Economics (ECON)
Courses
ECON 2110. SELECTED TOPICS IN ECONOMICS. 1 Hour.
Topics of current interest in economics. The subject title is to be listed in the class schedule. May be repeated for credit when the topic changes. Prerequisite: ECON 2305 or ECON 2306.
ECON 2305. PRINCIPLES OF MACROECONOMICS. 3 Hours. (TCCN = ECON 2301)
(ECON 2301). Elementary models of the macroeconomy. Measures of aggregate economic activity and unemployment and inflation, money and banking, monetary and fiscal policy, international trade and payments, and applications of theory to society's problems.
ECON 2306. PRINCIPLES OF MICROECONOMICS. 3 Hours. (TCCN = ECON 2302)
(ECON 2302) The science of choice; develops demand, supply, and the market mechanism for allocating society's scarce resources; analyzes the impact of different industry structures in the market; applies the tools of microeconomic analysis to various topics such as price controls and international trade.
ECON 2337. ECONOMICS OF SOCIAL ISSUES. 3 Hours.
Economic consequences and solutions of current social issues. Each semester, a series of topics will be covered in line with current events and the instructor's expertise to facilitate an understanding of the economic structure. Will not serve to meet degree requirements for College of Business Administration majors. Offered as AAST 2337 and ECON 2337; credit will be granted in only one department.
ECON 3301. THE ECONOMICS OF HEALTH. 3 Hours.
Applies economic analysis to the health sector; examines issues involving health insurance and how these issues have been addressed by the market and by the government; role of market structure in health care markets such as the hospital and pharmaceutical industries; compares the U.S. health care system to health care systems in other countries. Prerequisite: ECON 2306.
ECON 3302. THE ECONOMICS OF CRIME. 3 Hours.
Economic analysis of criminal activity and its impact on the allocation of scarce resources; economic models of criminal behavior, optimum allocation of criminal justice resources, public and private sector approaches to deterrence, and current issues such as gun control and drug abuse prevention. Prerequisite: ECON 2306.
ECON 3303. MONEY AND BANKING. 3 Hours.
Monetary and banking systems of the United States, including the problems of money and prices, proper organization and functioning of commercial banking and Federal Reserve systems, problems of monetary standards, and credit control. Recent monetary and banking trends. Prerequisite: ECON 2305.
ECON 3304. PUBLIC SECTOR ECONOMICS. 3 Hours.
Examines various economic reasons that may justify government involvement in the economy with particular focus on the problems inherent in government intervention. It considers topics such as the efficiency and fairness of alternative taxing systems, the growth and effects of government debt, and public choice (how spending and taxing decisions are made). It analyzes various government programs such as Social Security, health care, expenditure programs for the poor, etc. Prerequisite: ECON 2306.
ECON 3305. LAWS AND ECONOMICS. 3 Hours.
A review of the economic effects of laws and legal institutions, including property rights, the common law of contracts and torts, regulations, and crime and punishment. Prerequisite: ECON 2306.
ECON 3306. SPORTS ECONOMICS AND BUSINESS. 3 Hours.
Basic economics principles applied to the analysis of professional and amateur sports. Topics include fan demand, advertising, team output decisions, league/conference organization, sports rules, and government regulations. The course is designed for both business and economics majors. Prerequisite: ECON 2306.
ECON 3310. MICROECONOMICS. 3 Hours.
Develops the theory of consumer behavior and firm decision-making using tools of marginal analysis and game theory. Uses these insights to develop competitive equilibrium. Explores reasons for imperfect markets including market power, externalities and information asymmetries. Prerequisite: ECON 2306 and 60 credit hours.
ECON 3312. MACROECONOMICS. 3 Hours.
Interactions among private sector behavior, government policies, central bank actions and international events, and their effects upon the resulting national living standard, employment, growth, and prices. Particular emphasis upon modeling and the macroeconomy. Prerequisite: ECON 2305, ECON 3303, and 60 credit hours.
ECON 3313. INDUSTRIAL ORGANIZATION AND PUBLIC POLICY. 3 Hours.
