Economics

Economics Courses

ECON 1000 Economics in Everyday Life (MOTR ECON 100): 3 semester hours

This course is an introduction to economic concepts, analysis, and issues for non-majors. ECON 1000 does not substitute for ECON 1001 or ECON 1002. Students who have already completed ECON 1001 or ECON 1002 may not take ECON 1000 for credit.

ECON 1001 Principles of Microeconomics (MOTR ECON 102): 3 semester hours

Prerequisite: MATH 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.

ECON 1002 Principles of Macroeconomics (MOTR ECON 101): 3 semester hours

Prerequisite: MATH 1030 and 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.

ECON 1005 Family Economics and Household Development: 3 semester hours

Provides social service professionals that work with low income individuals and families with an understanding of the principles of personal financial management. Case studies are used to apply course content and to develop training strategies for clients to improve household financial management. The role of financial institutions and government policies as well as their impact on low income families is also examined. Resources to use with clients will be identified. ECON 1005 does not count toward a major or minor in Economics.

ECON 1052 Microeconomics for the School Curriculum: 3 semester hours

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 1052 may not be used by Economics majors to meet degree requirements.

ECON 1900 Introductory Topics in Economics: 3 semester hours

This course provides an analysis of an introductory economic topic. May be repeated for credit when topic varies.

ECON 2010 The Business Firm: History, Theory, and Policy: 3 semester hours

Prerequisites: ECON 1000 or ECON 1001 or consent of instructor. This course presents a history of the development of modern business firms and examines the evolution of the economic theory of the firm. Special attention is paid to the role that firms play in fostering social and economic development. The ultimate objective of the course will be to provide students with a deeper understanding of firms so they can make better policy decisions as firm owners, managers, lawmakers, regulators, and voters.

ECON 2800 History of American Economic Development: 3 semester hours

Same as HIST 2800. Prerequisites: ECON 1000 or ECON 1001 or consent of instructor. Uses economic concepts to explain historical developments in the American economy, beginning with the hunter-gatherers who crossed the Bering land bridge around 12,000 BC. Main topics include the Native American economies, European exploration and conquest, the colonial economies, indentured servitude, the American Revolution, the US Constitution, westward expansion, transportation, the Industrial Revolution, state banking and free banking, slavery, the Civil War, post-bellum agriculture, the rise of big business and anti trust, banking panics, the Federal Reserve Act, the First and Second World Wars, the New Deal, and the growth of government in the postwar economy.

ECON 3001 Intermediate Microeconomics: 3 semester hours

Prerequisite: MATH 1030 and ECON 1001. Analysis of prices in terms of equilibrium of the business firm and consumer demand in markets of varying degrees of competition.

ECON 3002 Intermediate Macroeconomics: 3 semester hours

Prerequisites: MATH 1030, ECON 1001, and ECON 1002. This course examines national income and expenditure and the forces determining the level of economic activity. Special emphasis is placed on the theory of income determination and its application to public policy.

ECON 3003 Game Theory and Strategic Decision Making: 3 semester hours

Prerequisites: ECON 1001. When the best course of action depends on the decisions made by others, strategy becomes important. Game theory provides the tools for analyzing such strategic decision making. Strategic behavior is analyzed in the context of business, logistics, biology, war, government, politics, and everyday life. A wide variety of in-class experiments are used to illustrate key concepts.

ECON 3100 Economic Data and Statistics: 3 semester hours

Prerequisite: MATH 1030, ECON 1001, and ECON 1002. This course is an introduction to economic data sources, data interpretation, and statistical inference as used in economic analysis. It emphasizes the testing of economic hypotheses and the development and estimation of economic models. Students will be introduced to statistical software used in economics.

ECON 3200 Money, Banking and Monetary Theory: 3 semester hours

Prerequisites: ECON 1001 and ECON 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.

ECON 3300 International Economic Analysis: 3 semester hours

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.

ECON 3400 Labor Economics: 3 semester hours

Prerequisites: 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, international 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.

ECON 3500 The Economics of Government Spending and Taxation: 3 semester hours

Prerequisites: MATH 1030 and ECON 1001. Analysis of the role of government expenditures and taxation. Topics include: (1) analysis of public goods and externalities, models of collective choice, elements of benefit-cost analysis the theory of bureaucracy, governments as agents in markets; and (2) 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 different tax institutions, and government borrowing.

ECON 3600 Market Structure, Strategy, and Pricing: 3 semester hours

Prerequisite: ECON 1001. A theoretical and emperical analysis of the actions of firms under alternative forms of market organization. The role of economies 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.

