ECONOMICS (ECO)

An 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.

The purpose of this course is to develop an understanding of how statistical inferences are made in the face of uncertainty, using Excel as a tool. 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. An asynchronous, online laboratory component covers the basic tools of Microsoft Excel. Students will learn to create worksheets, enter and move data, format cells and worksheets, apply functions, write formulas, and create effective charts and graphs. MAT 114 must be taken prior to or at the same time as ECO 115.

This course examines the work of women and men in the home and in the labor market. Economic decisions within the family are examined including the division of labor and the decision to engage in market work. Topics include: a historical perspective on women’s emergence in the workplace; comparative advantage within families; the effects of consumerism; and international comparisons. This is followed by an investigation into the underlying causes of the gender wage gap and the degree of poverty among women. The effects of government and business policies such as family leave, social security, affirmative action and social programs are discussed throughout.

Micro-economic and macro-economic theory is 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.

This course is about the construction of hypotheses and the specification of statistical methodology for testing those hypotheses. Students will learn estimation of parameters and inferential analysis, and how to apply these concepts to forecasting and policy. The course starts with the multiple linear regression model, after the properties of the ordinary least-squares estimator are studied in detail and a number of tests developed, it continues with specification, multicollinearity, autocorellation, heteroskedasticity, and dummy variables.

The primary purpose of this course is to provide students with hands on experience analyzing large data sets from the sports industry. In addition to applying econometric analysis to sports data, students will also be introduced to measures of productivity and value currently being utilized within the sports industry. Students will use appropriate data analysis software to calculate traditional and emerging sports statistics and to analyze relationships between variables using regression analysis. Additionally, students will be introduced to data envelopment analysis as a measure of efficiency.

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.

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.

Special topics in Economics are offered occasionally. These courses expand our current offerings and respond to changing student concerns, interests or more general worldwide topics of importance. These courses can be interdisciplinary in nature. They will be taught at the intermediate level. Some may require prerequisites or could be restrictive in some other manner.

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.

This course is an in-depth, comparative study of the rising economic powers of Asia and/or Central and Eastern Europe. Countries selected for study may include, among others, China, India, Russia and Poland. It examines such areas as transfer of firm ownership from the state to private investors, removal of price controls, macroeconomic stabilization, and the international economic relations of these countries, particularly their relationship with and impact upon the United States economy.

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.

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 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.

This course applies economic theory to labor market issues. It makes use of the analytical tools of micro- and macro-economics 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.

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.

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.

This course applies economic modeling to a number of issues surrounding professional and University sports in the United States. Market structure and game theory will be used to analyze the decision making process for the owners of professional sports teams. Public financing issues are addressed in the context of the funding of stadiums and arenas. A number of labor market topics will be examined including monopsony, labor unions and the economics of discrimination. Finally, collusion, game theory and human capital investment are examined in the context of University sports.

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.

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.

Individually supervised study with one or more professors on an advanced topic. Open to qualified juniors and seniors with the permission of the Chair.

Required of all Economics majors in their final semester. Course theme is chosen by the instructor. 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.