Explains market structure and its relation to strategic behavior, advertising, pricing and product differentiation decisions. Further topics include the organization of the firm, takeovers, mergers and acquisitions, research and development, and the various regulatory controls placed on firms and industries. Prerequisite: ECON 2306.
ECON 3318. INTRODUCTION TO ECONOMETRICS. 3 Hours.
The application of economic theory and statistical techniques for the purpose of testing hypotheses and estimating and analyzing economic phenomena. Prerequisite: STAT 3321 or MATH 3313.
ECON 3328. PRINCIPLES OF TRANSPORTATION. 3 Hours.
The application of microeconomic and statistical tools in the analysis of the various modes of transportation. Topics for discussion include transportation as a derived demand, regulation of transportation, mass transit, and international issues in transportation. Prerequisite: ECON 2306.
ECON 3335. ECONOMICS OF PUBLIC POLICIES. 3 Hours.
Economic analysis of issues of general interest. A nontechnical application of principles of economics to current topics such as abortion, crime, deficit spending, divorce, education, energy, health care, immigration, politics, recycling, risk and safety, Social Security, sports, and tax policy. Prerequisite: ECON 2306.
ECON 3388. EUROPEAN ECONOMIC HISTORY, 1750 TO PRESENT. 3 Hours.
An economic analysis of historical events leading up to and following the Industrial Revolution, large-scale industry, early banking, commerce, Utopian movements, war, postwar economic integration and the continuing debate over economic globalization. Prerequisite: ECON 2305.
ECON 4191. STUDIES IN ECONOMICS. 1 Hour.
Advanced studies, on an individual basis, in the various fields of economics. Prerequisite: ECON 2306 and 90 credit hours and departmental permission.
ECON 4291. STUDIES IN ECONOMICS. 2 Hours.
Advanced studies, on an individual basis, in the various fields of economics. Prerequisite: ECON 2306 and 90 credit hours and departmental permission.
ECON 4302. ENVIRONMENTAL ECONOMICS. 3 Hours.
Economic forces that influence the quality of the environment; economic theory and environmental management; regulatory requirements for economic impact analysis; international issues including trade and implications for Third World economies. Prerequisite: ECON 2306.
ECON 4306. COMPARATIVE ECONOMIC SYSTEMS. 3 Hours.
Studies how differing economies are organizated with respect to market, command, and traditional institutions. Several empirical economics are evaluated and compared with respect to performance and efficiency. Each economy is placed within its unique historical and social context to explore why certain institutions work in one situation but may fail in others. Prerequisite: ECON 2306.
ECON 4311. ECONOMICS FOR MANAGERS. 3 Hours.
Applies economic analysis to decisions of managers. Topics include investment decisions, pricing, price discrimination, strategy, bargaining, uncertainty, moral hazard and advere selection, and incentive structures for employees and for units of the firm. The class is real-world oriented exploring actual decisions of firms. Prerequisite: ECON 2306 and 60 credit hours.
ECON 4319. ECONOMIC GROWTH AND DEVELOPMENT. 3 Hours.
The issues underlying vast differences in development among the nations of the world. Course covers the elements of theories of growth, the role of international trade, and issues of institutional structures related to economic progress in a nation. Prerequisite: ECON 2305 and ECON 2306.
ECON 4321. INTERNATIONAL TRADE. 3 Hours.
Explanations of why nations trade and what they trade. The economics and politics of protection of domestic industries. United States and foreign trade policies including regional trading blocs such as NAFTA (North American Free Trade Agreement) and the EU (European Union). Trade problems of developing nations. The role of the multinational firm and labor migration (international factor movements). Prerequisite: ECON 2306.
ECON 4322. INTERNATIONAL FINANCE. 3 Hours.
The nature and instruments of international payments. International financial institutions and arrangements. Exchange rate, balance of payment, and income determination theories. Prerequisite: ECON 2305.
ECON 4323. INTRODUCTION TO MATHEMATICAL ECONOMICS. 3 Hours.
Exposes students to certain basic mathematical concepts and methods and relates these techniques to various types of economic analysis. Covers the mathematical methods used in static and comparative-static analysis, optimization problems, and simple dynamic analysis. Prerequisite: MATH 1316 and ECON 3310 and ECON 3312.
