2018-2019 University Catalog archived
Economics (ECON)
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The Department of Economics seeks to give its students a fundamental understanding of economic processes and institutions with an emphasis on the liberal arts. Students learn to think critically using the analytical tools of economic study, allowing them to apply economic theory to economic and social issues. Majors in economics who intend to pursue a Master of Business Administration degree or to seek employment in the financial sector are advised to take courses in accounting. Economics majors interested in the consulting field should acquire strong computer skills and excellent writing skills, the latter through additional courses in English or journalism. Knowledge of mathematics is vital for students planning to pursue graduate study in economics. Students headed for graduate school are urged to seek the advice of the economics faculty. Advanced study of a foreign language is essential for students interested in international career opportunities. Economics majors are encouraged to study abroad.
Honors: An Honors Program in economics is offered for qualified students; see department head for more information.
Department Head: Linda M. Hooks
Faculty
First date is the year in which the faculty member began service as regular faculty at the University. Second date is the year of appointment to the present rank.
Michael A. Anderson, Ph.D.—(1990)-2000
Robert E. Sadler Jr. Professor of Economics
Ph.D., University of Wisconsin
Niels-Hugo Blunch, Ph.D.—(2006)-2018
Professor of Economics
Ph.D., George Washington University
James F. Casey, Ph.D.—(1998)-2007
Associate Professor of Economics
Ph.D., North Carolina State University
Martin H. Davies, Ph.D.—(2009)-2016
Associate Professor of Economics
Ph.D., Oxford University
Timothy M. Diette, Ph.D.—(2004)-2013
Associate Professor of Economics
Ph.D., University of North Carolina
Arthur H. Goldsmith, Ph.D.—(1990)-1996
Jackson T. Stephens Professor of Economics
Ph.D., University of Illinois
Peter Grajzl, Ph.D.—(2009)-2013
Ehrick Kilner Haight Sr. Term Associate Professor of Economics, 2017-2020
Ph.D., University of Maryland
Aaron Joseph Guse, Ph.D.—(2005)-2018
John C. Winfrey Term Professor of Economics, 2017-2020
Ph.D., University of Wisconsin
Christopher M. Handy, Ph.D.—(2013)-2015
Assistant Professor of Economics
Ph.D., Cornell University
Linda M. Hooks, Ph.D.—(1993)-2005
Professor of Economics
Ph.D., University of California, Los Angeles
James R. Kahn, Ph.D.—(2000)-2000
John F. Hendon Professor of Economics
Ph.D., University of Maryland
Carl Paul Kaiser, Ph.D.—(1979)-1991
Professor of Economics
Ph.D., Washington University
Katharine L. Shester, Ph.D.—(2011)-2017
Associate Professor of Economics
Ph.D., Vanderbilt University
Shikha Basnet Silwal, Ph.D.—(2012)-2012
Assistant Professor of Economics
Ph.D., University of Pittsburgh
Michael J. Smitka, Ph.D.—(1986)-2000
Professor of Economics
Ph.D., Yale University
Major
ECON 100 - Introduction to Economics
FDR: SS1
Credits: 3
Open only to students who have not taken ECON 101 and/or ECON 102. Economics is the study of how a society (individuals, firms, and governments) allocates scarce resources. The course includes a survey of the fundamental principles used to approach microeconomic questions of consumer behavior, firm behavior, market outcomes, market structure, and microeconomic policy, and macroeconomic questions of performance of the aggregate economy, including unemployment, inflation, growth, and monetary and fiscal policies. Staff.
ECON 101 - Principles of Microeconomics
FDR: SS1
Credits: 3
(No longer offered. See ECON 100 ) Survey of economic principles and problems with emphasis on analysis of consumer behavior, firm behavior, market outcomes, market structure, and microeconomic policy. The first half of a two-term survey of economics. Should be followed by ECON 102. Staff.
ECON 102 - Principles of Macroeconomics
FDR: SS1
Credits: 3
(No longer offered. See ECON 100 ) Emphasis on performance of the aggregate economy. Analysis of unemployment, inflation, growth, and monetary and fiscal policies. Staff.
ECON 203 - Econometrics
Credits: 3
Prerequisite: INTR 202 or consent of instructor or department head. Explorations of regression models that relate a response variable to one or more predictor variables. The course begins with a review of the simple bivariate model used in INTR 202, and moves on to multivariate models. Underlying model assumptions and consequences are discussed. Advanced topics include non-linear regression and forecasting. Examples in each class are drawn from a number of disciplines. The course emphasizes the use of data and student-directed research. Anderson, Blunch.
