Major

ECONOMICS 
Eleven courses
Core Requirements:
ECON 111, 112, 268, 278, 288

MATH Requirements:
MATH 121 or 225 or INBM 220
MATH 170

Elective Requirements (3 courses):
Three ECON electives, at least two (2) of these electives must be at the 300-level or above

Capstone Requirement:
ECON 496


QUANTITATIVE ECONOMICS 
Thirteen courses
Core Requirements:
ECON 111, 112, 268, 278, 298

MATH Requirements:
MATH 121 or 225 or INBM 220
MATH 170 and 171

Elective Requirements (4 courses):
Three ECON electives, at least two (2) of these electives must be at the 300-level or above
One Quantitative Economics (QECN) elective, at the 300-level or above

Capstone Requirement:
ECON 496
 

NOTE:  Due to the substantial overlap between the two majors, a student is not permitted to double major in ECON and QECN.

Minor

ECONOMICS
Six economics courses including 111 and 112 and four other economics electives at the 200-level or above. INBM 200 and INBM 220 both count towards the minor.  INBM 200, Global Economy, can only be used as a 200-level elective for the minor.

Suggested curricular flow through the major

The following curricular guidelines will help you pace your progress through the major. While no specific course must be taken in any given semester, the vertical structure of the program requires that you successfully complete prerequisites for admission to intermediate and higher level classes in a timely manner. Plan to fulfill your mathematics requirements during your first year or first semester sophomore year in order to take intermediate level requirements for the each major. MATH 170 (Single Variable Calculus) or a more advanced calculus class is required for ECON 268 and ECON 278. The statistics requirement (MATH 121 or MATH 225 or INBM 220) is a prerequisite for ECON 298, which is required for the QECN major. ECON 268 and ECON 278 (and ECON 298 for QECN Majors) are prerequisites for upper-level electives and the senior seminar. You need at least three economics electives to complete the major (four for the QECN Major, one of which must be from the approved QECN elective list or by prior departmental approval); at least two of these must be at the 300 level (three for QECN), having one or more intermediate prerequisites.

ECON Major Suggested Curricular Flow:
Introductory Requirements (recommended for first years; ideally completed by middle of sophomore year):
ECON 111
ECON 112
MATH 121 or MATH 225 or INBM 220
MATH 170

Intermediate Requirements (to be completed as soon as prerequisites are met):
ECON 268
ECON 278
ECON 288

Electives (To be completed as soon as prerequisites are met):
Three electives are required for the ECON major. Two electives must be at the 300-level or above.

Senior Seminar (Spring Senior Year):
ECON 496

QECN Major Suggested Curricular Flow:
Introductory Requirements (recommended for first years; ideally completed by middle of sophomore year):
ECON 111
ECON 112
MATH 121 or MATH 225 or INBM 220
MATH 170
MATH 171

Intermediate Requirements (to be completed as soon as prerequisites are met):
ECON 268
ECON 278
ECON 298

Electives (To be completed as soon as prerequisites are met):
Three ECON electives are required for the QECN major. Two electives must be at the 300-level or above. One additional elective is required for the QECN major. (See list of pre-approved QECN electives below).

Senior Seminar (Spring Senior Year):
ECON 496

NOTES:
- Please allow enough flexibility in your schedule if you are planning on studying abroad. In addition, make sure you discuss your plans with your faculty advisor well in advance.

- Due to the substantial overlap between the two majors, a student is not allowed to double major in Economics and Quantitative Economics.

Pre-approved QECN Electives

  • COMP 331 Operations Research (cross-listed as MATH 331)
  • ECON 398 Advanced Econometrics
  • ECON 375 Mathematical Economics
  • ENST 318 Advanced Applications of GIS (cross-listed as ERSC 318 and ARCH 318)
  • INBM 300 Applied Empirical Data Analysis
  • INBM 300 Big Data in Business
  • INBM 300 Investments
  • INBM 300 Empirical Methods in Finance
  • Any other INBM 300 with either INBM 220 or INBM 250 as a prerequisite
  • MATH 325 Probability and Statistics II
  • MATH 361 Real Analysis
  • Any other ECON elective with either ECON 298 or MATH 171 as a prerequisite
  • Any course with prior departmental approval

Independent study and independent research

Each faculty member has special fields of study and will usually be available for advice in that area. No more than two independent study or tutorial study enrollments may be counted toward the major and they must conform to the appropriate level within the major.

Honors

Honors in Economics or Quantitative Economics
Any student with a 3.50 overall grade point average may undertake a two-course independent research project and oral defense of the research project. Honors in the major will be awarded if the two courses are over and above the eleven required courses for ECON majors and thirteen courses for QECN majors, if a grade of A or A- is earned on the project, and if the departmental oral examination on the project is successfully completed. For detailed information, go to the department web site.

