ECO 125 Game Theory (4 Credits)

An examination of how rational people cooperate and compete. Game theory explores situations in which everyone’s actions affect everyone else, and everyone knows this and takes it into account when determining their own actions. Business, military and dating strategies are examined. No economics prerequisite. Prerequisite: at least one semester of high school or college calculus. {S}

Fall, Spring, Annually

ECO 150 Introductory Microeconomics (4 Credits)

How and how well do markets work? What should government do in a market economy? How do markets set prices, determine what is produced and decide who gets the goods? This course considers important economic issues including preserving the environment, free trade, taxation, (de)regulation and poverty. Enrollment limited to 40. {S}

Fall, Spring

ECO 153 Introductory Macroeconomics (4 Credits)

An examination of current macroeconomic policy issues, including the short and long-run effects of budget deficits, the determinants of economic growth, causes and effects of inflation and the effects of high trade deficits. The course focuses on what, if any, government (monetary and fiscal) policies should be pursued in order to achieve low inflation, full employment, high economic growth and rising real wages. Enrollment limited to 40. {S}

Fall, Spring

ECO 201 Gender and Economics (4 Credits)

This course uses economic analysis to explore how gender differences can lead to differences in economic outcomes in households and the labor market. Questions to be covered include: How does the family function as an economic unit? How do individuals allocate time between the labor market and the household? How have changes in family structure affected women's employment, and vice-versa? What are possible explanations for gender differences in labor force participation, occupational choice, and earnings? What is the role of government in addressing gender issues in the home and the workplace? How successful are government policies that primarily affect women? Prerequisites: ECO 150. {S}

Fall, Spring, Alternate Years

ECO 203 Economics of Education (4 Credits)

This course introduces the theoretical and empirical tools that economists use to understand education and evaluate education policy. It provides an overview of how economists evaluate a wide range of issues in K-12 and higher education in the United States and in other countries. Discussions include the theory of human capital, gender and race gaps in education; accountability measures and incentive effects in education; college financial aid; and education and economic growth. The course highlights relevant theories, methodologies and findings in economics of education research and their implications for education policy. Prerequisite: ECO 150. {S}

Fall, Spring, Alternate Years

ECO 205 Inequality and Public Policy (4 Credits)

This course examines the causes and dynamics of economic inequalities and public policies aimed at addressing these inequalities. Beginning with an overview of economic growth at the country level, the course moves to examine the division of income between labor and capital, inequality in labor earnings, and wealth inequality. Policies studied include targeted innovation policies, "good jobs" policies, corporate governance reforms, wealth and income tax reforms, economic mobility programs, and social insurance policies. Prerequisite: One introductory economics course, such as ECO 150 or ECO 153, or equivalent. (E) {S}

Fall, Spring, Alternate Years

ECO 207 18th Century Economic History: Colonial Development, Revolution and Institutions (4 Credits)

This course examines how economic forces influenced the economic, political and institutional development of the United States and other British colonies in North America and the Caribbean from 1600 to 1810. The class begins with an overview of the colonial economy, including the influences of mercantilism and slavery. Students then examine the role of economics in the American Revolution, the failure of the Articles of Confederation, the framing of the US Constitution and institutional development in the early republic. Readings draw from historical documents and contemporary scholarship from both economists and historians. Prerequisites: ECO 150 or ECO 153. Enrollment limited to 30. {S}

Fall, Annually

ECO 211 Economic Development (4 Credits)

An overview of economic development theory and practice since the 1950s. Why have global economic inequalities widened? What economic policies have been implemented in the developing countries of Asia, Latin America, Africa and the Middle East in search of economic development, what theories underlie these policies, and what have been the consequences for economic welfare in these regions? Topics include trade policy (protectionism versus free trade), financial policy, industrial development strategies, formal and informal sector employment, women in development, international financial issues (lending, balance of payments deficits, the debt and financial crises), structural adjustment policies and the increasing globalization of production and finance. Prerequisites: ECO 150 and ECO 153. {S}

Fall, Spring, Annually

ECO 214 Anti-Trust Economics (4 Credits)

This course examines industry structure and firm behavior under imperfect competition and the public policy response to abuse of market power. There is evidence that market power is becoming increasingly entrenched in many industries. This can lead to inefficient outcomes and lower welfare. Students study theoretical and case study examinations of strategic firm interactions in monopolistic and oligopolistic markets, dominant firm behaviors, and entry deterrence by incumbents; pricing and marketing strategies firms may use to increase profits; the design of marketplaces; and public policy responses to firm behavior, including antitrust laws and regulation. The course is a combination of economic theory and case studies of specific firms or industries. Prerequisite: ECO 150. (E)