ECON 4324. MONETARY AND FISCAL POLICY. 3 Hours.
The effects of money on production and national income; quantity and commodity theories of money; various theories of interest rates; instruments and policies of Federal Reserve monetary action; proposals for monetary reform. Central bank systems. Prerequisite: ECON 2306 and ECON 3303 and 60 credit hours.
ECON 4325. ECONOMIC FORECASTING. 3 Hours.
Develops measures of economic activity; focuses on business forecasting using leading indicators, trend analysis, and techniques used to estimate and project changes. Prerequisites; ECON 2305 and ECON 2306.
ECON 4330. HUMAN RESOURCE ECONOMICS. 3 Hours.
Application of economic principles to labor topics such as the demand for marriage, the demand for children, the economics of beauty, the economics of highly paid sports and entertainment stars, the effects of immigration on U.S. wages and employment, workplace discrimination, the effects of affirmative action policies, and the effects of minimum wage legislation. Prerequisite: ECON 2306.
ECON 4331. SEMINAR IN ECONOMICS. 3 Hours.
Readings and discussions of special topics in economics. Prerequisite: 60 or 90 credit hours and consent of instructor. May be repeated for credit with consent of department chair.
ECON 4391. STUDIES IN ECONOMICS. 3 Hours.
Advanced studies, on an individual basis, in the various fields of economics. Prerequisite: ECON 2306 and 90 credit hours and departmental permission.
ECON 4393. ECONOMICS INTERNSHIP. 3 Hours.
Practical training in economics. Analysis of theory applied to real life situations. May be used as an advanced business elective only; graded on a pass/fail basis. No credit will be given for previous experience or activities. May not be repeated for credit. Prerequisite: Junior standing and consent of department internship advisor.
ECON 5182. Independent Studies in Economics. 1 Hour.
Extensive analysis of an economic topic. Prerequisite: Departmental Permission Required.
ECON 5199. GRADUATE ECONOMICS INTERNSHIP. 1 Hour.
Practical training in economics. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.
ECON 5282. Independent Studies in Economics. 2 Hours.
Extensive analysis of an economic topic. Prerequisite: Departmental Permission Required.
ECON 5299. GRADUATE ECONOMICS INTERNSHIP. 2 Hours.
Practical training in economics. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.
ECON 5301. MATHEMATICS FOR ECONOMISTS. 3 Hours.
Course is designed to upgrade mathematical skills for graduate work in economics and business. The emphasis is on calculus and linear algebra and their applications in economic analysis. Mathematical tools covered include optimization, comparative-statics analysis, and simple dynamic analysis. Prerequisite: MATH 1316 or other calculus course.
ECON 5306. ENVIRONMENTAL ECONOMICS. 3 Hours.
An examination of the development of laws and policies that concern the environment followed by an application of economic analysis for environmental issues such as water use, air pollution, land controls, public lands, and global environmentalism. Other topics include: property rights, theories of regulation, and enviropreneurship. Participants will produce and present a case study on an environmental economic subject of interest. Prerequisite: ECON 5311 or equivalent.
ECON 5310. MICROECONOMIC THEORY. 3 Hours.
Development of marginal analysis and game theory tools in economics; focus on the analysis of consumer choice and decision making by firms; development of competitive model and various deviations from competition including the exercise of market power, externalities, and information asymmetries. Prerequisite: ECON 3310.
ECON 5311. ECONOMIC ANALYSIS. 3 Hours.
Provides an overview of microeconomic foundations of economic analysis with a focus on business applications. Topics include supply and demand, marginal analysis, pricing issues, and theory of the firm. An overview of macroeconomics is also provided, covering monetary and fiscal policy, inflation, growth, and international trade. Non-credit for MA in Economics.
ECON 5312. MACROECONOMIC THEORY. 3 Hours.
Study of the aggregate approach to the economy and the tools of analysis used for the solving of national economic problems. Prerequisite: ECON 3312.
ECON 5313. MANAGERIAL ECONOMICS. 3 Hours.
