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Morris Courses

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ECONOMICS (ECON)
Division of Social Sciences
Division of Social Sciences - Adm
 
ECON 1103 - Essentials of Economics (SS)
(3.0 cr; fall, spring, every year)
The first half of the course develops theories related to individual and firm decision-making. Students will learn how consumers and producers respond to price changes, how price is determined in the market, concepts of elasticity, gains from trade, and how different types of firms maximize profit. The latter half of the course will introduce the theories related to aggregate economy. Specific attention will be given to models that explain business cycles fluctuations and policy initiatives to ameliorate them.



ECON 1111 - Principles of Microeconomics (SS)
(4.0 cr; Prereq-high school algebra or #; fall, spring, every year)
Study of scarce resource allocation in a market economy. Supply and demand, consumer theory, theory of the firm, market structure, pricing of factors of production, income distribution and the role of government.



ECON 1112 - Principles of Macroeconomics (SS)
(4.0 cr; Prereq-high school algebra or #; fall, spring, every year)
Introduction to basic economic problems, concepts, and theoretical models. U.S. economic institutions and the economic organization of society. The role of markets in the production and distribution of societal resources. Measurement of economic performance; national income, inflation, and unemployment; competing macroeconomic theories and stabilization policies.



ECON 1993 - Directed Study
(1.0 - 5.0 cr [max 10.0 cr]; Prereq-approved directed study form; fall, spring, summer, every year)
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.



ECON 2993 - Directed Study
(1.0 - 5.0 cr [max 10.0 cr]; Prereq-approved directed study form; fall, spring, summer, every year)
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.



ECON 3005 - Experimental and Behavioral Economics I (SS)
(2.0 cr; Prereq-1111, 1112, Math 1101 or #; fall, spring, offered periodically)
Introduction to economic experiments as controlled tests of microeconomic and game-theoretic behavioral predictions. In-class economic experiments, elements of non-cooperative game theory, results of market and social preference experiments, and empirical applications.



ECON 3006 - Experimental and Behavioral Economics II (SS)
(2.0 cr; Prereq-3005 or #; fall, spring, offered periodically)
Advanced concepts and applications in experimental and behavioral economics.



ECON 3007 - Environmental and Natural Resource Economics I (ENVT)
(2.0 cr; Prereq-1111 or #; fall, spring, offered periodically)
An overview of "brown" pollution and "green" sustainability issues in environmental and natural resource economics. Emphasis on the role of market failures in causing environmental problems and on the design of market mechanisms and incentive regulations to solve those problems. Analysis of current federal policy in the areas of water and air pollution.



ECON 3008 - Environmental and Natural Resource Economics II (ENVT)
(2.0 cr; Prereq-3007 or #; fall, spring, offered periodically)
The economic analysis of sustainability, focusing on market designs to discourage over-exploitation of both renewable and exhaustible natural resources. Topics include markets for water, fisheries, and energy.



ECON 3009 - Political Economy (SS)
(4.0 cr; =[ECON 3004, ECON 3003]; Prereq-1111, 1112 or #; spring, offered periodically)
The historical evolution, methodological relevance, and basic structure of the modern capitalist economy, including the dynamics of capital accumulation, economic crisis, transformation and regulating mechanism of contemporary capitalism, and hegemonic tendency of economy over polity and other aspects of life in contemporary society.



ECON 3011 - Cost-Benefit Analysis (ENVT)
(4.0 cr; Prereq-1111; spring, offered periodically)
Cost-Benefit Analysis is a widely used method for comparing the benefits and costs of competing alternatives a decision-maker is considering. Derive best methods for conducting Cost-Benefit Analysis, building upon a solid understanding of the theory underlying it. Successful completion of this course allows students to apply the techniques of Cost-Benefit Analysis, and understand the strengths and weaknesses of CBA, including valuation and discounting.



ECON 3014 - Game Theory: The Theory of Strategic Behavior I (SS)
(2.0 cr; Prereq-1111 or #; credit will not be granted if credit has been received for IS 3206H; spring, even academic years)
The analytic approach to strategic interaction. Strategic interaction takes place among people when the payoffs to each person depend on the choices of all the others, and each person knows this fact in choosing their behavior. Development of the basic concepts of the theory of strategic interaction, including the definition of a strategy, extensive form and strategic form representations of the same game, and the solution concepts of Nash equilibrium and rollback equilibrium. A selection of applications of economic interest are covered, such as market entry deterrence and social dilemma games.



