Economics (ECON)

ECON 100     Personal Economics & Finance     3 Credit Hours

Students in ECON 100 will acquire the knowledge and tools needed to survive and thrive in the economic realities of the 21st century. Students will become familiar with the Michigan and U.S. economies, and will learn how to apply basic economic concepts to common personal choices, for example how to finance their education. They will also learn how to use economic concepts to critically evaluate economic information presented to them by others.

ECON 2001     Introductory Economics     3 Credit Hours

Introduction to economic reasoning, basic economic concepts and theories used in microeconomics and macroeconomics. Economic techniques including graphing and marginal analysis will also be introduced and applied to practical problems in everyday life. In addition, this course will focus on the way economic concepts can be taught at the elementary and high school level in a way that integrates economics into a broader understanding of Michigan history, government and geography. (F).

ECON 201     Prin: Macroeconomics     3 Credit Hours

Together with ECON 202, this course serves to introduce the student to the basic ideas and concepts of modern economic analysis, and applies them to current economic problems, policies and issues. The focus of this course is on macroeconomics: income and wealth, employment, and prices at the national level in the United States economy. It is recommended that students take ECON 201 before ECON 202. MATH 105 is highly recommended but not required. (F,W,S).

ECON 202     Prin: Microeconomics     3 Credit Hours

Together with ECON 201, this course serves to introduce the student to the basic ideas and concepts of modern economic analysis, and applies them to current economic problems, policies, and issues. The focus of this course is on microeconomics, the behavior of consumers and firms and their interactions in specific markets. It is recommended that students take ECON 201 before ECON 202. MATH 104 or 105 is highly recommended but not required. (F,W,S).

ECON 205     Business in Japan     3 Credit Hours

How did Japan accomplish its economic success? How are businesses in Japan managed? To answer these questions, this course examines the social context of industries, organization and management of a company, cultural traits which contributed to Japanese-style management, and the historical background of modern Japanese culture. (OC).

ECON 290     Topics in Economics     3 Credit Hours

Examination of problems and issues in selected areas of economics. Title as listed in Schedule of Classes will change according to content. Course may be repeated for credit when specific topics differ. (OC).

ECON 301     Intermediate Macroeconomics     3 Credit Hours

A systematic study of the determinants of national output, economic growth, inflation, and unemployment. The effects of monetary policy, fiscal policy and other economic factors are analyzed for both the long run and short run. Debates about various approaches to macroeconomics policy are also discussed. (F,W).

Prerequisite(s): ECON 201 and ECON 202 and (MATH 104 or MATH 105 or MATH 113 or MATH 115 or MPLS with a score of 113)

ECON 302     Intermediate Microeconomics     3 Credit Hours

A systematic study of the role of prices in organizing economic activity. The tools necessary for such study will be developed and applied to the analysis of the household, the firm, and the market under varying degrees of competition and monopoly. (F,W).

Prerequisite(s): ECON 201 and ECON 202 and (MATH 104 or MPLS with a score of 113) or MATH 105 or MATH 113 or MATH 115

ECON 305     Economic Statistics     3 Credit Hours

Introduction to the logic and use of statistical analysis, with emphasis on statistical inference. Topics covered include descriptive statistics, probability, estimation, hypothesis testing, and the use of linear regression analysis to study relationships between two variables. (F,W).

Prerequisite(s): ECON 201 and ECON 202 and (MATH 104 or MPLS with a score of 113) or MATH 105

ECON 311     Money and Banking     3 Credit Hours

The structure, workings, and regulation of financial systems, concentrating on bank-like financial institutions. While financial instruments like stocks, bonds, and some derivatives are discussed, the focus is on the economic theory behind financial markets. That is, the study of monetary policy underscores the interaction between the financial system and the economy. (F,W).

Prerequisite(s): ECON 201

ECON 321     Labor in the American Economy     3 Credit Hours

An analysis of the nature and underlying causes of the problems facing the worker in modern economic society. Includes an examination of wages, unemployment, economic insecurity, the trade union movement, collective bargaining, and labor legislation. (F,W).

Prerequisite(s): ECON 201 and ECON 202

ECON 325     Economics of Pov and Discrm     3 Credit Hours

An analysis of the economic aspects of poverty and discrimination. Emphasis on the theoretical economic causes of poverty and the economic bases for discriminatory behavior, the impact of poverty and discrimination on individuals and society, and the effect of reform policies on the two problems. (AY).

Prerequisite(s): ECON 201 and ECON 202

ECON 331     Industrial Organization     3 Credit Hours

Theory and empirical evidence on the causes and effects of market power, especially in industrial markets. The focus is on the relationships between market structure and performance, and policy formation. (YR).

