01:220:102 Introduction to Microeconomics (3) The market system and alternative mechanisms for determining prices and allocating resources. Economic analysis of monopoly, cartels, wage and price controls, pollution, and other contemporary problems.
Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:121.

01:220:103 Introduction to Macroeconomics (3) Determinants of aggregate employment and national income; evaluation of government policies to alleviate inflation and unemployment. Money, banking, and monetary policy. International trade and finance, and the prospects for world economic development. Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:122.

01:220:110 Personal Finance and Financial Decision-Making (3) Economics and financial literacy; basic tools of financial planning; simple and compound interest; investment and retirement planning; insurance, futures, and options. Prerequisite: 01:640:025. Credit not given for both this course 11:373:353 and 37:575:250. Course cannot be used for major or minor credit.

01:220:120 Inequality (4) Economic and political explanations for the growth in U.S. income inequality since the 1970s; measurement of inequality; comparisons with other countries and with earlier eras in the United States; explanatory roles of discrimination, immigration, globalization, superstar and winner-take-all markets, party politics, and differences between rich and poor in voting power, political voice, and political participation; perspectives from other social and behavioral science disciplines. Lower-level elective.
Credit not given for both this course and 01:790:120.

01:220:200 Economic Principles and Problems (3) Economic principles and their application to current problems. Prerequisite: 01:640:111, or 115, or calculus placement. Open only to engineering students. Credit not given for both this course and 01:220:102 and 103. 01:220:200 may be used in place of 01:220:102 and 103 to satisfy the prerequisite for more advanced courses.

01:220:212 Economic Data Analytics: Introduction to Data Management, Statistics, and Regression Methods for Decision-Making (3) Introduction to data collection, visualization, analysis, and presentation; introduction to basic linear regression methods, hypothesis testing, and interpretation of estimates; use of Microsoft Excel and Regressit, an Excel add-in, throughout. This course is equivalent to the 210-211 sequence. Prerequisite: 01:640:026 or placement into higher. May be used for economics minor credit only. Credit not given for both this course and 01:220:210 or 01:220:211.

01:220:300 International Economics (3) Pure or "real" aspects of international trade, including the basic comparative advantage model, commercial policy (tariffs, quotas, etc.), economic integration, and the role of international trade in economic development. Monetary aspects of international trade, including international capital movements, foreign exchange market, concept and measurement of balance of payments, alternative means of correcting disequilibrium in the balance of payments, and international monetary arrangements. Prerequisites: 01:220:102, 103. Major credit may be earned for only two of the three courses: 01:220:300, 335, 336.

01:220:301 Money, Banking, and the Financial System (3) Economic significance of money; structure, history, and present state of the American monetary system; credit, banking, and Federal Reserve; instruments of credit control; Federal Reserve and treasury policies; monetary reform, monetary theory and policy. Lower-level elective.
Prerequisites: 01:220:102, 103.

01:220:303 Labor Institutions and Markets (3) Private and public employee unions, industrial relations, and collective bargaining. Public regulation of labor markets including industrial safety and wage levels. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200.

01:220:305 American Economic History (3)

Long-term trends in economic growth and institutions from the colonial period to World War II. Development of transportation and industry. Effects of technological change and immigration.

Prerequisites: 01:220:102, 103, or 200.

01:220:307 Economics of Globalization: A Historical Perspective (3) Examination of the evolution of globalization from the 1800s to the present; assessment of the benefits of financial and trade integration relative to the costs associated with integration such as the consequences of financial crises. Lower-level elective.
Prerequisite: 01:220:102 and 01:220:103.

01:220:311 Methods of Cost-Benefit Analysis (3) Introduction to theoretical and applied welfare economics. Theories of social welfare; the normative basis for, and practical techniques of, cost-benefit analysis. Selected applications.
Prerequisites: 01:220:102 and 103.

01:220:320 Intermediate Microeconomic Analysis (3) Households and firms as maximizing agents; implications for demand and supply of goods and productive services in competitive and monopolistic markets; general equilibrium; welfare economics. Prerequisites: 01:220:102, grade of C or better; 01:640:135 or 151, grade of C or better. Credit not given for both 01:220:320 and 203.