ECON 210 - Microeconomic Theory
Credits: 3
Prerequisites: ECON 100 or 101, and MATH 101. Contemporary theory relating to consumer behavior, the firm’s optimizing behavior, the nature of competition in various types of markets and market equilibrium over time. Recommended for economics majors not later than their junior year. Grajzl, Guse.
ECON 211 - Macroeconomic Theory
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102, or instructor consent. This course develops the classical macroeconomic framework and uses this to explore the causes and consequences of economic growth, inflation, output, and employment. This same exercise is conducted using alternative theoretical frameworks, including those associated with Keynes, Monetarists, and New Classical thinkers. Emphasis is placed on investigating the impact and effectiveness of monetary and fiscal policy under each of the theoretical paradigms or schools of thought developed. Davies, Goldsmith.
ECON 215 - Money and Banking
Credits: 3
Prerequisites: ECON 100 or both 101 and 102; and junior or senior standing, or instructor consent. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A study of the fundamental principles of money, credit, and banking in the United States. Emphasis is on modern conditions and problems, with particular attention to the validity of monetary and banking theory in the present domestic and international situation. Hooks.
ECON 222 - Current Public Policy Debates
Credits: 4
Prerequisite: ECON 100 or 101, or instructor consent. The course is an applied public finance and policy course that focuses on current policy debates. While the topics are updated with each offering, students in this course examine options for replacing the Affordable Care Act, analyze whether the country should adopt a universal voucher program for K-12, discuss containing the cost of college, and explore options for securing the long-term financial stability of Medicare, Medicaid, and Social Security. We use economic theory to frame the each of the policy questions. Students conduct additional research on each of the topics, debate topics, and author policy opinion papers. Diette.
ECON 224 - American Economic History
Credits: 3
Prerequisites: ECON 100 or both 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course applies economic analysis to topics in American history and aspects of the development of the American economy. Typically, two or three aspects are chosen for intensive study; coverage varies from year to year. Possible topics include the economics of slavery; the coming of the railroads; the rise of the industrial corporation, boom and bust in the 19th century; innovation and technology; and the triumph of central banking. Shester.
ECON 229 - Urban Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A study of the economics of cities. Students discuss why cities exist, what determines city growth, and how firms make city location decisions. We then shift our focus to within-city location decisions, and we discuss land-use patterns, housing, and neighborhoods. Our discussion of housing and neighborhoods focus on a number of issues related to urban poverty, including the effects of segregation and housing policies on the poor. Shester.
ECON 230 - Labor Economics
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course addresses how labor markets and institutions allocate labor and determine earnings and the distribution of income in the United States. Economic models are used to explain labor market outcomes generated by our economy. Where such outcomes are deemed less than socially optimal, these models are used to evaluate prospective and current labor market policies intended to address these shortcomings. Some attention is given to comparing American labor market outcomes with those in other developed countries. Handy, Kaiser.
ECON 234 - Urban Education: Poverty, Ethnicity and Policy
Credits: 4
Prerequisite: ECON 100 or 101 and instructor consent. Not open to students with credit for EDUC 369. Students explore the determinants of education achievement and attainment in urban education through three weeks of fieldwork in schools in the Richmond area (Monday through Thursday each week) and seminar meetings in Lexington. Students observe and work to understand critical components of teaching and learning in the urban classroom. The readings and experience challenge students to consider factors including early childhood development, the role of the family, school finance, teachers, and curriculum. The students then evaluate the current policy proposals for school reform in the United States such as teacher merit pay, charter schools, and student accountability. In addition, students develop and present their own policy proposal for improving public schools. Housing is provided through alumni in Richmond. Diette.
ECON 235 - The Economics of Social Issues
Experiential Learning (EXP): Yes
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This seminar is based on readings that set out hypotheses developed by economists and other social scientists regarding the causes and consequences of a wide range of social problems. Evidence examining the validity of these hypotheses is scrutinized and evaluated. The course is writing intensive and interdisciplinary since readings are drawn from a wide variety of fields. Topics discussed include, but are not limited to, poverty, education, health, crime, race, ethnicity, immigration, and fiscal matters. Goldsmith.
