Economics

Economics addresses the problem of using scarce resources to satisfy society’s unlimited wants. The discipline is divided into two general areas—microeconomics and macroeconomics. Microeconomics explores questions about the way society allocates resources; it applies to public policy in such areas as urban, industrial organization, and labor economics. Macroeconomics considers such questions as the causes of inflation and unemployment; it applies to such areas as monetary development and international economics.

The Department of Economics offers an undergraduate major leading to a bachelor’s degree. Undergraduate courses in economics provide broad knowledge of the field as a part of the program of liberal education offered by the College of Arts and Sciences. They also lay a solid foundation in economics to students interested in professional graduate training in economics or in careers in business, law, government, or journalism.

For more detailed information, students are encouraged to visit the department website.

Preparation. Suggested preparation for freshman students is four years of high school mathematics. Prospective majors are strongly urged to satisfy part of their science group requirement with an introductory calculus sequence and the combination of mathematics and computer and information science required for the bachelor of science degree, to be taken in the freshman or sophomore year. Suggested preparation for second-year college transfer students is (1) the equivalents of Introduction to Economic Analysis: Microeconomics (EC 201) and Introduction to Economic Analysis: Macroeconomics (EC 202) and (2) the equivalents of Calculus I,II (MATH 251, 252)—or Calculus for Business and Social Science I,II (MATH 241, 242) for students not intending to pursue graduate training in economics—as well as Introduction to Methods of Probability and Statistics (MATH 243).

Undergraduate Resources. Rooms 405–407 in Prince Lucien Campbell Hall house the economics undergraduate resource center. Close to the department’s main office and to faculty and graduate teaching fellow offices, this area has facilities for study-group meetings, research, and consultation with peer advisors. Its convenient location makes it easy to use between classes or while waiting to see a faculty member. The undergraduate study room and peer-advising facility houses information on graduate schools, internships, career opportunites, and graduation requirements. This information is expanded on the peer advisors’ web page; follow the links on the department’s website. The resource room, which contains four computers that are networked to university computing facilities, contains another study area.

Online Courses. Three economics courses are offered online—Introduction to Economic Analysis: Microeconomics (EC 201), Introduction to Economic Analysis: Macroeconomics (EC 202), and International Economic Issues (EC 380). These courses are self-paced; the examinations are administered in the Social Sciences Instructional Laboratory for on-campus students and online for off-campus students. The courses, which must be completed within a standard ten-week term, are open to enrolled and community-education students and to high school students who want accredited university course work.

Careers. Career opportunities in economics are found in federal, state, and local government agencies; private industry; various nonprofit organizations; and journalism. A bachelor’s degree in economics provides an excellent background for graduate admission in law, business, and public policy. Students with superior undergraduate academic records frequently go on to graduate work in economics, which leads to careers in higher education, economic research organizations in government, and private industry.

Major Requirements

1. Introduction to Economic Analysis: Microeconomics (EC 201) and Introduction to Economic Analysis: Macroeconomics (EC 202). Should be completed by the end of the sophomore year
2. Calculus for Business and Social Science I,II (MATH 241, 242) or Calculus I,II (MATH 251, 252). Should be completed by the end of the sophomore year
3. Introduction to Methods of Probability and Statistics (MATH 243) or Econometrics (EC 423) for students who have completed MATH 281. Should be completed by the end of the sophomore year
4. Intermediate Microeconomic Theory (EC 311) and Intermediate Macroeconomic Theory (EC 313) or Advanced Microeconomic Theory (EC 411) and Advanced Macroeconomic Theory (EC 413). Should be completed by the end of the junior year
5. Introduction to Econometrics I,II (EC 320, 421) or Econometrics (EC 423, 424, with 425 recommended). Should be completed by the end of the junior year
6. Additional 28 credits in economics courses numbered 300 or above, with at least 20 credits in courses numbered 400 or above. At least 12 of the 28 credits must be taken at this university, and no more than 8 of the 28 may be in courses numbered 401, 404, 405, or 408
7. Grades of C– or better in courses taken to satisfy major requirements. Exceptions are courses offered P/N only—EC 401 404, 405, and 408. No more than 8 credits graded P/N may be applied to the economics major

EC 320 (or EC 423) is a prerequisite for almost all 400-level courses. EC 311 and sometimes EC 313 are as well. Because MATH 242 and 243 are prerequisites for EC 320, it is important for students to take those courses early. See the course listings for details on prerequisites.

