Department of Economics

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Faculty

David C. Rose, Professor and Chairperson
Ph.D., University of Virginia
Sel Dibooglu, Professor
Ph.D., Iowa State University
Susan K. Feigenbaum, Professor
Ph.D., University of Wisconsin
Robert L. Sorensen, Founders Professor
Ph.D., Virginia Polytechnic Institute
Anne E. Winkler, Professor, Economics and Public Policy Administration
Ph.D., University of Illinois at Urbana-Champaign
Clinton A. Greene, Associate Professor
Ph.D., University of California-Davis
Lea-Rachel Kosnik, Associate Professor
Ph.D., University of California, Los Angeles
Donald J. Kridel, Associate Professor, Director of Graduate Studies
Ph.D., University of Arizona
Shirley L. Porterfield, Associate Professor, Economics and Social Work
Ph.D., University of Wisconsin-Madison
William H. Rogers, Associate Professor
Ph.D., Colorado State University
Thomas R. Ireland, Professor Emeritus
Ph.D., University of Virginia
Sharon G. Levin, Professor Emeritus
Ph.D., University of Michigan
William E. Mitchell, Professor Emeritus
Ph.D., Duke University
Donald Phares, Professor Emeritus
Ph.D., Syracuse University
Herbert D. Werner, Associate Professor Emeritus
Ph.D., University of California-Berkeley
Grant C. Black, Teaching Professor; Director for the Center for Entrepreneurship and Economic Education
Ph.D., Georgia State University
Donald C. Sweeney II, Teaching Professor, Economics and College of Business; Associate Director, Center for Transportation Studies
Ph.D., Washington University
Michael T. Allison, Associate Teaching Professor, Director of Undergraduate Studies
A.B.D., University of Virginia
Brian Speicher, Senior Lecturer
A.B.D., Washington University
Kathleen Phares, Senior Lecturer Emeritus
M.A., University of Missouri-St. Louis

General Information

Degrees and Areas of Concentration
The economics department offers several degree programs. The B.A. in economics provides a flexible liberal arts orientation for students. The B.S. in economics places more emphasis upon developing the analytical and quantitative skills used in analysis. Both degrees can be tailored to meet the career interests of the student.

The economics faculty considers research an integral part of good teaching. Research projects in recent years have dealt with energy, public choice, industrial organization, property rights, wage discrimination, urban economic development, health economics, economics of science, economics of gender, poverty and welfare, economics of culture, and government regulations.

The economics department also offers courses at the undergraduate level in geography.

A graduate program offers work leading to the M.A. degree in economics in preparation for careers in teaching, research, government, and industry. The program includes course work in microeconomic theory, macroeconomic theory, and econometrics, as well as elective courses in international trade, international finance, monetary theory, industrial organization, public finance, labor, urban, and natural resource economics. The program can accommodate prospective full-time students as well as those who wish to study part-time. Classes are small, and student-faculty interaction is encouraged.

Departmental Honors
A student may earn departmental honors with a GPA of 3.6 in economics and the recommendation of the department.

Minor in Economics
A minor in economics is also available. See the following section for requirements.

Undergraduate Studies

Students completing the B.A. and B.S. in Economics are expected to have achieved the following learning outcomes:

  1. Use economic reasoning to interpret and evaluate social, political and economic arguments, and policies.
  2. Use mathematical methods to interpret and analyze economic models to assess their logical validity and to model economic phenomena.
  3. Use statistical methods to interpret and analyze economic data and to assess the empirical validity of economic propositions.
  4. Employ their understanding of key market institutions such as property rights and contracts and economic organizations such as the Federal Reserve System and the International Monetary Fund to analyze economic behavior and evaluate public policy.
  5. Identify the causes and consequences of poverty and prosperity across and within societies.
  6. Predict changes in key macroeconomic variables in response to changes in social, political, and economic policy as well as non-economic events such as terrorist attacks, natural disasters, and changes in consumer confidence.
  7. Write a research paper that employs sound economic reasoning and, where appropriate, uses data and statistical methods to analyze an economic policy.

General Education Requirements
All undergraduate economics majors must meet the university and college general education requirements. Candidates for the B.A. degree may take any foreign language to meet this requirement. Candidates for the B.S. degree take mathematics and quantitative courses instead of the foreign language requirement. Courses in economics may be used to meet the university social sciences requirement.

Education majors specializing in economics must fulfill the requirements for the B.A. degree. These majors are responsible for obtaining an adviser in the Department of Economics.

All prerequisites for economics courses must be completed with a C- or better.

Satisfactory/unsatisfactory Option
Courses outside the major field and ECON 1001, Principles of Microeconomics, and ECON 1002, Principles of Macroeconomics, may be taken on a satisfactory/unsatisfactory basis.

Degree Requirements

Bachelor of Arts in Economics
Candidates for the B.A. degree must take at least 33, but no more than 45, hours in economics. At least 27 hours must be above the 2000 level. All required courses for the major must be completed with a grade of C- or better. The following courses are required:
ECON 1001, Principles of Microeconomics
ECON 1002, Principles of Macroeconomics
ECON 3001, Intermediate Economic Theory: Microeconomics
ECON 3002, Intermediate Economic Theory: Macroeconomics
ECON 3100, Economic Statistics
ECON 3200, Money, Banking, and Monetary Theory
ECON 3800, History of Economic Thought; or ECON 2800, History of American Economic Development