ECON 3015 - Game Theory: The Theory of Strategic Behavior II (SS)
(2.0 cr; Prereq-3014 or #; spring, even academic years)
Extensions to the basic analytic theory of strategic interaction that widen its applicability, including topics such as repeated games, asymmetric information, and refinements to basic solution concepts. A selection of applications of economic interest, such as screening, signaling, and brinkmanship.



ECON 3023 - Long Run Economic Growth (SS)
(4.0 cr; Prereq-1111, 1112; spring, offered periodically)
An introduction to the theory of economic growth from a macroeconomic perspective. Study of a variety of models of the growth process. Primary interests include (i) attempting to explain different patterns of growth observed in historical data across countries; (ii) trying to understand how government policies can affect long-run growth of a country; and (iii) the role of institutions in economic growth.



ECON 3113 - Money, Banking, and Financial Markets (SS)
(4.0 cr; Prereq-1111, 1112 or #; fall, every year)
Nature and function of money; role of commercial banks and other financial institutions; structure and function of Federal Reserve system; monetary policies for stabilization and growth; and a survey and synthesis of major theories on the value of money.



ECON 3121 - Public Economics I (SS)
(2.0 cr; Prereq-1111, 1112 or #; spring, offered periodically)
Analysis of the economics of public expenditures.



ECON 3122 - Public Economics II (SS)
(2.0 cr; Prereq-1111, 1112 or #; spring, offered periodically)
Analysis of the economics of taxation.



ECON 3131 - Comparative Economic Systems (IP)
(2.0 cr; Prereq-1111, 1112 or #; fall, spring, offered periodically)
Comparison of the theory and functioning of the major economic systems of the world; economic reform in capitalist and socialist economies.



ECON 3133 - Economics of China (IP)
(2.0 cr; Prereq-1111, 1112; fall, spring, offered periodically)
Examine the sources of economic growth in China, one of the world's largest and fastest-growing economies. Analyze the restructuring and reforms made to the economy, including the opening of the economy to world trade.



ECON 3134 - Cooperative Business Model (SS)
(2.0 cr; =[MGMT 3134]; Prereq-1111 or #; spring, even academic years)
Same as Mgmt 3134. In the northern plains of the United States, cooperative businesses, including consumer, producer, and worker cooperatives, have made significant contributions to economic growth and development. Identify the unique economic, legal, and organizational characteristics of these firms and their role in the economy. Special attention is given to the potential role of cooperative business organizations in community development.



ECON 3141 - Economic Development and Growth I (IP)
(2.0 cr; Prereq-1111, 1112 or #; fall, every year)
Nature and meaning of economic development. Theories of economic growth and the historical experience of now developed countries. General development problems facing developing countries.



ECON 3142 - Economic Development and Growth II (IP)
(2.0 cr; Prereq-3141 or #; fall, every year)
Current development problems and policies in developing countries; the possibilities and prospects for future development. Case studies examining the development progress of these countries.



ECON 3153 - Contemporary Global Economic Issues (IP)
(2.0 cr; Prereq-1111, 1112, Stat 1601, or #; spring, offered periodically)
Many of the most important global issues are economic in nature. Questions of population growth and aging, economic and political stability, security, terrorism, trade policy, poverty, development, the environment, energy, technology transfer, and even public health and education, in a global context can only be properly understood with some knowledge of economic principles. Gain knowledge of economic ideas necessary to understand and to criticize professional economic advice about global affairs. Strong emphasis on argumentation, rhetoric, and ability to debate economic ideas in a given framework.



ECON 3201 - Microeconomic Theory (SS)
(4.0 cr; Prereq-1111, Math 1101 or #; fall, every year)
Analytical approach to decision making by individual economic units in the output and input markets, under perfect and imperfect market conditions. Externalities and role of government.



ECON 3202 - Macroeconomic Theory (SS)
(4.0 cr; Prereq-1112, Math 1101 or #; spring, every year)
The theory of national income determination; inflation, unemployment, and economic growth in alternative models of the national economy.



