Department of Economics - COBE

262-472-1361

economics@uww.edu

Economics occupies a unique position in the academic curriculum. It is a social science concerned with choices made by individuals and society regarding resource allocation. At the same time, economics is essential to understanding the business world and provides the foundation for applications in accounting, finance, management and marketing.

There are a variety of ways to include economics in an undergraduate degree. Students can major in economics within the College of Letters and Sciences or within the College of Business and Economics. Students from the College of Letters and Sciences can combine a major in economics with a professional minor in business studies. Students from the College of Business and Economics or the College of Letters and Sciences who are not economics majors can obtain a minor in economics. Students in the College of Education can obtain a BSE with a major in economics.

Economics is divided into economic theory, quantitative methods and a variety of applied subfields. The department offers courses in Comparative Economics, Economic Development, Economics of Health Care, Industrial Organization, International Economics, Labor, Managerial Economics, Monetary Economics, Natural and Environmental Resource Economics, Public Economics, and Urban and Regional Economics. Economic theory and quantitative methods provide students with analytical skills and with the tools of empirical investigation.

An economics education opens up opportunities for career paths in business, government, non-governmental and non-profit organizations, journalism and education. Economics is valuable as a major or minor for those planning to pursue further professional or graduate training, including MBA, law, public policy and administration, industrial and labor relations, and international relations. Students who are considering graduate work in economics or related business disciplines should consider a minor in mathematics or a double major in economics and mathematics.

Economics Majors

Courses

ECON 201   PRINCIPLES OF MICROECONOMICS (GS)   3 Units

Consumer and firm behavior. Market supply and demand and the price system. Monopoly and imperfectly competitive market structures. The pricing of factors of production and the distribution of income. Additional topics may include: poverty, growth and development; international trade. Conventional grade basis only if course is required in the College of Business for major.
PREREQ: MATH 141 WITH A GRADE OF C OR BETTER OR WAIVER.
UNREQ: ECON 201 AND ECON 213

ECON 202   PRINCIPLES OF MACROECONOMICS (GS)   3 Units

The economic problem: allocating scarce resources among alternative uses. The role of the market: supply and demand. The aggregate economy: output, income, employment and inflation. The nature and role of money. The effect of government expenditure and taxation on the economy. Conventional grade basis only if course is required in the College of Business for major.
PREREQ: ECON 201

ECON 213   ECONOMIC PRINCIPLES FOR TEACHERS (GS)   3 Units

Price-determination, income-distribution, and resource allocation in the market economy, including profit-making and cooperative business organizations. International trade, economic growth, and the role of government are examined. Satisfies the state teacher certification requirements of instruction in cooperatives.
PREREQ: SOPHOMORE STATUS
UNREQ: ECON 201 AND ECON 213

ECON 245   BUSINESS STATISTICS   3 Units

An introduction to descriptive statistics, probability theory and statistical inference. Graphical and numerical methods of summarizing data. Probability concepts and theoretical probability distributions. Sampling and sampling distributions. Estimation, confidence intervals and hypothesis testing. Correlation and regression analysis. The course emphasizes the application and interpretation of statistical techniques.
PREREQ: MATH 143 OR MATH 243 OR MATH 250 OR MATH 253 AND LOWER LEVEL BUSINESS REQUIREMENT

ECON 301   INTERMEDIATE MICROECONOMIC ANALYSIS   3 Units

Consumer and firm behavior. Theories of consumption and production. Pricing of products and factors of production under different market structures. General equilibrium. Market failure, externalities and public goods.
PREREQ: ECON 202 AND MATH 243 OR MATH 250 OR MATH 253 AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 302   INTERMEDIATE MACROECONOMIC ANALYSIS   3 Units

Measuring the aggregate economy: national income and product accounting, inflation and unemployment. The nature and role of money and interest rates in the macroeconomy. The effects of monetary and fiscal policies on output, employment and inflation in the short and long run. Economic fluctuations and growth.
PREREQ: ECON 202 AND MATH 243 OR MATH 250 OR MATH 253 AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 345   ECONOMETRICS   3 Units

The second course in statistics is a course in applied regression analysis with particular emphasis on economic analysis. It begins with a review and extension of descriptive statistics, probability and statistical inference as presented in Business Statistics before going on to a detailed treatment of simple and multiple regression.
PREREQ: ECON 245 AND MATH 243 OR MATH 250 OR MATH 253 AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 352   ECONOMICS OF DISCRIMINATION (DV)   3 Units

