1311. Fundamentals of Economics. Introduction to the fundamental concepts
developed by modern economists for understanding the nature of the exchange
economy and explaining the uniqueness of its prosperity in contrast to other economic
systems. Special emphasis is placed on the U.S. economy as a source of examples
and a medium for explanation. Readings from original sources stimulate awareness
of distinctive alternative views of central economic questions as well as of the ethical
dimension of economic activity. Fall and Spring.
3312. Intermediate Microeconomic Theory. Modern consumer theory and the theory of the firm. Market coordination and adjustment. Topics include: consumer demand, theories of production and production costs, pricing and output under competitive and non-competitive conditions, factor usage and pricing, and rudiments of general equilibrium analysis. Prerequisite: Economics 1311. Fall and Spring.
3320. Intermediate Macroeconomic Theory. The determination of national output, income and employment in the long run and short run. National income accounting. Full employment, long run macroeconomics. International trade and finance in the long run. Introduction to monetary theory. The static and dynamic versions of the equation of exchange, the velocity of money, inflation and deflation. An introduction to business cycle theory. The aggregate demand-aggregate supply model. The IS-LM framework in closed and open economies. Fiscal and monetary policy in the long run and the short run. The expectations adjusted Phillips Curve and the policy trade-off. Prerequisite: Economics, 1311. Fall and Spring.
3322. Fundamentals of Finance. The basic concepts of finance and an introduction to the mathematics of finance. Financial institutions, markets and financial statements. The basic principles of cash flow analysis, key financial ratios, interest rates and taxes on returns to investment. The risk and return trade-off, time value analysis, present and future values, financing options, and valuation of bonds and common stock. An individual, empirical project enables students to evaluate the financial condition of contemporary business firms. Students may substitute Business 3310. Only Economics 3322 OR Business 3310 may be taken for upper level Economics Credit. Prerequisite: Economics 1311. Fall.
3327. Statistical Theory and Methods. Parametric and non-parametric techniques utilized in statistical analysis. Major topics include sampling, probability analysis, hypothesis testing, normal distribution, the binomial distribution, analysis of variance, correlation, simple regression, and statistical inference. An individual project exemplifies real life application of techniques of research design and inference. No prerequisite. Fall.
3328. Business and Economic Forecasting. Extends applications of statistical techniques to business, economic analysis and basic econometrics. Stochastic multiple regression and CLR models are investigated and harmonized with time series models. Underlying assumptions are probed in detail and solutions are discussed to overcome violations. Qualitative dummy variables and Bayesian approach are introduced in regression. Time series analysis with Box-Jenkins, VAR, and ECM models as well as Panel data is investigated to prepare best possible forecasting models. An individual project enables students to apply methodology to a practical situation. Prerequisite: Economics 3327. Spring.
3329. Quantitative Economics. A mathematical restatement of the economic theory contained in Microeconomics and Macroeconomics. Topics include: indifference analysis, isoquant analysis, cost minimization, profit maximization, equilibrium conditions in final goods and factor markets, general equilibrium of a market economy. Keynesian multipliers, and the IS, LM and Aggregate Demand model. Mathematical tools used to express these relationships include functions of one or more variables, simple differentiation, partial and total differentiation, matrix algebra, simple differential equations, exponents and logs. Prerequisite: Economics 1311. Spring.
3330. International Economics and Finance. The microeconomic and macroeconomic foundations of international trade and finance. Classical and modern versions of comparative advantage. Tariffs and other forms of protectionism. Balance of payments, exchange rates, and adjustment mechanisms. Foreign commercial policies of the United States. The functioning of the international monetary system. Prerequisite: Economics 1311. Fall.
3340. Money, Banking and Financial Markets. Emphasis on financial markets and institutions. The foundations of interest rates
in the principles of discounting, and the role of interest rates in the temporal allocation
of goods, services and productive resources. Money, asset markets and interest rate
determination. The risk and term structure of interest rates. The structure and performance
of financial markets, including the economics of asymmetric information, financial
regulation, the risk-return trade off, derivatives, and Efficient Capital Market theory.