ECON 236 - Economics of Education
Credits: 3
Prerequisite: ECON 100 or 101; Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Investigation of the role of education on outcomes for both nations and individuals. Understanding of the factors in the education production function. Emphasis on the challenges of pre-K-12 education in the United States; secondary coverage of postsecondary education. Analysis of the effect of existing policies and potential reforms on the achievement and opportunities available to poor and minority students. Diette.
ECON 237 - Health Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. An overview of the determinants of health using standard microeconomic models to analyze individual behavior, markets, institutions, and policies that influence health and health care. The primary focus of the course is the United States but also includes comparisons to health systems in other developed countries and very limited coverage of developing countries. Particular emphasis is given to challenges faced by disadvantaged groups. The course includes an optional service-learning component with placements involving health issues and/or health care services in Rockbridge County. Diette.
ECON 238 - Poverty and Inequality in the United States
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course takes an economic approach toward investigating recent trends in poverty and inequality in the U.S., focusing on evaluating alternative explanations for who becomes (or remains) poor in this country. Factors considered in this investigation include labor-market trends, educational opportunities, family background, racial discrimination, and neighborhood effects. Aspects of public policy designed to alleviate poverty are discussed, as well as its failures and successes. Handy.
ECON 239 - Exploring Childhood in Scandinavia: Comparing Policies and Practices to the U.S.
(EDUC 239)
Experiential Learning (EXP): Yes
Credits: 4
Prerequisite: ECON 100 or 101. Study Abroad Course. An exploration of childhood in Scandinavia and the United States. Students spend one week in the U.S. and three weeks in Denmark, Sweden, and/or Finland. Students have experiences inside schools, daycare facilities, and preschools in both economically advantaged and disadvantaged areas and speak with administrators and policymakers. With additional readings focusing on education policy and broader family policy in each country, students engage in discussions and reflections on the relative strengths and weaknesses of policies in each country. Diette, Sigler.
ECON 241 - Economics of War and Peace
Credits: 3
Prerequisite: ECON 100 or ECON 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. In this course. we will look at the economic conditions and behaviors during periods of conflict. As such. the focus of the course is to develop a theoretical understanding of how human interaction can be modeled to study both peace and violent outcomes. To do so, we will view individuals’ decision to be engaged in conflict as a rational choice. This viewpoint allows us to use economic principles to study individual behavior, design policies to alter those behaviors, and assess economic losses due to conflict. The topics covered in this class range from civil wars and genocide to international terrorism. Silwal.
ECON 243 - Economics of Business Strategy
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the structure and performance of industry, from entry and exit of new technologies and products, to economies of scale and scope in mature industries, to how firms are organized and what they “make” versus “buy.” As metrics, we focus on what such behavior implies consumers and for corporate strategy. Students develop an industry case study as a term project. Smitka.
ECON 244 - The Auto Industry: Economics, Society, Culture
Credits: 4
Prerequisite: ECON 100 or 101 and instructor consent. Additional course fee required, for which the student is responsible after Friday of the 7th week of winter term. This course investigates the automobile industry from an interdisciplinary perspective, including a visit to factories and R&D facilities in Detroit. Why did GM file bankruptcy? Why do we have 600-plus new passenger vehicles available in the US – isn’t such diversity wasteful? How and why has the automobile shifted the rhythm of daily life, including the growth of suburbs and decline of cities? What of safety and the environment – electric vehicles? The course also considers cars themselves, the subject of two Tom Wolfe stories in The Kandy-Kolored Tangerine-Flake Streamline Baby. Smitka.
ECON 246 - Caste at the Intersection of Economy, Religion, and Law
(REL 246) FDR: SS4
Experiential Learning (EXP): YES
Credits: 4
Prerequisite: Instructor consent. ECON 100 or 101 required only for credit as an elective in the Economics major. Social stratification touches every aspect of life, and South Asia’s traditional caste structure is a special case: this highly complex, strictly-adhered-to system has been religiously legitimized and criticized over a 3,000-year history, and is nowadays seen as being at odds with the modern world. Yet it remains a crucial factor in social identity, economic roles, legal status, and religious practice. This course offers a 360-degree survey of caste both historically and in practice today in Nepal. The course addresses four themes, respectively providing for each a combination of historical background, social scientific analysis of the modern situation, and direct field experience for the students. Silwal, Lubin.
ECON 250 - Public Finance and Public Policy
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Public choices and the public economy. An inquiry into how the references of individuals and groups are translated into public sector economic activity. The nature of public activity and public choice institutions. The question of social balance. The effects of government expenditures and taxes on the economic behavior of individuals and firms. Guse.
