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Course Descriptions

Economics 220 – Course Descriptions

Introductory Courses

01:220:102 Introduction to Microeconomics (3) The market system and alternative mechanisms for determining prices and allocating resources. Economic analysis of monopoly, cartels, wage and price controls, pollution, and other contemporary problems. The role of government in promoting economic efficiency. Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:121.

01:220:103 Introduction to Macroeconomics (3) Determinants of aggregate employment and national income; evaluation of government policies to alleviate inflation and unemployment. Money, banking, and monetary policy. International trade and finance, and the prospects for world economic development. Prerequisite: 01:640:111, or 115, or calculus placement. Credit not given for both this course and 11:373:122.

01:220:200 Economic Principles and Problems (3) Economic principles and their application to current problems. Prerequisite: 01:640:111, or 115, or calculus placement. Open only to engineering students. Credit not given for both this course and 01:220:102 and 103. 01:220:200 may be used in place of 01:220:102 and 103 to satisfy the prerequisite for more advanced courses.

Core Courses for Economics Major

01:220:320 Intermediate Microeconomic Analysis (3) Households and firms as maximizing agents; implications for demand and supply of goods and productive services in competitive and monopolistic markets; general equilibrium; welfare economics. Prerequisites: 01:220:102; 01:640:135 or 151. (Credit not given for both 01:220:320 and 203).

01:220:321 Intermediate Macroeconomic Analysis (3) Modern and classical theories of income determination, stabilization, and economic growth; emphasis on unemployment and inflation. Prerequisites: 01:220:102, 103; 01:640:135 or 151. (Credit not given for both 01:220:321 and 204).

01:220:322 Econometrics (3) Introduction to the application of statistical methods for the estimation, testing, and prediction of economic relationships. Emphasizes ordinary least squares regression and problems in its application. Extensive use of microcomputers. Special topics may include limited dependent variable models, simultaneous equation methods, and time-series methods. Prerequisites: 01:220:102, 103; 01:960:211 or 285 or equivalent; 01:640:135 or 151. (Credit not given for both this course and 01:220:326.)

01:220:326 Econometric Theory (3) Introduction to econometric theory and applications. Regression-based estimators derived and their statistical properties established. Topics include linear regression model and its extensions in economics, full information maximum likelihood estimators and test procedures, and other nonlinear methods. Computer applications of these methods employed. Prerequisites: 01:220:102, 103; 01:960:211 or 285; 01:640:136 or 152. (Credit not given for both this course and 01:220:322.)

Electives that Only Count Towards the Economics Minor

Note: the combination of 01:220:210 and 01:220:211, each of which is a 1.5 credit course, may be used to count for one of the four electives in the economics minor. Students who are able to satisfy the prerequisite for 01:220:211 with an appropriate statistics course do not need to take 01:220:210 (but are encouraged to do so), but in either case will also satisfy one of the four electives for the economics minor by completing 01:220:211.

01:220:210 Economic Data Analytics I: Introduction to Data Management and Statistics for Decision Making (1.5) Introduction to data collection, visualization, analysis, and presentation; use of Microsoft Excel throughout. Prerequisite: Intermediate Algebra 01:640:026 or higher. Not available for economics major credit.

01:220:211 Economic Data Analytics II: Introduction to Regression Methods for Decision Making (1.5) Introduction to basic linear regression methods, hypothesis testing, and interpretation of estimates; use of Microsoft Excel and Regressit, an Excel ad-in. Prerequisite: Either 01:220:210, 01:960:211 or 01:960:285. Not available for economics major credit. Course does satisfy the statistics pre-requisite for 01:220:322.

01:220:308 Introduction to Managerial Economics (3) Application of contemporary economic theory to managerial decisions and to public policy affecting business. Prerequisites: 01:220:102, 103. This course may not be used for major credit. Students cannot get minor credit for both 01:220:308 and 14:540:343.

Lower Level Electives

01:220:300 International Economics (3) Pure or "real" aspects of international trade, including the basic comparative advantage model, commercial policy (tariffs, quotas, etc.), economic integration, and the role of international trade in economic development. Monetary aspects of international trade, including international capital movements, foreign exchange market, concept and measurement of balance of payments, alternative means of correcting disequilibrium in the balance of payments, and international monetary arrangements. Prerequisites: 01:220:102, 103. Major credit may be earned for only two of the three options: (i) 01:220:300, (ii) 01:220:335 or 435), (iii) 01:220:336 or 436.

01:220:301 Money, Banking and the Financial System (3) Economic significance of money; structure, history, and present state of the American monetary system; credit, banking, and Federal Reserve; instruments of credit control; Federal Reserve and treasury policies; monetary reform, monetary theory and policy. Prerequisites: 01:220:102, 103.