Application of economic analysis in formulating business decisions based on the theoretical foundations of demand, cost, production, profits, and competition. Macroeconomic topics of particular relevance to managers are included. Prerequisite: ECON 5311 or equivalent.
ECON 5314. ECONOMIC ANALYSIS FOR BUSINESS DECISIONS. 3 Hours.
This course applies economic theory and methods to business and administrative decision-making to achieve goals.It emphasizes key economic and business concepts (including analysis of demand, production, cost, and profit; market power and strategic behavior and pricing; the implications of government policies; investment decisions; risk, uncertainty; incentives; and transfer pricing) that influence decisions. Students will test the implications of models covered using real data sets, including the determinants of supply, demand, industry and firm performance, inputs complementarity or substitutability, entry and exit, mergers and acquisitions, and transfer pricing.Students will complete an original empirical research project in the course and present findings. Prerequisite: Graduate Standing.
ECON 5315. COMPETITION, INNOVATION, AND STRATEGY. 3 Hours.
This course focuses on skills used to assess the competitive landscape, develop options for strategic responses, and select appropriate business plans. It presents economic theories and provides applications that demonstrate main concepts. Key decisions for products to be analyzed include strategic pricing, positioning for advantage, entry/exit, and R&D investments. Decisions for firm strategy include the effects of agency issues for the organizational structure of the firm, horizontal expansion and vertical integration, and strategic responses to economic ecosystem dynamics. Prerequisite: ECON 3310 or equivalent.
ECON 5318. ECONOMICS OF SPORTS. 3 Hours.
Studies the economic structure of sports, with a focus on business issues. Topics include advertising, fan demand, team output decisions, labor relations, league and conference organization, and government regulation. The course is designed for both general business and economics majors. Prerequisite: ECON 5311 or equivalent.
ECON 5319. THE GLOBAL ECONOMY. 3 Hours.
This course is a study in the growing global economic integration. Tools are developed to undertake a critical examination of globalization from both the international trade and international finance perspectives. Topics include free trade versus fair trade, government policy harmonization, exchange rate policy, common currency areas, and spillover effects from economic shocks. Particular emphasis is placed on government's role in functioning of the international economic system. Prerequisite: ECON 5311.
ECON 5321. GLOBAL BUSINESS ANALYTICS. 3 Hours.
This course provides a working knowledge of tools that directly influences the decisions multinational firms make in the global environment. It is designed to better understand the implications of international trade and foreign exchange theories as they relate to international business management. Students will learn how to test the implications of economic and business models using global data sets, including the determinants of bilateral trade between countries, the impact of trade on labor markets, the trade impact on the development of countries, the relationship between trade and environmental quality, determinants of outsourcing and vertical integration, the relationship between migration and trade, and related topics. Using the concepts and theories learned in the course, students will measure and manage foreign exchange, taxation, and political risks, and make efficient international investment decisions. Students will conduct an original empirical research project in the course and present their findings. Prerequisite: ECON 5336 or BSAD 6317.
ECON 5327. MONETARY POLICY AND FINANCIAL SYSTEM ANALYSIS. 3 Hours.
This course focuses on the connection between financial system, monetary policy and the macro economy by focusing on the role that financial markets and financial institutions play in the domestic and global business environment. The course discusses many public policy issues and current events reported in the media to explore how monetary authorities affect financial markets and financial institutions through monetary policy. Students are expected to engage in a series of empirical applications of the related issues in a data-rich environment. Prerequisite: ECON 5336 or BSAD 6317.
ECON 5329. RESEARCH METHODS IN APPLIED ECONOMICS. 3 Hours.
Each student presents a replication of a published article that uses methods from Econometrics I/II, Forecasting, Forecasting and/or Time Series. The instructor will present replications of several published papers and assist students in choosing studies that they will attempt to replicate. Class meetings will focus on answering specific questions that arise as students carry out their replication exercises. The course concludes with student presentations, along with submission of a written report summarizing the replication effort and detailing the extent to which published results were replicable. The goal is to develop the skills to write quality papers using a variety of statistical techniques. Prerequisite: ECON 5336 or BSAD 6317.
ECON 5330. HUMAN RESOURCE ECONOMICS. 3 Hours.
