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ECONOMICS COURSES

ECONOMICS (ECO)

(ECO 110 is a prerequisite for ECO 111, and the ECO 110-111 sequence is a prerequisite for most Economics courses.)

ECO 110 PRINCIPLES OF MICROECONOMICS

An examination of the basic theory and performance of the household, business, and government in determining the nature of the output of the economy and its distribution among the members of the society. Policy issues considered may include public control of business, labor unions, agriculture, the environment, income distribution and poverty, and international trade. (ECO 110 may be taken to satisfy the General Education requirement for Social Science.) Prerequisite: MAT 111. (Fall, Spring) Staff/Three credits

ECO 111 PRINCIPLES OF MACROECONOMICS

Analysis of the basic theory of aggregate economic activity and the application of the theory to current policy problems. Topics include national income accounting, the determinants of the level of income and employment, money and banking, fiscal and monetary policies, and economic growth and stability. Prerequisite: ECO 110. (Fall, Spring) Staff/Three credits

ECO 115 STATISTICS

The purpose of this course is to develop an understanding on an introductory level of how statistical inferences are made in the face of uncertainty. The underlying role of probability is stressed. A secondary purpose is the application of various test designs to formulate research questions. These designs include: t tests, analysis of variance, chi square analysis, and linear regression. (ECO 115 may be counted as a “second” Math in the General Education requirement if MAT 114 or higher is taken as a first course.) Prerequisite: MAT 111. (Fall, Spring) Charlebois, Fahy, Gerace, Kantarelis, White/Three credits

ECO 120 INTRODUCTION TO GLOBAL STUDIES

The course introduces students to several of today’s most pressing global issues and demonstrates how they are interconnected. It explores, subject to various perspectives, the issues of global conflict, security and peace, including weapons proliferation; global economics, including trade and capital flows; development; and the natural environment. Attention is devoted to the debate over globalization and the development of international institutions. (Fall) (Same as GEO 120). Available to freshmen/sophomores or by permission. Hickey, Kantarelis,/Three credits

ECO 210 ECONOMICS OF WOMEN AND THE FAMILY

This course examines economic aspects of the lives of women and families. It looks at economic decisions within the family, such as the division of labor, and factors affecting the decision to work outside the home. It then looks at the underlying reasons for the gender wage gap and poverty among women. Finally, women’s current status in the U.S. is compared to the past, and what it is like today in other countries. Prerequisites: ECO 110. (Spring) Fahy/Three credits

ECO 212 ECONOMICS OF THE PUBLIC SECTOR

Micro-economic and macro-economic theory are applied in an analysis of the role of the public sector in the United States economy. Following a consideration of the institutional arrangements that determine the magnitude of local, state, and federal taxes and expenditures, micro-theory is applied to the analysis of the impact of public finance on private sector behavior. Prerequisites: ECO110-111. (Spring, alternate years) Charlebois, Fahy/Three credits

ECO 230 LAW AND ECONOMICS

The objective of the course is to show how economic thinking may facilitate legal thinking in its attempt to “create” efficient legal rules. After an overview of micro-economics and legal institutions, the course turns to the economics of the principal areas of the common and criminal laws. More specifically, it deals with the existing economic theories of property, contracts, torts, crime, and their applications. Prerequisites: ECO 110-111. (Spring, alternate years) Kantarelis/Three credits

ECO 233 URBAN ECONOMICS

The course introduces students to the major economic issues facing metropolitan areas. Topics that will be discussed include how and why cities are formed; urban housing markets and land-use patterns; the impact that local public finance and zoning decisions have on urban development; economic causes of the concentration of poverty in inner cities; and the causes and consequences of urban sprawl. Prerequisite: ECO 110-111. (Fall, alternate years) White/Three credits

ECO 235 ENVIRONMENTAL ECONOMICS

The course examines the relationship between the environment, markets, and business organizations. After an overview of the economics of the environment, it focuses on (among other topics) property rights; externalities; human population problems; the allocation of depletable, renewable, and other resources; cost-benefit analysis; regulation and taxation; and the trading of pollution rights. Prerequisite: ECO 110. (Fall, alternate years) Kantarelis, White/Three credits

ECO 252 ECONOMIC DEVELOPMENT

Problems encountered by less developed countries. Theories of development are presented, followed by problems of capital accumulation; resource and population issues; strategies for agricultural and industrial development; government’s role; and relationships between developing and developed economies. Prerequisites: ECO 110-111. (Spring) Lynn, Rao/Three credits

ECO 260 GOVERNMENT AND THE AMERICAN ECONOMY

This course is a chance to examine the relationships between government and business with a view to improving and developing our system by examining Supreme Court decisions. It deals with the consequences of public policy toward business and the court decisions which interpret legislation. A sizeable volume of the material deals with the legal and economic environment of anti-monopoly policy. The more recent drive to deregulate is also included. Any upper-class student is welcome. Prerequisites: ECO 110-111. (Fall) Kantarelis/Three credits

ECO 264 COMPARATIVE ECONOMIC SYSTEMS

This course compares the characteristics of planned, market, and mixed economies. It then focuses on the process of transition from planning to the market that is taking place in the countries of Central and Eastern Europe. It examines such areas as transfer of firm ownership from the state to private investors, removal of price controls, macroeconomic stabilization, and international economic relations of countries such as Russia, Poland, Hungary, and the Czech Republic. Prerequisite ECO 110, 111. (Fall) Lynn, Rao/Three credits

