UMSL Logo 2005-2006 Bulletin

Department of Economics

http://www.umsl.edu/divisions/artscience/economics/

Faculty

David C. Rose, Professor*, and Chairperson
Ph.D., University of Virginia
Sharon G. Levin, Research Professor*
Ph.D., University of Michigan
Thomas R. Ireland, Professor Emeritus
Ph.D., University of Virginia
Joseph P. McKenna, Professor Emeritus
Ph.D., Harvard University
William E. Mitchell, Professor Emeritus
Ph.D., Duke University
Donald Phares, Professor Emeritus
Ph.D., Syracuse University
Susan K. Feigenbaum, Professor*
Ph.D., University of Wisconsin
Robert L. Sorensen, Professor*
and Director of Undergraduate Studies
Ph.D., Virginia Polytechnic Institute
Lawrence H. White, Professor*; Friedrich A. Hayek Professor in Economic History
Ph.D., University of California, Los Angeles
Anne Winkler, Professor* Economics and Public Policy Administration
Ph.D., University of Illinois at Urbana-Champaign
Sel Dibooglu, Associate Professor*
Ph.D., Iowa State University
Clinton A. Greene, Associate Professor*
Ph.D., University of California-Davis
Donald J. Kridel, Associate Professor*, and
Director of Graduate Studies
Ph.D., University of Arizona
Herbert D. Werner, Associate Professor Emeritus
Ph.D., University of California-Berkeley
Lea-Rachel Kosnik, Assistant Professor
Ph.D., University of California, Los Angeles
William H. Rogers, Assistant Professor
Ph.D., Colorado State University
Michael T. Allison, Senior Lecturer
A.B.D., University of Virginia
Kathleen Phares, Senior Lecturer Emeritus
M.A., University of Missouri-St. Louis
Brian Speicher, Senior Lecturer
A.B.D., Washington University
Mary Suiter, Lecturer, and Director for the Center for Entrepreneurship And Economic Education
M.A., University of Delaware *members of Graduate Faculty

General Information Degrees and Areas of Concentration
Several degree programs are offered by the economics department. The B.A. in economics provides a flexible liberal arts orientation for students. The B.S. in economics places more emphasis upon developing the analytical and quantitative skills used in analysis. Both degrees can be tailored to meet the career interests of the student. The economics faculty considers research an integral part of good teaching. Research projects in recent years have dealt with energy, public choice, industrial organization, nonlinear modeling, property rights, wage discrimination, urban economic development, health economics and aging, economics of science, economics of gender, poverty and welfare, and government regulations. The economics department also offers courses at the undergraduate level in geography. A graduate program offers work leading to the M.A. degree in economics in preparation for careers in teaching, research, government, and industry. The program includes course work in macroeconomic theory, urban, international, industrial, and quantitative economics; and research methodology. The program can accommodate prospective full-time students as well as those who wish to study part-time solely in the evening. Classes are small, and student-faculty interaction is encouraged. The economics department cooperates with the College of Business Administration and the Master's in Public Policy Administration program.

Departmental Honors
A student may earn departmental honors with a GPA of 3.6 in economics and the recommendation of the department.

Minor in Economics
A minor in economics is also available. See the following section for requirements.

Undergraduate Studies

General Education Requirements
All undergraduate economics majors must meet the university and college general education requirements. Candidates for the B.A. degree may take any foreign language to meet this requirement. Candidates for the B.S. degree take mathematics and quantitative courses instead of the foreign language requirement. Courses in economics may be used to meet the university social sciences requirement. Education majors specializing in economics must fulfill the requirements for the bachelor of arts degree. These majors are responsible for obtaining an adviser in the Department of Economics. All prerequisites for economics courses must be completed with a C- or better.

Satisfactory/unsatisfactory Option
Courses outside the major field and Econ 1001, Principles of Microeconomics, and Econ 1002, Principles of Macroeconomics, may be taken on a satisfactory/unsatisfactory basis.

Degree Requirements

Bachelor of Arts in Economics
Candidates for the B.A. degree must take at least 33, but no more than 45, hours in economics. At least 27 hours must be above the 2000 level. All required courses for the major must be completed with a grade of C- or better. The following courses are required:
1001, Principles of Microeconomics
1002, Principles of Macroeconomics
3200, Money, Banking, and Monetary Theory
3001, Intermediate Economic Theory: Microeconomics
3002, Intermediate Economic Theory: Macroeconomics
3100, Economic Statistics
3800, History of Economic Thought

Bachelor of Science in Economics
Candidates for the B.S. degree must complete at least 36, but no more than 45, hours in economics. At least 30 hours must be at or above the 2000 level. All required courses for the major must be completed with a grade of C- or better. The following courses are required:
1001, Principles of Microeconomics
1002, Principles of Macroeconomics
3200, Money, Banking, and Monetary Theory
3001, Intermediate Economic Theory: Microeconomics
3002, Intermediate Economic Theory: Macroeconomics
3100, Economic Statistics
4100, Introduction to Econometrics
Math 1800, Analytic Geometry and Calculus I, or
Math 1100, Basic Calculus

Also required are two of the following :
4150, Mathematical Economics
4040, Analysis of Business Cycles
4030, Managerial Economics
4110, Applied Econometrics
4120, Time Series Econometrics for Economics and Finance
4130, Econometric and Time Series Forecasting
4160, Geospatial Economic Analysis
or any mathematics course numbered 1900 or above (with consent of adviser)

Complementary Areas of Study
The department encourages all majors to develop breadth in related disciplines. Course work and minors are available in a number of areas such as business administration, computer science, statistics, and political science. Students should check with their advisers for recommendations concerning courses in these areas. The department suggests the following supplemental course work for students interested in pursuing doctoral-level graduate work in economics or careers in general business. It also encourages all students to obtain work experience by enrolling in the Internship in Applied Economics (Econ 4990).