ECON 251 - Women in the Economy
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Students explore how economic theory and analysis can be applied to examine the multiple roles that women play in our society. In particular, we examine linkages and changes in women’s human capital, marriage, fertility, family structure, and occupation and labor supply decisions in the post-World War II era. We also investigate the magnitude and causes of the gender wage gap. We assess how much of the gender wage gap can be explained by education and occupational choice, and how much appears to be due to discrimination. We also learn about {and try to explain} the differences in labor-market outcomes for women with and without children. Finally, we access the causes and consequences of teenage pregnancy and single motherhood. Shester.
ECON 255 - Environmental and Natural Resource Economics
Credits: 3
Prerequisite: ECON 100 or 101. Economics and environmental studies majors/minors will have priority during the initial registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. The course serves as an introduction to environmental and natural resource economics. Economic principles are used to evaluate public and private decision making involving the management and use of environmental and natural resources. Aspects pertaining to fisheries, forests, species diversity, agriculture, and various policies to reduce air, water and toxic pollution will be discussed. Lectures, reading assignments, discussions and exams will emphasize the use of microeconomic analysis for managing and dealing with environmental and natural resource problems and issues. Casey, Kahn.
ECON 257 - Economics of the Chesapeake Bay: Agriculture, Recreation, Fisheries and Urban Sprawl
Credits: 4
Prerequisite: ECON 100 or 101 or instructor consent. This course examines the causes of, consequences of, and solutions to the environmental problems of the Chesapeake Bay, using economic tools in an interdisciplinary context. The course will spend approximately four days in the Chesapeake Bay area. Students work as a group to develop a plan to recover the Chesapeake Bay to promote its ecological health and the ecological services that it provides for the watershed. Kahn.
ECON 259 - Supervised Study Abroad: The Environment and Economic Development in Amazonas
Credits: 4
Prerequisite: ECON 100, ECON 101 or ENV 110, and instructor consent. Spring Term Abroad course. Amazonas is a huge Brazilian state of 1.5 million sq. kilometers which retains 94 percent of its original forest cover. This course examines the importance of the forest for economic development in both the formal and informal sectors of the economy, and how policies can be develop to promote both environmental protection and an increase in the quality life in both the urban and rural areas of Amazonas. The learning objectives of this course integrate those of the economics and environmental studies majors. Students are asked to use economic tools in an interdisciplinary context to understand the relationships among economic behavior, ecosystems and policy choices. Writing assignments focus on these relationships and look towards the development of executive summary writing skills. Kahn.
ECON 270 - International Trade
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Specialization of production, the gains from trade, and their distribution, nationally and internationally. Theory of tariffs. Commercial policy from the mercantilist era to the present. The General Agreement on Tariffs and Trade (GATT). Transnational economic integration: the European Community and other regional blocs. Anderson, Davies.
ECON 271 - International Finance
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. International monetary arrangements, balance-of-payments adjustment processes, and the mutual dependence of macroeconomic variables and policies in trading nations. The International Monetary Fund (IMF), international investment, and the World Bank. International cooperation for economic stability. Anderson, Davies.
ECON 274 - China’s Modern Economy
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Economic analysis of the Chinese economy in the 20th century. Comparisons of pre- and post-revolutionary periods. Performance and policies of Taiwan and mainland China. Issues include the population problem, industrialization, provision of public health and education, alleviation of poverty and inequality. Microeconomic emphasis. Smitka.
ECON 275 - Comparative Labor Markets
Credits: 3
Prerequisites: ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A comparative examination of labor markets and institutions in a set of advanced capitalist countries. Study and analysis address the roles played by institutions in explaining cross-national differences in labor-market outcomes, including employment, unemployment, labor force participation, mobility, and income distribution. The course also considers the likelihood of convergence of institutional arrangements across countries. Kaiser.
ECON 276 - Health Economics in Developing Countries
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the major issues of health economics. with a focus on developing countries (although the issues are also relevant for developed countries, including the U.S. Economic modeling of health-related issues, supply and demand of health, cost-benefit and cost-effectiveness analysis, health goals, and policy alternatives. Economic epidemiology, including HIV/AIDS. Selected case studies. Group project, where the group selects a developing country for which a policy proposal is then developed for a health-related policy issue of the group’s choice. Blunch.
ECON 280 - Development Economics
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the major issues of development economics. Economic structure of low-income countries and primary causes for their limited economic growth. Economic goals and policy alternatives. Role of developed countries in the development of poor countries. Selected case studies. Casey, Blunch.
