Requirements for the Major
Option A: Economics
Option B: Economics—Mathematical Emphasis
Directed Study
Honors in the Major
Distinction in the Major
Topic Areas
Preparation for Ph.D. Programs in Economics
Courses
7238 Sewell Social Science Building, 1180 Observatory Drive, Madison, WI 53706; 608/262-6925; www.ssc.wisc.edu/econ/
Professors Brock, Deneckere, Durlauf, Engel, Hansen, Kennan, Manuelli, Samuelson, Sandholm, Scholz, Walker, West, Wolfe; Associate Professors Porter, Seshadri; Assistant Professors Brown, Carranza, Cooley, Hertel, Houde, Lentz, Navarro, Rostek, Shin; Affiliated Faculty Chinn, Montgomery, Ortalo-Magne, Wallace; Lecturers Hansen, Kelly, Muniagurria, Rick
Undergraduate advisor in the major: James Jacobson, 7238 Social Science Building, 262-6925
Faculty diversity liaison: Juan Carranza, juanes@ssc.wisc.edu
A major in economics gives students a greater understanding of how people, businesses, and governments respond to their economic environment. Many of the issues that fill the newspapers—jobs, wages, taxes, the cost of living, inequality, pollution, poverty, and economic growth—are, in fundamental ways, economic issues. The daily decisions of businesses and consumers are largely economic. Economists seek to understand the decisions of businesses, consumers, and current economic issues by developing a systematic and thorough understanding of precisely how the economic system operates, including the mechanisms by which resources are allocated, prices determined, income redistributed, and economic growth promoted.
The analytical method of economics recognizes that various choices are open to a society in solving its economic problems. Students are often attracted to economics as a discipline precisely because they want to understand the decisions of people and businesses and to better understand and evaluate economic policy. To begin to approach these issues as an economist requires an understanding of economic theory, empirical methodology, and an understanding of the institutional details and advanced practice gained from intensive study of specific subfields of economics. Consequently, the undergraduate economics major is organized around a progression of courses that first provides a broad introduction to economics, then develops the theoretical tools that provide the foundation of modern economic thought, and finishes with advanced courses designed to provide greater in-depth knowledge of specific fields (such as labor markets, industrial organization, international economics, public finance, banking and finance, macroeconomics, microeconomics, and econometrics).
An economics major is valuable in the job market because the major is designed to train people to think analytically and clearly about a wide variety of issues. This skill is valued by many employers. An economics major is also good preparation for graduate work in a number of areas: business, law, public policy, economics, public administration, industrial relations, international relations, urban and regional planning, and environmental studies.
The department offers two major options:
Option A: Economics provides a well-rounded major in economics that is valuable for employment following graduation, or subsequent graduate work in business, law, public policy, and related disciplines.
Option B: Economics—Mathematical Emphasis provides students with the mathematical and statistical background needed for in-depth study of the analytical aspects of economics. Its requirements are designed to prepare students for graduate study in economics and related fields, or for careers as professional economists in business or government.
All students must fulfill the L&S requirement of 15 credits of upper-level work in the major completed in residence. All economics courses designated as "intermediate" or "advanced" count toward this requirement.
Principles courses 101 and 102 or 111
Intermediate theory 301 or 311 and 302 or 312
Econ stats 310 or substitute
Two advanced electives (see list below)
A total of 30 credits in economics to include the above required courses and additional electives in applied fields, plus
Calculus: Math 221, 211 or equivalent
Econ 101 Principles of Microeconomics and
Econ 102 Principles of Macroeconomics
or
Econ 111 Principles of Economics—Accelerated TreatmentNote: The Econ 101-102 sequence is chosen by most students. Econ 111 is a problem-solving course that offers a small class approach for highly motivated students. Both micro and macro are introduced in one semester and, after completion, students may move directly to the intermediate theory courses. Econ 111 is recommended for Option B majors. Students may not receive credits for both 111 and 101 or 102.
Before attempting these introductory courses, the student should have completed the Quantitative Reasoning A requirement.
One semester of calculus (Math 221 recommended)
One course in micro and one in macro, chosen from the following:
Econ 301 Intermediate Microeconomic Theory or
Econ 311 Intermediate Microeconomic Theory—Advanced Treatment
and
Econ 302 Intermediate Macroeconomic Theory orNote: Econ 301 and 302 are offered each semester, including summer session. They require one semester of calculus (221 recommended). Econ 311 and 312 are offered less frequently and require calculus 221 and 222.
