http://www.umsl.edu/divisions/artscience/economics/
Faculty
Susan K. Feigenbaum, Professor*, Chairperson
Ph.D., University of Wisconsin
Sharon G. Levin, Research Professor*
Ph.D., University of Michigan
Lawrence H. White, Professor; Friedrich A. Hayek Professor
in Economic History
Ph.D., University of California, Los Angeles
Thomas R. Ireland, Professor Emeritus
Ph.D., University of Virginia
Joseph P. McKenna, Professor Emeritus
Ph.D., Harvard University
William E. Mitchell, Professor Emeritus
Ph.D., Duke University
Donald Phares, Professor Emeritus
Ph.D., Syracuse University
David C. Rose, Professor*
Ph.D., University of Virginia
Robert L. Sorensen, Professor*, Associate Chairperson, and Director
of Undergraduate Studies
Ph.D., Virginia Polytechnic Institute
Sel Dibooglu, Associate Professor*
Ph.D., Iowa State University
Clinton A. Greene, Associate Professor*
Ph.D., University of California-Davis
Donald J. Kridel, Associate Professor*, and
Director of Graduate Studies
Ph.D., University of Arizona
Herbert D. Werner, Associate Professor Emeritus
Ph.D., University of California-Berkeley
Anne Winkler, Associate Professor*, Economics and Public Policy
Administration
Ph.D., University of Illinois at Urbana-Champaign
Debin Ma, Assistant Professor
Ph.D., University of North Carolina
Sarapage McCorkle, Assistant Professor Emeritus
Ed.D., University of Missouri-St. Louis
Michael T. Allison, Senior Lecturer
A.B.D., University of Virginia
Kathleen Phares, Senior Lecturer Emeritus
M.A., University of Missouri-St. Louis
*members of Graduate Faculty
General Information
Degrees and Areas of Concentration Several degree programs are
offered by the economics department. 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, nonlinear modeling, property rights, wage discrimination,
urban economic development, health economics and aging, economics of science,
economics of gender, poverty and welfare, 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 macroeconomic theory, urban, international,
industrial, and quantitative economics; and research methodology. The
program can accommodate prospective full-time students as well as those
who wish to study part-time solely in the evening. Classes are small,
and student-faculty interaction is encouraged.
The economics department cooperates with the College of Business Administration
and the Master's in Public Policy Administration program.
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
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 bachelor of arts 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 Economics 1001(51, Principles of Microeconomics,
and Economics 1002(52), 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 100 level.
All required courses for the major must be completed with a grade of C-
or better. The following courses are required:
1001(51), Principles of Microeconomics
1002(52), Principles of Macroeconomics
3200(220), Money, Banking, and Monetary Theory
3001(251), Intermediate Economic Theory: Microeconomics
3002(252), Intermediate Economic Theory: Macroeconomics
3100(265), Economic Statistics
3800(380), History of Economic Thought
Bachelor of Science in Economics
Candidates for the B.S. degree must complete at least 36, but no more
than 45, hours in economics. At least 30 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:
1001(51), Principles of Microeconomics
1002(52), Principles of Macroeconomics
3200(220), Money, Banking, and Monetary Theory
3001(251), Intermediate Economic Theory: Microeconomics
3002(252), Intermediate Economic Theory: Macroeconomics
3100(265), Economic Statistics
4100(365), Introduction to Econometrics
Math 1800 (80), Analytic Geometry and Calculus I, or
Math 1100(100), Basic Calculus
Also required are two of the following:
4150(350), Mathematical Economics
4040(352), Analysis of Business Cycles
4030(353), Managerial Economics
4110(366), Applied Econometrics
4130(367), Econometric and Time Series Forecasting
4160(368), Geospatial Economic Analysis
or any mathematics course numbered 1900(175) 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(390).
