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| Economics (School of Humanities and Social Sciences) |
| ECON-1200 Introductory Economics Every society faces the question of choosing how to use its natural and human resources to produce goods and services and how to distribute these resources among its people. This course studies how these choices are made in markets. It also explains the determinants of total output, employment, and inflation. Attention may also be given to special topics such as the environment, trade, and population. Fall and spring terms annually. 4 credit hours |
| ECON-2010 Managerial Economics Applies the microeconomic theory of the firm to price, cost, and output decisions of business enterprises under different market structures. Regression analysis of demand and cost, linear programming of production and simulation analysis of risk, and capital budgeting are also presented. Prerequisite: ECON-1200 or permission of instructor. Fall and spring terms annually. 4 credit hours |
| ECON-2020 Intermediate Macroeconomics Attention is directed primarily to variations in the aggregate volume of output, income, and employment. Cyclical fluctuations and long-term economic trends are examined and the interrelations of business and government policies are analyzed. The applicability of economic theory to the problems of business forecasting is discussed. Prerequisite: ECON-1200 or permission of instructor. Fall and spring terms annually. 4 credit hours |
| ECON-2940 Readings in Economics 3 or 4 credit hours |
| ECON-2960 Topics in Economics Selected topics in economics designed to acquaint students with modern economic problems and analysis in special areas beyond the introductory level. Prerequisite: ECON-1200 or equivalent. 4 credit hours |
| ECON-4110 Economic Analysis of Technological Change An examination of the economic considerations that influence the creation and assimilation of new products and processes, and of the impact of technological change on the structures and evolution of the American economy and environment. Topics include productivity growth, the organization and management of industrial research and development, the interaction between technological change and industrial structure, diffusion of innovations, and technological unemployment. Prerequisite: ECON-1200 or permission of instructor. Offered on availability of instructor. 3 credit hours |
| ECON-4120 Quantitative Analysis This course builds a foundation in the mechanics and application of linear programming and introduces simulation, systems modeling, decision analysis, and dynamic programming. Topics will be presented in lecture and then applied by a weekly computer lab, discussion section, or guest lecture. Applied examples are drawn from business management, operations research, and environmental management and policy. Labs, case studies, and a semester-long project will stress the application of various software packages and modeling techniques. Prerequisite: ECON-2010 or ECON-2020, or permission of instructor. Fall term annually. 4 credit hours |
| ECON-4130 Money and Banking Financial institutions, especially commercial banking and the Federal Reserve System, are considered from three perspectives: their monetary roles; trends in the economic, organizational, and technological aspects of their operations; and their other economic roles-a critical view. Also, the role of money in macroeconomic theory is considered along with the role of monetary policies in relation to the problems of inflation and unemployment. Prerequisite: ECON-1200 or permission of instructor. Spring term annually. 4 credit hours |
| ECON-4140 Structure of American Industry Acquaints students with the structural characteristics and philosophical foundations of American enterprise. Several important industries are considered from the viewpoint of market structure, conduct, and performance. Such concepts as the corporation, technological competition, and private property, together with criteria for appropriate public policy toward business are examined to orient the student to contemporary American industrial activity. Prerequisite: ECON-1200 or permission of instructor. Fall term annually. 4 credit hours |
| ECON-4150 Economics of Government Regulation Can government intervention improve the performance of private markets and if so, when and how? How is regulatory policy actually made, and what effects has it had? We apply these questions to the experience in the U.S. and elsewhere with telecommunications, electricity, transportation, financial services, job safety, and environmental regulation. Prerequisite: ECON- 2010 or permission of instructor. Offered on availability of instructor. 3 credit hours |
| ECON-4160 Public Finance Emphasis is placed on the analysis of efficient resource use in the public sector at the federal level. Expenditure theory, tax incidence, and income distribution policies are discussed. The effects of personal income, corporation, sales, payroll, and property taxes on resource allocation, equity, and growth are considered. Prerequisite: ECON-1200 or permission of instructor. Fall term annually. 4 credit hours |
| ECON-4180 Development of Economic Thought A critical examination in which comparisons are made and contrasts emphasized between different schools of economic thinking such as classicism, marginalism, socialism, institutionalism, neoclassicism, and Keynesianism. Special attention is given to historical theories and attitudes of economists toward technological change and its impact on human welfare. Prerequisite: ECON-1200 or permission of instructor. Offered on availability of instructor. 3 credit hours |
| ECON-4190 International Economics Principles of international specialization and exchange. Foreign trade and payment policies, as well as international institutions, are considered in relation to such issues as international investment, technology transfer, economic development, and world economic stability. Prerequisite: ECON-1200 or permission of instructor. Fall and spring term annually. 4 credit hours |