All majors are encouraged to take the theory courses in the junior year or sooner.
Students may substitute one of the following intermediate-level statistics courses—Stats 224, 301, 309, 311, 313; or Gen Bus 303.
These courses will satisfy the statistics requirements for Option A, but do not count toward the 30 credits required in economics. Bachelor of Science degree candidates should note that Econ 310 will not count toward the B.S. intermediate-level math requirement.
A minimum of 10 credits
At least two courses requiring intermediate economic theory must be chosen from the following list of Advanced Electives: 390*, 410, 411, 412, 432, 441, 448, 450, 451, 458, 464, 467, 468, 475, 508, 521, 522, 548, 590, 665, 699.
Remaining credits may be chosen from the Applied Fields courses listed in the Topic areas section.* Lecture 014 only
Principles courses 101 and 102 or 111
Intermediate theory 301 or 311 and 302 or 312
Econ Stats 310 and 410
A total of 30 credits in economics to include the above required courses and, if necessary, additional electives in applied fields, plus
Calculus 234 and Linear Algebra (Math 320 or 340 )
For students taking all their course work at UW-Madison and making no substitutions for the statistics requirement, this option will require more than 30 credits in economics, and 16 credits in math. Students with transfer courses or substitutions may have fewer credits in one or more of these areas, but must have a minimum of 30 credits in economics.
Econ 101 Principles of Microeconomics and
Econ 102 Principles of Macroeconomics, or
Econ 111 Principles of Economics—Accelerated Treatment
Note: The Economics 101-102 sequence is chosen by most students. Economics 111 is a problem-solving course that offers a small class approach for highly motivated students. Both micro and macro are introduced in one semester and, after completion, students may move directly to the intermediate theory courses. Econ 111 is recommended for Option B majors. Students may not receive credits for both 111 and 101 or 102.
Before attempting these introductory courses, the student should have completed the Quantitative Reasoning A requirement.
Math 234 Calculus (requires Math 221 and 222 or equivalents) and
Math 340 or 320 Linear Algebra
One course in micro and one in macro, chosen from the following:
Econ 301 Intermediate Microeconomic Theory or
Econ 311 Intermediate Microeconomic Theory—Advanced Treatment
and
Econ 302 Intermediate Macroeconomic Theory orNote: Econ 301 and 302 are offered each semester, including summer session. They require one semester of calculus (221 recommended). Econ 311 and 312 are offered less frequently and require calculus 221 and 222.
All majors are encouraged to take the theory courses in their junior year or sooner.
Econ 310 Statistics: Measurement in Economics and
Econ 410 Introductory Econometrics
Econ 410 requires at least one semester of calculus (Math 221) and completion of Econ 310.
Bachelor of science degree candidates should note that neither Econ 310 nor 410 will not count toward the B.S. intermediate-level math requirement.
A minimum of 11 credits.
At least three courses requiring intermediate economic theory must be chosen from the following list of Advanced Electives: 390*, 411, 412, 432, 441, 448, 450, 451, 458, 464, 467, 468, 475, 508, 521, 522, 548, 590, 665, 699.
Remaining credits may be chosen from the Applied Fields courses listed in the Topics section.
*Lecture 014 only.
Directed Study (Econ 698 or 699) enables advanced students to pursue economic topics not covered in the regular course offerings. A student interested in directed study should prepare a research proposal and/or reading list; specific course requirements are arranged with an instructor who agrees to supervise the directed study project. In most cases, a paper will be required. Enrollment requires consent of instructor, a GPA of 2.5 or above in economics, and completion of the department's Directed Study form, available in 7238 Social Science.
Honors in the Major in Economics is designed for students who are capable of performing at a high level and wish to gain the best possible undergraduate training in economics. Honors in the Major is particularly appropriate for students interested in pursuing graduate work in economics, but the rigorous training it provides in research and analytical methods of economics is valuable to a large variety of employers and for graduate study in a number of fields.
