Economics 220 – Course Descriptions
01:220:102 Introduction to Microeconomics (3) The market system and alternative mechanisms for determining prices and allocating resources. Economic analysis of monopoly, cartels, wage and price controls, pollution, and other contemporary problems. The role of government in promoting economic efficiency. Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:121.
01:220:103 Introduction to Macroeconomics (3) Determinants of aggregate employment and national income; evaluation of government policies to alleviate inflation and unemployment. Money, banking, and monetary policy. International trade and finance, and the prospects for world economic development. Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:122.
01:220:200 Economic Principles and Problems (3) Economic principles and their application to current problems. Prerequisite: 01:640:111, or 115, or calculus placement. Open only to engineering students. Credit not given for both this course and 01:220:102 and 103. 01:220:200 may be used in place of 01:220:102 and 103 to satisfy the prerequisite for more advanced courses.
01:220:300 International Economics (3) Pure or "real" aspects of international trade, including the basic comparative advantage model, commercial policy (tariffs, quotas, etc.), economic integration, and the role of international trade in economic development. Monetary aspects of international trade, including international capital movements, foreign exchange market, concept and measurement of balance of payments, alternative means of correcting disequilibrium in the balance of payments, and international monetary arrangements. Prerequisites: 01:220:102, 103. Major credit may be earned for only two of the three courses: 01:220:300, 335, 336.
01:220:301 Money and Banking (3) Economic significance of money; structure, history, and present state of the American monetary system; credit, banking, and Federal Reserve; instruments of credit control; Federal Reserve and treasury policies; monetary reform, monetary theory and policy. Prerequisites: 01:220:102, 103.
01:220:302 Labor Economics (3) The firm's labor demand, the household's labor supply, and wage determination in competitive and noncompetitive markets. Economics of unions. Human capital, occupational choice, wage structure, and unemployment. Prerequisites: 01:220:320 and 322.
01:220:303 Labor Institutions and Markets (3) Private and public employee unions, industrial relations, and collective bargaining. Public regulation of labor markets including industrial safety and wage levels. Prerequisites: 01:220:102, 103.
01:220:304 Special Topics in Labor Markets (3) Analysis of topics such as hours of work, fertility and population, mobility, job search, and unemployment. Investment in human capital, wage and retirement policies, and occupational training. Prerequisites: 01:220:320 and 322.
01:220:305 American Economic History (3) Long-term trends in economic growth and institutions from the colonial period to World War II. Development of transportation and industry. Effects of technological change and immigration. Economics of slavery. Monetary history and government regulation. Prerequisites: 01:220:102, 103.
01:220:307 Economics of Globalization: A Historical Perspective (3) Examination of the evolution of globalization from the 1800s to the present; assessment of the benefits of financial and trade integration relative to the costs associated with integration such as the consequences of financial crises. Prerequisite: 01:220:300 or 335 or 336.
01:220:308 Introduction to Managerial Economics (3) Application of contemporary economic theory to managerial decisions and to public policy affecting business. Prerequisites: 01:220:102, 103. This course may not be used for major credit. Students cannot get minor credit for both 01:220:308 and 14:540:343.
01:220:311 Methods of Cost-Benefit Analysis (3) Introduction to theoretical and applied welfare economics. Theories of social welfare; the normative basis for and practical techniques of cost-benefit analysis. Selected applications. Prerequisites: 01:220:320 and 322.
01:220:316 Health Economics (3) Medical care costs; production of health; demand for health care and insurance; health services personnel; physician and hospital behavior; cost containment; review and evaluation of public programs. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 10:832:332.
01:220:320 Intermediate Microeconomic Analysis (3) Households and firms as maximizing agents; implications for demand and supply of goods and productive services in competitive and monopolistic markets; general equilibrium; welfare economics. Prerequisites: 01:220:102; 01:640:135 or 151. Credit not given for both 01:220:320 and 203.
01:220:321 Intermediate Macroeconomic Analysis (3) Modern and classical theories of income determination, stabilization, and economic growth; emphasis on unemployment and inflation. Prerequisites: 01:220:102, 103; 01:640:135 or 151. Credit not given for both 01:220:321 and 204.
01:220:322 Econometrics (3) Introduction to the application of statistical methods for the estimation, testing, and prediction of economic relationships. Emphasizes ordinary least squares regression and problems in its application. Extensive use of microcomputers. Special topics may include limited dependent variable models, simultaneous equation methods, and time-series methods. Prerequisites: 01:220:102, 103; 01:960:211 or 285 or equivalent; 01:640:135 or 151. Credit not given for both this course and 01:220:326.