Prerequisite(s): ECON 202

ECON 335     Experimental Economics     3 Credit Hours

This course on experimental economics is devoted to laboratory experiments on individual behavior in markets as well as in social situations. It focuses on different forms of strategic interactions between agents, including competition, coordination, bargaining, and public choice. We will consider individual decision experiments, choice anomalies, and the role of information in learning and signaling. We will also discuss the design of various economic experiments, such as market bargaining, auctions, trust, gift giving, adverse selection, public goods, common pool resources, etc. Students are recommended (but not required) to take Econ 302 before enrolling in this class. Basic knowledge of Excel is required for this class.

Prerequisite(s): ECON 202 or ECON 2001

Restriction(s):
Cannot enroll if Class is Freshman

ECON 351     Environmental Economics     3 Credit Hours

Course examines the economic aspects of pollution problems. Topics covered in this course include the economic theory of externalities, the theory of public goods, and the optimum use of depletable natural resources. The role of cost-benefit analysis as a part of the decision-making process is also examined. (AY).

Prerequisite(s): ECON 202

ECON 355     Econ of the Medical Sector     3 Credit Hours

Course examines the health of a population and the health care industry, using the tools of economic analysis. Topics include the demand and supply of health services, alternate ways of financing health care, the application of cost-benefit analysis to health projects, and comparative health economic systems (e.g., Britain, Sweden). (AY).

Prerequisite(s): ECON 202

ECON 361     U S Economic History     3 Credit Hours

A survey of the processes of development of the United States economy, their social implications, and the sources of today's economic problems. (YR).

Prerequisite(s): ECON 201 and ECON 202

ECON 362     Eur and Intl Economic Hist     3 Credit Hours

A survey of the processes of industrialization in the major non-American industrial economies, with a focus on their relevance and implications. (AY).

Prerequisite(s): ECON 201 and ECON 202

ECON 372     Economic Demography     3 Credit Hours

Course offers an introduction to economic demography, focusing on the interrelation between economic and population variables, and the techniques of demographic analysis. (OC).

Prerequisite(s): ECON 201 and ECON 202

ECON 375     Heterodox Economics     3 Credit Hours

This course introduces students to alternative perspectives on economic theory and method. These alternatives include: Marxian and radical political economics, institutional and evolutionary economics, behavioral economics, post-Keynesian economics and feminist economics. (OC).

Prerequisite(s): ECON 201 or ECON 202 or ECON 2001

ECON 385     Public Choice     3 Credit Hours

Public policy decision making, particularly governmental decisions regarding economic policies. Emphasis is on the use of economic methodology to analyze resource allocation via the political system rather than through private markets. (OC).

Prerequisite(s): ECON 201 and ECON 202

ECON 390     Topics in Economics     1 to 3 Credit Hours

Examination of problems and issues in selected areas of economics. Title as listed in Schedule of Classes will change according to content. Course may be repeated for credit when specific topics differ. (OC).

ECON 390H     Topics in Economics     3 Credit Hours

Topic: The Economics of Religion, Crime, and Marriage. This course uses the tools of economics, particularly microeconomics, to explain key characteristics of religion, criminal behavior, and marriage. For religion, the course will explore church organization, church architecture, beliefs about the afterlife, doctrine about usury, and religious market structure, among others. For crime, the course will evaluate claims about the death penalty, gun control and the demand for crime. For marriage, the course will analyze multiple, marriage payments, family organization, and marriage for love, among others.

Prerequisite(s): ECON 202

ECON 390M     Topics in Economics     3 Credit Hours

Topic Title: Comparative Institutions: Cuba, the US and More. This course will analyze different institutions. This will range from colonialism to the mafia to prison gangs to economic development. A significant part of the class will be a spring break trip to Cuba. Before we go we will study the institutional literature on democracies and dictatorships and then spend a week traveling around one of the last communist countries that still exists.

ECON 398     Economics Internship     3 to 6 Credit Hours

This internship affords the student the opportunity to apply tools learned in economics courses to real-world work situations. The student has 8-16 hours of unpaid work per week under the guidance of a faculty advisor and complementary academic work supervised by an economics professor. Only three credit hours may be applied to meeting the concentration requirements in economics; up to six credit hours may be applied toward graduation credit. The internship is offered only on the S/E grading basis. Students cannot receive credit for both ECON398 and ECON498.(F,W,S). 3.000 TO 6.000 Credit hours

ECON 4011     Monetary Economics     3 Credit Hours

This course examines financial institutions in a macroeconomic theoretical context. A rigorous treatment of monetary theory is presented followed by practical discussion of U.S. monetary policy as implemented by the Federal Reserve System. Students cannot receive credit for both ECON 4011 and ECON 411.