To earn a B.A. or B.S. with honors in economics, students must satisfy all the requirements for Option B: Economics—Mathematical Emphasis, plus the additional requirements below:
1. A cumulative GPA of 3.5 out of 4.0 in all courses in the major and an overall GPA of at least 3.3 in all courses taken at UW-Madison at the time of graduation.
2. Economics 590 (Tutorial in Research Project Design) during the junior year and an honors thesis (two semesters, Econ 681 and 682) in the senior year under the supervision of a faculty thesis advisor. Students making a late decision to pursue honors in the major may do a research paper in lieu of the senior thesis. These students must complete Econ 590 and one semester of directed study (Econ 699) under the supervision of a consenting faculty advisor.
Students in Option A may earn Distinction in the Major by completing all Option A requirements plus the additional requirements below:
The following list of courses by topic area indicates the wide range of interests encompassed by the discipline of economics.
Introductory: 101, 102, 111
Intermediate and Advanced: 301, 302, 311, 312, 411, 412, 521
Statistics and Econometrics: 310, 410
International Economics, Economic Growth, Development: 365, 448, 462, 464, 467, 473, 474, 475, 477
Public Finance, Labor, Health, Applied Microeconomics: 441, 448, 450, 451, 548
Industrial Organization, Pricing: 458, 467, 468
Macro and Monetary Economics, Economic Growth: 330, 412, 475
Business, Finance, Real State, Transportation: 306, 325, 478, 300, 320
Economic History: 465, 466
Comparative Economics: 365, 467, 552, 629
Urban and Land Economics: 306, 343, 420, 440, 478
Environmental and Resource Economics: 337, 343, 431, 449
Agricultural Economics: 421, 426, 427, 431, 462, 474, 477
Research Methods Seminar: 590
Experimental topics courses: 390
Students interested in pursuing graduate study should pursue Option B (mathematical emphasis) and augment the standard curriculum with higher-level mathematics and statistics courses. These may include: Math 421, 431, 521, 522, 632; Stat 309-310, 609. It is important to consult early in the second year with the undergraduate advisor and/or the faculty member that directs the undergraduate program to design a plan of course work.
Special courses: Directed Study—Econ 698, 699. Senior Thesis—681-682, 691-692. For a complete listing of all graduate courses see the Graduate School Catalog.
101 Principles of Microeconomics. I, II, SS; 4 cr (r-S-E). Economic problems of individuals, firms and industries with emphasis on value, price, and distribution of income. Must be taken before 102. P: Successful completion of or exemption from Quantitative Reasoning A requirement. Open to Fr. No honors avail.
102 Principles of Macroeconomics. I, II, SS; 3 cr (S-E). Macroeconomic measurement and models of aggregate demand and supply; fiscal and monetary policy for unemployment, inflation, and growth. P: Econ 101 or AAE 215. Open to Fr. No honors avail.
111 Principles of Economics-Accelerated Treatment. I, II; 4 cr (r-S-E). Integrated treatment of macroeconomics and microeconomics (see Econ 101 and 102). Accelerated approach to economics training, especially for Econ Opt. B majors. P: Quantitative Reasoning A. Automatic honors cr avail. Class size limited. May not receive cr for both Econ 111 & Econ 101 or 102. Open to Fr.
121 The Economic Development of the Western World to 1750. (Crosslisted with History) I or II or SS; 4 cr (S-E). Evolution of the economic institutions of the Western world from early Middle Ages to the Industrial Revolution. P: Open to All Undergrads.
236 Bascom Course. I or II; 3 cr (b-E). A low-enrollment course developing skills in critical reading, logical thinking, use of evidence, and use of library resources. Emphasis on writing in the conventions of specific fields. P: Successful completion of or exemption from Com A requirement. Open to Fr.
299 Directed Study. I, II, SS; 1-3 cr (I). P: Open to Fr and So only.
300 Introduction to Finance. (Crosslisted with Finance) I, II, SS; 3 cr (S-I). Concepts and techniques in corporate finance and investments. Topics include the financial environment, securities markets, financial markets, financial statements and analysis, working capital management, capital budgeting, cost of capital, dividend policy, asset valuation, investments, decision making under uncertainty, mergers, options, and futures. P: Jr st, Econ 101 or AAE 215, Acct I S 100 or 300, & Gen Bus 303 or equiv (con reg in Gen Bus 303 or equiv allowed).