01:220:326 Econometric Theory (3) Introduction to econometric theory and applications. Regression-based estimators derived and their statistical properties established. Topics include linear regression model and its extensions in economics, full information maximum likelihood estimators and test procedures, and other nonlinear methods. Computer applications of these methods employed. Prerequisites: 01:220:102, 103; 01:960:211 or 285; 01:640:136 or 152. Credit not given for both this course and 01:220:322.
01:220:327 History of Economic Thought (3) Historical examination of the major concepts of economic theory. Covers all major traditions within economic thought, with special emphasis on the school of classical political economy. Prerequisites: 01:220:102, 103.
01:220:330 Urban and Regional Economics (3) Application of market analysis, location theory, and public choice theory to urban areas. Analysis of urban problems such as housing, transportation, segregation, zoning, and public safety. Prerequisites: 01:220:320 and 322.
01:220:331 Economics of Crime (3) Economic analysis of crime and the criminal justice system, criminal behavior, law enforcement, crime prevention, sentencing, capital punishment, organized crime, and the war on drugs. Prerequisites: 01:220:102, 103.
01:220:332 Environmental Economics (3) Economic basis of problems of air and water pollution and general environmental quality. Issues relating to externalities and public goods. Economic solutions to problems of environmental quality. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 11:373:363.
01:220:334 Energy Economics (3) Economic analysis of energy problems. Critical examination of government energy policies. Prerequisites: 01:220:102, 103.
01:220:335 International Trade (3) Theories analyzing the gains from and causes of the international exchange of goods and services. The impact of commercial policy and other government policies on these gains and resource allocation. Prerequisites: 01:220:320, 322. Major credit may be earned for only two of the three courses: 01:220:300, 335, 336.
01:220:336 International Balance of Payments (3) Theory of the balance of payments and balance-of-payments adjustment. International financial system, foreign exchange market, determinants of the trade balance and capital accounts, and the impact of government financial policies in the open economy. Prerequisites: 01:220:320, 321, and 322. Major credit may be earned for only two of the three courses: 01:220:300, 335, 336.
01:220:337 Economics of the European Union (3) Intraregional macroeconomic analysis of the European Union, elimination of all trade barriers, integration of capital and labor markets, coordination of monetary and fiscal policies, the Euro currency. Prerequisites: 01:220:320, 321, and 322.
01:220:339 Economic Development (3) Theories and experience of qualitative and quantitative changes involved in the process of raising living standards in less-developed countries. Prerequisites: 01:220:320, 321, and 322.
01:220:340 Economics of Income Inequality and Discrimination (3) Income distribution in the United States and elsewhere; the roles of occupation, education, and discrimination. Government policies concerning inequality, discrimination, and poverty. Prerequisites: . 01:220:320 and 322.
01:220:341 Industrial Organization (3) Theories of firm and market behavior. Evidence on relationships between structure, conduct, and performance. Includes pricing, profitability, innovation, and advertising. Prerequisites: 01:220:320 and 322.
01:220:342 Economics of Innovation and Intellectual Property (3) Incentives to innovate, economic models of innovation, intellectual property protection including patents and copyrights, and government programs to stimulate innovation. Prerequisites: 01:220:320 and 322.
01:220:343 European Economic History (3) Emergence of the modern economy in Europe from the 16th to the 20th century. Price revolution and mercantilism. Industrial revolution in England and the continent, and the formation of international markets. The Great Depression and renewed prosperity. Prerequisites: 01:220:320 (or 203) and 321 (or 204) and 322.
01:220:344 Financial and Monetary History of the United States (3) Development of financial institutions and money and capital markets. Central banking and the Federal Reserve system. Gold standard and floating exchange rates. Financial panics and economic crises. Prerequisites: 01:220:320, 321, and 322.
01:220:348 Economics of Social Welfare Programs (3) Analysis of efficiency and equity effects of government welfare programs including cash assistance and Social Security. Evaluation of alternative assistance proposals. Prerequisites: 01:220:102, 103.
01:220:349 Economics of Transition (3) Economic analysis of the policies and performance of the transition economies of the former Soviet Union and Eastern Europe. Prerequisites: 01:220:320, 321, and 322.
01:220:350 Economics of Africa (3) Structure and performance of the economies of Africa with an emphasis on the African Union. Prerequisites: 01:220:102, 103.
01:220:356 Economics of Latin America (3) Survey of Latin American economic patterns and problems; specific studies of selected national economies and their relation to the world economy. Prerequisites: 01:220:320, 321, and 322. Credit not given for both 01:220:346 and 356.
01:220:357 Economics of India (3) Examination of Indian economy from independence until today; tools for analyzing Indian economy and other developing economies. Prerequisites: 01:220:102, 103. Credit not given for both this course and 01:925:357.
01:220:358 Economics of Japan (3) Study of the modernization of the first non-Western industrialized economy. Prerequisites: 01:220:320, 321, and 322.