ECON 3211 - History of Economic Thought I (HIST)
(2.0 cr; Prereq-1111, 1112; fall, every year)
The origin and development of economic thought from Mercantilism through the classical school. Among others, Adam Smith and Karl Marx are featured. Nature of economics as a social science through the study of its historical development.



ECON 3212 - History of Economic Thought II (HIST)
(2.0 cr; Prereq-3211 or #; fall, every year)
The development of economic thought from Marx and the end of the classical school, through the development of more modern approaches. In addition to the demise of classical thought, a selection from the thinkers who contributed to the foundations of modern microeconomics and/or macroeconomics is covered. Nature of economics as a social science, through the study of its historical development.



ECON 3351 - Globalization: Examining India's Social and Economic Development (IP)
(4.0 cr; =[MGMT 3351]; Prereq-1111 or 1112 or #; spring, offered periodically)
Same as Mgmt 3351. Observe and study the impact of globalization on the Indian economy. Examine the growing class divide between the middle and upper middle class and the lower class. Study the problem of mass poverty in India and its various ramifications such as child labor, lack of education and basic health care, and the inherent gender bias. Examine sustainable grass roots efforts to combat some of these problems.



ECON 3501 - Introduction to Econometrics (M/SR)
(4.0 cr; Prereq-3201 or 3202, Stat 1601; spring, every year)
Designing empirical models in economics. Simple and multiple regression analysis. Violations of classical assumptions in regression analysis. Logit and probit models; simultaneous equation models and lag models. Emphasis on application techniques to economic issues.



ECON 3993 - Directed Study
(1.0 - 5.0 cr [max 10.0 cr]; Prereq-approved directed study form; fall, spring, every year)
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.



ECON 4101 - Labor Economics I (HDIV)
(2.0 cr; Prereq-3201 or #; fall, every year)
Wage and employment determination. Distribution of earnings and earnings inequality by race and sex. Labor supply applications.



ECON 4102 - Labor Economics II
(2.0 cr; Prereq-3201 or #; fall, every year)
Functioning and performance of the labor market. Heterodox explanations of labor market behavior. Labor demand applications.



ECON 4111 - Mathematical Economics I
(2.0 cr; Prereq-3201, 3202 or #; fall, spring, offered periodically)
Application of mathematical methods to economic analysis. Mathematical formulations and solution of optimizing models pertaining to households and firms and of adjustments to disturbances.



ECON 4112 - Mathematical Economics II
(2.0 cr; Prereq-3201, 3202 or #; fall, spring, offered periodically)
Topics include linear modeling, input-output analysis and linear programming, efficiency and exchange, comparative static analysis, and dynamic microeconomic and macroeconomic models.



ECON 4121 - International Trade Theory
(2.0 cr; Prereq-3201 or #; spring, every year)
Overview of why trade occurs, pattern of trade and international factor movement. Effect of trade and trade policy on the economy. Current topics in trade theory.



ECON 4131 - International Finance
(2.0 cr; Prereq-3202 or #; spring, every year)
Foreign exchange markets; theories of exchange rate determination; fixed vs. flexible rate systems; theories of balance of payments adjustments; international quantity of money theory; international reserves; international monetary system (past, present, and future); internal and external balance, international economic policy coordination, international debt problem; effect of international sector on domestic growth and stability.



ECON 4141 - Empirics of Economic Growth
(2.0 cr; Prereq-3202 or 3023, 3501; spring, offered periodically)
Presentation of the recent developments in economic growth with an emphasis on empirical research. Students try to understand "Why are some countries so rich and some countries so poor?" In doing so, students first explore the proximate causes of economic growth such as physical capital, human capital, and productivity, and later move on to explore the role played by fundamental causes such as institutions, geography, and deep history.



ECON 4501 - Senior Research Seminar in Economics and Management
(2.0 cr [max 4.0 cr]; Prereq-sr or 3501 or #; full year course begins in fall sem; fall, every year)
Seminar on selected topics in economics and management. Guided research sessions familiarize students with literature in the field. Students are required to make a formal presentation on their research topic and attend presentations by their peers.



ECON 4993 - Directed Study
(1.0 - 5.0 cr [max 10.0 cr]; Prereq-approved directed study form; fall, spring, every year)
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.



 
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