College Algebra (21:640:112 or 21:640:113) or tested proficiency in college algebra is a required prerequisite for all courses in the department other than Introduction to Economics, Micro (21:220:101); Introduction to Economics, Macro (21:220:102); and Economic Analysis of Social Problems (21:220:200). 21:220:101 and 21:220:102 (or their transfer equivalents) are prerequisites for all economics courses at the 300 level or higher. Economics courses at the 400 level have additional prerequisites as noted below.

Additional Note on Introduction to Economics

Introduction to Economics, Micro (21:220:101) and Introduction to Economics, Macro (21:220:102) can be taken in either order. Even though proficiency in college algebra is not a required prerequisite for these two courses, students who have difficulty with mathematics should consider delaying these courses until after they have passed college algebra (21:640:112 or 113).

21:220:101 Introduction to Economics, Micro (3) Consumer theory and market demand; production theory and market supply; market equilibrium; income distribution; and international trade. Proficiency in 21:640:113 College Algebra is highly recommended.

21:220:102 Introduction to Economics, Macro (3) Major issues confronting the American economy: the nature of our private enterprise system; the role of government; the influence of the banking system; the problem of controlling inflation and deflation; and the requisites for a high level of national income, employment, and a rising standard of living. Proficiency in 21:640:113 College Algebra is highly recommended.

21:220:200 Economic Analysis of Social Problems (3) Introduction to economic principles (both micro and macro) with applications to current social problems. Intended for students who plan to take only a single semester of economics. Topics include distribution of income, poverty, education, crime, health care, pollution, discrimination, unemployment, inflation, and the role of government in a market economy. May not be taken for credit by students who have already received credit for 21:220:101 Introduction to Economics, Micro and/or 21:220:102 Introduction to Economics, Macro; nor can it be used as a substitute for those two courses to satisfy any other requirements or prerequisites that currently require 21:220:101 and/or 102. Not open to economics or business majors.

21:220:231 Statistical Methods (3) Descriptive statistics, probability, sampling, estimation, hypothesis testing, and regression analysis; realistic application with the computer employed as a major tool. Not open to students who have taken a course in statistics or its equivalent in another department.

21:220:303 Economics of Industrial Relations (3) Development of labor organization in the United States, from its origins to the present; examination of public policy toward unions and collective bargaining; analysis of collective bargaining agreements; private techniques and public policy for settling industrial disputes.

21:220:304 Economics of Labor (3) Analysis of the market forces determining employment, wages, hours, and productivity in the firm and economy; influence of union organization, collective bargaining, and public policy on the labor market; historical and cyclical behavior of the labor force and earnings.

21:220:305 Development of the American Economy (3) The origins, development, and transformation of the American economy. Illustrations of the operation of "economic law" through examination of various aspects of the country's past from the colonial period to the present.

21:220:312 Women in the American Economy (3) The economic aspects of the role of women in our society; changes in this role over the course of the 20th century and continuing changes. The basic focus is work--in the home and in the labor market--and the division of labor. Topics include labor force participation, discrimination, relative earnings, birth rates, and family size.

21:220:315 Managerial Economics (3) The economic foundation of managing the private enterprise; demand forecasting, pricing, cost analysis and competitive strategy, and capital budgeting; integration of microeconomics and strategic planning with case studies; emphasis on practical application of economics to business decisions.

21:220:316 Economics of Health (3) Economic analysis of the U.S. health care sector; theories of consumer demand for health and medical care, physician behavior, and hospital administration; economic aspects of health policy issues such as national health insurance, competition between medical care providers, medical cost inflation, and public health programs.

21:220:322 Introduction to Econometrics (3) Application of regression and other statistical techniques to economic problems; classical linear regression model developed with analysis of the underlying assumptions and the consequences of their violation; use of econometric techniques in micro- and macroeconomic problems; computer-assisted applications. Prerequisite: 21:220:231.

21:220:323 Intermediate Microeconomic Theory (3) Development of the fundamental tools of price and distribution theory; analysis of commodity and factor price determination under competitive and noncompetitive market conditions from the standpoint of the household and the firm; and introduction to welfare economics.

21:220:324 Intermediate Macroeconomic Theory (3) Theoretical analysis of national income, employment, and price-level determination; roles of consumer and investor demand, interest rates, money supply, and fiscal and monetary policy considered within the framework of Keynesian, post-Keynesian, monetarist, and new classical theories.