301 Intermediate Microeconomic Theory. I, II, SS; 4 cr (S-I). Contemporary theory of consumption, production, pricing and resource allocation. P: Any two intro econ courses and one semester calc (Math 221 or 211; Math 221 recommended).
302 Intermediate Macroeconomic Theory. I, II, SS; 4 cr (S-I). Principles and theories of national income determination, analysis of savings, consumption, investment and other aggregates in the national and international economy and relation to employment, inflation and stabilization. P: Any two intro econ courses and one semester calc (Math 221 or 211; Math 221 recommended).
306 The Real Estate Process. (Crosslisted with Real Est, AAE, Urb R Pl) I, II, SS; 3 cr (S-I). Introductory survey course. Decision-making processes for the manufacture, marketing, management and financing of real estate space. Survey of institutional context, economics of urbanization, historical pattern and structure of city growth, and public policy issues regarding urban environment and business management. P: Econ 101 & Jr st.
310 Statistics: Measurement in Economics. I, II; 4 cr (r-I). Introduction to analysis of economic data. The techniques of descriptive statistics and statistical inference (hypothesis testing and estimation) as directed toward application in economic research. P: One intro econ course & Math 221 or 211; students with prev stat course must have cons inst.
311 Intermediate Microeconomic Theory—Advanced Treatment. Irr.; 3 cr (S-I). A mathematical approach to the theory of consumption, production, pricing and resource allocation. P: Math 222, Econ 101 & 102 or Econ 111; or cons inst. Not open to students who have taken Econ 301.
312 Intermediate Macroeconomic Theory—Advanced Treatment. Irr.; 3 cr (S-I). A mathematical approach to the principles and theories of national income determination, analysis of savings, consumption, investment and other aggregates in the national and international economy and relation to employment, inflation, and stabilization. P: Math 222, Econ 101 & 102 or Econ 111; or cons inst. Not open to students who have taken Econ 301.
320 Investment Theory. (Crosslisted with Finance) I, II; 3 cr (S-A). Structure and functioning of securities markets; principles of portfolio construction; models of the tradeoff between risk and expected return. P: Finance/Econ 300, Math 213 or 222, & Gen Bus 304 or Econ 410 or equiv (or con reg).
325 Public Utilities. (Crosslisted with Tran P U) I, II; 3 cr (S-I). Development of public utilities in the U.S.; evolution of public utility concept and emerging role of regulation; regulatory and public policy issues with emphasis on the pricing of utility services; relation of environmental and conservation goals to economic objectives of public utility sector. P: Econ 101.
330 Money and Banking. I, II; 4 cr (S-I). Monetary economics; the role of money in the determination of output, prices and interest rates; commercial and central banking, monetary policy, the international monetary system. P: Econ 101 & 102, or 111 or cons inst.
343 Environmental Economics. (Crosslisted with Envir St, AAE) I, II; 3-4 cr (S-I). Microeconomic principles underlying the use of natural resources such as air, water, forests, fisheries, minerals and energy. These principles are applied in the examination of pollution control, preservation vs. development, deforestation, and other environmental issues. P: Econ 101 or equiv, or cons inst.
352 Role of Government in the Economy. Irr.; 3 cr (S-I). Government activities affecting business; emphasis on the economist's view of the appropriate role of the state. Such policies as antitrust, control of competitive practices, regulation, public expenditures, subsidy, transfer payments and public enterprise. P: Econ 101 or 111 or equiv, or cons inst.
364 Survey of International Economics. I or II; 4 cr (S-I). Contemporary theory of international trade and finance applied to current economic events. Not recommended for economics majors. Not open to students who have taken Economics 464. P: Econ 101 & 102, or 111 or cons inst.
365 Issues in Comparative Economics. I or II; 3 cr (S-I). Comparative analysis of growth and development experiences of a selected group of countries from East Asia, Latin America and Eastern Europe. Economic theory is used to interpret particular events and to analyze economic data. P: Econ 101 & 102 or cons inst.
390 Contemporary Economic Issues. I or II or SS; 3 cr (S-I). Topics vary; number used for experimental courses. P: Prerequisites vary by topic.
410 Introductory Econometrics. I, II; 4 cr (A). Statistical methods used in applied economic research. Topics include: survey methods and data sources; multiple regression and analysis of variance; econometric estimation; forecasting and policy applications. P: Econ 310 & Math 221. Undergrads have enrollment priority.
