UB Undergraduate Catalog 2006-2007: Economics

Economics

Department of Economics

College of Arts and Sciences
415 Fronczak Hall
North Campus
Buffalo, NY 14260-1520

Phone: 716.645.2121, ext. 419
Fax: 716.645.2127
Web: www.economics.buffalo.edu

Isaac Ehrlich
Chair

Jose Plehn-Dujowich
Director of Undergraduate Studies

About the Program

Economics is the study of scarcity. At the core of this study is a set of principles that determine the most effective use of resources for promoting the welfare of the community. Matters discussed include production and employment, the money and banking system, government taxation and spending, international trade, and industrial organization and regulation, as well as their applications to urban issues, environmental problems, and the structure of the rules that define an economic society.

The department�s faculty is distinguished for its research and teaching accomplishments. All members of the faculty are active and accomplished researchers.

Degree Options

The economics major leads to the bachelor of arts degree. In addition to the standard major, there is a more mathematical major program for students who are considering graduate work in economics. Two joint majors, recommended for students considering graduate work in economics, are also available: economics-geography, and economics-mathematics. These joint majors are also useful for students who find it in their interest to broaden the scope of their undergraduate education. Other joint majors toward the B.A. are possible upon special application by the student. Details of the requirements for joint majors are available in the undergraduate brochure in the rack outside the department office, 415 Fronczak Hall.

A minor in economics is available as an alternative to a joint major for students receiving a B.A. in other disciplines. It is also appropriate for students in B.S. degree programs, such as engineering or management, who want formal recognition of preparation in economics.

Time-Shortened Combined Degree Programs. The department offers a four-and-one-half to five-year program leading to a combined BA/MA degree in economics and, at the student�s option, an advanced certificate in an applied specialty (international economics, financial economics, urban and regional economics, economics of health services, economics of law and regulation, information and internet economics). The combined degree program trains students to apply economic tools in solving a wide variety of practical problems, and thus to be prepared to work in such settings as business/industry, banking, health care, and government. The program is conducted in cooperation with the School of Law, the School of Medicine and Biomedical Sciences, the School of Management, and the Departments of Geography, Mathematics, Computer Science and Engineering, and Communication. Students interested in this program should consult the directors of the undergraduate program, and of the M.A. program, as early as possible in their college career.


The Department of Economics also offers a five-year program, in conjunction with the School of Management, leading to a combined B.A. (economics)/M.B.A. Students should consult the director of undergraduate studies and apply to the Department of Economics by the beginning of their sophomore year, and apply to the School of Management during their junior year. Students interested in this program should take ECO 181 and ECO 182, as well as a one-year Calculus sequence (MTH 121-MTH 122 or MTH 141-MTH 142) during the freshman year. MTH 131 may be substituted for MTH 121.

Joint Majors. As noted previously, the department offers formal joint majors with mathematics and geography, and also welcomes students who would like to construct personal joint programs, especially with other social sciences, such as philosophy, political science, or history. Students are advised to consult the economics undergraduate brochure outside the departmental office, 415 Fronczak Hall, and to consult both major departments as early as possible for details of their joint major requirements. The acceptance criteria for a joint major are the same as for a major.

Advisement

Students considering a major in economics should consult, at their earliest convenience, the undergraduate advisor in 411 Fronczak Hall. For more details about the economics program, students should also help themselves to the undergraduate brochure and to the undergraduate course descriptions from the rack outside the department office, 415 Fronczak Hall.

Transfer Policy

Every economics major must take at least four upper level (300-level or higher) economics electives at the University at Buffalo. These cannot include ECO 495 Undergraduate Supervised Teaching or ECO 496 Internship in Economics. Transfer credit may be given towards the required courses (ECO 405 Microeconomic Theory, ECO 407 Macroeconomic Theory, and ECO 480 Econometrics 1) or for ECO 181 Introduction to Macroeconomics or ECO 182 Introduction to Microeconomics, or for other economics electives. Students who seek transfer credit should consult the director of undergraduate studies in economics and provide documentation, such as course descriptions, syllabi, and exams, for each course for which credit is sought. A form for this purpose is in the rack outside the department office, 415 Fronczak Hall.

Honors, Awards and Scholarships

The economics department nominates majors for honors in economics who have taken ECO 406 Topics in Microeconomics, and whose GPA in economics is a minimum 3.25 (honors), 3.5 (high honors), or 3.75 (highest honors). Students in joint programs are eligible for honors nominations on the same terms as are non-joint majors in economics.