01:220:303 Labor Institutions and Markets (3) Private and public employee unions, industrial relations, and collective bargaining. Public regulation of labor markets including industrial safety and wage levels. Prerequisites: 01:220:102, 103.

01:220:305 American Economic History (3) Long-term trends in economic growth and institutions from the colonial period to World War II. Development of transportation and industry. Effects of technological change and immigration. Economics of slavery. Monetary history and government regulation. Prerequisites: 01:220:102, 103.

01:220:307 Economics of Globalization: A Historical Perspective (3) Examination of the evolution of globalization from the 1800s to the present; assessment of the benefits of financial and trade integration relative to the costs associated with integration such as the consequences of financial crises. Prerequisite: 01:220:300 or 335 or 336.

01:220:311 Methods of Cost-Benefit Analysis (3) Introduction to theoretical and applied welfare economics. Theories of social welfare; the normative basis for and practical techniques of cost-benefit analysis. Selected applications. Prerequisites: 01:220:102,103 (01:220:311 taken in 2016 or earlier counts as an upper level elective)

01:220:327 History of Economic Thought (3) Historical examination of the major concepts of economic theory. Covers all major traditions within economic thought, with special emphasis on the school of classical political economy. Prerequisites: 01:220:102, 103.

01:220:331 Economics of Crime (3) Economic analysis of crime and the criminal justice system, criminal behavior, law enforcement, crime prevention, sentencing, capital punishment, organized crime, and the war on drugs. Prerequisites: 01:220:102, 103.

01:220:334 Energy Economics (3) Economic analysis of energy problems. Critical examination of government energy policies. Prerequisites: 01:220:102, 103.

01:220:348 Economics of Social Welfare Programs (3) Analysis of efficiency and equity effects of government welfare programs including cash assistance and Social Security. Evaluation of alternative assistance proposals. Prerequisites: 01:220:102, 103.

01:220:350 Economics of Africa (3) Structure and performance of the economies of Africa with an emphasis on the African Union. Prerequisites: 01:220:102, 103.

01:220:356 Economics of Latin America (3) Survey of Latin American economic patterns and problems; specific studies of selected national economies and their relation to the world economy. Prerequisites: 01:220:320, 321, and 322. Credit not given for both 01:220:346 and 356.

01:220:357 Economics of India (3) Examination of Indian economy from independence until today; tools for analyzing Indian economy and other developing economies. Prerequisites: 01:220:102, 103. Credit not given for both this course and 01:925:357.

01:220:359 Economics of Asia (3) Major Asian economies (excluding Japan) in four units: Asia's newly industrializing economies (Korea, Taiwan, and Hong Kong); Southeast Asia; China and Central Asia; and India and South Asia. Focus on Green Revolution in Asia, Asian industrialization and structural change, and the changing pattern of comparative advantage in United States-Asia economic relations. Prerequisites: 01:220:102, 103.

01:220:362 Comparative Economic Systems (3) Comparative analysis of differing economic systems with emphasis on plan/market comparisons and the nature of transitions in formerly planned economies. Prerequisites: 01:220:102, 103.

01:220:379 Marxian Economics (3) The method of dialectical materialism; economic interpretation of history; emphasis on Marx's analysis of the laws of capitalist development (value and price, surplus value, accumulation, crisis, etc.); and the transition from "primitive" to "full" communism. Prerequisites: 01:220:102, 103.

01:220:389 Public Policies toward Business (3) Analysis of major policies affecting competition. Topics include antitrust, traditional public-utility regulation, and newer regulatory alternatives. Prerequisites: 01:220:102, 103.

01:220:390 Choice and Strategy in Politics (3) Rational-choice approaches to understanding political behavior and institutions. Spatial models of direct and representative democracy; strategic behavior of political actors; ideal voting systems; selected applications in U.S. and other political systems. Cross listed with 01:790:390 in Political Science.

01:220:395 Law and Economics (3) Economic rationale and consequences of legal rules. Contracts, compensation, property rights, liability rules, crime, safety, monopoly, discrimination, health care, pollution, public interest law. Prerequisites: 01:220:102, 103.

01:220:396 Corporations, Bankruptcies, and Takeovers (3) Origin and nature of corporations, corporate bankruptcy including liquidation and reorganization, mergers and acquisitions, takeover disputes. Prerequisites: 01:220:102, 103. Credit not given for both this course and 01:220:309.