Graduate School Preparation:
It is recommended that students considering doctoral-level graduate work
in economics also take:
Math 1900(175), Analytical Geometry and Calculus II
Math 2000(180), Analytical Geometry and Calculus III
Math 2450(245), Linear Algebra
Math 4200(320), Mathematical Statistics
General Business Preparation:
It is recommended that students interested in pursuing careers in business
also take:
BA 2400(140), Fundamentals of Financial Accounting
BA 2410(145), Managerial Accounting
BA 2900(156), Legal Environment of Business
BA 3500(204), Financial Management
BA 3700(206), Basic Marketing
Requirements for the Minor. Candidates for a minor in economics
must take a minimum of 18 hours in economics. At least 12 hours must be
above the 2000 level. Econ 3100(265), Economic Statistics, cannot be counted
towards the economics minor if the student has also taken Math 1310(31),
Math 1320(132), Math 1105(105), or the equivalent.
The following courses are required:
1001(51), Principles of Microeconomics
1002(52), Principles of Macroeconomics
3001(251), Intermediate Economic Theory: Microeconomics
It is also recommended that students take Econ 3002(252),
Intermediate Economic Theory: Macroeconomics
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(51)
and 1002(52) only.
Graduate Studies
Two-Three B.S./M.A. Dual Degree Program in Economics
The 2+3 B.S./M.A. in Economics is designed to allow selected students
– transfer and native – to complete the requirements for both degrees
in five years of full-time study (where full time is defined as 15 credit
hours each semester or 30 credit hours per calendar year). The accelerated
nature of this program requires the student to take up to 12 hours of
approved 4000, and above level dual-listed courses in the senior year,
which will also be applied towards the Master’s degree requirements.
The total number of credit hours required to complete the B.S. + M.A.
dual program will equal 138 graded semester credit hours.
Admission Requirements: Students should apply to the Director
of Graduate Studies for admission to the dual B.S./M.A. program the semester
they will complete 60 graded undergraduate hours or as soon thereafter
as possible. It is expected that this course work will include the general
education requirements as well as college algebra or a higher-level mathematics
course, introductory microeconomics and macroeconomics. A minimum G.P.A.
of 3.0 is also required. Applicants must submit a nomination from a full
time regular economics faculty member.
Provisional Status: Students who are accepted into the
program will be admitted provisionally. During the third-year of full-time
study (the first year of on-campus study for transfer students arriving
with an associates degree from a 2-year college), the student will concentrate
on course work required for the B.S. degree in economics. This will normally
include completion of Economics 3200(220) 3001(251), 3002(252), 3100(265):
at least 6 hours of economics electives; course work in mathematics; and
electives in related areas. Provisional status will be lifted when 30
hours of approved semester credit hours are completed with a GPA of 3.0
or higher.
Dual Enrollment: During the fourth and fifth years of
study, students will be allowed to dual enroll in both undergraduate and
graduate courses with the consent of their advisor. To complete the remaining
requirements for the B.S. degree, the student will normally enroll in:
Economics 4100(365); three additional electives in economics of which
two must be selected from Economics 4150(350), 4040(352), 4030(353), 4110(366),
or 4130(367); up to three 5000(400) level courses in economics; and additional
hours of undergraduate course work to complete a total of 120 credit hours.
(Not more than 45 hours of economics course work may be counted towards
the major.) Of the hours approved taken at the 4000 or above level in
economics, up to 12 hours will be counted towards the 30-hour minimum
(after all prerequisites have been met) required for the Masters degree.
After the student has completed the first 120 hours required for the undergraduate
degree, the final year of study will normally require completion of 18
hours of additional courses at the 5000 level and above. These must include
Economics 5140(403), 5001(451), 5002(452), and 5100(465). The Director
of Graduate Studies must approve all courses for the dual degree.
Awarding of Degree: The BS/MA degrees will be awarded
when all requirements for the MA degree have been completed. Students
who officially withdraw from the “2 + 3” Dual Degree Program in Economics
and who have successfully completed all of the requirements for the BS
degree will be awarded the BS degree.