| ECON-4210 Cost-Benefit Analysis Addresses the identification and measurement of the economic gains and losses to different sectors of the economy resulting from public projects and policies. Among the projects studied are those in the area of transportation, energy, environment, and urban development. Also considered is the evaluation of the effects of government on business, as for example, consumer product and workplace safety regulation. Prerequisite: ECON-2010. Spring term annually. 4 credit hours |
| ECON-4230 Environmental Economics Focuses on the relationships among technology, environmental resources, and economic growth. Builds from the neoclassical model of price-driven resource allocation and competitive equilibrium. The implications for resource scarcity, environmental sustainability, and policy are developed and compared to those derived from other schools of thought. Prerequisite: ECON-1200 or permission of instructor. Spring term annually. 4 credit hours |
| ECON-4240 Natural Resource Economics Addresses the allocation of natural resources through applied study of fisheries, forestry, oil, minerals, water, and biodiversity resources. Mathematical analysis will be done using Microsoft Excel with Solver. Social and policy dynamics of allocation decisions will be explored through case studies. Field trips will address ecological and physical aspects of resource management. The intent is to develop a balanced perspective and tools to address resource management decisions across their diverse economic, social, and environmental dimensions. Prerequisite: ECON-1200 or permission of instructor. Spring term annually. 4 credit hours |
| ECON-4250 Ecological Economics Ecological economics is concerned with the relationship between economic systems and the biological and physical world. It recognizes that practical solutions to pressing social and environmental problems require new interdisciplinary approaches that focus on the links between economic, social, and ecological systems. This course draws on contemporary economic thought as well as evolutionary biology, ecology, and nonequilibrium systems theory. Current problems of economic growth and the prospects for continued development in a finite world are examined in the light of new findings in these fields. Prerequisites: ECON-1200, and either ECON-4230 or ECON-4240, or permission of instructor. Spring term annually. 4 credit hours |
| ECON-4570 Econometrics A basic course in the theory and methods of quantitative economics; specification of mathematical models; single and simultaneous equations; least squares and other estimation methods; testing of hypotheses; identification, aggregation, time series analysis, lagged variables, etc. Application to economic problems in such areas as demand, costs, production function, technological change, innovations, etc. Prerequisites: MATH-2010 or equivalent. ECON-2010 or equivalent, or permission of instructor. Spring term annually. 4 credit hours |
| ECON-4900 Seminar in Economics Discussion and analysis of selected topics in economic theory and of current economic issues. Open to seniors with permission of instructor. Spring term annually. 2 to 4 credit hours |
| ECON-4940 Readings in Economics 3 to 4 credit hours |
| ECON-4960 Topics in Economics Selected topics in economic analysis and problems to meet the special needs of upper-division students in various curricula throughout the Institute. This allows students to pursue more in-depth work in their areas of study. Prerequisites: ECON-1200 and permission of instructor. 4 credit hours |
| ECON-6140 Current Problems of American Industry An advanced analysis of current problems confronting major American industries, regulated and unregulated. Recent changes in growth patterns, market structures, and pricing policies are examined. Considerable emphasis is placed on emerging trends in technology and public policy, which are likely to affect significantly the future of these industries. Prerequisites: ECON-2010 and ECON-4140 or permission of instructor. Fall term annually. 3 credit hours |
| ECON-6150 Economics of Regulation and Deregulation Can government intervention improve the performance of private markets and if so, when and how? How is regulatory policy actually made, and what effects has it had? We apply these questions to the experience in the U.S. and elsewhere with telecommunications, electricity, transportation, financial services, job safety, health, and environmental regulation. Prerequisite: ECON-2010 or permission of instructor. Fall term annually. 3 credit hours |
| ECON-6160 Advanced Public Finance Emphasis is placed on the analysis of efficient resource use in the public sector at the federal level. Expenditure theory and tax incidence are discussed. The effects of personal income, corporation, sales, payroll, and property taxes on resource allocation, equity, growth, and technological change are considered. Prerequisite: ECON-1200 or permission of instructor. Fall term annually. 3 credit hours |
| ECON-6210 Advanced Cost-Benefit Analysis The techniques necessary to appraise the economic desirability and private-sector impact of various public projects and policies are studied. Concepts such as discounting, capital rationing, project selection, shadow pricing, risk assessment, unpriced goods, and economic surplus are developed. Among the topics from which illustrative case studies are drawn are urban and transport planning, energy, water resources, government regulation, and the environment. Suitable for graduate students in professional programs. Prerequisite: ECON-6490 or ECON-2010. Spring term. 3 credit hours |
| ECON-6230 Advanced Environmental Economics This course examines fundamentals of neoclassical microeconomics as well as other approaches to environmental economics. The main challenge in this analysis is to sort out when standard theory can be applied to environmental policy and when additional approaches are needed. The course stresses both applied microeconomic concepts of market incentives and negotiated solutions and broader policy notions such as sustainable development. Prerequisite: ECON-2010 or permission of instructor. Spring term annually. 3 credit hours |