Bachelor of Science in Economics
Candidates for the B.S. degree must complete at least 36, but no more than 50, hours in economics. At least 30 hours must be at or above the 2000 level. All required courses for the major must be completed with a grade of C- or better. The following courses are required:
ECON 1001, Principles of Microeconomics
ECON 1002, Principles of Macroeconomics
ECON 3001, Intermediate Economic Theory: Microeconomics
ECON 3002, Intermediate Economic Theory: Macroeconomics
ECON 3100, Economic Statistics
ECON 3200, Money, Banking, and Monetary Theory
ECON 4100, Introduction to Econometrics
MATH 1800, Analytic Geometry and Calculus I, or MATH 1100, Basic Calculus

Also required are two of the following:
ECON 4040, Analysis of Business Cycles
ECON 4030, Managerial Economics
ECON 4110, Applied Econometrics
ECON 4120, Time Series Econometrics for Economics and Finance
ECON 4130, Econometric and Time Series Forecasting
ECON 4150, Mathematical Economics
ECON 4160, Geospatial Economic Analysis or any mathematics course numbered 1900 or above (with consent of adviser)

Complementary Areas of Study
The department encourages all majors to develop breadth in related disciplines. Course work and minors are available in a number of areas such as business administration, computer science, statistics, and political science. Students should check with their advisers for recommendations concerning courses in these areas. The department suggests the following supplemental course work for students interested in pursuing doctoral-level graduate work in economics or careers in general business. It also encourages all students to obtain work experience by enrolling in the Internship in Applied Economics (ECON 4990).

Graduate School Preparation:
It is recommended that students considering doctoral-level graduate work in economics also take:
MATH 1900, Analytical Geometry and Calculus II
MATH 2000, Analytical Geometry and Calculus III
MATH 2020, Differential Equations
MATH 2450, Elementary Linear Algebra
MATH 4100, Advanced Calculus
MATH 4200, Mathematical Statistics I

General Business Preparation:
It is recommended that students interested in pursuing careers in business also take:
BUS AD 2400, Fundamentals of Financial Accounting
BUS AD 2410, Managerial Accounting
BUS AD 2900, Legal Environment of Business
BUS AD 3500, Financial Management
BUS AD 3700, Basic Marketing

Requirements for the Minor.
Candidates for a minor in economics must take a minimum of 15 hours in economics.

The following courses are required:
ECON 1001, Principles of Microeconomics
ECON 1002, Principles of Macroeconomics

For the remaining 9 hours, 3 hours must be at or above the 2000 level and 6 hours must be at or above the 3000 level. It is recommended that students take ECON 3001, Intermediate Economic Theory: Microeconomics and/or ECON 3002, Intermediate Economic Theory: Macroeconomics. ECON 3100, Economic Statistics, cannot be counted towards the economics minor if the student has also taken LOM 3300, MATH 1320, or the equivalent.

A GPA of 2.0 or better is required for courses presented for the minor. The satisfactory/ unsatisfactory (s/u) option may be applied to ECON 1001 and ECON 1002 only.

Graduate Studies

Students completing the M.A. in Economics are expected to have achieved the following learning outcomes:

  1. Interpret and analyze economic models and assess their validity.
  2. Use theoretical and empirical tools to design effective business and government policies.
  3.  Use econometric methods to interpret and analyze economic data, to assess the empirical validity of economic propositions, evaluate business and government policies, and to forecast economic variables.
  4. Develop at least one topic area of expertise through familiarity with the relevant scholarly and professional literatures, policy issues, institutions, and current data trends.
  5. Develop at least one methodological area of expertise through the acquisition of the theoretical and empirical tools needed to understand scholarly and professional contributions to the literature to facilitate lifelong professional development and refinement of expertise.
  6. Write a professional quality research paper.
  7. Develop sufficient proficiency in the use of theoretical and empirical tools and in understanding of economic institutions to excel in a Ph.D. program.

B.S./M.A. Dual Degree Program in Economics
The B.S./M.A. (also known as the “2+3”) program is an accelerated program that allows students to complete a B.S. and a M.A. in economics in five years.  The program allows students to apply 12 of the M.A. credit hours towards the B.S., reducing the overall required hours for the two degrees from the standard 150 (120 for the B.S. plus 30 for the M.A.) to 138 hours. 

The M.A. in Economics requires 30 credit hours; at least 21 hours must be completed in residence.
The following 3 courses (9 credit hours) are required:
 
ECON 5001, Microeconomics Analysis
ECON 5002, Macroeconomics Analysis
ECON 5100, Econometric Theory and Methods

In addition, 21 credit hours of electives must be completed.  At most, six of these credit hours may be economics courses at the 4000 level (excluding Economics 4100 and ECON 4150 which cannot be utilized as part of the M.A. degree); all other electives must be at the 5000 level or higher.

Of the 30 hours taken in the M.A. program, 12 of these hours (per the approval of the Graduate Director) will also count toward the undergraduate B.S. requirements.  All other requirements for the B.S. degree remain in effect.

Admission Requirements
Applicants must have completed between 60 and 108 credit hours.  Applicants must have a minimum G.P.A. of 3.0 (both overall and in economics courses) and must be nominated by a full-time regular economics faculty member.  Applicants must have completed all of the general education requirements as well as college algebra (or a higher level mathematics course), introductory microeconomics and introductory macroeconomics.  Those accepted with fewer than 90 semester credit hours are accepted only on a provisional basis.  Once the student has completed 90 semester hours of coursework (typically including ECON 3001, 3002, 3100, 3200, MATH 1800, and preferably ECON 4100) with a satisfactory G.P.A. (minimum G.P.A. of 3.0 overall and in economics courses) the provisional status is dropped.