Each year, students in economics with minimum GPAs of 3.0 in economics and overall can be certified for membership in Omicron Delta Epsilon International Honor Society in economics.

Opportunities for Undergraduate Research and Practical Experience

Apprenticeship in Economic Research. Students with outstanding records in economics have the opportunity to participate in faculty research projects with academic credit awarded for ECO 498 Undergraduate Research. Interested students should consult the director of undergraduate studies for further information. In ECO 499 Independent Study, students can conduct research, under a faculty member�s supervision, in a topic of particular relevance to the student�s interest. A minimum GPA of 3.0 in economics is required for ECO 498 and ECO 499.

Teaching Assistants. Students with outstanding records also have the opportunity to serve as undergraduate teaching assistants for the introductory microeconomics and macroeconomics courses. Undergraduate teaching assistants earn academic credit under ECO 495. Specific prerequisites are listed on the undergraduate teaching assistant application available outside the department office, 415 Fronczak Hall.

Undergraduate Economics Club. Undergraduate students engage in a variety of social and academic activities through the Undergraduate Economics Club. Events have included panel discussions of major current events, speakers on career opportunities, and faculty-student coffee hours. The club also serves as a liaison between students and the director of undergraduate studies and is a valuable source of information about department events and programs.

Career Opportunities/Further Study

Economics majors are prepared for a number of career options. Because economics is a social science, its theories can be applied to the efficient use of all kinds of resources. It is, therefore, useful for careers in such professions as law, business administration, finance, health and engineering. Economics majors also hold government jobs in statistical, policy-making, and regulatory agencies; some pursue graduate work in economics and become practicing economists in academic and nonacademic settings.

Economics - B.A.

Acceptance Criteria

Minimum GPA of 2.0 overall.
Minimum GPA of 2.0 in two or more economics courses.
Completion of the prerequisite courses.
Completion of a minimum of 30 credit hours.

Advising Notes

10 credit hours of required courses and 23 credit hours of electives are required. Electives are selected from other economics courses and must include twelve upper-level (300/400-level) credit hours. A maximum of 3 credit hours may be from ECO 498 Undergraduate Research or from ECO 499 Independent Study. ECO 495 Undergraduate Supervised Teaching and ECO 496 Internship in Economics cannot be used to satisfy the upper-level economics course requirement, but a maximum of 3 credits from either ECO 495 or ECO 496 can be used toward the remaining 11 elective credits.

MTH 121-MTH 122 or MTH 141-MTH 142 or MTH 241 and MTH 306 are prerequisites for 300/400-level economics courses. MTH 131 can be substituted for MTH 121.

Students interested in a joint major program or combined degree program should consult the director of undergraduate studies in economics as early as possible in their academic career.

Prerequisite Courses

MTH 121 Survey of Calculus and Its Applications I or MTH 131 Math Analysis for Management or MTH 141 College Calculus I or MTH 241 College Calculus III.
Any two economics courses (ECO 181 and ECO 182 are highly recommended)

Required Courses

ECO 405 Microeconomic Theory
ECO 407 Macroeconomic Theory
ECO 480 Econometrics I (may substitute MTH 411-MTH 412 or GEO 410-GEO 411 or EAS 305)
11 credits of economics electives at any level
Four 300/400-level economics electives, excluding ECO 495 and ECO 496
One of the following: MTH 122 Survey of Calculus and Its Applications II, MTH 142 College Calculus II, MTH 306 Introduction to Differential Equations

Summary
Total required credit hours for the major: 41

See Baccalaureate Degree Requirements for general education and remaining university requirements.

Recommended Sequence of Program Requirements

FIRST YEAR
Fall�ECO 181 or ECO 182*; one of the following: MTH 121, MTH 131, MTH 141, MTH 241
Spring�ECO 181 or ECO 182*; one of the following: MTH 122, MTH 142, MTH 306

SECOND YEAR
Fall� ECO 405 or ECO 407; one economics elective at any level
Spring�ECO 405 or ECO 407; ECO 480 (may substitute MTH 411-MTH 412 or GEO 410-GEO 411 or EAS 305)

THIRD YEAR
Fall�One 300/400-level economics elective
Spring�One 300/400-level economics elective

FOURTH YEAR
Fall�One 300/400-level economics elective
Spring�One 300/400-level economics elective

*ECO 181 Introduction to Macroeconomics and ECO 182 Introduction to Microeconomics are strongly recommended as economics electives. They are independent of each other and can be taken in either order.