Master of Arts in Economics
The Department of Economics offers a Master of Arts in Economics with
two options: general economics and business 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
Candidates for the M.A. in economics must complete a core curriculum
that provides training in the fundamental areas of economic theory, quantitative
methods, and communication skills. Students then select either the general
economics or business economics option.
Required Core Courses
The following courses or their equivalents are required for both the general
economics and business economics option. Students with previous education
in economics or business may waive some of these courses.
Econ 4150(350), Mathematical Economics
BA 5001(410), Managerial Economic Analysis
BA 5002(411), Analysis of National Economic Environment
MS/IS 5300(481), Statistical Analysis for Management Decisions
Econ 5140(403), Seminar in Economic Research
Econ 5001(451), Microeconomic Analysis
Econ 5002(452), Macroeconomic Analysis
Econ 5100(465), Econometric Theory and Methods
General Economics
The general economics option is designed for students interested in a
broad-based background in the traditional fields of economics. It is intended
for those who wish to teach basic economics or pursue further graduate
study in economics. A recommended study program is available for students
who plan to pursue a Ph.D. at another university after completing the
M.A. in economics at UM-St. Louis.
The general economics option requires 42 credit hours. Students with
previous education in economics or business may waive up to 12 hours of
the 42 hours required.
Regardless of the number of required courses waived, at least 30 hours
of graduate work must be completed within a six-year period to earn the
degree. A minimum of 21 hours must be completed while enrolled in the
M.A. in economics program at UM-St. Louis.
Required Courses
Candidates must complete the required core courses.
Electives
Candidates must complete at least 18 hours of electives. A maximum of
6 hours of economics electives may be taken with approval 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
at level below 5000.
Business Economics
The business economics option prepares students for careers in business,
government, and other organizations. This option combines the applied
economic analysis and quantitative skills necessary for decision making
in business and government with an appreciation for the function areas
of these institutions.
The business economics option requires 60 credit hours. Students with
previous education in economics or business may waive up to 24 hours of
the 60 hours required. Regardless of the number of required courses waived,
at least 36 hours of graduate work must be completed within a six-year
period to earn the degree. A minimum of 24 hours must be completed while
enrolled in the M.A. in economics program at UM-St. Louis. More than 50
percent of the credit hours completed in the business economics option
must be taken in the Department of Economics.
Required Courses
In addition to the required core courses, students must complete the following
courses:
BA 5900(412), Public Policies Toward Business
BA 5400(440), Financial Accounting: Theory and Practice
BA 6500(450), Financial Management
BA 5611(460), Organizational Behavior and Administrative Processes
BA 5700(470), Contemporary Marketing Concepts
MS/IS 6800(480), Management Information Systems
Econ 4110(366), Applied Econometrics
Econ 5020(453), Economics of Contracts and Organization
Econ 5130(467), Business and Economic Forecasting
Electives
Candidates must complete at least 9 hours of electives in 5000 level economics
courses. With the approval of the graduate coordinator, students may take
additional graduate courses outside the Department of Economics.
Certificate in Forensic Economics
The Certificate in Forensic Economics is a program of study designed for
individuals who wish to supplement previous graduate studies with training
in the theory and application of forensic economics. The program is aimed
at individuals who wish to prepare economic reports and offer expert economic
testimony for selected areas of litigation. The entrance requirement is
a master's degree in such areas as actuarial science, business administration,
finance, economics, or public policy. An applicant must have had prior
course work, or its equivalent, in: Intermediate Microeconomics, Intermediate
Macroeconomics, and Statistics. Course work in labor economics and law
and economics is recommended but not required. Individuals admitted to
this certificate program will be nonmatriculating graduate students.
