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
Anne Winkler, Professor*
Economics and Public Policy Administration
Ph.D., University of Illinois at Urbana-Champaign
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
Lea-Rachel Kosnik, Assistant Professor
Ph.D., University of California, Los Angeles
William H. Rogers, Assistant Professor
Ph.D., Colorado State University
Michael T. Allison, Senior Lecturer
A.B.D., University of Virginia
Kathleen Phares, Senior Lecturer Emeritus
M.A., University of Missouri-St. Louis
Brian Speicher, Senior Lecturer
A.B.D., Washington University
Mary Suiter, Lecturer, and
Director for the Center for Entrepreneurship
and Economic Education
M.A., University of Delaware
*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, Principles of Microeconomics,
and Economics 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:
1001, Principles of Microeconomics
1002, Principles of Macroeconomics
3200, Money, Banking, and Monetary Theory
3001, Intermediate Economic Theory: Microeconomics
3002, Intermediate Economic Theory: Macroeconomics
3100, Economic Statistics
3800, 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, Principles of Microeconomics
1002, Principles of Macroeconomics
3200, Money, Banking, and Monetary Theory
3001, Intermediate Economic Theory: Microeconomics
3002, Intermediate Economic Theory: Macroeconomics
3100, Economic Statistics
4100, Introduction to Econometrics
Math 1800, Analytic Geometry and Calculus I, or
Math 1100, Basic Calculus
Also required are two of the following :
4150, Mathematical Economics
4040, Analysis of Business Cycles
4030, Managerial Economics
4110, Applied Econometrics
4130, Econometric and Time Series Forecasting
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 2450, Linear Algebra
Math 4200, Mathematical Statistics
General Business Preparation:
It is recommended that students interested in pursuing careers in business
also take:
BA 2400, Fundamentals of Financial Accounting
BA 2410, Managerial Accounting
BA 2900, Legal Environment of Business
BA 3500, Financial Management
BA 3700, 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, Economic Statistics, cannot
be counted towards the economics minor if the student has also taken
Math 1310, Math 1320, Math 1105, or the equivalent.
The following courses are required :
1001, Principles of Microeconomics
1002, Principles of Macroeconomics
3001, Intermediate Economic Theory: Microeconomics
It is also recommended that students take Econ 3002, 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 and 1002 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, 3001, 3002,
3100: 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; three additional electives in economics of
which two must be selected from Economics 4150, 4040, 4030, 4110, or
4130; up to three 5000 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, 5001, 5002, and 5100. The Director of Graduate
Studies must approve all courses for the dual degree.
Awarding of Degree: The B.S./M.A. degrees
will be awarded when all requirements for the M.A. 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 B.S. degree will be awarded the B.S. 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, Mathematical Economics
BA 5001, Managerial Economic Analysis
BA 5002, Analysis of National Economic Environment
MS/IS 5300, Statistical Analysis for Management Decisions
Econ 5140, Seminar in Economic Research
Econ 5001, Microeconomic Analysis
Econ 5002, Macroeconomic Analysis
Econ 5100, 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, Public Policies Toward Business
BA 5400, Financial Accounting: Theory and Practice
BA 6500, Financial Management
BA 5611, Organizational Behavior and Administrative
Processes
BA 5700, Contemporary Marketing Concepts
MS/IS 6800, Management Information Systems
Econ 4110, Applied Econometrics
Econ 5020, Economics of Contracts and Organization
Econ 5130, 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, Law and Forensic Economics
Econ5660, Labor Economics for Forensic
Economics
Econ5670, Assessment of Damages in
Personal Injury and Wrongful Death
Econ 5680, Statistical Research in Forensic Economic
Analysis
Econ 5690, Writing Reports and Papers on Forensic
Economics
Econ5695, 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, Microeconomic Analysis
5002, Macroeconomic Analysis
5100, Econometric Theory and Methods
and two of the following:
4110, Applied Econometrics
5020, Economics of Contracts and Organization
5130, 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) 516-5553.
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, 1001, 1002, 1003, 2010, 2410, 2610, 2800, 3001, 3002,
3052, 3100, 3200, 3300, 3301, 3310, 3320, 3400, 3500, 3501, 3510, 3600,
3620, 3630, 3650, 3700, 3710, 3750, 3800, 3900, 4030, 4040, 4100, 4110,
4130, 4140, 4150, 4160, 4210, 4550, 4610, 4980, 4990, 5110
GEOGRAPHY:
1001, 1002, 2900, 3900
Economics
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 1002. Students who have already completed Econ 1001
or 1002 may not take Econ 1000 for credit.
1001 Principles of Microeconomics (3) [V, SS]
Prerequisite:
Mathematics 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.
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.
1003 Microeconomics in the News: A Virtual Classroom (1)
Prerequisites: 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, 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 Macroeconomics in the News: A Virtual Classroom (1)
Prerequisites: 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 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 The Business Firm: History, Theory, and Policy (3) [V,
SS]
Prerequisites: Economics 1000 or 1001 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 Work, Families, and Public Policy (3)
Prerequisite: Econ 1000 or 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.
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.
2800 History of American Economic Development (3) [MI,
SS]
Prerequisites: Econ 1000 or 1001 or consent of instructor. Same as
Hist 2800. 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 Intermediate Economic Theory: Microeconomics (3)
Prerequisites: Econ 1001 and 1002. Analysis of prices in terms of equilibrium
of the business firm and consumer demand in markets of varying degrees
of competition.
3002 Intermediate Economic Theory: Macroeconomics (3)
Prerequisites: Econ 1001, 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.
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.
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.
3150 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.
3200 Money, Banking, and Monetary Theory (3)
Prerequisites: Econ 1001 and 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.