ECON 281 - Comparative Institutional Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Institutions such as laws, the political system, and cultural norms embed all social activity. They structure economic, political, and social interaction and as such play a central role in facilitating (or hindering) economic development. This course’s objective is to explore from a broad perspective how institutions affect economic performance, what the determinants of institutions are, and how institutions evolve. We study examples from the existing capitalist economies, the developing and transition countries, as well as the more distant history. Because the study of institutions is necessarily an interdisciplinary endeavor, the course combines the approach of economics with the insights from law, political science, history, and sociology. Grajzl.
ECON 286 - Lakota Land Culture, Economics and History
(SOAN 286) FDR: SS4
Credits: 4
Prerequisite: ECON 100 or 101 or instructor consent. This class focuses on the cultural, economic, and historical dimensions of the Lakotas’ (Titonwan tawapi) ties to their lands as expressed in their pre- and post-reservation lifeways. It includes a 10 day field trip to western South Dakota to visit and meet with people in the Pine Ridge and Rosebud Reservations and the Black Hills. Guse, Markowitz.
ECON 288 - Supervised Study Abroad
Credits: 4
Prerequisites: ECON 100 or both ECON 101 and 102, instructor consent, and other prerequisites as specified by the instructor(s). For advanced students, the course covers a topic of current interest for which foreign travel provides a unique opportunity for significantly greater understanding. Emphasis and location changes from year to year and is announced each year, well in advance of registration. Likely destinations are Europe, Latin America, Africa, or Asia. This course may not be repeated.
ECON 295 - Special Topics in Economics
Credits: 3
Prerequisites: Normally ECON 100 or both ECON 101 and 102 but may vary with topic. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Course emphasis and prerequisites change from term to term and are announced prior to preregistration. May be repeated for degree credit if the topics are different. A maximum of nine credits chosen from all special topics in economics courses may be used, with permission of the department head, toward requirements for the economics major.
Spring 2019, ECON 295-01: Introduction to Sustainable Development (3). Prerequisites: ECON 100 or 101. Preference to first-years and sophomores. In September 2015, many countries adopted a set of Sustainable Development Goals (SDGs) for 2015-2030 to replace the Millennium Development Goals when they expired in 2015. These SDGs set targets for the three pillars of sustainable development – reducing poverty, protecting the environment, and increasing equality of opportunity for those who may have had less-than-equal opportunity in the past. This course provides an introduction to the concept, theories, and potential outcomes of sustainable development. Additionally, we take a case-study approach and look at policies and programs that have aimed to address each of the SDGs. Students are introduced to sustainability through policies addressing oceans, biodiversity, climate, energy, education, social investment, and health. Casey.
Winter 2019, ECON 295A-01: The Economy of Brazil (3). Prerequisite: ECON 100 or 101. This course examines economic development in Brazil, with the purpose of identifying the factors that have prevented Brazil from developing the type of economy and standard of living level associated with a North American or European country. Recommendations are made for future policy directions, and implications for other emerging economy countries are examined. The class has three distinct phases. In the first phase, we have four hours of lectures per week. Following this, there is a weekend workshop with distinguished speakers. After the workshop, the research phase of the class begins, with students responsible for contributing to a white paper on the topic of the course. During the research phase, there will be weekly class meeting to discuss progress. Kahn.
Winter 2019, ECON 295B-01: The Economics of Poverty and Food Insecurity (3). Prerequisite: ECON 100. Household food insecurity has many determinants including socio-economic status, time, the food environment, education, and culture. This course explores the economic determinants of food insecurity and why it persists today. We use readings from economics, sociology, psychology and nutrition to understand various perspectives of food insecurity and, as necessary, cover micro-economic theory and econometric concepts to understand the literature. Periodically, we work in the computer lab using publicly available datasets and Stata to gain tangible coding and data-management skills. Students learn to appreciate economics as a larger discipline, which will assist you in viewing and understanding the world around you. (EXP) Scharadin.
Winter 2019, ECON 295B-02: The Economics of Poverty and Food Insecurity (3). Prerequisite: ECON 100. Household food insecurity has many determinants including socio-economic status, time, the food environment, education, and culture. This course explores the economic determinants of food insecurity and why it persists today. We use readings from economics, sociology, psychology and nutrition to understand various perspectives of food insecurity and, as necessary, cover micro-economic theory and econometric concepts to understand the literature. Periodically, we work in the computer lab using publicly available datasets and Stata to gain tangible coding and data-management skills. Students learn to appreciate economics as a larger discipline, which will assist you in viewing and understanding the world around you. (EXP) Scharadin.