Requirements
The certificate requires a minimum of 18 hours of course work in forensic
economics. Students must complete:
Econ 5650(440), Law and Forensic Economics
Econ 5660(442), Labor Economics for Forensic Economics
Econ 5670(444), Assessment of Damages in Personal Injury
and Wrongful Death
Econ 5680(446), Statistical Research in Forensic Economic Analysis
Econ 5690(447), Writing Reports and Papers on Forensic
Economics
Econ 5695(449), Internship in Forensic Economics
Graduate Certificate in Management Economics
A Graduate Certificate in Managerial Economics is a program of study designed
for individuals who wish to supplement previous graduate studies with
advanced training in economic analysis. The entrance requirement is a
master's degree in such areas as business administration, finance, or
public policy administration. Individuals admitted to this certificate
program will be nonmatriculating graduate students.
Requirements
The certificate requires a minimum of 18 hours of course work in economics.
Students must complete:
5001(451), Microeconomic Analysis
5002(452), Macroeconomic Analysis
5100(465), Econometric Theory and Methods
and two of the following:
4110(366), Applied Econometrics
5020(453), Economics of Contracts and Organization
5130(467), Business and Economic Forecasting
Career Outlook
Economics is a language that provides the individual with a concise
and logical way to study a wide range of problems and issues. It provides
the flexibility for adapting to our ever-changing society, and it is also
useful in everyday life. Thus, the economics major is excellent preparation
for launching many careers. Economics graduates with a B.A. or B.S. degree
pursue careers in banking, industry, and government. They use their training
in economics as a foundation for a variety of jobs in management, personnel,
sales, and marketing. Others continue their study of economics in graduate
schools, earning M.A. and Ph.D. degrees. An undergraduate major in economics
also provides a strong background for work on an M.B.A. or law degree.
Economics is also important for careers in politics, journalism, and public
and private service in foreign countries. Career planning materials are
available in the Economics Resource Center, 452 SSB. For additional information,
call the Director of Graduate Studies at (314) 516-5560.
Course Descriptions
Courses in this section are grouped as follows: Economics, Geography,
and Home Economics.
Prerequisites may be waived by consent of the department.
Students who have earned 24 or more semester hours of credit at any
accredited post-secondary institutions(s) before the start of the fall
2002 semester must meet the general education requirements stipulated
in the UM-St Louis 2001-2002 Bulletin. The following courses fulfill
the Social Sciences breadth of study requirements as described in that
Bulletin:
1000(40), 1001(51), 1002(52), 1003(53), 2610(110), 2800(205), 2010(207),
3900(210), 3500(216), 3501(217), 3650(219), 3200(220), 3300(230), 3301(231),
3310(238), 3320(240), 3001(251), 3002(252), 3400(260), 2410(262), 3100(265),
3600(266), 3700(270), 3750(272), 3710(302), 4140(304), 3052(306), 3510(317),
4210(320), 4150(350), 4040(352), 4030(353), 3620(355), 3630(357), 4550(360),
4100(365), 4110(366), 4130(367), 4160(368), 4610(372), 3800(380), 4990(390),
4980(395), 5110(466). GEOGRAPHY: 1001(101), 1002(102), 3900(295), 390,
395
Economics
1000(40) 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(40) does not
substitute for Econ 1001(51) or 1002(52). Students who have already completed
Econ 1001(51) or 1002(52) may not take Econ 1000(40) for credit.
1001(51) Principles of Microeconomics (3) [V, SS]
Prerequisite: Mathematics 1030(30) or Mathematics 40. 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.
1002(52) Principles of Macroeconomics (3) [SS]
Prerequisite: Econ 1001(51). 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.
1003(53) Microeconomics in the News: A Virtual
Classroom (1)
Prerequisites: Econ 1000(40) or Econ 1001(51) 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, pubic 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.
1004(54) Macroeconomics in the News: A Virtual
Classroom (1)
Prerequisites: Econ 1002(52) 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 pubic policy decisions – that can be understood
within a macroeconomics framework. Chatroom can be accessed from any location
– on or off – campus – with Internet access.