411 Advanced Microeconomic Theory. I or II; 3 cr (S-A). Advanced topics in microeconomic theory, such as theories of imperfect information, uncertainty, adverse selection, signaling, moral hazard, insurance, contracts and agency. P: Econ 301 & Math 222 or cons inst.
412 Advanced Macroeconomics. Irr.; 3 cr (A). Recent developments in macroeconomics: optimizing foundations; equilibrium business cycles; inter-temporal and inter-generational choice; welfare analysis of fiat money and public debt; expectations and time consistency; implications of imperfect competition and "efficiency wages". P: Econ 302 & Math 223 or cons inst.
420 Urban and Regional Economics. (Crosslisted with Real Est, Urb R Pl) I; 3 cr (S-A). Nature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data. P: Econ 101.
421 Economic Analysis of Agricultural Markets. (Crosslisted with AAE) II; 3 cr (S-I). Price discovery in U.S. farm product markets; competitive theory and extension to time, space, and form dimensions; theory of market control and contemporary applications. P: Econ 301 or equiv.
426 Quantitative Methods in Agricultural and Applied Economics. (Crosslisted with AAE) I; 3 cr (S-I). Use of economics and statistics to obtain quantitative answers to problems faced by decision makers. Homework problems requiring use of computers and software packages to gain experience working with numbers in context of specific problems. P: Math 211, Econ 301, Stat 301.
431 Natural Resource Economics. (Crosslisted with AAE, Forest) I; 3 cr (S-I). Economic concepts and tools relating to management and use of natural resources, including pricing principles, cost-benefit analysis, equity, externalities, economic rent, renewable and nonrenewable resources, and resource policy issues. P: Econ 301 and Math 211, or equiv.
440 Urban and Regional Economics. I or II; 3 cr (A). Economic theories of the nature and function of cities with emphasis on classical location theory. Theory of urban and regional planning in a market economy. Examination of selected problems, e.g.: housing, land-use and transportation; urban economic history; regional development; fiscal federalism. P: Econ 301 or cons inst.
441 Analytical Public Finance. I or II; 4 cr (I). Analyzes the problems of the public sector in dealing with domestic issues of education, urban areas, welfare, natural resources, and the environment; provides students with opportunity to apply the tools of economic analysis that are pertinent to domestic public sector problems. P: Econ 301 or cons inst; may not be taken for credit by stdts who have already taken Econ 340.
449 Government and Natural Resources. (Crosslisted with Urb R Pl, Poli Sci, Envir St) SS; 3-4 cr (S-D). Problems of public policy and administration for development and use of natural resources. P: Jr st.
450 Wages and the Labor Market. I or II; 4 cr (S-A). Economic and institutional forces which determine labor supply and demand; wage theories, wages in the economy, the labor force, unemployment, wages, labor mobility, functioning of labor markets. P: Econ 301.
451 The Economic Approach to Human Behavior. I or II; 3 cr (A). The economic analysis of "non-economic" topics such as the family, crime, politics and religion. P: Econ 301.
458 Industrial Structure and Competitive Strategy. I or II; 3 cr (A). Analysis of competition among firms and its effect on industrial structure. Theoretical models and case studies are used. Topics include: entry barriers, price competition dynamics, entry and exit strategies, and competitive tactics such as product differentiation, advertising, and technological change. P: Econ 301.
462 Latin American Economic Development. (Crosslisted with Intl Bus, AAE) II; 3 cr (S-A). A historico-institutional analysis of development problems in the principal Latin American countries, with attention to differentiation of national growth patterns and alternative development strategies. P: Econ 102 or 111 and Jr st.
463 Comparative Analysis in Latin American Development. (Crosslisted with Intl Bus) II; 3-4 cr (S-A). Intensive study of one or more aspects of development in Latin America, with an emphasis on comparative research and analysis. P: Econ 102 or 111 & Jr st, Econ 462 or 474 recommended.
464 International Trade and Finance. I or II or SS; 4 cr (S-I). Contemporary theory of international trade and finance developed and applied to current problems in international economic relations. P: Econ 301 (or 311) and 302 (or 312), or cons inst. Not open to students who have taken 364.
