Economics

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 301     Intermediate Macroeconomics     4 Credit Hours

The course focuses on what determines national output, economic growth, unemployment, and inflation both in the short- and long-run. The course also explores policy applications for fiscal and monetary policies and reviews debates about various schools of thought on macroeconomic policy approaches. This is a project-based learning course with hands-on learning organized in teams. (YR).

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

ECON 302     Intermediate Microeconomics     4 Credit Hours

In this course you will learn how to use models to study economic phenomena and develop economic intuition through practice-based learning, so you can confidently respond to business and policy-relevant challenges that you will encounter in your career. Topics covered include consumer and producer theory, firm behavior, market power, game theory, asymmetric information and public goods. (YR).

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

ECON 305     Economic Statistics     4 Credit Hours

This course provides you with the basic tools to succeed in today’s data-driven world. The focus of this class is on learning basic statistical tools for describing and presenting data, to draw inferences and make predictions, and apply these concepts to make data-informed and evidence-based decisions. Using a practice-based learning approach you will study real-world applications of the concepts covered in class. (YR).

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

ECON 311     Money and Banking     4 Credit Hours

The course focus is on various concepts of the financial system. We will focus on how the Federal Reserve engages in Monetary Policy and its role in the economy; financial assets of stocks, bonds, and derivatives; as well as the role foreign exchange rates play in economic interconnection of nations. We will link all these topics to historic recessions and global financial crises. (AY).

Prerequisite(s): ECON 201

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. (OC).

Prerequisite(s): ECON 201 and ECON 202

ECON 331     Industrial Organization     4 Credit Hours

In this course you will learn theories and empirical evidence on the causes and effects of market power in industrial markets. The course will also provide you with an in-depth discussion of pricing and strategic behavior as well as of the role of information and patents. Using a practice-based learning approach you will study real-world applications of the concepts covered in class. (AY).

Prerequisite(s): ECON 202

ECON 332     Sports Economics and Esports     4 Credit Hours

In this course, we will delve into the economic principles that underpin the sports industry, employing perspectives from industrial organization, labor economics, and public finance. Topics include the analysis of sports teams and leagues as profit-maximizing enterprises, the benefits and costs of professional and college sports teams for local communities, discrimination, competitive balance, and esports. Through a practice-based learning (PBL Level 1: Fundamental) approach, students will engage with real-world applications of the concepts covered in class. (AY, OC).

Prerequisite(s): ECON 202

ECON 351     Environmental Economics     4 Credit Hours

This course looks at environmental and resource problems from an economic perspective. We will consider various ways in which markets fail and discuss what kind of policies could improve environmental outcomes. Focus will be on current policies and environmental developments. (AY).

Prerequisite(s): ECON 202

ECON 355     Health Economics     4 Credit Hours

Using microeconomic concepts and statistics, this course provides a comprehensive overview of health care markets and determinants of health in high-income countries, particularly the U.S. Even though there is a degree of overlap with health services research, public health, and clinical medicine, the thrust of this course is economic. Topics include the demand and supply of health services, public and private approaches in financing health care and the application of cost-benefit analysis to the provision of healthcare. Prerequisites: ECON 202. Recommended: ECON 302 or other quantitative methods course. (AY). (AY).

Prerequisite(s): ECON 202

ECON 361     U S Economic History     4 Credit Hours

This class will focus on longer term trends and themes in American history with various comparisons to contemporary issues. Some main topics you are expected to learn: theories on why the US is richer than other colonies, historical health issues, economics of slavery, post-Civil War Racism, reasons for why the Great Depression lasted as long as it did, how the US left the Great Depression etc. (YR).

Prerequisite(s): ECON 201 or ECON 202

ECON 362     European and International Economic History     4 Credit Hours

The course focuses on various major economic events/topics, such as the transition from hunter gathering to farming, Mathusian economies, the Industrial Revolution, the impact of the slave trade on Africa, the reversal of fortunes between the Mideast and Europe, etc. Various other topics are discussed, such as Chinese economic history, the Black Death, historic legal systems, etc. (AY).

Prerequisite(s): ECON 201 or 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 390N     The Economics of Cars     3 Credit Hours

How has the history and structure of the auto industry affected technology, trade, the shape of our cities, or our regional and national economies? What are the implications of a car-centric transportation system for the environment, energy consumption, safety, or social exclusion? Can a global pandemic affect our mobility systems well into the future? These are some of the questions explored in this course where we examine relevant economics research and engage with practice-based learning projects. In this course we will focus on economic analysis and its policy implications. Course prerequisite: ECON 201 or ECON 202. (OC).