01:220:321 Intermediate Macroeconomic Analysis (3) Modern and classical theories of income determination, stabilization, and economic growth; emphasis on unemployment and inflation. Prerequisites: 01:220:102, 103, grade of C or better; 01:640:135 or 151, grade of C or better. Credit not given for both 01:220:321 and 204.

01:220:322 Econometrics (3) Introduction to the application of statistical methods for the estimation, testing, and prediction of economic relationships. Emphasizes ordinary least squares regression and problems in its application. Extensive use of microcomputers. Special topics may include limited dependent variable models, simultaneous equation methods, and time-series methods. Prerequisites: 01:220:102, 103, grade of C or better; 01:960:211 or 285 or equivalent, grade of C or better; 01:640:135 or 151, grade of C or better.

01:220:323 Data Science and Econometrics (1) Empirical capstone project for Data Science Certificate Program. Includes proposing an economic research project and conducting a data-based project including identifying a data source, cleaning and organizing the data, conducting appropriate statistical analysis, and interpreting and reporting the results of the study in a standard scholarly form. Requires finding an appropriate project and data source with suitable characteristics for a data science-oriented study. Prerequisites: (01:198:142 or 01:960:142) and 01:960:291 and (01:198:210 or 01:960:295 or 04:547:221) and 01:220:322.

01:220:327 History of Economic Thought (3) Historical examination of the major concepts of economic theory. Covers all major traditions within economic thought, with special emphasis on the school of classical political economy. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200, or permission of instructor.

01:220:331 Economics of Crime (3) Economic analysis of crime and the criminal justice system, criminal behavior, law enforcement, crime prevention, sentencing, capital punishment, organized crime, and the war on drugs. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200.

01:220:334 Energy Economics (3) Economic analysis of energy problems. Critical examination of government energy policies. Lower-level elective. Prerequisites: 01:220:102, 103.

01:220:362 Comparative Economic Systems (3) Comparative analysis of differing economic systems with emphasis on plan/market comparisons and the nature of transitions in formerly planned economies. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200.

01:220:389 Public Policies toward Business (3) Analysis of major policies affecting competition. Topics include antitrust, traditional public-utility regulation, and newer regulatory alternatives. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200.

01:220:390 Choice and Strategy in Politics (3) Rational-choice approaches to understanding political behavior and institutions. Spatial models of direct and representative democracy; strategic behavior of political actors; ideal voting systems; selected applications in U.S. and other political systems. Credit not given for both this course and 01:790:390. Prerequisites: 01:220:102, 103.

01:220:395 Law and Economics (3) Economic rationale and consequences of legal rules. Contracts, compensation, property rights, liability rules, crime, safety, monopoly, discrimination, health care, pollution, and public interest law. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200.

01:220:396 Corporations, Bankruptcies, and Takeovers (3) Origin and nature of corporations; corporate bankruptcy, including liquidation and reorganization; mergers and acquisitions; takeover disputes. Lower-level elective.
Prerequisites: 01:220:102, 103, or 200. Credit not given for both this course and 01:220:309.

01:220:397 Internship in Economics (1) Supervised internship in economics-related position. Approval of the director of undergraduate studies and semester paper required. Prerequisites: 01:220:102, 103, or 200. Each student is limited to one internship in economics. Students are responsible for finding internships. Majors only. Graded Pass/No Credit.

01:220:398,399 Independent Study in Economics (3,3) Independent research supervised by a faculty member. Prerequisites: 01:220:203, 204, and 322. By permission of instructor and department. Maximum of two independent study courses in economics allowed.

01:220:402 Labor Economics (3) The firm's labor demand, the household's labor supply, and wage determination in competitive and noncompetitive markets. Economics of unions. Human capital, occupational choice, wage structure, and unemployment. Upper-level elective.
Prerequisites: 01:220:320 and 322 with grades of C or better. Credit not given for both this course and 01:220:302.

01:220:403 Special Topics in Labor Markets (3) Analysis of topics such as hours of work, fertility and population, mobility, job search, and unemployment. Investment in human capital, wage and retirement policies, and occupational training. Upper-level elective. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:304.

