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This pamphlet provides
detailed information about the economics major and minor. Section II briefly describes the usefulness
of an economics degree. Section III
details courses required for an A.B. in Economics, and the steps for declaring
a major. The Honors Program and the
Minor in Economics are outlined in Sections IV and V, respectively. A variety
of topics of interest to economics students follow, including study abroad,
transfer credit, the A.B./M.A. degree, and internship and career-planning
information. We conclude with a list of
faculty and course descriptions. The
schedule of course offerings for the coming semester can be found on the
department web site (http://economics.wustl.edu/).
Many, if not most, of the
nation's and the world's most significant social problems have an economic
dimension. Microeconomics provides the
tools to analyze the trade-offs that individuals, firms, and governments
confront because of limited resources.
It considers the choices that are made, the social context in which they
take place and the implications for human welfare. Economists apply these tools to study a wide
range of controversial public policy questions, including environmental
regulation, government restrictions on domestic and international markets, the
structure of the legal system and the design of tax policy. Macroeconomics explores the sources of
economic growth and the causes of recessions and inflation. Macroeconomic analysis assesses monetary
policy, explains the performance of financial markets, and considers
international trade and financial links.
The study of economics is an
excellent way to acquire problem-solving skills and develop a logical, ordered
way of looking at problems. It leads
naturally to careers in business, law, and in economics research and
consulting.
Economics is a standard
pre-business major, because it provides insight into the operation of
individual markets for goods and services, financial markets, and the global
economic system, and because it provides the quantitative and analytical skills
that enable students to succeed in a wide variety of business activities. Indeed, many of our majors take jobs in
finance or business consulting after graduation. Economics provides a solid foundation for
students who will pursue an M.B.A. degree.
Many law schools view
economics as one of the best undergraduate majors because of its disciplined approach
to the analysis of social issues. Some
of our economics courses also relate specifically to legal issues. Again, many economics majors enter
A. Declaring an Economics Major
To declare economics as a
(first or second) major, fill out a major declaration form available from
either the College of Arts & Sciences Office in South Brookings Hall (or
115 Umrath Hall) or the Economics Department Office in Seigle Hall, Room 307. Bring the completed form and an unofficial
transcript (i.e., a student record printout) to the Economics department
office. The undergraduate administrative
assistant will assign a faculty advisor to the student. Students may request a particular faculty
member as an advisor. The Department
will try to meet this request, but we are not always able to do so because some
of our faculty have a large number of advisees.
The student normally retains the same advisor in subsequent years.
B.
Major Requirements
Beginning in Fall 2009,
course titles and numbers have changed.
Throughout this guide, Econ 1011 is equivalent to Econ 103B; Econ 1021
is equivalent to Econ 104B; Econ 4011 is equivalent to Econ 401; and Econ 4021
is equivalent to Econ 402.
The requirements for a major
in economics are:
1. Math 2200, or an equivalent statistics course (approved
by the Mathematics department if taken away from
2. Math 132, or an equivalent Calculus II course or
credit (approved by the Mathematics department if taken away from
a)
Students who’ve
declared a major prior to June 1, 2009 are encouraged (but not required) to
complete Math 132 (i.e., the major requirement remains Math 131 or Math 127
& 128 only). However, students
who’ve declared the major prior to June 1, 2009 and who’ve taken only Math 131
MUST take Econ 493 prior to, or concurrently with, Econ 4011.
3. Math 233 (Calculus III) or Econ 493 (Mathematical
Econ, a 1-credit, 5-week course) prior to, or concurrently with, Econ 4011.
4. Econ 1011, Introduction
to Microeconomics and Econ 1021, Introduction
to Macroeconomics. These
introductory courses can be taken in any order, typically during a student’s
freshman or sophomore year.
5. Six advanced economics courses which must
include:
a)
Econ 4011
(Econ 401), Intermediate Microeconomic
Theory, and Econ 4021 (Econ
402), Intermediate Macro-economic
Theory. (Econ 4011 is a prerequisite
to Econ 4021.) These two courses are the
foundation of any economic study. They
introduce the student to the basic theoretical framework of economics.
b)
Four 300-
and 400-level elective classes (having at least Econ 1011
and/or 1021 as a prerequisite). At least two of these classes must have Econ 4011 and/or Econ 4021 as a
prerequisite.
Notes (Please read carefully):
(i) Econ 413 (econometrics) is not a requirement
for the major but is strongly recommended.
As noted in Section IV, honors candidates must take Econ 413 prior to
the spring semester of their junior year.
Additionally, Econ 413 is a prerequisite for Econ 403, 471, Econ 487,
Econ 4151, and it is recommended for Econ 426W, 428 and 475.
(ii) Majors
must take all required courses, including calculus
and statistics, for a letter grade, not Credit/No Credit. To count toward the major, students must
receive a grade of C- or better in all courses required for the major. Students who have taken Econ 1011 or 1021 with
the Credit/No Credit option prior to deciding on an economics major should
consult with the department’s Academic Coordinator.
(iii) The
following advanced electives have a math prerequisite higher than Math 132: Econ
4111, 4151 and 467.
(iii)
Students are advised to take the statistics course before they start taking
advanced economics beyond Econ 4011 and 4021.
(iv) 200-level
economics courses, Econ 4551, 488, 490, 496, 497, 498 and 499 may not
be used to satisfy major requirements.
(v) Typically, economics courses from
(vi) Econ 4011, 4021 and the two required 4011/4021
prerequisite electives must be
taken through the Washington University Economics department during the regular
academic year (i.e., Fall and Spring semesters).
(vii) The treatment of AP credit is described in the
transfer credit section (VII), below.
(viii) Transfer courses may be used to satisfy
advanced economics requirements (300-level or above) only with the written
approval of the Academic Coordinator.
Majors and minors need to be mindful of the maximum allowable transfer
credits. See the discussion of transfer
credit in Section VII for more information.
See also Section VI for a discussion about coordinating an economics
major with study abroad.
(ix) Students from the
(x) For Olin students, QBA 120 and
121 can be used to fulfill the statistics requirement (i.e., Math 2200) and
Math 127 and 128 can be used to fulfill the calculus requirement (i.e.,
Math 132). Note that students
considering an advanced degree in economics, finance, or related fields should
be taking math courses beyond Calculus II, and should therefore take Math 131/132
rather than Math 127/128. See Section XI.C
for further details.
C. Typical Academic Plans for
Economics Majors
Most students find it easy to
fulfill the economics major requirements in their four undergraduate years by
following a simple four-year plan such as the following.
To receive Latin honors (cum laude, magna cum laude, or summa cum
laude), economics majors must participate in the Honors Program during the
senior year. Students with a second
major cannot participate in the Economics Honors Program if their “prime” major
is not in Arts &
Sciences. Invitation to the Honors
Program occurs if, by the mid-point of the junior year, a major has an overall
and within-major GPA of at least 3.5 and if s/he has completed: Econ 1011,
1021, 4011, 4021, 413, and one elective having 4011 and/or 4021 as a
prerequisite. A student may take Econ
413 or an advanced (4011/4021 prerequisite) elective (4011/4021 prerequisite) in
the spring of the junior year and still be admitted to the Honors Program; but
this requires a petition to the Director of the Honors Program and/or the
Academic Coordinator (see below).
The Honors Program consists
of two tracks. A student may elect to meet
the requirements for “Honors in Economics” or to meet the requirements for
“Honors in Economics with Distinction.”
Throughout this discussion, as in the rest of this Guide, “successful
completion” means taking a course for a letter grade and receiving a C- or
better in the course.
Honors students (in both tracks) matriculating in Fall
2009 or later must successfully complete Math 3200 or Math 493, in addition to
the requirements stipulated below.