Fall, Spring, Annually

ECO 220 Introduction to Statistics and Econometrics (5 Credits)

Summarizing, interpreting and analyzing empirical data. Attention to descriptive statistics and statistical inference. Topics include elementary sampling, probability, sampling distributions, estimation, hypothesis testing and regression. Assignments include use of statistical software to analyze labor market and other economic data. Prerequisite: ECO 150 or ECO 153. Restrictions: Students do not normally earn credit for more than one course on this list: ECO 220, GOV 203, MTH 220, PSY 201, SDS 201, SDS 220 or SOC 204. Enrollment limited to 55. {M}{S}

Fall, Spring, Annually

ECO 222 Economics of Race, Policy, and Mass Incarceration (4 Credits)

The United States has the world’s highest incarceration rate at more than five times the global median. This country is regrettably distinguished by significant racial-ethnic and gender disparities in its carceral population. This course uses the tools of economic analysis to address three main questions: First, how did the United States become the world’s leader in incarceration? Second, what are the economic implications and collateral consequences of racialized mass incarceration? Finally, can economic tools be used to examine the efficacy of criminal justice reform? Prerequisite: ECO 150. {S}

Fall, Spring, Annually

ECO 224 Environmental Economics (4 Credits)

The economic causes of environmental degradation and the role that markets can play in both causing and solving pollution and resource allocation problems. Topics include resource allocation and sustainability, cost-benefit analysis, pollution standards, taxes, permits, public goods and common property resources. Prerequisite: ECO 150. {S}

Fall, Spring, Annually

ECO 225 Money and Banking (4 Credits)

An investigation of the role of financial instruments and institutions in the economy. Major topics include the determination of interest rates, the characteristics of bonds and stocks, the structure and regulation of the banking industry, the functions of a modern central bank, and the formulation and implementation of monetary policy. Prerequisites: ECO 150 and ECO 153. {S}

Fall, Spring, Alternate Years

ECO 238 Inequality and Economic Growth (4 Credits)

An examination of the global dynamics and determinants of inequality in income and wealth and its interplay with economic growth, from antiquity to the present. Beginning with an overview of growth at the country level, the course moves to examine the division of income between labor and capital, inequality in capital ownership, and inequality in labor earnings, ending with a discussion of policy proposals to address increasing inequality. Topics covered include the labor share, the concentration of wealth at the top, the skill premium, intergenerational mobility, managerial compensation, the racial and gender wage gaps, and offshore tax evasion. Prerequisite: ECO 150 or ECO 153, or equivalent. {S}

Fall, Spring, Variable

ECO 240 Econometrics (4 Credits)

This course offers an introduction to the basic principles of econometrics and the methods used to present and analyze economic data. Knowledge of statistical methods is essential for understanding and evaluating critically much of what is written about economics and social policy. The main goal of the course is for you to leave it as an informed and critical consumer of empirical studies and with the foundational skills to conduct your own original empirical research. Prerequisites: ECO 150, ECO 153, MTH 111 and either ECO 220, SDS 220 or SDS 291. {M}{S}

Fall, Spring, Annually

ECO 250 Intermediate Microeconomics (4 Credits)

Focuses on the economic analysis of resource allocation in a market economy and on the economic impact of various government interventions, such as minimum wage laws, national health insurance and environmental regulations. Covers the theories of consumer choice and decision making by the firm. Examines the welfare implications of a market economy and of federal and state policies which influence market choices. Prerequisites: ECO 150 and MTH 111 or equivalent. Enrollment limited to 55. {S}

Fall, Spring, Annually

ECO 253 Intermediate Macroeconomics (4 Credits)

Builds a cohesive theoretical framework within which to analyze the workings of the macroeconomy. Current issues relating to key macroeconomic variables such as output, inflation and unemployment are examined within this framework. The role of government policy, both in the short run and the long run, is also assessed. Prerequisites: ECO 153 and MTH 111 or equivalent. Enrollment limited to 55. {S}

Fall, Spring

ECO 254 Behavioral Economics (4 Credits)

An examination of the combination of economists’ models and psychologists’ understanding of human behavior. This combination fosters new understanding of consumers’ and firms’ decision-making. Topics include decisions motivated by issues of fairness or revenge (rather than self-interest); decisions based on the discounting of future happiness; decisions based on individuals’ incorrect beliefs about themselves (such as underestimating the power of bad habits or cravings). This new understanding has implications for economic, political, legal and ethical issues. Prerequisites: ECO 220 and ECO 250.

