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Course Descriptions

Economics Courses

ECON 110: Principles of Economics

This course is an introduction to both microeconomics and macroeconomics. Students are introduced to the analytical tools and techniques used by economists to better understand the choices economic agents make and how markets function. The study of microeconomics includes consumer theory, producer behavior, and analysis of market structure. The study of macroeconomics includes the determination of aggregate production, employment and inflation, as well as fiscal policy, monetary policy, the distribution of income, and economic growth. The theories presented are applied throughout the semester to issues facing the U.S. and world economies. (Under the Forester Fundamental Curriculum, this course meets the Social Sciences requirement. Under the old GEC, this course meets the Social Science requirement.)
cross listed: IREL 110


ECON 130: Applied Statistics

This course covers three standard topics in statistics at the introductory level: probability theory, statistical inference, and regression analysis. Among the individual topics covered are descriptive statistics, probability rules, discrete probability distribution functions including the bivariate and binomial distributions, continuous density functions including the Normal and t distributions, sampling, hypothesis testing, test statistics, p-values, correlation versus causation, and an introduction to multivariate linear regression analysis. All topics are applied to techniques important to analyze聽economic, business, and financial behavior. Students who have taken this course will not receive credit for MATH 150. (Under the Forester Fundamental Curriculum, this course meets the Quantitative Reasoning requirement. Under the old GEC, this course meets the Social Science requirement.)
cross listed: BUSN 130, FIN 130


ECON 208: Systemic Racism in the US Economy

This course focuses on ways in which capitalism has used differences in race to reinforce divisions of power and to determine who benefits from its structures. It begins by examining the centrality of slavery to the foundation of capitalism and the industrialization of the United States. The course will survey how race and capitalism have been and continue to be conjoined both theoretically and practically, focusing particularly on the political economy of neoliberalism. Through the lens of the Black Lives Matter Movement it explores how racist policies have led to the inequality in income, wealth, housing, health, and education in the US between blacks and whites. The course concludes by exploring how new antiracist polices can forge a more equitable future for everyone. Prerequisite: ECON 110. (Under the Forester Fundamental Curriculum, this course meets the Domestic Pluralism requirement. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)


ECON 210: Microeconomic Theory

Application of economic analysis to business decisions. It covers economic tools with applications to demand analysis, pricing policies, competitive strategy, cost analysis, and decision making. Students who have already completed BUSN 210 will not receive credit for this course. Prerequisites: ECON 110 and MATH 108 or MATH 110 with grades of C- or better. (Under the old GEC, this course meets the Social Science requirement.)


ECON 220: Macroeconomic Theory

Analysis of the determinants of aggregate production, prices, interest rates, and employment in macroeconomic models that combine the business, household, government, and financial sectors. Prerequisites: ECON 110 and MATH 108 or MATH 110 with grades of C- or better. (Under the old GEC, this course meets the Social Science requirement.)


ECON 245: Child Labor in Latin America

Explores the role of child labor in the economies of developing Latin American countries, focusing on the question 'Do countries need to use child labor to industrialize?' Historically, industrialized countries have relied heavily on children to work in factories and mines. Today it appears history is repeating itself as developing countries utilize children in the informal sectors. The employment of children in Brazil, Colombia, Peru, Chile, and Argentina will be examined in detail. The economic, political, social/cultural, and technological explanations for child labor will be explored for each country. Prerequisite: ECON 110. (Under the Forester Fundamental Curriculum, this course meets the Global Perspectives requirement. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)
cross listed: LNAM 245


ECON 255: Economic Analysis of Public Policy

This course introduces students to the economic methods used in policy making and evaluation. The course examines efficiency and equity rationales for enacting policy. Case studies are used to introduce current issues and policy proposals. Students learn how to identify and account for positive and negative externalities, and how to apply cost-benefit analysis and other policy evaluation techniques. Case studies are chosen from a variety of areas, including inequality, economic growth, regulation, and the provision of services, among others. Prerequisite: ECON 110. (Under the Forester Fundamental Curriculum, this course meets the Social Sciences requirement. Under the old GEC, this course meets the Social Science requirement.)
cross listed: PPCY 255


ECON 310: Industrial Organization

Analysis of the behavior of firms under different industrial structures - competitive, monopolistic, oligopolistic. An evaluation of antitrust policies and other government regulations of industry. Specific topics covered include advertising, auctions, networks, product differentiation, market standards, and vertical and horizontal integrations. Prerequisite: ECON 210 with a grade of C- or better. (Under the old GEC, this course meets the Social Science requirement.)


ECON 313: Money & Banking

Analysis of bank and nonbank financial institutions. Topics include the S&L crisis, the impact of the 1980 and 1982 deregulation acts, the changing role of the Federal Reserve and the ability to conduct effective monetary policy, and bank asset and liability management. Prerequisite: ECON 220. (Under the old GEC, this course meets the Social Science requirement.)


