Return to top

ECN 450 Economics of Law (4-0-4). Prerequisite: ECN 302. The economic concepts of public and private goods, externalities, and benefits vs. cost will be used to analyze the economic basis for and effects of property, contract, tort, and criminal law. Important cases will be discussed and issues such as the rules for determining the liability for accidents and the proper level of penalties for crimes will be explored. In addition, the trade-offs involved in the use of the legal system itself will be explored in such areas as plea bargaining, trial vs. settlement of civil cases, and various arrangements for payment of legal costs. Return to top

ECN 470 Urban Economics (4-0-4). Prerequisites: ECN 201 and ECN 202 or equivalent. Theory concerning development and growth of cities; land rent and land use patterns, suburbanization, and control; discussion of urban problems and issues such as poverty and public policy, housing market, discrimination; and local government finance. Return to top

ECN 474 Environmental and Natural Resource Economics (4-0-4). Prerequisite: ECN 302, or ECN 202 and permission of instructor. Using the concepts of public goods and externalities, the causes of environmental problems will be analyzed. Regulatory approaches will be examined as to their impact and efficiency in controlling pollution and congestion. Externality and sustainability issues involving the rate of exploitation of natural resources will be explored. Both positive and normative economic reasoning will be applied to the related issues of population size, economic-ecological interactions, and future prospects for humanity. Cross-listed with ECN 574. Return to top

ECN 475 Labor Economics (4-0-4). Prerequisite: Intermediate Microeconomics (ECN 302). Analysis of labor market issues such as labor supply and demand, wage inequality, human capital formation, unemployment, the minimum wage, labor mobility and unions. Considers policy applications including school quality choices and the effect of health and safety regulations. Return to top

ECN 482 International Economics (4-0-4). Prerequisites: ECN 201 and ECN 202 or equivalent. The determinants of comparative advantage and the pattern of international trade, the gains from trade, and the effects of trade restrictions, trade growth and development, the balance of payments, the economics of exchange rates, and macroeconomics in an open economy. Return to top

ECN 485 Economics of Development and Growth (4-0-4). Prerequisites: ECN 201 (Principles of Macroeconomics) and ECN 202 (Principles of Microeconomics). A theoretical approach to development problems of the less developed nations; comparison of growth theories, inequality and economic development; population and growth; the impact of development on rural and urban sectors; market failures and government policies; international assistance. Return to top

ECN 494 Special Topics in Economics (1-4 credits). Prerequisite: Permission of instructor. Course title and content may change from term to term. Return to top

ECN 496 Independent Study in Economics (1-2 credits). Prerequisite: Permission of instructor. Independent research project under faculty supervision. The course may be repeated for credit for a total of 4 credit hours. Return to top

ECN 497 Honors Essay (3-0-3). Prerequisite: Admission to the honors program. Required of all honors students in economics. Directed research supervised by the Honors Essay Committee. Return to top

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