Department of Economics

• Department of Economics
  • FACULTY
  • ADJUNCT FACULTY
  • BACHELOR OF ARTS IN ECONOMICS
  • UNDERGRADUATE COURSES
  • GRADUATE COURSES

Department of Economics

400 Wickenden Building
Phone: 368-4110; Fax 368-5039
William S. Peirce

FACULTY

William S. Peirce, Ph.D. (Princeton)

Robert N. Baird, Ph.D. (Kentucky)

William T. Bogart, Ph.D. (Princeton)

Bo A. Carlsson, Ph.D. (Stanford)

Avi Dor, Ph.D. (CUNY)

Robin A. Dubin, Ph.D. (Johns Hopkins)

Asim Erdilek, Ph.D. (Harvard)

Michael S. Fogarty, Ph.D. (Pittsburgh)

Amresh D. Hanchate, Ph.D. (Wisconsin)

Susan Helper, Ph.D. (Harvard)

Laura Leete, Ph.D. (Harvard)

Andrew P. Morriss, J.D., M.Pub.Aff. (Texas at Austin), Ph.D. (M.I.T.)

Richard J. Parkin, Ph.D. (UMass-Amherst)

Gerhard Rosegger, Dr.iur. (Graz, Austria)

Dennis R. Young, Ph.D. (Stanford)

ADJUNCT FACULTY

Sally Kilbane, Ph.D. (CWRU)

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.

Major (for B.A. degree)

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:

A minor in economics consists of 15 hours, as follows: ECON 102, 103, plus nine hours approved by the departmental advisor.

Social Science Sequence (for B.S. based upon Case Core)

The sequence requirement is satisfied by taking ECON 102, 103, plus two courses approved by the departmental advisor.

Social Sciences/Social Institutions Requirement (for B.A. or B.S. degree based on Arts and Sciences General Education Requirements)

The three-credit minimum may be satisfied by taking any one of the following three courses: ECON 102, ECON 103, or ECON 205. The six-credit sequence may be satisfied by taking any two of the following three courses: ECON 102, ECON 103, or ECON 205.

Economics (ECON)

UNDERGRADUATE COURSES

ECON 102, Principles of Microeconomics, 3

This course covers how productive resources are allocated in a market economy, the determination of individual prices 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 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.

ECON 205, Economic Perspectives, 3

This course examines important contemporary and historical issues from an economic perspective. It enables students to think about the world "like an economist". Topics are at the discretion of the instructor. Possible topics of current interest include the transformation of Eastern Europe, ethnic and racial strife, environmental policy and sustainable development, and professional sports.

ECON 255, Economic History of the United States, 3

(See 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.

Prerequisite: ECON 102 and ECON 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

Course covers the same topics as ECON 308 but uses calculus.

Prerequisite: MATH 121 or MATH 125 and ECON 102

ECON 326, Econometrics, 3

This course covers the techniques used by economists to estimate the parameters of economic relationships such as demand curves and consumption functions.

Prerequisite: ECON 102 and ECON 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 333, Women in the Economy, 3

This course will examine the role and status of women's economic activity in the market and the household. Topics include the economics of marriage, divorce and household production, and work and discrimination in the labor market. Social policies which affect women's economic well-being and labor market participation such as anti-discrimination, comparable worth, family support and welfare are studied in depth. The focus will be primarily on women in the U.S. economy, past and present, although women's roles in other countries will also be discussed.

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.

Prerequisite: ECON 102 and ECON 103

ECON 336, Economics of Cooperation, 3

This course helps students understand conceptual issues in cooperation; discusses institutions that have evolved to promote cooperation; develops skills in identifying where cooperation is appropriate and in cooperating effectively with others at school and on the job.

Prerequisite: ECON 102

ECON 338, Law and Economics, 3

This course examines legal institutions and rules from an economic perspective. Students will learn when and how legal rules can be efficient. Topics will depend on both the instructor and student interest, but will include commercial law, accident law, property rights, contracts, and polycentric legal systems.

Prerequisite: ECON 102 or ECON 205

ECON 341, Money and Banking, 3

(See BAFI 341)

Prerequisite: ECON 103

ECON 342, Public Finance, 3

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. (Also listed as BAFI 342)

Prerequisite: ECON 102 and ECON 103

ECON 343, Economics of State and Local Governments, 3

This course examines economic analysis of the roles of federal, state, and local government; economic effects of state and local property, sales, and other taxes; effects of intergovernmental grants; public school finance; the urban fiscal crisis.

Prerequisite: ECON 102

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 procedure.

Prerequisite: ECON 102 and ECON 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 ECON 103

ECON 364, Competition and Public Policy, 3

This course covers alternative market structures and their performance in terms of profit, prices, 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 are studied. Long term trends in consumption, sources of supply, the theory of nonrenewable resources, interactions with environmental problems, and current questions of energy policy are included.