Courses

111 Introduction to Microeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon consumer demand and upon the output and pricing decisions of business firms. The implications of actions taken by these decision-makers, operating within various market structures, upon the allocation of resources and the distribution of income are examined. Special attention is given to the sociopolitical environment within which economic decisions are made.
Attributes: Appropriate for First-Year, ENST Discip Spec (ESDS), Quantitative Reasoning, Social Sciences

112 Introduction to Macroeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon national output, employment, and price levels. The monetary and financial system is explored together with problems of economic stability. Monetary and fiscal policy procedures are analyzed and evaluated in light of the current economic climate. Special attention is given to the historical development of major economic institutions.
Prerequisite: 111.
Attributes: Appropriate for First-Year, ENST Discip Spec (ESDS), Quantitative Reasoning

214 Special Topics
An economic topic requiring some exposure to introductory economic concepts. Past topics have included Middle Eastern Economies, Feminist Economics, Network Industries, and the Economic Analysis of Policy. Specific topics will be described in each semester’s registration materials.
Prerequisites: 111 and/or 112 depending upon the topic.
Attributes: Social Sciences

222 Environmental Economics
A study of human production and consumption activities as they affect the natural and human environmental systems and as they are affected by those systems. The economic behavioral patterns associated with the market economy are scrutinized in order to reveal the biases in the decision-making process which may contribute to the deterioration of the resource base and of the quality of life in general. External costs and benefits, technological impacts, limits to economic growth, and issues of income and wealth distribution are examined. A range of potential policy measures, some consistent with our life style and some not, are evaluated.
Prerequisite: 111.
Attributes: ENST Society (ESSO), INST Globaliz & Sustain Course, LAWP Policy Elective, PMGT Private Sector Policy, SINE Elective, Sustainability Investigations

223 Introduction to Marxian Economics: The Political Economy of Social Justice
This course introduces students to the practice of Political Economy, which engages in a critical examination of the economic and social underpinnings of a capitalist society and their political and cultural effects. The course will analyze the U.S. economy within a global context and examine such issues as the social relations of production and distribution, markets, the labor process, cycles of growth and accumulation, and economic crises. Attention will be given to asymmetries of power and influence in government, media, and other institutions that shape American culture. Questions of the sustainability of capitalism and the viability of alternatives that could improve social and economic justice will be discussed.
Prerequisite: 111.
Attributes: ENST Discip Spec (ESDS), LAWP Policy Elective, PMGT Private Sector Policy, SINE Elective

228 Economic Analysis of Policy
This course introduces the basic economic techniques used in the analysis of public policy and applies these techniques to a variety of social problems and policies. The economic techniques taught include the analysis of market failure, benefit-cost analysis, and economic impact analysis. Applied topics vary, but are likely to include education and job training, public assistance, transportation policy, and environmental protection.
Prerequisite: 111 or permission of the instructor.
Attributes: ENST Discip Spec (ESDS), Quantitative Reasoning, Social Sciences

236 Issues in Developing Economics
The goal of this course is to survey the economic history, issues and institutions of less developed countries generally or in a specific region. Among the topics which may be covered are colonial heritage, industrialization strategies, agricultural reforms, financial issues and policies, attempts at regional integration, and efforts to revise the role of the state.
Prerequisites: 111/112, or permission of the instructor.
Attributes: ENST Discip Spec (ESDS), INST Latin America Course, LAWP Policy Elective, Lat Am, Latino, Carib St Elect, PMGT International Policy, Portuguese & Brazilian Studies

247 Money and Banking
A study of the role of money and credit in the U.S. economy. The nature of money, the structure of the banking system in the context of a rapidly changing financial institutional environment, and the Federal Reserve System are examined. Various theories of money as guides to monetary policy are compared and contrasted. Neoclassical approaches will predominate, although some alternative approaches will be explored.
Prerequisite: 112.

268 Intermediate Macroeconomic Theory
Neoclassical theories of economic behavior in the aggregate. Models will be used as a framework for analyzing the determination of the level of national output and for explaining fluctuations in employment, the price level, interest rates, productivity, and the rate of economic growth. Policy proposals will be appraised.
Prerequisite: 111 and 112; MATH 170.
Attributes: Social Sciences

278 Intermediate Microeconomic Theory
Neoclassical theory of relative prices of commodities and productive services under perfect and imperfect competition. The role of prices in the allocation and distribution of resources and commodities. Economic behavior of individual economic units like consumers, firms, and resource owners.
Prerequisite: 111 and MATH 170.
Attributes: Social Sciences

288 Contending Economic Perspectives
A study of major heterodox economic theories such as Marxian, institutional, feminist, post-Keynesian, or Austrian economics. Students will study these contending economic perspectives through their historical evolution, methods and theoretical structures, and/or current policy debates.
Prerequisites: 111 and 112.
Attributes: ENST Discip Spec (ESDS), SINE Elective

