Courses of Instruction
Note: Principles of Microeconomics 201 and Principles of Macroeconomics 202
are a course sequence of basic economic principles and their applications aimed
to develop an analytic framework for interpreting economic events, trends, institutions,
and public policies. The two semesters are conceived as a year course; the recommended
sequence is 201, 202.
MPF 131 Economic Perspectives on Inequality in America (3)
Introduction to economic
perspectives on inequality in the United States, particularly the relationship
between inequality and population diversity. The role of the market and of public
policy in generating, transmitting, and ameliorating inequality. Dimensions of
inequality include earning inequality, poverty, and unequal access to education
and health care. Dimensions of diversity include race, ethnicity, gender, age,
socioeconomic class, immigration status, and sexual orientation. IIC, IIIA.
MPF, MPT 201 Principles of Microeconomics (3)
Nature and scope of microeconomics,
including the role of the market in resource allocation, the role of competition,
market forces, the forces governing the distribution of income, and the role of
foreign trade in economic welfare. IIC.
MPF, MPT 202 Principles of Macroeconomics (3)
Analysis of the determinants of
output, prices, employment, and interest rates. Includes long run behavior of
the economy, business cycle theory, monetary system, stabilization policy, and
international finance. IIC.
Note: Prerequisite for advanced courses: ECO 201, 202 unless otherwise stated;
for graduate credit: ECO 201, 202 or ECO 601 unless otherwise stated.
301 Money and Banking (3)
Nature of money and its role in the functioning of
a modern monetary economy; the institutional framework of the U.S. monetary system;
and aims, potentialities, and limitations of monetary policy. Prerequisite: 58
311 Examining Economic Data and Models (3)
Introduction to the use of linear
regression techniques for examining economic data and evaluating economic models.
Topics may include hypothesis testing, dummy variables, forecasting, and limited
dependent variable models. Sources of economic data are explored. Applications
to topics in economics are stressed. Prerequisites: ECO 201, ECO 202, and DSC 205 or STA 261, STA 301, or STA 368.
MPT 315 Intermediate Microeconomic Theory (3)
Analysis of the theory of consumer
behavior and theory of the firm. Emphasis on logic of rational choice, model building,
and economic efficiency. Other topics may include general equilibrium analysis,
decision making under uncertainty, and applications of game theory in understanding
strategic behavior in imperfect competition. Prerequisite: MTH 151, 153, or 155
(in addition to ECO 201 and 202).
MPT 317 Intermediate Macroeconomic Theory (3)
National income, as a measure
of economic activity, including examination of theories of consumption and investment
spending, monetary demand and supply, and implications of alternative models for
level and stability of output, employment and prices, and economic growth. Prerequisite(s):
MTH 151, 153 or 155 (in addition to ECO 201 and 202).
320 Special Topics in Economics (2-3; maximum 9)
Examination of special topics
in theoretical or applied economics not treated in the existing economics curriculum.
Specific topics and hours to be determined by instructor.
MPT 321 Economic Institutions and the Competitive System (3)
in its institutional forms and economic theory, analyzed to comprehend the nature
and problems of economic life and thought today. Special attention given to heritage
of market capitalism as it has evolved into the post-Keynesian ‘competitive' market
system and the ‘post-industrial' era.
MPT 325 Economic Analysis of Law (3)
Survey of the use of microeconomics in
the analysis of law by looking at selected issues in law and economics such as
property rights, contracts, torts, crime, enforcement, litigation, and precedents.
Emphasis on use of microeconomic analysis to understand implications of existing
and proposed legal mechanisms.
327 Economics and the Stock Market (3)
Survey of recent applications of economic
theory to the stock market. Interrelationships between the real and financial
sectors of the economy. Market efficiency, anomalies, and exploitability. Economic
and psychological theories of investor behavior.
330 Professional Practice (0)
Students participating in an internship program
register for this course during the semester they are on work assignment. Prerequisite:
permission of departmental internship coordinator.