| ECON-6240 Advanced Natural Resource Economics Addresses the allocation of natural resources through applied study of fisheries, forestry, oil, minerals, water, and biodiversity resources. Mathematical analysis will be done using Microsoft Excel with Solver. Social and policy dynamics of allocation decisions will be explored through case studies. Field trips will address ecological and physical aspects of resource management. The intent is to develop a balanced perspective and tools to address resource management decisions across their diverse economic, social, and environmental dimensions. Fall term annually. 3 credit hours |
| ECON-6250 Advanced Ecological Economics A multidisciplinary course that explores linkages between economic, social, ecological, biological, and physical systems. Given its multidisciplinary approach to economic analysis, the course seeks to take a fresh look at economic theory and application. Contributing disciplines include psychology, philosophy of science, biology, and ecology. Prerequisite: ECON-6230 or ECON- 6240. Spring term annually. 3 credit hours |
| ECON-6490 Introduction to Economic Theory The course examines the basic concepts and techniques of economic analysis and their applications to economics problems at the level of the firm, industry, and economy as a whole. Topics include theory of product and factor pricing, national income and employment theory, monetary and fiscal theories, economic growth and fluctuations. Offered on availability of instructor. 3 credit hours |
| ECON-6550 Advanced Microeconomic Analysis The central propositions of contemporary economic analysis are set forth. Topics include interaction of firms and households; determination through the market of resource allocation, outputs, prices, and incomes; capital and interest; theories of general equilibrium; static and dynamic models. Prerequisite: ECON-2010 or ECON-6490 or permission of instructor. Fall term annually. 3 credit hours |
| ECON-6570 Econometrics Application of statistical and mathematical techniques to selected economic problems. The formulation and interpretation of mathematical models that involve quantifiable economic relationships. The role of probability theory and statistical inference in the solution of model systems. The methods of multivariate analysis and time series analysis are examined and their use in economic research is evaluated. Prerequisites: ECON-2010, and ECON-2020 or permission of instructor. Spring term annually. 3 credit hours |
| ECON-6580 Topics in Applied Econometrics Applications of advanced econometric techniques such as two- and three-stage least squares, maximum likelihood, seemingly unrelated regression, full information likelihood, distributed lags, and autocorrelation correction to a variety of business and economic problems, including the capital asset pricing model, learning curve, economies of scale, hedonic price indexes, investment, production, and limited dependent variable models. Prerequisite: ECON-6570 or permission of instructor. Spring term alternate years. 3 credit hours |
| ECON-6590 Advanced Macroeconomic Analysis This course examines theory of national income determination, the role of monetary and nonmonetary factors in our economic system as described by various schools of macroeconomics. Alternative perspectives on monetary and fiscal policies are critically examined. Prerequisite: ECON-2020 or ECON-6490 or permission of instructor. Spring term annually. 3 credit hours |
| ECON-6600 Seminar in Ecological Economics, Values, and Policy This seminar in the Ecological Economics, Values, and Policy Professional Masters Program surveys the theories, methods, and world views of the approaches of ecological economics and science and technology studies to social scientific and humanistic environmental inquiry. Topics include: valuation, social construction, market failure, cultural studies, externalities, environmental policy and politics, Pareto optimality, and environmental ethics and philosophy. Fall term annually. 3 credit hours |
| ECON-6650 Ecological Economics Values and Policy Professional Projects This seminar focuses on the development of practical proposals for responding to environmental problems and opportunities. Research projects will include both primary data collection and the formulation of policy recommendations. Course readings will focus on case studies that involve disputes over environmental and economic issues, providing the basis for class discussion about how such disputes can be documented, analyzed, and resolved through various scientific, legal, managerial, and policy initiatives. Prerequisites: EEVP Professional Masters students or permission of instructor. Fall term annually. 3 credit hours |
| ECON-6940 Readings in Economics 3 credit hours |
| ECON-6960 Topics in Economic Theory Selected topics in economic analysis and problems to meet the special needs of graduate students in various curricula throughout the Institute. This allows students to pursue more in-depth work in their areas of study. Prerequisites: ECON-2010 and permission of instructor. 3 credit hours |
| ECON-6990 Master’s Thesis Active participation in research, under the supervision of a faculty adviser, leading to a master’s thesis. Grades of IP are assigned until the thesis has been approved by the faculty adviser and accepted by the Office of Graduate Education to be archived in a standard format in the library. Grades will then be listed as S. 1 to 9 credit hours |
| ECON-9990 Dissertation Active participation in research, under the supervision of a faculty adviser, leading to a doctoral dissertation. Grades of IP are assigned until the dissertation has been publicly defended, approved by the doctoral committee, and accepted by the Office of Graduate Education to be archived in a standard format in the library. Grades will then be listed as S. Up to 30 credit hours |
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