Department of Economics
400 Wickenden Building
Phone: 368-4110; Fax 368-5093
Asim Erdilek
Robert N. Baird, Ph.D. (Kentucky)
Associate Professor; Microeconomics, quantitative methods
William T. Bogart, Ph.D. (Princeton)
Assistant Professor; Urban economics, public finance, real estate markets
Bo A. Carlsson, Ph.D. (Stanford)
William E. Umstattd Professor of Economics; Managerial economics, industrial economics
Robin A. Dubin, Ph.D. (Johns Hopkins)
Associate Professor; Econometrics, regional economics, urban economics
Asim Erdilek, Ph.D. (Harvard)
Professor, Chairman, Economics Department; International economics, international accounting, international finance
Michael S. Fogarty, Ph.D. (Pittsburgh)
Professor; Director, Center for Regional Economic Issues: Regional growth and development, infrastructure investment and the private economy, productivity of cities
Amresh D. Hanchate, Ph.D. (Wisconsin)
Assistant Professor; Macroeconomics, economic issues of developing countries, applied econometrics and game theory
Susan Helper, Ph.D. (Harvard)
Assistant Professor; Economic history, technical change, economics of supplier relations
Laura Leete, Ph.D. (Harvard)
Assistant Professor; labor economics, microeconomics
Richard J. Parkin, M.A. (Massachusetts)
Instructor; New technology, work and employment
William S. Peirce, Ph.D. (Princeton)
Professor; Public finance, public choice, economics of energy and industrial economics
Gerhard Rosegger, Dr.iur. (Graz, Austria)
Frank Tracy Carlton Professor of Economics; Economics of production and technology, international economics and industrial economics
Arthur J. Wilson, Ph.D. (Chicago)
Assistant Professor of Banking and Finance; Assistant Professor of Economics; Options and futures
Andrew P. Morriss, J.D. (Texas at Austin)
Assistant Professor, School of Law; Assistant Professor of Economics
Dennis R. Young, Ph.D. (Stanford)
Mandel Professor of Nonprofit Management, Mandel School of Applied Social Sciences; Professor of Economics; Governing Director, Mandel Center for Nonprofit Organizations
Neil Bania, Ph.D. (University of Oregon)
Adjunct Associate Professor
William T. Gavin, Ph.D. (Ohio State)
Adjunct Associate Professor
Robert F. Ware, Ph.D. (Michigan State)
Adjunct Associate Professor
Bachelor of Arts in Economics (College of Arts and Sciences)
Economics is concerned with the problems of allocating scarce resources to meet human needs. Students who study economics gain an understanding of how consumers (households), producers (firms) and governments make decisions affecting the allocation of resources and, therefore, a society's economic performance. Economics also involves an examination of how the interaction of these decisions in markets and in the political process produces certain outcomes, and how legal and institutional arrangements can influence these outcomes. Finally, the study of economics leads to a better appreciation of the ways in which trade, investment and the movement of people and information across national boundaries tie the global economy together.
An undergraduate major in economics provides an excellent preparation for a variety of professional careers, such as management, law and government service. A major is essential for those wanting to pursue graduate work in economics.
A major in economics consists of 30 hours, with a minimum of 24 hours of economics courses. It leads to the Bachelor of Arts degree. The requirements are:
- ECON 102, 103, 307, and either 308 or 309 (12 hours)
- STAT 285 or 319 (3 hours)
- Minimum three additional courses in economics (12 hours). One course, which may be in a related field such as ACCT, HSTY, MATH, PHIL, to be approved by the departmental adviser (3 hours).
A major in economics based on the Lambda Core is also available.
A minor in economics consists of 15 hours, as follows: ECON 102, 103, plus nine hours approved by the departmental adviser.
The sequence requirement is satisfied by taking ECON 101, 102, plus two courses approved by the departmental adviser.
Economics (ECON)
ECON 102. Principles of Microeconomics (3).
This course includes how productive resources are allocated in a market economy, the determination of individual price and costs of production, consumer behavior, the consequences of governmental controls over prices and wages, and problems related to allocating resources between the private and public sectors. ECON 102 and 103 may be used to satisfy the B.A. distribution requirement in social and behavioral sciences.
ECON 103. Principles of Macroeconomics (3).
This course covers how incomes, employment, inflation, and the national output of goods and services are determined, as well as the monetary system and its management. Government revenue and expenditure policies and their influence on economic stability and growth are also studied. Prerequisite: ECON 102. ECON 102 and 103 may be used to satisfy the B.A. distribution requirement in social and behavioral sciences.
ECON 205. Economic Perspectives (3).
This course is designed to help students to "think like an economist." It puts economics in the context of other social sciences by applying economic analysis to general questions of social organization. It also shows the insights to be gained by examining current policy questions and historical topics from an economic perspective. No prerequisite.
ECON 255. The Economic History of the United States (3).
The growth of the American economy from the colonial period to the present is studied in this course. Also covered are social and cultural, as well as economic causes of growth, the political context, and the distribution of income and wealth. (Also cross-listed as HIST 255.)
ECON 306. History of Economic Thought (3).
This course covers the development of contemporary economic theory. Economists studied include Smith, Ricardo, Malthus, Marx, Marshall, and Keynes, among many others. Prerequisites: ECON 102 and 103.