The requirements for
graduation with “Honors in Economics” are:
a) The major requirements and (at least) one of the two
additional 4011/4021 prerequisite electives must be completed by the end of the
fall semester of the senior year. (See
note (x), below.)
b) One of the additional advanced electives must be: Econ 4111, Econ 4151, Econ 467, Econ 471,
Econ 487, Advanced
Macro Theory (new course for SP10), Econ 501, Econ 502, Econ 503, Econ 504. (Students selecting Econ 501 or 503 must meet
with the Academic Coordinator in the semester prior to their anticipated
enrollment.)
The requirements for
graduation with “Honors in Economics with Distinction” are:
a) The Honors Conference in February/March of the junior
year (except for those studying abroad).
b) Defense of the Honors Thesis with faculty in
January/February of the senior year.
c)
The Honors
Conference in February/March of the senior year.
Admission into either track
of the Honors Program requires a GPA of at least a 3.5, both overall and within
economics through the end of the junior year.
Admission into the “Honors in Economics with Distinction” track is
particularly selective because the number of positions is limited. Both grades and the rigor of the student’s
courses are considered.
Notes (Please read carefully):
(i)
All Honors students must complete Econ 413 (Introduction to
Econometrics) as one of their major electives.
This means that “Honors in Economics with Distinction” participants will
take at least two Econ 4011 and/or 4021 prerequisite electives, Econ 413, and
one additional elective at the 300-level or higher. “Honors in Economics” participants will take
at least four Econ 4011 and/or 4021 prerequisite electives, Econ 413, and one
additional elective at the 300-level or higher.
(ii) Only students who
participate in the “Honors in Economics with Distinction” program track will be
eligible for departmental prizes.
Awarded prizes are noted on a student’s transcript.
(iii) For a well-written (but not
department prize-winning) thesis, a student participating in the “Honors in
Economics with Distinction” track may receive an additional notation on their
transcript which reads “Distinction in Economics.”
(iv) Three levels of honors are
possible: cum laude, magna cum laude, and
summa cum laude. The Department recommends a level of honors
to the Dean of the
a. The Department’s
recommendation for students who participate in the “Honors in Economics” track
will depend on the student’s grades, particularly in the advanced electives.
b. The Department’s
recommendation for students who participate in the “Honors in Economics with
Distinction” track depends on the student’s grades and performance in Econ 498,
Econ 499, the thesis defense and the Honors Conference.
c.
The College uses
overall GPA to define the level of Latin Honors, subject to the recommendation
from the department. For example, if a student has an A+ in all his
economics classes (Econ GPA = 4.0), but his overall GPA is 3.6, then his level
of Latin Honors earned is cum laude.
The department can, and occasionally does, recommend students for a level of
Latin Honors lower than what the overall GPA allows. For instance, if a
student has a 3.8 overall GPA, but has grades in his/her Econ classes in the B
range, or if the Honors thesis and/or defense is sub-par, the department could
recommend that the student receives a level of honors lower than summa cum laude.
(v) Students who believe they
may qualify for honors and who are abroad in their junior year should inform
their advisor and the Academic Coordinator to assure that their records are
appropriately evaluated.
(vi) Students not invited to the “Honors in Economics with
Distinction” track can petition to be admitted.
Permission will be granted by the Director of the Honors Program on a
space available basis.
(vii) Students not formally admitted to the Honors Program
by October 1 of the senior year will not be awarded Latin Honors, although
College Honors will be awarded for students with a GPA above 3.5 after the
spring semester of the senior year.
(viii) Students cannot earn both Latin Honors and College
Honors.
(ix) Students completing Econ 413 or an advanced (4011/4021
prerequisite) elective in the spring of their junior year can petition to join
the Honors Program. Permission will be
granted by the Director of the Honors Program on a space available basis.
(x) In order to make a recommendation of the level of
Latin Honors to the College, the department requests completion of the major
requirements and at least one of the additional Econ 4011/4021 prerequisite
electives by the end of the fall semester of the senior year for “Honors in
Economics” participants. If this
requirement will not be met, students must notify the Academic Coordinator.
(xi) In order to make a recommendation of the level of
Latin Honors to the College, the department requests completion of the major
requirements by the end of the fall semester of the senior year for “Honors in
Economics with Distinction” participants.
If this requirement will not be met, students must notify the Academic
Coordinator.
(xii) The “Honors in Economics
with Distinction” track cannot be completed in time for a December
graduation. Students participating in
this track must, therefore, graduate in May, and Honors students must be in
residence, paying tuition, and enrolled in Econ 499 during the spring semester
of the senior year.
(xiii) It is possible for a
student electing the “Honors in Economics” track to graduate in December of the
senior year.
(xiv) Students invited to
participate in the Honors Program will be invited to join the National Honorary
Society in economics, Omicron Delta
Epsilon. Invitees will be contacted
in the spring of the senior year by the Academic Coordinator. The activities of the
Beginning in Fall 2009,
course titles and numbers have changed.
Throughout this guide, Econ 1011 is equivalent to Econ 103B; Econ 1021
is equivalent to Econ 104B; Econ 4011 is equivalent to Econ 401; and Econ 4021
is equivalent to Econ 402.
A. Declaring an Economics Minor
For further advice on the undergraduate minor in
Economics, please consult the Undergraduate Administrative Assistant in the
Economics department office or the Academic Coordinator.
B. Minor
Requirements
At least five economics
courses (and mathematics courses, as described below) are required for the
minor, and there are two minor “tracks”:
· The Minor
in General Economics: Econ 1011, 1021,
4011, 4021 and one additional elective having at least Econ 1011 and/or 1021 as
a prerequisite.
· The Minor
in Applied Microeconomics: Econ 1011, 1021, 4011, one elective having Econ 4011
as a prerequisite, and one elective having at least Econ 1011 and/or 1021 as a
prerequisite.
·
In addition to
the economics courses listed above, both tracks of the minor require the
completion of Math 131/132 (or Math 127/128, for Olin students) as Math 132 is
a prerequisite for Econ 4011.
Notes (Please read carefully):
(i)
Econ 4011 is a
prerequisite to Econ 4021.
(ii)
Students must
take either Econ 493 (Mathematical Econ.,
a 1-credit, 5-week course) or Math 233 (Calculus
III) prior to, or concurrent with, enrollment in Econ 4011.
(iii)
Students who’ve declared a minor prior to June
1, 2009 are encouraged (but not required) to complete Math 132. However, students who’ve declared the minor
prior to June 1, 2009 and who’ve taken only Math 131 MUST take Econ 493 prior
to, or concurrently with, Econ 4011.
(iv)
Completion of the Math 127/128 sequence is an
acceptable substitute for Olin students for the Math 132 prerequisite; however,
students interested in advanced study in economics are encouraged to complete
the Math 131/132 sequence.
(v)
Math 2200 (or QBA
120 & 121) is a prerequisite for Econ 413, which itself is a prerequisite
(or strongly recommended) for several advanced, Econ 4011/4021 prerequisite
electives.
(vi)
The
following Economics courses have mathematics prerequisites higher than Math
132: Econ 4111, 4151, 467.
(vii)
Minors must take
the required economics courses and calculus for a letter grade, not
Credit / No Credit. (Students who have
taken Econ 1011 or 1021 with the Credit / No Credit option prior to deciding to
declare an economics minor should see the department’s Academic
Coordinator.) To count toward the minor,
you must receive a grade of C- or better in the required economics
courses.
(viii)
Typically,
economics courses from
(ix)
200-level economics courses, Econ 4551, 488, 490, 496, 497, 498 and 499
may not
be used to satisfy minor requirements.
(x)
Econ 4011, Econ 4021, and/or the required 4011/4021 prerequisite
elective must be taken through
the Washington University Economics department during the regular academic year
(i.e., Fall and Spring semesters).
(xi)
Transfer courses
from other schools (and AP/IB/British A-Level credit) that
qualify for Arts and Sciences credit may be used to replace Economics 1011, 1021,
and Math 131/132; but minors need to be mindful of the maximum allowable
transfer credits. See the discussion of transfer
credit in Section VII for more information.