ECO 310 MICROECONOMIC THEORY

The primary purpose of this course is to develop the ability to analyze the economic behavior of individuals, businesses, and government, in the light of economic principles. Topics include consumer theory, production and costs, various market structures and related models, and welfare considerations. Should be taken before Senior year. Prerequisites: ECO 110-111. (Fall) Charlebois, Fahy, Kantarelis, Rao/Three credits

ECO 311 MACROECONOMIC THEORY

The modern theory of aggregate economic behavior is considered through development of comparative static models that include the principal aggregate variables associated with determination of levels of output, employment and prices. The problems of economic growth are introduced by using a limited number of the basic dynamic models. Should be taken before Senior year. Prerequisites: ECO 110-111. (Spring) McGee, White/Three credits

ECO 315 ECONOMETRICS

Through the provision of tools for testing economic and business hypotheses, the aim of this course is to assist the student in better understanding the formulation of econometric models, the use of actual data, and the interpretation of the results. Specifically, the course is concerned with the statistical measurement and testing of theoretical relationships. It begins with a review of hypothesis testing and correlation, and it covers simple and multiple linear and non-linear regression, parametric estimation with time series and cross section data, and simultaneous models. Applications to economics and business are emphasized. Prerequisite: ECO 115 or permission of instructor. (Offered as needed.) Fahy, Kantarelis/Three credits

ECO 323 LABOR ECONOMICS

This course applies economic theory to labor market issues. It makes use of the analytical tools of micro- and macroeconomics in an examination of productivity, pricing, and allocation of labor resources. Public policy issues are covered including discrimination, manpower development, income maintenance programs, collective bargaining, and unemployment. Prerequisites: ECO 110-111. (Spring, alternate years) Charlebois/Three credits

ECO 325 CORPORATE FINANCE

Introduction to the principles and techniques utilized in the financial management of business. Topics to be covered include: interpretation of financial statements, time value of money, stock and bond valuation, ratio analysis, risk and return, capital budgeting, cost of capital, leverage, and capital structure. Prerequisites: ECO 110-111, ACC 125. (Fall, Spring) Fahy, McGee, White/Three credits

ECO 329 MONETARY AND FINANCIAL INSTITUTIONS

A study of the role of money and monetary institutions in the economy. A parallel development of the monetary theory and institutions that determine public monetary policy and its influence on domestic and international economic activity. Prerequisites: ECO 110-111. (Fall) McGee, White/Three credits

ECO 331 INDUSTRIAL ORGANIZATION

The course is concerned with the organization of industries in a market environment. It focuses on the market structure, conduct, and performance of industries in the USA. In addition, attention is given to antitrust policy regarding price-fixing agreements, control of market structures, and restrictions on conduct. Prerequisites: ECO 110-111. Fahy, Kantarelis/Three credits

ECO 353 INTERNATIONAL TRADE

An examination of the theory of international trade and policies followed by governments with respect to trade of goods and services among countries. Theory examines the gains from trade under classical and modern assumptions, and the impact of various measures used by governments to either restrict or promote trade. Policy analysis focuses on U.S. trade policies and the role of the World Trade Organization. Current topics include trade and the environment, NAFTA, U.S.-China trade, and others as appropriate. Prerequisites: ECO 110 and Junior/Senior standing. (Fall) Kantarelis, Lynn, McGee, Rao/Three credits

ECO 354 INTERNATIONAL FINANCE

This course covers open economy macroeconomics. Topics include: balance of payments accounting, exchange rate determination, monetary and fiscal policy, and macroeconomic modeling. After examining standard theories and models, the course will explore case studies from recent history in numerous countries. The case studies will focus on: debt and balance of payments crises, speculative currency attacks, European monetary union, International Monetary Fund policy, and the value of the U.S. dollar. Students will engage in research projects. Prerequisites: ECO 110 -111 and Junior/Senior standing. (Spring) Kantarelis, McGee/Three credits

ECO 357 INVESTMENT THEORY

An examination of investing using economic analysis. Topics include types of investments; investment objectives; investment return and risk; security analysis; portfolio theory; the efficient market hypothesis; fundamental analysis; technical analysis; the capital asset pricing model; and other topics to be chosen by the instructor. Prerequisites: ECO 110-111, ECO 115. (Spring, alternate years) White/Three credits

ECO 399 INDEPENDENT STUDY IN ECONOMICS

Individually supervised study with one or more professors on an advanced topic. Open to qualified Juniors and Seniors with the permission of the Chair.(Fall/Spring) Staff/Three credits

ECO 499 RESEARCH SEMINAR

Required of all Economics majors in their final semester. Economics Department faculty present individual perspectives on a central issue. Research projects will be planned and carried out by students under faculty guidance. Seminar meetings provide the opportunity for discussions of students’ research and what it means to be an economist in today’s world. Useful for Seniors in other social sciences and business studies. (Spring) Staff/Three credits

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In the fall of 2006, 34 of the brightest incoming first year students will participate in the new Honors Program.