Economics - B.A./M.A.

Acceptance Criteria

Students must apply for and be accepted into both the undergraduate economics major and the M.A. in economics program.

Advising Notes

135 credit hours are required for the combined BA/MA degree: 105 credits at the undergraduate level, including 18 credits in economics and all university requirements, and 30 credits in economics at the graduate level. An additional 15 graduate credit hours are required to also obtain an Advanced Certificate in a specialization within economics.

Students should consult the directors of the undergraduate and M.A. programs as early as possible in their decision-making process, in order to develop a sequence of coursework that is appropriate to their interests and objectives.

Prerequisite Courses

One of the following: MTH 121, MTH 131, MTH 141, MTH 241
Any two economics courses (ECO 181 and EC0 182 are highly recommended)

Required Courses

ECO 405 Microeconomic Theory*
ECO 407 Macroeconomic Theory*
ECO 480 Econometrics I* (may substitute MTH 411-MTH 412 or GEO 410-GEO 411 or EAS 305)
ECO 505 Microeconomic Theory
ECO 507 Macroeconomic Theory
ECO 576 Topics in Microeconomics
ECO 580 Econometrics I
ECO 581 Econometrics II
Minimum of 8 undergraduate credits of economics electives at any level, excluding ECO 495 and ECO 496
One of the following: MTH 122, MTH 142, MTH 306
Five M.A. electives

*ECO 505, ECO 507, ECO 580 can be substituted for ECO 405, ECO 407, ECO 480 respectively with permission of Assistant Director of M.A. program. However, a total of 18 undergraduate Economics credits are still required.

Summary
Total required credit hours for the undergraduate portion: 26

See Baccalaureate Degree Requirements for general education and remaining university requirements.

Recommended Sequence of Program Requirements

FIRST YEAR
Fall�ECO 181 or ECO 182*; one of the following: MTH 121, MTH 131, MTH 141, MTH 241
Spring�ECO 181 or ECO 182*; one of the following: MTH 122, MTH 142, MTH 306

SECOND YEAR
Fall�One lower-level economics elective course
Spring�ECO 405, ECO 407

THIRD YEAR
Fall�ECO 480
Spring�ECO 507

FOURTH YEAR
Fall�ECO 505, ECO 580
Spring�ECO 576, ECO 581, one M.A. elective course

FIFTH YEAR
Fall�Four M.A. elective courses
Spring�Applied certificate courses

*ECO 181 and ECO 182 are recommended as economics electives. They are independent of each other and can be taken in either order.

Refer to the Graduate School's policies and procedures manual for requirements for master�s candidates .

Economics - B.A./M.B.A

Acceptance Criteria

Students must apply for and be accepted into the undergraduate economics major by the beginning of their second year of study, and should apply to the School of Management during their third year of study. The School of Management requires the GMAT as part of the application.

Advising Notes

Requires 150 credit hours for a BA/MBA degree: 90 credits at the undergraduate level, including the 41 credits required for an economics major and all university requirements, and 60 credits in the School of Management at the graduate level. Students must meet all of the requirements of each faculty, except for the reduction in total credit hours.

Students should consult the director of undergraduate studies in economics as early as possible in their decision-making process, in order to develop a sequence of coursework that is appropriate to their interests and objectives.

Prerequisite Courses

One of the following: MTH 121, MTH 131, MTH 141, MTH 241
Any two economics courses (ECO 181 and ECO 182 are highly recommended)

Required Courses

ECO 405 Microeconomic Theory
ECO 406 Topics in Microeconomics
ECO 407 Macroeconomic Theory
ECO 480 Econometrics I (may substitute MTH 411-MTH 412 or GEO 410-GEO 411 or EAS 305)
MGA 604 Financial Analysis and Reporting
MGB 601 Behavioral and Organizational Concepts for Management
MGE 601 Economics for Managers
MGF 631 Financial Management
MGT 601 (1/2 semester)
MGG 635 (1/2 semester)
MGQ 606 Probability and Statistics for Management
MGM 625 Marketing Management
MGO 630 Operations and Service Management
MGA 609
MGF 641 Strategic Management

Nine MBA electives**
Internship
11 undergraduate credits of economics electives at any level
Four additional 300/400-level economics electives, excluding ECO 495 and ECO 496
One of the following: MTH 122, MTH 142, MTH 306

Summary
Total required credit hours for the undergraduate portion: 41

See Baccalaureate Degree Requirements for general education and remaining university requirements.