Graduate School Preparation:
It is recommended that students considering doctoral-level graduate work in economics also take: Math 1900, Analytical Geometry and Calculus II
Math 2000, Analytical Geometry and Calculus III
Math 2450, Linear Algebra
Math 4200, Mathematical Statistics

General Business Preparation:
It is recommended that students interested in pursuing careers in business also take:
BA 2400, Fundamentals of Financial Accounting
BA 2410, Managerial Accounting
BA 2900, Legal Environment of Business
BA 3500, Financial Management
BA 3700, Basic Marketing

Requirements for the Minor. Candidates for a minor in economics must take a minimum of 18 hours in economics. At least 12 hours must be above the 2000 level. Econ 3100, Economic Statistics, cannot be counted towards the economics minor if the student has also taken Math 1310, Math 1320, Math 1105, or the equivalent. The following courses are required :
1001, Principles of Microeconomics
1002, Principles of Macroeconomics
3001, Intermediate Economic Theory: Microeconomics It is also recommended that students take Econ 3002, Intermediate Economic Theory: Macroeconomics A GPA of 2.0 or better is required for courses presented for the minor. The satisfactory/ unsatisfactory (s/u) option may be applied to Econ 1001 and 1002 only.

Graduate Studies

Two-Three B.S./M.A. Dual Degree Program in Economics
The 2+3 B.S./M.A. in Economics is designed to allow selected students – transfer and native – to complete the requirements for both degrees in five years of full-time study (where full time is defined as 15 credit hours each semester or 30 credit hours per calendar year). The accelerated nature of this program requires the student to take up to 12 hours of approved 4000, and above level dual-listed courses in the senior year, which will also be applied towards the Master’s degree requirements. The total number of credit hours required to complete the B.S. + M.A. dual program will equal 138 graded semester credit hours.

Admission Requirements: Applicants will have completed at least sixty (60) graded semester credit hours of course work which will include all the general education requirements as well as college algebra or a higher level mathematics course, introductory microeconomics and macroeconomics. A minimum G.P.A. of 3.0 is also required. Applicants must be nominated by a full time regular economics faculty member. Applications will be considered during and after the semester in which the student completes 60 undergraduate credit hours.

Provisional Status: Students who are accepted into the program will be admitted provisionally. During the third-year of full-time study (the first year of on-campus study for transfer students arriving with an associates degree from a 2-year college), the student will concentrate on course work required for the B.S. degree in economics. This will normally include completion of Econ 3200, 3001, 3002, 3100: at least 6 hours of economics electives; course work in mathematics; and electives in related areas. Provisional status will be lifted when 30 hours of approved semester credit hours are completed with a GPA of 3.0 or higher.

Dual Enrollment: During the fourth and fifth years of study, students will be allowed to dual enroll in both undergraduate and graduate courses with the consent of their advisor. To complete the remaining requirements for the B.S. degree, the student will normally enroll in: Econ 4100; three additional electives in economics of which two must be selected from Econ 4150, 4040, 4030, 4110, 4120, or 4130; up to three 5000 or 6000 level courses in economics; and additional hours of undergraduate course work to complete a total of 120 credit hours. (Not more than 50 hours of economics course work may be counted towards the major.) Of the hours approved taken at the 4000-6000 or above level in economics, up to 12 hours will be counted towards the 30-hour minimum (after all prerequisites have been met) required for the Masters degree. Note: Neither Econ 4100 or 4150 will be counted toward the 30 hour minimum. After the student has completed the first 120 hours required for the undergraduate degree, the final year of study will normally require completion of 18 hours of additional courses at the 5000 level and above. These must include Econ 5140, 5001, 5002, and 5100. The Director of Graduate Studies must approve all courses for the dual degree. A maximum of 6 hours (of the 30 required for the M.A.) may be taken at the 4000 level.

Awarding of Degree: The B.S./M.A. degrees will be awarded when all requirements for the M.A. degree have been completed. Students who officially withdraw from the “2 + 3” Dual Degree Program in Economics and who have successfully completed all of the requirements for the B.S. degree will be awarded the B.S. degree.

Master of Arts in Economics
The Department of Economics offers a Master of Arts in Economics with two options: general economics and business economics.

Admission Requirements
An undergraduate major in economics is not required for acceptance into the program. Application for admission may be submitted at any time, although class work formally begins in late August, mid-January, and mid-June. Candidates must meet the general admission requirements of the Graduate School, submit GRE scores (Advanced Economics optional), and submit two letters of recommendation from persons qualified to judge the candidate's potential for success in the program. The admissions decision is based on the applicant's academic transcript, GRE scores, letters of recommendation, and a personal narrative on the application form.

Departmental Honors A student may earn departmental honors with a GPA of 3.75 in all required courses for the M.A. degree and the recommendation of the department.

Degree Requirements
Candidates for the M.A. in economics must complete a core curriculum that provides training in the fundamental areas of economic theory, quantitative methods, and communication skills. Students then select either the general economics or business economics option.

Required Core Courses
The following courses or their equivalents are required for the M.A. in Economics. Students with previous education in economics or business may waive some of these courses. Econ 4150, Mathematical Economics
BA 5001, Managerial Economic Analysis
BA 5002, Analysis of National Economic Environment
MS/IS 5300, Statistical Analysis for Management Decisions
Econ 5140, Seminar in Economic Research
Econ 5001, Microeconomic Analysis
Econ 5002, Macroeconomic Analysis
Econ 5100, Econometric Theory and Methods
Electives
Candidates must complete at least 18 hours of electives. A maximum of 6 hours may be taken at the 4000 level with the approval of the graduate coordinator, students may take up to 9 hours of course work outside the Department of Economics.