2010(207) The Business Firm: History, Theory, and Policy (3) [V,
SS]
Prerequisites: Economics 1000(40) or 1001(51) or consent of instructor.
This course presents a history of development of modern business firms
and examines the evolution of the economic theory of the firm. Special
attention paid to the role that firms play in fostering social and economic
development. Objective of course is to provide students with deeper understanding
of firms so that they can make better policy decisions as owners, managers,
lawmakers, regulators, and voters.
2410(262) Work, Families, and Public Policy (3)
Prerequisite: Econ 1000(40) or 1001(51). 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.
2610(110) The Economics of Professional Sports (3) [V, SS]
Prerequisite: Econ 1000(40) 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.
2800(205) History of American Economic Development (3) [MI, SS]
Prerequisites: Econ 1000(40) or 1001(51) or consent of instructor. Same
as Hist 2800(205). 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.
3001(251) Intermediate Economic Theory: Microeconomics (3)
Prerequisites: Econ 1001(51) and 1002(52). Analysis of prices in terms
of equilibrium of the business firm and consumer demand in markets of
varying degrees of competition.
3002(252) Intermediate Economic Theory: Macroeconomics (3)
Prerequisites: Econ 1001(51), 1002(52); Econ 3200(220) 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.
3052(306) 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 306 may not be used
by economics majors to meet degree requirements.
3100(265) Economic Statistics (3)
Prerequisites: Math 1030(30), Econ 1001(51), and Econ 1002(52). 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.
3150(301) Quantitative Methods and Modeling in Economics, Business
and the Social Sciences (3)
Prerequisites: Math 1030(30); Econ 1001(51) 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(350)
or Math 1880(80) or Math 1100(100) may not take this course for credit.
3200(220) Money, Banking, and Monetary Theory (3)
Prerequisites: Econ 1001(51) and 1002(52). 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.
3300(230) International Economic Analysis (3)
Prerequisite: Econ 1000(40), or 1001(51), or 1002(52). Introduction to
the theories of international trade and factor movements including determinants
of trade, the effects of trade on sectors and on overall economic performance,
trade restrictions, and balance of payments and exchange rates. Discussion
of current institutions and economic developments in the global economy.
3301(231) International Finance (3)
Prerequisite: Econ 1000(40), or 1001(51), or 1002(52). Introduction to
international monetary systems; foreign exchange markets; financing of
international transactions; the international position of the dollar.
3310(238) Comparative Economic Systems (3)
Prerequisite: Econ 1000(40), or 1001(51), or 1002(52). Introduction to
the comparative study of economic organization, growth, and welfare in
different types of national economies such as the United States, the United
Kingdom, France, Germany, Sweden, Japan, the republics of the former Soviet
bloc, and China.
3320(240) Economic Development (3)
Prerequisites: Econ 1001(51) and 1002(52). 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.
3400(260) Labor Economics (3)
Prerequisite: Econ 1000(40), or 1001(51), or 1002(52). 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.
3500(216) Public Finance: Expenditures (3)
Prerequisite: Econ 1001(51). Analysis of public goods and externalities,
models of collective choice, elements of benefit-cost analysis, the theory
of bureaucracy, governments as agents in markets.
3501(217) Political Finance: Revenues (3)
Prerequisite: Econ 1001(51). 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 differing
tax institutions, and government borrowing.
3510(317) Public Finance: State and Local (3)
Prerequisites: Econ 1001(51) and 1002(52) 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.
3600(266) Industrial Organization (3)
Prerequisite: Econ 1001(51). 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.
3620(355) Business and Government (3)
Prerequisite: Econ 1001(51). Relations between business firms and government
at all levels. Questions of regulation, public ownership, guidelines,
and competition considered.