Recommended Sequence of Program Requirements

FIRST YEAR
Fall�ECO 181 or ECO 182*; one of the following: MTH 121, MTH 131, MTH 141, MTH 241
Spring�ECO 181 or ECO 182*; one of the following: MTH 122, MTH 142, MTH 306

SECOND YEAR
Fall� ECO 405, ECO 407, one lower-level economics elective course
Spring�ECO 406, ECO 480

THIRD YEAR
Fall�Two upper-level economics elective courses
Spring�Two upper-level economics elective courses

FOURTH YEAR
Fall�MGA 604, MGB 601, MGE 601, MGQ 606, MGF 631 (1/2 semester), MGT 601 (1/2 semester)
Spring�MGM 625, MGS 630, MGA 609, MGO 641, MGF 631 (1/2 semester), MGG 635 (1/2 semester)

FIFTH YEAR
Fall�Four M.B.A electives**, internship
Spring� Five M.B.A electives**

*ECO 181 and ECO 182 are recommended as economics electives. They are independent of each other and can be taken in either order.

**A maximum of two of these electives may be taken from graduate courses offered by another department, such as the Economics department.

Contact the School of Management for elective options.

Refer to the School of Management's MBA handbook for requirements for MBA candidates.

Economics - Minor

Acceptance Criteria

Same as for major.

Prerequisite Courses

MTH 121 Survey of Calculus and its Applications I or MTH 131 Math Analysis for Management or MTH 141 College Calculus I or MTH 241 College Calculus III
Any two economics courses (ECO 181 and ECO 182 are highly recommended)

Required Courses

ECO 405 Microeconomic Theory
ECO 407 Macroeconomic Theory
ECO 480 Econometrics I (may substitute MTH 411-MTH 412 or GEO 410-GEO 411 or EAS 305)
A minimum of 6 additional credit hours of 300/400-level economics courses, excluding ECO 495, ECO 496, and ECO 498, and ECO 499.
One of the following: MTH 122, MTH 142, MTH 306.

Note: The calculus sequence is a prerequisite for 300/400-level economics courses. It is recommended that students also take ECO 181 and ECO 182 before taking the 400-level economics courses.

Summary
Total required credit hours for the minor: 24

Course Descriptions

ECO 181 Introduction to Macroeconomics

Credits:  4
Semester: F Sp Su
Prerequisites:  None
Corequisites:  None
Type:  LEC/DIS

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Covers principles of employment, inflation, business cycles, and growth; also considers policies for economic stabilization and full employment. May be taken independently of ECO 182.

ECO 182 Introduction to Microeconomics

Credits:  4
Semester: F Sp Su
Prerequisites:  None
Corequisites:  None
Type:  LEC/DIS

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Covers principles of price determination, creation of value, distribution of income, competition, and principles of international trade. May be taken independently of ECO 181.

ECO 205 Money and Banking

Credits:  3
Semester: F Sp Su
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Studies the U.S. monetary system; including roles of financial institutions; commercial banking; creation of money; the Federal Reserve and monetary policy; and the macroeconomic relationships among money, interest rates, inflation, and gross domestic product.

ECO 206 History of the American Labor Movement

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Examines the American labor movement from its beginnings in the early nineteenth century through the present day, and studies economic and social determinants of its development. LEC

ECO 207 Economic Classics

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Introduces the history of economic thought. Uses the original writings of prominent historical figures, such as Aristotle, Adam Smith, Karl Marx, Thorstein Veblen, and John M. Keynes.

ECO 208 Introduction to Environmental Economics

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Involves economic analysis of environmental problems. The course is issue-oriented; and considers such problems as air, water, and noise pollution; population growth; and environmental capacities.

ECO 209 Introduction to Urban Economics

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Explores how cities and a system of cities contribute to economic growth; the role of cities in developed and developing countries; how economic activity is allocated within cities; the economics of housing, transportation, pollution, property taxes, and zoning; racial and income segregation and discrimination in cities; and urban poverty. ECO 209 and ECO 421 cannot both be taken for credit.