Professional Concentrations

Given the breadth of a degree in economics, students are encouraged to choose one or more professional concentrations that are consistent with their career goals. Suggested course work for seven professional concentrations is described below. Sample programs for each concentration, descriptions of career possibilities, and recommendations for additional preparation are available in the undergraduate resource center and the department office.

Business Economics—Banking and Finance

1. Complete major requirements including

a. Money and Banking (EC 370) or Monetary Policy (EC 470)

b. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460) or Multinational Corporations (EC 484)

c. International Economic Issues (EC 380) or International Finance (EC 480) or International Trade (EC 481)

2. Complete a minor or approved equivalent in business administration

Business Economics—Management, Marketing, and Accounting

1. Complete major requirements including

a. Labor Market Issues (EC 350) or Labor Economics (EC 450)

b. Urban and Regional Economics (EC 430) or Economy of the Pacific Northwest (EC 432) or Public Economics (EC 440)

c. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460) or Multinational Corporations (EC 484)

2. Complete a minor or approved equivalent in business administration

Economics and Public Policy and Administration

1. Complete major requirements including

a. Issues in Public Economics (EC 340) or Public Economics (EC 440)

b. Urban and Regional Economics (EC 430) or Economy of the Pacific Northwest (EC 432)

c. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460) or Multinational Corporations (EC 484)

d. Labor Market Issues (EC 350) or Labor Economics (EC 450)

2. Complete a minor or equivalent in political science or planning, public policy and management

Environmental Economics

1. Complete major requirements including

a. Resource and Environmental Economic Issues (EC 333) or Environmental Economics (EC 433)

b. Issues in Public Economics (EC 340) or Public Economics (EC 440)

c. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460)

2. Complete the environmental studies minor or an approved equivalent

Graduate Preparation in Economics and Mathematical Economics

1. Complete major requirements including

a. Advanced Microeconomic Theory (EC 411) and Advanced Macroeconomic Theory (EC 413)

b. Calculus I,II (MATH 251, 252)

c. Econometrics (EC 423, 424)

d. Games and Decisions (EC 427) or Behavioral and Experimental Economics (EC 428)

2. Complete a minor in mathematics

International and Development Economics

1. Complete major requirements including

a. International Finance (EC 480) and International Trade (EC 481)

b. Problems and Issues in the Developing Economies (EC 390) or Economic Growth and Development (EC 490) or Issues in Economic Growth and Development (EC 491)

c. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460) or Multinational Corporations (EC 484)

d. Money and Banking (EC 370) or Monetary Policy (EC 470)

2. Complete a minor or the equivalent in business administration, political science, history, international studies, or an area studies program

Law and Economics and Political Economy

1. Complete major requirements including

a. Issues in Public Economics (EC 340) or Public Economics (EC 440)

b. Labor Market Issues (EC 350) or Labor Economics (EC 450)

c. Issues in Industrial Organization (EC 360) or Theories of Industrial Organization (EC 460) or Multinational Corporations (EC 484)

d. International Economic Issues (EC 380) or International Trade (EC 481)

e. Games and Decisions (EC 427)

2. Complete a minor or equivalent in political science

Departmental Honors

Qualified students may apply to graduate with honors in economics. Two requirements must be met:

1. Completion of upper-division economics courses with at least a 3.50 grade point average
2. Completion of a research paper, written under the guidance of a faculty member, for 4 credits in Research (EC 401). A copy of the completed paper, approved by the faculty advisor, must be presented to the department by Friday of the week before final examinations during the term the student plans to graduate

Students interested in honors also should consider taking Economic Analysis of Community Issues I,II (EC 418, 419). Students who intend to satisfy these requirements should notify the director of undergraduate studies early in the term in which they intend to graduate.