Dual M.B.A./M.A. in Economics
For as few as 15 hours of additional course work in economics, a Master of Arts in Economics may be obtained along with your Master of Business Administration (M.B.A.) degree. Once accepted into the M.B.A. Program, you need only complete an on-page application form to gain admittance to the Economics program as well. Fulltime students can easily complete the M.A. degree in a year's time, while part-time students can be accommodated over a longer time period. All courses are available during the evening. The following course of study is recommended for dual degree-seekers. It is assumed that students have already completed at least one course in calculus. I) Core requirements 12 hours Econ 5140, Seminar in Economic Research (or BA 5100 Managerial Communications)
Econ 5001, Microeconomic Analysis
Econ 5002, Macroeconomic Analysis
Econ 5100, Econometric Theory and Methods II) Electives 18 hours Twelve hours of graduate-level business electives (excluding BA 5000, BA 5001, and BA 5002, IS 6800 and LOM 5300) to be incorporated from your M.B.A. degree program. Six additional graduate hours in economics, three hours of which may be at the 4000 level. Applicants need not have an undergraduate degree in economics. However, students are expected to have taken, either at the baccalaureate or M.B.A. level: Intermediate Microeconomics (Econ 3001 or BA 5001), Intermediate Macroeconomics (Econ 3002 or BA 5002), Mathematical Economics (Econ 4150), Money and Banking (Econ 3200), Statistical Analysis for Management Decisions (LOM 5300) and Introductory Econometrics (Econ 4100). Students that do not have these courses will take these courses first; credits earned in these courses do not count towards the hours required for the M.A. Students must take at least 30 hours to complete the M.A. in Economics degree-core requirements (1) and electives (II) and these courses must be completed within a period of six years.

Certificate in Forensic Economics
The Certificate in Forensic Economics is a program of study designed for individuals who wish to supplement previous graduate studies with training in the theory and application of forensic economics. The program is aimed at individuals who wish to prepare economic reports and offer expert economic testimony for selected areas of litigation. The entrance requirement is a master's degree in such areas as actuarial science, business administration, finance, economics, or public policy. An applicant must have had prior course work, or its equivalent, in: Intermediate Microeconomics, Intermediate Macroeconomics, and Statistics. Course work in labor economics and law and economics is recommended but not required. Individuals admitted to this certificate program will be nonmatriculating graduate students.

Requirements
The certificate requires a minimum of 18 hours of course work in forensic economics. Students must complete:
Econ 5650, Law and Forensic Economics
Econ5660, Labor Economics for Forensic Economics
Econ5670, Assessment of Damages in Personal Injury and Wrongful Death
Econ 5680, Statistical Research in Forensic Economic Analysis
Econ 5690, Writing Reports and Papers on Forensic Economics
Econ5695, Internship in Forensic Economics

Graduate Certificate in Management Economics
A Graduate Certificate in Managerial Economics is a program of study designed for individuals who wish to supplement previous graduate studies with advanced training in applied economic analysis. The entrance requirement is a master's degree in such areas as business administration, finance, or public policy administration. Individuals admitted to this certificate program will be nonmatriculating graduate students.

Requirements
The certificate requires a minimum of 18 hours of course work in economics. Students must complete:
Business 5001, Microeconomic Analysis
Economics 4100, Introduction to Econometrics
Economics 4030, Managerial Economics
and any two of the following:
Economics 4040, Analysis of Business Cycles
Economics 5020, Economics of Contracts and Organization
Economics 5110, Applied Econometrics
Economics 5130, Business and Economics Forecasting
Economics 6600, Structure and Performance of United States Industry In addition, the student is required to take an elective (any economics course numbered 5000 or higher). Students with previous experience in economics may be able to substitute for courses previously completed, however, 18 credit hours are required for the Certificate.

Career Outlook
Economics is a language that provides the individual with a concise and logical way to study a wide range of problems and issues. It provides the flexibility for adapting to our ever-changing society, and it is also useful in everyday life. Thus, the economics major is excellent preparation for launching many careers. Economics graduates with a B.A. or B.S. degree pursue careers in banking, industry, and government. They use their training in economics as a foundation for a variety of jobs in management, personnel, sales, and marketing. Others continue their study of economics in graduate schools, earning M.A. and Ph.D. degrees. An undergraduate major in economics also provides a strong background for work on an M.B.A. or law degree. Economics is also important for careers in politics, journalism, and public and private service in foreign countries. Career planning materials are available in the Economics Resource Center, 452 SSB. For additional information, call the Director of Graduate Studies at (314) 516-5553.

Course Descriptions

Economics Geography Home Economics

Courses in this section are grouped as follows: Economics, Geography, and Home Economics.
Prerequisites may be waived by consent of the department. Students who have earned 24 or more semester hours of credit at any accredited post-secondary institutions(s) before the start of the fall 2002 semester must meet the general education requirements stipulated in the UM-St Louis 2001-2002 Bulletin. The following courses fulfill the Social Sciences breadth of study requirements as described in that Bulletin:
1000, 1001, 1002, 1003, 2010, 2410, 2610, 2800, 3001, 3002, 3052, 3100, 3200, 3300, 3301, 3310, 3320, 3400, 3500, 3501, 3510, 3600, 3620, 3630, 3650, 3700, 3710, 3750, 3800, 3900, 4030, 4040, 4100, 4110, 4130, 4140, 4150, 4160, 4210, 4550, 4610, 4980, 4990, 5110
GEOGRAPHY: 1001, 1002, 2900, 3900

Economics

1000 Introduction to the American Economy (3) [V, SS]
Introduction to economic analysis and problems through an examination of the development and operations of the American economy; study of its evolution, institutions, and principal problems. Econ 1000 does not substitute for Econ 1001 or 1002. Students who have already completed Econ 1001 or 1002 may not take Econ 1000 for credit.

1001 Principles of Microeconomics (3) [V, SS]
Prerequisite: Mathematics 1030. Introduction to the determinants of household demand, production and cost, and market prices. Applies the principles of individual decision-making behavior to understanding goods, services, and resource markets.

1002 Principles of Macroeconomics (3) [SS]
Prerequisite: Econ 1001. Introduction to the determination of levels of and changes in aggregate income, output, employment, and prices. Applies economic principles of choice to the formulation and achievement of public policies that affect national employment, income distribution, and economic growth.