ECO 210 Comparative Economic Systems

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Comparative analysis of economic and political systems of capitalism, socialism, and mixed economies. Topics covered include market efficiency, rent-seeking, and regulation, and discussion of economic consequences of anarchy, democracy, and dictatorship.

ECO 211 Introduction to the Economics of Health

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Conducts an economic analysis of the U.S. health-care delivery system; also considers the question of shortages or misdistribution of medical services, efficient production, medical care cost inflation, and alternative financing methods.

ECO 212 Current Economic Problems

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Uses elementary techniques of economic analysis to examine significant economic issues in order to provide insight into the issues and the consequences of policies advocated to address them. The issues examined are some of those current at the time the course is offered.

ECO 251 Government in the U.S. Economy

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Involves an empirical assessment of the size and scope of government activity in the United States; attempts a comprehensive and empirical understanding of the economic activities and influence of government in the United States.

ECO 263 Elements of Benefit-Cost Analysis

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Incorporates a benefit-cost criterion for comparing the relative economic merits of alternative public expenditure choices; also explores net present value, and the internal rate of return.

ECO 270 Regulation in the U.S. Economy

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Examines regulatory controls in the U.S. economy and their effects on entry by firms into an industry. Considers prices, profits, and quantity produced; product quality; and competitive structure of an industry.

ECO 276 Law and Economics: Equity and Efficiency

Credits:  3
Semester:
Prerequisites:  None
Corequisites:  None
Type:  LEC

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Explores the relationship between the legal concept of equity and the economic concept of efficiency. Discusses efficiency with some reference to optimality and contrasts it with the goal of equity. Draws applications from criminal and accident law.

ECO 303 The Economics of Poverty

Credits:  3
Semester:
Prerequisites:  ECO 181, ECO 182 and MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  LEC

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Studies classes and groups that, in the economy, are characterized as �impoverished�. Also studies causes of poverty and discrimination, and antipoverty and antidiscrimination socioeconomic policies.

ECO 304 Socialist Economies

Credits:  3
Semester:
Prerequisites:  ECO 181 and MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  LEC

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Examines the theory of socialism, and history and economic structures of socialist economies within the context of social relations, including social conflict, state planning, workers� control, and economic development.

ECO 405 Microeconomic Theory

Credits:  3
Semester: F Sp
Prerequisites:  MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  LEC

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Intermediate level. Examines economic theory dealing with the economics of price determination, value, distribution, and competition.

ECO 406 Topics in Microeconomics

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Introduces new theories and applied topics in microeconomics beyond the basic subjects studied in ECO 405. Covers a broad range of imperfect markets, including monopoly, oligopoly, and monopolistic competition. Also covers topics in game theory, uncertainty, investment and capital markets, general equilibrium analysis, externalities and public goods, and markets with asymmetric information.

ECO 407 Macroeconomic Theory

Credits:  3
Semester: F Sp
Prerequisites:  MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  SEM

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Intermediate level. Uses economic theory to explain the causes of inflation, business fluctuations, unemployment, and economic growth.

ECO 408 Special Topics

Credits:  3
Semester:
Prerequisites:  MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  SEM

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Topics vary according to instructor. Requires individual research.

ECO 411 Health Economics

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Investigates economic behavior of the health-care industry, including hospital services, physicians, and health insurance; and considers rationales for government intervention in planning and insuring.

ECO 412 Environmental Economics

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  LEC

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Examines uses of the natural environment; their respective costs and benefits (and distributions thereof), and the problem of policy design to optimize environmental use and quality.

ECO 416 Economic Development

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  LEC

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Studies the issues of poverty, economic development, and economic growth in low-income countries. Introduces diverse aspects of empirical findings in development and offers theories of development and policy implications.

ECO 418 Economics of East Asia

Credits:  3
Semester:
Prerequisites:  ECO 181, ECO 182 and MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  SEM

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The world�s fastest-growing economies in the postwar period are clustered in East Asia. Provides, through economic analysis, a deeper knowledge of East Asian economic growth and an understanding of the growth and development process through real-world applications. With the focus on East Asian economies, covers major issues in economic development, theories of growth and convergence, and some current macroeconomic issues of East Asian countries.