3630(357) Government Regulation and Antitrust Policy (3)
Prerequisite: Econ 1001(51). Evaluation of the use of antitrust policy
and government regulatory agencies to improve the performance of industrial
markets. Course will include discussion of antitrust cases and analysis
of the economic impact of deregulatory initiatives in the airline, trucking,
railroad, and telecommunications industries.
3650(219) Law and Economics (3)
Prerequisite: Econ 1001(51). 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.
3700(270) Urban and Regional Economics (3)
Prerequisites: Econ 1001(51) and 1002(52). A survey of factors affecting
the location of economic activity, industrial diversity, determinants
of urban growth, the role of urban public economy, and the management
of the urban environment.
3710(302) Planning Processes in the Urban Economy (3)
Prerequisites: Econ 1001(51) and junior standing. Economic techniques
and criteria used in planning and evaluating programs and projects for
the urban economy.
3750(272) The Political Economy of Health Care (3)
Prerequisite: Econ 1000(40) or Econ 1001(51). The course provides an economic
perspective on the working of the health care market, focusing on the
effects of government regulation, tax policy, and entitlement programs.
There will be a detailed review of existing U.S. health care financing
programs (e.g., Medicare, Medicaid), as well as financing systems of other
developed countries. Health care policy will be evaluated according to
its impact on quality, cost, and access to medical care and, ultimately,
the overall health status of our population.
3800(380) History of Economic Thought (3)
Prerequisites: Econ 1001(51) and 1002(52). The evolution of economic thought
from the ancients through post-Keynesian theory.
3900(210) Selected Topics in Economics (3)
Prerequisites: Econ 1001(51) and 1002(52). 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.
4030(353) Managerial Economics (3)
Prerequisite: Econ 3001(251) or equivalent; Math 1800(80) or 1100(100)
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
4040(352) Analysis of Business Cycles (3)
Prerequisites: Econ 3200(220); 3002(252); 3100(265). 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.
4100(365) Introduction to Econometrics (4)
Same as Public Policy Administration 4650(365). Prerequisites: Econ 1001(51)
and 1002(52); Econ 3100(265) Math 1800(80) or Math 1100(100); or consent
of instructor. 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.
This course includes laboratory work in quantitative economic analysis.
4110(366) Applied Econometrics (4)
Prerequisite: Econ 4100(365) 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
4130(367) Econometric and Time Series Forecasting (4)
Prerequisite: Econ 4100(365) 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.
4150(350) Mathematical Economics (3)
Prerequisites: Math 1800(80) or 1100(100), Econ 3001(251), or Business
5000(408) or 5001(410). 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
which receive graphical treatment in lower level courses.
4160(368) Geospatial Economic Analysis (3)
Prerequisites: Junior standing. Econ 1001(51) and 1002(52)
or consent of instructor. Analysis of geospatial socioeconomic data using
geographic information systems (GIS) software. Emphasis will be on how
to create maps to clearly present and analysis information; how geospatial
analysis can be integrated into research projects and presentations; and
how geospatial data can be identified and located to shed light on economic
research questions.
4210(320) Financial Markets and Institutions (3)
Prerequisite: Economics 3200(220). 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.
4550(360) Natural Resource Economics (3)
Prerequisite: Econ 1001(51), or consent of instructor. 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.
4610(372) Economics of Nonmarket Decision Making (3)
Prerequisites: Economics 1001(51) or consent of instructor. Application
of economic theory and methodology to study of nonmarket decision making.
Introduction to economic models of the judiciary, bureaucracies, interest
groups, regulatory agencies, legislative and executive branches of government,
and private nonprofit charitable organizations. Impact of voting rules
and agenda manipulation on collective outcomes will be explored.
4980(395) 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
4990(490) Internship in Applied Economics (2-6)
Prerequisites: Junior standing, Econ 3001(251), 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.