3300 International Economic Analysis (3)
Prerequisite: Econ 1000, or 1001, or 1002. 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 International Finance (3)
Prerequisite: Econ 1000, or 1001, or 1002. Introduction to international
monetary systems; foreign exchange markets; financing of international
transactions; the international position of the dollar.
3310 Comparative Economic Systems (3)
Prerequisite: Econ 1000, or 1001, or 1002. 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 Economic Development (3)
Prerequisites: Econ 1001 and 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 .
3400 Labor Economics (3)
Prerequisite: Econ 1000, or 1001, or 1002. 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 Public Finance: Expenditures (3)
Prerequisite: Econ 1001. 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 Political Finance: Revenues (3)
Prerequisite: Econ 1001. 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 Public Finance: State and Local (3)
Prerequisites: Econ 1001 and 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.
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.
3620 Business and Government (3)
Prerequisite: Econ 1001. Relations between business firms and government
at all levels. Questions of regulation, public ownership, guidelines,
and competition considered.
3630 Government Regulation and Antitrust Policy (3)
Prerequisite: Econ 1001. 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 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 .
3700 Urban and Regional Economics (3)
Prerequisites: Econ 1001 and 1002. 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 Planning Processes in the Urban Economy (3)
Prerequisites: Econ 1001 and junior standing. Economic techniques and
criteria used in planning and evaluating programs and projects for the
urban economy.
3750 The Political Economy of Health Care (3)
Prerequisite: Econ 1000 or Econ 1001. 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 History of Economic Thought (3)
Prerequisites: Econ 1001 and 1002. The evolution of economic thought
from the ancients through post-Keynesian theory.
3900 Selected Topics in Economics (3)
Prerequisites: Econ 1001 and 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.
4030 Managerial Economics (3)
Prerequisite: Econ 3001 or equivalent; Math 1800 or 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.
4040 Analysis of Business Cycles (3)
Prerequisites: Econ 3200; 3002; 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.
4100 Introduction to Econometrics (4)
Prerequisites: Econ 1001 and 1002; Econ 3100 Math 1800 or Math 1100;
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. .
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.
4130 Econometric and Time Series 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.
4150 Mathematical Economics (3)
Prerequisites: Math 1800 or 1100, Econ 3001, or Business 5000 or 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 which receive graphical treatment
in lower level courses.
4160 Geospatial Economic Analysis (3)
Prerequisites: Junior standing. Econ 1001 and 1002 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 Financial Markets and Institutions (3)
Prerequisite: Economics 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.
4550 Natural Resource Economics (3)
Prerequisite: Econ 1001, 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 Economics of Nonmarket Decision Making (3)
Prerequisites: Economics 1001 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.
4900 Advanced Topics in Economic Analysis (3)
Prerequisites: Econ 3001 or 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.
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
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.
5001 Microeconomic Analysis (3)
Prerequisites: Econ 3001 or BA 5001; Econ 3002 or BA 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.
5002 Macroeconomic Analysis (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 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.
5010 Microeconomics for Policy Analysis (3)
Prerequisites: Graduate Student Standing. Same as PPA 6080. 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 Economics of Contracts and Organization (3)
Prerequisites: Econ 3001 or BA 5001 or 5000. 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 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 may not be used by economics majors to meet degree requirements.
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.
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.
5100 Econometric Theory and Methods (3)
Prerequisites: Econ 3001 or BA 5001; Econ 3002 or BA 5002; Econ 4150;
Econ 4100 or MS/IS 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 .
5110 Topics in Applied Econometrics (3)
Prerequisites: Econ 4110, or Econ 5100 or LOM 5300; Math 2450 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 Business and Economic Forecasting (3)
Prerequisites: Econ 3001 or BA 5001, Econ 3002 or BA 5002, Econ 4150,
Econ 4100 or MS/IS 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.
5140 Seminar in Economic Research (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 5002.
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 Law and Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100, 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 Labor Economics for Forensic Economists (3)
Prerequisites: Econ 3001, 3002, 3100, 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 Assessment of Damages in Personal Injury and Wrongful
Death (3)
Prerequisites: Econ 3001, 3002, 3100, 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 Statistical Research in Forensic Economic Analysis (3) Prerequisites:
Econ 3001, 3002, 3100, 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 Writing Reports and Papers in Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100, 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 Internship in Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100 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 MonetaryTheory and Policy (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 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.
6210 Financial Markets (3)
Prerequisites: Econ 3200; Econ 3001 or BA 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.
6300 International Trade (3)
Prerequisite: Econ 3001 or BA 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.
6301 International Monetary Analysis (3)
Prerequisite: Econ 3200, Econ 3002 or BA 5002. 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 Labor Economics: Theory and Public Policy (3)
Prerequisite: Econ 3001 or BA 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.
6500 Public Sector Microeconomics (3)
Prerequisite: Econ 3001 or BA 5001, or PPA 6080. Same as PPA 6210.
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 Structure and Performance of United
States Industry (3)
Prerequisites: Econ 3001 or BA 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.
6630 Economics of Telecommunications (3)
Prerequisites: Econ 3001, BA 5000 or BA 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.
6700 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 The Political Economy of Health Care (3)
Prerequisite: Econ 3001 or BA 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.
6760 Health Economics (3)
Prerequisites: Econ 3001 or BA 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.
6900 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 Directed Readings (1-6)
Prerequisite: Consent of instructor. Independent study through readings,
reports, research projects, and conferences.
Geography
1001 Introduction to Geography (3) [MI, SS]
Prerequisite:
None. 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 World Regions (3)
Prerequisite: None. 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.
2900 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 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 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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