Fall, Spring, Variable

ECO 255 Mathematical Economics (4 Credits)

Review of mathematical techniques required for a rigorous study of economics. Extensive instruction on applications of these techniques to economic problems are provided. Emphasis is on static and dynamic optimization and comparative statics. Applications to microeconomics, macroeconomics and financial economics discussed. Prerequisites: ECO 220, ECO 250 and MTH 112. {M}{S}

Fall, Spring, Variable

ECO 257 Economics, Policy and Data Analytics (4 Credits)

A great deal of empirical analysis is carried out with the aim of understanding the causal effects of interventions – both in policy and economic environments. This course covers the main empirical methods used in economics to evaluate causal effects of policies related to anti-discrimination, education, criminal justice, the labor market and healthcare. Students design and execute studies that can credibly evaluate public policies and economic theories. Students apply these methods by replicating and extending economic and public policy research with the goal of developing the skills needed to fully understand empirical research design. Prerequisites: ECO 220 or SDS 220 or SDS 291, and ECO 250 or ECO 253. Enrollment limited to 30. {S}

Fall, Annually

ECO 258 Applied Market Design (4 Credits)

In 2012, the Nobel Memorial Prize in Economics Sciences was awarded to Alvin Roth and Lloyd Shapley for their theoretical and practical work on the design of markets. This course provides an introduction to the field of market design, focusing on the functioning of specific markets and market mechanisms. Applications include but are not limited to: auctions, kidney exchange, medical match, school choice, course allocation and trading on the stock market. In addition, the class studies the market design aspects of new technologies that facilitate new types of marketplaces, such as cryptocurrencies and taxi-ride platforms. Prerequisite: ECO 250, or equivalent. {S}

Fall, Spring, Variable

ECO 260 Public Economics and Finance (4 Credits)

Why does the government intervene in the economy? What are the responses of private agents to government’s actions? What are optimal government policies? This course focuses on the role of the government in the economy and uses tools of microeconomic analysis to study the taxing and the spending activities of the government. The course covers tax policy, inequality, social insurance programs, public goods, environmental protection, and education. Special emphasis is on current policy issues in the U.S., such as income inequality, poverty, healthcare reform, income tax reform, and crime. Prerequisite: ECO 250. {S}

Fall, Spring, Alternate Years

ECO 261 Economics of Healthcare (4 Credits)

An examination of current economic and public policy issues in health care. Topics include health care reform and the Affordable Care Act, regulation and competition policies in markets for health insurance, physician services and hospital services; public policies to enhance access (Medicare and Medicaid) and health care quality; and the economics of the pharmaceutical industry. Prerequisites: ECO 250 and ECO 220, or equivalent. {S}

Fall, Spring, Variable

ECO 263 Labor Economics (4 Credits)

This course applies economic principles and elementary statistics to the study of labor markets. Topics include labor force participation, unemployment, immigration, wage determination, income distribution and labor market discrimination. Students examine the rationale for and consequences of many economic policies such as a statutory minimum wage, unemployment compensation, child care policies and public pension programs. The class investigates these issues through readings of recent economic research and by analyzing labor market data. Prerequisites: ECO 153, 220 and 250. {S}

Fall, Spring, Variable

ECO 265 Economics of Corporate Finance (4 Credits)

An investigation of the economic foundations for investment, financing and related decisions in the business corporation. Basic concerns and responsibilities of the financial manager and the methods of analysis employed by them are emphasized. This course offers a balanced discussion of practical as well as theoretical developments in the field of financial economics. Prerequisites: ECO 220, ECO 250 and MTH 111. {S}

Fall

ECO 271 The Economics of Climate Change (4 Credits)

Climate change has been recognized as "the major, overriding environmental issue of our time, and the single greatest challenge facing environmental regulators” by the United Nations Secretary General. This course uses the tools of economics to analyze and understand the many challenges of climate change. Discussions include climate damages, market failure and externalities, emissions standards and taxes, cap and trade, discounting, risk and uncertainty, mitigation and integrated assessment models, adaptation, development, and gender. Prerequisites: ECO 220 and ECO 250. {S}

