Economics


Department of Economics
*ECON 201. Principles of Economics (Micro). 3 credits.
Topics covered include supply and demand, consumer choice, economics of the firm and industry, production, costs, distribution theory, international trade, comparative economic systems and the philosophy of economics.
ECON 202. Principles of Economics (Macro). 3 credits.
Topics covered include the organization and functioning of the economic system; determinants of aggregate output, inflation, interest rates, employment, unemployment, and the exchange rate; the banking system; business cycles and stabilization policy; economic growth; and the balance of payments. Prerequisite: ECON 201.
ECON 222. Contemporary Economic Issues and Policy Alternatives. 3 credits.
Application of elementary economic theory to current economic issues. Special emphasis is placed on public policy alternatives. Prerequisite: ECON 201 and 202.
ECON 225. Money and Banking. 3 credits.
Examines the economic role of money, banking and monetary policy within current institutional settings and under alternative theories explaining the interrelationships between money, the financial system and economic activity. Prerequisite: ECON 201 and 202.
ECON 270. International Economics. 3 credits.
A survey of the relationships among national economies, including trade theory, trade policy, international monetary relations and the balance of payments. Not open to students who have already earned credit in ECON 370 or 372. Prerequisite: ECON 201 and 202.
ECON 301. Economies in Transition. 3 credits.
A study of the evolution and operation of the post-Soviet Union economy. Special emphasis is given to the new independent states and their market reforms and foreign economic policies. Prerequisite: ECON 201 and 202.
ECON 302. History of Economic Thought. 3 credits.
Major contributions within the history of economic thought are studied in relation to both the historical circumstances within which they arose and the role each played in shaping contemporary, competing economic doctrines. Prerequisite: ECON 201 and 202.
ECON 305. Environmental Economics. 3 credits.
An analysis of the problems of the environment, their causes and alternative proposed methods of solution. Air and water pollution will be stressed as case studies of environmental problems. Prerequisite: Three credits in economics.
ECON 306. The Economics of Women and The Family. 3 credits.
Examines facts and theories pertaining to the various economic roles of women in America. The economics of marriage, divorce and childbearing are examined as are empirical and theoretical explanations of occupational and wage differentials between the sexes. Prerequisite: ECON 201.
ECON 310. Economic History of the United States. 3 credits.
A survey of the economic growth and development of the United States from colonial times to the present. Prerequisite: Three credits in economics.
ECON 312. Comparative Economic Systems. 3 credits.
An examination of the distinguishing characteristics, institutions and performances of the various types of major economic systems in the world today. Prerequisite: ECON 201 and 202.
ECON 315. Economics of Industrial Relations. 3 credits.
Study of the history and development of labor unions in the U.S. economy. Analysis of contemporary union practices and policies with special emphasis on the economic and socio-political environment in which unions operate. Prerequisite: ECON 201.
ECON 326. Public Finance. 3 credits.
Introduction to the field of public finance including theories and principles of taxation, government expenditure, public debt, and fiscal administration. Studies interrelationships between federal, state and local finance, shifting and incidence of tax, the burden of public debt, government spending and taxation decisions as stabilization policies. Prerequisite: ECON 201 and 202.
ECON 331. Intermediate Microeconomic Theory. 3 credits.
Intermediate analysis of the determination of price, resource allocation and product distribution in a free enterprise economy. Prerequisite: ECON 201 and 202.
ECON 332. Intermediate Macroeconomic Theory. 3 credits.
Intermediate level analysis of the major approaches to the determination of economic aggregates, with emphasis given to structuring a common analytic framework. Prerequisite: ECON 201 and 202.
ECON 340. Economics of Natural Resources. 3 credits.
Emphasizes availability of exhaustible resources and optimum utilization rates. Examines questions of intertemporal allocation and costs of growth. Prerequisite: ECON 201 and 202.
ECON 345. Industrial Organization. 3 credits.
An examination of contemporary U.S. industrial concentration both in the aggregate and within particular industries with emphasis on public policy implications. Alternative theories of the firm are considered in relation to different market structures. Prerequisite: ECON 201 and 202.
ECON 360. Labor Economics. 3 credits.
Study of the economics of labor markets. Attention is given to the structure and operation of labor markets, wage determination, employment, unions, and contemporary labor problems and policies. Prerequisite: ECON 201 and 202.
ECON 365. Economic Development. 3 credits.