1003 Microeconomics in the News: A Virtual Classroom (1)
Prerequisites: Econ 1000 or Econ 1001 or equivalent (may be taken concurrently). This course uses a virtual chatroom to host one hour of discussion weekly about current news events with microeconomic content. News articles will focus on business, pubic policy, and individual choices that can be understood within a microeconomics framework. Chatroom can be accessed from any location-on or off-campus-within Internet access.

1004 Macroeconomics in the News: A Virtual Classroom (1)
Prerequisites: Econ 1002 or equivalent (may be taken currently). This course uses a virtual chatroom to host one hour of discussion, weekly, about current news events with macroeconomic content. News articles will focus on macroeconomic phenomena – e.g., interest rates, the global economy, the Federal Reserve and pubic policy decisions – that can be understood within a macroeconomics framework. Chatroom can be accessed from any location – on or off – campus – with Internet access.

1500 Entertainment Economics: The Movie Industry (3) [SS]
This survey course examines the interrelationships between economics and the movie industry. It explores the impact of economic factors on the production, distribution and exhibition of movies, focusing on the rise and fall of the studio system, role of technological change in the evolution of cinematography and the movie marketplace, financing and market segmentation, globalization and changing industrial structure within which films are produced. To the extent that movies reflect and contribute to popular economic perspectives, this course also evaluates the soundness of the movie industry's depiction of a variety of economic doctrines. Classes will consist of lecture, discussion, and brief film screenings. This course does not count towards the hours required for an Economic major.

1510 Entertainment Economics: The popular Music Industry (3) [SS]
This survey course examines the interrelationship between economics and the music industry. It explores the impact of economics factors on the production, distribution of music, payola, and the rise and fall of the independent labels, the role of technological change in the evolution of music industry, globalization and changing industrial structure within which CDs are produced. To the extent that music reflects and contributes to popular economics perspectives, this course also evaluates the soundness of the music industry's depiction of a variety of economic doctrines. Classes will consist of lecture, discussion, and brief listening sessions. This course does not count towards the hours required for an Economics major.

2010 The Business Firm: History, Theory, and Policy (3) [V, SS]
Prerequisites: Econ 1000 or 1001 or consent of instructor. This course presents a history of development of modern business firms and examines the evolution of the economic theory of the firm. Special attention paid to the role that firms play in fostering social and economic development. Objective of course is to provide students with deeper understanding of firms so that they can make better policy decisions as owners, managers, lawmakers, regulators, and voters.

2410 Work, Families, and Public Policy (3)
Prerequisite: Econ 1000 or 1001. This course compares the economic behavior of women and men in both the labor market and the household. Topics include: the family as an economic (production) unit, gender differences in labor force participation, occupations and earnings; the effectiveness of human capital theory and labor market discrimination in explaining the male-female wage gap; remedies for reducing the wage gap; family structure and economic well-being; and alternative policies to alleviate poverty.

2610 The Economics of Professional Sports (3) [V, SS]
Prerequisite: Econ 1000 or equivalent or consent of instructor. This course will survey the economic organization of professional sports team industries and the relationship of sports teams to their employees, fans, and governments. Economic issues relating to salaries and labor disputes, monopoly practices, cartels and pricing, team location decisions, and public subsidies for professional sports teams will be analyzed.

2650 Law and Economics (3)
Prerequisite: Econ 1001. Analysis of the economic role of property rights and contracts in the private for-profit and not-for-profit sectors of the economy. Considers economic incentives to form organizations as one alternative and to form contracts as another. Considers the economic efficiency of the common law and judicial systems in use in the United States.

2800 History of American Economic Development (3) [MI, SS]
Prerequisites: Econ 1000 or 1001 or consent of instructor. Same as Hist 2800. Uses economic concepts to explain historical developments in American economy, beginning with hunter-gatherers who crossed the Bering land bridge around 12,000 B.C. Main topics include Native American economies, European exploration and conquest, colonial economies, indentured servitude, American Revolution, U.S. Constitution, westward expansion, transportation, Industrial Revolution, state banking and free banking, slavery, Civil War, post-bellum agriculture, rise of big business and antitrust, banking panics, Federal Reserve Act, First and Second World Wars, New Deal, and growth of government in postwar economy.

3001 Intermediate Economic Theory: Microeconomics (3)
Prerequisites: Econ 1001 and 1002. Analysis of prices in terms of equilibrium of the business firm and consumer demand in markets of varying degrees of competition.

3002 Intermediate Economic Theory: Macroeconomics (3)
Prerequisites: Econ 1001, 1002; Econ 3200 is recommended. Study of national income, expenditure, and the forces determining the level of economic activity. Special emphasis on the theory of income determination and its application to public policy.

3052 Microeconomics for the School Curriculum (1-3)
Prerequisite: Junior standing. Analysis of market forces, with emphasis on business firms, households, and productive-factor markets, price determination, and resource allocation. Special reference to topics included in elementary and secondary school social science curricula. Econ 3052 may not be used by economics majors to meet degree requirements.

3055 Economics Issues for the School Curriculum (3)
Prerequisites: Junior standing and consent of instructor. An analysis of selected economic issues appropriate to instruction in secondary and elementary schools. May be taken more than once for credit, provided the topic of the course is different each time. May not normally be used by economics majors to meet degree requirements. This course does not fulfill the undergraduate economics requirement for education majors.

3100 Economic Statistics (3)
Prerequisites: Math 1030, Econ 1001, and Econ 1002. Introduction to economic data sources, data interpretation and statistical inference as used in economic analysis. Emphasizes the testing of economic hypotheses and the development and estimation of economic models. Introduces the use of statistical software used in economics.

