203 Principles of Microeconomics (4, FaSp) Behavior of firms and consumers, functions of the price system, competition and monopoly, labor markets, poverty, government regulation, international trade, and the environment.

205 Principles of Macroeconomics (4, FaSp) Unemployment, inflation and output determination and links. Effects of government taxation and spending on growth, investment, saving, consumption, and trade.

238xg Political Economy and Social Issues (4, Fa) Contending politico-economic perspectives in modern Western thought: conservatism, liberalism, radicalism, and their relevance for contemporary policy issues including government and markets, class, race, gender, poverty and inequality. Not available for major credit to economics majors. Concurrent enrollment: WRIT 140.

303 Intermediate Microeconomic Theory (4, FaSp) Decision-making by business firms, consumer preferences and behavior, uncertainty, competition, monopoly, labor and resource markets, efficient resource allocation, externalities, and government policy. Prerequisite: ECON 203; MATH 118x or MATH 125; corequisite: ECON 205.

305 Intermediate Macroeconomic Theory (4, FaSp) The determinants of aggregate income, employment, and inflation; economic fluctuations; fiscal and monetary policy; financial markets; the national debt. Prerequisite: ECON 203 and ECON 205; MATH 118x or MATH 125.

317 Introduction to Statistics for Economists (4, FaSp) Introduction to statistical methods appropriate for analyzing economic data: probability theory, random variables and probability distributions, sampling, estimation, statistical inference. Prerequisite: MATH 118x or MATH 125.

330 The Political Economy of Institutions (4) Social functions served by the rules, laws, regulations, and customs that constrain human activity. Processes whereby such institutions adapt, or fail to adapt, to changing circumstances. Prerequisite: ECON 203.

332 Contracts, Organizations and Institutions (4) Contract law and economic organization, determinants of firm boundaries, transaction cost economics, agency theory, incomplete contracting, business strategy, bureaucracy, institutional environment, politics and property rights. Prerequisite: ECON 203.

336 The Political Economy of Values (4) Psychological foundations of human values and preferences. The role of values in organizational success, social order, and economic development. The political economy of shaping, reshaping, protecting, and destroying values. Prerequisite: ECON 203.

338 Political Economy and Social Issues (4, Sp) Contending politico-economic perspectives in modern Western thought and culture; absolutist, liberal, democratic, Marxist, anarchist, and other traditions, topics and issues. (Duplicates credit in former ECON 121x.) Prerequisite: ECON 205.

340 Economics of Less Developed Countries (4) Causes of economic underdevelopment: historical, institutional, structural, ideological, technological, cultural. Patterns and theories of development. Role of government, international trade, and education in economic growth. Prerequisite: ECON 203 or ECON 205.

342 Economic Development of the Middle East (4) Historical and comparative analysis of economies of Middle Eastern countries: institutions, resources, trade, finance, income distribution, population, migration. Prerequisite: ECON 203 or ECON 205.

343 Economic Development of East Asia (4) Contemporary economic problems of East Asian countries: management, labor, technology, trade, investment. Determinants of their high growth rates in the late 20th century. Prerequisite: ECON 203 or ECON 205.

348 Current Problems of the American Economy (4, Fa) A comprehensive investigation of problems stemming from changing composition of the work force, urban decline, new technologies, inequalities, ethnic relations, government deficits. Prospects for continued growth. Prerequisite: ECON 203 or ECON 205.

350 The World Economy (4, SpSm) International cooperation and conflict in the world economy. Global economic problems of growth and development, trade and finance, migration, economic stability, and the environment. Prerequisite: ECON 203 or ECON 205.

357 Money, Credit, and Banking (4) The money, bond, stock, and other financial markets; portfolio choice; determinants of asset prices and interest rates; inflation; interactions between financial markets and government policies. Prerequisite: ECON 203 and ECON 205.

360 Public Finance (4) Role of the government; income and corporate taxation; direct versus indirect taxation; optimal tax structure; public goods; public sector pricing; public debt and macroeconomic stability. Prerequisite: ECON 203 and ECON 205.

366 Urban Economics (4) Urban trends and problems, including changing urban form and function, urban public finance, housing, renewal, poverty, race, transportation, and the environment. Prerequisite: ECON 203 and ECON 205.

387x Economics for Natural Resources and the Environment (4, FaSp) (Enroll in ENST 387x)

390 Special Problems (1-4) Supervised, individual studies. No more than one registration permitted. Enrollment by petition only.