01:220:410 Advanced Macroeconomic Theory (3) Use of models of household and firm behavior and equilibrium analysis to study macroeconomic issues. Competing theories of aggregate fluctuations, including real business cycle theory and the New Keynesian model. Effects of fiscal and monetary policy on the economy in the short and long run. Upper-level elective. Prerequisites: 01:220:320, 01:220:321, 01:220:322, 01:640:136, or 01:640:152. Credit not given for both this course and 16:220:586.

01:220:411 Global Financial Crises (3) Financial crises from a historical perspective; survey of the history of banking, currency, and debt crises across the world for the past century and a half; in-depth discussion of the 2008 crisis in the United States and the Euro-zone crisis of 2010-2013. Seminar. Upper-level elective. Prerequisites: 01:220:320, 321, and 322.

01:220:412 Monetary Theory and Policy (3) Role of money and the monetary system in determining income, employment, and price level; techniques of monetary policy; relation of monetary and fiscal policy; international policies. Upper-level elective.
Prerequisites: 01:220:321 and 322.

01:220:413 Financial Economics (3) Analysis of financial decision-making; market structure; asset valuation; return on assets; determinants of relative yields.� Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:393.

01:220:414 Economics of Capital Markets (3) Capital markets uncertainty; capital budgeting; theories of stock and bond market activity. Innovations in financial instruments. Upper-level elective.
Prerequisites: 01:220:321, 322, and either 393 or 413. Credit not given for both this course and 01:220:394.

01:220:415 Portfolio Theory (3) Selection of a financial portfolio under conditions of uncertainty. Treatment of risk. Case histories of investment fund performance. Upper-level elective.
Prerequisite: 01:220:393 or 413.

01:220:420 Computational Methods for Research in Economics (3) Computational tools and custom-designed data collection methods for economic research; self-contained primer in building computational tools; use of computational tools in adapting tightly specified and general theoretical models to more complex and realistic settings; primer in research design, with emphasis on efficient collection of data to test theory. Upper-level elective. Prerequisites: 01:220:320, 321, 322; 01:640:136 or 152.

01:220:421 Economic Forecasting and Big Data (3) Application of forecasting methods to data sets with large numbers of observations and variables.� Introduction to Big Data methods for economics and finance. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322.

01:220:422 Advanced Econometric for Microeconometric Data (3) Advanced topics in microeconomic applications of econometrics. May include fixed effects, panel data, instrumental variables and simultaneous equation methods, limited dependent variable models, duration models, regression discontinuity and difference-in-difference designs. Emphasis on application of these methods to economic issues with focus on computer exercises.
Prerequisites: 01:220:320, 01:220:321, and 01:220:322, Calculus II and admission by special permission.

01:220:423 Advanced Time-Series and Financial Econometrics (3) Application of multivariate time-series methods to economics and finance. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322; 01:640:136 or 152; and admission by special permission. Upper level elective. Credit not given for both 01:220:400 and 01:220:423.

01:220:424 Advanced Analytics for Economics (3) Advanced regression and classification methods applied to economic research questions; consideration of linear, graphical, kernel and neural network methods; emphasis on Bayesian methods for research design; consideration of broader social and distributional implications of the use of these methods. Prerequisites: 01:220:420, 01:640:136 or 01:640:152.

01:220:432 Environmental Economics (3) Economic basis of problems of air and water pollution and general environmental quality. Issues relating to externalities and public goods. Economic solutions to problems of environmental quality. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:332 or 11:373:363.

01:220:433 Health Economics (3) Medical care costs; production of health; demand for health care and insurance; health services personnel; physician and hospital behavior; cost containment; review and evaluation of public programs. Upper-level elective.
Prerequisites: 01:220:320 and 322 with grades of C or better. Credit not given for both this course and 01:220:316 or 01:220:417.

01:220:435 International Trade (3) Theories analyzing the gains from, and causes of, the international exchange of goods and services. The impact of commercial policy and other government policies on these gains and resource allocation. Upper-level elective. Prerequisites: 01:220:320, 322. Major credit may be earned for only two of the three courses: 01:220:300, 435, 436. Credit not given for both this course and 01:220:335.

01:220:436 International Finance and Macroeconomics (3) Theory of the balance of payments and balance-of-payments adjustment. International financial system, foreign exchange market, determinants of the trade balance and capital accounts, and the impact of government financial policies in the open economy. Upper-level elective. Prerequisites: 01:220:320, 321, and 322. Major credit may be earned for only two of the three courses: 01:220:300, 435, 436. Credit not given for both this course and 01:220:336.