ECON 307. Intermediate Macrotheory (3).
This course examines the theories of the determination of national income, the unemployment rate, inflation, and the rate of interest, as well as alternative theories of income determination, the theory of capital, monetarists vs. Keynesians, and dynamic analysis. Prerequisite: ECON 103.
ECON 308. Intermediate Microtheory (3).
This course examines pricing and resource allocation, welfare economics, general equilibrium, and relative economic efficiencies of capitalistic and alternative forms of economic organization. Prerequisite: ECON 102.
ECON 309. Intermediate Microtheory: Math Based (3).
This course covers the same topics covered in Economics 102: theory of the consumer, theory of the firm, markets and government intervention in the market. However, it covers these topics in more detail and uses calculus. This course gives students a greater understanding of how consumers and firms make their decisions and how they interact in the market place. Prerequisites: ECON 102 and MATH 121 or MATH 125.
ECON 326. Econometrics (3).
This course covers the technique used by economists to estimate the parameters of economic relationships such as demand curves and consumption functions. Prerequisites: ECON 102 and 103, and one semester of statistics.
ECON 332. Economic Analysis of Labor Markets (3).
This course examines the determinants of the demand for and supply of labor, the operation of labor markets under differing degrees of competition, and the relationship between the operation of the labor market and the level of inflation. Prerequisite: ECON 102.
ECON 335. Comparative Economic Systems (3).
This course examines economic systems functioning in the world, including capitalism, democratic Socialism, Socialism under Communist ideology, and representative systems in less developed countries. The theoretical foundations of capitalism, Socialism, and Communism are studied. The variants of these ideologies in operation, and their accomplishments and problems are reviewed. Prerequisites: ECON 102 and 103.
ECON 338. Law and Economics (3).
This course covers the economic analysis of the common law. Topics include accident law (torts), property rights, contracts, criminal law, and others. (A basic overview of the legal system is provided.) In these areas, the course examines whether the law is economically efficient. It also investigates whether efficiency is an appropriate goal for the legal system, or whether other values, such as justice and fairness, should also play a role. Prerequisite: ECON 102 or ECON 305
ECON 341. Money and Banking (3).
(see BAFI 341) Prerequisite: ECON 103.
ECON 342. Public Finance (9).
(Also listed as BAFI 342.) This course covers economic aspects of government spending and taxing, allocation of scarce resources among competing claims in the public and private sectors, application of equity and efficiency criteria to tax and expenditure systems, and theories of bureaucratic performance. Prerequisite: ECON 102 and 103.
ECON 343. State and Local Government Finance (3).
This course examines economic analysis of the roles of federal, state, and local governments: economic effects of state and local property, sales, and other taxes; effects of intergovernmental grants; public school finance; the urban fiscal crisis. Prerequisites: ECON 102 and 103.
ECON 345. Public Choice (3).
This course covers economic theory and empirical analysis of the behavior of politicians, bureaucrats, and voters based on the assumption of rational pursuit of self-interest, comparison with other approaches to the study of political behavior, and implications of alternative collective decision procedures. Prerequisites: ECON 102 and 103.
ECON 361. Managerial Economics (3).
This course examines application of basic economic theory to the production, marketing, and investment decisions faced by professional managers. Prerequisite: ECON 102 and 103.
ECON 364. Competition and Public Policy (3).
This course covers alternatives to the capitalist market structure and their performance in terms of profit, price, and productivity, as well as antitrust laws and regulations and their importance to industrial organization. Prerequisite: ECON 102.
ECON 367. Economics of Energy (3).
The economic aspects of energy. Long-term trends in consumption, sources of supply, the theory of nonrenewable resources, interactions with environmental problems, and current questions of energy policy. Prerequisite ECON 102.
ECON 369. Economics of Industrial Production and Technology (3).
This course covers the application of economic analysis to problems of industrial production including choice of technology, size of plant, and output decisions, the products of technological change from the firm's and the economy's viewpoint, economics of research and development, innovation and technology transfer, and the roles of government and of the private sector in promoting technological advance. Prerequisite: ECON 102.
ECON 374. International Economics (3).
This course covers the economic analysis of international trade and foreign investment, including theories of international trade, balance of payments, exchange rates and international monetary arrangements, adjustments of payments disequilibrium, and government policies on trade and aid. Prerequisite: ECON 102 and 103.
ECON 375. Economic Development (3).
This course examines the development problems of less developed countries, including theories of economic growth, policies for capital accumulation, criteria for resource allocation, foreign trade problems, inflation, population trends, and development planning. Prerequisite: ECON 102 and 103.
ECON 386. Urban Economics (3).
This course covers the analysis of resource allocation in urban areas, with emphasis on spatial relationships among economic activities with applications to policy areas including transportation, housing, pollution, poverty, racial discrimination, and local government finance. Prerequisite: ECON 102.
ECON 397/398. Honors Research I and II in Economics (3).
Students working on a Senior Honors Thesis in preparation for receiving Honors in Economics meet in a small workshop to discuss and evaluate their research progress. Prerequisite: Consent of the Economics Department Chairman.
ECON 399. Individual Readings and Research (3).
Intensive examination of a topic selected by the student. Prerequisite: Consent of instructor.
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