ECO 421 Urban Economics

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Explores theories of the existence and growth of urban economies, location and its relationship to industrial organization and trade, and the internal organization of cities. Further covers land and housing markets; pricing and resource allocation in urban transportation; the economics of local government, local public goods, property taxes, and zoning; and the economics of income and race segregation in urban areas. ECO 421 and ECO 209 cannot both be taken for credit.

ECO 426 Capital Markets and Financial Institutions

Credits:  3
Semester:
Prerequisites:  ECO 407
Corequisites:  None
Type:  LEC

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Involves an overview of financial decision making and the functions of financial markets. The course first focuses on financial decisions made by individuals and firms and then investigates the way these decisions are implemented through financial systems. The key concepts are resource allocation over time, evaluation of cash flow, risk management, project evaluation, and asset pricing models.

ECO 434 International Finance

Credits:  3
Semester:
Prerequisites:  ECO 407
Corequisites:  None
Type:  LEC

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Introduces the international financial system; including the spot and forward foreign exchange markets; triangular arbitrage, currency futures, interest arbitrage, the balance of payments, fixed vs. flexible exchange rates, devaluation and the balance of trade, measuring and managing foreign exchange exposure, and import and export financing.

ECO 435 International Economics

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Covers the classical law of comparative advantage; modern theories of trade (including the Heckscher-Ohlin and specific-factor models of trade); growth and trade; international factor movements; multinational corporations; trade-related international organizations; the effects of trade policies with tariffs, quotas, and other instruments; preferential trading arrangements; and topics in economic integration. Also covers briefly the balance of payments, foreign exchange markets, and the international monetary system.

ECO 436 Marxian Economic Theory

Credits:  3
Semester:
Prerequisites:  ECO 181 and MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  LEC

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In-depth investigation of the Marxist theory of capitalism, centering on value and surplus value, accumulation of capital, and class struggle; also, this course considers the theory of pre-capitalist societies.

ECO 440 Economics of Education

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Analyzes various educational policies. Topics include returns to education, economics of class size, school quality effects, cognitive test achievements, school performance assessment, student dropout behavior and post-schooling labor market experience. This course is not aimed at addressing all questions in the economics of education. Instead, it provides basic concepts, tools, and economic intuition in addressing various educational issues from an economic point of view. Students should be able to apply these concepts and tools to other educational policy issues after completing this course.

ECO 443 Labor Economics

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  SEM

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Studies wage theory and the institutions that affect the supply of and demand for labor. Also examines wage differentials and such policy problems as unemployment, discrimination, and government regulation of wage-setting institutions.

ECO 445 Human Resource Economics

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  LEC

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Explores relationships among the techniques of human-capital formation (education, on-the-job training, financing, human-capital maintenance, health care, and job safety), human-capital mobility (occupational information, relocation), and economic performance.

ECO 451 Math for Economists

Credits:  3
Semester:
Prerequisites:  MTH 121-MTH 122 or MTH 141-MTH 142
Corequisites:  None
Type:  SEM

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Discusses mathematical techniques used in economic analysis, including optimization theory, consumer and producer optimization problems, and general equilibrium models.

ECO 455 Information and Internet Economics

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  SEM

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Focuses on economic issues involving both information and Internet technology. On the information side, the course covers the value of information, issues that arise from information asymmetry, and costs of producing and distributing information. On the technology side, it discusses business implications of the Internet by introducing topics concerning market structure, entry barriers, and conduct and performance of firms. Also addresses issues concerning patents and copyrights in the context of electronic commerce. In addition to discussions and lectures, the course relies on cases, guest speakers, and student projects.

ECO 461 Economic Fluctuation and Forecasting

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  SEM

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Considers alternative stochastic specifications of linear dynamic econometric models. Studies, among other topics, appropriate estimation techniques, the nature of the fluctuations (business cycles) of major economic variables (GNP, private investment, and so forth) implied by the models, and the problem of forecasting. Emphasizes time-series models.

ECO 464 Economics of the Public Sector

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  SEM

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Analyzes costs and benefits of government sector and taxation. Expenditure topics include public goods, public production of private goods, externalities, Coase theorem, and benefit-cost analysis. Revenue topics include tax incidence, neutrality, revenue productivity, and equity of alternative taxes.

ECO 467 Economics and Game Theory

Credits:  3
Semester:
Prerequisites:  ECO 405, MTH 141-MTH 142
Corequisites:  None
Type:  LEC

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Examines two- and N-person game theory, cooperative and noncooperative games, normal and extensive-form games, and complete and incomplete information games.