Exchange rate determination and international finance. The economics of fractional
reserve banking and the money supply process. Central banking and the goals and targets
of monetary policy. Prerequisite: Economics 3320 or consent of instructor. Spring.
4325. History of Economic Thought. The development of economic philosophy from its origins in ancient Greece to current developments in modern microeconomic theory and macroeconomic theory. Emphasis on original texts by Aristotle, Aquinas, Smith, Ricardo, Marx, Keynes, and Hayek et al. The historical, cultural and social context within which economic theory developed, and how real economic and philosophical currents influence inquiry and innovation in economic science and practice. Prerequisites: Economics 1311, 3312, 3320, 3330, 3340.Spring semester.
4332. Comparative Economic Systems. The diversity of approaches human communities have taken to solving economic questions. The similarities and differences between countries with varied forms of economic organization such as capitalism, communism, socialism, and communalism, from their philosophical origins to their implementation in real world economic systems. Developing economies, economies in transition, and wartime economies such as those in Iraq and Afghanistan are also addressed. How modern systems engage differently with issues such as healthcare, immigration, education, crisis and financial markets, economic development, and the environment. Prerequisite: Economics 1311. Spring.
4334. Industrial Organization. Structure and performance of markets. Evaluation
of government regulation of monopoly and antitrust policy. A critical examination
of the theories of concentration, advertising, dominant firms, and other purported
anti-competitive influences. Prerequisite: Economics 3312.
4335. Economic Development. An examination of the different theoretical approaches that seek to explain economic change and development in less developed geographic and geopolitical entities. An examination of important economic institutions and theories of development, including the Catholic Church's approach to economic development related issues, and current data about the developing world. Important controversies in the area of economic development, such as inequality, education, health, food, micro credit and finance, international trade and international aid and development policies. Attention will also be paid to current policy and practice of international governments and aid organizations in the developing world. Prerequisite: Economics 1311. Fall.
4336. Labor Economics. Labor productivity, unemployment, and wage determination.
Role of organized labor. Problems of labor immobility and stratification of
opportunity. Government labor policies. Prerequisite: Economics 3312.
4337. Managerial Finance. Short term and long term financial decision making at the level of the individual business firm. Liquidity management, cash budgeting, capital budgeting, risk analysis, capital structure, cost of capital, leveraging, dividend policy, current assets and liabilities management, hybrid and derivative securities, mergers, and divestitures. Emphasis is placed on implications of globalization for financial decision making. An individual project provides hands-on experience in dealing with a hypothetical financial problem at the firm level. Prerequisite: Economics 3322. Spring.
4338. Public Finance. A factual and theoretical examination of government expenditures and revenues; with special attention paid to the long-term viability of social insurance programs such as Social Security, Medicare, and Medicaid. A critical assessment of the U.S. tax system. The economic impact of public debt. Prerequisite: Economics 1311. Spring
4339. Political Economy. The relationship between the economic and political spheres: monism v. pluralism. Market failure and public policy analysis: the economics of governmental policies and programs directed toward regulation and control of business. Introduction to public choice theory. Prerequisite: Economics 1311. Fall
4340. Law and Economics. The impact of tort, contract, criminal and property law on incentives and economic behavior. Legal reasoning and its relationship to economic analysis. Economic factors in the evolution of common law precedents. Constitutional and legislative questions in the economic analysis of law. Prerequisite: Economics 1311.
4341. Economics Ethics. An examination of the relevance of economic insights to ethical reasoning. The limits of economics in the determination of correct public policy; the division of labor between economics and ethics in the area of public policy. Critical assessment of recent major works in social ethics. Prerequisite: Economics 1311. Fall.
4343. Western Economic History I. The causes, consequences and implications of the economic development of the North
Atlantic community from the medieval period to the present. Prerequisite: Economics
1311. Juniors and Seniors only, or consent of instructor. Fall.
4356. Special Topics. Offered periodically in response to the interests of faculty and students.
4V61. Independent Research. An opportunity to conduct a special program of inquiry under the guidance of an individual faculty member. Credit varies from 1-3 hours. Approval of the department chair AND the individual faculty member who will be supervising the independent research project is required.
BUS 1310. Principles of Accounting I. Offered through the College of Business. See College of Business course listings for description and availability.