MPT 331 Public Sector Economics (3)
Discussion of the rationale for government
expenditures and taxation and how they affect resource allocation, efficiency,
and equity in the distribution of income. Other topics may include the role of
voters, special interests and government bureaucracy in determining government
policy, other current tax and expenditure issues.
MPT 332 Health Economics (3)
Investigation of the markets for health care and
related sectors of the economy with attention to institutions and data for the
U.S. health care sector. Emphasizes the presence of moral hazard and asymmetric
information in various health care markets. Topics may include proposals for reform,
malpractice, drug regulation, Medicare and Medicaid, problems of access to care
for the uninsured, and cross country comparisons. Prerequisite: ECO 201.
337/338 Directed Research in European Studies (1-4,1-4)
Reading and research
on selected social science topics. Emphasis upon European language materials and
data sources. Recommended to be taken concurrently with French or German 337,
338. Offered at European Center only. Cross-listed with GEO and SOC 337, 338.
MPT 341 Economic History of Modern Europe (3)
Analysis of economic growth and
structural change in Western Europe from 17th to 20th centuries. Includes agrarian
change, rural industry, trade, finance, manufacturing technology, urban systems,
and socioeconomic consequences of industrialization.
MPT 342 Comparative Economic Systems (3)
Investigation into theoretical underpinnings
of the "pure" systems of competitive capitalism, market socialism,
and command socialism, with this analysis forming the background against which
to assess the "real world" functioning of these systems of economic
MPT 344 International Economic Relations (3)
Comparative advantage as basis
for gains from specialization and trade examined in some detail. Supply and demand
analysis used to study the effects of barriers to trade (tariffs, quotas, etc.).
Study of monetary aspects of international economic relations, including: alternative
forms of international monetary organization, balance of payments, exchange rates,
and mechanisms of balance of payments adjustment.
MPT 347 Economic Development (3)
Analysis of current problems of developing
countries in Asia, Africa, and Latin America. Emphasis on the role of economic
theory in devising policies to achieve improvements in the level and distribution
of economic welfare in these countries.
MPT 356 Poverty and Income Distribution (3)
Application of economic analysis
to poverty, income inequality, and factor shares. Discussion of determinants of
earnings, including education, ability, and discrimination. Analysis of efficiency
and costs of programs to reduce poverty, such as minimum wages, cash transfers,
and in-kind transfers. Offered infrequently.
MPT 361 Labor Economics (3)
Survey of the field of labor with emphasis on supply
and derived demand for labor. Includes analysis of labor force participation,
hours of work, wage determination and market structure, trade unions, and an examination
of how government programs influence the labor market (which may include social
transfer programs, social security and unemployment insurance). Other labor market
issues that may be considered include discrimination, the structure of compensation
and the consequences of various labor laws.
373 Economic Growth (3)
Investigates the sources of economic growth within a
country and the factors that affect relative growth across countries. The course
addresses issues of income convergence and the role of policy in determining the
long-run rate of growth.
MPT 385 Government and Business (3)
Public policy in the field of government
regulation of business. Methods of social control, constitutional background,
problems of competition, moderating competition, regulatory commissions, direct
controls, and problems of public ownership.
MPC 405 Managerial Economics (3)
Uses microeconomic models to apply concepts
from the FSB core areas to solve problems and make decisions that managers of
firms may face daily. Class time is allocated to the development of economic models
that integrate the core areas, problem solving to apply the models in typical
business settings, and the analysis of cases. Gives students opportunity to present
as a team an analysis of cases using skills and concepts from the core courses.
Prerequisite(s): available only to students with senior standing who have completed
the common core of business courses; students who have not completed all of these
courses must have permission of the instructor to enroll.
414 Mathematical Microeconomics (3)
Investigates topics central to microeconomic
theory from a modern mathematical perspective. Emphasis on equilibrium models
with some game theoretic approaches. Prerequisite: MTH 151 and ECO 315 or permission
416/516 Topics in Microeconomics (2-3; maximum 3)
New developments and specialized
topics in microeconomic theory are selected by instructor to be studied in depth.
