201 - Principles of Economics-MicroThe emphasis is primarily micro. Topics covered include elasticity of supply and demand, market structures, price and output determination, price and employment determination, comparative advantage, balance of payments, issues in international trade and finance, and comparative economic systems. This course, coupled with ECON 202 or 215, will satisfy the social science requirement. Three hours. Staff.
202 - Principles of Economics-MacroAn introductory treatment of the basic concepts, methodology, and analytical tools that relate to the operation of a modern economic system. The emphasis is primarily macro. Topics covered include supply and demand analysis, economic activities of government, national income accounting, employment theory, commercial banking, monetary and fiscal policy, and economic growth. Prerequisite: ECON 201 or 203. Three hours. Staff.
203 - Principles of Economics-Micro-Environmental IssuesThis course introduces the basic concepts of microeconomics and applies them to environmental problems. The focus is on the analysis of different types of product and resource markets, the notion of economic efficiency, and the conditions under which market outcomes are either efficient or inefficient. The rationale for government intervention in markets, public policies which promote efficiency, and the limitations of such policies will be covered. This course, coupled with ECON 202 or 215, will satisfy the social science requirement. It may be substituted for ECON 201 as part of the economics and business major or the economics major/minor. It is also a required course for the environmental studies major. Three hours. Mr. Lang.
215 - Elementary International Trade and FinanceThis course introduces the theory of international trade and finance at an elementary level. The tools necessary for the analysis beyond the principles of economics are presented as an integral part of the course. This course is designed primarily for non-majors; it does not count as a part of the major program in economics or economics-business. It may be combined with ECON 201 or 203 to satisfy the collegiate requirement in the social sciences. (Note: A student may not take this course after having taken ECON 380 or BUSN 370.) Prerequisite: ECON 201 or 203. Three hours. Staff.
312 - Advanced Statistics for Economics and BusinessA course that deals with the statistical techniques used to analyze economic and business data. It serves as a background for the study of econometrics and for graduate study. Emphasis is placed on parametric and non-parametric tests of hypotheses, regression analysis, and time-series analysis. Index numbers and decision theory will be covered if time permits. Computer applications are an integral part of the course. Prerequisites: ECON 201-202 or 203-202, MATH 111 or 113. Three hours. Mr. Pfitzner.
323 - Intermediate Microeconomic TheoryA study of traditional price theory. The course emphasizes the development and use of tools that permit analysis of several different types of product and resource markets. A major theme is efficiency in resource allocation and major topics include demand theory, indifference curve analysis, derivation of costs, pricing behavior, resource employment and prices, and welfare economics. The course also integrates simple mathematical techniques with economic analysis. Prerequisite: ECON 201 or 203. Four hours. Mr. Pfitzner, Mr. Brat.
324 - Intermediate Macroeconomic TheoryA study of the economic forces that determine the major macroeconomic variables for the economy as a whole - output, employment, interest rates, and the overall price level. An analysis is made of classical, Keynesian, new classical, and monetarist economics as well as the implications of these alternative hypotheses. Prerequi-site: ECON 201-202 or 203-202. Three hours. Mr. Lang, Mr. Schmidt.
340 - Urban EconomicsThis course applies the analytical tools of microeconomics to model the spatial and economic organization of cities and metropolitan areas. The model is then used to study issues facing cities such as urban transportation, housing, poverty and segregation, and urban public finance. Prerequisite: ECON 201-202 or 203-202, 323. Offered alternate years. Three hours. Mr. Lang.
350 - Environmental EconomicsThis course studies the relationships between the environment and our economic and political systems. Economics can assist in identifying circumstances that give rise to environmental problems, in discovering causes of these problems, and in searching for solutions. The notion of intertemporal economic efficiency and the effect that property rights, externalities, and regulation have on efficiency will be covered. In addition, specific environmental problems, such as population growth, natural resource allocation, pollution control, and sustainable development, will be examined with a strong emphasis on policy analysis. Prerequisite: ECON 201 or 203. Offered alternate years. Three hours. Mr. Lang.
357 - Public FinanceA study of the economic behavior of the public sector with reference to taxing, spending, borrowing, and managing the public debt. Students are expected to be able to analyze the effects of government taxes and expenditures on resource allocation, stabilization, and distribution. Additional topics include an analysis of government regulation, externalities, and benefit-cost analysis. Prerequisites: ECON 201-202 or 203-202, 323. Offered every three years. Three hours. Mr. Brat.
361 - Money and BankingA course that examines the role played by money, commercial banks, and other financial intermediaries in our economic system. It encompasses institutional description, model building, and monetary theory and policy. Attention is also placed on different financial instruments and markets and on the differences in various schools of thought with respect to the role of the Federal Reserve System. Prerequisites: ECON 201-202 or 203-202. Three hours. Mr. Schmidt.