A study of the characteristics of under-development, theories of economic development and the underlying causes for varying standards of living among the world's people. Considerable time will be spent on studying social and cultural factors that influence economic growth, and their potential affect on the economic progress of the less-developed countries. Prerequisite: ECON 201 and 202.
ECON 370. International Trade and Trade Policies. 3 credits.
An examination of the classical and modern theories of international trade, the effects of such trade on the domestic economy, the effects of barriers to free trade, and an appraisal of U.S. commercial policy since 1948. Prerequisite: ECON 201 and 202.
ECON 372. International Finance and Payments. 3 credits.
Examines international financial markets, instruments and institutions; determination of spot and forward exchange rates, interest arbitrage, hedging and speculation; and alternative policies for achieving equilibrium in international payments. Prerequisite: ECON 201 and 202.
ECON 382. Urban Economics. 3 credits.
A detailed examination of the economic aspects of urbanization with emphasis on metropolitan land use and location theory. Urban problems considered include housing, poverty, labor markets and municipal finances. Prerequisite: ECON 201 and 202.
ECON 385. Econometrics. 3 credits.
Course discusses construction of models based on economic theory including identification of variables, development, and testing of hypotheses for single- and multi-equation systems. Prerequisite: ECON 201 and 202, and IDS 191 or MATH 220.
ECON/IDS 386. Forecasting for Business and Economics. 3 credits.
For course description, see IDS 386.
ECON 405. Political Economy. 3 credits.
Evaluation and critique of mainstream and nontraditional economic paradigms. The interaction of economics and politics in the United States as it affects the distribution of wealth and domestic and international economic policies. Prerequisite: ECON 201 and 202, and junior or senior standing.
ECON 426. Theory of Public Choice. 3 credits.
Examines the justification for and nature of public sector activity in a market-based mixed economy. Emphasis is placed on theories of market failure, voting models, conditions of production and provision in the public sector, and models of bureaucratic behavior. Prerequisite: ECON 326 or 331, or permission of the instructor.
ECON 430. Monetary Theory. 3 credits.
Examines alternative theories of the relationships between money, interest rates, price levels, employment and output in order to assess the effectiveness of monetary policy for economic stabilization. Prerequisite: ECON 332 and MATH 205, or equivalent.
ECON 431. Advanced Theory. 3 credits.
Examines theories of general equilibrium and the distribution of income, welfare economics, capital theory and information theory. Prerequisite: ECON 331, 332 and MATH 205, or equivalent.
ECON 432. Stabilization Policies. 3 credits.
Examination of the role and scope of stabilization policies in a capitalistic economy. Primary emphasis will be given to the macroeconomic problems of cyclical fluctuations in aggregate economic activity, unemployment, price instability, disequilibrium in the balance of payments, and inadequate rate of economic growth. Alternative stabilization policies will be identified and evaluated. Prerequisite: ECON 332 or 484 and MATH 205, or equivalent.
ECON 455. Economics of Regulated Industries. 3 credits.
A study of the rationale, methods and impact on industry behavior of government regulations including public utility regulation and antitrust policies relating to monopoly and competition in the United States. Prerequisite: ECON 331 or 345.
ECON 460. Human Resources. 3 credits.
Examines the role of education and training in enhancing productive skills, employment opportunities and income. Also focuses on American employment, and health and welfare policies that relate to the labor market, giving attention to empirical studies. Prerequisite (one of the following): ECON 306, 331, 332, 340, 360, 385 or 484.
ECON 475. Regional Economics. 3 credits.
A study of local and subnational economics viewed as integral parts of a unified system. Emphasis will be given to the basic economic forces associated with regional growth and decline, and related public policy considerations. Prerequisite (one of the following): ECON 331, 340, 365, 370, 382 or 484.
ECON 484. Mathematical Economics. 3 credits.
Course employs techniques of differentiation and integration for microeconomic and macroeconomic analysis at the intermediate level. Prerequisite: ECON 201, 202 and MATH 205.
ECON 490. Special Studies in Economics. 1-3 credits each semester.
Designed to give capable students in economics an opportunity to complete independent study under faculty supervision. Admission by recommendation of the instructor and written permission of the department head prior to registration. (May not be used toward fulfillment of the 400-level requirement for a major in economics.)
ECON 499. Honors. 6 credits. Year course.
See catalog description entitled "Graduation with Distinction" and "Graduation with Honors." (Three credits of ECON 499 may be counted toward fulfillment of the 400-level requirement for a major in economics.)

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1996-97 Undergraduate Catalog
Last reviewed: 30 November 1996
Information Publisher: Division of Academic Affairs
James Madison University