Prerequisite: ECO 315 or 615. Offered infrequently.
417 Topics in Macroeconomics (3)
New developments and specialized topics in
macroeconomic theory and/or policy as selected by instructor for study in depth.
Prerequisite: ECO 317.
MPT 418/518 Monetary Theory and Policy (3)
Study of the behavior of financial
institutions and their respective roles in transmission of monetary policy. Elements
of monetary theory including quantity theory of money and its restatements, theory
of interest, and inflation. Prerequisite: ECO 317.
MPT 419 Business Cycles (3)
Analysis of the causes and effects of economic fluctuations;
topics include economic indicators, economic theories of business cycles, and
a survey of macroeconomic patterns in the United States. Prerequisite: ECO 317.
420 Seminar on Economic Problems (1-3; maximum 9)
Selected topics in economics.
Prerequisite: permission of instructor. Offered infrequently.
423/523 History of Economic Analysis (3)
Development of economic analysis as
it evolved over the years since 1750. Schools of thought covered are preclassical
and classical; socialists and Marx, Neoclassical; and heterodoxy-historist, institutional
and imperfectly competitive. Prerequisite: ECO 315 or permission of instructor.
MPC 427 The Great Depression Revisited (3)
The Great Depression of the 1930s
was a traumatic period in our history, still widely discussed and analyzed by
economists, and its specter has influenced our leaders and their policies to this
day. Vigorous debate continues over the cause(s) of its unprecedented severity,
and therefore, what its lessons are. A wide range of competing theories have been
proposed, each involving different assumptions based upon opposing ideological
foundations, about the way our macroeconomic system functions. In this team-taught
course, students read original literature that offers opposing views of the causes.
Competing theories are applied in a computer simulation program, which allows
students to capture the relationships implied by the institutional framework of
the period and the economic literature in order to judge the degree to which opposing
views can be supported. Prerequisite: ECO 317 and senior standing or permission
MPT 434/534 Environmental Economics (3)
Economic analysis of environmental quality.
Strategies for collective environmental action. Benefit-cost analysis. Economic
growth and environmental quality.
435/535 Urban and Regional Economics (3)
Analysis of spatial distribution of
firms and individuals in regions and urban areas. Includes economic structure
and growth of regions, regional input-output models, urban transportation, housing,
poverty, fiscal problems of cities, and migration.
441/541 International Trade and Commercial Policy (3)
Examination of underlying
causes of international trade, determinants of trade, effects of trade on income,
relationship between trade and international factor movements, and theory and
practice of restrictions on trade. Prerequisite: ECO 315 or 603.
442/542 International Monetary Relations (3)
Monetary aspects of international
economic relations. Alternative forms of international monetary organization,
balance of payments, exchange rates, and mechanism of balance of payments adjustment.
Prerequisite: ECO 317 or 301 or 604 or permission of instructor.
451/551 Economic History (3)
Primarily American economic history as studied
from the point of view of economic theory and quantitative methods. Qualitative
determinants of long-run economic growth and structural change investigated. Prerequisite:
ECO 315 and 317, or permission of instructor.
461/561 Industrial Organization and Public Policy (3)
Effects of structure,
conduct, and performance of imperfectly competitive firms upon social welfare.
Includes social costs of imperfect competition, determinants of market structure,
mergers, barriers to entry, advertising, and research and development. Prerequisite:
ECO 315 or 603. Offered infrequently.
MPT 462 Economics of Compensation (3)
Survey of the economics of human resources.
Topics may include rationale for and effects of alternative forms of compensation
and contracting; theory and measurement of discrimination against minorities and
women; and causes and consequences of unionism. Prerequisite: ECO 315 or 361.