21:220:327,328 History of Economic Thought (3,3) First semester: the evolution of economic doctrines from the Middle Ages to about 1870, emphasizing the writings of Smith, Ricardo, Malthus, Mill, Marx, and their critics. Second semester: neoclassical and Keynesian theory.

21:220:335,336 International Economic Relations (3,3) Theoretical and practical considerations underlying international trade and finance; economic effects of tariffs and exchange restrictions; foreign investment and the problems of underdeveloped areas; and a review of the U.S. foreign aid program and the work of international financial institutions.

21:220:337 Public Finance (3) Economics of the public sector emphasizing the functions of allocation, distribution, and stabilization; equity and efficiency in the provision of public services; fiscal federalism and comparative fiscal systems, emphasizing major expenditures and revenue sources; and the political economy of regulation and public choice theories. Prerequisite: 21:220:323.

21:220:339 Economic Development (3) Review the alternative theories of economic development and examine the process of economic development in an international perspective. Examination of the broad diversity of experience in selected Pacific Rim countries used as a point of departure to illustrate the validity of alternative development theories. Although emphasis is placed on East Asian countries, comparison between East Asian and Latin American countries is made in the context of the political-economic approach.

21:220:340 Real Estate Economics (3) Economic analysis of residential and commercial real estate, including the demand for and supply of residential housing; real estate price indices; analysis of policies that restrict development and policies that promote home ownership; and the history of U.S. and international real estate markets, including "bubbles." The course also surveys commercial real estate property valuation and development.

21:220:341 Real Estate Finance (3) Introduction to the financing of real estate, both residential and commercial. The course examines different types of residential mortgages, the pricing of these mortgages including the effects of prepayment and default risks, the role of secondary market for mortgages, the securitization of mortgages, the pricing of derivative assets, the financing of income producing real estate, and real estate equity markets and institutions.

21:220:353 Urban and Regional Economics (3) Economic analysis of the growth and development of central cities and metropolitan regions; theories of industry location and distribution of employment opportunities within metropolitan areas; public policies affecting jobs, education, housing, transportation, and criminal activities.

21:220:356 Business Cycles (3) Results of empirical investigations of business fluctuations, with emphasis on the nature of short-run cyclical variations and secular growth; leading types of business cycle theory reviewed; a systematic study made of the general relation between income and employment, money and prices, savings and capital formation, and their influence on self-generating cyclical movements; the nature and effectiveness of monetary and fiscal policy also reviewed.

21:220:361 Competition, Strategy, and the Organization of Industries (3) Theoretical analysis of economic behavior under different market structures; welfare criteria.

21:220:365 Money and Banking (3) The structured operation and consequences of the monetary system, the role of money and banking in the organization and fluctuations of our economic system, and recent changes in the functions of the Federal Reserve System.

21:220:367 Monetary Economics (3) Theory of the demand and supply of money and of monetary disturbances; historical development and current state of monetary theory and policy.

21:220:402 Advanced Econometrics (3) Intensive introduction and extension of the classical regression model; simultaneous model estimation, simulation, and evaluation; specification error analysis; nonlinear estimation; and time series methods. Prerequisite: 21:220:322.

21:220:406 Seminar in Applied Economics (3) Examination of empirical studies current in the economics literature; original research project and presentation of findings and progress in oral and written form.
Prerequisite: 21:220:322 or permission of instructor.

21:220:407,408 Labor Seminar (3,3) Completion of one or more papers in a specialized area of the labor market, such as employment, income distribution, wages, collective bargaining, and productivity, or in industrial relations, such as the history and structure of labor organizations, and public policy toward unions and collective bargaining. Prerequisite: 21:220:303 or 304.

21:220:409 Introduction to Mathematical Economics (3) Introduction to the use of mathematics in economic analysis; survey of the economics and finance literature that employs calculus and basic topology. Prerequisite: 21:640:119 or equivalent.

21:220:414,415 Analysis of Current Economic Conditions (3,3) Detailed study of the major indicators of economic conditions, their derivation, historical movements, current position, and their role in assessing economic change.

21:220:439 Financial Economics (3) Establish financial market fundamentals; survey asset pricing theories; examine market patterns and trading strategies. Prerequisites: 21:220:231 and 323.

21:220:499 Individual Study in Economics (BA) Prerequisites: Permission of department chair and instructor. Restricted to economics majors in their last semester before graduation. Maximum of 3 credits.