Economics

An introduction to economics with an emphasis on the fundamentals of economic principles and current economic policy issues. Topics include scarcity of resources, production and consumption, international trade, supply and demand, taxes, welfare state, poverty, income inequality, economic output of an economy, price level, inflation, unemployment, long-run determinants of economic growth, and financial systems.

Continuation of ECO 101. Students will apply the demand and supply model to analyze the effects of market intervention and understand market efficiency and the consequences of market failure, explore different market paradigms with analytical tools (microeconomics), review long-run determinants of economic growth and the role of monetary institutions in the economy (macroeconomics), and employ the aggregate demand and supply model to understand short-run economic fluctuations and the effectiveness of monetary and fiscal policy tools.

Development of essential mathematical tools for business, economics, and other decision sciences. Topics include applications of algebra and differential calculus, including optimization techniques.

An introduction to stock and bond markets. Students will experience semester-long activities and manage an investment portfolio. Students may enroll in this course a maximum of three times, earning 3 credits. Graded on a pass/fail basis.

Focused study of macroeconomics. Topics include national income accounting, determinants of consumption and investment spending, international capital flows, financial asset holdings, long-run economic growth, business cycles, monetary and fiscal policy, and unemployment.

Focused study of microeconomics with analytical investigation of consumer choice, production costs, and firm behavior, including critical examination of different market paradigms. Topics include choice under uncertainty, problems with asymmetric information, externalities, and the use of game theories in analyzing strategic behavior of firms.

Analysis of strategic social interactions with the tools of game theory. Fundamental concepts such as strong dominance, Nash equilibrium, mixed strategies, sub-game perfect equilibrium, and backward induction are covered. Emphasis is on applications in economics and business, including topics in industrial organization, as well as topics in political science.

This course introduces the student to the theory and basic empirical tools of econometrics. Applications of standard methods to data are emphasized: parameter estimation, hypothesis testing, and forecasting. In the context of Ordinary Least Squares, the focus is on violations of Classical Assumptions such as model misspecification, omitted variable bias, multicollinearity, serial correlation, and heteroscedasticity. Extensive use is made of hands-on work with data sets.

Study of the basic concepts and analytical tools necessary for financial decision making with emphasis on time and risk as determinants of present value, bond and stock valuation, capital budgeting, capital asset pricing model, cost of capital, and capital structure. 

Continuation of ECO 320. Using the case method, computer simulations and spreadsheet applications, students will work individually and in teams to further their understanding of financial systems analysis.

Examination of professional responsibility with case studies of ethical issues in business and the professions. (Same as RPH 350).

Discussion and research of current public debates and interests in which both governmental and economic forces and interests are joined. Students will present their research to the class and write a major paper.

Evolution of monetary and financial systems with integrated international aspects, including interest rates, financial markets and institutions, and monetary policy.

An examination of financial management in an international setting. Includes analysis of exchange rate determination, exchange rate risk, international financial crises, macroeconomic and political country risk, as well as issues in corporate finance including cash flow, capital management, and international investment.

The exploration of various theories of international trade and finance with emphasis on factors affecting trade and financial flows and the commercial and trade policy implications on these flows. Students will also examine exchange rate regimes, balance of payments, and the role of international institutions such as the World Trade Organization, the World Bank, and the International Monetary Fund.

An application of microeconomic theories analyzing the role of government in providing public goods and services to a predominantly market economy. Students will examine collective decision-making, types of taxes, local public finance, and government expenditure programs and tax systems with emphasis on their efficiency, equity, and incentive aspects.

Examination of the interactions between production and consumption and the natural environment. Students will use microeconomic theories of externalities and public goods to model environmental problems and efficient solutions and analyze command-and-control based solutions and market-based solutions. Students will also discuss current environmental policy issues and use analytical decision- making tools such as environmental risk analysis and benefit-cost analysis to evaluate environmental projects.

Study of the evolution of ideas central to economic theory and the development of currently accepted ideas.

Application of finance tools to the valuation of different types of securities, such as stocks, bonds, and options with emphasis on how to combine these securities into portfolios that provide the best risk-return profile for a given investor.

Study of selected topics in economics. Prerequisites will vary.