It is recommended that applicants apply when they have completed 90 credit hours; further, it is recommended that applicants should complete intermediate microeconomics (ECON 3001) and/or introductory econometrics (ECON 4100) before applying. 

Awarding of Degree
Both degrees (the B.S. and M.A.) will be awarded when all requirements for the entire program have been completed.  In other words, the B.S. and M.A. degrees will be simultaneously awarded at the completion of study.

Students who officially withdraw from the B.S./M.A. Dual Degree Program in Economics and who have successfully completed all of the requirements for the B.S. degree will be awarded the B.S. degree.

Master of Arts in Economics

Admission Requirements
An undergraduate major in economics is not required for acceptance into the program. Application for admission may be submitted at any time, although class work formally begins in late August, mid-January, and mid-June. Candidates must meet the general admission requirements of the Graduate School, submit GRE scores (Advanced Economics optional), and submit two letters of recommendation from persons qualified to judge the candidate's potential for success in the program.

The admissions decision is based on the applicant's academic transcript, GRE scores, letters of recommendation, and a personal narrative on the application form.

Departmental Honors
 A student may earn departmental honors with a GPA of 3.75 in all required courses for the M.A. degree and the recommendation of the department.

Degree Requirements
The M.A. in Economics requires 30 credit hours; at least 21 hours must be completed in residence.

Candidates need not have an undergraduate degree in economics. However, students are expected to have taken intermediate micro- and macro-economics, mathematical economics, and introductory econometrics prior to the beginning of the core curriculum. Students that do not have these courses will take these courses first; credits earned in these courses do not count towards the 30 hours required for the MA.

Required Core Courses
The following courses or their equivalents are required for the M.A. in Economics. Students with previous education in economics or business may waive some of these courses.

ECON 5001, Microeconomic Analysis
ECON 5002, Macroeconomic Analysis
ECON 5100, Econometric Theory and Methods

Electives
Candidates must complete at least 21 hours of electives. A maximum of 6 hours of economics electives may be taken at the 4000 level. With the approval of the graduate coordinator, students may take up to 9 hours of graduate courses outside the Department of Economics. In particular, students interested in business economics may take up to three approved graduate business courses for their electives.

Dual M.B.A./M.A. in Economics
For as few as 15 hours of additional course work in economics, a Master of Arts in Economics may be obtained along with your Master of Business Administration (M.B.A.) degree. Students apply for the M.A. during the last semester of M.B.A. studies; the usual on-line application is utilized. Full-time students may be able to complete the M.A. degree in as little as a year, while part-time students can be accommodated over a longer time period. The total number of additional courses will depend on which electives the student has taken in their M.B.A. program; students are advised to contact the Director of Graduate Studies in Economics regarding the choice of possible M.B.A. electives.

The following course of study is recommended for dual degree-seekers. It is assumed that students have already completed at least one course in calculus.

I) Core requirements – 9 hours
ECON 5001, Microeconomic Analysis
ECON 5002, Macroeconomic Analysis
ECON 5100, Econometric Theory and Methods

II) Electives – 21 hours
Twelve hours of graduate-level business electives (excluding BUS AD 5000, BUS AD 5001, and BUS AD 5002, INFSYS 6800 and LOG OM 5300) to be incorporated from your M.B.A. degree program. Six additional graduate hours in economics, three hours of which may be at the 4000 level.

Applicants need not have an undergraduate degree in economics. However, students are expected to have taken, either at the baccalaureate or M.B.A. level: Intermediate Microeconomics (ECON 3001 or BUS AD 5001), Intermediate Macroeconomics (ECON 3002 or BUS AD 5002), Mathematical Economics (ECON 4150), Money and Banking (ECON 3200), Statistical Analysis for Management Decisions (LOG OM 5300) and Introductory Econometrics (ECON 4100). Students that do not have these courses will take these courses first; credits earned in these courses do not count towards the hours required for the M.A.

Students must take at least 30 hours to complete the M.A. in Economics degree-core requirements (I) and electives (II) – and these courses must be completed within a period of six years.

Career Outlook in Economics

Nearly every decision that a person, business, or government makes falls under the purview of economic analysis.  In economics course work, students learn to think analytically and apply their knowledge to a broad range of topics and problems.  These skills are highly valuable in our ever changing economy, as well as in everyday life.  For this reason, those with economics degrees are in high demand in a wide number of occupations, whether in business or government.  In addition, economics majors are especially sought after by law schools, M.B.A. programs and, of course, graduate programs in economics.  Job prospects for those with economics degrees at both the undergraduate and graduate levels are expected to remain strong over the next decade. For additional information on the undergraduate program, contact the Director of Undergraduate Studies at 516-5562 or 516-5306.  Regarding the graduate program, contact the Director of Graduate Studies at 516-5553.   Additional information is also available at the Department of Economics website.

Course Descriptions

Courses in this section are grouped as follows: Economics, Geography, and Home Economics.
Prerequisites may be waived by consent of the department.

Economics

ECON 1000 Introduction to the American Economy (3) [V, SS]
Introduction to economic analysis and problems through an examination of the development and operations of the American economy; study of its evolution, institutions, and principal problems. ECON 1000 does not substitute for ECON 1001 or ECON 1002. Students who have already completed ECON 1001 or ECON 1002 may not take ECON 1000 for credit.

ECON 1001 Principles of Microeconomics (3) [V, SS]
Prerequisite: MATH 1030. Introduction to the determinants of household demand, production and cost, and market prices. Applies the principles of individual decision-making behavior to understanding goods, services, and resource markets.