5001(451) Microeconomic Analysis (3)
Prerequisites: Econ 3001(251) or BA 5001(410); Econ 3002(252) or BA 5002(411);
Econ 4150(350). Survey of microeconomic comparative statistics. Detailed
examination of demand and supply, product, and factor markets. Partial
equilibrium in competitive, imperfectly competitive, and monopolistic
markets.
5002(452) Macroeconomic Analysis (3)
Prerequisites: Econ 3200(220); Econ 3001(251) or BA 5001(410); Econ 3002(252)
or BA 5002(411); Econ 4150(350). 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.
5010(408) Microeconomics for Policy Analysis (3)
Prerequisites: Graduate Student Standing. Same as PPA 6080(408). 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.
5020(453) Economics of Contracts and Organization (3)
Prerequisites: Econ 3001(251) or BA 5001(410) or 5000(408). Considers
issues in the coordination of human resources in the production of goods
and services, either through individual contracting or through various
forms of organizations. Organization is explained as a nexus of contractual
relationships within a cooperative production unit, whether that unit
is governmental, in private commerce, or has a nonprofit orientation-or
some mix of the three basic modes. Emphasizes the roles of transactions
costs, bounded rationality, monitoring individual performance in team
production, opportunism, basic principles of insurance, and other incentive
compatibility issues.
5051(305) Macroeconomics for the School Curriculum (1-3)
Prerequisite: Junior standing. Analysis of forces affecting the national
economy, with emphasis on income determination, employment, money and
banking, and international trade and finance. Special reference to topics
included in elementary and secondary school social science curricula.
Econ 5051(305) may not be used by economics majors to meet degree requirements.
5055(310) 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.
5100(465) Econometric Theory and Methods (3)
Prerequisites: Econ 3001(251) or BA 5001(410); Econ 3002(252) or BA
5002(411); Econ 4150(350); Econ 4100(365) or MS/IS 5300(481); Math 2450(245)
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.
5110(466) Topics in Applied Econometrics (3)
Prerequisites: Econ 4110(365), or Econ 5100(465) or LOM 5300(481);
Math 2450(245) or equivalent. 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.
5130(467) Business and Economic Forecasting (3)
Prerequisites: Econ 3001(251) or BA 5001(410), Econ 3002(252) or BA 5002(411),
Econ 4150(350), Econ 4100(365) or MS/IS 5300(481). 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.
5140(403) Seminar in Economic Research (3)
Prerequisites: Econ 3200(220); Econ 3001(251) or BA 5001(410); Econ 3002(252)
or BA 5002(411). Research methods applied to economics. Develops efficiency
and skill in conducting research and communicating the results with written
reports and oral presentations. This course must be taken within the first
year of study after completion of the prerequisites.
5650(440) Law and Forensic Economics (3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265), or equivalent, or
consent of instructor. Reviews issues of law that dictate conditions under
which forensic economic analysis is admissible. Topics include introduction
to common law, federal and state court systems, statutory basis for wrongful
death damages, "make whole" principle, efficient deterrence
and efficient compensation, differences by class of litigation, determination
of relevant law, legal implications of "preferred jury instructions,"
standards for admissibility of economic expertise.
5660(442) Labor Economics for Forensic Economists (3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265), or equivalent; or
consent of instructor. Focuses on areas of labor economics of special
importance in forensic economic analysis. Topics include human capital
as a recoverable asset, age-earnings cycles, variations in age-earnings
cycles, earning capacity versus expected earnings, theories of family
and family bargaining, theory of discrimination and tests for presence
of discrimination.
5670(444) Assessment of Damages in Personal Injury and Wrongful Death
(3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265), or equivalent; or
consent of instructor. Reviews methodologies for standard damage categories
in forensic economic analysis. Topics include methods for establishing
base earnings, use of age-earnings profile data, discount rates, net discount
rates and stability of relationship between wage growth and discount rates,
analysis of fringe benefit packages, concepts and measurement of nonmarket
family services, hedonic damage controversy, analysis of personal consumption/personal
maintenance for wrongful death cases.