ECON 3610 Economics of Sports, Gaming, and Gambling: 3 semester hours

Prerequisite: ECON 1001. This course focuses on applications of fundamental economic principles to the world of sports, gaming, and gambling. It analyzes incentives present in sports and the rise of e-sports. Legal and illegal gambling are analyzed in regard to their effect on the local economy and impact of legalized gambling on sports. In addition to professional sports, NCAA, Olympic, and sports popular around the world are explored.

ECON 3900 Selected Topics in Economics: 3 semester hours

Prerequisites: ECON 1001 and ECON 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 so long as the topic discussed in each semester is different.

ECON 4030 Managerial Economics: 3 semester hours

Prerequisites: ECON 3001; MATH 1800 or MATH 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.

ECON 4040 Booms and Busts in the Economy: Data and Theory: 3 semester hours

Prerequisites: ECON 3002 and ECON 3100. This course focuses on the empirical regularities in macroeconomics commonly referred to as the business cycle. Students explore the variability and co-movements of aggregate economic variables and consider alternative theoretical explanations of these phenomena.

ECON 4100 Introduction to Econometrics: 4 semester hours

Prerequisites: ECON 1001 and ECON 1002; ECON 3100 or MATH 1320 or SCMA 3300; MATH 1800 or MATH 1100. 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.

ECON 4110 Applied Econometrics: 4 semester hours

Prerequisites: ECON 4100 or equivalent. Concepts, techniques, & 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.

ECON 4120 Time Series Econometrics for Economics and Finance: 4 semester hours

Prerequisites: ECON 4100 or equivalent and a solid foundation in statistics. Introduction to application of econometric methods to timeseries data. Emphasis on model specification as it appears 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.

ECON 4130 Business and Economic Forecasting: 4 semester hours

Prerequisites: ECON 4100 or equivalent. Alternative forcasting 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 forcasting; (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.

ECON 4150 Mathematical Economics: 3 semester hours

Prerequisites: MATH 1800 or MATH 1100, ECON 3001. 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. Students may not receive credit for both ECON 4150 and ECON 5150.

ECON 4160 Geospatial Analysis in the Social Sciences: 3 semester hours

Prerequisites: Junior standing. ECON 1001 or consent of instructor. Analysis of geospatial data relating to a variety of social phenomena using geographic information systems (GIS) software. Students will learn how geospatial analysis can be integrated into research projects and presentations (e.g., creating maps to present and analyze social, political, and economic data). Students will also learn how criminal activity, economic activity, voting patterns and other social behavior are spatially correlated with demographic data. As a culminating project, students will learn how to apply GIS techniques, including but not limited to sophisticated spatial modeling of social behavior.

ECON 4170 Fundamentals of Cost-Benefit Analysis: 3 semester hours

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.

ECON 4210 Financial Markets And Institutions: 3 semester hours

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 operations within these markets, decision-making within individual intermediaries, their regulatory environment, and how their portfolio decisions affect flows of funds in the financial system.

ECON 4550 Natural Resource Economics: 3 semester hours

Prerequisites: 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.

ECON 4900 Advanced Topics in Economic Analysis: 3 semester hours

Prerequisite: ECON 3001 or ECON 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.

ECON 4980 Special Readings: 1-6 semester hours

Prerequisite: 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.

ECON 4990 Internship in Applied Economics: 2-6 semester hours

Prerequisites: ECON 3001, junior standing and consent of instructor. Independent study involving work with an appropriate private firm or public agency. A maximum of six hours may be earned, only three of which may be applied to the Economics major.

ECON 4995 Internship in Actuarial Science: 1-3 semester hours

Same as MATH 4995. Prerequisites: Junior standing and consent of program director. Supervised off-campus training in a private or public sector position in which the student applies the knowledge and skills learned in their actuarial science coursework. The internship is monitored by a faculty member and the student must provide a written report at the end of the project. This course may be repeated for a maximum of 6 credit hours.

ECON 5001 Microeconomic Analysis: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 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.

ECON 5002 Macroeconomic Analysis: 3 semester hours

Prerequisites: ECON 3200; ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; and 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.

ECON 5052 Microeconomics for the School Curriculum: 1-3 semester hours

Prerequisites: 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 allocation. Special reference to topics included in the elementary and secondary school social science curricula.

ECON 5055 Economic Issues for School Curriculum: 1-3 semester hours

Prerequisite: 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.

ECON 5100 Econometric Theory and Methods: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4100; ECON 4150 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 multivariate regression analysis and hypothesis testing. Topics include ordinary least squares, generalized least squares, and instrumental variables estimation.

ECON 5110 Topics in Applied Econometrics: 3 semester hours

Prerequisites: ECON 4100, or ECON 5100 or SCMA 5300. 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.