ECON 320: Labor Economics

In this course, standard theories of labor economics are developed. Topics include labor supply, labor demand, education, discrimination, contracting, and unions. Particular emphasis is given to the labor force participation of married women and single mothers, earnings, wage distributions and inequality, job training, and employment benefits. Empirical analysis complements theoretical modeling, especially in the area of women's work and international comparisons regarding labor laws and labor market outcomes. Prerequisite: ECON 210. (Under the Forester Fundamental Curriculum, this course meets the Speaking requirement. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)
cross listed: GSWS 320


ECON 325: Economics of Land

(The Economics of Land: Valuation, Use, and Taxation) The course examines several different roles of land in the economy; as a productive asset, as an investment, as a store of value, and as a base for taxation. Topics to be covered include various definitions of property rights, regulatory policy toward land use and land preservation, models of land valuation, and the theory and practice of property taxation and tax preferences. We examine policies across different states, countries, and eras. Prerequisite: ECON 210 or permission of instructor (Under the old GEC, this course meets the Social Science requirement.)
cross listed: ES 325


ECON 330: Econometrics

Use of statistical methods, especially multiple regression, to test hypotheses based on economic theory. Some use of computer programs. Prerequisites: ECON/BUSN/FIN 130, COLL 150, and MATH 109 or MATH 110, and either ECON 210 or ECON 220 or permission of instructor. (Under the Forester Fundamental Curriculum, this course meets the Technology requirement. Under the old GEC, this course meets the Social Science requirement.)


ECON 340: Environ & Natural Resource Econ

(Environmental and Natural Resource Economics) Examines different economic theories regarding optimal use of renewable and nonrenewable resources, why market responses to pollution are typically unsatisfactory, and optimal pollution control. These theories are then applied to the real world, taking into consideration political and technological constraints. The impact of past and current policy on the environment will be studied, as will the potential impact of proposed legislation. Prerequisite: ECON 210 or permission of the instructor. (Under the old GEC, this course meets the Social Science requirement.)
cross listed: ES 340


ECON 345: Economics and Law

This course covers an economic analysis of laws and legal institutions with an emphasis on how they affect markets and individual decision-making. Topics covered will include property, contract, tort, criminal, environmental, and antitrust laws. Prerequisite: ECON 210. (Under the old GEC, this course meets the Social Science requirement.)


ECON 350: Public Finance

Theory and policy analysis of the effects of government spending and taxation on the allocation and distribution of income. Special attention is given to tax reform proposals and other current policy issues. Prerequisite: ECON 210. (Under the old GEC, this course meets the Social Science requirement.)


ECON 360: Health Economics

Examines how economic analysis can be applied to various components of the health care system. Microeconomic theory is used to understand the operation of health care markets and the behavior of participants (consumers, insurers, physicians, and hospitals) in the health care industry. International comparisons and the role of the public sector will be included. Prerequisites: ECON 210. (Under the old GEC, this course meets the Social Science requirement.)


ECON 375: Economics of Sport

The purpose of this course is to analyze the economics of sport. Sport throughout the world has a distinct and substantial commercial character, and developments in the world of modern sport cannot be fully understood without applying economic principles and methodology. Topics discussed include the market for players, the implications of the functioning of league monopolies, and an analysis of the economic impact of stadiums and mega-sports events such as the World Cup and the Olympic Games. Prerequisite: ECON 210. (Under the old GEC, this course meets the Social Science requirement.)


ECON 380: Game Theory

Game theory is the study of purposeful behavior in strategic situations. Game theory incorporates mathematical models of conflict and cooperation in situations of uncertainty (about nature and about decision makers). Various solution concepts such as Nash equilibrium, subgame perfect equilibrium, Bayesian and perfect Bayesian equilibrium will be analyzed. These concepts will be illustrated using a variety of economic models, from industrial organization, bargaining, the role of repeated interaction, and models of asymmetric information. Prerequisites: ECON 210 and MATH 110. (Under the old GEC, this course meets the Social Science requirement.)


ECON 381: Economics of Development

Studies the problem of sustaining accelerated economic growth in less-developed countries. This course emphasizes the issues of growth; poverty and inequality; how land labor and credit affect economic development; problems of capital formation, economic planning and international specialization and trade; and the interaction of industrialization, agricultural development, and population change. Prerequisite: ECON 210. (Under the Forester Fundamental Curriculum, this course meets the Global Perspectives requirement. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)


ECON 385: Mathematical Economics

Calculus and linear algebra are applied to the analysis of microeconomic and macroeconomic theory. The tools of mathematical optimization are developed with a particular focus on comparative statics. Issues of discrete and continuous time and uncertainty in economics are explored. Prerequisites: MATH 111 and either ECON 210 or 220; or permission of instructor. (Under the old GEC, this course meets the Social Science requirement.)


