A study of the historical evolution of economic thought and economic systems with major emphasis on the "market system" (capitalism). Topics include scarcity, economic systems, supply and demand, competition, monopoly power, income distribution and the role of government in the economy.
A study of the aggregate economy (including the international economy). Topics include national income accounting, economic indicators, business cycles, economic growth, the role of money in the economy, and monetary and fiscal policies. Alternative schools of economic thought are also presented.
The basic course in statistical inference oriented toward the elements of description, estimation, and the testing of hypotheses. Topics include probability distributions, confidence intervals, tests of means, proportions, and differences, correlation and regression, analysis of variance, and chi-square tests of qualitative data. Principles are applicable to both social and physical sciences.
Students on an F-1 visa are eligible to work off campus to provide additional experience so long as the employment relates directly to the student's major area of study. The practical experience gained outside the traditional classroom supplements the theoretical and/or applied knowledge as a part of the student's coursework. The registration process for this course must be completed every term (including summers), as students must have their work authorization reissued each term to ensure continued enrollment. Jobs must be approved and verified by the International Programs Office before work may begin.
Development of the monetary and financial system: nature and functions of money, organization and operation of commercial banks and the Federal Reserve System and an introduction to monetary theory and policy.
Intermediate Microeconomics applies economic analysis to the process of managerial decision making. Topics include consumer theory, production theory, supply and demand, elasticity, and managerial decision making under various market structures. Additional topics may include regression analysis, alternative explanations of wage rate determination, income inequality, and discrimination.
An analysis of aggregate production, employment, income, and price level from different theoretical perspectives.
Analysis of the historical and theoretical basis for international trade and the politico-economic institutions that facilitate and impede it. Critical survey of themes associated with economic "globalism".
The study of economic concepts and doctrines within the social context of the past and their impact on the development of economic theory and methodology.
Ordinary least squares regression, including underlying assumptions and interference in both simple and multiple regression models is discussed, as are dummy variables, model structure, and functional form. Methods designed to detect and correct for the violations of the standard assumptions are examined. The effects of individual observations and of correlation among independent variables are also discussed. Additional topics include simultaneous equations, time series, limited dependent variable, and panel data models.
An overview of various economic concepts and approaches to current problems; seminar setting with both faculty and students convening the sessions; synthesizing reports.
An internship permits an individual to explore and obtain practical experience in a professional area of interest. Consult a department member for available opportunities. Plans for an internship must be made well in advance of the term in which the internship is to be carried out.
Permission of the Department Chair