Economics

ECO 110 is a prerequisite for ECO 111, and the ECO 110–111 sequence is a prerequisite for most Economics courses.

ECO 110 PRINCIPLES OF MICROECONOMICS
An examination of the basic theory and performance of the household, business, and government in determining the nature of the output of the economy and its distribution among the members of the society. Policy issues considered may include public control of business, labor unions, agriculture, the environment, income distribution and poverty, and international trade. ECO 110 may be taken to satisfy the Core requirement for either a second scientific or quantitative option or a social science. Prerequisite: MAT 111. (Fall, Spring)
Staff/Three credits

ECO 111 PRINCIPLES OF MACROECONOMICS
An analysis of the basic theory of aggregate economic activity and the application of the theory to current policy problems. Topics include national income accounting, the determinants of the level of income and employment, money and banking, fiscal and monetary policies, and economic growth and stability. Prerequisite: ECO 110. (Fall, Spring)
Staff/Three credits

ECO 115 STATISTICS
The purpose of this course is to develop an understanding on an introductory level of how statistical inferences are made in the face of uncertainty. The underlying role of probability is stressed. A secondary purpose is the application of various test designs to formulate research  questions. These designs include: t tests, analysis of variance, chi square analysis, and linear regression. (Counts as a second math course in the core curriculum) MA114 must be taken prior to or at the same time as ECO115. Prerequisite: CSC113 or CSC110 or successful completion of test-out. (Fall, Spring)
Fahy, Kantarelis, Moore, Volz/Three credits

ECO 210 ECONOMICS OF WOMEN, MEN, AND WORK
This course examines the work of women and men in the home and in the labor market. Economic decisions within the family are examined including the division of labor and the decision to engage in market work. Topics include: a historical perspective on women’s emergence in the workplace; comparative advantage within families; the effects of consumerism; and international comparisons. This is followed by an investigation into the underlying causes of the gender wage gap and the degree of poverty among women. The effects of government and business policies such as family leave, social security, affirmative action and social programs are discussed throughout. Prerequisites: ECO 110. (Alternate years)
Fahy/Three Credits

ECO 212 ECONOMICS OF THE PUBLIC SECTOR
Micro-economic and macro-economic theory is applied in an analysis of the role of the public sector in the United States economy. Following a consideration of the institutional arrangements that determine the magnitude of local, state, and federal taxes and expenditures, micro- theory is applied to the analysis of the impact of public finance on private sector behavior. Prerequisites: ECO 110– 111. (Normally once per year)
Fahy, Volz/Three credits

ECO 215 ECONOMETRICS I
This course is about the construction of hypotheses and the specification of statistical methodology for testing those hypotheses. Students will learn estimation of parameters and inferential analysis, and how to apply these concepts to forecasting and policy. The course starts with the multiple linear regression model, after the properties of the ordinary least-squares estimator are studied in detail and a number of tests developed, it continues with specification, multicollinearity, autocorellation, heteroskedasticity, and dummy variables. Prerequisites: ECO 115 or SOC300 or PSY 265; and MAT 117 or MAT131; and CSC110 or successful completion of a test-out option or CSC113 or CSC175. (Fall) Fahy, Kantarelis, Volz/Three credits

ECO 216 SPORTS DATA ANALYSIS
The primary purpose of this course is to provide students with ands on experience analyzing large data sets from the sports industry. In addition to applying econometric analysis to sports data, students will also be introduced to measures of productivity and value currently being utilized within the sports industry. Students will use appropriate data analysis software to calculate traditional and emerging sports statistics and to analyze relationships between variables using regression analysis. Additionally, students will be introduced to data envelopment analysis as a measure of efficiency. Prerequisite: ECO215. (Spring, alternate years) Volz/Three credits

ECO 230 LAW AND ECONOMICS
The objective of the course is to show how economic thinking may facilitate legal thinking in its attempt to “create” efficient legal rules. After an overview of micro- economics and legal institutions, the course turns to the economics of the principal areas of the common and criminal laws. More specifically, it deals with the existing economic theories of property, contracts, torts, crime, and their applications. Prerequisites: ECO 110–111. (Alternate Years)
Kantarelis/Three credits

ECO 235 ENVIRONMENTAL ECONOMICS
The course examines the relationship between the environment, markets, and business organizations. After an overview of the economics of the environment, it focuses on (among other topics) property rights; externalities; human population problems; the allocation of depletable, renewable, and other resources; cost-benefit analysis; regulation and taxation; and the trading of pollution rights. Prerequisite: ECO 110. (Alternate Years)
Kantarelis, White/Three credits

ECO 250 SPECIAL TOPICS IN ECONOMICS
Special topics in Economics are offered occasionally. These courses expand our current offerings and respond to changing student concerns, interests or more general worldwide topics of importance. These courses can be interdisciplinary in nature. They will be taught at the intermediate level. Some may require prerequisites or could be restrictive in some other manner.