Prerequisite(s): ECON 311 and ECON 301

Restriction(s):
Can enroll if Level is Undergraduate

ECON 4015     Introduction to Econometrics     3 Credit Hours

The theory and practice of the statistical analysis of economic relationships. Topics covered include the construction and estimation of econometric models and tests of economic theories, emphasizing the use of multiple linear regression. Students cannot receive credit for both ECON 4015 and ECON 415.

Prerequisite(s): MATH 113 or MATH 115 and ECON 305

Restriction(s):
Can enroll if Level is Undergraduate

ECON 4021     Economics of the Labor Sector     3 Credit Hours

Theoretical analysis and empirical studies of the nature and operation of labor markets. Includes theories of wage determination and income distribution, the nature of unemployment, the impact of collective bargaining on the economy, the extent and economic effects of discrimination, and the nature and effects of government wage and employment policies. ECON 321, Labor in the American Economy, is valuable background to this course although it is not a prerequisite. This course counts as a required capstone (4000-level) course in Economics and also counts toward the Economics Honors designation. Students cannot receive credit for both ECON421 and ECON4021.

Prerequisite(s): ECON 302

Restriction(s):
Can enroll if Level is Undergraduate

ECON 4065     History of Economic Thought     3 Credit Hours

Course examines the evolution of economic thought and theory from the early origins to the present, focusing on the major contributions to economics, especially from Adam Smith onward, and assesses the current condition of economic analysis. Students cannot receive credit for both ECON 465 and ECON 4065.

Prerequisite(s): ECON 302

Restriction(s):
Can enroll if Level is Undergraduate

ECON 407     Cost-Benefit Analysis     3 Credit Hours

Cost-benefit analysis arguably is the most important tool in evaluating public and private policies. Conceptually, cost-benefit analysis is simple: subtract the costs from the benefits and adopt those policies yielding the greatest net benefit. In practice cost-benefit analysis is much more complicated. Costs and benefits must be summed over time, requiring a calculation of net present value. Costs and benefits must be summed over different people, requiring a social welfare function. Finally costs and benefits must be summed over a variety of goods and services, some of which do not have market values or where market values are not appropriate measures. This course reviews the techniques involved in cost-benefit analysis and employs case studies to illustrate these techniques. (AY)

Prerequisite(s): ECON 202 and ECON 302

Restriction(s):
Cannot enroll if Class is Freshman or Sophomore
Can enroll if Level is Undergraduate

ECON 4085     Public Finance     3 Credit Hours

Analysis of the role of government in the economy. Course examines theories of the need for and nature of government intervention in economic activities. Includes analysis of public goods, externalities, taxation, state, and local finance, and models of public decision making. Students cannot receive credit for both ECON 4085 and ECON 481.

Prerequisite(s): ECON 302

Restriction(s):
Can enroll if Level is Undergraduate

ECON 416     Mathematical Economics     3 Credit Hours

The mathematical techniques of sets, matrix algebra, and differential calculus are applied to economic problems of comparative statics, constrained optimization, linear equation systems, input-output planning, and dynamic growth models. Recommended for students planning to attend graduate school. (YR).

Prerequisite(s): MATH 113 or MATH 115

ECON 433     Antitrust and Regulation     3 Credit Hours

This course uses economic theory to examine major antitrust laws and to evaluate government regulation of industry. ECON 331, Industrial Organization, is valuable background to this course although it is not a prerequisite. Students cannot receive credit for both ECON433 and ECON333. (OC).

Prerequisite(s): ECON 202

Restriction(s):
Can enroll if Level is Undergraduate

ECON 437     Behavioral Public Policy     3 Credit Hours

This course teaches you to apply the insights from behavioral economics and psychology to public policy design. Empirically-based behavioral science offers policy makers the opportunity to decrease the impact of psychological limitations of lazy or boundedly rational individuals. In this course we consider various public policies that are informed by behavioral science research in the areas of retirement savings, household borrowing, health care, energy use and choice of nutrition. Graduate version of the course requires completion of additional assignments.