(xii) Transfer courses may be used to satisfy advanced
economics requirements (300-level or above) only with the written approval of
the Academic Coordinator. Minors need to
be mindful of the maximum allowable transfer credits. See the discussion of transfer credit in Section
VII for more information. The Study
Abroad section (Section VI) may also be relevant.
The Economics Department
views study abroad as highly desirable and strongly encourages Economics majors
to consider it. Students interested in
Study Abroad should keep in mind the following.
For procedures and available
programs, visit the Overseas Programs website http://www.artsci.wustl.edu/%7Eoverseas/overseas.html Talk to your advisor and the Academic
Coordinator for additional information about specific programs.
Majors who study abroad are
subject to the same ceiling of 6 units of overall economics transfer credit
that applies to all economics majors. (See
the next section for further details.) Thus,
for example, if you have already transferred introductory micro and macro from
another school then you will not be able to transfer additional economics
credit from study abroad. (You may,
however, still take calculus and statistics abroad, provided these courses meet
the approval of the Academic Coordinator.)
Students who study abroad do, however, have some extra flexibility.
First, students who study
abroad for one semester may apply up to two economics classes toward the major
requirement of two 300-level electives (in contrast, the normal limit is one
such class). In practice, study abroad
economics electives are often higher
than 300-level (400-level or even grad level), but the department counts these
courses as 300-level for the purpose of major requirements.
Second, students who study abroad for a year may use
study abroad coursework to fulfill either the Econ 4011 or Econ 4021
requirement (but not both). Note that the Economics department
allows Econ 4011 or 4021 transfers only from a select group of study abroad
programs, and students must file a petition with the Academic Coordinator. Students who take Econ 4011 or 4021
abroad must take an additional 400-level class at WU. All majors must take four 400 level courses
from the WU Economics department during the regular term. (400 level means 4011, 4021, or any class
with a 4011 or 4021 prerequisite.)
Note that all Economics majors, including transfer
students, must take at least four 400-level
courses from the WU Economics department during the regular school year. All Economics minors must take both 400-level
courses from the WU Economics department during the regular school year. 400-level means Econ 4011, 4021, or any class
with a 4011 or 4021 prerequisite.
A. Students entering WU as freshmen
For students declaring an
economics major and entering Washington University as freshmen, the
Economics Department will accept at most 2 economics courses (= 6 credit hours)
as transfer credit from outside the Economics Department, subject to the
stipulations below.
For students declaring an economics
minor and entering Washington University as freshmen, the Economics
Department will accept at most 1 economics course (= 3 credit hours) as
transfer credit from outside the Economics Department, subject to the
stipulations below.
All transfer credit requests
require the written approval of the Academic Coordinator of the Economics
Department, except as noted below.
“Outside the Economics
Department” includes, but is not limited to, AP credit, study abroad credit,
courses from the Olin School of Business,
STIPULATIONS (Please read carefully):
1) Advanced Placement (AP)
a. Students matriculating in Fall 2009 or later, or students
who declare the major/minor after June 1, 2009, will not receive academic
credit for AP Economics coursework. If a
student receives a 5 on the Microeconomics or the Macroeconomics AP exam, s/he
may elect to by-pass the corresponding principles course (Econ 1011 or Econ
1021, respectively), but the credits will have to be made up with elective
coursework. Whether it’s appropriate to
by-pass principles is a decision that should be made after consultation with
the Director of Undergraduate Studies or the Academic Coordinator. Students receiving a 4 on either AP exam are
advised to complete the corresponding principles class.
b. Students matriculating prior to Fall 2009 or who
declared the major/minor prior to June 1, 2009 face the following rules
regarding AP credit:
·
An economics
major or minor who receives a 4 or 5 on the Microeconomics [Macroeconomics] AP
Exam may take courses that have a 1011 [1021] prerequisite without taking 1011
[1021], assuming other prerequisites, if any, are satisfied.
·
An economics
major or minor who receives a 5 on either the Microeconomics or the
Macroeconomics AP Exam will receive 3 additional units of credit upon completing the corresponding
intermediate theory class (Econ 4011 in the case of a 5 on the Microeconomics
AP Exam, and Econ 4021 in the case of a 5 on the Macroeconomics AP Exam) with
a grade of B or better.
§
NOTE: The 3
credits awarded for a 5 on an AP exam constitute ½ of the total transferable
credits for an economics major.
·
For students who’ve earned a 5 on both the
Microeconomics and Macroeconomics AP exams…
§
Minors cannot
apply more than 3 units of transfer credit toward the minor degree
requirements. When a student has earned
a 5 on both the Microeconomics and Macroeconomics AP exams and
subsequently chooses to minor in economics, the limit of 3 units of transfer
credit does not mean that the
student must take one of the principles classes. Instead, what is necessary is that a student takes a minimum number of
economics classes from the Washington University Economics department. Minors must take a minimum of 4 economics
classes from WU, including two 400-level economics classes (which depend on the
type of minor being earned).
§
Majors cannot
apply more than 6 units of transfer credit toward the major degree
requirements. When a student has earned
a 5 on both the Microeconomics and Macroeconomics AP exams and subsequently
chooses to major in economics, the limit of 6 units of transfer credit, does not mean that the student cannot
receive transfer credit from, for example, economics classes taken as part of
study abroad. Instead, what is necessary is that a student
takes a minimum number of economics classes from the Washington University
Economics department. Majors must take a
minimum of six economics classes from the WU Economics department, including
four 400-level economics classes (4011, 4021 and the two electives having 4011
and/or 4021 as prerequisites).
·
A student who
receives a 4 on an AP exam receives no credit for the corresponding principles
course. If a student has a 4 on the
microeconomics AP and elects not to take Econ 1011 then the student is short 3
units toward the major or minor. The
student must make up these 3 units by taking a course with a prerequisite of 1011
(or 4011). The corresponding statement
holds if the student has a 4 on the macroeconomics AP and elects not to take
Econ 1021.
2) International Baccalaureate (IB) & British A-level
exams
a. Students matriculating in Fall 2009 or later, or
students who declare the major/minor after June 1, 2009, will not receive
academic credit for successful completion of the IB or the British A-level
exams.
·
If a student
receives a 6 or a 7 on the IB exam, then s/he may elect to by-pass one or both
principles courses (Econ 1011 or Econ 1021, respectively), but the credits will
have to be made up with elective coursework.
Whether it’s appropriate to by-pass principles is a decision that should
be made after consultation with the Director of Undergraduate Studies or the
Academic Coordinator. Students receiving
a 5 on the IB exam are advised to complete the principles classes.
·
If a student
receives a grade of “A” on the British A-level exam (
b. Students matriculating prior to Fall 2009 or who
declared the major/minor prior to June 1, 2009 face the following rules
regarding the IB and British A-level exams:
·
For students who
have taken the International Baccalaureate (IB) exam in economics, the
Economics Department treats an IB 6 or 7 like an AP 5 and IB 5 like an AP 4. Note that the IB covers both microeconomics
and macroeconomics. As such, the student
can apply the IB exam score to either Econ 1011 or 1021, but not both. Transfer requests pertaining to the IB exam
must receive the written approval of the Academic Coordinator.
·
For students who
have taken the British A-level exam (
3) Additional General Comments:
4) Transfer credit for the statistics requirement (Math 2200):
Students
may use an appropriate transfer course to satisfy the statistics requirement,
Math 2200, with the written approval of the Academic Coordinator, except as noted below.
5) Transfer credit for Study Abroad:
B. Transfer Students
The Economics Department
participates in a program that permits a student to receive both the
undergraduate A.B. degree and the graduate M.A. degree within 4 years. Students interested in this program should
consult with their Economics major advisor and the Academic Coordinator, no
later than the beginning of their junior year.