Minor Requirements

A minor in economics requires 24 credits distributed as follows:

Two of the four upper-division 4-credit courses must be taken from the UO economics department. Minor requirements cannot be satisfied with EC 401, 404, 405, or 408. Courses applied to the economics minor must be completed with grades of C– or better. No more than four credits graded P/N may be counted toward the minor.

Kindergarten through Secondary Teaching Careers

Students who complete a degree in economics are eligible to apply to the College of Education’s fifth-year licensure program in middle-secondary teaching or the fifth-year licensure program in elementary teaching. More information is available in the College of Education section of this catalog.

The Department of Economics offers graduate work leading to the degrees of master of arts (MA), master of science (MS), and doctor of philosophy (PhD). Graduate fields include macroeconomics; applied econometrics; game theory; economic growth and development; industrial organization; and international, labor, public, environmental, experimental, and health economics. A detailed description of degree requirements may be obtained from the department website.

General information about graduate work at the University of Oregon is available in the Graduate School section of this catalog.

Applicants for admission must submit the following to the department:

1. Scores on the general test of the Graduate Record Examinations (GRE) sent by the testing center
2. Three letters of recommendation
3. Complete transcripts of previous work sent by the issuing institutions

At minimum, applicants should have substantial knowledge of intermediate economic theory equivalent to EC 311, 313 and of mathematics equivalent to Calculus I,II,III (MATH 251, 252, 253), including Several-Variable Calculus I (MATH 281), Elementary Linear Algebra (MATH 341), and statistics (MATH 243 or 425). Elementary Analysis (MATH 315) is recommended. Strong grades in economics and mathematics courses, in addition to scholarly potential, will be valued by the admissions committee.

Applicants whose native language is not English and who have not graduated from an American university must also submit their scores on the Test of English as a Foreign Language (TOEFL or TOEFL Internet-Based Test) or the International English Language Testing System examination. Applicants to the PhD program whose native language is not English must also submit a Speaking Proficiency English Assessment Kit (SPEAK), Test of Spoken English (TSE) score, or TOEFL Internet-Based Test score. A brief statement of purpose or personal statement and a curriculum vitae or résumé are required.

Master’s Degree

The Department of Economics offers a master’s degree program to prepare students for consulting and applied research positions in private industry and government, teaching positions in two-year colleges, or study for a PhD in economics.

The master’s degree program consists of the following departmental requirements in addition to university and Graduate School requirements for the master of arts (MA) or the master of science (MS) degree. Each master’s degree candidate chooses either the course work or the research option.

Credit Requirements. The course work option requires a minimum of 48 graduate credits. The research option requires a minimum of 45 graduate credits if the candidate writes a research paper or a minimum of 51 graduate credits if the candidate writes a thesis.

Course Requirements

1. Three terms of Econometrics (EC 523, 524, 525) or equivalent to be completed by the end of the first full academic year. An average grade of B– or better must be achieved in these courses. Courses receiving grades less than B– must be retaken the following year

2. Two terms of economic theory (EC 511, 513) to be completed by the end of the first full academic year. An average grade of B– or better must be achieved in these courses. Courses receiving grades less than B– must be retaken the following year

3. Elective economics courses excluding EC 503, 601, 605, 609, and PhD-level micro- and macroeconomics core courses (EC 607). PhD students who transfer to the master’s program and who have completed the micro- and macroeconomics core courses (EC 607) may apply those courses to master’s degree requirements

a. Course Work Option. Seven elective field courses, at least four of which must be at the 600 level and must include Seminar: Time-Series Econometrics (EC 607) or Seminar: Microeconometrics (EC 607). The 600-level courses must be approved by the candidate’s advisor before the course work option is begun

b. Research Option. Five elective field courses, at least two of which must be at the 600 level. No more than 5 credits in EC 601 may be applied to the 45-credit minimum for the research paper and no more than 9 credits in EC 503 may be applied to the 51-credit minimum for the thesis