465 Game Theory with Economic Applications (3)
Topics from the field of game
theory applied to numerous economic problems. Equilibrium concepts are derived
to determine the outcome of economic agents pursuing individual self-interest
in a ¿non-cooperative¿ environment. Specific tools included: multi-person
decision trees, expected utility theory, Bayes Theorem, and several classes of
games. Economic applications may include: wage bargaining, strategic trade policy,
adverse selection and credit rationing, strikes, cartel enforcement, insurance,
patents, and product variety. Prerequisite: ECO 315. Offered infrequently.
480/482 Independent Reading (3, 3)
Seminar leading to a qualifying written report
for graduation with departmental honors. Prerequisite: approval of honors coordinator
(see current class schedule).
Note: The following courses are open only to full-time M.B.A. students: ECO 616, 635.
600 Seminar: Special Topics in Economics (1-3; maximum 9)
601 Graduate Survey in Economics (5)
Survey of the principles of economics for
students in the M.B.A. program who have not included economics in their undergraduate
curricula. Credit not applicable to minimum hours required for M.B.A. degree.
602 MBA Economics Module (2)
Introduces the full time MBA student to basic concepts
in micro and macro-economics, such as demand, costs, production, market structure,
pricing, macroeconomic data, Federal Reserve policy and business cycles, among
others. Managerial applications will be introduced with the help of game theory.
Microeconomic Theory (3)
Examination of theoretical tools of microeconomics. The
logic of micro phenomena is dealt with in partial and general equilibrium frameworks
emphasizing general principles of marginalist-maximizing behavior. Enrollment
limited to students in M.B.A. program.
615 Advanced Microeconomic Theory (3)
Exposition of the general principles and
analytical tools of microeconomic theory. Includes theory of consumer choice,
production and cost, pricing in various market structures, distribution theory,
general equilibrium analysis, and welfare economics. Prerequisite: ECO 315 or
616 Microeconomic Analysis for Managerial Decisions (3)
Focuses on microeconomic
analysis of consumers, firms, and market organization. Topics may include analysis
of antitrust and regulatory issues.
617 Advanced Macroeconomic Theory (3)
Development of an aggregative model of
output, employment, interest rates, and prices. Analysis of the effect of government
policy on these variables. Implications of alternative specifications of the model
are also examined. Prerequisite: ECO 317 or 604 or equivalent.
635 Macroeconomic/International Environment for Business (3)
Focuses on role
domestic and international monetary policy plays in determination of interest
rates and foreign exchange rates. Additional topics may include interpretation
of macroeconomic forecasts. Summer only.
640 Topics in Microeconomics (3)
Advanced selected topics in theoretical and
applied microeconomics. Prerequisite: ECO 615 or permission of instructor.
650 Topics in Macroeconomics (3)
Advanced selected topics in theoretical and
applied macroeconomics. Prerequisite: ECO 617 or permission of instructor.
661 Quantitative Methods for Economists (3)
Development of mathematical and
statistical techniques essential for understanding economic theory and performing
economic research. Includes calculus of several variables; linear algebra; classical,
nonlinear, and convex programming; and comparative statics. Supporting examples
and applications are from various subfields of economics. Prerequisite: MTH 141
or 151 or equivalent.
663 Econometrics (3)
Theoretical and applied regression analysis under ideal
and non-ideal conditions. Includes simultaneous equation models and time series
techniques. Prerequisite: STA 361 or equivalent.
671 Topics in Applied Econometrics (2)
Topics include simultaneous equations
bias, omitted variable problems, and estimation with limited dependent variables.
Prerequisite: ECO 663.
672 Applied Time Series Analysis (2)
Topics include autoregressive and moving
average models, unit root topics, and co-integration. Prerequisite: ECO 663.
681/682 Special Problems in Economics (1-3, 1-3)
Intensive reading or research
in selected fields of economics. Prerequisite: graduate standing and permission
685 Economic Research Methods (3)
Consideration of alternative economic methodologies;
selection and specification of critical hypotheses; model construction; sources
of data; model verification, evaluation, and revision. Prerequisite: graduate
standing in economics. Summer only.
690 Master's Research (1-12)
In-depth research paper written with supervision
of at least two members of graduate faculty.
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