Only in exceptional cases will students be admitted after their fifth
semester of study.
Next, to apply for the
program, the student should do the following.
First, confer with the Associate Dean of the College of Arts &
Sciences to assure completion of the necessary procedures. Second, complete the “Statement of Intent to
Engage in the Combined AB/MA Program” form, which is available in the Graduate
Student Office (153 North Brookings Hall).
The form must be signed by the student’s Economics major advisor and the
Academic Coordinator. A copy of the form
is left in the Economics Department with the Undergraduate Administrative
Assistant, and then the completed and signed form is returned to the Graduate
Student Office.
The requirements for the
A.B. portion of the combined degree are the same as for the regular major. The requirements for the M.A. portion of the
degree are as follows:
1. At least 135 units of undergraduate and/or
graduate school course work, including all academic and residency requirements
for the A.B. degree in Economics.
2.
At least 10 additional classes
from the available 400- and 500-level classes in Economics. This is 10 economics classes beyond the
(minimum) 6 advanced courses required for the undergraduate major in
economics.
3. The ten courses must include:
(a) Econ 501 and 503
(b) at least two other 500-level
economics courses,
(c) an econometrics course from
among Econ 413 and 513. An undergraduate
who has taken Econ 413 need not take Econ 513.
However, if Econ 413 was taken to fulfill the A.B. degree requirements,
then some other 400- or 500-level economics class must be taken so that the
M.A. requirement of “10 additional classes” is met.
4. All courses offered toward the graduate
degree must be passed with a grade of B or better.
5. Department certification of the student’s
achievement of a level of competence normally expected of candidates for the
M.A. degree in economics. That involves one
of the following:
(a)
Successful completion (“
·
The Ph.D. general examinations (the “prelims”) consist of a 5-hour microeconomics-based
exam and a 5-hour macroeconomics-based exam.
A.B./M.A. students planning to take the prelims must take Econ 502 and
504 as part of their “10 additional classes.”
·
The exams are given in mid-June each year, on dates to be specified by
the Economics department. Students are
notified of the exam dates in the late spring; typically there are 4 days
between exams, with the microeconomics prelim taken first.
·
A.B./M.A. students are required to take both exams, but not necessarily
in the same year. For example, a student
could take the microeconomics prelim in the June following their junior year,
and take the macroeconomics prelim in the following June.
o
A student does not need to be in residence, paying tuition, during the
calendar year between taking the two exams.
o
A student can elect to take the two exams during the same year.
o
Any student not earning an “M.A. Pass” on the microeconomics [macroeconomics]
portion of the June exam has the opportunity to retake the microeconomics [macroeconomics]
portion of the prelim in the following August, at a date to be specified by the
Economics Department.
o
Because A.B./M.A. students are taking exams in June (or August), the
M.A. degree cannot be awarded until August (or December, respectively).
(b)
Or, successful completion of an M.A. essay.
·
A senior Honors Thesis may not be used as the M.A. essay. The M.A. essay can be related to the senior
Honors Thesis; but it must be a distinctly different paper. See the Academic Coordinator and/or the
·
A.B./M.A. students who wish to write an M.A. essay must work with a
faculty advisor. Finding an advisor and
beginning research should be undertaken, at the latest, during the summer
between the junior and senior years.
Occasionally there
is an opportunity to participate in a faculty research program or to work as a
research assistant for an individual faculty member. Students typically
find these opportunities via discussion with the professors of their elective classes. The Academic Coordinator maintains a database
of students interested in working with faculty; but networking is generally
more effective. Students working for a
faculty member may register for Econ 497.
Students interested in doing individual research under the
supervision of a faculty member can, with a senior standing and the permission
of the supervising faculty member, sign up for Econ 490, for up to 6 units.
Internships are an effective
means of learning about potential careers, developing work-related skills that
complement your academic background, and building a network that may serve as a
point of departure when you begin to search for a full-time job. An internship
can be from 7-20 hours per week during the academic year, and up to 40 hours
per week during the summer.
To match majors with
interesting internships, the Economics Department cooperates with The Career
Center. Students should visit The Career
Center website at www.careers.wustl.edu
or stop by the office at 157 Karl Umrath Hall for a calendar of events,
including workshops and special programs.
Students interested in an
internship should follow the steps described on the Career Center website
(http://careers.wustl.edu/ugr_students/internship.html),
including a careful review of the following documents: Internship Search Strategies Handout (http://careers.wustl.edu/documents/Internship%20Search.pdf); Internship Prep Series Checklist (http://careers.wustl.edu/documents/IPS%20Checklist.pdf); Internship Prep Series FAQs (http://careers.wustl.edu/documents/IPSFAQs.pdf); Resume Review Checklist (http://careers.wustl.edu/documents/ResumeChecklist.pdf); Prepare for Your Mock Interview (http://careers.wustl.edu/documents/preparing%20for%20your%20mock%20interview.pdf)
Important: Referral to the Olin School of Business’ Weston Career Center
is an option for students who are pursuing a second major or a minor in
business, while majoring or minoring in economics in Arts & Sciences. You must complete the Internship
Prep Series (IPS) to be eligible for a referral to Weston. Many business-related positions are
cross-listed on Career Options and the
Students can complete the IPS
any time, but the
Credit for
Unpaid Internships:
The Department offers a
course, Econ 299, for economics majors who participate in an unpaid
internship. (The policies of the
1)
Identify a
faculty sponsor. Usually, this person is
your major advisor.
2)
Complete the
Learning Agreement found at www.careers.wustl.edu. Consult with your faculty sponsor before
completing the “educational objectives” section of the form. In the “evaluation requirements” section of
the form, write that you will complete an economics paper on a topic related to
your internship. Typically, interns,
with the help of their faculty sponsors, identify suitable paper topics about
halfway through their internship. A
project completed as part of the internship cannot be substituted for the Econ
299 paper, but the project may serve as a starting point for the paper. Your faculty
sponsor may also impose additional requirements.
3)
Bring a copy of
your signed Learning Agreement to the
4)
Register for Econ
299 by the semester Drop/Add date. If
you intern during the summer, you may register for the credit to appear on your
transcript in the following fall. Note
that Econ 299 does not satisfy any of the major requirements and must be taken
with the Credit / No Credit grade option.
Additional considerations:
1.
Internships and
study abroad are two excellent experiences to plan for during your four years
at WU. If you decide to study abroad, plan ahead to be sure you can also do at
least one internship. For ideas and support, contact the Office of
International Studies or call The Career Center at 935-5930 to make an
advising appointment.
2.
Research
experience is helpful for students who are planning to apply to graduate
school. This experience may take place at
a.
Research
Experiences for Undergraduates (REU) are sponsored by the National Science
Foundation (http://www.nsf.gov and http://www.nsf.gov/crssprgm/reu/reu_search.cfm
). These research opportunities typically require a formal application process.
Most Economics
majors start their careers after graduation in a wide range of professions. Students who want to pursue a business career
after graduation are urged to take more than the minimum mathematics and
statistics courses. For instance, the
department recommends at least a second semester of calculus, and recent
graduates also tell us that econometrics (Econ 413) is very useful in obtaining
jobs and in advancing quickly in careers.
The
Economics
majors (and minors) planning to seek employment following graduation should plan
on completing the Senior Prep Series (SPS) as soon as possible upon returning
to campus at the start of the Fall Semester of the senior year. Students must
complete the SPS in order to participate in on-campus interviews and
referrals. Students can register for
early sessions of the SPS via the
The Senior Prep Series
consists of two workshops (“Job Search Strategies” and “Advanced Skills”) which
can be taken separately or together via the Senior
Prep Blitz, which combines the 2 workshops into one session.
In addition to
the SPS, students should frequently check the
Additional
considerations:
1.