3150 Quantitative Methods and Modeling in Economics, Business and the Social Sciences (3)
Prerequisites: Math 1030; Econ 1001 or junior standing. This course focuses on the application of mathematical techniques to model building. The course reviews various mathematical techniques and shows students how they can be used for describing various social and business phenomena. Specific examples from the business, economics, criminology and other social sciences will be employed to reinforce the mathematical tools and concepts discussed. Students who have previously completed Econ 4150 or Math 1800 or Math 1100 may not take this course for credit.

3200 Money, Banking, and Monetary Theory (3)
Prerequisites: Econ 1001 and 1002. Factors influencing bank reserves and the money supply. Ability of the Federal Reserve System and the Treasury to control these factors. Introduction to monetary theory; integration of monetary phenomena with national income theory. Analysis of current policy issues.

3300 International Economic Analysis (3)
Prerequisite: Econ 1001. Introduction to the theories of international trade and factor movements including determinants of trade, the effects of trade on sectors and on overall economic performance, trade restrictions, and balance of payments and exchange rates. Discussion of current institutions and economic developments in the global economy.

3301 International Finance (3)
Prerequisite: Econ 1002. Introduction to international monetary systems; foreign exchange markets; financing of international transactions; the international position of the dollar.

3310 Comparative Economic Systems (3)
Prerequisite: Econ 1001, or 1002. Introduction to the comparative study of economic organization, growth, and welfare in different types of national economies such as the United States, the United Kingdom, France, Germany, Sweden, Japan, the republics of the former Soviet bloc, and China.

3320 Economic Development (3)
Prerequisites: Econ 1001 and 1002. Survey of economic growth as applied to developed and underdeveloped countries. Analysis of development policies with emphasis on case studies. Case studies may include the United States , Western Europe, or Latin America.

3400 Labor Economics (3)
Prerequisite: Econ 1001. Examines the labor market in the economy. Considers the theories of labor supply, labor demand, and market determination of wages. Other topics include noncompetitive markets, internal labor markets, the theory of human capital, compensating wage differentials, labor market discrimination, unions and collective bargaining, unemployment, and poverty and the distribution of income.

3500 Public Finance: Expenditures (3)
Prerequisite: Econ 1001. Analysis of public goods and externalities, models of collective choice, elements of benefit-cost analysis, the theory of bureaucracy, governments as agents in markets.

3501 Political Finance: Revenues (3)
Prerequisite: Econ 1001. Analysis of the economic role of governments, subsidies and taxes in the federal system, criteria for tax evaluation, the nature of tax legislation, private decision making under differing tax institutions, and government borrowing.

3600 Industrial Organization (3)
Prerequisite: Econ 1001. A theoretical and empirical analysis of the actions of firms under alternative forms of market organization. The role of economics of scale, product differentiation, mergers, and advertising in affecting industry structure, and the impact of the resulting industry structure on pricing, output, promotion, and technology decisions of firms.

3620 Business and Government (3)
Prerequisite: Econ 1001. Relations between business firms and government at all levels. Questions of regulation, public ownership, guidelines, and competition considered.

3630 Government Regulation and Antitrust Policy (3)
Prerequisite: Econ 1001. Evaluation of the use of antitrust policy and government regulatory agencies to improve the performance of industrial markets. Course will include discussion of antitrust cases and analysis of the economic impact of deregulatory initiatives in the airline, trucking, railroad, and telecommunications industries.

3700 Urban and Regional Economics (3)
Prerequisites: Econ 1001 and 1002. A survey of factors affecting the location of economic activity, industrial diversity, determinants of urban growth, the role of urban public economy, and the management of the urban environment.

3710 Planning Processes in the Urban Economy (3)
Prerequisites: Econ 1001 and junior standing. Economic techniques and criteria used in planning and evaluating programs and projects for the urban economy.

3750 The Political Economy of Health Care (3)
Prerequisite: Econ 1001. The course provides an economic perspective on the working of the health care market, focusing on the effects of government regulation, tax policy, and entitlement programs. There will be a detailed review of existing U.S. health care financing programs (e.g., Medicare, Medicaid), as well as financing systems of other developed countries. Health care policy will be evaluated according to its impact on quality, cost, and access to medical care and, ultimately, the overall health status of our population.

3800 History of Economic Thought (3)
Prerequisites: Econ 1001 and 1002. The evolution of economic thought from the ancients through post-Keynesian theory.

3900 Selected Topics in Economics (3)
Prerequisites: Econ 1001 and 1002. Analysis of a selected economic topic. The topic selected will vary from semester to semester. This course may be taken for credit more than once as long as the topic discussed in each semester is different.

4030 Managerial Economics (3)
Prerequisite: Econ 3001 or equivalent; Math 1800 or 1100 recommended. Application of microeconomic theory to decision-making process in the business firm. Topics include pricing and profit strategy, cost analysis, decision making under uncertainty, technology, innovation, and productivity growth, and the structure and organization of firms. Problem-solving and case-study approach used.

4040 Analysis of Business Cycles (3)
Prerequisites: Econ 3200; 3002; 3100. This course focuses on the empirical regularities in macroeconomics commonly referred to as the business cycle. It examines the variability and co-movements of aggregate economic variables and explores alternative theoretical explanations of these phenomena.

4100 Introduction to Econometrics (4)
Prerequisites: Econ 1001 and 1002; Econ 3100 Math 1800 or Math 1100; or consent of instructor. An introduction to quantitative analysis of economic behavior. The ordinary least squares technique and the assumptions underlying it are developed. Methods designed to detect and correct for the violations of these assumptions are examined. Special emphasis is given to the practical application of the procedures discussed through the use of computer exercises.

4110 Applied Econometrics (4)
Prerequisite: Econ 4100 or equivalent. Concepts, techniques, and advanced applications of econometrics. Emphasis on developing a critical understanding of the appropriateness and limitations of a variety of state-of-the-art techniques used to model economic or political processes. Topics will include joint tests of hypotheses, estimation of lagged effects, models of qualitative choice, simultaneous systems, and outlier diagnostics. This course includes laboratory work in quantitative economic analysis.