Spring 2019, ECON 295-02: Land in O’odham Culture Economics and History (4). A seminar on the cultural, economic, and historical dimensions of the O’odham Indians’ ties to their lands as expressed in their pre- and post-reservation lifeways. Students address three major themes: 1) O’odham land and cosmology; 2) land and economy in O’odham history; and 3) contemporary cultural and economic issues among O’odham peoples. The class spends 8 days in the Sonoran Desert region of Southern Arizona to visit sites and meet with speakers in and around the Tohono O’odham Nation. (SS4) Guse and Markowitz.
Fall 2018, ECON 295A-01: The Economics of Race (3). Prerequisite: Normally ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A critical examination of the causes and consequences of racial disparities in valued life-course outcomes in America. More than 50 years have passed since the passage of civil-rights and equal-employment-opportunity legislation in the U.S. Nevertheless, racial gaps persist - with blacks lagging whites - on most socioeconomic indicators. The course is divided into four parts: (1) an introduction to the biological and social construction of race; (2) theories to explain racial disparities; (3) an examination of racial disparity in such realms as education, health, wealth, wages, and unemployment; and (4) policies to address racial disparities. In each section of the course, students explore relevant issues through assigned readings, films, and classroom discussion. The course fosters the development and use of critical thinking, effective writing, and oral presentation skills. Student evaluation is based on classroom participation, an examination of concepts discussed, film commentaries, and a term paper. Goldsmith.
ECON 302 - Game Theory
Credits: 3
Prerequisites: MATH 101 or equivalent and ECON 210. This course abandons the assumptions of perfect competition. Buyers and sellers may be few; information may be privately held; property rights may poorly enforced; externalities abound and uncertainty is the rule. Game theory is a general framework for analyzing the messy world of strategic interactions. Standard solution concepts such as Nash Equilibrium, subgame perfection, and Bayesian equilibrium are introduced in the context of a broad array of microeconomic topics. These include auctions, bargaining, oligopoly, labor market signaling, public finance and insurance. Class time combines lectures, problem-solving workshops, and classroom experiments. Guse.
ECON 310 - Advanced Topics in Microeconomic and Macroeconomic Theory
Credits: 3
Prerequisites: ECON 210 and 211. An introduction to the scope and tools of modern economic theory, including student applications of these theories. Equal time is spent examining topics, with the focus in microeconomics on examining sources of market failure (externalities, public goods, asymmetric information) and decision-making under uncertainty, and the focus in macroeconomics on constructing models of the demand-side and supply-side of the macroeconomy and on policy-setting in both the closed and open economy settings. Davies.
ECON 320 - Mathematical Economics
Credits: 3
Prerequisites: ECON 100 or both 101 and 102; and MATH 221. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. An introduction to fundamental mathematical methods of economic analysis with a variety of applications from both microeconomics and macroeconomics. Topics covered include theory and applications of linear algebra, multivariable calculus, static optimization, and comparative statics. The course is highly recommended for anyone planning to undertake graduate studies in economics or a closely related field. Should not be taken if completed ECON 220: Mathematical Economics. Grajzl.
ECON 330 - Advanced Labor Economics
Credits: 3
Prerequisites: ECON 100 or 101, and ECON 203 This course is an empirically advanced introduction to fundamental topics in the economic study of labor markets. We focus on labor supply, labor market equilibrium, investments in education, the distribution of labor income, and the effects of discrimination. Each part of the course provides a theoretical treatment of the respective topic followed by coverage of one or more academic research papers on that topic. Compared to most undergraduate labor economics courses, this course adopts a narrower topical focus in order to study, in depth, some primary research from the discipline. Students further develop their own quantitative research skills by writing two empirical papers. Handy.
ECON 356 - Economics of the Environment in Developing Countries
Credits: 3
Prerequisites: ECON 203 and either ECON 255 or 280, or obtain instructor consent. Preference to ECON or ENV majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course focuses on the unique characteristics of the relationship between the environment and the economy in developing nations. Differences in economic structure, political structure, culture, social organization and ecosystem dynamics are emphasized as alternative policies for environmental and resource management are analyzed. Kahn, Casey.