Referral to the
Olin School of Business’ Weston Career Center is an option for students who are
pursuing a second major or a minor in business, while majoring or minoring in
economics in Arts & Sciences. You must
complete the Senior Prep
Series to be eligible for referral. Many
business-related positions are cross-listed on Career Options and the
2.
Recruiters to the
3.
The Academic
Coordinator occasionally receives requests by employers to meet with Economics
majors. This information is passed along
to majors via email. Check your
B.
Professional Degree Programs Linked to Economics
Economics provides an
excellent foundation for students who want a Masters in Business Administration
degree or who want to go to law school.
What follows is a brief description of coursework in Economics that
might be most appropriate for these career paths.
1)
Pre-Business
The standard
pre-business economics concentrations are Industrial Organization and
Finance. Courses in other areas (e.g.
Labor, International) may also be relevant, depending on your interests. In addition, you should take Econ 413
(Introduction to Econometrics).
You should take Accounting 2610, and we encourage
you to take other courses from the business school. Note that many business courses have
prerequisites, so you need to plan your program carefully.
Business school admissions committees look for
evidence of analytical ability and writing ability. Merely being an economics major helps
demonstrate analytical ability. To develop
your writing ability, we recommend taking a writing intensive economics course
(these are indicated by a W in the course number; e.g. Econ 371W or Econ 448W) as well as
composition courses from the English department.
Finally, note that most M.B.A. programs require that
students work for several years prior to applying for business school
admission.
2)
Pre-Law
A basic pre-law recommendation, for all
undergraduates, is to take microeconomics, Econ 1011 at a minimum. But, of course, all economics majors take
these courses automatically. Some
economics courses, notably Econ 403 (Economics of Law), Econ 452 (Industrial
Organization) and Econ 458 (Theory of Property Rights), complement parts of the
law school curriculum. Increasingly,
alumni report on the value of econometrics (Econ 413) in their legal work.
As with business school admissions, Law school
admissions committees also look for evidence of analytical ability and writing
ability. As stated above, the Economics
Department recommends taking a writing intensive economics course (these are
indicated by a W in the course number; e.g. Econ 309W, Econ 426W or Econ 448W)
as well as composition courses from the English department.
C. Economics and Economics-related Ph.D. programs (e.g.
Finance)
The major at
Graduate
admissions is highly competitive and depends heavily on grades in economics and
economics-related (e.g., math) courses.
The general advice is: take as
many courses in economics and mathematics as you can and do well in them. On mathematics courses, a minimum (typically
not adequate to gain admission to a top department) is a third semester of
calculus (Math 233) and a course in matrix algebra (Math 309). You will be much better prepared for your
first year graduate classes if you take Math 318, which is a more advanced
version of Math 233. The Mathematics department
allows strong students to take Math 318 in place of Math 233 provided the
student has already taken Math 309; students should consult with their
Economics advisor and with the Mathematics department. Some admissions committees also want to see
differential equations (Math 217). See
below for additional comments on mathematics preparation.
Graduate
admissions committees look closely at advanced economics courses (generally
speaking, 400-level and above). You
should take more of these than the major requires. You should, in particular, take econometrics
(Econ 413 and Econ 4151). For guidance
on other courses, use the list of Economics Concentrations (in the next
section) and talk to your advisor.
Graduate
admissions committees in top programs pay close attention to grades in
first-year graduate core courses (Econ 501 and 503). These courses are extremely demanding: they move
fast, they are taught at a high level, and grading is tough. So you should consider taking these courses
only if your academic performance has been outstanding and you have very good
math skills. In addition, although taking one graduate course, and
doing well, will help your application to top Economics Ph.D. programs, there
are sharply diminishing returns, in terms of admission prospects, from taking
two or more. In particular, we do not
recommend participation in the A.B./M.A. program as a way of increasing your
chances for admission to a top program.
To prepare you for first year graduate micro, we offer Econ 4111
(Optimization) and Econ 467 (Game Theory).
Students considering taking Econ 503 in their senior year should take
Econ 4111 in the spring semester of their junior year. Note that Econ 4111 has both Math 233 and
Math 309 as prerequisites, so you should take these in the fall semester of your
junior year or earlier. Although Econ
4111 provides very good preparation, even someone who has done well in Econ
4111 will find Econ 503 challenging.
If you aspire to a top program, then you
should double major in mathematics and economics. You should, in particular, take Math 310,
Math 4111 and Math 4121. These courses
are demanding, which is one of the reasons admissions committees are interested
in your performance in them. Note that,
if you take these courses and the advanced probability and statistics sequence
(Math 493 and 494), which the economics department also recommends, then you
will be very close to having already fulfilled the requirements for Tracks A,
B, or E of the mathematics major. For
more specific guidelines, you should consult with the Mathematics Department
and the Economics Department’s Director of Undergraduate Studies or Academic
Coordinator.
Strong students who are comfortable with
proof-oriented courses can sometimes bypass intermediate courses such as Math
309, 310, 308 or 318 and instead take the more advanced sequences 4111-4121 or
429-430. In all such cases, an
upper-level math elective must be substituted in the major requirements for
each bypassed course. On this point,
students should consult with the Director of Undergraduate Studies in the
Mathematics Department and/or their mathematics major advisor.
All
students should take Math 493 (Probability) and Math 494 (Mathematical
Statistics). An option for students with
adequate preparation is Math 5061-5062.
Students interested in empirical research should also consider Econ 4151,
ASTAT 450 (Panel Data) and Math 475 (Statistical Computation). Students
should consult with the Math department and their advisors for additional
guidance.
All
students interested in economic or econometric theory should take Math 310, Math
4111 and Math 4121, preferably prior to their senior year. As already noted, all students aspiring to
top Ph.D. programs should take these courses as well.
Students planning to apply to a Ph.D.
program in finance should take Math 493, 494, and 495. Students aspiring to a top finance
program could consider Math 5061-5062 or ESE 520 in place of Math 493, 494, and
495. The Math department also offers Math 456,
“Topics in Financial Economics,” which may be of interest.
In addition to the
descriptions, below, students should also pay careful attention to each
semester’s Course Listings to be
aware of special opportunities that may be available.
A.
Economics Concentrations
This sub-section presents a
categorization of courses into their respective economic “fields.” The listings here are suggestions, meant to
help organize your course selection.
For instance, a student particularly interested in macroeconomics might
wish to select many of the electives described in that category (Econ 335, 435,
448W, 4861, 413). Students are not required to declare a
concentration for their economics major (or minor).
For a list of coursework
that is most appropriate for post-graduate education (i.e., M.B.A., J.D.,
Ph.D.), please refer to the discussion in Sections XI.B. and XI.C.
Remark: Although Econ 413 (Introduction
to Econometrics) is not required for the major, it is recommended for most
concentrations. It is also looked on
favorably both by employers and by graduate school admissions committees. Moreover, it is a required
course for students participating in the Senior Honors Program. Therefore, the Economics department strongly
encourages all majors to take it.
Econometrics
Econ 413 (Introduction to
Econometrics), Econ 4151 (Applied Econometrics), Econ 428 (Capital Market
Imperfections and Entrepreneurial Finance), Econ 471 (Development Economics)
and Econ 487 (Applied Financial Modeling), Econ 403 (Economics of Law)
We also recommend Math 309
(Matrix Algebra), Math 475 (Statistical Computation), Math 493 (Probability),
and Math 494 (Mathematical Statistics), and ASTAT 450 (Panel Data). Ambitious students with the necessary
background should consider Math 5061 and 5062 (mathematical statistics).
Finance
Econ 335 (Money and
Banking), Econ 408W (Household Finance, Bankruptcy and Credit), Econ 428
(Capital Market Imperfections and Entrepreneurial Finance), Econ 487 (Applied
Financial Modeling), and Econ 413 (Introduction to Econometrics).
We also encourage you to
take classes in the finance sequence at the business school, in particular Fin
340 (Capital Markets and Financial Management) and Fin 442 (Options
Pricing). Math 456 (Topics in Financial
Economics) may also be of interest. NOTE: Many finance courses in the business school
have multiple prerequisites – you need
to plan your program carefully.