4120 Time Series Econometrics for Economics and Finance (4)
Prerequisites: Econ 4100 or equivalent and a solid foundation in statistics. Introduction to application of econometric methods to time-series data. Emphasis on model specification as it applies to macroeconomic or financial data. Topics include: Stationary and non-stationary time-series, seasonality, random walks, unit roots, Dickey-Fuller tests, cointegration, ARCH/GARCH models, and general to specific modeling (ADLs). Specific applications to macro-economics, international economics and/or financial markets.

4130 Econometric and Time Series Forecasting (4)
Prerequisite: Econ 4100 or equivalent. Alternative forecasting methodologies for economic time series will be analyzed and discussed. The focus of the course will be: (1) the development of time-series (ARIMA) models and their application to forecasting; (2) the use of standard econometric models for forecasting; and (3) evaluation and comparison of these methods and the conditions under which each is the appropriate methodology. This course includes laboratory work in quantitative economic analysis.

4150 Mathematical Economics (3)
Prerequisites: Math 1800 or 1100, Econ 3001, or BA 5000 or 5001. This course uses calculus and other mathematical tools to analyze economic phenomena. In addition to exploring techniques used to solve unconstrained and constrained optimization problems, the course also examines how matrix algebra is used in economic modeling. This course allows students to mathematically analyze economic models which receive graphical treatment in lower level courses.

4160 Geospatial Economic Analysis (3)
Prerequisites: Junior standing. Econ 1001 and 1002 or consent of instructor. Analysis of geospatial socioeconomic data using geographic information systems (GIS) software. Emphasis will be on how to create maps to clearly present and analysis information; how geospatial analysis can be integrated into research projects and presentations; and how geospatial data can be identified and located to shed light on economic research questions.

4170 Fundamentals of Cost-Benefit Analysis
Prerequisites: Econ 3001 or equivalent. The purpose of this course is to provide a systemic and rigorous way of thinking about the measurement of benefits and costs when evaluating public projects, programs or regulations. Cost-benefit analysis has wide application, including: environmental resource use, highway construction projects, safety regulations, taxation of cigarettes, and investment in higher education. Given the prevalence of cost-benefit analysis in government budgetary processes, this course will develop critical appraisal skills to evaluate the appropriateness of these analyses.

4210 Financial Markets and Institutions (3)
Prerequisite: Econ 3200. Demand, supply, and flow of funds in the macrofinancial system, including money, capital, futures, and foreign exchange markets. Examines types and historical development of domestic and international financial intermediaries operating within these markets, decision-making within individual intermediaries, their regulatory environment, and how their portfolio decisions affect flows in the financial system.

4510 Public Finance: State and Local (3)
Prerequisites: Econ 1001 and 1002 and junior standing. A study of expenditure, taxation, and financial administration of state and local governments, with emphasis on problems of current interest. Special attention given to research methods, as well as financial relations between various levels of government.

4550 Natural Resource Economics (3)
Prerequisite: Econ 1001, or consent of instructor, junior standing. The relationship between human activity and the world's natural resources requires choices. This course uses an economics perspective to study these choices. This perspective uses the view of the environment as an asset for its starting point. Issues concerning the optimal and sustainable use of natural resources are examined in this context. Special emphasis is given to potential policy responses to environmental problems.

4610 Economics of Nonmarket Decision Making (3)
Prerequisites: Econ 1001 or consent of instructor; junior standing. Application of economic theory and methodology to study of nonmarket decision making. Introduction to economic models of the judiciary, bureaucracies, interest groups, regulatory agencies, legislative and executive branches of government, and private nonprofit charitable organizations. Impact of voting rules and agenda manipulation on collective outcomes will be explored.

4900 Advanced Topics in Economic Analysis (3)
Prerequisites: Econ 3001 or 3002 or consent of instructor. Study of a specific topic in Economics that may vary from semester to semester. May be taken for credit more than once if the topics are different.

4980 Special Readings (1-6)
Prerequisites: Consent of instructor; grade point of 3.0 or higher in economics. Unscheduled, independent directed readings on topics mutually acceptable to student and instructor. Maximum credit limited to six hours

4990 Internship in Applied Economics (2-6)
Prerequisites: Junior standing, Econ 3001, and consent of instructor. Independent study involving work with appropriate private firm or public agency. Maximum of 6 hours may be earned, only 3 of which may be applied to economics major.

5001 Microeconomic Analysis (3)
Prerequisites: Econ 3001 or BA 5001; Econ 3002 or BA 5002; Econ 4150. Survey of microeconomic comparative statistics. Detailed examination of demand and supply, product, and factor markets. Partial equilibrium in competitive, imperfectly competitive, and monopolistic markets.

5002 Macroeconomic Analysis (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 5002; Econ 4150. Aggregate economic theory, including analysis of the determinants of income, output, employment, and prices. Employment and price-level effects of consumer and investment demand, the money supply and interest rates, and government policies.

5010 Microeconomics for Policy Analysis (3)
Prerequisites: Graduate Student Standing. Same as PPA 6080. This course introduces microeconomic analysis of consumers, firms, and government, with an emphasis on policy applications. It assumes no prior training in economics and is appropriate for graduate students in public policy administration, nonprofit management, political science, gerontology, criminology and criminal justice, and other related fields. This course may not be used by economics students to meet M. A. degree requirements.

5020 Economics of Contracts and Organization (3)
Prerequisites: Econ 3001 or BA 5001 or 5000. Considers issues in the coordination of human resources in the production of goods and services, either through individual contracting or through various forms of organizations. Organization is explained as a nexus of contractual relationships within a cooperative production unit, whether that unit is governmental, in private commerce, or has a nonprofit orientation-or some mix of the three basic modes. Emphasizes the roles of transactions costs, bounded rationality, monitoring individual performance in team production, opportunism, basic principles of insurance, and other incentive compatibility issues.