ECON 5120 Advanced Topics in Time Series Econometrics: 3 semester hours

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 nonstationary 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.

ECON 5130 Advanced Topics in Business and Economic Forecasting: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; ECON 4150; ECON 4100 or SCMA 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.

ECON 5150 Mathematical Methods for Economics: 3 semester hours

Prerequisites: MATH 1100 or MATH 1800, ECON 3001. This course presents the mathematics used in economics at an advanced level. Subjects covered include multivariate calculus, linear algebra, comparative statics, and unconstrained and constrained optimization. Emphasis is placed on the interpretation of mathematical results in economic terms. Students may not receive credit for both ECON 4150 and ECON 5150. This course may not be used by Economics students to meet M.A. degree requirements.

ECON 5200 Monetary Theory and Policy: 3 semester hours

Prerequisites: ECON 3200; ECON 3001 or BUS AD 5001; ECON 3002 or BUS AD 5002; and 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.

ECON 5210 Financial Markets: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 5001; ECON 3002, and ECON 3200. 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.

ECON 5300 International Trade: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 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.

ECON 5301 International Monetary Analysis: 3 semester hours

Prerequisites: ECON 3200 and ECON 3002 or BUS AD 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.

ECON 5400 Labor Economics: Theory and Public Policy: 3 semester hours

Prerequisites: ECON 3001 or BUS AD 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.

ECON 5550 Economics for Public Policy Analysis: 3 semester hours

Prerequisite: Graduate standing. This course focuses on the role of the government in the economy, with particular attention paid to the way government affects the allocation of resources and the distribution of income. This course covers microeconomic principles and key economic concepts used in public policy analysis. Practical application of theoretical concepts is emphasized. This course may not be used by Economics students to meet M.A. degree requirements.

ECON 5900 Advanced Topics in Economic Analysis: 3 semester hours

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.

ECON 5980 Directed Readings: 1-6 semester hours

Prerequisite: Consent of the instructor. Independent study through readings, reports, research projects, and conferences.

Geography Courses

GEOG 1001 Introduction to Geography (MOTR GEOG 101): 3 semester hours

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.

GEOG 1002 World Regions (MOTR GEOG 101): 3 semester hours

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.

GEOG 2001 Cultural Geography: 3 semester hours

This course examines the effect of geography on culture and cultural groups. Essential to the geographic perspective is identifying the effect on cultures of the current trend toward increasing globalization. Topics include language, religion, attitudes, and the effect of technology. The major goals are to increase awareness of the diversity of human cultures and to prepare students for a world of increasing intercultural communication and conflict. Satisfies cultural diversity.

GEOG 4900 Advanced Readings in Geography: 3 semester hours

Prerequisite: Consent of instructor. This course will provide a more in-depth analysis of the various factors which influence geographic patterns employing methods appropriate to graduate level instruction. 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.

Anne E. Winkler
Professor and Chair, Economics and Professor, Public Policy Administration
Ph.D., University of Illinois at Urbana-Champaign

Max Gillman
Friedrich A. Hayek Professor in Economic History
Ph.D., University of Chicago

Lea-Rachel Kosnik
Professor
Ph.D., University of California, Los Angeles

Marie Mora
Professor and Provost and Executive Vice Chancellor for Academic Affairs
Ph.D., Texas A&M University

David C. Rose
Professor
Ph.D., University of Virginia

Shirley L. Porterfield
Professor, Social Work and Economics (Courtesy Appointment)
Ph.D., University of Wisconsin-Madison

Keith Womer
Professor, Business and Economics (Courtesy Appointment)
Ph.D., Pennsylvania State University

Donald J. Kridel
Associate Professor and Director of Graduate Studies
Ph.D., University of Arizona

Eiji Goto
Assistant Professor
M.A., George Washington University

Michael T. Allison
Teaching Professor, Assistant Chair and Director of Undergraduate Studies
M.A., A.B.D., University of Virginia

Brian Speicher
Associate Teaching Professor
M.A., A.B.D., Washington University

Susan K. Feigenbaum
Curators' Distinguished Teaching Professor Emerita
Ph.D., University of Wisconsin

Thomas R. Ireland
Professor Emeritus
Ph.D., University of Virginia

William E. Mitchell
Professor Emeritus
Ph.D., Duke University

Robert L. Sorensen
Professor Emeritus
Ph.D., Virginia Polytechnic Institute

Clinton A. Greene
Associate Professor Emeritus
Ph.D., University of California-Davis

Kathleen Phares
Senior Lecturer Emerita
M.A., University of Missouri-St. Louis