Economics (ECON)

Empirical application of economic analysis to real-world business and public policy problems.

Introduction to economic theories for real-world business and public policy decisions.

Introduction to national income accounting, income determination, unemployment, inflation and monetary fiscal policy problems of business cycles and economic growth.

International trade theory studies the effects of international trade on domestic national welfare and income distribution, and the effects of government intervention in trade on domestic and global welfare. Topics may include sources of comparative advantage; effects of trade on wages and returns to capital; international factor movements (immigration and FDI); the effects of trade restrictions; the effects of export subsidies and strategic trade policy; trade agreements; and the effects of trade on contemporary social issues (e.g. labor rights, the environment, discrimination).

Economic analysis of the impact of environmental damages in the global environment. Focus is on market-based versus regulatory-based environmental approaches via the paradigm of cost-benefit analysis versus sustainability analysis.

Industrial organization is concerned with the study of imperfect competition (markets with relatively few competitors). Topics may include theory of the firm; pricing and marketing strategies; the design of marketplaces (online auctions, ride-share exchanges, health insurance exchanges); entry barriers, including strategic pricing, mergers, collusion, and non-price competition); and regulation and antitrust policy.

Labor economics studies the tools for analyzing labor market decisions by households and firms, and government policies. Topics may include labor supply and demand; labor market imperfections and failures; unemployment; discrimination; international and domestic migration; unions; the minimum wage; the welfare and welfare reform, including the universal basic income; or wage subsidies including the earned-income tax credit.

The economic analysis of institutions studies the ways in which institutions (such as markets, firms, governments, and cultural norms) form, shape decisions of economic and political agents, enforce agreements between individuals, and influence economic performance in society. Topics include transactions costs, property rights, theory of the firm, contracting mechanisms, and positive theories of democratic choice.

Studies the challenges in achieving equitable and sustainable economic development in low- and middle-income countries. Topics may include: poverty and income inequality; population growth; economic growth; market, political, legal, and cultural institutions; credit markets; health care; education and human capital; infrastructure; land and property rights; civil war and conflict; and ethnic and gender discrimination.

Study of the theory and practice of international monetary systems, including theories of exchange rate determination, the balance of payments, and monetary policy in a global economy. Topics include trade deficits and surpluses in the balance of payments; fixed versus flexible exchange rate regimes; interest-rate and purchasing-power parity theories of exchange rates; external balance equilibrium; and monetary and fiscal policy in an open economy.

Analyze the area of real estate by examining terms and concepts as commonly applied within the business environment. Topics include the legal characteristics of real estate, financing media, location theory, ownership, contracts and rights.

Selected topics, announced as offered, covering various themes. Students may repeat course if it is on a separate topic, not previously studied for credit.

Learn techniques to measure and analyze economic phenomena and to predict future economic trends. Econometrics attempts to quantify economic reality and bridge the gap between the abstract world of economic theory and the world of human activity. Examine data and quantify the actions of firms, consumers, and governments.

Involves directed research by the student in economics, leading to completion of a senior thesis in economics requiring the application of the scientific method to individual behavior under scarcity. Students select a topic related to either the study of econometrics or macroeconomics or microeconomics and are expected to (1) explore their topic with full rigor, (2) collaborate with students studying other topics, and (3) demonstrate the relevance of their finding to economics and society as a whole.