Academics > Economics > Requirements

Economics Requirements

Economics Major

  1. ECO-205 Principles of Macroeconomics
  2. ECO-215 Principles of Microeconomics
  3. ECO-405 Intermediate Macroeconomic Theory
  4. ECO-415 Intermediate Price Theory
  5. ECO-525 Econometrics
  6. Two of the following Applied Microeconomics courses:
    ECO-317 Labor Economics
    ECO-355 Industrial Organization
    ECO-446 International Economics
  7. Two of the following Applied Macroeconomics courses:
    ECO-305 Money and Banking
    ECO-336 Divergent Economic Growth
    ECO-495 International Finance
  8. One of the following: ECO-436 Economic Development ECO-457 U.S. Economic History ECO-515 History of Economic Thought
  9. One additional economics course numbered 300 or higher

Students intending to pursue a graduate degree in economics are strongly encouraged to complete the following:

MTH-135 Calculus I
MTH-145 Calculus II
MTH-255 Calculus III
MTH-265 Linear Algebra
ECO-535 Time Series Analysis
ECO-545 Mathematical Economics
ECO-815 Independent Study
ECO-805 Research in Economics

Economics Minor

  1. ECO-205 Principles of Macroeconomics
  2. ECO-215 Principles of Microeconomics
  3. One of the following Microeconomics courses:
    ECO-317 Labor Economics
    ECO-355 Industrial Organization
    ECO-415 Intermediate Price Theory
    ECO-446 International Economics
  4. One of the following Macroeconomics courses:
    ECO-305 Money and Banking
    ECO-336 Divergent Economic Growth
    ECO-405 Intermediate Macroeconomic Theory
    ECO-495 International Finance
  5. One of the following:
    ECO-436 Economic Development
    ECO-457 U.S. Economic History
    ECO-515 History of Economic Thought
  6. BUS-340 Applied Regression Analysis or one additional economics course numbered 300 or above

Courses

ECO-105 Economics and the Public Interest
Designed to give students the opportunity to learn the fundamentals of the economic approach to problems and enable them to apply elementary concepts such as supply and demand, marginal costs and benefits, and the national income identity to problems like the environment, public choice, the budget deficit, the trade deficit, etc. The core of the course consists of the analytics of the economic way of thinking; the applications change from time to time. This course does not satisfy any of the requirements for a major or minor in economics.

ECO-115 Introduction to Political Economy
An introduction to political economy. A study of the roots of economics and the interaction between public policy debates and economic theory. The course explores the historical foundation and development of a variety of schools of thought, ranging from the classical liberalism of Adam Smith to the radical voice of Karl Marx. Emphasis is placed on understanding not only the historical progression of ideas, but also the relevance varied perspectives have on present political and economic issues. This course does not satisfy any of the requirements for a major or minor in economics.

ECO-205 Principles of Macroeconomics
Theories of aggregate demand and supply applied to national income determination, business cycles, money, interest rates, inflation, and other macroeconomic questions.

ECO-215 Principles of Microeconomics
A study of demand and supply, theories of household and firm behavior, market structures, and pricing in output and factor markets under competitive and non-competitive conditions. Includes an economic analysis of the nature and consequences of market failure. Prerequisite: Principles of Macroeconomics (ECO-205).

ECO-305 Money and Banking
A study of the role of financial intermediaries in a modern economy, financial institutions and markets, and money and interest rates. Topics include the role of financial institutions and the central bank in creating and regulating money supply, and monetary policy in economic stabilization. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-317 Labor Economics
A study of the wage earner in modern economic society, of the development and operation of labor organizations and their policies, and of economic and social issues raised as a result of the existence of these organizations. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-325 Collective Bargaining
Traces the development of labor law and the legal interpretation of the statutes by the NLRB as they affect collective bargaining relationships. Public-sector implications for public employees because of state law and executive orders are also discussed. Major emphasis on the functioning of the grievance process to administer, interpret, and enforce the negotiated contract. Rules and principles of arbitration as the terminal step in the grievance process are taught via a case approach.