5051 Macroeconomics for the School Curriculum (1-3)
Prerequisite: Junior standing. Analysis of forces affecting the national economy, with emphasis on income determination, employment, money and banking, and international trade and finance. Special reference to topics included in elementary and secondary school social science curricula. Econ 5051 may not be used by economics majors to meet degree requirements.

5052 Microeconomics for the School Curriculum (1-3)
Prerequisite: Bachelor’s degree from an accredited institution or consent of instructor. Analysis of market forces, with emphasis on business firms, households, productive factor markets, price determination and resource allocations. Special reference to topics included in the elementary and secondary school social science curricula.

5055 Economic Issues for the School Curriculum (1-3)
Prerequisites: Junior standing and consent of instructor. An analysis of selected economic issues appropriate to instruction in secondary and elementary schools. May be taken more than once for credit, provided the topic of the course is different each time. May not normally be used by economics majors to meet degree requirements.

5100 Econometric Theory and Methods (3)
Prerequisites: Econ 3001 or BA 5001; Econ 3002 or BA 5002; Econ 4150; Econ 4100 or LOM 5300; Math 2450 or equivalent.
A rigorous review of statistical models and methods relevant to the estimation and testing of economic relationships. Emphasis on the theoretical underpinnings of techniques commonly used for single and multiple equation estimation and hypothesis testing. Topics include ordinary and generalized least squares, robust regression, and simultaneous equations estimation.

5110 Topics in Applied Econometrics (3)
Prerequisites: Econ 4100, or Econ 5100 or LOM 5300; Math 2450 or equivalent. Concepts and application of advanced econometric techniques. Students will develop a thorough understanding of the appropriateness and application of a variety of state-of-the art techniques. Topics will include specification tests, polynomial distributed lags, discrete choice, pooled time-series cross-section, simultaneous equations and outlier detection.

5120 Advanced Topics in Time Series Econometrics (3)
Prerequisites: Econ 4100 or equivalent and a solid foundation in statistics. Application of econometric methods to time-series data. Emphasis on model specification as it applies to macroeconomic or financial data. Advanced Topics include: Stationary and non-stationary time-series, seasonality, random walks, unit roots, Dickey-Fuller tests, cointegration, ARCH/GARCH models, and general to specific modeling (ADLs). Specific applications to macro-economics, international economics and/or financial markets.

5130 Business and Economic Forecasting (3)
Prerequisites: Econ 3001 or BA 5001, Econ 3002 or BA 5002, Econ 4150, Econ 4100 or MS/IS 5300. This course develops the alternative techniques which are used to forecast economic time series. Each forecasting technique will be evaluated in terms of its theoretical soundness and predictive track record. Students will also learn to use these techniques to differentiate among competing economic models.

5140 Seminar in Economic Research (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 5002. Research methods applied to economics. Develops efficiency and skill in conducting research and communicating the results with written reports and oral presentations. This course must be taken within the first year of study after completion of the prerequisites.

5200 MonetaryTheory and Policy (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002 or BA 5002; Econ 4150. An examination of how monetary policy has affected the economy in the past and how it can improve economic performance in the future. Topics include: the origins of money, money supply, money demand, the determinants of real and nominal interest rates, the term structure of interest rates, the impact of discretionary monetary policy on the domestic economy and foreign exchange markets, and the domestic economy and foreign exchange markets, and the relationship between monetary policy and federal government deficits.

5210 Financial Markets (3)
Prerequisites: Econ 3200; Econ 3001 or BA 5001; Econ 3002. Demand, supply, and flow of funds in allocating credit and distributing risk in the macrofinancial system. The saving investment process, the rationale for financial markets, and the role of financial intermediaries are studied within the framework of the flow of funds accounts. Special attention is given to the operation of money, capital, futures, and foreign financial markets and the impact of public policy on the structure and performance of financial markets.

5300 International Trade (3)
Prerequisite: Econ 3001 or BA 5001. Survey of the modern theories of international trade and their applications including factor endowments and other, trade restrictions, foreign investment, trade and economic development, and balance of payments and exchange rates. Discussion of current institutions and economic developments in the global economy.

5301 International Monetary Analysis (3)
Prerequisite: Econ 3200, Econ 3002 or BA 5002. Application of macroeconomic theory to the international monetary system. Topics include the balance of payments, exchange rates, international linkages, world inflation, capital flows, and the gold standard.

5500 Public Sector Microeconomics (3)
Prerequisite: Econ 3001 or BA 5001, or PPA 6080. Same as PPA 6210. Application of tools of intermediate microeconomics to address public sector issues. Special emphasis is placed on critically analyzing current public policy debates using the models developed. Topics covered include: cases in which competitive market fails to allocate resources efficiently (e.g., externalities and public goods), importance of property rights, incentive effects of the tax and transfer system, and the fundamentals of cost-benefit analysis.

5600 Structure and Performance of United States Industry (3)
Prerequisites: Econ 3001 or BA 5001; Econ 4150. An analysis of the functioning of business firms under alternative market arrangements. Topics include: the theory and measurement of monopoly power and the role of economies of scale, product differentiation, and entry conditions in affecting this power; the impact of market power on the price-setting behavior, advertising and promotional strategies, and technological innovation of firms; the role of government policy in promoting or preventing competition among firms.

5630 Economics of Telecommunications (3)
Prerequisites: Econ 3001, BA 5000 or BA 5001 and Econ 4150. Application of economic theory and techniques to the telecommunications industry. Topics include demand theory for telephone access and use, consumer surplus models for subscription choice, nonlinear pricing strategies including pure and mixed bundling and multi-part tariffs, the incentives of the firm under various regulatory regimes, a comparison of rate-of-return regulation and incentive (price cap) regulation, and the impact of carrier-of-last-resort responsibilities.

5650 Law and Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100, or equivalent, or consent of instructor. Reviews issues of law that dictate conditions under which forensic economic analysis is admissible. Topics include introduction to common law, federal and state court systems, statutory basis for wrongful death damages, "make whole" principle, efficient deterrence and efficient compensation, differences by class of litigation, determination of relevant law, legal implications of "preferred jury instructions," standards for admissibility of economic expertise.