ECON 376 - Health: A Social Science Exploration
Credits: 4
Prerequisite: ECON 203. Much of the work done by consulting companies, banks, insurance companies, think tanks, non-governmental organizations, government agencies, etc., is based on applied statistical and econometric analysis. This course helps prepare students for careers in these environments using a hands-on approach and emphasizing the use of data and student-directed research in the specific context of health-related issues. Example of these issues include obesity, vaccinations, pre- and post-natal care, contraceptive use, or child mortality; possible determinants include poverty, education, or distance to the nearest health clinic or hospital. An interdisciplinary perspective is highlighted, as is the use and importance of quantitative analysis for public policy. Blunch.
ECON 395 - Special Topics in Economics
Credits: 3
Prerequisite: ECON 203 or varies with topic. Course emphasis and prerequisites change from term to term and will be announced prior to preregistration. May be repeated for degree credit if the topics are different. A maximum of nine credits chosen from all special topics in economics courses may be used, with permission of the department head, toward requirements for the economics major.
Winter 2019, ECON 395A-01: Macro Forecasting (3). Prerequisite: ECON 203 or instructor consent. Time-series analysis and forecasting methodologies that are applied to issues in business, finance, and economics. We cover various analytical techniques used by economists to model and forecast macroeconomic levels of economic activity. Topics include smoothing techniques, time-series decomposition methods, regression-based forecasting, unit root tests, and ARMA and SVAR modeling. Students learn to perform time-series regressions, undertake forecasting exercises, and test a variety of hypotheses involving time-series data. Stata and Excel software are used throughout. Collins.
Winter 2019, ECON 395A-02: Macro Forecasting (3). Prerequisite: ECON 203 or instructor consent. Time-series analysis and forecasting methodologies that are applied to issues in business, finance, and economics. We cover various analytical techniques used by economists to model and forecast macroeconomic levels of economic activity. Topics include smoothing techniques, time-series decomposition methods, regression-based forecasting, unit root tests, and ARMA and SVAR modeling. Students learn to perform time-series regressions, undertake forecasting exercises, and test a variety of hypotheses involving time-series data. Stata and Excel software are used throughout. Collins.
Winter 2019, ECON 395B-01: Advanced Topics in the Economics of Food Insecurity (3). Prerequisite: ECON 203 or instructor consent. An exploration of the economic determinants of food insecurity and why it persists today. We use readings from economics, sociology, psychology and nutrition to understand various perspectives of food insecurity. Using this multidisciplinary approach, we will conduct a detailed investigation of the four main contributors to food insecurity; inadequate income, inadequate time, inadequate food environment, and inadequate nutrition education. Within each unit, we discuss the societal occurrence, characterize formal econometric models, and use publicly available data with Stata to address a simple research question on the current topic. In addition to gaining a greater appreciation for how economics is applied, students gain a better understanding of econometric and data management tools, while working with food insecurity topics. The course utilizes a service learning component in order to connect in class topics with real world situations. Scharadin.
Winter 2019, ECON 395C-01: International Public Health (3). Prerequisite: ECON 203 or instructor consent. A survey of the major issues of public health, with case studies from across the world. These include water and sanitation, vaccinations, contraceptive use, obesity, child work and health outcomes, quality of medical care and provider choice, and HIV-AIDS. Students continue explorations of regression models, building on the material from ECON 203, using a hands-on approach. The course emphasizes understanding of the use and analysis of data and student-directed research using policy-relevant applications related to public health. Blunch.
Fall 2018, ECON 395A-01: Culture and Development (3). Prerequisite: ECON 203 or instructor consent. An examination of empirical evidence on key features of development across a wide range of countries. Economists have long been interested in understanding the sources of (under) development. Topics include labor coercion, corruption, health, education, and many more. As reliable micro-level data has become increasingly available from developing countries, our understanding of the process of development has evolved accordingly. Students gain familiarity with those datasets and the recent empirical papers utilizing them. While our approach is grounded in economic theory and empirical findings, one of our goals is to contextualize economic development. That is, development or under-development does not happen in vacuum. The roots of economic well-being of a country can be traced to its history, culture, and geography. The course, therefore, combines topics from economics of culture as it relates to development economics. Silwal.