ECO-336 Divergent Economic Growth
A combination of modern macroeconomic growth theory and its application to the underdeveloped economies of the world. The course begins with the basics of growth theory and identifies the commonly cited lessons for growth in order to analyze underdeveloped economies, especially those of Sub-Saharan Africa. A preponderance of content is aimed at investigating the growth-promoting and growth-inhibiting institutions currently in place in underdeveloped economies. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-355 Industrial Organization
An upper division course devoted to the environment that firms operate within, the tools to analyze market processes under imperfect competition, and the consequences for economic performance. Topics include the structure-conduct-performance paradigm and the fundamentals of game theory. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-365 Law and Economics
A study of the Law and Economics school of jurisprudence, utilizing standard, elementary tools of microeconomics to analyze legal problems. The principal areas of property, contracts, crime, and tort law are evaluated from the economic perspective. Legal paradigms and rules of Western Europe and the New Zealand socialist tort program are also compared to the substantive laws of the United States. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-405 Intermediate Macroeconomic Theory
A study of national income accounting concepts and analysis of the determination of the levels of gross national product, national income and employment, and their control. Prerequisites: Principles of Macroeconomics (ECO- 205) and Principles of Microeconomics (ECO-215).

ECO-415 Intermediate Price Theory
Concepts and methods of analysis, including analysis of demand, theory of production, costs, pricing under different market structures, and functional distribution. General equilibrium analysis serves to introduce welfare economics. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO- 215).

ECO-436 Economic Development
The definition of development and underdevelopment in the modern context. A consideration of the process and problems of development in the presently less developed countries, strategies of planning for growth with distributional equity, the contribution of resources and capital, and the role of foreign trade and aid. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-446 International Economics
A study of the theories of international trade and the theoretical constructs needed to understand balance of payments, foreign exchange markets, commercial and trade policy, regional economic groupings, and foreign investments. Consideration of the nature of the emerging international monetary system. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-457 U.S. Economic History
Analysis of the economic institutions, policies, and theories which influenced the development of the American economy from colonial times to the present. The course allows development of historical perspective in economic development; it also requires the application and analysis of the effects of economic theory, policy, and institutions in the developmental process. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-465 Public Finance
Consideration of optimal resource allocation and the role of the public sector, the concept of public and semi public goods, allocation of public goods, principles of taxation and tax incidence, the tax and expenditure system of the U.S., the budgetary process, and the theory and techniques of modern fiscal policy. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-475 Comparative Economic Systems
A study of economic systems and theoretical models of competitive market economies, socialist market economies, and command economies. Topics include actual world economies such as those of the United States, Japan, Germany, and China; the breakdown of hitherto socialist command economies and the problems of transition to mixed market economies; emergence and strength of regional groupings such as European Community; and problems of stabilization, growth, and planning in different economies. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

BUS-350 Principles of Finance
See Business Administration

ECO-495 International Finance
A study of the theory of exchange rate determination and the balance of payments. Attention is given to how changes in the exchange rates affect international assets and portfolios. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-515 History of Economic Thought
A history and comparison of the doctrines of various schools of economic thought from the Mercantilists to the present. Prerequisites: Principles of Macroeconomics (ECO-205), Principles of Microeconomics (ECO-215), and a nearly completed major in economics.

ECO-525 Econometrics
Application of elementary statistical methods to test economic theory that has been stated in mathematical terms. It is recommended that students take Statistical Analysis (BUS-240) or Statistical Reasoning I-Statistical Foundations (STA-100) prior to taking this course. Prerequisites: Principles of Macroeconomics (ECO-205) and Principles of Microeconomics (ECO-215).

ECO-535 Time Series Analysis
An advanced econometrics course emphasizing the challenges of working with dynamic systems of economic variables. Modeling stationary and nonstationary processes for hypothesis testing, forecasting, and policy design and evaluation are emphasized. Prerequisite: Econometrics (ECO-525).

ECO-545 Mathematical Economics
An introduction to mathematics as a tool to formulate economic models. Includes elementary matrix operations, use of derivatives in utility and production theory, and constrained optimization solutions. Little mathematical preparation required; familiarity with economics a necessity. Prerequisites: Intermediate Macroeconomic Theory (ECO-405), and Intermediate Price Theory (ECO-415) or equivalent.

ECO-705, -715, -725 Seminar in Economics
An advanced study of selected economic theories and practices. (See instructor for specific content.) Prerequisite: a nearly completed major in economics.

ECO-805 Research in Economics
The student works on a research program in economics, independently or in participation with an economics department faculty member. With permission of instructor prior to registration, may be taken for an X status grade. Prerequisites: Principles of Macroeconomics (ECO-205), Principles of Microeconomics (ECO-215), and consent of instructor.

ECO-815 Independent Study
See Independent Study (BUS-815)