This course studies labor supply decisions made by households, labor demand decisions made by firms, and the equilibrium wage differences that result from these decisions. Other topics include unemployment, human capital investments, efficiency wages and other incentive schemes, inequality, labor mobility and migration, and discrimination. Prerequisites: ECON 5311 or equivalent.
ECON 5331. PROJECT EVALUATION AND FEASIBILITY ANALYSIS. 3 Hours.
This course introduces students to feasibility studies including demand/market evaluation, cost estimation, and benefit-cost analysis. Statistical analysis will be employed to generate and analyze data. Concepts include the time value of money, economic equivalence, and compound interest. Students gain the ability to apply economic analysis methods (present worth, annual cost, rate of return, and benefit -cost ratios) to basic economic problems. Other issues include depreciation, risk and uncertainty, sensitivity analysis, and global economic factors that impact the economy and project funding. Students will perform an empirical evaluation of project feasibility using cost-benefit tools.Prerequisite: Graduate standing.
ECON 5332. GOVERNMENT, TAXES, AND BUSINESS STRATEGY. 3 Hours.
The interaction between government and business is broad. Effective business leadership requires the ability to analyze and respond to public policy. Economics provides a framework for understanding the incentives of consumers, businesses, bureaucrats, and civil servants in different policy environments and predicting their behavior in response to policy changes. This course focuses primarily on tax policy at the federal, state and local levels, including issues in corporate taxation, personal income tax, treatment of capital gains and losses, tax incidence, work-leisure choices, fiscal competition among state and local governments, capital flight, and fiscal federalism. Prerequisite: ECON 5311.
ECON 5333. ECONOMICS OF HEALTH. 3 Hours.
An economic perspective on a variety of timely health policy issues, including health expenditures, public and private insurance, incentives, provider education and labor markets, hospitals, prescription drugs, malpractice, externalities, long-term care, the Internet, and various proposals for reform. Prerequisite: ECON 5311 or equivalent.
ECON 5336. APPLIED BUSINESS AND ECONOMICS DATA ANALYSIS. 3 Hours.
This course develops an understanding of key statistical and econometric techniques. Students will exploit real data and computational power to uncover patterns/trends, examine relationships in business and economics, evaluate research claims, come to conclusions, and make predictive judgments. There is a dual focus on conceptual framework and the application of techniques on data sets in various fields. Students learn how to use statistical packages such as Excel, R, SAS, and STATA to apply these tools to data for designing solutions to practical managerial decision making. Topics include descriptive statistics, statistical inference, simple and multiple regression analysis, heteroskedasticity, serial correlation, specification and data issues, functional forms, endogeneity, basic panel data, and limited dependent variable models. Material covered has practical applications in many fields. Students are expected to complete a term project, which involves posing a problem, collecting an appropriate data set, conducting an empirical analysis, and writing the results in the form of a short research paper. Prerequisite: Graduate standing.
ECON 5337. BUSINESS & ECONOMIC FORECASTING. 3 Hours.
This course employs statistical techniques in developing forecasts for business and economic data. It begins with a description of what a forecast is and the tools necessary to evaluate competing forecasts. Various forecasting models are introduced, with emphasis placed on modeling the statistical properties of the data under consideration. As the course progresses, the models become more elaborate as we will introduce ARMA models, forecasts based on regression analysis, multivariate techniques, and nonlinear methods, including potentially neural networks. Throughout the course, students are actively engaged in the practice of forecasting through a set of assignments that require critical thinking while exposing students to state of the art forecasting software that they use continuously through the course. Prerequisite: ECON 5336 or BSAD 6317 or equivalent.
ECON 5338. APPLIED TIME SERIES. 3 Hours.
This course covers key topics of time series data analysis popularly used in many fields, including economics and business. The course begins with univariate analysis of time series data with the focus on ARIMA, GARCH model, and unit-root tests, and extends to multivariate analysis of distributed lag model, VAR, and cointegration tests. The last part of the course is devoted to discussion of popular nonlinear dynamic models, such as TAR and structural breaks, before moving on to dynamic panel data models. Since emphasis is put on empirical applications, students will spend time in the computer lab to apply the techniques they learn to a variety of time series data, including the one downloaded from "DataStream." Students will undertake empirical analysis using statistical software. Prerequisite: ECON 5336 or BSAD 6317.