01:220:397 Internship in Economics (1) Supervised internship in economics-related position. Approval of the director of undergraduate studies and semester paper required. Prerequisites: 01:220:102, 103. Each student is limited to one internship in economics. Students are responsible for finding internships. Majors only. Graded Pass/No Credit.

01:220:398,399 Independent Study in Economics (3,3) Independent research supervised by a faculty member. Prerequisites: 01:220:102, 103. By permission of instructor and department. Maximum of two independent study courses in economics allowed.

Upper Level Electives

(Note that as of Fall 2016 all upper level electives have 400-level numbers. Credit will still be given for upper level electives taken prior to Fall 2016 that had a 300-level number. Several upper level electives that were previously 400-level have also been given new, also 400-level, numbers. In either case, credit will only be given for either the course with the pre-Fall 2016 number or the course with the new number. Specifics are noted for each course individually whose number has changed. A full concordance of all courses whose numbers have changed, with the old and new number, is available here .)

01:220:400 Advanced Time Series and Financial Econometrics (3) Application of multivariate time series methods to economics and finance. Upper level elective. Prerequisites: 01:220:320, 321, and 322.

01:220:401 Advanced Cross-Sectional and Panel Econometrics (3) Topics in cross-sectional and panel econometrics, with a basic introduction to time series econometrics. Topics include fixed effects, panel data, instrumental variables and simultaneous equation methods, limited dependent variable models, duration models, financial models, and macroeconomic models. Emphasis on application of these methods to economic issues with focus on computer exercises. Prerequisites: 01:220:320, 321, and 322. Open to students doing honors research or by special permission.

01:220:402 Labor Economics (3) The firm's labor demand, the household's labor supply, and wage determination in competitive and noncompetitive markets. Economics of unions. Human capital, occupational choice, wage structure, and unemployment. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:302)

01:220:403 Special Topics in Labor Markets (3) Analysis of topics such as hours of work, fertility and population, mobility, job search, and unemployment. Investment in human capital, wage and retirement policies, and occupational training. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:304)

01:220:412 Monetary Theory and Policy (3) Role of money and the monetary system in determining income, employment, and price level; techniques of monetary policy; relation of monetary and fiscal policy; international policies. Prerequisites: 01:220:321 and 322.

01:220:413 Financial Economics (3) Analysis of financial decision making; capital budgeting; capital structure; economic forecasting. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:393)

01:220:414 Economics of Capital Markets (3) Capital markets uncertainty; asset valuation; return on assets; determinants of relative yields. Theories of stock and bond market activity. Innovations in financial instruments. Prerequisites: 01:220:321, 322, and either 393 or 413. (Credit not given for both this course and 01:220:394)

01:220:415 Portfolio Theory (3) Selection of a financial portfolio under conditions of uncertainty. Treatment of risk. Case histories of investment fund performance. Prerequisite: 01:220:393 or 413.

01:220:416 Government Policies for Full Employment and Growth (3) Alternative government policies to ensure fulfillment of the national goals of full employment, price stability, satisfactory growth, and balanced international payments. Prerequisites: 01:220:321 and 322.

01:220:417 Health Economics (3) Medical care costs; production of health; demand for health care and insurance; health services personnel; physician and hospital behavior; cost containment; review and evaluation of public programs. Prerequisites: 01:220:320 and 322. Credit not given for both this course and 01:220:316 or 10:832:332.

01:220:419 Managerial Economics (3) Application of contemporary economic theory to managerial decisions and public policy affecting business. Incremental analysis; applications of linear programming to cost minimization and product mix; demand forecasting; pricing problems; and issues of public policy. Prerequisites: 01:220:320 and 322.

01:220:421 Economic Forecasting and Big Data (3) Application of forecasting to private- and public-sector decisions. Emphasis on time-series models with microeconomic and macroeconomic applications and computer exercises. Prerequisites: 01:220:320, 321, and 322.

01:220:422 Urban and Regional Economics (3) Application of market analysis, location theory, and public choice theory to urban areas. Analysis of urban problems such as housing, transportation, segregation, zoning, and public safety. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:330)

01:220:432 Environmental Economics (3) Economic basis of problems of air and water pollution and general environmental quality. Issues relating to externalities and public goods. Economic solutions to problems of environmental quality. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:332 or 11:373:363).