01:220:359 Economics of Asia (3) Major Asian economies (excluding Japan) in four units: Asia's newly industrializing economies (Korea, Taiwan, and Hong Kong); Southeast Asia; China and Central Asia; and India and South Asia. Focus on Green Revolution in Asia, Asian industrialization and structural change, and the changing pattern of comparative advantage in United States-Asia economic relations. Prerequisites: 01:220:102, 103.
01:220:360 Public Economics (3) Rationale for the public sector; public expenditure theory; economics of political process; expenditure structure and growth; incidence and incentives of specific taxes; fiscal incidence; stabilization. Prerequisites: 01:220:320 and 322.
01:220:362 Comparative Economic Systems (3) Comparative analysis of differing economic systems with emphasis on plan/market comparisons and the nature of transitions in formerly planned economies. Prerequisites: 01:220:102, 103.
01:220:363 Economics of Taxation (3) Structure of U.S. tax system. Effects on the allocation of resources and economic growth; distribution of the burden of taxation across income groups. Prerequisites: 01:220:320 and 322.
01:220:364 Personal Economics and Public Policy (3)
Examination of how public policy affects and is affected by individuals’ economic decisions and actions. Prerequisites: 01:220:320 and 322.
01:220:369 State and Local Public Finance (3) Evolution of federalism; analysis of expenditure and revenue decisions and intergovernmental grants; discussion of stabilizing and distributional aspects of state-local finances; and specific state-local fiscal problems. Prerequisites: 01:220:320 and 322.
01:220:370 Economic Growth (3) Theories, experience, and measurement of quantitative changes in output, employment, price levels, and other economic aggregates in modern developed countries. Prerequisites: 01:220:320, 321, and 322.
01:220:375 Women and the Economy (3) Description and analysis of women's economic status. Theories of discrimination against women in the labor market, including neoclassical, institutional, and Marxian. Women's work in the home analyzed from three perspectives: household utility maximization, patriarchy, and a sex-gender system. Application of theories to case studies. Prerequisites: 01:220:320 and 322.
01:220:377 Economics of Population (3) Theoretical and empirical study of the interrelations between population change and economic change in developed as well as less-developed countries. Prerequisites: 01:220:320, 321, and 322.
01:220:378 Economies of the USSR and Russia (3) Analysis of the former Soviet economic system and attempted reforms through Perestroika: the transition to markets in the post-Soviet era in Russia and the Commonwealth of Independent States. Prerequisites: 01:220:320, 321, and 322.
01:220:379 Marxian Economics (3) The method of dialectical materialism; economic interpretation of history; emphasis on Marx's analysis of the laws of capitalist development (value and price, surplus value, accumulation, crisis, etc.); and the transition from "primitive" to "full" communism. Prerequisites: 01:220:102, 103.
01:220:386 Operations Research I (3) Application of quantitative methods to production management including decision theory, game theory, deterministic inventory theory, queuing, and linear programming. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 33:623:386.
01:220:388 Government Protection of Consumers, Employees, and Investors (3) Market failure; consumer protection from hazardous products, false advertising, and deceptive sales practices; regulation of workplace safety; protection of investor and pension funds. Prerequisites: 01:220:320 and 322.
01:220:389 Public Policies toward Business (3) Analysis of major policies affecting competition. Topics include antitrust, traditional public-utility regulation, and newer regulatory alternatives. Prerequisites: 01:220:102, 103.
01:220:393 Financial Economics (3) Analysis of financial decision making; capital budgeting; capital structure; economic forecasting. Prerequisites: 01:220:320 and 322.
01:220:394 Economics of Capital Markets (3) Capital markets uncertainty; asset valuation; return on assets; determinants of relative yields. Theories of stock and bond market activity. Innovations in financial instruments. Prerequisites: 01:220:321, 322, and 393.
01:220:395 Law and Economics (3) Economic rationale and consequences of legal rules. Contracts, compensation, property rights, liability rules, crime, safety, monopoly, discrimination, health care, pollution, public interest law. Prerequisites: 01:220:102, 103.
01:220:396 Corporations, Bankruptcies, and Takeovers (3) Origin and nature of corporations, corporate bankruptcy including liquidation and reorganization, mergers and acquisitions, takeover disputes. Prerequisites: 01:220:102, 103. Credit not given for both this course and 01:220:309.
01:220:397 Internship in Economics (1) Supervised internship in economics-related position. Approval of the director of undergraduate studies and semester paper required. Prerequisites: 01:220:102, 103. Each student is limited to one internship in economics. Students are responsible for finding internships. Majors only. Graded Pass/No Credit.
01:220:398,399 Independent Study in Economics (3,3) Independent research supervised by a faculty member. Prerequisites: 01:220:102, 103. By permission of instructor and department. Maximum of two independent study courses in economics allowed.