395 Economic Policy Issues (4) Selected policy dilemmas, including welfare reform, urban renewal, government budget deficits, regulation and deregulation, environmental problems, immigration, and global development. Lectures by leading authorities and weekly discussion sessions. Prerequisite: ECON 203 and ECON 205 and departmental approval.

401 Mathematical Methods in Economics (4, Fa) Introduction to quantitative methods for analyzing economic equilibria; comparative statics and dynamics. Utility theory, consumer behavior, and profit maximization. Model formulation in micro and macroeconomics. Prerequisite: ECON 303.

404 Games and Economics (4) Analysis of strategic economic interactions. Topics include bargaining, insurance, patents, voting, environmental depletion, strategic trade, learning, reputation, strikes, corporate takeovers, and the provision of public goods. Prerequisite: ECON 303.

414 Introduction to Econometrics (4, FaSp) Application of statistical methods to economic data: estimating economic relationships using regression analysis, testing hypotheses involving economic behavior, forecasting economic variables. Prerequisite: ECON 317.

417 Statistics for Economists (4) Introduction to mathematical statistics, including random variable, families of distributions, sampling, maximum likelihood and other methods of estimation, statistical inference. Prerequisite: ECON 317; ECON 401 or MATH 226.

419 Forecasting (4) Trends, time-series models, low-cost forecasting methods, regression models, evaluation and combination of forecasts. Applications in business and economics. Prerequisite: ECON 317; corequisite: ECON 417.

426 History of Economic Thought (4) Major contributions to economics from Adam Smith to the present, notably classical economics and its 19th century critics, neo-classical economics and its 20th century critics. (Duplicates credit in former ECON 326.) Prerequisite: ECON 303 or ECON 305.

434 Economic Analysis of Law (4) Common law and property; rationing of justice, resource allocation between prevention and enforcement; division of decision making between public and private sectors. Prerequisite: ECON 303.

446 Comparative Economic Systems (4) Comparative analysis of the theory and practice of classic and contemporary economic systems; capitalism, Marxism, socialism, fascism, communism. Market and planning systems in selected countries. (Duplicates credit in former ECON 346.) Prerequisite: ECON 303 or ECON 305.

450 International Trade (4) Determinants and economic consequences of international trade patterns; effects of trade restrictions and trading blocs; trade negotiations and arrangements. Prerequisite: ECON 303.

451 The Politics of International Trade (4) (Enroll in IR 430.)

452 International Finance (4) Consequences of trade deficits; theories of capital and currency markets, exchange rate regimes, and international monetary coordination. Prerequisite: ECON 305.

457 Financial Markets (4) General equilibrium analysis of economies with financial markets; decision making under uncertainty; methods of risk reduction; portfolio theory and valuation of securities; efficiency of security markets. Prerequisite: ECON 303.

471 Economics of Labor Markets and Human Capital (4) A human capital interpretation of labor demand and supply; wage determination, differentials, and discrimination; job turnover and occupational mobility; unions and collective bargaining. Prerequisite: ECON 303.

472 Economics of Medical Care (4) Health as an investment in human capital; analysis of the demand for and supply of health services and manpower; health insurance; cost-effectiveness analysis; market structures and the pricing of medical services. Prerequisite: ECON 303.

473x Population Economics (4) Socioeconomic causes and effects of changes in fertility, migration and mortality; sex roles, labor force patterns, economic development, marriage, divorce, population policy. Not available for graduate credit. Prerequisite: ECON 303.

480 Economics of Industrial Organization (4) Pricing and resource allocation in imperfectly competitive markets; monopoly regulation, collusion, cartels, mergers and antitrust; patents and development incentives; industry case studies. Prerequisite: ECON 303.

481 Economics of Mass Communications Industries (4) Industrial organization of the mass communications industries; concentration, regulation, and economic efficiency in print, film, and electronic broadcast media. Prerequisite: ECON 303.

487 Resource and Environmental Economics (4) Management and extraction of renewable and non-renewable natural resources; environmental externalities and regulation of air, water, and land pollution; market incentives versus direct regulation. Prerequisite: ECON 303.

490x Directed Research (2-8, max 8, FaSpSm) Supervised individual research. Not available for graduate credit. Requires departmental approval.

495 Honors Thesis (4) Individual research supervised by a faculty advisor. Successful completion required for departmental honors degree.

499 Special Topics (2-4, max 8, FaSpSm) Selected topics in economic theory, history, or policy.