The thesis or research paper, on a topic from the area of economics in which a 600-level field course was taken, must be approved by two department faculty members. The candidate’s committee must have approved a prospectus for the thesis or research paper before the term in which the thesis or research paper is approved

4. Courses taken to satisfy master’s degree requirements (except EC 503, 601, and 605) must be taken for letter grades and completed with at least a 3.00 cumulative grade point average. A GPA below the level of 3.00 at any time during a graduate student's studies or the accumulation of more than 5 credits of N or F grades, regardless of GPA, is considered unsatisfactory and may lead to termination from the program

Unless on-leave status has been approved, a student must attend the university continuously until all program requirements have been completed. The student must register for 3 graduate credits each term, excluding summer sessions, to be continuously enrolled. A minimum of 30 credits toward the master's degree must be taken in residence over a period of at least two terms. In addition, at least 9 credits in courses numbered 600–699 must be taken in residence.

Substitutions and Waivers. Substitutions of alternative courses or courses taken elsewhere require the joint approval of the master’s program committee and the department head before they can be counted toward the credit minimum. Any other waivers or exceptions to departmental requirements require the approval of the department faculty.

Time Limits. Students who choose the course work option must complete all the master’s degree requirements within three years. Students who choose the research option must complete all the master’s degree requirements within five years.

The master’s degree typically requires five to six terms of full-time work. A few well-qualified students have satisfied requirements for the degree in four terms.

Doctor of Philosophy Degree

A PhD in economics prepares students to teach at liberal arts and research universities; to work in state, federal, and international organizations; and to conduct research or work as a consultant for private industry. Graduate students seeking the PhD degree in economics at the University of Oregon must complete the following departmental requirements as well as all university requirements. Except for EC 601, 603, 605, and 609, economics courses must be taken for letter grades.

1. The program includes three terms each of microeconomic theory, macroeconomic theory, and econometrics. Students who complete these nine courses with a GPA of 2.90 or higher will be invited to take the qualifying examination in microeconomic and macroeconomic theory when it is offered in early summer. Records of students whose GPA is lower than 2.90 are examined to determine eligibility for the qualifying examination. Students who fail the qualifying examination may be asked to retake it early the following September
2. Students who pass the qualifying examination but have a GPA less than 3.00 in econometrics must take a competency examination in econometrics, which is administered the Thursday before the first week of fall classes. Students who fail the competency examination must retake each econometrics course in which they received a grade of less than B and pass it with a grade of B or better
3. Students must file an approved program of study by December 15 following the qualifying examination
4. Two-term EC 607 sequences in two fields of economics must be completed with a 3.00 GPA or better. Credit for EC 601, 603, 605, or 609 cannot be counted toward the field requirement. By winter term of the third year, a research paper for at least 6 credits of Research (EC 601) must be completed in one of the fields and approved by two members of the faculty with specialties in that field
5. Five elective EC 607 courses in economics must be taken outside the two fields and completed with a 3.00 GPA or better. Credit for EC 601, 603, 605, or 609 cannot be counted toward the field requirement. Advancement to candidacy may be requested after the student has completed the above requirements and orally defended a prospectus for the dissertation, which must include a minimum of 6 credits in Research (EC 601). Students must be enrolled for at least 3 credits during the term of advancement
6. A PhD dissertation of significant contribution to the field must be completed in conjunction with at least 18 credits of Dissertation (EC 603). A formal, public defense must take place on the UO campus at a date set by the committee chair and approved by the Graduate School

Time Limits. The seven-year time limit for completion of PhD degree requirements begins with the first term of admission—either conditional or unconditional—as a doctoral student at the university. The required year of residency on the Eugene campus, passing of comprehensive examinations for advancement to candidacy, and completion of the doctoral dissertation must all be accomplished within this seven-year limit.

Courses other than those described above and courses taken elsewhere may not be substituted without approval of the PhD program committee and the department head. In no instance can the qualifying examination be waived.

The doctorate in economics at the University of Oregon is designed as a four-year program for full-time students. Students in the PhD program may apply to be awarded a master’s degree upon completion of the master's program requirements and the approval of the master's program advisor.

