199. Principles of Economics (1). This course takes an analytical approach to economic reasoning and contemporary economic issues. It introduces microeconomic and macroeconomic theories with applications to relevant issues such as employment, growth, international trade and finance, monetary and fiscal policy, and environmental issues. Offered each semester.
203. International Economics (1). This course provides students with a historical perspective on the causes and consequences of dramatic increases (and occasional declines) in international trade volumes in the modern era. This historic perspective is viewed through the lens of international trade theory and gives students an understanding of contemporary policy debates as they relate to international commerce. The course focuses on the costs and benefits of global economic interdependence overall and tracks the effects of international trade (or lack of trade) within the context of specific countries. This course is designed for students who plan to enter an international business career or to work for government and international organizations in activities affected by international economic relations. Prerequisite: Economics 199.
204. Economic Development (1). Economic analysis of the growth problems of less-developed countries. The meaning and measures of economic growth. Cultural and institutional factors, mobilization of savings and investment, foreign aid, allocation of investment resources. Industrialization and agriculture, trade and development, human resource development. (WL) Offered occasionally. Prerequisite: Economics 199.
205. Energy and Environmental Economics (1). The main idea underlying this course is that the design and critique of environmental policies must be grounded in a solid understanding of economic principles and that environmental problems created by human societies are primarily caused by economic systems. Another major theme of the course is that most major environmental problems are either directly or indirectly connected to the production and consumption of energy, thus the study of environmental economics is advanced by studying energy economics. The course examines basic economic methods for understanding how to achieve environmental goals with particular emphasis on decentralized, incentive-based mechanisms. Prerequisite: Economics 199.
206. The Chinese Economy and Economic Reform (1). This course examines the development of the Chinese economy since the 1800s. The first half of the course covers both basic theoretical material and the development of the Chinese economy 1800- 1978. The second half of the course studies how China has emerged as a major industrial power and as the world’s most interesting example of economic reform of a command economy. (WL) Prerequisite: Economics 199.
207. Entrepreneur Workshop (1). An examination of the processes which lead to the successful launch of new enterprises. Consideration of entrepreneurial skills and ways in which they might be enhanced through education. Focus on planning, marketing, development of pro formas, and opportunity recognition. Course will emphasize practical issues and learning by doing. Offered each year. Prerequisite: Economics 199.
208. Policy Workshop: Community Redevelopment (1). An examination of the theory and practice of how communities attempt to develop a better environment. An understanding of the broad economic forces affecting communities will be introduced and, in particular, how real estate markets affect and are affected by broader economic and social variables. The course will draw upon a wide literature from urban and regional planning, urban history, design, landscape architecture, and public policy. Students will have an opportunity to do a group project(s). Projects will focus on areas of housing, downtown redevelopment, commercial development, and amenity development. Members of the workshop will have ample opportunity to discuss their project with community development practitioners. Offered each year. Prerequisite: Economics 199.
211. Foundations of Economic Theory: Microeconomics (1). Microeconomics is the study of how households and firms allocate scarce resources to competing ends. Students learn to use economic models and optimizing techniques to address a variety of decision-making processes, including consumer utility optimization and producer profit maximization in the context of competitive markets, monopoly, oligopoly, and monopolistic competition. Students will also be introduced to the models and methods of general equilibrium analysis. Prerequisite: Economics 199.
212. Foundations of Economic Theory: Macroeconomics (1). In this course, construction of an organized theoretical framework facilitates an understanding of the behavior of variables such as GDP, inflation, and unemployment. An open economy approach is taken, and international analyses abound. Alternative fiscal and monetary policy strategies receive scrutiny in a variety of environments. Important contributions from macroeconomists representing schools of thought (e.g., Classical, Keynesian, New Classical, New Keynesian) from throughout the 20th century are presented. Offered each semester. Prerequisite: Economics 199 and 211.
214. Accounting Foundations for Business Finance (1). A one-semester survey designed to make the student “accounting literate.” Financial accounting topics include: doubleentry bookkeeping, analysis of financial statements, depreciation methods, and inventory accounting. Topics in management accounting include: behavior of costs, cost-volume-profit analysis, and capital budgeting. Students will gain proficiency using computer spreadsheets by building financial models. Offered each fall. Prerequisite: Economics 199 and 211.
215. Introduction to Business Finance (1). Development of theoretical principles of financial management as an extension of general economic principles. Use of accounting and statistical tools in applying theoretical principles to the management of working capital, capital budgeting, and long-term financing. Offered each spring. Prerequisite: Economics 199, 211, and 214.
216. Investment Analysis (1). Introduction to the basic tools of investment analysis, stressing application to common stocks and bonds. The course emphasizes the development of tools and analysis useful to individual investors. Offered even years, fall semester. Prerequisite: Economics 199 and 211.
235. International Trade and Finance (1). Classical and modern theories of international trade; commercial policy and barriers to trade; economic integration, international factor movement, multinational corporations, direct investment; foreign exchange markets, balance of payments, alternative monetary systems. The roles of international and national institutions are discussed in the context of current international problems. (WL) Offered each spring. Prerequisite: Economics 199, 211, and 212.
236. African Markets and Institutions (1). This course addresses the African economic experience from an institutional perspective. Institutional economics and economic anthropology literature will provide the theoretical framework for this course. Topics to be covered include: the effects of colonialist and independent governance upon indigenous economic institutions, the effects of international aid in the post-colonial era, and the role of entrepreneurship in the African market economy. (WL) Offered occasionally. Prerequisite: Economics 199 and 211.