ECO 252 ECONOMIC DEVELOPMENT
Problems encountered by less developed countries. Theories of development are presented, followed by problems of capital accumulation; resource and population issues; strategies for agricultural and industrial development; government’s role; and relationships between developing and developed economies. Prerequisites: ECO 110. (Alternate Years)
Rao/Three credits

ECO 264 COMPARATIVE ECONOMIC SYSTEMS
This course is an in-depth, comparative study of the rising economic powers of Asia and/or Central and Eastern Europe. Countries selected for study may include, among others, China, India, Russia and Poland. It examines such areas as transfer of firm ownership from the state to private investors, removal of price controls, macroeconomic stabilization, and the international economic relations of these countries, particularly their relationship with and impact upon the United States economy. Prerequisites: ECO 110. (Alternate Years)
Rao/Three credits

ECO 310 MICROECONOMIC THEORY
The primary purpose of this course is to develop the ability to analyze the economic behavior of individuals, businesses, and government, in the light of economic principles. Topics include consumer theory, production and costs, various market structures and related models, and welfare considerations. Should be taken before senior year. Prerequisites: ECO 110–111, MAT 117 or 131. (Fall)
Fahy, Kantarelis, Rao/Three credits

ECO 311 MACROECONOMIC THEORY
The modern theory of aggregate economic behavior is considered through development of comparative static models that include the principal aggregate variables associated with determination of output, employment and prices. The problems of economic growth are introduced by using a limited number of the basic dynamic models. Should be taken before senior year. Prerequisites: ECO 110–111. (Spring)
White/Three credits

ECO 315 ECONOMETRICS II
After an overview of multiple regression, the course deals with simultaneous-equation models, instrumental variables, time series forecasting (var, cointegration, ARCH / GARCH), regression with panel data, and regression with binary dependent variables. The last portion of the course is spent on studying classic applications found in literature and on applied work undertaken by students on various topics of their choice. Prerequisite: ECO 215. (Spring, Alternate Years)
Kantarelis/Three credits

ECO 323 LABOR ECONOMICS
This course applies economic theory to labor market issues. It makes use of the analytical tools of micro- and macro- economics in an examination of productivity, pricing, and allocation of labor resources. Public policy issues are covered including discrimination, manpower development, income maintenance programs, collective bargaining, and unemployment. Prerequisites: ECO 110–111. (Alternate Years)
Volz/Three credits

ECO 325 CORPORATE FINANCE
Introduction to the principles and techniques utilized in the financial management of business. Topics to be covered include: interpretation of financial statements, time value of money, stock and bond valuation, ratio analysis, risk and  return, capital budgeting, cost of capital, leverage, and capital structure. Prerequisites: ECO 110–111, ACC 125. (Fall, Spring)
Fahy, Volz, White/Three credits

ECO 329 MONETARY AND FINANCIAL INSTITUTIONS
A study of the role of money and monetary institutions in the economy. A parallel development of the monetary theory and institutions that determine public monetary policy and its influence on domestic and international economic activity. Prerequisites: ECO 110–111. (Normally once per year)
White/Three credits

ECO 331 INDUSTRIAL ORGANIZATION

The course is concerned with the organization of industries in a market environment. It focuses on the market structure, conduct, and performance of industries in the USA. In addition, attention is given to antitrust policy regarding price-fixing agreements, control of market structures, and restrictions on conduct. Prerequisites: ECO 110–111. (Alternate Years)
Fahy, Kantarelis, Volz/Three credits

ECO 340 THE ECONOMICS OF SPORTS
This course applies economic modeling to a number of issues surrounding professional and college sports in the United States. Market structure and game theory will be used to analyze the decision making process for the owners of professional sports teams. Public financing issues are addressed in the context of the funding of stadiums and arenas. A number of labor market topics will be examined including monopsony, labor unions and the economics of discrimination. Finally, collusion, game theory and human capital investment are examined in the context of college sports. Prerequisites: ECO 110 and 115. (May be taken with ECO 115) (Alternate Years)
Fahy, Volz/Three credits

ECO 353 INTERNATIONAL TRADE
An examination of the theory of international trade and policies followed by governments with respect to trade of goods and services among countries. Theory examines the gains from trade under classical and modern assumptions, and the impact of various measures used by governments to either restrict or promote trade. Policy analysis focuses on U.S. trade policies and the role of the World Trade Organization. Current topics include trade and the environment, NAFTA, U.S.-China trade, and others as appropriate. Prerequisites: ECO 110 and Junior/Senior standing. (Alternate Years)
Kantarelis, Rao/Three credits

ECO 354 INTERNATIONAL FINANCE
This course covers open economy macroeconomics. Topics include: balance of payments accounting, exchange rate determination, monetary and fiscal policy, and macroeconomic modeling. After examining standard theories and models, the course will explore case studies from recent history in numerous countries. The case studies will focus on: debt and balance of payments crises, speculative currency attacks, European monetary union, International Monetary Fund policy, and the value of the U.S. dollar. Students will engage in research projects. Prerequisites: ECO 110–111 and Junior/Senior standing. (Normally once per year)
Kantarelis, Rao/Three credits

ECO 357 INVESTMENT THEORY
An examination of investment decision making using economic analysis. Topics include types of investments; investment objectives; investment return and risk; security analysis; portfolio theory; the efficient market hypothesis; fundamental analysis; technical analysis; the capital asset pricing model; and other topics to be chosen by the instructor. Prerequisites: ECO 110–111, ECO 115. (Normally once per year)
Kantarelis, White/Three credits

ECO 399 INDEPENDENT STUDY IN ECONOMICS
Individually supervised study with one or more professors on an advanced topic. Open to qualified juniors and seniors with the permission of the Chair. (Fall/Spring)
Staff/Three credits

ECO 499 RESEARCH SEMINAR
Required of all Economics majors in their final semester. Course theme is chosen by the instructor. Research projects will be planned and carried out by students under faculty guidance. Seminar meetings provide the opportunity for discussions of students’ research and what it means to be an economist in today’s world. Useful for seniors in other social sciences and business studies. (Spring)
Staff/Three credits