Detailed information is given on the department’s website.

Support Services

Social Science Data Services Laboratory

Cathleen S. Leué, Director

541-346-1335

451 McKenzie Hall

The Social Science Data Services Laboratory specializes in data acquisition, access to online data, and the archiving of local data. The laboratory’s membership in the Inter-University Consortium for Political and Social Research entitles the university community to order data from the largest data archive in the world. Data available to consortium members include panel study of income dynamics, international financial statistics, census data, national crime statistics, and current population surveys. The laboratory also participates in the National Center for Health Statistics Electronic Data Dissemination Program. The laboratory stores data from the panel study of income dynamics, international financial statistics, World Development Indicators, Global Insight, and the Organization for Economic Cooperation and Development. Users can easily obtain data at their desks by using file transfer protocol (FTP).

Laboratory services include using the Internet to locate data, ordering data, subsidising data purchases, creating subsets of those data, and offering users advice on data structures. The laboratory also archives data sets generated by campus researchers.

Social Science Instructional Laboratory

Cathleen S. Leué, Director

541-346-2547

442 and 445 McKenzie Hall

The Social Science Instructional Laboratory is an advanced microcomputer laboratory that facilitates teaching with technology. Staff members assist social science instructors with educational technology applications, computer classroom laboratories, web publishing, and multimedia courseware design. Staff members teach students computer applications, offer consulting services, provide students with access to real-world data, and provide research assistance to social science graduate students. Any UO student may use the laboratory when it is not in use by a class.

The facility consists of a twenty-three-station laboratory, a thirty-three-station laboratory, and an eight-station advanced graphics lab. All three have state-of-the-art computers with fast processors, ample RAM and storage, and high-end video in a Windows-networked environment. The two larger laboratories are equipped with an instructor station, teaching software, a wheelchair-accessible station, a scanner, and a computer projector system. Printing capabilities include a laser printer, a color laser printer, and a large-format plotter. The laboratories have a large selection of statistical software and software for geographic information systems, web editing, graphics, and specific class needs. The Internet and e-mail accounts are easily accessed using laboratory computers.

The Social Science Instructional Laboratory houses the instructional geographic information systems (GIS) laboratory, in which students can use the powerful Arc-Info software to create maps and conduct spatial analyses.

101 Contemporary Economic Issues (4) Examines contemporary public policy using economic principles. Topics may include balanced budgets and tax reform, unemployment, health care, poverty and income redistribution, environmental policy, and international trade policy.

199 Special Studies: [Topic] (1–5R)

201 Introduction to Economic Analysis: Microeconomics (4) Examines how consumers, firms, and governments make decisions when facing scarce resources and how those decisions affect market outcomes, such as prices and output. MATH 111 recommended preparation.

202 Introduction to Economic Analysis: Macroeconomics (4) Examines the aggregate activity of a market economy, the problems that arise, such as inflation and unemployment, and how the government can use macroeconomic policy to address these problems. EC 201 strongly recommended preparation.

311 Intermediate Microeconomic Theory (4) Consumer and firm behavior, market structures. General equilibrium theory, welfare economics, collective choice, rules for evaluating economic policy. Prereq: EC 201, MATH 111. Students cannot receive credit for more than one of EC 311, FIN 311, and FIN 311H.

313 Intermediate Macroeconomic Theory (4) Determination of aggregate income, employment, and unemployment; evaluation of macroeconomic policies. Prereq: EC 202. EC 311 strongly recommended.

320 Introduction to Econometrics I (4) Application of classical statistical techniques of estimation, hypothesis testing, and regression to economic models. Includes laboratory section in Social Science Instructional Laboratory. Prereq: MATH 242, 243.

327 Introduction to Game Theory (4) Introductory course in game theory. Develops game-theoretic methods of rational decision making and equilibriums, using many in-class active games. Prereq: EC 101 or 201.

330 Urban and Regional Economic Problems (4) Topics may include urban and metropolitan growth, land use, race and poverty, education systems, slums and urban renewal, transportation, crime, and pollution and environmental quality. Prereq: EC 201.