History
Econ 326 (American Economic
History, Econ 350 (Politics, Economics, and Welfare), Econ 403 (Economics of
Law), Econ 423 (Western Economic History), and Econ 458 (Theory of Property
Rights), Econ 471 (Development Economics)
Industrial Organization
Econ 428 (Capital Market
Imperfections and Entrepreneurial Finance), Econ 444 (Innovation and
Intellectual Property: Theory &
Practice), Econ 452 (Industrial Organization), Econ 467 (Game Theory), and Econ
413 (Introduction to Econometrics), Econ 403 (Economics of Law).
International
Econ 376 (International
Economics), Econ 435 (Open Economy Macroeconomics), Econ 471 (Development
Economics), Econ 475 (International Trade), and Econ 413 (Introduction to
Econometrics).
We also encourage you to
take classes from Political Science.
Some suggestions are Pol Sci 103 (International Politics), Pol Sci 372
(Topics in International Politics), Pol Sci 4731 (Global Political Economy),
Pol Sci 4761 (Politics of International Finance), Pol Sci 4792 (Globalization
and National Politics), and Pol Sci 480 (Growth and Development).
Labor
Econ 380 (Labor and the
Economy), Econ 480 (Labor Economics), Econ 485 (Labor-Management Relations in
Modern Economics), Econ 413 (Introduction to Econometrics), and Econ 4151 (Applied
Econometrics)
Another potentially useful
course is ASTAT 450 (Panel Data).
Macroeconomics
Econ 335 (Money and
Banking), Econ 435 (Open Economy Macroeconomics), Econ 448W (Current
Macroeconomic Issues), Econ 471 (Development Economics), Econ 4861 (Seminar in
Macro and Monetary Economics), Advanced Macroeconomic Seminar (new course for
Spring 2010; course number and title “TBA”) and Econ 413 (Introduction to
Econometrics).
Political Economy
Econ 350 (Politics,
Economics, and Welfare), Econ 3501 (Political Economy), Econ 3531 (Law and
Economics), Econ 371W (Hierarchy and Organization in Economic Life), Econ 372
(Political Economy of Development in Africa), Econ 377 (International Political
Economy), Econ 426W (Economic Systems in Theory and Practice), Econ 4541
(Institutions of Production and Exchange),
Econ 458 (Theory of Property Rights), Econ 488 (Seminar in Political
Economy), and Econ 413 (Introduction to Econometrics).
Public Policy
Econ 309W (Microeconomics of
Public Policy), Econ 350 (Politics, Economics, and Welfare), Econ 352 (Health
Economics), Econ 403 (Economics of Law), Econ 445 (Public Finance), Econ 451 (Environmental Policy), Econ 456
(Business, Government, and the Public), Econ 460 (Urban Economics), and Econ
413 (Introduction to Econometrics).
Theory
Econ 403 (Economics of Law),
Econ 404 (Behavioral Economics), Econ 4111 (Optimization and Economic Theory),
Econ 435 (Open Economy Macroeconomics), Econ 445 (Public Finance), Econ 460
(Urban Economics), Econ 467 (Game Theory), Econ 475 (International Trade) and
Advanced Macroeconomic Seminar (new course for Spring 2010; course number and
title “TBA”),.
We also encourage you to
take theory courses from Political Science: Pol Sci 4621 (Politics and the
Theory of Games), Pol Sci 505 (Theories of Individual and Collective Choice),
and Pol Sci 5701 (Experimental Design and Analysis). Note that Pol Sci 505 and Pol Sci 5701 are
graduate classes; they are open, on a case by case basis, to undergraduates
with strong backgrounds.
If you are interested in decision theory and learning, we
encourage you to take Psych 100B (Introduction to Psychology) and Psych 361
(Psychology of Learning).
B. Undergraduate
Course Descriptions
Notes to
what follows:
1.
This list
includes courses that are not offered every year.
2.
Courses whose
course numbers carry "*" have 4011 and/or 4021 prerequisites.
3.
Where no course
description is given, the course originates in and is staffed by the department
with which it is cross-listed.
4.
200-level classes do not count toward the Economics major or minor
degree requirements.
5.
Courses numbered as xxxW indicate a “writing intensive” course. All students in the
1011 Introduction to
Microeconomics.
Determination of prices; distribution of
national income; theory of production.
For a thorough introduction to economics, Econ 1021 should also be
taken. 3 units.
1021 Introduction to
Macroeconomics.
Business fluctuations, inflation,
recession; monetary and fiscal policy; long-term economic growth; international
trade and exchange rates. For a thorough
introduction to economics, Econ 1011 should also be taken. 3 units.
124 Principles of
Macroeconomics Seminar with Computing Applications
Introduction to macroeconomic principles
including business fluctuations, monetary and fiscal policy, inflation, and
international exchange rates. Students
will use modern computing resources to complete various assignments such as
retrieving price indicies and constructing a web page. This course substitutes for Econ 104 for all
major and minor requirements. Enrollment
limited to 25 students. 3 units.
205 Napster, AIDs and Intellectual Property
Controversy surrounds the downloading of
music over the internet, and the aggressive response of the RIAA to protect
their copyrights. Included in this is the lawsuit against Napster, and the
bringing of lawsuits against individual music lovers. Also controversial is the
patent protection afforded AIDs drugs, resulting in such high prices that they
are unavailable in
2610 Principles of
Accounting I. (Staffed by the
2620 Principles of
Accounting II. (Staffed by the
299 Internship in
Economics.
Students can receive up to 3 units of
credit for an approved and faculty-sponsored internship. The internship must be approved by the
309W Microeconomics of Public Policy.
We will explore the key public policy
issues with particular focus on the prominent issues in the 2008 presidential
campaign using the worldview of economists. In particular, we have selected six
topics that are central to the presidential debates: immigration, healthcare,
education, housing, energy and the environment. We will identify and
objectively analyze the problems surrounding each of the issues, including
their causes, consequences, and measurement. The presidential candidates´
positions will be delineated and examined with respect to their economic
impacts. Prerequisite: Econ 1011. 3
units.
326 American Economic
History. (Identical with History
3261.)
This course will apply basic theoretical
concepts to analyze the changing structure and performance of the American
economy from Colonial times to the present.
Prerequisites: Econ 1011 and 1021.
Credit 3 units.
335 Money and Banking.
Money and the monetary system; money creation by the
banking system; central bank functions; monetary theory and economic
policy. Prerequisites: Econ 1011 and 1021. 3 units.
337 Financial
Intermediaries in the Market Economy.
This course analyzes the opportunities
and risks presented by financial intermediaries (e.g., commercial banks,
savings and loans, mutual funds and pension funds), the larger economic
benefits of having both direct and indirect methods of lending, and the need
for regulation. We also consider the
implications for these institutions of changes in communications technology and
the growth and globalization of capital markets. Prerequisite: U07 Econ 104 or L11 Econ 1021. Counts as 300-level credit toward Economics
major.
350 Politics, Economics
and Welfare.
The course will cover both theoretical
and applied aspects of political economy: the justification of the state;
problems of cooperation over public goods; intervention by the government in
the economy; questions of equality and efficiency; cooperation between states
over common resources; trade, economic integration, international monetary
stability, and the operation of the global economy. Prerequisite: Econ 1011. 3 units.
352 Health
Economics.
Choices made by consumers and providers
of medical services and their relation to constraints will be examined. Major emphasis will be on the determination
of the quality of outcomes of medical intervention and of the difficulties of
attaining accurate information concerning those outcomes. Prerequisite: Econ 1011. 3 units.