Prerequisite(s): (ECON 201 and ECON 202) or PPOL 500

Restriction(s):
Cannot enroll if Class is Freshman or Sophomore

ECON 438     Beh Econ for Business & Policy     3 Credit Hours

This course is a reading intensive seminar on behavioral economics, which is the combination of psychology and economics that investigates what happens in markets in which some agents display human limitations and complications. The course focuses on the behavioral economics theory and its' application to business practice and policy decision making. Specifically, in this course we: (1) examine the ways in which people deviate from the standard economics models, including irrationality, preferences for fairness, propensity to cooperate, trust, dual-interest, empathy and emotions; (2) explore behavioral economics theories and models; (3) discuss how the behavioral economics theories and models can be applied to solve business and policy problems. Graduate version of this course requires completion of additional assignments. Students cannot receive credit for ECON 336 and ECON 438 or ECON 538. (F,W,AY)

Prerequisite(s): ECON 202 or ECON 2001

Restriction(s):
Cannot enroll if Class is Freshman

ECON 442     Economic Development     3 Credit Hours

A survey of economic problems currently affecting third world countries and the various policy options available to them. Topics covered will include agrarian vs. industrial growth, and monetary and fiscal policies, planning problems, foreign exchange and debt problems. Students cannot receive credit for both ECON 442 and ECON 342 (OC).

Prerequisite(s): ECON 201 or ECON 202

Restriction(s):
Can enroll if Level is Undergraduate

ECON 444     Economies of the Middle East     3 Credit Hours

Survey of socio-economic issues of the post-WWII Middle East, using textbooks and web-based readings. Topics include population growth, urbanization, migration, gender issues, land reform, privatization, and stabilization policies. The Arab-Israeli conflict is not a focus of study. Grade based on papers and exams. Students cannot receive credit for both ECON 344 and ECON 444.

Prerequisite(s): ECON 201 or ECON 202

Restriction(s):
Can enroll if Level is Undergraduate

ECON 447     International Finance     3 Credit Hours

This course studies the large-scale economic issues in interdependent economies, such as the behavior of exchange rates, interest rates, income, wealth, prices, and the balance of payments. International finance focuses particularly on economic policies in a world with a multitude of currencies and increasingly integrated goods, financial, and capital markets. Students cannot receive credit for both ECON 447 and ECON 347.

Prerequisite(s): ECON 201

Restriction(s):
Can enroll if Level is Undergraduate

ECON 448     International Trade     3 Credit Hours

Course analyzes in depth the debate of free trade vs. protectionism. Different theoretical models of the "gains from trade" are presented, as well as studies of their empirical validity. Some historical perspective is included, as well as discussion of the current situation of the European Union. Students cannot receive credit for both Econ 348 and Econ 448.

Prerequisite(s): ECON 201 and ECON 202

Restriction(s):
Can enroll if Level is Undergraduate

ECON 482     Regional Economics     3 Credit Hours

Course explores methods of economics evaluation of regions in terms of intra- and inter-regional activity. Regions may smaller than a nation, be a collection of nations, or be composed of portions of more than one nation. Theoretical topics include the theories of (1) the location of the firm, (2) spatial demand, (3) agglomeration economies, and (4) input-output analysis. Regional development policy is discussed using Michigan and Ontario as subjects. Students cannot receive credit for both ECON382 and ECON482.

Prerequisite(s): ECON 201 or ECON 202 or ECON 2001

Restriction(s):
Can enroll if Level is Undergraduate

ECON 483     Urban Economics     3 Credit Hours

The economics of the city and the introduction of space in economic analysis; the determination of land use patterns, the location of firms and industries, and an urban area's growth; economic analysis and policy issues concerning urban poverty, housing, transportation, the local public sector, and other urban problems. Students cannot receive credit for both ECON 483 and ECON 381.

Prerequisite(s): (ECON 201 and ECON 202) or ECON 2001

Restriction(s):
Can enroll if Level is Undergraduate

ECON 497     Economics Seminar     3 Credit Hours

An advanced study in selected areas of Economics. Topics vary; see the current Schedule of Classes for topics and prerequisites. May be offered in satisfaction of 400-level elective requirement for concentration. (OC).

Restriction(s):
Can enroll if Level is Undergraduate

ECON 499     Directed Research     1 to 3 Credit Hours

Independent study under the direction of a faculty supervisor in advanced topic areas. Normally must be elected on the "pass/fail" option, in which case it does not count toward credit hour requirement for concentration. Special consideration for the A through E grading option must be approved by members of the Economics discipline. In all cases students must have faculty supervisor's permission to register.

Restriction(s):
Can enroll if Level is Undergraduate

 
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An asterisk denotes that a course may be taken concurrently.

Frequency of Offering

The following abbreviations are used to denote the frequency of offering: (F) fall term; (W) winter term; (S) summer term; (F, W) fall and winter terms; (YR) once a year; (AY) alternating years; (OC) offered occasionally