ECON 410: Markets, Public Policy, and Society

This course explores the role of public policy in addressing market inefficiencies and analyzes the social costs and benefits of government intervention. Particular emphasis will be given to understanding how public policies affect firms and employees. Topics may include minimum wages, social security, immigration, taxation, education, and the affordable care act. Prerequisite: ECON 210 or BUSN 210. (Under the Forester Fundamental Curriculum, this course meets the Speaking requirement. Under the old GEC, this course meets the Social Science requirement.)
cross listed: BUSN 410


ECON 430: International Trade Theory & Policy

Analysis of elements of economic structure that determine trade flows, theory relating to how trade flows alter economic structure, the free trade versus protectionism argument, and selected topics in international economic integration and development. . Prerequisites: ECON 210 and ECON 220; and junior or senior standing. (Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)


ECON 431: International Finance

Identifies and analyzes fundamentals of international financial theory. Topics include exchange rate determination, balance of payments accounting, and international monetary systems and their evolution. Prerequisites: Economics 210 and 220; and junior or senior standing. (Under the old GEC, this course meets the Social Science requirement.)
cross listed: FIN 431


ECON 440: Advanced Macroeconomics

Analysis and comparison of Keynesian, neoKeynesian, neoclassical, monetarist, and rational expectationist perspectives on macroeconomic theory and stabilization policy. Prerequisites: MATH 110 and ECON 220; and junior or senior standing. (Under the old GEC, this course meets the Social Science requirement.)


ECON 465: Poverty, Inequality, Discrimination

This course explores how the discipline of economics can explain and analyze the causes and effects of poverty, inequality and discrimination. It will examine how various populations (defined by race, age, gender, class, sexual orientation, etc.) experience these differently. Students will be introduced to (1) economic theories of poverty, inequality and discrimination, (2) ways to measure each and (3) public policies designed to mitigate poverty, inequality and discrimination in the US. Prerequisite: ECON 110 with a grade of C- or better. (Under the Forester Fundamental Curriculum, this course meets the Domestic Pluralism requirement. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.) (Under the Forester Fundamental Curriculum, this course meets the Domestic Pluralism and Senior Studies requirements. Under the old GEC, this course meets the Social Science requirement.)
cross listed: BUSN 465, GSWS 465


ECON 483: Behavioral Economics and Finance

This course surveys research incorporating evidence from psychology into economic and financial decision-making theory. The aim of the course is to understand economic and financial models that more realistically explain and predict observed outcomes. The course explores prospect theory, biases in probabilistic judgment, projections biases, default effects, self-control problems, mental accounting, fairness and altruism. Students will use these tools to understand public goods contributions, financial market anomalies, consumption and savings behavior and myriad market outcomes. Prerequisites: ECON/BUSN/FIN 130 (or ECON/BUSN 180) and ECON 210. (Under the old GEC, this course meets the Social Science requirement.)
cross listed: FIN 483


ECON 489: Globalization and Its Impact

This course examines the impact of globalization and cross border trade on industrialized and emerging countries. We focus on areas where US multinational companies have created sweatshops and fostered worker exploitation and cultural disintegration, as they have in Latin America and Asia. We explore the聽economic impact of climate change, pandemics, and nationalism on poverty, immigration, and GDP growth using both microeconomics and macroeconomics. Student groups conduct a theoretical and analytical analysis of the聽economic progress of Mexico, Brazil, Bolivia, Costa Rica, Guatemala, Venezuela, China, and India. Prerequisites:聽ECON/BUSN 130 (or聽ECON/BUSN 180), and either BUSN 210,聽ECON聽210, or聽ECON聽220. Cross listed: BUSN聽489 (Under the Forester Fundamental Curriculum, this course meets the Global Perspectives and Speaking requirements. Under the old GEC, this course meets the Social Science and Cultural Diversity requirements.)
cross listed: BUSN 489


ECON 490: Internship

Provides an opportunity to supplement academic training with work experience in the field of business and economics. Interested students must work with Career Services to develop a resume and register with the instructor by the following deadlines: by April 1 for a Fall internship; by November 1 for a Spring internship; and by the week following spring break for a Summer internship. Business and Economics internships may be done for either one or two credits. Prerequisites: junior or senior standing, Economics 110 with a grade of C- or better as well as other designated courses relevant to the internship and earning a C or better in combination of these courses and Economics 110. Internships need to be for different experiences therefore continuation of previous internships, part-time or summer jobs is not allowed. The department will not give credit for internships that do not build directly on prior course work. Students on academic probation are ineligible for this program. Contact the Internship Supervisor for Economics and Business regarding additional information and guidelines. (Under the Forester Fundamental Curriculum, this course meets the Experiential Learning requirement.)
cross listed: BUSN 490, FIN 490