» Please see the Schedule of Classes for the current semester’s offerings.
ECO 1010 (new course) Principles of Economics
Introduction to the principles of micro- and macroeconomics: supply and demand, the behavior of firms and consumers; theory of comparative advantage; how markets work; market failures; policy issues such as taxation regulation, and redistribution of income, general equilibrium, business cycles, inflation, unemployment; national income accounting; monetary and fiscal policy; public debt and social insurance international trade and exchange rates; long-term growth. (This is a combined course which will replace ECO 1031 and ECO 1041 beginning in the Fall, 2015 semester.)
ECO 1031 Introductory Economics I (Micro)
Introduction to economic analysis: supply and demand, the behavior of firms and consumers; theory of comparative advantage; how markets work; market failures; policy issues such as taxation regulation, and redistribution of income. (Note: ECO 1031 and 1041 are being replaced by combined course ECO 1010.)
ECO 1041 Introductory Economics II (Macro)
The second semester of an introduction to economic analysis: General equilibrium, business cycles, inflation, unemployment; national income accounting; monetary and fiscal policy; public debt and social insurance international trade and exchange rates; long-term growth. (Note: ECO 1031 and 1041 are being replaced by combined course ECO 1010.)
Prerequisite: ECO 1031 or 1031H.
ECO 1101 Intermediate Microeconomics
Theory of elasticity; indifference curves and applications; cost of production; output markets; externalities; input markets; linear programming; optimization theory with use of calculus.
Prerequisite: ECO 1021/1031.
ECO 1170 Contemporary Microeconomic Issues
Use of economic tools to explore issues of public policy and private decision making. Topics vary by term but may include uncertainty and information in economics, crime, government regulation of business, education, charity, immigration, contracts, discrimination, medical care, transportation, congestion, geographic location, income distribution.
Prerequisite: ECO 1010/1031, MAT 1412, or Instructor's permission.
ECO 1177 Game Theory
Development of models of rational behavior in interactive situations through the theory of non-cooperative, cooperative, and evolutionary games. Game theory is used for decisions and strategy whenever people interact to strike mutually agreeable deals or to resolve conflicts in such diverse fields as international relations, economics, business, politics, psychology, philosophy, or even evolutionary biology.
Prerequisite: ECO 1101, MAT 1412 or Instructor's permission.
ECO 1201 Intermediate Macroeconomics
National income accounting; national income determination models; consumption functions; investment theory; business cycle theory; stabilization policy; LM-IS-BP analysis; aggregate demand and aggregate supply analysis; economic growth and development theories.
Prerequisite: ECO 1010 or 1041.
ECO 1221 Money and Banking
Nature of money; organization and functioning of the commercial banking system; description of financial markets and financial institutions; hedging mechanisms, yield curves, Federal Reserve System and financial intermediaries; national income determination models; monetarist-fiscalist debate; LM-IS-BP analysis; role of money in international finance. Prerequisite: ECO 1010 or 1041.
ECO 1421 Econometrics
Application of regression techniques to the problem of testing and forecasting in economics. The two variable regression model is fully developed; analysis is extended to consider the multivariate model, functional form issues, dummy variables, and distribution lag models. Covers problems associated with autocorrelation, multicollinearity, heteroskedasticity, and system models.
Prerequisites: ECO 1010 or 1041, STA 1021.
ECO 1501 Public Finance
Social balance, personal, and corporate income taxes; sales and property taxes; current economic thought on taxation and public debt, expenditure analysis, energy, transportation, housing, education, pollution control, poverty, and quotas; externalities, public goods, public choice.
Prerequisites: ECO 1010 or 1041,
ECO 1701 International Economics
The theory of international trade, international finance, commercial policy, balance of payments, the foreign exchange market, competitiveness in the global economy, international macroeconomics, and foreign direct investment. Emphasis on the determinants and effects of international linkages, including the roles of consumers, firms, and government policies, in the context of the international economic environment.