372 Political Economy of Development in
The course explores poverty and economic
development in Sub-Saharan Africa. The first half of the course examines the
causes of Africa´s persistently slow growth and underdevelopment, focusing on
the relative importance of geography, Africa´s unique historical experience,
and current political institutions. The second half of the course explores
development issues of particular relevance in
380 Labor & the Economy
Economic analysis of
labor markets. Theory and policy applications of labor supply and labor demand;
explanations of wage and income differentials; migration and immigration;
discrimination; labor unions; unemployment. Prerequisite: Intermediate
Microeconomics. Prerequisite: Econ 1011.
3 units.
4011 Intermediate
Microeconomic Theory.
Analytic
theory of consumer and producer behavior under perfect and imperfect
competition. Coverage of demand theory (indifference curves and utility
functions and preferences under uncertainty, including expected utility and
risk aversion. Development of general equilibrium under pure exchange,
including the concepts of competitive equilibrium and Pareto efficiency.
Discussion of the role of time as it pertains to interest rates, discounting
and net present value. Analysis of standard monopoly and simple oligopoly
problems. Development of non-cooperative game theory, including strategic and
extensive-form equilibria and Nash and sub-game perfect equilibria. Thorough
training in intermediate theory would require both Econ 4011 and Econ 4021.
Prerequisites: Econ 1011 (Econ 103B), Math 131, Math 132, and concurrent
enrollment in, or prior completion of, either Math 233 or Econ 493
("Mathematical Economics").
3 units.
4021 Intermediate Macroeconomic
Theory.
National
income and labor market measurement. Business cycle fact and consideration of
alternative explanations for business cycle phenomena. Development of the Solow
growth model, along with theories of endogenous growth and an examination of
reasons for differences in growth rates across counties. General equilibrium
description of firms and consumers in labor and product markets. Implementation
of monetary and fiscal policy, and exploration of the impact of policy changes
on the macroeconomy. Prerequisites: Econ 1021 (Econ 104B) and Econ 4011. 3 units.
403* Economics of Law
The course provides a standard
introduction to the economic analysis of law. Mastery of basic economic
approaches to the study of legal institutions is a valuable skill that benefits
a broad range of students. Students planning to pursue careers in the private
and public sectors as well as those planning to attend graduate school will
find this course extremely useful. The course spans the growing field of law and
economics, starting with the early insights of the late ´60s and early 70´s and
ending with state-of-the art contributions made in the last few years. The plan
for the course intends to add the more recent trend towards empirical
implementation of the insights set forth by the early theoretical contributions
in the field. The course intends to cover the fundamental contributions made by
the economic approach in four core areas: 1. Property Law 2. Contract Law 3.
Tort Law 4. Criminal Law We will also cover several topics in the economics of
litigation. Time permitting, topics in more recent areas of law and economics
will be covered as well. In particular, time will be devoted to explore
economic arguments in areas that inform some of the most heated current policy
debates in the
404* Behavioral Economics
This course
provides an overview of behavioral economics, an emerging sub-field which
integrates insights from psychology into economic models of behavior. We´ll
study ways in which individuals systematically depart from assumptions such as
perfect rationality, self interest, time consistency, etc; and discuss the
economic ramifications of these predictable but "irrational"
behaviors. The course covers three main classes of topics: (i) non-standard
preferences, (ii) non-standard beliefs, and (iii) non-standard decision rules.
The methodological focus of the course is on economic theories of individual
decision-making, and on the experimental tests of these theories conducted by
both economists and psychologists. Prerequisites: Econ 4011 and Math 2200.
4111* Optimization and
Economic Theory.
An introduction to mathematical optimization and its
applications within economics. The
course is designed for, and should be taken by, all undergraduates considering
graduate study in economics, but all interested students are welcome. Prerequisites: Econ 4011, Math 233, and Math 309 or
permission of the instructor. 3 units.
413 Introduction to
Econometrics.
Course provides a basic working knowledge
of econometrics. Topics will include:
Translation of economic theory into statistical models, statistical foundations
of econometrics, regression analysis, bivariate and multiple regression
techniques, hypothesis testing, multicollinearity, specification error,
autocorrelation, errors in variables, identification and simultaneous estimation.
Prerequisites: Econ 1011, Econ 1021, and Math 2200 or equivalent. 3 units.
4151* Applied Econometrics
Introduction to econometrics as it is
applied in microeconomics and macroeconomics (modular). Emphasis is on hands-on
implementation of the models covered in the course. Topics related to the
analysis of microeconomic data include cross-section and panel data linear
models and robust inference; instrumental variables estimation; simultaneous
equation models; models for discrete choice; and truncation, censoring and
sample selection models. Topics related to the analysis of macroeconomic data
include linear time series models; practical issues with likelihood-based
inference; forecasting; structural identification based on timing restrictions;
and computational methods for hypothesis testing.. Prerequisites: Econ 4011, Econ 413. 3 units.
423* Western Economic
History. (Identical with
International Studies 4231 and History 4231.)
A detailed discussion of the
circumstances surrounding the industrialization of the Western World in the
eighteenth and nineteenth century, with special attention given to Britain,
France and Germany. Various hypotheses
regarding economic growth and development are examined in the light of the
latest evidence and with the use of basic economic reasoning. Prerequisites: Econ 4011, or Econ 1011 and
written permission of the instructor. 3
units.
426W* Economic Systems in
Theory and Practice.
Theory and practice of mercantilism,
capitalism, and socialism. Historical
and contemporary examples will be considered, with focus on Latin America,
Eastern Europe, and
435* Open Economy
Macroeconomics.
The course will begin with a review of
international trade theory, of the balance of payment accounts and their
relationship to international borrowing and lending. We will then study the asset approach to
exchange rates determination, exchange rate behavior in the short and in the
long run, and the relationship of exchange rates with prices and output. The course will also explore monetary and
fiscal policy under both fixed and floating exchange rates, macroeconomic
policy coordination and optimum currency areas, international debt problems of
developing countries and their relation to stabilization programs. Prerequisite: Econ 4021. 3 units.
440 Economics of Social
Policy.
Economic analysis of the employment and
income problems of the poor and of public policy responses. Topics selected from among the following: The
distribution of income in the
444* Innovation and Intellectual Property: Theory & Practice
Innovation - that is: figuring out better
and cheaper ways of satisfying human desires - is the key to improving our well
being. It is not patient saving and accumulation that makes us so much better
off than we used to be: capital accumulation is only the conduit through which
the innovation juices flow. The question is what drives it? How come some
societies are apparently much more innovative than others? How come we have the
impression that most useful inventions took place in the last three centuries?
Are there policies that help fostering innovation and others that hurt? The
course tries to address these questions. Economists have many theories of
innovation, and some better than others. We will look at the theories, we will
examine the facts (past and present), then we will go back to the theories and
reconsider their explanatory power. With this background we approach the debate
about Intellectual Property, what it is and what it is not good for, whose
interests it serves and whose well being it thwarts. Prerequisite: Econ 4011. 3 units.
445* Public Finance.
The study of
fundamental forms of market failure that provide a rationale for government
action. The first third of the class
analyzes the allocation of resources and the natural and social phenomena that
determine the feasibility and efficiency of allocations and whether they occur
as equilibria. Topics include the characterization of efficiency when an
economy contains externalities and public goods and the efficiency enhancing
role of policy. The second third
examines whether particular public policies achieve their goals and are cost
effective and whether they produce unintended consequences. The final third
addresses taxation. Topics include the measurement and evaluation of tax
burdens, the structure of the federal personal income tax and corporate profits
tax, tax evasion, and proposals for fundamental tax reform. There is significant use of price theory and
calculus throughout the course.
Prerequisite: Econ 4011.
448W* Current Macroeconomic Issues.
Review and extension of macroeconomic
models from Econ 4021 from a comparative perspective and use of these models to
analyze current macroeconomic and policy issues. Topics include recession and recovery,
long-term growth, saving and Social Security, investment, and monetary
policy. Multiple writing assignments
that emphasize critical analysis of readings on current macroeconomic
topics. Writing will be revised to improve
logical structure, clarity, and style.