5680(446) Statistical Research in Forensic Economic Analysis (3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265), or equivalent; or
consent of instructor. Review of relevant statistical techniques, data
sources, and reliability factors. Since factual information about individual
tort victims is often limited in forensic economic assessment, this course
deals extensively with issues of inference that must be made with little
data. Also addresses issues of scientific admissibility and Internet as
a potential source of relevant data.
5690(447) Writing Reports and Papers in Forensic Economics (3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265), or equivalent; or
consent of instructor. A professional writing course in which students
are expected to prepare both a report suitable for litigation and a paper
written in publication format for a professional journal or law review.
Some student papers will be publishable in specialized journals, legal
publications, and law reviews.
5695(449) Internship in Forensic Economics (3)
Prerequisites: Econ 3001(251), 3002(252), 3100(265) or equivalent; or
consent of instructor. Internship with litigation division in law or accounting
practice, or with forensic consulting firm. Internship activities and
products will be monitored largely through Internet interaction between
student and faculty.
6200(420) MonetaryTheory and Policy (3)
Prerequisites: Econ 3200(220); Econ 3001(251) or BA 5001(410); Econ 3002(252)
or BA 5002(411); Econ 4150(350). 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
6210(422) Financial Markets (3)
Prerequisites: Econ 3200(220); Econ 3001(2511) or BA 5001(410); Econ 3002(252).
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.
6300(430) International Trade (3)
Prerequisite: Econ 3001(251) or BA 5001(410). 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.
6301(431) International Monetary Analysis (3)
Prerequisite: Econ 3200(220); Econ 3002(252) or BA 5002(411). Application
of macroeconomic theory to the international monetary system. Topics include
the balance of payments, exchange rates, international linkages, world
inflation, capital flows, and the gold standard.
6400(480) Labor Economics: Theory and Public Policy (3)
Prerequisite: Econ 3001(251) or BA 5001(410). 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.
6500(421) Public Sector Microeconomics (3)
Prerequisite: Econ 3001(251) or BA 5001(410), or PPA 6080(408). Same as
PPA 6210(421). 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.
6600(460) Structure and Performance of United States Industry (3)
Prerequisites: Econ 3001(251) or BA 5001(410); Econ 4150(350). 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.
6630(463) Economics of Telecommunications (3)
Prerequisites: Econ 3001(251), BA 5000(408) or BA 5001(410) and Econ 4150(350).
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.
6700(470) The Political Economy of Metropolitan Areas (3)
Prerequisites: Regular graduate student status and consent of graduate
student coordinator. This course deals with both the public and private
sector issues that affect our nation’s metropolitan areas. It focuses
on policy implications for economic development, government finance (especially
at the state and local level) and intergovernmental relations. It also
covers the economics of specific topical areas such as local education,
transportation, financing adequate urban services, governmental structure
and financial organization, infrastructure needs.
6750(471) The Political Economy of Health Care (3)
Prerequisite: Econ 3001(251) or BA 5000(408) 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.
6760(472) Health Economics (3)
Prerequisites: Econ 3001(251) or BA 5001(410). 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.
6900(490) 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.
6980(495) Directed Readings (1-6)
Prerequisite: Consent of instructor. Independent study through readings,
reports, research projects, and conferences.
Geography
1001(101) Introduction to Geography (3) [MI, SS]
Prerequisite: Math 02 or equivalent. 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.
1002(102) World Regions (3)
Prerequisite: Geography 1001(101) recommended. 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.
2900(295) 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.
3900(395) Advanced Topics in Geography (3)
Prerequisites: Junior standing or consent of instructor. Analysis of
selected geography topics. The topics selected will vary from semester
to semester. This course may be taken for credit more than once as long
as the topics discussed in each semester are different.
Home Economics
1110(130) Nutrition in Health (3)
A study of dietary nutrients essential for health, proper selection of
foods to provide them, and current issues affecting them.
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