298 Econometrics
This course is an introduction to econometrics in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic data. Students will develop foundational knowledge of applied statistics and econometrics through exploration of empirical techniques relevant to quantitative economics including probability, estimation, hypothesis testing, correlation, modeling, simple and multiple linear regression analysis, and time series analysis. In addition, this course will cover basic extensions of a multiple linear regression model such as dummy variables and interaction terms. Students will use Stata, or other statistical analysis software widely used in economics, to understand and apply empirical work.
Prerequisite: 111, 112, MATH 170, and MATH 121 (or INBM 220 or MATH 225)
Attributes: Social Sciences

314 Advanced Special Topics
Prerequisites: One or more of the core intermediate theory courses (268, 278, 288) depending on the topic.
Attributes: Social Sciences

332 Economics of Natural Resources
This course uses microeconomics to analyze the use and conservation of natural resources, including energy, minerals, fisheries, forests, and water resources, among others. Broad themes include the roles of property rights, intergenerational equity, and sustainable development in an economy based on resource exploitation.
Prerequisite: 278. For ENST, ENSC and INST majors, prerequisite is ECON 222.
Attributes: ENST Society (ESSO), INST Globaliz & Sustain Course, SINE Elective

344 Public Finance
Theoretical analysis of the interaction of the public and private sectors emphasizing problems of allocation and distribution. Topics include economic rationales for government, public expenditure theory, redistribution of income, collective decision making, and taxation. Neoclassical approaches predominate; however, some alternative approaches will be explored.
Prerequisite: 278 or permission of the instructor.

348 International Economics
An analysis of the determinants of international trade patterns, the causes and consequences of public policies to control trade, the operation of the international monetary system, and its effect on national economies. In addition, rich and poor country relationships, theories of imperialism, and the emerging role of multinational corporations are considered. While the neoclassical approach dominates, alternative paradigms will be explored.
Prerequisite: 268 and 278.
Attributes: INST Globaliz & Sustain Course

349 Development Economics
Introduction to the economics of less developed countries, covering their growth potential, international trade, human resources, urbanization, agriculture, income distribution, political economy, and environment. Both mainstream and heterodox approaches may be explored.
Prerequisites: 268 and 288.
Attributes: INST Globaliz & Sustain Course

350 Industrial Organization and Public Policy
A study of the relationships between market structure, conduct, and economic performance in U.S. industry. Emphasis will be on the manufacturing sector and specific industries will be examined. A brief introduction to antitrust and regulation is also covered. Debate within the main stream is examined.
Prerequisite: 278.

353 The Economics of Labor
An analysis of labor market issues and policies. Topics covered include discrimination, anti-discrimination policy, the minimum wage, health and safety policy, and other labor market policies and institutions. While the neoclassical approach dominates, other approaches will be explored.
Prerequisite: 278 or permission of the instructor.

371 British and European Economic History
Rapid economic development took off in Britain during the eighteenth century. What were the causes and consequences of this first Industrial Revolution? Why did it take place in Britain and not France or other European country? Technological change, along with rapid population growth and migration, resulted in uneven distributional outcomes within and between countries. This course will cover important questions in British and European economic history. Readings will focus on improvements in living standards and efforts made to address unequal outcomes with an emphasis on the impact of industrial development and institutional change. This course may be taught as a Writing in the Discipline or standard elective. Quantitative Economics majors may elect to write an empirical research paper.
Prerequisites: 268 and 278. Recommended: 288.

373 History of Economic Thought
This course provides an appraisal of the origins and evolution of selected economic theories, primarily through the works of great economists of the past. Past economic works are analyzed in their theoretical and historical context.
Prerequisites: 268, 278 and 288.

375 Mathematical Economics
Selected topic, to be announced prior to registration, in theoretical or applied economics, using mathematical or statistical techniques.
Prerequisites: 268 and/or 278 plus MATH 170 and 171 or permission of the instructor.
Attributes: Quantitative Econ Elective

398 Advanced Econometrics
This course covers some advanced topics in applied econometrics. Students will apply multiple regression analysis to both cross-sectional and longitudinal (panel) data to familiarize students with a variety of advanced econometric techniques including instrumental variable analysis, differences-in-differences methods, limited dependent variable models, and dynamic panel analysis. Students will conduct individual empirical research projects using Stata, or other statistical analysis software widely used in economics, to enable students to understand and apply the conventions of empirical research in economics. We will cover elements of technical writing, reviewing existing literature, data collection and organization, and file management for complete transparency and reproducibility.
Prerequisites: 268 or 278, and 298.
Attributes: Quantitative Econ Elective, Writing in the Discipline

496 Economics Seminar
A reading, research, and conference course on a selected economics topic. Student seminar choices must be approved by the department.
Prerequisite: 268, 278, and 288(for ECON majors) or 298 (for QECN majors) and permission of the instructor.