5660 Labor Economics for Forensic Economists (3)
Prerequisites: Econ 3001, 3002, 3100, or equivalent; or consent of instructor. Focuses on areas of labor economics of special importance in forensic economic analysis. Topics include human capital as a recoverable asset, age-earnings cycles, variations in age-earnings cycles, earning capacity versus expected earnings, theories of family and family bargaining, theory of discrimination and tests for presence of discrimination.

5670 Assessment of Damages in Personal Injury and Wrongful Death (3)
Prerequisites: Econ 3001, 3002, 3100, or equivalent; or consent of instructor. Reviews methodologies for standard damage categories in forensic economic analysis. Topics include methods for establishing base earnings, use of age-earnings profile data, discount rates, net discount rates and stability of relationship between wage growth and discount rates, analysis of fringe benefit packages, concepts and measurement of nonmarket family services, hedonic damage controversy, analysis of personal consumption/personal maintenance for wrongful death cases.

5680 Statistical Research in Forensic Economic Analysis (3) Prerequisites: Econ 3001, 3002, 3100, or equivalent; or consent of instructor. Review of relevant statistical techniques, data sources, and reliability factors. Since factual information about individual tort victims is often limited in forensic economic assessment, this course deals extensively with issues of inference that must be made with little data. Also addresses issues of scientific admissibility and Internet as a potential source of relevant data.

5690 Writing Reports and Papers in Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100, or equivalent; or consent of instructor. A professional writing course in which students are expected to prepare both a report suitable for litigation and a paper written in publication format for a professional journal or law review. Some student papers will be publishable in specialized journals, legal publications, and law reviews.

5695 Internship in Forensic Economics (3)
Prerequisites: Econ 3001, 3002, 3100 or equivalent; or consent of instructor. Internship with litigation division in law or accounting practice, or with forensic consulting firm. Internship activities and products will be monitored largely through Internet interaction between student and faculty.

5700 The Political Economy of Metropolitan Areas (3)
Prerequisites: Regular graduate student status and consent of graduate student coordinator.
This course deals with both the public and private sector issues that affect our nation's metropolitan areas.
It focuses on policy implications for economic development, government finance (especially at the state and local level) and intergovernmental relations. It also covers the economics of specific topical areas such as local education, transportation, financing adequate urban services, governmental structure and financial organization, infrastructure needs.

5720 Real Property Economics (3)
Prerequisites: Econ 3001 & 4200 or equivalent. This course will apply economic theory to analyze the real estate market's micro and macro characteristics. Public policy impacting both the residential and commercial property markets will be discussed using models developed in the course. Topics include price and location theory, growth and growth patterns, urban sprawl, migration, regulation of land and capital, provision of public goods, and non-market valuation modeling. Hands-on applications of various non-market property valuations will be incorporated in the course.

5750 The Political Economy of Health Care (3)
Prerequisite: Econ 3001 or BA 5000 or consent of instructor. This course investigates the impact of government policy on health care provision and financing, focusing on the effect of entitlement programs, tax policy, and government regulation. Applying standard economics techniques, students will analyze incentives facing the decision makers in the health care system and ways in which they are altered by government policy. Attention will also be given to rationales for government intervention and roles of interest groups in the formulation of U.S. health care policy. The course will provide a detailed review of specific federal and state government financing programs, primarily focusing on Medicare and Medicaid, and will include discussion of the economic aspects of current health finance reform proposals.

5760 Health Economics (3)
Prerequisites: Econ 3001 or BA 5001. This course applies microeconomic theory and statistical techniques to understand decision making in health care markets. The effects of government policies on the health care choices of consumers and providers are identified and quantified; attention is given to federal and state entitlement programs, regulations, tax policies and antitrust enforcement. The role of insurance as a risk-sharing device is explored, along with its implications for pricing and health care utilization.

5900 Advanced Topics in Economic Analysis (3)
Prerequisite: Consent of the instructor. Study of a specific economics topic, which may vary from semester to semester. May be taken more than once if the topic is different.

5980 Directed Readings (1-6)
Prerequisite: Consent of instructor. Independent study through readings, reports, research projects, and conferences.

6400 Labor Economics: Theory and Public Policy (3)
Prerequisite: Econ 3001 or BA 5001. This course examines labor supply, labor demand, and market determination of wages. Topics covered include the effect of technological change on employment, trends in labor force participation, the impact of government taxes and transfers on labor supply, poverty, and its economic consequences, the human capital model and its implications for investment in education and on-the-job training, and theories of economic discrimination and empirical measurement issues. Throughout the course, current public policy debates are examined using the theoretical models developed.

Geography

1001 Introduction to Geography (3) [MI, SS]
Prerequisite: None. An introduction to geography as a social science. The identification and explanation of order in the human landscape. A survey of the social, political, economic, and psychological factors which influence geographic patterns.

1002 World Regions (3)
Prerequisite: None. Survey of the major regions of the world. Designed to give the student an awareness of the character of each of these major regions through the interrelationships of the various attributes of place. Each semester the geographic perspective will be applied in greater depth to one significant country such as Afghanistan, Iraq, or North Korea.

2900 Special Readings in Geography (3)
Prerequisite: Consent of instructor. This course will provide a more in-depth analysis of the various factors which influence geographic patterns. The topic selected will vary from semester to semester. This course may be taken for credit more than once as long as the topic discussed in each semester is different.

3900 Advanced Topics in Geography (3)
Prerequisites: Junior standing or consent of instructor. Analysis of selected geography topics. The topics selected will vary from semester to semester. This course may be taken for credit more than once as long as the topics discussed in each semester are different.

Home Economics

1110 Nutrition in Health (3)
A study of dietary nutrients essential for health, proper selection of foods to provide them, and current issues affecting them.


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