238. Comparative Economic Systems (1). This course compares the theoretical foundations and empirical performance of various economic systems, including Marxist socialism, Soviet-type economies, and markets in different cultural contexts. The course also addresses the issues of economic reform, including monetary reform and privatization. (WL) Offered occasionally. Prerequisite: Economics 199 and 211 or 212.
245. Money and Banking (1). The nature and functions of money and of commercial banks and a critical analysis of the operation of the modern commercial banking system. Central banking, the Federal Reserve System, and monetary policy. The relationships of money and credit to price levels and national income. Offered each fall. Prerequisite: Economics 199, 211, and 212.
251. Quantitative Methods for Economics and Management (1). An introduction to the quantitative tools used by decision makers in both private business and public institutions. The course reviews introductory statistical methods and builds to the multiple regression model. Applications of these techniques are then developed to explain, predict, and forecast economic and business events. (WL) Offered each semester. Prerequisite: Economics 199 and 211.
265. Industrial Organization (1). A first course in industrial organization that examines the market efficiency implications of competition, monopoly, and the various forms of oligopoly. The structure-conduct-performance framework is used as a basis for predicting the behavior of firms (e.g., pricing, advertising, and product differentiation) and the performance of industries (e.g., market prices and product quality). The government’s role as a promoter of market efficiency through antitrust policy and regulation is debated, including the views of the conservative “Chicago School.” Case studies and empirical evidence from regulated and unregulated industries are presented. Offered each spring. Prerequisite: Economics 199 and 211.
270. Topics in Management (1⁄2, 1). In-depth study of one or more selected topics in administration. Stress upon primary research materials, case studies, and/or applied experience of management practitioners. May be repeated for credit if topic is different. Topics course. Prerequisite: Economics 199.
271. Topics in Economics (1⁄2, 1). Indepth study of one or more selected topics in economics. Stress upon primary research materials, case studies, and/or applied experience of economists or policy analysts. May be repeated for credit if topic is different. Topics course. Prerequisite: Economics 199 and 211.
302. Marketing Research Workshop (1). An introduction to the research methods used by organizations (public and private, profit and non-profit) to understand the wants and desires of their customers, clients, and constituents to more effectively deliver a product or service. Topics covered will include: the research process, use of secondary data, collection of primary data (from focus groups to experimental design), survey design, attitude measurement, sampling, data analysis, and presentation of research finding. Prerequisite: Economics 199, 211, and 251.
303. Econometric Methods and Models (1). This course introduces students to techniques of econometric analysis and to models of economic activity. It treats issues with regard to specification and estimation of singleand simultaneous-equation models. Students become acquainted with methods of interpreting statistics describing the performance of estimated models, and they learn techniques for addressing any problems such statistics may reveal. Offered each spring. Prerequisite: Economics 199, 211, 212, and 251.
305. Mathematical Macroeconomics (1). This course uses techniques from mathematics to extend the models developed in the Intermediate Macroeconomic Theory course. Static, comparative static, dynamic, and optimal control models track the behavior of macroeconomic variables. These models illustrate applications of linear algebra, differential calculus, and integral calculus. Offered each fall. Prerequisite: Economics 199, 211, 212, Mathematics 110 and 115.
315. Management and Organization (1). Principles of classical organization theory. Role of motivation, conflict, communication, and leadership. Rational organizational performance planning and innovation. The executive role: power, authority, status. Overview of tasks of the manager, decision procedures, managerial system vs. intuition. Ethics in management. (WL) Offered each fall. Prerequisite: Economics 199 and 211.
320. Economics of the Public Sector (1). Government spending and revenue activities in the U.S. economy. Fiscal activities of government as they affect welfare and resource allocation. Principles of taxation, the theory of public goods and non-market decisionmaking. The role of the public sector in attaining optimality. Offered each spring. Prerequisite: Economics 199 and 211.
336. Austrian School of Economics (1). This course surveys the major thinkers and debates in the Austrian School of economics. The two dominant schools of thought within the economics discipline in the 20th century have been mainstream neoclassical economics and Marxist economics. Austrian economics provides an alternative to both of these theoretical approaches. It seeks to understand the market as a dynamic, self-ordering, and evolutionary process. Topics covered include Austrian arguments on the evolution of money, capital formation and its structure, the use of knowledge in the market economy, entrepreneurship, and the philosophy of science. (WL) Offered occasionally. Prerequisite: Economics 199 and 211.
370. History of Economic Thought (1). The objective in this course is to acquire an in-depth understanding of a particular topic, thinker(s), or debate within the history of economic thought. Students will be asked to write an original thesis, drawing upon in-class and outside readings. For details regarding the focus of the course in any given semester, students may consult with the instructor. (WL) Offered occasionally. Prerequisite: Economics 199, 211, and 212.
380. Economics, Economists, Economy (1). Capstone course for departmental majors. Reflections upon theories of markets, competition, employment and appraisal of their ability to address problems of actual economies. Focus on methodology, critiques from Austrian, public choice, and institutionalist perspectives. Role of value and ideology in economic thinking about welfare and policy. Analysis of relation of economics to discipline of business. Consideration given to ability of economics to promote collectively rational social action. (WL) Prerequisite: Senior standing and Economics 199, 211, 212, and 251.
390. Special Projects (1). Individual work, under faculty supervision, on projects acceptable to the department. This course affords the opportunity to qualified seniors for more intensive work in fields in which they already have taken the appropriate intermediate level course (e.g., Money and Banking, International Trade and Finance, etc.). Prerequisite: Economics 199.
Economics and Management Course Descriptions