ECON 1002 Principles of Macroeconomics (3) [SS]
Prerequisite: ECON 1001. Introduction to the determination of levels of and changes in aggregate income, output, employment, and prices. Applies economic principles of choice to the formulation and achievement of public policies that affect national employment, income distribution, and economic growth.

ECON 1003 Microeconomics in the News: A Virtual Classroom (1)
Prerequisite: ECON 1000 or ECON 1001 or equivalent (may be taken concurrently). This course uses a virtual chatroom to host one hour of discussion weekly about current news events with microeconomic content. News articles will focus on business, public policy, and individual choices that can be understood within a microeconomics framework. Chatroom can be accessed from any location-on or off-campus-within Internet access.

ECON 1004 Macroeconomics in the News: A Virtual Classroom (1)
Prerequisite: ECON 1002 or equivalent (may be taken currently). This course uses a virtual chatroom to host one hour of discussion, weekly, about current news events with macroeconomic content. News articles will focus on macroeconomic phenomena – e.g., interest rates, the global economy, the Federal Reserve and public policy decisions – that can be understood within a macroeconomics framework. Chatroom can be accessed from any location – on or off – campus – with Internet access.

ECON 1005 Family Economics and Household Development (3)
Provides social service professionals that work with low income individuals and families with an understanding of the principles of personal financial management. Case studies are used to apply course content and to develop training strategies for clients to improve household financial management. The role of financial institutions and government policies as well as their impact on low income families is also examined. Resources to use with clients will be identified. Economics 1005 does not count toward a major or minor in Economics.

ECON 1500 Entertainment Economics: The Movie Industry (3) [SS]
Same as MEDIA ST 1500. This survey course examines the interrelationships between economics and the movie industry. It explores the impact of economic factors on the production, distribution and exhibition of movies, focusing on the rise and fall of the studio system, role of technological change in the evolution of cinematography and the movie marketplace, financing and market segmentation, globalization and changing industrial structure within which films are produced. To the extent that movies reflect and contribute to popular economic perspectives, this course also evaluates the soundness of the movie industry’s depiction of a variety of economic doctrines. Classes will consist of lecture, discussion, and brief film screenings. This course does not count towards the hours required for an economics major.

ECON 2410 Work, Families, and Public Policy (3) [MI, SS]
Same as GS 2410. Prerequisite: ECON 1000 or ECON 1001. This course compares the economic behavior of women and men in both the labor market and the household. Topics include: the family as an economic (production) unit, gender differences in labor force participation, occupations and earnings; the effectiveness of human capital theory and labor market discrimination in explaining the male-female wage gap; remedies for reducing the wage gap; family structure and economic well-being; and alternative policies to alleviate poverty. Students who have completed ECON 3400 may not take ECON 2410 for credit.

ECON 2610 The Economics of Professional Sports (3) [V, SS]
Prerequisite: ECON 1000 or equivalent or consent of instructor. This course will survey the economic organization of professional sports team industries and the relationship of sports teams to their employees, fans, and governments. Economic issues relating to salaries and labor disputes, monopoly practices, cartels and pricing, team location decisions, and public subsidies for professional sports teams will be analyzed.

ECON 2650 Law and Economics (3)
Prerequisite: ECON 1001. Analysis of the economic role of property rights and contracts in the private for-profit and not-for-profit sectors of the economy. Considers economic incentives to form organizations as one alternative and to form contracts as another. Considers the economic efficiency of the common law and judicial systems in use in the United States.

ECON 2800 History of American Economic Development (3) [MI, SS]
Same as HIST 2800. Prerequisite: ECON 1000 or ECON 1001 or consent of instructor. Uses economic concepts to explain historical developments in American economy, beginning with hunter-gatherers who crossed the Bering land bridge around 12,000 B.C. Main topics include Native American economies, European exploration and conquest, colonial economies, indentured servitude, American Revolution, U.S. Constitution, westward expansion, transportation, Industrial Revolution, state banking and free banking, slavery, Civil War, post-bellum agriculture, rise of big business and antitrust, banking panics, Federal Reserve Act, First and Second World Wars, New Deal, and growth of government in postwar economy.

ECON 3001 Intermediate Economic Theory: Microeconomics (3)
Prerequisites: ECON 1001 and ECON 1002. Analysis of prices in terms of equilibrium of the business firm and consumer demand in markets of varying degrees of competition.

ECON 3002 Intermediate Economic Theory: Macroeconomics (3)
Prerequisites: ECON 1001, ECON 1002; ECON 3200 is recommended. Study of national income, expenditure, and the forces determining the level of economic activity. Special emphasis on the theory of income determination and its application to public policy.

ECON 3003 Game Theory and Strategic Decision Making (3)
Prerequisite: ECON 1001. When the best course of action depends on the decisions made by others, strategy becomes important. Game theory provides the tools for analyzing such strategic decision making. Strategic behavior is analyzed in the context of business, logistics, biology, war, government, politics, and everyday life. A wide variety of in-class experiments are used to illustrate key concepts.

ECON 3052 Microeconomics for the School Curriculum (1-3)
Prerequisite: Junior standing. Analysis of market forces, with emphasis on business firms, households, and productive-factor markets, price determination, and resource allocation. Special reference to topics included in elementary and secondary school social science curricula. ECON 3052 may not be used by economics majors to meet degree requirements.

ECON 3055 Economics Issues for the School Curriculum (3)
Prerequisites: Junior standing and consent of instructor. An analysis of selected economic issues appropriate to instruction in secondary and elementary schools. May be taken more than once for credit, provided the topic of the course is different each time. May not normally be used by economics majors to meet degree requirements. This course does not fulfill the undergraduate economics requirement for education majors.