Fall 2018, ECON 395A-02: Culture and Development (3). Prerequisite: ECON 203 or instructor consent. An examination of empirical evidence on key features of development across a wide range of countries. Economists have long been interested in understanding the sources of (under) development. Topics include labor coercion, corruption, health, education, and many more. As reliable micro-level data has become increasingly available from developing countries, our understanding of the process of development has evolved accordingly. Students gain familiarity with those datasets and the recent empirical papers utilizing them. While our approach is grounded in economic theory and empirical findings, one of our goals is to contextualize economic development. That is, development or under-development does not happen in vacuum. The roots of economic well-being of a country can be traced to its history, culture, and geography. The course, therefore, combines topics from economics of culture as it relates to development economics. Silwal.
Fall 2018, ECON 395B-01: Macro Forecasting (3). Prerequisite: ECON 203 or instructor consent. Time series analysis and forecasting methodologies that are applied to issues in business, finance, and economics. The seminar covers various analytical techniques used by economists to model and forecast macroeconomic levels of economic activity. Topics include smoothing techniques, time-series decomposition methods, regression-based forecasting, unit root tests, and ARMA and SVAR modeling. Students learn to perform time-series regressions, undertake forecasting exercises, and test a variety of hypotheses involving time series data. Stata and Excel software are used throughout. Collins.
Fall 2018, ECON 395C-01: Environmental Valuation (3). Prerequisite: ECON 203 or instructor consent. This course is designed to give students an advanced knowledge of environmental valuation techniques. Both theoretical models and empirical work are discussed. Valuation methodologies covered include travel cost models, hedonic wage and price models, contingent valuation, choice modeling, and benefits transfer. Students have empirical assignments. Kahn.
ECON 398 - Topical Research Seminar in Economics
Credits: 3
Prerequisites: ECON 203, 210, and 211 and major standing. Students work through the original literature in a given field within the discipline of economics. Emphasis is on critical understanding of that literature. Required written work and class discussion focus on summarizing and reviewing articles, gaining insight into the current economic knowledge documented in that literature, and identifying research questions implied by that literature. Based upon this review, students write a detailed proposal of an independent research project after which they carry out the project and write a paper documenting their research. Those students who choose to continue in ECON 399 have the opportunity to develop their proposals into complete research papers.
ECON 399 - Advanced Research Seminar in Economics
Credits: 3
Required for Honors in Economics. Prerequisite: Instructor consent and major standing. This capstone course builds upon the foundations developed in ECON 398. The central element is a major independent research project. This project is carried out with continual mentoring by a faculty member. Students document their research in a formal paper and offer an oral presentation summarizing their research results. Staff.
ECON 401 - Directed Individual Study
Credits: 1
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 402 - Directed Individual Study
Credits: 2
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 403 - Directed Individual Study
Credits: 3
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 421 - Directed Individual Research
Credits: 1
Prerequisite: ECON 203, 210, and 211; senior major standing, honors candidacy, and instructor consent. Independent research culminating in an honors thesis. See the departmental web site for requirements for honors in the major. May be repeated for degree credit. Staff, Hooks.
ECON 422 - Directed Individual Research
Credits: 2
Prerequisite: ECON 203, 210, and 211; senior major standing, honors candidacy, and instructor consent. Independent research culminating in an honors thesis. See the departmental web site for requirements for honors in the major. Staff, Hooks.
ECON 441 - Honors Thesis Proposal
Credits: 1
Prerequisite: ECON 203, 210, and 211; senior major standing; honors candidacy, instructor consent. Group seminar with directed readings and research leading to a proposal for an honors thesis, which minimally includes a feasible research question, a written proposal, data, and a complete thesis committee. Taken fall term of senior years only. Anderson.
ECON 491 - Honors Thesis
Credits: 1
Prerequisite: Senior major standing and honors candidacy. Instructor consent required. A course for honors candidates in economics. An Honors Program is offered for qualified students; see the department head or the department web site for more information. Staff.
ECON 492 - Honors Thesis
Credits: 2
Prerequisite: Senior major standing and honors candidacy. Instructor consent required. A course for honors candidates in economics. An Honors Program is offered for qualified students; see the department head or the department web site for more information. Staff.
ECON 493 - Honors Thesis
Credits: 3-3
Prerequisite: Senior major standing and honors candidacy. Instructor consent required. This course is required of honors candidates in economics. An Honors Program is offered for qualified students; see the department head or the department web site for more information.
ECON 494 - Honors Thesis
Credits: 4
Prerequisite: Senior major standing and honors candidacy. Instructor consent required. A course for honors candidates in economics. An Honors Program is offered for qualified students; see the department head or the department web site for more information. Staff.
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