01:220:435 International Trade (3) Theories analyzing the gains from and causes of the international exchange of goods and services. The impact of commercial policy and other government policies on these gains and resource allocation. Prerequisites: 01:220:320, 322. Major credit may be earned for only two of the three options: (i) 01:220:300, (ii) 01:220:335 or 435), (iii) 01:220:336 or 436. (Credit not given for both this course and 01:220:335)

01:220:436 International Balance of Payments (3) Theory of the balance of payments and balance-of-payments adjustment. International financial system, foreign exchange market, determinants of the trade balance and capital accounts, and the impact of government financial policies in the open economy. Prerequisites: 01:220:320, 321, and 322. Major credit may be earned for only two of the three options: (i) 01:220:300, (ii) 01:220:335 or 435), (iii) 01:220:336 or 436.
(Credit not given for both this course and 01:220:336)

01:220:437 Economics of the European Union (3) Intraregional macroeconomic analysis of the European Union, elimination of all trade barriers, integration of capital and labor markets, coordination of monetary and fiscal policies, the Euro currency. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:337)

01:220:438 Education Economics (3) Economic theory applied to educational policy issues. The nature of education and its relation to personal and societal development from economic perspectives. Upper-level elective. Prerequisites: 01:220:320 and 322.

01:220:439 Economic Development (3) Theories and experience of qualitative and quantitative changes involved in the process of raising living standards in less-developed countries. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:339)

01:220:440 Economics of Income Inequality and Discrimination (3) Income distribution in the United States and elsewhere; the roles of occupation, education, and discrimination. Government policies concerning inequality, discrimination, and poverty. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:340)

01:220:441 Industrial Organization (3) Theories of firm and market behavior. Evidence on relationships between structure, conduct, and performance. Includes pricing, profitability, innovation, and advertising. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:341)

01:220:442 Economics of Innovation and Intellectual Property (3) Incentives to innovate, economic models of innovation, intellectual property protection including patents and copyrights, and government programs to stimulate innovation. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:342)

01:220:443 European Economic History (3) Emergence of the modern economy in Europe from the 16th to the 20th century. Price revolution and mercantilism. Industrial revolution in England and the continent, and the formation of international markets. The Great Depression and renewed prosperity. Prerequisites: 01:220:320, 321 and 322. (Credit not given for both this course and 01:220:343)

01:220:444 Financial and Monetary History of the United States (3) Development of financial institutions and money and capital markets. Central banking and the Federal Reserve system. Gold standard and floating exchange rates. Financial panics and economic crises. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:344)

01:220:445 Advanced Topics in International Economics (3) Topics may include strategic trade; trade and economic growth; the political economy of trade policy; exchange rate determination; international coordination of macroeconomic policy; empirical issues in international economics; and foreign direct investment. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:433).

01:220:449 Economics of Transition (3) Economic analysis of the policies and performance of the transition economies of the former Soviet Union and Eastern Europe. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:349)

01:220:456 Economics of Latin America (3) Survey of Latin American economic patterns and problems; specific studies of selected national economies and their relation to the world economy. Prerequisites: 01:220:320, 321, and 322. Credit not given for both 01:220:346 and 356. (Credit not given for both this course and 01:220:356)

01:220:458 Economics of Japan (3) Study of the modernization of the first non-Western industrialized economy. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:358)

01:220:460 Public Economics (3) Rationale for the public sector; public expenditure theory; economics of political process; expenditure structure and growth; incidence and incentives of specific taxes; fiscal incidence; stabilization. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:360)

01:220:463 Economics of Taxation (3) Structure of U.S. tax system. Effects on the allocation of resources and economic growth; distribution of the burden of taxation across income groups. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:363)

01:220:464 Personal Economics and Public Policy (3)
Examination of how public policy affects and is affected by individuals’ economic decisions and actions. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:364)

01:220:469 State and Local Public Finance (3) Evolution of federalism; analysis of expenditure and revenue decisions and intergovernmental grants; discussion of stabilizing and distributional aspects of state-local finances; and specific state-local fiscal problems. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:369)

01:220:470 Economic Growth (3) Theories, experience, and measurement of quantitative changes in output, employment, price levels, and other economic aggregates in modern developed countries. Prerequisites: 01:220:320, 321, and 322.
(Credit not given for both this course and 01:220:370)

01:220:471 Economics of Regulation (3) Applied topics in rate-of-return regulation. Emphasis on underlying financial, accounting, and pricing issues in selected utilities industries. Prerequisites: 01:220:320 and 322.