This course analyzes the experiences of ethnic minorities and women in the United States economy, extending traditional and nontraditional interpretations of economic issues to the unique experiences of these groups. Economic tools will be developed and applied to such topics as: Labor Force Participation; Wage Determination; Occupational Choice and Segregation; Comparable Worth; Poverty; and the Criminal Justice System. These issues will be addressed through three distinct viewpoints in the course: neoclassical economics; political economy; and stratification economics.
PREREQ: ADMISSION TO THE UPPER DIVISION BUSINESS COURSES AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 353   ECONOMICS OF LABOR MARKETS AND POLICIES   3 Units

A study of the demand for and supply of labor with particular emphasis upon: the behavior of labor markets; economic theories of wage determination; labor institutions and their historical evolution; labor-management relations; the effects of public policy.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 354   MONEY AND BANKING   3 Units

The demand for and supply of money in historical perspective including the role of the banking system in the credit creation process. Financial markets, interest rates and economic activity. The Federal Reserve System, monetary policy and the macroeconomy.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 356   PUBLIC FINANCE   3 Units

Economic analysis of public sector issues in relation to the overall economy including: market failure and the role of the public sector; the effects of government expenditures, taxation and borrowing on the allocation and distribution of resources; stability of the U.S. economic system.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 359   COMPARATIVE ECONOMIC SYSTEMS   3 Units

Study of the modern theories of capitalism and socialism and their variants. Examination of the origin, organization, operation and performance of alternative economic systems. Contemporary economies considered are those of United States, Russia, China, Japan and selected economies from Eastern and Western Europe. Emphasis is on reform/transition efforts in these economies.
PREREQ: ECON 202 (FORMERLY 211) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 360   GROWTH AND DEVELOPMENT IN THE WORLD ECONOMY   3 Units

The historical growth experience of industrialized economies; the challenge of development in Asia, Africa and Latin America; problems of transition in formerly centrally planned economies. Economic growth and structural change; income distribution and poverty; population growth and human resources; international trade, foreign investment and development assistance.
PREREQ: ECON 202 (FORMERLY 211) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 401   INTERNATIONAL ECONOMICS   3 Units

The nature, extent and growth of international trade. Comparative advantage as the basis for trade. Distribution of the gains from trade between and within countries. International capital and labor mobility. Growth, technological progress and trade. Tariffs, quotas, subsidies, economic integration. Exchange rates and the balance of payments.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 402   BUSINESS CYCLES   3 Units

An historical overview and theoretical interpretations of U.S. business cycle experience. U.S. business cycles in a global context, business cycle theories and stabilization policy.
PREREQ: ECON 202 AND MATH 243 OR MATH 250 OR MATH 253 AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 404   HISTORY OF ECONOMIC THOUGHT   3 Units

A study of the development of economic ideas, with emphasis on classical, neo-classical, socialist, Keynesian and institutional schools of thought.
PREREQ: ECON 202 (FORMERLY 211) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 406   INTERNATIONAL FINANCE AND BANKING   3 Units

The monetary dimension of international economics. Balance of payments accounting; exchange rates, prices and interest rates; spot and forward foreign exchange; international financial markets and international banking; exchange rate systems and the role of central banks; open-economy macroeconomics; the international monetory system and current policy issues.
PREREQ: ECON 202 (FORMERLY 211) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 413   ADVANCED ECONOMIC ANALYSIS   3 Units

A survey of fundamental micro and macro economic theory that can be presented as mathematical models. The course emphasizes the use of models in positive economic analysis of areas such as consumer behavior, production, financial markets; and their role in facilitating rigorous analysis and developing testable predictions.
PREREQ: ECON 201 AND 202 AND (MATH 243 OR MATH 250 OR MATH 253 OR CONSENT OF INSTR); ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUS MAJORS OR 60 UNITS AND 2.00 COMBINED GPA FOR MINORS/NON-BUSMAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 431   ECONOMICS OF GLOBALIZATION   3 Units

The course treats the political economy of trade, foreign investment and multinational corporations; the economic and social consequences of globalization; governments, markets, and the instruments of international economic and industrial policy; the World Trade Organization and recent issues--environmental and labor standards; intellectual property; services trade; the developing nations.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 437   MANAGERIAL ECONOMICS   3 Units

The course uses the tools and techniques of economic analysis to solve managerial problems. The emphasis is on practical applications. Topics: optimization techniques; analysis and estimation of demand and costs of production; market structures and pricing practice.
PREREQ: ECON 201 (FORMERLY 212) AND ECON 245, AND ADMISSION TO THE COLLEGE AND 2.50 FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 438   URBAN REGIONAL AND TRANSPORT ECONOMICS   3 Units