ECON 5339. APPLIED BUSINESS AND ECONOMICS DATA ANALYSIS II. 3 Hours.
This course covers cross section, panel data, and limited dependent variables methods. There is a dual focus on the conceptual framework and the application of the techniques on real data sets. Topics include regression analysis of natural experiments, differences-in-differences, panel data methods, instrumental variable estimation, structural equation modeling, sample selection corrections, limited dependent variable models (e.g., Probit, Logit, Tobit, Poison, Negative Binomial, Ordered Probit), multilevel/hierarchical models, and quantile regression. Students use statistical packages such as EXCEL, SAS, R, and STATA to apply techniques to data sets. The course uses articles from the business and economics literature and shows how models or variables (e.g., diversification index, market value, Q, CAPM, market concentration, elasticity, industrial performance, labor productivity, total factor productivity, CSR index, entry barrier measures, hedonic models, analysis of natural experiments, and gravity model) that are calculated and employed. Students will build an understanding of appropriate methods for different research design or analyses of data for providing solutions to assist in decision making. Students are expected to complete an empirical research project and present their findings. Prerequisite: ECON 5336.
ECON 5341. ADVANCED BUSINESS AND DATA ANALYTICS. 3 Hours.
There is a rapidly increasing demand for specialists who are able to exploit the new wealth of information in large and complex data sets to improve analysis, prediction and decision making. This course focuses on modern developments in the intersection of statistical analysis and data mining. With the growth of computer capabilities, data bases become larger and more complex, making traditional statistical methods less effective or even unsuitable. Data from economic transactions, individual health records, Internet search, and environmental data examples of enormous data bases awaiting thorough examination. In these data-rich environments, methods from data mining, statistical visualization, computational statistics, and other computer-intensive statistical methods have become increasingly popular for both governmental agencies and the private sector. Prerequisite: ECON 5336 and ECON 5339 or BSAD 6117 and BSAD 6318.
ECON 5343. CAUSAL INFERENCE ON BUSINESS DECISIONS. 3 Hours.
This course addresses how firms distill useful business intelligence from various sources of raw data. Students are introduced to methods determining what results of strategic interventions were caused by, rather than merely correlated with them. This course examines threats to causal identification such as reverse causality, sample selection bias, and unobserved covariates. Topics may include randomized experiments and quasi-experiments, sample selection models, propensity score matching, instrumental variables methods, differences-in-differences, regression discontinuity, synthetic controls, and information from social networks. Prerequisites: ECON 5336 and ECON 5339 or BSAD 6317 and BSAD 6318.
ECON 5382. INDEPENDENT STUDIES IN ECONOMICS. 3 Hours.
Extensive analysis of an economic topic. Prerequisite: Departmental Permission Required.
ECON 5391. SPECIAL TOPICS IN ECONOMICS. 3 Hours.
In-depth study of selected topics in economics. May be repeated when topics vary.
Prerequisite: Departmental Permission Required.
ECON 5398. THESIS. 3 Hours.
Graded R/F only. Prerequisite: Permission of Graduate Advisor in Economics.
ECON 5399. GRADUATE ECONOMICS INTERNSHIP. 3 Hours.
Practical training in economics. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.
ECON 5698. THESIS. 6 Hours.
Graded P/F/R. Prerequisite: Permission of Graduate Advisor in Economics.
ECON 5998. THESIS. 9 Hours.
Graded P/F/R. Prerequisite: Permission of Graduate Advisor in Economics.
ECON 6310. ADVANCED MICROECONOMIC THEORY. 3 Hours.
Investigates the advanced neoclassical theory of microeconomics. The course develops formal models of consumer behavior, market structure, general equilibrium, and welfare. The objective of the course is to acquaint students with the analytical tools necessary to evaluate the formal literature in economics and to conduct scientific, hypothesis- driven statistical studies. Prerequisites: ECON 5301 and ECON 5310.