465 The American Economy to 1865. (Crosslisted with History) I or II or SS; 3-4 cr (S-I). Survey of the forces underlying American economic development and the distribution of income; rise of regional economies; origins of manufacturing; effects of slavery; influence of government and politics on growth. P: So st.
466 The American Economy Since 1865. (Crosslisted with History) I or II or SS; 3-4 cr (S-I). Emergence of the large corporation; growth and instability since the mid-nineteenth century; increasing government participation in the economy; the impact of war, depression, discrimination, and international responsibilities. P: So st.
467 International Industrial Organizations. I or II or SS; 3 cr (S-A). Study of competition among firms in an international environment (theoretical analysis and policy applications). Topics include: strategic trade, trade agreements and intellectual property rights issues, R&D and technology transfers, multinational firms. P: Econ 301 or cons inst.
468 Industrial Organization and Imperfect Competition. I or II; 3 cr (D). An overview of the theory of industrial organization, including the study of oligopolistic behavior, monopolistic competition, product differentiation and the dynamic behavior of competitive industries under uncertainty. P: Econ 301 or 311 and Math 221 or cons inst.
473 Economic Growth and Development in Southeast Asia. (Crosslisted with AAE) I or II; 3 cr (I). Evaluates economic development strategies in Southeast Asia and their implications for growth, distribution and environment. Students learn trade and development theory as well as specific knowledge of Southeast Asian economic development. P: Two crses in AAE and/or Econ, or cons inst.
474 Economic Problems of Developing Areas. (Crosslisted with AAE) II; 3 cr (S-I). Analyzes aggregate growth, income distribution and poverty in lower income economies. Uses microeconomics of imperfect labor, capital and insurance markets to explore why some individuals advance economically as their economies grow and others fall behind. Considers implications of aggregate and micro analysis for national and international economic policy. P: Sr st and two crses in econ.
475 Economics of Growth. I or II or SS; 3-4 cr (S-A). Theoretical analysis of issues in growth and development. Models will be motivated by country experiences. Topics include: factors affecting saving, investment and cross-country differentials on per capita income; the role of government institutions, market regulation, technology and trade. P: Econ 301 & 302 or cons inst.
477 Agricultural and Economic Development in Africa. (Crosslisted with AAE) Irr.; 3 cr (S-I). Composition, organization, and techniques of agricultural production; economic change and development of agriculture, economic policies, special problems of developing African agriculture. P: Two crses in AAE and/or Econ, or cons inst.
478 Urban Transport Economics. (Crosslisted with Tran P U) II; 3 cr (S-I). Economic issues involved in providing transport services in urban communities; study of demand; alternative means of supply; public and private financing problems; pricing and resource allocation; role of local, state and federal governments. P: Econ 101.
501 Introduction to Dynamic Economics. Irr.; 3 cr (A). Interpretation of economies in terms of dynamic processes governed by their structures and institutions, in contrast to the method of static economic theory. Draws on institutional, evolutionary, and social economics. P: Econ 311 or 301 & Math 223 or cons inst.
502 Economics of Transportation. I or II; 3 cr (S-A). Influence of transport costs on economic development, industrial location and market penetration; economic characteristics of carriers; pricing policies and practices in transport; interrelationship of public policy issues and decisions by suppliers and users of transportation. P: Econ 101.
508 Wealth and Income. Irr.; 3 cr (S-A). Origins of inequality in income and wealth— bequests, human capital, property division, productivity, and demographic change. Primary focus on the United States, with some international comparisons. Measurement of redistribution effected by social insurance, inflation, and tax-transfer systems. Empirical, oriented toward policy analysis and measurement. P: A course in statistics & Econ 301 or 311 or cons inst.
521 Game Theory and Economic Analysis. I or II; 3 cr (I). The study of multi-agent, interactive decision problems, with emphasis on questions of coordination, cooperation and conflict. Applications include relations between countries, competition between firms, bargaining between unions and firms, and contests between political candidates. P: Econ 301, Math 222.
522 Law and Economics. Irr.; 4 cr (S-A). Economic analysis of legal rules and institutions with emphases on how different areas of law influence individual incentives. Specific topics include: (1) property, (2) contracts, (3) torts, (4) legal procedure and (5) criminal law. P: Econ 301 or cons inst.