ECO 468 Economics of Sports

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  LEC

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Investigates economics of the sports industry; including league rules and formation, salaries of players, and TV and gate receipts as a general equilibrium model.

ECO 469 Industrial Organization

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  SEM

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Studies structure of industries and firms in American and other advanced economies; price and production policies; relationships among structure, competition, efficiency.

ECO 470 Economics of Regulation

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  LEC

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Analyzes the economic criteria for regulatory policies and the effects of regulation in various sectors of the economy.

ECO 476 Economics of Legal Relationships: Property Rights

Credits:  3
Semester:
Prerequisites:  ECO 405
Corequisites:  None
Type:  SEM

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Analyzes the emergence of ownership and property relationships and the effects of these on the production and distribution of products; also compares different property rights systems.

ECO 480 Econometrics I

Credits:  4
Semester: F Sp
Prerequisites:  MTH 121-MTH 122 or MTH 141- MTH 142
Corequisites:  None
Type:  SEM/DIS

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Covers measures of central tendency and spread in economic data, probability, binomial and normal distributions, estimation, confidence intervals, testing of hypotheses, and analysis of variance. Also introduces and applies simple two-variable regression to real-world data using computer software.

ECO 481 Econometrics II

Credits:  3
Semester:
Prerequisites:  ECO 480 or permission of instructor
Corequisites:  None
Type:  LEC

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Involves an in-depth analysis of basic general linear regression and several of its commonly used variants which allow for dummy variables, interaction terms, serial correlation, and heteroscedasticity, among other things. Additional topics include estimation and forecasting in the context of econometric time-series models,as well as simultaneous equation models. The course also covers index numbers and Chi-Square tests of independence in contingency models. Emphasizes empirically implementing most of the models on real-world data using standard computer software.

ECO 482 Computational Econometrics

Credits:  3
Semester:
Prerequisites:  ECO 480; ECO 481 recommended
Corequisites:  None
Type:  LEC

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Uses SAS to demonstrate ways to analyze economic data utilizing various econometric techniques. Topics covered include basic linear regression models, binary choice models, and time series and simultaneous equation models. SAS programs are run, using real data. No prior knowledge of SAS is necessary.

ECO 490 Monetary Theory

Credits:  3
Semester:
Prerequisites:  ECO 407
Corequisites:  None
Type:  LEC

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Presents an advanced theory of money and its effect upon interest rates, prices, employment, and output.

ECO 493 Topics in International Economics

Credits:  3
Semester:
Prerequisites:  ECO 405, ECO 407
Corequisites:  None
Type:  LEC

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Presents special topics of current interest, such as an overview of recent developments in trade theory, optimal trade and industrial policies in models with imperfect competition, issues in current trade negotiations, issues in services trade, global e-commerce, economic globalization, GATT and the WTO, free trade areas, customs unions, regionalism vs. multilateralism, the European Union (EU), and the future world monetary system.

ECO 495 Undergraduate Supervised Teaching

Credits:  3
Semester:
Prerequisites:  Details available at the department office
Corequisites:  None
Type:  DIS

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Students who have at least junior status and satisfy the department's prerequisites may apply to serve as undergraduate teaching assistants for ECO 181 and ECO 182. Under the supervision of the professor, undergraduate teaching assistants lead discussion sections for the courses and receive 3 credit hours. TUT

ECO 496 Internship in Economics

Credits:  3
Semester: F Sp
Prerequisites:  ECO 405, ECO 407, and a minimum B average in economics
Corequisites:  None
Type:  TUT

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Students arrange an internship in the private or public sector. As long as this position has a strong economics content, the student can apply to the director of undergraduate studies in economics for internship credit. Application must be made in advance and must be approved by the director of undergraduate studies.

ECO 499 Independent Study

Credits:  1
Semester: F Sp
Prerequisites:  B average in all economics courses taken, a written project proposal, and a faculty member's prior approval and sponsorship of the project; higher standard of eligibility applies to the research apprenticeship option, and requires prior approval from the supervising faculty in economics
Corequisites:  None
Type:  TUT

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The content of this course is variable and therefore it is repeatable for credit. The University Grade Repeat Policy does not apply.

Involves development of an individual project of inquiry into an economics area of particular relevance to the student�s interest, and in a topic not currently offered through regular coursework.

 

Updated: Apr 12, 2006 11:04:06 AM