Prerequisite: ECON 102

ECON 368, Environmental Economics, 3

This course examines the economics of both the causes of pollution and the remedies for it. Among the topics covered will be: citing of environmentally undesirable facilities (such as nuclear waste repositories), tradable air pollution emissions permits, pesticide use in agriculture, and international cooperation in cleaning up the Great Lakes.

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 process 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. Theories of international trade, balance of payments, exchange rates and international monetary arrangements, adjustments of payments disequilibrium, and government policies on trade and aid are also studied.

Prerequisite: ECON 102 and ECON 103

ECON 375, Economics of Developing Countries, 3

This course examines the 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 ECON 103

ECON 377, Economics of Nonprofit Organizations, 3

The purpose of this course is to familiarize students with the private nonprofit sector of the U.S. economy, with economic theory contributing to our understanding of this sector, and with economic analysis of policy and management issues affecting nonprofit organizations. Topics include understanding the different types of nonprofit organizations; the size, scope and economic impact of the nonprofit sector; economic theories of why nonprofit organizations exist and how they behave; economic analysis of tax and regulatory policy issues affecting nonprofits;

Prerequisite: ECON 102

ECON 378, Health Care Economics, 3

This course deals with the health care system, the fastest growing sector of the U.S. economy. Because of its complexity and sheer size, the health care system affects virtually every facet of the economy, including labor productivity, income distribution and international competitiveness. The course will foster an understanding of economic analysis of health care markets and related public policy issues by developing a general understanding of the health care system.

Prerequisite: ECON 102 and ECON 103

ECON 386, Urban Economics, 3

This course covers the implications of spatial location for economic analysis and why households and firms find it advantageous to cluster together in cities.

Prerequisite: ECON 102

ECON 397, Honors Research I, 3

ECON 398, Honors Research II, 3

Prerequisite: ECON 397

ECON 399, Individual Readings and Research, 1-6

Intensive examination of a topic selected by the student.

Prerequisite: ECON 102 or ECON 103

GRADUATE COURSES

ECON 403, Economics for Management, 3

This course surveys of the basic principles of micro and macroeconomics. Topics covered in microeconomics include supply and demand, the theory of production and costs, market structures and factor markets. Macroeconomics topics are the national incomes accounts, the determination of national income, employment and inflation, fiscal and monetary policies and international trade.

ECON 435, Industrial Economics and Technical Innovations-EMBA, 2

This course, which is limited to students in the Executive M.B.A. program, presents the basic elements in the analysis of production and technological change. It explores the uses and limitations of theory in analyzing innovative activity in industry and examines the role of technological progress in the growth of firms and industries.

ECON 441, Advanced Money and Banking, 3

(See BAFI 441)

Prerequisite: ACCT 401 and BAFI 402 and ECON 403 and QUMM 403

ECON 461, Managerial Economics, 3

This course provides an overview of basic economic concepts and how they relate to business. It shows how microeconomics is the glue that holds together management, organizational behavior, and corporate strategy. Questions include why firms exist, why they differ from each other, how they are organized, and how they motivate and compensate employees. Core competencies, organizational strategy, various forms of collaboration (networking) with other firms (including Japanese and European models of organization) and the relationships between financial structure, ownership, and corporate control are also discussed.

Prerequisite: ECON 403

ECON 462, Industrial Economics, 3

This course deals with the dynamics of the industrial growth process. Topics include industrial production and productivity, the evolution of industrial structure, technological innovation and choice of technology, the response of firms to competition in an international environment, the characteristics of industrial restructuring processes, and the role of industrial policy.

Prerequisite: ECON 403

ECON 466, Business Conditions: Analysis and Forecast, 3

(See BAFI 466)

Prerequisite: ACCT 401 and BAFI 402 and ECON 403 and QUMM 403

ECON 474, International Trade, 3

This course deals with the causes and effects of international trade and investment. Its coverage includes the global and regional commercial agreements and institutions that affect the international business environment. The European Union, the North American Free Trade Agreement, and the World Trade Organization are treated extensively.

Prerequisite: ECON 403

ECON 475, International Finance, 3

This course covers the global financial markets that multinational corporations, government agencies, and banks use in conducting business. These financial markets include the market for foreign exchange, the Eurocurrency and related money markets, the Eurobond and global equity markets, the commodity markets, the markets for forward contracts, options, swaps, and other derivatives.

Prerequisite: ECON 403

ECON 483, Cooperation, Economics and Law, 3

This course presents cooperation as a mechanism for allocating and transforming resources. It shows how many firms have become quite successful by cooperating with their customers, suppliers, workers, and even with their competitors. Topics discussed include features common to many types of cooperation, common problems that arise in cooperation, and negotiating techniques for creating more cooperation. (Also listed as LAWS 583)

ECON 501, Special Problems and Topics, 1-36

This course is offered with permission to students undertaking reading in a field of special interest.

ECON 601, Special Problems and Readings, 1-36

This course is offered, with permission, to Ph.D. candidates undertaking reading in a field of special interest.

ECON 701, Dissertation Ph.D., 1-36

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