524 Philosophy and Economics. (Crosslisted with Philos) I or II; 3 cr (S-A). Economics examined from the viewpoint of the philosophy of science. Normative and positive aspects of economic theory. Deterministic and statistical explanation. Arrow impossibility theorem. Radical economics. Team taught by a philosopher and an economist. P: Jr st and at least 3 cr in econ or 3 cr in philos.
548 The Economics of Health Care. (Crosslisted with Pop Hlth, Pub Affr) I or II; 3-4 cr (S-I). Analysis of the health care industry. Markets for hospitals and physicians' care, markets for health manpower, and the role of health insurance. P: Econ 301, or Pub Affr 880 or cons inst.
567 Public Finance in Less Developed Countries. (Crosslisted with AAE) II; 3 cr (A). Potential and limitations of fiscal policy as a development instrument in low-income countries; tax harmonization in economic integration; case studies in tax reform; budgeting and planning. P: Intro crse in econ thry, public finance or econ dev.
590 Tutorial in Research Project Design. I or II; 3 cr (A). Students will be required to draft a research proposal that is analogous to a NSF proposal or a Ph.D. prospectus and critique research proposals and existing undergraduate theses. They will also complete a project that requires original research incorporating one of the following: use of statistical software; simulation experiment using existing software; design and pretest a human subjects experiment; draft an interview instrument; or a comparable project. P: Econ 301 or 311; Econ 302 or 312; Econ 410 or con reg; or cons inst.
641 Housing Economics and Policy. (Crosslisted with Real Est, Urb R Pl) Irr.; 3 cr (S-A). The economic principles underlying the dynamics of the housing market; filtering, neighborhood decline and abandonment gentrification, tenure choice, mortgage choice, prepayment, mobility, mortgage default, submarket identification, racial discrimination and segregation. Examination of governmental programs affecting the housing market and their objectives and impacts; public and subsidized housing, zoning and land use regulation, rent and price controls, property and income tax policy. P: Econ 301 or equiv or cons inst.
663 Population and Society. (Crosslisted with Soc) I or II; 3 cr (S-A). Social and economic determinants and consequences of contemporary and historical population trends in both developed and developing societies. Fertility, mortality, migration, population distribution, age structure, population growth. P: Jr st or cons inst.
664 Advanced International Trade. Irr.; 3 cr (A). Policies relating to trade, tariffs, balance of payments, and aid programs, with special emphasis on recent developments and the role played by the United States. P: Econ 464, or Econ 301 (or 311) and 364, or cons inst.
665 International Trade Policy. Irr.; 3 cr (S-D). International trade policies of the United States and other countries are studied in historical, institutional, and analytical terms. Analysis of international agencies established to promote trade expansion, provide rules of good behavior, and settle trading disputes among countries. P: Econ 464, or Econ 301 (or 311) and 364, or cons inst.
666 Advanced International Finance. Irr.; 3 cr (A). Modern institutions, history, and controversies of international financial relations. Foreign exchange market, the Euro-currency banking system, and central bank intervention in both. P: Econ 464, or Econ 302 (or 312) and 364, or cons inst.
671 Energy Economics. (Crosslisted with Envir St, AAE, Urb R Pl, Tran P U) II; 3 cr (S-D). The method, application, and limitations of traditional economic approaches to the study of energy problems. Topics include microeconomic foundations of energy demand and supply; optimal pricing and allocation of energy resources; energy market structure, conduct, and performance; macro linkages of energy and the economy; and the economics of regulatory and other public policy approaches to the social control of energy. P: Sr or Grad st and intermed econ or appropriate substitute per cons inst.
681 Senior Honors Thesis. I, II, SS; 3 cr (A). P: Cons inst.
682 Senior Honors Thesis. I, II, SS; 3 cr (A). Continuation of 681. P: Cons inst.
691 Senior Thesis. I, II, SS; 1-3 cr (A). For Econ majors not in the Honors Program. P: Cons inst.
692 Senior Thesis. I, II, SS; 1-3 cr (A). Continuation of 691. P: Cons inst.
698 Directed Study. I, II, SS; 1-4 cr (A). P: Jr or Sr st; graded on a Cr/N basis; requires cons inst.
699 Directed Study. I, II, SS; 1-4 cr (A). P: Cons inst.