01:220:401 Advanced Econometrics (3) Topics in cross-sectional and time series econometrics. May include fixed effects, panel data, instrumental variables and simultaneous equation methods, limited dependent variable models, duration models, financial models, and macroeconomic models. Emphasis on application of these methods to economic issues with focus on computer exercises. Prerequisites: 01:220:320, 321, and 322 or 326. Open to students doing honors research or by special permission.
01:220:405 Economics of Uncertainty (3) Measurement of risk, attitudes toward risk, decision making under uncertainty, Bayesian decision theory, applications to asset markets. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152.
01:220:406 Game Theory and Economics (3) Expected utility theory, zero and nonzero sum games, cooperative and noncooperative games, bargaining models, supergames, oligopoly, core market games, strategy-proof systems. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152. Credit not given for both this course and 01:220:436 or for both this course and 01:640:355.
01:220:407 Economics of Information (3) Private and asymmetric information, moral hazard with optimal contracts, adverse selection with applications to signaling and screening, and incentive mechanisms such as auctions and tournaments. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152.
01:220:408 Market Discipline (3) Theories and evidence of agency problems and firm performance at for-profit, not-for-profit, and mutual organizations; internal discipline of managerial performance derived from ownership structure, boards of directors, incentive compensation, and debt financing; external discipline derived from regulation and markets for products, capital, labor, and donors. Prerequisites: 01:220:320 and 322.
01:220:409 Mathematical Economics (3) Mathematical approach to topics in theoretical economics: linear models, nonlinear programming, comparative statics, consumer behavior, theory of the firm, market structure, welfare theory. Prerequisites: 01:220:320, 321, and 322.
01:220:410 Operations Research II (3) Development and use of advanced techniques of production management, including advanced topics in linear programming, PERT, nonlinear programming, dynamic programming, stochastic inventory theory, and Markov analysis and simulation. Prerequisites: 01:220:320 and 322; 01:640:136 or 152.
01:220:412 Monetary Theory and Policy (3) Role of money and the monetary system in determining income, employment, and price level; techniques of monetary policy; relation of monetary and fiscal policy; international policies. Prerequisites: 01:220:321 and 322.
01:220:415 Portfolio Theory (3) Selection of a financial portfolio under conditions of uncertainty. Treatment of risk. Case histories of investment fund performance. Prerequisite: 01:220:394.
01:220:416 Government Policies for Full Employment and Growth (3) Alternative government policies to ensure fulfillment of the national goals of full employment, price stability, satisfactory growth, and balanced international payments. Prerequisites: 01:220:321 and 322.
01:220:419 Managerial Economics (3) Application of contemporary economic theory to managerial decisions and public policy affecting business. Incremental analysis; applications of linear programming to cost minimization and product mix; demand forecasting; pricing problems; and issues of public policy. Prerequisites: 01:220:320 and 322.
01:220:421 Economic Forecasting (3) Application of forecasting to private- and public-sector decisions. Emphasis on time-series models with microeconomic and macroeconomic applications and computer exercises. Prerequisites: 01:220:320, 321, and 322.
01:220:430 Topics in Advanced Economic Theory (3) Economic dynamics; variational methods with applications; economics under uncertainty; imperfect information and market structure; social choice, design of incentive-compatible systems; general equilibrium. Prerequisites: 01:220:320, 321, and 322.
01:220:433 Advanced Topics in International Economics (3) Topics may include strategic trade; trade and economic growth; the political economy of trade policy; exchange rate determination; international coordination of macroeconomic policy; empirical issues in international economics; and foreign direct investment. Prerequisites: 01:220:320, 321, and 322.
01:220:471 Economics of Regulation (3) Applied topics in rate-of-return regulation. Emphasis on underlying financial, accounting, and pricing issues in selected utilities industries. Prerequisites: 01:220:320 and 322.
01:220:490,491 Advanced Independent Study and Research (3,3) Specialized research supervised by a faculty member. Prerequisites: 01:220:320, 321, and 322. Open to juniors and seniors by permission of instructor and department. Maximum of two independent study courses in economics allowed.
01:220:493 Honors Research Seminar I (3) Workshop in which students, in conjunction with faculty advisers, formulate and develop individual research projects and present and discuss their research findings. Prerequisites: 01:220:320, 321, and 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.
01:220:494 Honors Research Seminar II (3) Workshop in which students, in conjunction with faculty advisers, complete individual research projects begun in 01:220:493 or in a research-oriented economics elective course and present and discuss their research findings. Prerequisites: 01:220:320, 321, 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.
01:220:495,496 Seminar in Economics (3,3) Readings, analysis, and discussion of topics announced in advance each semester. Open to juniors and seniors by permission of department.