333 Resource and Environmental Economic Issues (4) Economic analysis of replenishable and nonreplenishable natural resources; environmental issues and policies. Prereq: EC 201.

340 Issues in Public Economics (4) Principles and problems of government financing. Expenditures, revenues, debt, and financial administration. Production by government versus production by the private sector. Tax measures to control externalities. Prereq: EC 201.

350 Labor Market Issues (4) Topics may include the changing structure of employment, the minimum wage, the dual labor market hypothesis, collective bargaining, discrimination, and health and safety regulation. Prereq: EC 201.

360 Issues in Industrial Organization (4) Topics may include analysis of market power, trends in industrial structure, the role of advertising, pricing policies and inflation, impact of social regulation (e.g., OSHA, EPA), and international comparisons. Prereq: EC 201.

370 Money and Banking (4) Operations of commercial banks, the Federal Reserve System, and the Treasury that affect the United States monetary system. Prereq: EC 202.

380 International Economic Issues (4) Exchange across international boundaries, theory of comparative advantage, balance of payments and adjustments, international financial movements, exchange rates and international financial institutions, trade restrictions and policy. Prereq: EC 201.

390 Problems and Issues in the Developing Economies (4) Topics may include the role of central planning, capital formation, population growth, agriculture, health and education, interaction between economic and cultural change, and the "North-South debate." Prereq: EC 201.

399 Special Studies: [Topic] (1–5R)

401 Research: [Topic] (1–21R)

404 Internship: [Topic] (1–4R) R for maximum of 4 credits.

405 Reading and Conference: [Topic] (1–21R)

407/507 Seminar: [Topic] (1–5R) Yearly offerings vary depending on interests and needs of students and on availability of faculty members.

408/508 Workshop: [Topic] (1–21R)

410/510 Experimental Course: [Topic] (1–5R) Prereq: EC 311, 320.

411/511 Advanced Microeconomic Theory (4) Advanced theory of consumer and firm behavior, market structures. Prereq: MATH 253 or 263.

413/513 Advanced Macroeconomic Theory (4) Advanced theory about the determination of aggregate income, employment, unemployment; evaluation of macroeconomic policies. Prereq: MATH 253 or 263.

418, 419 Economic Analysis of Community Issues I,II (2,4) Hands-on experience applying economic analysis and econometrics to problems that face local community nonprofits and government agencies. Prereq: EC 311, 320.

421 Introduction to Econometrics II (4) Analysis of departures from classical regression assumptions, corrections, and other related topics. Includes laboratory section in Social Science Instructional Laboratory. Prereq: EC 320.

422/522 Economic Forecasting (4) Basic techniques of economic forecasting that are typically used in a business environment. Prereq: EC 320; coreq: EC 421.

423/523, 424/524, 425/525 Econometrics (4,4,4) Introductory topics in probability theory and statistical inference; regression problems of autocorrelation, heteroskedasticity, multicollinearity, and lagged dependent variables; special single-equation estimating techniques; the identification problem in a simultaneous equation setting; development of simultaneous equation estimating procedures. Prereq for 423/523: MATH 281, 341; MATH 282 and 461 strongly recommended. Prereq for 424/524: EC 423/523. Prereq for 425/525: EC 424/524.

427/527 Games and Decisions (4) Game-theoretic methods of decision-making. Topics may include extensive-form games, noncredible threats, subgame perfect equilibrium, strategic-form games, undominated strategies, Nash equilibrium, coalitional games, and the core. Prereq: EC 311, 320. Van den Nouweland.

428/528 Behavioral and Experimental Economics (4) Investigates the "rational choice" model and behavioral alternatives, using laboratory experiments. Topics may include altruism, auctions, bargaining, behavioral finance, hyperbolic discounting, and decision-making under uncertainty. Prereq: EC 311, 320.

430/530 Urban and Regional Economics (4) Location theory; urbanization and metropolitan growth; regional analysis; intraurban rent, location and land use, size distribution of urban areas; welfare economics, political economy, and urban problems. Prereq: EC 311, 320.