Enrollment limited to 15 students with priority given to senior
economics majors. Prerequisite: Econ 4021. 3 units.
451 Environmental
Policy/Business and the Environment.
This course will examine the relationship
between environmental economics and environmental policy and raise more general
questions about the political economy of regulation. The course will focus on air pollution, water
pollution, and hazardous wastes, although some attention will be given to
biodiversity and global climate change.
The course will examine critically two prescriptions that economists
usually endorse: (1) the "balancing" of benefits against costs (e.g.,
benefit-cost analysis) and the use of risk analysis in evaluating policy
alternatives. (2) The use of market
incentives (e.g., prices, taxes, or charges) or "property rights"
instead of traditional command-and-control regulations to implement
environmental policy. Prerequisite: Econ
1011. 3 units.
452* Industrial Organization.
Theoretical and empirical analysis of the
presence and value of competitive forces in the
4551 Seminar in Political Economy. (Identical to L32 4551.)
Collective decision-making
in organizations, organization design, links between markets and government,
collective preferences, institutions, democracy and deliberation, constitution
design. 3 units. This
course may not be used to satisfy major or minor requirements.
456 Business, Government,
and the Public.
This course examines the increasingly
complex interrelationships among business, government, and the public. It focuses on a set of major current problems
involved in these relationships, such as environmental improvement, the
military-industrial complex, and income redistribution. Prerequisites: Econ 1011 and 1021 and junior
or senior standing. 3 units.
458* The Theory of
Property Rights.
The course develops a theory of property
rights and explores the implication of various property rights structures for
resource allocation and economic development.
The theory developed by Ronald Coase, Harold Demsetz, Armen Alchian,
Steven Cheung, and others will be examined and various types of property right
discussed such as share-cropping, slavery, serfdom, as well as property rights
in modern market and socialist economies.
Prerequisite, Econ 4011. 3
units.
460* Urban
Economics.
This course is a survey of modern urban
economics. We shall examine the
microeconomics of the structure of cities and housing markets, economic
theories addressing how, why and where cities form; they history and dynamics
of the urban economy; and the role of government policy in correcting for
market failures in the urban economy.
Prerequisite: Econ 4011. 3
units.
467* Game Theory.
Introduction to the analytical theory of
non-cooperative games, with applications to Economics. Course will cover game theoretic aspects of
decision theory, Nash equilibrium and its refinements, and topics in strategic
and extensive form games, and in games of incomplete information. Prerequisites: Econ 4011, Math 233, and Math 2200. 3 units.
475* International
Trade. (Identical with International
Studies 475.)
Analysis of international trade from
different perspectives: Ricardian,
Hecksher-Ohlin, and new trade theories.
Topics include patterns of trade, gains from trade, protectionism,
international factor movements, political economy of trade policy, balance of
payments, exchange-rate determination, and international investment. Rigorous application of price theory to trade
issues and in-depth discussion of current international policy questions. Prerequisite: Econ 4011. 3 units.
480* Labor
Economics.
Economic analysis of labor markets. Theory of and evidence on supply of and
demand for labor; explanation of wage differentials; factors affecting the
development and application of human capital; effects of alternative
compensation and incentive schemes on firm performance and productivity;
relationship between wages, inflation, and unemployment; examination of
relevant public policy. Prerequisite:
Econ 4011. 3 units.
4861* Seminar in Macro
and Monetary Economics.
Topics chosen by instructor from modern empirical and
theoretical research papers in macroeconomics.
Student participation in class discussions of research papers is
essential. Topics vary, but may include
the link between capital markets, consumption and investment, imperfect
competition and macroeconomic fluctuations, real business cycles models, and
post-Keynesian macroeconomics.
Prerequisites: Econ 4011, 4021,
413, and permission of instructor.
487* Applied Financial
Modeling.
Topics in financial economics, including portfolio
theory, the capital asset pricing model, the efficient markets hypothesis, and
models of time-varying market volatility, with an emphasis on empirical
applications of theoretical concepts using Microsoft Excel. Cultivation of practical programming skills
is designed to complement application of economic theory to financial markets. Prerequisites: Econ 4011 and Econ 413. 3
units.
488 Seminar in Political
Economy. (Identical with Political
Economy 498.)
Modern democratic theory, applying social
choice and game theory to the analysis of democratic political systems. Comparisons between
4xx* Advanced Macroeconomics Seminar. Course title and description not available for this
draft. Check online with Spring 2010
course listings.
490 Independent
Work.
Prerequisite, senior standing and
permission of the Academic Coordinator.
Credit variable; maximum 6 units. This course may not be used to satisfy major or minor requirements.
496 Teaching Practicum in
Economics.
readings and exam materials under the supervision of
faculty. Credit variable; maximum 3
units. This course
may not be used to satisfy major or minor requirements.
497 Research in
Economics.
498 Honors Seminar.
Advanced application of economic theory
to policy problems. Prerequisites:
invitation into the “Honors in Economics with Distinction” track of the department’s
Honors Program. This is part one of two
courses, and is taken in the fall semester of the senior year. 3 units. This course may not be used to satisfy major or minor requirements.
Research and teaching
interests are indicated for each faculty member.
Professors
Gaetano Antinolfi (macroeconomics, monetary and
international macroeconomics; 4021, 435)
Costas Azariadis (labor contracts, macroeconomic
dynamics and economic development; 502)
Lee Benham, (industrial organization, medical economics;
1011, 352, 426W, 4541, 498)
Marcus C. Berliant, (public
finance, mathematical economics, urban economics; 409, 418, 445, 460, 503, 504)
Michele Boldrin (economic theory, economic growth
and macroeconomics; 444, 501, 502)
Siddhartha Chib (Bayesian econometrics)
John Drobak (law and economics, regulatory economics;
458)
Philip Dybvig (economic theory and finance)
Haluk Ergin (microeconomic
theory, game theory; 467, 503, 504)
Steven M. Fazzari
(macroeconomics, monetary economics, post-Keynesian economics, econometrics; 1011,
1021, 4021, 448W, 486)
Sebastian Galiani (development economics,
econometrics; 471, 4151)
Barton Hamilton (entrepreneurship, health economics,
labor economics, econometrics)
Pamela Jakiela
(development, behavioral; 372)
Sukkoo Kim (economic history, urban & regional
economics, international trade; 326, 376, 4011, 476)
Stephanie Lau (microeconomic
theory, game theory; 4011, 467)
David Levine (game theory, general equilibrium
theory, macroeconomic theory; 205, 4011, 503, 504)
Glen MacDonald (industry evolution, strategy &
value appropriation, microeconomics & industrial
organization, investor
protection, compensation)
Rudolfo Manuelli (macroeconomics, growth; 501, 502)
James Morley (time series econometrics; 1021, 4021,
487)
John H. Nachbar (microeconomics, game theory; 1011, 4111, 503,
504)
Douglass C. North (New
Institutional Economics, economic history, economic development; 458, General
Studies 292)
Juan Pantano (applied microeconomics, labor, law and
economics; 403)
Robert P. Parks (econometrics, public finance; 1011,
413, 445)
Bruce Petersen
(microeconomics, industrial organization; finance; environmental economics 1011,
452, 428)
Werner Ploberger (statistics, econometric
methodology, time series econometrics)
Robert A. Pollak (environmental economics, economics
of the family, consumer economics; 451)
Raul Santaeulalia-Llopis (macroeconomics, growth; 4021)
Norman Schofield (political economy, game theory;
350, 418, 466, PE 498)
Yongseok Shin (macroeconomics, growth; 501, 502)
Jeroen Swinkels (competitive strategy, game theory,
auctions & bidding, design of incentive schemes)
Ping Wang (macroeconomics, growth, urban economics)
Murray L. Weidenbaum (government and business; 456)