ECON 3100 Economic Statistics (3)
Prerequisites: MATH 1030, ECON 1001, and ECON 1002. Introduction to economic data sources, data interpretation and statistical inference as used in economic analysis. Emphasizes the testing of economic hypotheses and the development and estimation of economic models. Introduces the use of statistical software used in economics.

ECON 3200 Money, Banking, and Monetary Theory (3)
Prerequisites: ECON 1001 and ECON 1002. Factors influencing bank reserves and the money supply. Ability of the Federal Reserve System and the Treasury to control these factors. Introduction to monetary theory; integration of monetary phenomena with national income theory. Analysis of current policy issues.

ECON 3300 International Economic Analysis (3)
Prerequisite: ECON 1001. Introduction to the theories of international trade and finance including determinants of trade, the effects of trade on overall economic performance, trade restrictions, balance of payments, exchange rates, international economic integration and international financial crises. Discussion of current institutions and economic developments in the global economy.

ECON 3320 Economic Development (3)
Prerequisites: ECON 1001 and ECON 1002. Survey of economic growth as applied to developed and underdeveloped countries. Analysis of development policies with emphasis on case studies. Case studies may include the United States, Western Europe, or Latin America.

ECON 3400 Labor Economics (3)
Prerequisite: ECON 1001. Examines the labor market in the economy. Considers the theories of labor supply, labor demand, and market determination of wages. Other topics include noncompetitive markets, internal labor markets, the theory of human capital, compensating wage differentials, labor market discrimination, unions and collective bargaining, unemployment, and poverty and the distribution of income.

ECON 3450 Labor in the Global Political Economy (3)
This course will examine current issues, trends, and developments which are shaping labor in today’s global economy. Students will analyze the shifting balance of power between labor and capital, the role of government, and evaluate the strategic options for workers and unions operating in a global environment. ECON 3450 may not be used by economics majors to meet degree requirements.

ECON 3500 Public Finance (3)
Prerequisites: ECON 1002 and ECON 3001. Analysis of the role of government expenditures and taxation. Topics include: (1) analysis of public goods and externalities, models of collective choice, elements of benefit-cost analysis, the theory of bureaucracy, governments as agents in markets; and (2) analysis of the economic role of governments, subsidies and taxes in the federal system, criteria for tax evaluation, the nature of tax legislation, private decision making under different tax institutions, and government borrowing.

ECON 3600 Industrial Organization (3)
Prerequisite: ECON 1001. A theoretical and empirical analysis of the actions of firms under alternative forms of market organization. The role of economics of scale, product differentiation, mergers, and advertising in affecting industry structure, and the impact of the resulting industry structure on pricing, output, promotion, and technology decisions of firms.

ECON 3800 History of Economic Thought (3)
Prerequisites: ECON 1001 and ECON 1002. The evolution of economic thought from the ancients through post-Keynesian theory.

ECON 3900 Selected Topics in Economics (3)
Prerequisites: ECON 1001 and ECON 1002. Analysis of a selected economic topic. The topic selected will vary from semester to semester. This course may be taken for credit more than once as long as the topic discussed in each semester is different.

ECON 4030 Managerial Economics (3)
Prerequisites: ECON 3001 or equivalent; MATH 1800 or MATH 1100 recommended. Application of microeconomic theory to decision-making process in the business firm. Topics include pricing and profit strategy, cost analysis, decision making under uncertainty, technology, innovation, and productivity growth, and the structure and organization of firms. Problem-solving and case-study approach used.

ECON 4040 Analysis of Business Cycles (3)
Prerequisites: ECON 3200; ECON 3002; ECON 3100. This course focuses on the empirical regularities in macroeconomics commonly referred to as the business cycle. It examines the variability and co-movements of aggregate economic variables and explores alternative theoretical explanations of these phenomena.

ECON 4100 Introduction to Econometrics (4)
Prerequisites: ECON 1001; ECON 1002; ECON 3100 or MATH 1320 or LOM 3300; MATH 1800 or MATH 1100. An introduction to quantitative analysis of economic behavior. The ordinary least squares technique and the assumptions underlying it are developed. Methods designed to detect and correct for the violations of these assumptions are examined. Special emphasis is given to the practical application of the procedures discussed through the use of computer exercises.

ECON 4105 Quantitative Methods and Modeling in Economics, Business and the Social Sciences (3)
Prerequisites: MATH 1030; ECON 1001 or junior standing. This course focuses on the application of mathematical techniques to model building. The course reviews various mathematical techniques and shows students how they can be used for describing various social and business phenomena. Specific examples from the business, economics, criminology and other social sciences will be employed to reinforce the mathematical tools and concepts discussed. Students who have previously completed ECON 4150 or MATH 1800 or MATH 1100 may not take this course for credit.

ECON 4110 Applied Econometrics (4)
Prerequisite: ECON 4100 or equivalent. Concepts, techniques, and advanced applications of econometrics. Emphasis on developing a critical understanding of the appropriateness and limitations of a variety of state-of-the-art techniques used to model economic or political processes. Topics will include joint tests of hypotheses, estimation of lagged effects, models of qualitative choice, simultaneous systems, and outlier diagnostics. This course includes laboratory work in quantitative economic analysis.

ECON 4120 Time Series Econometrics for Economics and Finance (4)
Prerequisites: ECON 4100 or equivalent and a solid foundation in statistics. Introduction to application of econometric methods to time-series data. Emphasis on model specification as it applies to macroeconomic or financial data. Topics include: Stationary and non-stationary time-series, seasonality, random walks, unit roots, Dickey-Fuller tests, cointegration, ARCH/GARCH models, and general to specific modeling (ADLs). Specific applications to macro-economics, international economics and/or financial markets.