01:220:437 Economics of the European Union (3) Intraregional macroeconomic analysis of the European Union, elimination of all trade barriers, integration of capital and labor markets, coordination of monetary and fiscal policies, the Euro currency. Upper-level elective. Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:337.

01:220:438 Education Economics (3) Economic theory applied to educational policy issues. The nature of education and its relation to personal and societal development from economic perspectives. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:338.

01:220:439 Economic Development (3) Theories and experience of qualitative and quantitative changes involved in the process of raising living standards in less-developed countries. Upper-level elective. Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:339.

01:220:440 Economics of Income Inequality and Discrimination (3) Income distribution in the United States and elsewhere; the roles of occupation, education, and discrimination. Government policies concerning inequality, discrimination, and poverty. Upper-level elective. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:340.

01:220:441 Industrial Organization (3) Theories of firm and market behavior. Evidence on relationships between structure, conduct, and performance. Includes pricing, profitability, innovation, and advertising. Upper-level elective. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:341.

01:220:442 Economics of Innovation and Intellectual Property (3) Incentives to innovate, economic models of innovation, intellectual property protection including patents and copyrights, and government programs to stimulate innovation. Upper-level elective. Prerequisites: 01:220:203 and 322. Credit not given for both this course and 01:220:342.

01:220:443 European Economic History (3) Emergence of the modern economy in Europe from the 16th to the 20th century. Price revolution and mercantilism. Industrial revolution in England and the continent, and the formation of international markets. The Great Depression and renewed prosperity. Upper-level elective. Prerequisites: 01:220:320 (or 203) and 321 (or 204) and 322. Credit not given for both this course and 01:220:343.

01:220:444 Financial and Monetary History of the United States (3) Development of financial institutions, money, and capital markets. Central banking and the Federal Reserve system. Gold standard and floating exchange rates. Financial panics and economic crises. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:344.

01:220:445 Advanced Topics in International Economics (3) Topics may include strategic trade, trade and economic growth, the political economy of trade policy, exchange rate determination, international coordination of macroeconomic policy, empirical issues in international economics, and foreign direct investment. Upper-level elective. Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:433.

01:220:449 Economics of Transition (3) Economic analysis of the policies and performance of the transition economies of the former Soviet Union and Eastern Europe. Upper-level elective.
Prerequisites: 01:220:203, 204, and 322. Credit not given for both this course and 01:220:349.

01:220:460 Public Economics (3) Rationale for the public sector; public expenditure theory; economics�of political process; expenditure structure and growth; incidence and incentives of specific taxes; fiscal incidence; stabilization. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:360.

01:220:463 Economics of Taxation (3) Structure of the U.S. tax system. Effects on the allocation of resources and economic growth; distribution of the burden of taxation across income groups. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:363.

01:220:464 Personal Economics and Public Policy (3) Examination of how public policy affects and is affected by individuals' economic decisions and actions. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:364.

01:220:469 State and Local Public Finance (3) Evolution of federalism; analysis of expenditure and revenue decisions and intergovernmental grants; discussion of stabilizing and distributional aspects of state-local finances; and specific state-local fiscal problems. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:369.

01:220:470 Economic Growth (3) Theories, experience, and measurement of quantitative changes in output, employment, price levels, and other economic aggregates in modern developed countries. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:370.

01:220:471 Economics of Regulation (3) Applied topics in rate-of-return regulation. Emphasis on underlying financial, accounting, and pricing issues in selected utilities industries. Upper-level elective.
Prerequisites: 01:220:320 and 322.

01:220:475 Women, Men, and the Economy (3) Description and analysis of women's economic status. Theories of discrimination against women in the labor market, including neoclassical, institutional, and Marxian. Women's work in the home analyzed from three perspectives: household utility maximization, patriarchy, and a sex-gender system. Application of theories to case studies. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:375.

01:220:477 Economics of Population (3) Theoretical and empirical study of the interrelations between population change and economic change in developed as well as less-developed countries. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322. Credit not given for both this course and 01:220:377.