370 - Economic JusticeAn historical examination of the major conceptions of economic justice primarily in the western world. Major ethical schools of thought include the Socratic/Platonic/Aristotelian, the Judeo-Christian, and the Enlightenment school of Locke, Rousseau, Kant, Mill and Marx. Finally, contemporary moral theorists such as John Rawls and Eobert Nozick will be used to compare/contrast this legacy of ethical thought with the orthodox models of economic thought, as represented in the writings of economists such as Adam Smith, John Maynard Keynes and Milton Friedman. Offered alternate years. Three hours. Mr. Brat.
380 - International EconomicsA study of international economic relationships in theory and practice. The course emphasizes the analysis of the gains from international trade and the costs of tariff and non-tariff barriers, as well as the effects of various methods of protection on the domestic economy. Also included is a study of international financial arrangements, balance of payments problems, and an analysis of exchange rates and international capital flows. Prerequisites: ECON 201-202 or 203-202, 323. Offered alternate years. Three hours. Mr. Pfitzner.
382 - International Economic DevelopmentAn introduction to theory and policy in the important area of economic development. Classical and Neo-Classical models of economic growth are presented with consideration of the policy implications of choosing a specific development path. Models and problems specific to third-world economies are also presented as an integral part of the course. Prerequisites: ECON 201-202 or 203-202, 323. Offered alternate years. Three hours. Mr. Brat.
383 - Britain in the International EconomyInternational trade theory and finance with particular emphasis on the development of the European Union. General theory of economic integration is examined relative to Europe's economic development, including trade diversion and trade creation with special reference to integrational forms such as free trade, customs unions, common markets, and economic unions. The theory of optimal currency is explored with special reference to the EU's movement toward the EURO. Offered at Wroxton College, the history of the origins and structure of the EU will be taught by Wroxton staff. Students attend debates and participate in discussions with British economists and politicians at Parliament. Selected industry tours included. Prerequisite: ECON 201 or instructor permission. Counts on majors in economics/business, economics, and international relations. Offered every January term. Three hours. Staff.
391-392 - Junior Independent StudyAn independent study under the guidance of a member of the department. At least a 3.25 cumulative grade point average and approval by the curriculum committee are required. Three or six hours. Staff.
423 - The Theory of the FirmAn in-depth analysis of market structure beyond the scope of ECON 323. The emphasis is placed on decision-making at the level of the firm, including output rate and pricing, resource acquisition and utilization, and scale of operation. Prerequisites: ECON 201-202 or 203-202, 323. Offered alternate years. Three hours. Mr. Brat.
440 - Contemporary Issues in EconomicsA course in seminar format intended to provide further insight into economic theory and policy. Students will be exposed to the current literature of economic analysis through readings and oral presentations. Prerequisites: ECON 201-202 or 203-202, 323-324. Offered alternate years. Three hours. Staff.
442 - EconometricsA course that introduces students to the application of statistical techniques in order to derive measurements of empirical relationships in economics. The major emphasis is on the application of regression analysis and the problems commonly arising in an economic context. Prerequisites: ECON 201-202 or 203-202, 312. Offered alternate years. Three hours. Mr. Pfitzner.
445 - Time Series Analysis and ForecastingAn introduction to a wide variety of modern techniques of forecasting economic and business data that are time-related. The student will gain hands-on experience in utilizing modern computer techniques to perform required statistical estimation procedures. Prerequisites: ECON 201-202 or 203-202, 312. Offered alternate years. Three hours. Mr. Pfitzner.
450-451 - Internship in EconomicsApplication required; see page 43. See BUSN 450-451. Offered every January term.
481-482 - Selected Topics in EconomicsThis course is designed to investigate a field of specialized analysis in economics. The topics considered will change with each offering. Prerequisite: ECON 201-202 or 203-202, 323. Offered as needed. Three hours. Staff.
491-492 - Senior Independent StudyThis course of study is usually based upon successful completion of the junior independent study course or courses and is done under the guidance of a member of the department. It should bridge the gap between undergraduate and graduate studies in economics, although it can be of significant value for a student not going on to graduate work who wants to know more about the discipline. At least a 3.25 cumulative grade point average and approval by the curriculum committee are required. Prerequi-sites: Senior standing. Offered as needed. Three or six hours. Staff.
497-498 - Senior ProjectA student-selected and faculty-approved subject of independent study constitutes the project. Frequent conferences are held with the student, and a three-person faculty committee holds an examination upon completion of the project. The student is expected to develop the ability to formulate a topic, perform the research, and compose a written report. Open to seniors only each semester with departmental approval. Three hours. Staff.