Prerequisites for Courses in 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 for science business (21:640:109).
College Algebra for Business Science (21:640:109) or tested proficiency in college algebra is a required prerequisite for all other courses in the department. 21:220:101 and 21:220:102 (or their transfer equivalents) are prerequisites for all economics courses at the 300 level or higher. Additional prerequisites are noted below.
|
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 21:640:109 College Algebra for science business 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 21:640:109 College Algebra for Science Business is highly recommended.
|
21:220:203
Statistical Methods (3)
Descriptive statistics, probability, sampling, estimation, hypothesis
testing, and regression analysis; realistic application with the
computer employed as a major tool.
Formerly 21:220:231. Not open to students who have taken a course in statistics or its equivalent in another department.
|
21:220:301
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.
Formerly 21:220:323. Prerequisites: Introduction to Economics, Micro (21:220:101) and College Algebra for Science Business (21:640:109). Introduction to Economics, Macro (21:220:102) and Basic Calculus (21:640:119) or Calculus I (21:640:135) highly recommended.
|
21:220:302
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.
Formerly 21:220:324. Prerequisites: Introduction to Economics, Macro (21:220:102), Introduction to Economics, Micro (21:220:101), and College Algebra for Science Business (21:640:109).
|
21:220:303
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.
Formerly 21:220:322. Prerequisite: Statistical Methods (21:220:203 formerly 21:220:231).
|
21:220:304
Economics of Labor (3)
Course covers labor theories and applications, including labor supply, labor demand, human capital, discrimination, income distribution, the future of work and robots. Discussion of government policies affecting the labor market and human capital investments such as minimum wages, universal basic income, and college tuition subsidies.
Prerequisites: Intermediate Microeconomic Theory (21:220:301, formerly 21:220:323) and Statistical Methods (21:220:203, formerly 21:220:231).
|
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)
Health economics is a growing field of applied microeconomics and is an important aspect of public policy in both developed and developing countries. This course explores the health care sector and health policy issues from an economic perspective. We will use microeconomic tools to analyze the functioning of different pieces of the health care system. Topics range from fundamental subjects, such as insurance and demand for health, to more recent developments, such as child health and health behaviors in both the United States and developing countries. You should be able to think critically about health-related policy issues by the end of the class.
Prerequisites: Intermediate Microeconomic Theory (21:220:301, formerly 21:220:323) and Introduction to Econometrics (21:220:303, formerly 21:220:322).
|
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.
|
21:220:330
Economics of Inequality (3)
Empirical investigation of economic inequality in the United States across population groups, geography, and time. Analysis of the causes and consequences of economic inequality.
Prerequisites: Introduction to Economics, Micro (21:220:101) and Statistical Methods (21:220:203, formerly 21:220:231), or equivalent.
|
21:220:335
International Economic Relations (3)
This course analyzes the causes and consequences of international trade and investment. It investigates why nations trade, what they trade, and who gains from this trade. It analyzes the motives for countries or organizations to restrict or regulate international trade and study the effects of such policies on economic welfare. Topics covered include the effects of trade on economic growth and wage inequality, multinationals and foreign direct investment, international trade agreements and current trade policy disputes.
|
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.
|
21:220:339
Economic Development (3)
Introduction to macro- and microeconomic development issues and theories. The course begins with an overview of macroeconomic data on GDP, inequality, and poverty around the world. Study of economic growth theories and determinants of income differences between countries. Course then shifts focus to microeconomic issues. How do the poor actually live and what determines their behavior? What can be done to lift people out of poverty?
Prerequisites: Introduction to Economics, Macro (21:220:102) and Statistical Methods (21:220:203, formerly 21:220:231).
|
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.
|
21:220:350
Computing for Economics (3)
Introduction to computer programming for economics; basic programming methods for modeling in economics and statistics including loops, conditionals, and functions; scientific and statistical computing packages; graphing methods; and introduction to object-oriented programming.
|
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)
The study of industrial behavior and firm competition. Topics include pricing models, game theory, oligopoly, strategic aspects of business practice, vertical integration, and technological innovation.
Prerequisites: Intermediate Microeconomic Theory (21:220:301, formerly 21:220:323).
|
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
Analysis of Current Economic Conditions (3)
This course is designed for students who have already taken Intermediate Macro Theory and want to further their study in macroeconomics. The emphasis of these courses is on applying macro theory to measure and assess current economic conditions, to forecast future conditions, and to look at the role of monetary and fiscal policies in both historical and contemporary contexts.
Formerly 21:220:414,415. Prerequisite: Intermediate Macroeconomic Theory (21:220:302, formerly 21:220:324).
|
21:220:403
Advanced Econometrics (3)
Provides a knowledge of forecasting and its applications, particularly by using business and economic time series data. Covers basic methods of forecasting, such as regression methods, exponential smoothing, and autoregressive integrated moving average (ARIMA) methods. Also covers VAR (Vector Autoregression) and VEC (Vector Error Correction) methods, forecasting volatility, some nonlinear models, and how to combine and evaluate various forecasts. Uses computer analysis extensively.
Formerly 21:220:402. Prerequisite: Introduction to Econometrics (21:220:303, formerly 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: Introduction to Econometrics (21:220:303, formerly 21:220:322) or permission of instructor.
|
21:220:407,408
Labor Seminar (3,3)
The seminar provides an in-depth study of current topics in labor economics. Students complete written labor market policy analysis, in-class presentations, and a final paper.
Prerequisites: Intermediate Microeconomic Theory (21:220:301, formerly 21:220:323) and Introduction to Econometrics (21:220:303, formerly 21:220:322).
|
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.
|
21:220:439
Financial Economics (3)
Establish financial market fundamentals; survey asset pricing theories; examine market patterns and trading strategies.
Prerequisites: Intermediate Microeconomic Theory (21:220:301, formerly 21:220:323) and Statistical Methods (21:220:203, formerly 21:220:231).
|
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.
|
School of Arts and Sciences-Newark 