01:220:480 Behavioral and Experimental Economics (3) Alternative theories of anomalous behavior in economic settings. Choice under uncertainty, strategic interaction, and behavior in anonymous markets. Experimental methods for the study of economic behavior. Prerequisites: 01:220:320, 322, and 01:640:136 or 152 all with grades of C or better. Credit not given for both this course and 01:220:404 or 01:220:405.

01:220:481 Economics of Uncertainty (3) Measurement of risk, attitudes toward risk, decision-making under uncertainty, Bayesian decision theory, applications to asset markets. Upper-level elective.
Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152 all with grades of C or better. Credit not given for both this course and 01:220:405.

01:220:482 Game Theory and Economics (3) Expected utility theory, zero and nonzero sum games, cooperative and noncooperative games, bargaining models, supergames, oligopoly, core market games, strategy-proof systems. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152 all with grades of C or better. Credit not given for both this course and 01:220:406 or for both this course and 01:640:355.

01:220:483 Markets, Games and Information (3) Private and asymmetric information, moral hazard with optimal contracts, adverse selection with applications to signaling and screening, and incentive mechanisms such as auctions and tournaments. Upper-level elective.
Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152. Credit not given for both this course and 01:220:407.

01:220:484 Market Discipline (3) Theories and evidence of agency problems and firm performance at for-profit, not-for-profit, and mutual organizations; internal discipline of managerial performance derived from ownership structure, boards of directors, incentive compensation, and debt financing; external discipline derived from regulation and markets for products, capital, labor, and donors. Upper-level elective.
Prerequisites: 01:220:320, 01:640:136 or 152, 01:220:322. Credit not given for both this course and 01:220:408.

01:220:485 Advanced Microeconomic Theory (3) Consumer and producer theory, general equilibrium analysis, and game theory. Emphasis on rigorous mathematical approach to economics. Recommended for students interested in graduate-level study in economics. Upper-level elective. Prerequisites: 01:220:320, 321, and 322; 01:640:136 or 152. Credit not given for both this course and 16:220:585.

01:220:486 Operations Research I (3) Application of quantitative methods to production management including decision theory, game theory, deterministic inventory theory, queuing, and linear programming. Upper-level elective.
Prerequisites: 01:220:320 and 322. Credit not given for both this course and 33:623:386. Credit not given for both this course and 01:220:386.

01:220:487 Operations Research II (3) Development and use of advanced techniques of production management, including advanced topics in linear programming, PERT, nonlinear programming, dynamic programming, stochastic inventory theory, and Markov analysis and simulation. Upper-level elective.
Prerequisites: 01:220:320 and 322; 01:640:136 or 152. Credit not given for both this course and 01:220:410.

01:220:488 Networks and Complexity in Economics (3) Analysis of network connections among economic agents; game- and information-theoretic considerations; complexity and the need for alternatives to traditional optimization methods for understanding complex environments; applications to neighborhood segregation, diffusion of information, contagion in financial markets; introduction to neuroeconomics. Upper-level elective.
Prerequisites: 01:220:320, 321 and 322; 01:640:136 or 152.

01:220:489 Topics in Advanced Economic Theory (3) Economic dynamics; variational methods with applications; economics under uncertainty; imperfect information and market structure; social choice; design of incentive-compatible systems; general equilibrium. Upper-level elective.
Prerequisites: 01:220:320, 321 and 322; 01:640:136 or 152. Credit not given for both this course and 01:220:430.

01:220:490,491 Advanced Independent Study and Research (3,3) Specialized research supervised by a faculty member. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322. Open to juniors and seniors by permission of instructor and department. Maximum of two independent study courses in economics allowed.

01:220:493 Honors Research Seminar I (3) Workshop in which students, in conjunction with faculty advisers, formulate and develop individual research projects and present and discuss their research findings. Upper-level elective.
Prerequisites: 01:220:320, 321, and 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.

01:220:494 Honors Research Seminar II (3) Workshop in which students, in conjunction with faculty advisers, complete individual research projects begun in 01:220:493 or in a research-oriented economics elective course and present and discuss their research findings. Prerequisites: 01:220:320, 321, 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.

01:220:495,496 Seminar in Economics (3,3) Readings, analysis, and discussion of topics announced in advance each semester. Upper-level elective.
Open to juniors and seniors by permission of department.