ECON 4130 Business and Economic Forecasting (4)
Prerequisite: ECON 4100 or equivalent. Alternative forecasting methodologies for economic time series will be analyzed and discussed. The focus of the course will be: (1) the development of time-series (ARIMA) models and their application to forecasting; (2) the use of standard econometric models for forecasting; and (3) evaluation and comparison of these methods and the conditions under which each is the appropriate methodology. This course includes laboratory work in quantitative economic analysis.

ECON 4150 Mathematical Economics (3)
Prerequisite: MATH 1800 or MATH 1100; ECON 3001 or BUS AD 5000, or BUS AD 5001. This course uses calculus and other mathematical tools to analyze economic phenomena. In addition to exploring techniques used to solve unconstrained and constrained optimization problems, the course also examines how matrix algebra is used in economic modeling. This course allows students to mathematically analyze economic models that receive graphical treatment in lower level courses.

ECON 4160 Geospatial Analysis in the Social Sciences (3)
Prerequisites: Junior standing, ECON 1001, or consent of instructor. Analysis of geospatial data relating to a variety of social phenomena using geographic information systems (GIS) software. Students will learn how geospatial analysis can be integrated into research projects and presentations (e.g., creating maps to present and analyze social, political and economic data). Students will also learn how criminal activity, economic activity, voting patterns and other social behavior are spatially correlated with demographic data. As a culminating project, students will learn how to apply GIS techniques, including but not limited to sophisticated spatial modeling of social behavior.

ECON 4170 Fundamentals of Cost-Benefit Analysis (3)
Prerequisite: ECON 3001 or equivalent. The purpose of this course is to provide a systemic and rigorous way of thinking about the measurement of benefits and costs when evaluating public projects, programs or regulations. Cost-benefit analysis has wide application, including: environmental resource use, highway construction projects, safety regulations, taxation of cigarettes, and investment in higher education. Given the prevalence of cost-benefit analysis in government budgetary processes, this course will develop critical appraisal skills to evaluate the appropriateness of these analyses.

ECON 4210 Financial Markets and Institutions (3)
Prerequisite: ECON 3200. Demand, supply, and flow of funds in the macrofinancial system, including money, capital, futures, and foreign exchange markets. Examines types and historical development of domestic and international financial intermediaries operating within these markets, decision-making within individual intermediaries, their regulatory environment, and how their portfolio decisions affect flows in the financial system.

ECON 4500 Public Finance: State and Local (3)
Prerequisites: ECON 1001 and ECON 1002 and junior standing. A study of expenditure, taxation, and financial administration of state and local governments, with emphasis on problems of current interest. Special attention given to research methods, as well as financial relations between various levels of government.

ECON 4510 Public Choice (3)
Prerequisite: ECON 3001 or consent of instructor. Public choice is the analysis of government and governmental institutions through the logic of economics. It assumes the same principles that economists use to analyze actions in the marketplace, and applies them to actions made in collective decision–making. Topics covered include: the efficiency of democracy, voting methods, the incentives of legislators, bureaucrats and lobbyists, political competition, and public institutions and economic growth.

ECON 4550 Natural Resource Economics (3)
Prerequisites: ECON 1001, or consent of instructor, junior standing. The relationship between human activity and the world's natural resources requires choices. This course uses an economics perspective to study these choices. This perspective uses the view of the environment as an asset for its starting point. Issues concerning the optimal and sustainable use of natural resources are examined in this context. Special emphasis is given to potential policy responses to environmental problems.

ECON 4700 Urban and Regional Economics (3)
Prerequisites: ECON 1001 and ECON 1002. A survey of factors affecting the location of economic activity, industrial diversity, determinants of urban growth, and the role of urban public economy. Special emphasis is given to critiques of economic impact studies and urban public policies.

ECON 4720 The Economics of Real Estate and Land Use Policy (3)
Prerequisites: ECON 3001 and ECON 4100. This course will introduce economic theory and analysis of the real estate market’s micro and macro characteristics. Public policy impacting both the residential and commercial property markets will be discusses using the models developed in the course. Topics include price and location theory, growth and growth patterns, urban sprawl, migration, regulation of land and capital, provision of public goods, and non-market valuation econometric modeling. Hands on applications of various non-market econometric models will be provided.

ECON 4900 Advanced Topics in Economic Analysis (3)
Prerequisite: ECON 3001 or ECON 3002 or consent of instructor. Study of a specific topic in Economics that may vary from semester to semester. May be taken for credit more than once if the topics are different.

ECON 4980 Special Readings (1-6)
Prerequisites: Consent of instructor; grade point of 3.0 or higher in economics. Unscheduled, independent directed readings on topics mutually acceptable to student and instructor. Maximum credit limited to six hours.

ECON 4990 Internship in Applied Economics (2-6)
Prerequisites: Junior standing, ECON 3001, and consent of instructor. Independent study involving work with appropriate private firm or public agency. Maximum of 6 hours may be earned, only 3 of which may be applied to economics major.

ECON 5001 Microeconomic Analysis (3)
Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4150. Survey of microeconomic comparative statistics. Detailed examination of demand and supply, product, and factor markets. Partial equilibrium in competitive, imperfectly competitive, and monopolistic markets.

ECON 5002 Macroeconomic Analysis (3)
Prerequisites: ECON 3200; ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4150. Aggregate economic theory, including analysis of the determinants of income, output, employment, and prices. Employment and price-level effects of consumer and investment demand, the money supply and interest rates, and government policies.