432/532 Economy of the Pacific Northwest (4) Locational factors influencing development of the region’s major industries; recent changes in income and population; problems and governmental policies in the areas of taxation, environment, and planning. Prereq: EC 311, 320.

433/533 Resource and Environmental Economics (4) Appropriate time pattern of harvest for a replenishable resource and appropriate rate of exhaustion of a nonreplenishable resource. Issues in natural resource and environmental policies. Prereq: EC 311, 320.

440/540 Public Economics (4) Theory of public goods and their optimal provision. Collective choice versus private choice and implications for resource allocation and efficiency. Prereq: EC 311, 320.

443/543 Health Economics (4) Includes moral hazard and adverse selection; incentives faced by health-care providers through reimbursement, managed care, and malpractice; rationale for government intervention in the health-care sector. Prereq: EC 311, 320.

450/550 Labor Economics (4) Supply and demand for labor, wage determination, minimum wage and worker exploitation, hedonic analysis of risk, human capital investments, labor market signaling and sorting, discrimination, uncertainty, and job matching. Prereq: EC 311, 320.

451/551 Issues in Labor Economics (4) Topics may include the determination of wages, employment, and unemployment; globalization and immigration; income inequality; internal labor markets; the role of unions; human capital, education, and schools. Prereq: EC 311, 320.

460/560 Theories of Industrial Organization (4) Theories, quantitative measures, and institutional descriptions of the structure, conduct, and results that characterize American industry. Emphasis is on the determinants and consequences of market power. Prereq: EC 311, 320.

461/561 Industrial Organization and Public Policy (4) Major policy instruments that have been developed to cope with social problems created by market power. The two principal instruments are antitrust and income policies. Prereq: EC 311, 320.

470/570 Monetary Policy (4) Federal Reserve System strategies and methods of monetary and credit control. Effects of federal policies on prices, output, and employment. Prereq: EC 313, 320.

471/571 Monetary Theory (4) Money creation, deficit finance, and taxation in monetary economies. Topics may include the government budget constraint, causes and consequences of inflation, Richardian equivalence, and seigniorage. Prereq: EC 311, 313, 320.

480/580 International Finance (4) Foreign exchange markets, interaction between spot and forward markets, speculation and interest arbitrage, balance-of-payments accounting, measures of deficits and surpluses, "open-economy" macroeconomic issues. Prereq: EC 311, 313, 320.

481/581 International Trade (4) Theories of international trade, direction of trade flows, determination of prices and volumes in international trade, tariffs, quotas, customs unions, free versus restricted trade. Prereq: EC 311, 320.

484/584 Multinational Corporations (4) Economist’s perspective of multinational corporations. Explores the policies governments use to influence corporate behavior and patterns of investment; taxation as a tool for implementing public policy. Prereq: EC 311, 320.

490/590 Economic Growth and Development (4) Experience of developed countries and theories of development. Analysis of specific development programs, role of agriculture, sources of investment, techniques and strategies of investment planning. Prereq: EC 311, 313, 320.

491/591 Issues in Economic Growth and Development (4) Economic issues in developing countries, including use of central planning or markets, capital formation, agriculture, population growth, health and education systems, and the "North-South debate." Prereq: EC 311, 313, 320.

493/593 The Evolution of Economic Ideas (4) Economic thought from the ancient world to the 20th century. Major schools of economic thought and their relationship to other social ideas of their times. Prereq: EC 311, 313, 320.

503 Thesis (1–16R)

601 Research: [Topic] (1–16R)

602 Supervised College Teaching (1–5R)

603 Dissertation (1–16R)

605 Reading and Conference: [Topic] (1–16R)

607 Seminar: [Topic] (1–5R) Regularly offered topics are econometrics; game theory; growth and development; industrial organization; micro- and macroeconomic theory; and environmental, experimental, health, international, labor, and public economics.

608 Workshop: [Topic] (1–16R)

609 Practicum: [Topic] (1–21R) Graduate teaching fellows may earn 3 credits a term; available to other graduate students with department head’s consent.