Fall, Spring, Alternate Years

ECO 272 Law and Economics (4 Credits)

An economic analysis of legal rules and cases. Topics include property law, contract law, accident law, criminal law, the Coase theorem and the economics of litigation. Prerequisite: ECO 250. {S}

Fall, Spring, Variable

ECO 285 Colloquium: Applied Financial Economics (4 Credits)

This course offers an introduction to computational and empirical finance, emphasizing data work using R. Topics covered include optimal portfolio construction and performance evaluation; factor pricing models; time-series econometrics; market efficiency; and asset valuation. A prior course using R is recommended. No prior knowledge of financial economics is assumed. Prerequisites: MTH 111 and ECO 220, ECO 240, SDS 220 or SDS 291. Enrollment limited to 25. (E) {S}

Fall, Spring, Alternate Years

ECO 295 International Trade and Commercial Policy (4 Credits)

An examination of the trading relationships among countries and of the flows of factors of production throughout the world economy. Beginning with the theories of international trade, this course moves on to examine various policy issues in the international economy, including commercial policy, protectionism and the distribution of the gains from trade, multilateral trade negotiations, preferential trade agreements, the impact of transnational firms and globalization, immigration, and trade and economic development. Prerequisite: ECO 250. {S}

Fall, Spring, Annually

ECO 296 International Finance (4 Credits)

An examination of international monetary theory and institutions and their relevance to national and international economic policy. Topics include mechanisms of adjustment in the balance of payments, macroeconomic and exchange-rate policy for internal and external balance, international movements of capital and the history of the international monetary system: its past crises and current prospects, issues of currency union and optimal currency area, and emerging markets. Prerequisite: ECO 253. {S}

Spring

ECO 311in Seminar: Topics in Economic Development-India (4 Credits)

This seminar applies and extends microeconomic theory to analyze selected topics related to India’s economic development. Throughout the course an emphasis is placed on empirically testing economic hypotheses using data from India. In particular, the following topics are explored, with reference to India’s growth and development: education, health, demographics, caste and gender, institutions, credit, insurance, infrastructure, water and climate change. Prerequisites: ECO 220 and ECO 250. ECO 211 or ECO 213 recommended. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Variable

ECO 314 Seminar: Industrial Organization and Antitrust Policy (4 Credits)

An examination of the latest theories and empirical evidence about the organization of firms and industries. Topics include mergers, advertising, strategic behaviors such as predatory pricing, vertical restrictions such as resale price maintenance or exclusive dealing, and antitrust laws and policies. Prerequisite: ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Annually

ECO 315 Seminar: Markets and Economic Models (4 Credits)

This course uses microeconomic theory tools to survey the literature on the various ways that markets determine the allocation of scarce resources: via a single market-clearing price, queueing, rationing, a centralized matching or assignment algorithm, or an auction. Students examine a specific marketplace and analyze it using either an economic model, data or both. The economic analysis should propose ways of improving the studied allocation and discuss their economic rationale. Students are welcomed to use data to quantify the potential gains associated with the recommended improvement. Alternatively, students could use computer simulations, or conduct a full theoretical analysis. Prerequisites: ECO 220 and ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {M}{S}

Fall, Spring, Variable

ECO 316 Seminar: Poverty and Public Policy in the United States (4 Credits)

Since 1965, the annual poverty rate in the United States has hovered between 10% and 15%, though far more than 15% of Americans experience poverty at some point in their lives. This course studies public policies intended to improve the well-being of the poor in this country. These policies include social insurance programs like Unemployment Insurance; safety net programs like Temporary Assistance to Needy Families, Supplemental Nutrition Assistance Program, Medicaid, and housing assistance; education programs like Head Start; and parts of the tax code including the Earned Income Tax Credit and Child Tax Credit. Prerequisites: ECO 250; and ECO 220, SDS 201, SDS 220 or SDS 291. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Alternate Years

ECO 318 Seminar on Macroeconomic Policy from the Great Depression to the Present (4 Credits)

What does history teach about macroeconomic policy? This course uses macroeconomic history from 1913 to the present to explore key issues in macroeconomic policy that remain relevant today, with special focus on the Great Depression and Great Recession. Students examine the evidence behind the theoretical frameworks presented in ECO 253 and delve into the empirical literature on both historical and contemporary monetary and fiscal policy. Prerequisites: ECO 253; and ECO 220 or SDS 220. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Annually