ECON 5010 Microeconomics for Policy Analysis (3)
Same as P P ADM 6080. Prerequisite: Graduate Student Standing. This course introduces microeconomic analysis of consumers, firms, and government, with an emphasis on policy applications. It assumes no prior training in economics and is appropriate for graduate students in public policy administration, nonprofit management, political science, gerontology, criminology and criminal justice, and other related fields. This course may not be used by economics students to meet M. A. degree requirements.

ECON 5052 Microeconomics for the School Curriculum (1-3)
Prerequisite: Bachelor’s degree from an accredited institution or consent of instructor. Analysis of market forces, with emphasis on business firms, households, productive factor markets, price determination and resource allocations. Special reference to topics included in the elementary and secondary school social science curricula.

ECON 5055 Economic Issues for the School Curriculum (1-3)
Prerequisites: Junior standing and consent of instructor. An analysis of selected economic issues appropriate to instruction in secondary and elementary schools. May be taken more than once for credit, provided the topic of the course is different each time. May not normally be used by economics majors to meet degree requirements.

ECON 5100 Econometric Theory and Methods (3)
Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4150; ECON 4100 or LOG OM 5300; MATH 2450 or equivalent. A rigorous review of statistical models and methods relevant to the estimation and testing of economic relationships. Emphasis on the theoretical underpinnings of techniques commonly used for single and multiple equation estimation and hypothesis testing. Topics include ordinary and generalized least squares, robust regression, and simultaneous equations estimation.

ECON 5110 Topics in Applied Econometrics (3)
Prerequisite: ECON 4100, or ECON 5100 or LOG OM 5300. Concepts and application of advanced econometric techniques. Students will develop a thorough understanding of the appropriateness and application of a variety of state-of-the art techniques. Topics will include specification tests, polynomial distributed lags, discrete choice, pooled time-series cross-section, simultaneous equations and outlier detection.

ECON 5120 Advanced Topics in Time Series Econometrics (3)
Prerequisites: ECON 4100 or equivalent and a solid foundation in statistics. Application of econometric methods to time-series data. Emphasis on model specification as it applies to macroeconomic or financial data. Advanced Topics include: Stationary and non-stationary time-series, seasonality, random walks, unit roots, Dickey-Fuller tests, cointegration, ARCH/GARCH models, and general to specific modeling (ADLs). Specific applications to macro-economics, international economics and/or financial markets.

ECON 5130 Advanced Topics in Business and Economic Forecasting (3)
Prerequisites: ECON 3001 or BUS AD 5001, ECON 3002 or BUS AD 5002, ECON 4150, ECON 4100 or LOG OM 5300. This course develops the alternative techniques which are used to forecast economic time series. Each forecasting technique will be evaluated in terms of its theoretical soundness and predictive track record. Students will also learn to use these techniques to differentiate among competing economic models.

ECON 5200 Monetary Theory and Policy (3)
Prerequisites: ECON 3200; ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4150. An examination of how monetary policy has affected the economy in the past and how it can improve economic performance in the future. Topics include: the origins of money, money supply, money demand, the determinants of real and nominal interest rates, the term structure of interest rates, the impact of discretionary monetary policy on the domestic economy and foreign exchange markets, and the domestic economy and foreign exchange markets, and the relationship between monetary policy and federal government deficits.

ECON 5210 Financial Markets (3)
Prerequisites: ECON 3200; ECON 3001 or BUS AD 5001; ECON 3002. Demand, supply, and flow of funds in allocating credit and distributing risk in the macrofinancial system. The saving investment process, the rationale for financial markets, and the role of financial intermediaries are studied within the framework of the flow of funds accounts. Special attention is given to the operation of money, capital, futures, and foreign financial markets and the impact of public policy on the structure and performance of financial markets.

ECON 5300 International Trade (3)
Prerequisite: ECON 3001 or BUS AD 5001. Survey of the modern theories of international trade and their applications including factor endowments and other, trade restrictions, foreign investment, trade and economic development, and balance of payments and exchange rates. Discussion of current institutions and economic developments in the global economy.

ECON 5301 International Finance (3)
Prerequisite: ECON 3200, ECON 3001 or BUS AD 5002. Application of economic theory to international financial issues and discussion of current financial institutions and developments in the global economy. Topics include the international payments mechanism, the balance of payments, foreign exchange markets, international linkages, world inflation, capital flows, and macroeconomic policy in open economies.

ECON 5400 Labor Economics: Theory and Public Policy (3)
Prerequisite: ECON 3001 or BUS AD 5001. This course examines labor supply, labor demand, and market determination of wages. Topics covered include the effect of technological change on employment, trends in labor force participation, the impact of government taxes and transfers on labor supply, poverty, and its economic consequences, the human capital model and its implications for investment in education and on-the-job training, and theories of economic discrimination and empirical measurement issues. Throughout the course, current public policy debates are examined using the theoretical models developed.

ECON 5500 Public Sector Microeconomics (3)
Same as P P ADM 6210. Prerequisite: ECON 3001 or BUS AD 5001, or P P ADM 6080. Application of tools of intermediate microeconomics to address public sector issues. Special emphasis is placed on critically analyzing current public policy debates using the models developed. Topics covered include: cases in which competitive market fails to allocate resources efficiently (e.g., externalities and public goods), importance of property rights, incentive effects of the tax and transfer system, and the fundamentals of cost-benefit analysis.

ECON 5510 Public Choice (3)
Prerequisite: ECON 3001 or consent of instructor. Public choice is the analysis of government and governmental institutions through the logic of economics. It assumes the same principles that economists use to analyze actions in the marketplace, and applies them to actions made in collective decision-making. Topics covered include: the efficiency of democracy, voting methods, the incentives of legislators, bureaucrats and lobbyists, political competition, and public institutions and economic growth.