The economics of location. Zoning and land use planning. Urban sprawl and the urban/rural periphery. Real estate economics. The urban crisis in the US. The role of the automobile and the highway system. Public policy and the urban environment.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 441   INDUSTRIAL ORGANIZATION AND COMPETITIVE STRATEGIES   3 Units

Application of economic theory and analysis to case studies in American industry in terms of market structure, market conduct, and industry performance. Analysis of the ways business firms and markets are organized and interact, assessment of the outcomes of various types of firm behavior and the performance of markets, and evaluation of the causes and types of market failures.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 445   ECONOMICS OF HEALTH CARE   Repeatable   3 Units

Economics of Health Care is concerned with allocation of resources within the health care sector of the U.S. economy. Major topics include production of health care and its distribution across the population. In addition, various measures will be used to establish the relationship between the health care sector and national policy concerns.
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 446   ADVANCED ECONOMETRICS   3 Units

Advanced Econometrics introduces students to advanced techniques in modeling. In the course students will study applied methods for model selection, implementation, and inference for cross sectional, time series, and panel data. The major emphasis will be on understanding these models from an intuitive perspective and estimating these using computer programs.
PREREQ: ECON 345 WITH C+ OR BETTER; ADMISSION TO THE COLLEGE AND 2.50 FOR BUSINESS MAJORS; 60 CREDITS AND 2.00 FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 471   NATURAL RESOURCE AND ENVIRONMENTAL ECONOMICS   3 Units

Markets and the efficient allocation of resources over time. Market failure - property rights, externalities, public goods. Valuation of environmental benefits and costs. Economics of renewable and non-renewable natural resources - land, water, fisheries, forests, energy, minerals. Pollution abatement and environmental protection. Global issues - population, climate change, tropical deforestation, the oceans and atmosphere as global "commons".
PREREQ: ECON 201 (FORMERLY 212) AND ADMISSION TO UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.0 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 489   ECONOMICS SENIOR CAPSTONE   3 Units

The Economics Capstone is a course for seniors soon to graduate with an Economics degree. Students will reflect on their previous education and demonstrate proficiency in program learning objectives. Student work will center on the production of a substantial high-quality thesis on a student-chosen topic of economic interest.
PREREQ: ECONOMICS BBA OR BA/BS MAJOR; COMPLETION OF OR CONCURRENT REGISTRATION IN ECON 301, 302, AND 345; SENIOR STATUS; AND CONSENT OF INSTRUCTOR

ECON 490   WORKSHOP   Repeatable   1-3 Units

Variable topics. Group activity oriented presentations emphasizing "hands on" and participatory instructional techniques. Repeatable.
PREREQ: ADMISSION TO THE UPPER DIVISION BUSINESS COURSES AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 493   INTERNSHIP IN ECONOMICS   1-3 Units

This is an opportunity for an economics student to gain practical experience in a business, bank, government, non-profit organization before graduation. The experience will supplement the students' academic work in preparation for a career. Instructor Consent required.
PREREQ: ECON MAJORS OR MINORS; ADMISSION TO THE COLLEGE AND 2.50 FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 494   SEMINAR IN ECONOMICS   Repeatable   1-3 Units

Variable topics. Group activity. An advanced course of study in a defined subject matter area emphasizing a small group in intense study with a faculty member. Repeatable. Instructor Consent required.
PREREQ: JUNIOR STATUS AND AN ECON MAJOR OR MINOR, ADMISSION TO THE COLLEGE AND 2.50 FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 496   SPECIAL STUDIES   Repeatable   1-3 Units

Variable topics. Group activity. Not offered regularly in the curriculum but offered on topics selected on the basis of timeliness, need, and interest, and generally in the format of regularly scheduled Catalog offerings. Repeatable for a maximum of 3 credits in the major or 6 credits in the degree.
PREREQ: ADMISSION TO THE UPPER DIVISION BUSINESS COURSES AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 497   EXCHANGE STUDY   Repeatable   1-12 Units

Variable topics.
PREREQ: ADMISSION TO THE UPPER DIVISION BUSINESS COURSES AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 UNITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION

ECON 498   INDEPENDENT STUDY   Repeatable   1-3 Units

Study of a selected topic or topics under the direction of a faculty member. Repeatable. Department Consent required.
PREREQ: JUNIOR STATUS, ADMISSION TO THE UPPER DIVISION AND 2.50 COMBINED CUMULATIVE GPA FOR BUSINESS MAJORS OR 60 CREDITS AND 2.00 COMBINED CUMULATIVE GPA FOR MINORS/NON-BUSINESS MAJORS FOR WHICH THIS COURSE IS AN OPTION