Prerequisite(s): ECON 201 or ECON 202

ECON 398     Economics Internship     4 to 8 Credit Hours

This internship affords the student the opportunity to apply tools learned in economics courses to real-world work situations. The student has 10-20 hours of unpaid work per week under the guidance of a faculty advisor and complementary academic work supervised by an economics professor. Only 4 credit hours may be applied to meeting the concentration requirements in economics; up to 8 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). 4 TO 8 Credit hours (F, W, S).

ECON 4011     Monetary Economics     4 Credit Hours

What is the nature of inflation? How are money, output and prices related? Does monetary policy only affect economic activity through interest rates? Should we conduct monetary policy with rules or discretion? These are a few questions we will explore in this course, based entirely on research articles, and project-based learning related to policy decisions faced by the Federal Reserve. The course is run as a seminar with much discussion, participation, and student-guided sessions, including student presentations of research articles. (AY).

Prerequisite(s): ECON 301

Restriction(s):
Can enroll if Level is Undergraduate

ECON 4015     Introduction to Econometrics     4 Credit Hours

In this course you learn methods of empirical analysis that are highly sought after by prospective employers. Using a practice-based learning (PBL Project) approach, you will learn how to apply several econometric techniques that are useful for business and policy decision-making, including OLS, Probit, Tobit, and Difference-in-differences. Students cannot receive credit for both ECON 4015 and ECON 415. (W, YR).

Prerequisite(s): (MATH 113 or MATH 115) and (ECON 305 or STAT 325)

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. (OC).

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. (OC).

Prerequisite(s): ECON 302

Restriction(s):
Can enroll if Level is Undergraduate

ECON 4085     Public Finance     4 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 the local, state and Federal US tax system and its labor supply implications, intergovernmental transfers and transfers to individuals, cost-benefit and budget analysis as well as models of political economy and public choice theory. Students cannot receive credit for both ECON 4085 and ECON 481. Prerequisites: ECON 302. Recommended: ECON 305 or other quantitative methods course. (AY). (AY).

Prerequisite(s): ECON 302

Restriction(s):
Can enroll if Level is Undergraduate

ECON 437     Behavioral Public Policy     4 Credit Hours

In this course you will learn to apply the insights from behavioral economics and psychology to public policy design. The goal is to make it easy and natural for ordinary people to make sensible decisions through smart choice architecture, including nudges, defaults, simplification, disclosure, etc. while preserving complete freedom of choice. In this course we consider several public policies that are informed by behavioral science research, including retirement savings, household borrowing, health care, energy & fuel use, choice of nutrition, and environmental protection. (AY).

Prerequisite(s): ECON 202

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

ECON 438     Beh Econ for Business & Policy     4 Credit Hours

Behavioral economics is the combination of economics and psychology that studies what happens if people behave like humans: irrationally, making mistakes, procrastinating, succumbing to temptations, forgetting, following rules of thumb, etc. In this course you will learn behavioral insights and by working on a PBL project you will apply these insights to develop solutions that can help individuals, businesses, and policy makers to succeed. Students cannot receive credit for ECON 336 and ECON 438 or ECON 538. (YR).

Prerequisite(s): ECON 202 or ECON 2001

Restriction(s):
Cannot enroll if Class is Freshman

ECON 442     Economic Development     4 Credit Hours

This course presents students with an understanding of the key problems, concepts, theories, institutions, sources of statistical information and policy debates that inform global economic development today. It covers an array of issues, from how we conceptualize and measure development and poverty, to debates on how we tackle poverty, to the centrality of human capital in growth and development, to sustainability, rural agriculture, and macro issues of trade and global finance. This is a project-based learning course with hands-on learning organized in teams. (AY).

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. (OC).

Prerequisite(s): ECON 201 or ECON 202

Restriction(s):
Can enroll if Level is Undergraduate

ECON 447     International Finance     4 Credit Hours

International Finance offers a window into the world of currencies, foreign exchange markets, balance of payments, and macroeconomic policies of open economies. We will explore the ways in which economies in a global world are affected by and can best respond to changing pressures created by domestic and external events, but also how this global environment affects the choice and functioning of domestic macroeconomic policies. (AY)

Prerequisite(s): ECON 201

Restriction(s):
Can enroll if Level is Undergraduate

ECON 448     International Trade     4 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. (OC).

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. (OC).

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. (OC).

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

Restriction(s):
Can enroll if Level is Undergraduate

ECON 499     Directed Research     1 to 4 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 the Economics discipline. In all cases students must have faculty supervisor's permission to register.

Restriction(s):
Can enroll if Level is Undergraduate