Prerequisites: ECO 1010 or 1041
ECO 2005 Economics of the Law
The relationship of legal institutions and laws to economic efficiency and social goals, such as justice. Economics of property rights, environmental control, administrative processes, contracts, and liability; public utility and antitrust regulation; individual rights and discrimination.
Prerequisite: ECO 1010 or 1041.
ECO 2201 Labor Economics
Labor's place in the American economy; factors affecting supply and demand for labor; wage determination; unionism as a response to labor problems; industrial relations; public policy toward labor.
Prerequisite: ECO 1010 or 1031.
ECO 2531 Health Economics
Application of economic tools and concepts to the analysis of the health care field. Effects of health care on health, hospital behavior, health workforce supply, demand for health care. Role of demographic changes in health care systems. Methodology employed by economists to determine the economic losses suffered in cases involving death and disability. Emphasis on the United States and its current situation. Comparison with other countries.
Prerequisites: ECO 1010 or 1041
ECO 2601: Financial Economics
This course is an overview of the theory of financial markets from an economic perspective. The objective is to understand how social interaction in financial markets brings about opportunities for individuals but also risks which go beyond physical or technological uncertainty and create systemic effects on economic and financial variables. The major conceptual tool that we will use to study these phenomena is the notion of economic equilibrium. Our analysis of finance uses the modern theory of microeconomics. It aims at constructing (relatively simple) mathematical models to study the welfare properties of financial markets, and the implications for asset prices.
Prerequisites: ECO 1101, ECO 1201, MAT 1412, or permission of instructor.
ECO 2801 Auctions and Market
This course aims to introduce classical findings and recent developments in the theory of market design. The course basically consists of two parts. The first half covers auctions, first the classical theory of auctions in a stylized environment, followed by observation of what kinds of practical and theoretical difficulties arise and how successfully current attempts deal with these difficulties. The second part of the course covers matching and related issues. We start from the matching problem (a.k.a. the marriage problem) and its solution concept, stable matching. We then extend the concept of stability to many-to-one and many-to-many matching with contracts. After reviewing the applications of stable matching, we compare it with alternative approaches, such as top trading cycles. We discuss applications including medical residency match, school choice, course allocation, and kidney exchange. The last few classes will be an overview of some recent developments in the theory of market design, mostly in the context of matching.
Prerequisites: ECO 1101 and MAT 1412 or Dept. permission or consent of instructor
ECO 3601 Economic Perspectives
Topics are based mainly on symposium themes of the Journal of Economic Perspectives and reflect the most recent work, but may include the following: fiscal policy, revision of LM-IS analysis, advanced consumption theory, regulation of the stock market and hedge funds, organizations and economics, economics and electronic commerce, the economics of higher education, health care reform, state versus private ownership.
Prerequisites: ECO 1011/1041, ECO 1021/1031; and ECO 1201 or 1221.
ECO 4901 Independent Study
ECO 4911 Guided Project
Any of the above courses may be offered from time to time in an Honors version, with an H designation.The following courses have been superseded by other offerings but are included below for completeness:
ECO 1011 Introductory Macroeconomics
Introduction to the role of the price system in various economic systems; rudiments of supply and demand, theory and applications; role of government in the modern capitalist economy; national income, accounting and theory; monetary and fiscal policy; public debt; inflation, unemployment. (Note: Replaced in the Fall 2010 semester by ECO 1041.)
ECO 1021 Introductory Microeconomics
Elementary theory of demand and the firm; consumer behavior; market structure, input theory, distribution of income, government regulations, theory and policy; theory of international trade. (Note: Replaced in the Fall 2010 semester by ECO 1031.)
ECO 1051 Macroeconomics, Money and Banking
For non-majors. An introduction to macroeconomics with a special emphasis on financial markets, the banking system, the Federal Reserve and monetary policy. No credit toward economics major.
Prerequisite: ECO 1031