ECO 324nr Seminar: Topics in the Economics of the Environment-Natural Resources (4 Credits)

How do competitive markets allocate natural resources? Do market systems result in excess pollution? Can market outcomes be improved in relation to the environment and natural resources? If so, what are the relative strengths and weaknesses of different approaches? This course examines these issues through discussion of the economic theories of externalities, common property and public goods, and their implications for the allocation of resources. The course explores these questions by analyzing specific policy issues and debates related to the environment and resource use including: climate change, pollution, biodiversity, energy, sustainability, land use and fishing rights. Through this exploration, the course touches upon a number of other theories and techniques including dynamic optimization and intertemporal choice, price vs. quantity regulation, nonmarket valuation, cost-benefit analysis and the use of incentive-based regulation. Prerequisites: ECO 220 and ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Variable

ECO 338 Seminar: Household Finance and Inequality (4 Credits)

How do individual economic decisions shape wealth inequality and economic mobility? This course examines topics at the intersection of household finance, the field of economics studying the financial decisions of households, and the economics of inequality. Beginning with an overview of the historical dynamics and theories of wealth inequality, we study recent empirical and theoretical findings on how household preferences and beliefs, financial portfolio investment mistakes, financing frictions, entrepreneurship, and taxes affect the distribution of wealth. Prerequisites: ECO 220 and ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Variable

ECO 360 Seminar: Economics of Crime (4 Credits)

This course is designed with two central goals. First, to use microeconomic and econometric tools to explore and understand crime and incarceration. Relevant topics include but are not limited to: Are criminals rational economic actors? What policies most efficiently mitigate the social costs associated with criminal activity? What role does incarceration play in deterrence incapacitation and rehabilitation? Second, to develop the key tools for economic work including analytical thinking and writing as well as research and presentation skills. Prerequisites: ECO 220, SDS 220 or SDS 291; and ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Variable

ECO 361 Seminar: Economics of Discrimination (4 Credits)

It is hotly debated whether and to what extent observable outcome differentials in various markets can be attributed to the effects of discrimination. This course critically explores various discrimination topics, paying special attention to the evidence in the economics literature that potentially proves or disproves the presence of discrimination. A critical skill essential to the economic analysis of discrimination is the use of econometrics in analyzing discriminatory practices. The course explores the main econometric methods used to measure discrimination, debate their strengths and limitations, as well as discuss the economic implications for anti-discriminatory policies. Prerequisites: ECO 220 and ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Annually

ECO 364 Seminar: The Economics of Future Technology (4 Credits)

Brain implants, embryo selection, self-driving cars, nanotechnology, robot nurses, virtual teachers, cognitive enhancing drugs and artificial general intelligences are among the technologies that might have a large impact on the economy over the next few decades. This course uses the tools of microeconomics to explore the potential effects of these and other possible technologies and to explain how economic incentives shape the types of technologies businesses develop. Prerequisite: ECO 250. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Variable

ECO 375 Seminar: The Theory and Practice of Central Banking (4 Credits)

What role do central banks play in the management of short-run economic fluctuations? What has driven the recent global trend towards more powerful and independent central-banking institutions? This course explores the theoretical foundations that link central bank policy to real economic activity. Building on this theoretical background, the monetary policy frameworks and operating procedures of key central banks are then examined. Much of the analysis focuses on the current practices of the U.S. Federal Reserve and the European Central Bank, with a view to identifying the relative strengths and weaknesses of the two institutions. Prerequisite: ECO 220 and ECO 253. A course in either international finance or money and banking such as ECO 275 or ECO 296 is recommended. Restrictions: Juniors and seniors only. Enrollment limited to 12. Instructor permission required. {S}

Fall, Spring, Alternate Years

ECO 400 Special Studies (1 Credit)

S/U only. Instructor permission required.

Fall, Spring

ECO 401 Special Studies (1-2 Credits)

A scholarly project conducted under the supervision of a member of the department. S/U only. Instructor permission required.

Fall, Spring

ECO 404 Special Studies (4 Credits)

Normally for majors who have had four semester courses in economics above the introductory level. Instructor permission required.

Fall, Spring

ECO 430 Honors Project (4 Credits)

Department permission required.

Fall, Spring

ECO 430D Honors Project (4 Credits)

Department permission required.

Fall, Spring