ECON 5600 Structure and Performance of United States Industry (3)
Prerequisites: ECON 3001 or BUS AD 5001; ECON 4150. An analysis of the functioning of business firms under alternative market arrangements. Topics include: the theory and measurement of monopoly power and the role of economies of scale, product differentiation, and entry conditions in affecting this power; the impact of market power on the price-setting behavior, advertising and promotional strategies, and technological innovation of firms; the role of government policy in promoting or preventing competition among firms.

ECON 5630 Economics of Telecommunications (3)
Prerequisites: ECON 3001, BUS AD 5000 or BUS AD 5001 and ECON 4150.  Application of economic theory and techniques to the telecommunications industry. Topics include demand theory for telephone access and use, consumer surplus models for subscription choice, nonlinear pricing strategies including pure and mixed bundling and multi-part tariffs, the incentives of the firm under various regulatory regimes, a comparison of rate-of-return regulation and incentive (price cap) regulation, and the impact of carrier-of-last-resort responsibilities.

ECON 5640 Transportation Economics (3)
Prerequisite: ECON 3001 or BUS AD 5000. This course makes use of range of economic concepts to examine the nature of markets in which transport services are provided.  This course is designed for future transportation professionals who wish to explore the fundamentals of economics in their field and for graduate students in public policy and economics wishing an economics-based understanding of transportation issues.  Basic concepts covered include the theory of transportation demand, transportation costs and investment planning, and current topics in transportation economics such as regulation-deregulation and social cost pricing.

ECON 5700 Regional and Urban Economics (3)
Prerequisite: ECON 3001. Investigate the spatial aspects of urban and regional economics: location theory, market areas, and agglomerations. The focus in on the description and explanation of the spatial allocation of economic activity with particular attention paid to the role of cities. Topics will include regional development and regional development strategies, the growth of cities, firm location decision, spatial externalities, sprawl, and firm location.

ECON 5720 Real Estate Economics (3)
Prerequisites: ECON 3001 and ECON 4100. This course will introduce economic theory and analysis of the real estate market’s micro and macro characteristics. Public policy impacting both the residential and commercial property markets will be discussed using the models developed in the course. Topics include price and location theory, growth and growth patterns, urban sprawl, migration, regulation of land and capital, provision of public goods, and non-market valuation econometric modeling. Hands-on applications of various non-market econometric models will be provided.

ECON 5750 The Political Economy of Health Care (3)
Prerequisite: ECON 3001 or BUS AD 5000 or consent of instructor. This course investigates the impact of government policy on health care provision and financing, focusing on the effect of entitlement programs, tax policy, and government regulation. Applying standard economics techniques, students will analyze incentives facing the decision makers in the health care system and ways in which they are altered by government policy. Attention will also be given to rationales for government intervention and roles of interest groups in the formulation of U.S. health care policy. The course will provide a detailed review of specific federal and state government financing programs, primarily focusing on Medicare and Medicaid, and will include discussion of the economic aspects of current health finance reform proposals.

ECON 5760 Health Economics (3)
Prerequisite: ECON 3001 or BUS AD 5001. This course applies microeconomic theory and statistical techniques to understand decision making in health care markets. The effects of government policies on the health care choices of consumers and providers are identified and quantified; attention is given to federal and state entitlement programs, regulations, tax policies and antitrust enforcement. The role of insurance as a risk-sharing device is explored, along with its implications for pricing and health care utilization.

ECON 5900 Advanced Topics in Economic Analysis (3)
Prerequisite: Consent of the instructor. Study of a specific economics topic, which may vary from semester to semester. May be taken more than once if the topic is different.

ECON 5980 Directed Readings (1-6)
Prerequisite: Consent of instructor. Independent study through readings, reports, research projects, and conferences.

Geography

GEOG 1001 Introduction to Geography (3) [MI, SS]
An introduction to geography as a social science. The identification and explanation of order in the human landscape. A survey of the social, political, economic, and psychological factors which influence geographic patterns.

GEOG 1002 World Regions (3)
Survey of the major regions of the world. Designed to give the student an awareness of the character of each of these major regions through the interrelationships of the various attributes of place. Each semester the geographic perspective will be applied in greater depth to one significant country such as Afghanistan, Iraq, or North Korea.

GEOG 2001 Cultural Geography (3) [CD]
This course examines the effect of geography on culture and cultural groups. Essential to the geographic perspective is identifying the effect on cultures of the current trend toward increasing globalization. Topics include language, religion, attitudes, and the effect of technology. The major goals are to increase awareness of the diversity of human cultures and to prepare students for a world of increasing intercultural communication and conflict. Satisfies cultural diversity requirement.

GEOG 3900 Special Readings in Geography (3)
Prerequisite: Consent of Instructor. This course will provide a more in-depth analysis of the various factors which influence geographic patterns. The topic selected will vary from semester to semester. This course may be taken for credit more than once as long as the topic discussed in each semester is different.

GEOG 4900 Advanced Readings in Geography (3)
Prerequisite: Consent of Instructor. This course will provide a more in-depth analysis of the various factors which influence geographic patterns employing methods appropriate to graduate level instruction. The topic selected will vary from semester to semester. This course may be taken for credit more than once as long as the topic discussed in each semester is different.

Home Economics

HOME EC 1110 Nutrition in Health (3)
A study of dietary nutrients essential for health, proper selection of foods to provide them, and current issues affecting them.