01:220:475 Women, Men, and the Economy (3) Description and analysis of women's economic status. Theories of discrimination against women in the labor market, including neoclassical, institutional, and Marxian. Women's work in the home analyzed from three perspectives: household utility maximization, patriarchy, and a sex-gender system. Application of theories to case studies. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:375)

01:220:477 Economics of Population (3) Theoretical and empirical study of the interrelations between population change and economic change in developed as well as less-developed countries. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:377)

01:220:478 Economies of the USSR and Russia (3) Analysis of the former Soviet economic system and attempted reforms through Perestroika: the transition to markets in the post-Soviet era in Russia and the Commonwealth of Independent States. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:378)

01:220:480: Behavioral and Experimental Economics (3) Critical examination of the behavioral critique of economic theory; Methodological questions about the nature of knowledge and discovery in economics, and the role of observation and econometric methods, including analysis of data from controlled experiments, in evaluating existing theory. Prerequisites: 01:220:320, 01:220:322, 01:640:136 or 01:640: 152. Credit not given for both this course and 01:220:404.

01:220:481 Economics of Uncertainty (3) Measurement of risk, attitudes toward risk, decision making under uncertainty, Bayesian decision theory, applications to asset markets. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152.
Credit not given for both this course and 01:220:405.

01:220:482 Game Theory and Economics (3) Expected utility theory, zero and nonzero sum games, cooperative and noncooperative games, bargaining models, supergames, oligopoly, core market games, strategy-proof systems. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152. Credit not given for both this course and any of the following: 01:220:406, or 01:640:355.

01:220:483 Economics of Information (3) Private and asymmetric information, moral hazard with optimal contracts, adverse selection with applications to signaling and screening, and incentive mechanisms such as auctions and tournaments. Prerequisites: 01:220:320; 01:960:211 or 285; 01:640:136 or 152.
(Credit not given for both this course and 01:220:407)

01:220:484 Market Discipline (3) Theories and evidence of agency problems and firm performance at for-profit, not-for-profit, and mutual organizations; internal discipline of managerial performance derived from ownership structure, boards of directors, incentive compensation, and debt financing; external discipline derived from regulation and markets for products, capital, labor, and donors. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:408)

01:220:485 Mathematical Economics (3) Mathematical approach to topics in theoretical economics: linear models, nonlinear programming, comparative statics, consumer behavior, theory of the firm, market structure, welfare theory. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:409)

01:220:486 Operations Research I (3) Application of quantitative methods to production management including decision theory, game theory, deterministic inventory theory, queuing, and linear programming. Prerequisites: 01:220:320 and 322. (Credit not given for both this course, 01:220:386 or 33:623:386)

01:220:487 Operations Research II (3) Development and use of advanced techniques of production management, including advanced topics in linear programming, PERT, nonlinear programming, dynamic programming, stochastic inventory theory, and Markov analysis and simulation. Prerequisites: 01:220:320 and 322; 01:640:136 or 152. (Credit not given for both this course and 01:220:410)

01:220:488 Government Protection of Consumers, Employees, and Investors (3) Market failure; consumer protection from hazardous products, false advertising, and deceptive sales practices; regulation of workplace safety; protection of investor and pension funds. Prerequisites: 01:220:320 and 322. (Credit not given for both this course and 01:220:388)

01:220:489 Advanced Topics in Economic Theory (3) Economic dynamics; variational methods with applications; economics under uncertainty; imperfect information and market structure; social choice, design of incentive-compatible systems; general equilibrium. Prerequisites: 01:220:320, 321, and 322. (Credit not given for both this course and 01:220:430)

01:220:490,491 Advanced Independent Study and Research (3,3) Specialized research supervised by a faculty member. Prerequisites: 01:220:320, 321, and 322. Open to juniors and seniors by permission of instructor and department. Maximum of two independent study courses in economics allowed.

01:220:493 Honors Research Seminar I (3) Workshop in which students, in conjunction with faculty advisers, formulate and develop individual research projects and present and discuss their research findings. Prerequisites: 01:220:320, 321, and 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.

01:220:494 Honors Research Seminar II (3) Workshop in which students, in conjunction with faculty advisers, complete individual research projects begun in 01:220:493 or in a research-oriented economics elective course and present and discuss their research findings. Prerequisites: 01:220:320, 321, 322. Pre- or corequisite: 01:220:401. Open to sophomores, juniors, and seniors by permission of department.

01:220:495,496 Seminar in Economics (3,3) Readings, analysis, and discussion of topics announced in advance each semester. Open to juniors and seniors by permission of department.

Contact Us

New Jersey Hall, Room 202
75 Hamilton Street, (CAC)
New Brunswick, NJ
08901-1248
P  (848) 932-7363 (undergraduate)
P  (848) 932-7451 (graduate)
F  (732) 932-7416
Thomas Prusa - Department Chair
Donna Ghilino - Senior Department Administrator
Barry Sopher - Undergraduate Program Director
Hilary Sigman - Graduate Program Director
Undergraduate Inquiries - Help and Advising
Graduate Advisor