Economics
PROFESSORS: Acri, de Araujo, Fenn, Johnson, Kapuria-Foreman, Redmount; ASSOCIATE PROFESSORS: Hoel, Miller-Stevens, Rader; ASSISTANT PROFESSORS: Diaz Ferraro, Golfari, Wilson, Yang; VISITING FACULTY: Amacher, Auguste, Broady, Brugger, Hurt, Nguyen, Semerikov, Sharpe
Major Requirements
2021 Economics Major
The objective of the major in Economics is to develop a general knowledge of how economies function to allocate scarce resources. By applying economic theories of decision-making and coordination to public policy issues, majors will gain an understanding of the operation of the United States and other economies and of their interactions. Specialization in economics is valuable to students who intend to enter business or government service. For many positions with federal or state governments, training in economics or related social sciences is required. Moreover, undergraduate specialization in economics is the first step for students who wish to make a career of college teaching of economics or who wish to secure positions as professional economists with business or government. To hold such positions, graduate study of economics is usually required.
The Economics major also hopes to shape effective citizens by promoting knowledge of structures and processes central to democratic society in a global age and by addressing issues of economic inequality and social injustice. This goal contributes to the college’s commitment to the liberal arts, and it reinforces the college’s anti-racism agenda and its efforts to promote diversity, equity and inclusion.
PREREQUISITES
Students desiring to major in Economics are required to pass the following prerequisites prior to admission into the major. If a student has not taken these courses, that student may be admitted only if currently scheduled for a later section or by consent of the chair if mitigating circumstances exist.
To get started with this (and any of our department majors), students will need our gateway courses of Principles of Economics, either as a 2-block course (EC100) or as two separate blocks (EC101 and EC102). Students will also need Principles of Financial Accounting (BU205).
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Principles of Economics OR Principles of Microeconomics AND Principles of Macroeconomics |
2 units |
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Pre-Calc/Calculus 1 OR Calculus I or higher |
1 or 2 units |
International Baccalaureate (IB) Higher Level and Advanced Placement (AP) courses with registrar-approved test scores count as the equivalents of Economics 100, 101 and 102. Those scores, and answers to other IB and AP questions on course equivalents, can be found here: /offices/registrar/transfer-credit-guidelines.html.
COURSE OF STUDY FOR THE ECONOMICS 2021 MAJOR
To graduate as an Economics major, students must pass the all-college or new general education requirements, while completing a minimum of 11 units of credit in courses in Economics, 1 unit of cross-listed credit in Business and Economics, 1 unit of credit in Business, and 2 units of credit in Mathematics.
A. Introductory Economics Course(s) (2 units)|
Principles of Economics OR Principles of Microeconomics AND Principles of Macroeconomics |
2 units |
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2 units |
B. Two Required Mathematics Courses (2 or 3 units)
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Pre-Calc/Calculus I Calculus I or higher |
1 or 2 units |
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Elementary Probability and Statistics OR Introduction to Probability and Statistics |
1 unit |
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2 or 3 units |
C. One Required Course in Business (1 unit)
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Principles of Accounting |
1 unit |
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1 unit |
D. Three Required Intermediate Theory Courses (3 units)
| EC301 | Microeconomic Theory |
1 unit |
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Macroeconomic Theory |
1 unit |
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Econometrics OR Econometric Theory |
1 unit |
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3 units |
E. Five Elective Courses in Economics (5 units)
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5 units |
F. Thesis in Economics
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A two-block thesis experience |
2 units |
TOTAL MINIMUM REQUIRED CREDITS...................................................15 units
DISTINCTION IN ECONOMICS is awarded by action of the Department to up to the top 20% of graduating majors based on their GPA within the major with the provision that they have also received an A in Senior Thesis.
Courses
Business, Economics, & Society
Selected introductory topics in economics and business. Specific content and emphasis to be determined by the instructor. Exposes students to problems and trends in society which can be illuminated through application of basic tools and concepts drawn from economics and business fields. May be taught with Emphasis on Writing and Speaking.
The study of the development and implementation of a personal financial and investment program. Includes analysis of budgeting and tax planning, managing liquidity, financing large purchases, protecting assets and income, analyzing investment information, examining alternative investment types, and investing money for retirement. There is no enrollment limit to this course and it is graded Pass/Fail only.
An examination of the social, political and natural environment in which business operates (Not offered 2024-25).
Explores the processes of bargaining and negotiation, the dynamics of interpersonal and intergroup conflict, and theory and research related to processes of influence, negotiation, and conflict management. Skills will be developed through case analysis, role playing, and service learning. Includes local field trips for service learning. (Not offered 2024-25).
This course examines how people make decisions, drawing on the work of behavioral psychologists and behavioral economists to understand how decisions are made and why this makes a difference in addressing real world problems such as caring for the environment and for human health. Topics include framing the decision problem, making decisions under risk and uncertainty, dealing with conflicting values, forming group decisions, and improving decision making. (Not offered 2024-25).
Survey of the U.S. system of laws and courts and the role of law in business and personal decision-making. A study of case law and judicial thinking ranging from traditional fields of contracts and torts to recent Supreme Court decisions on the environment, e-commerce, the Internet, licensing, and First Amendment freedoms (Not offered 2024-25).
Business Communications is a survey course of communications skills needed in the business environment. Course content includes writing executive summaries, resumes, online profiles and electronic messages; delivering oral presentations, both prepared and impromptu; and developing interpersonal skills. Critical thinking and problem solving skills are emphasized. Development of these skills are integrated with the use of technology. (Not offered 2024-25).
This course is an introduction to social entrepreneurship, a field that lies at the intersection of entrepreneurship and social change. The course identifies innovative social entrepreneurs who are attempting to mitigate problems facing humanity and our planet today. The course exposes students to theory regarding social entrepreneurship, models of social change, scaling of social impact, and impact measurement for social ventures. Meets the Critical Learning: SHB requirement. Meets the Equity and Power: EPG requirement. Meets the Equity and Power: EPUS requirement.
An introduction to the fundamentals of the financial statements of corporations, including statement interpretation and analysis. Exposes students to economic decisions and their consequences as they relate to business activities, including operating, investing, and financing activities. Meets the Critical Perspectives: Quantitative Reasoning requirement. Meets the Critical Learning: FRL requirement.
Selected topics, with content and emphasis developed by the instructor.
This course analyzes the relationships between society, business, and economics by focusing on three key interactions: first, how modern corporations and social enterprises shape civil society, government, and economic policy; second, how business affects society through market forces, market failures, and services provided all members of society; and third, how social issues condition business opportunities and corporate strategies.
Students learn how to develop research questions on issues related to the intersection of business, economics, and society and to apply both business and economics theory to their analyses. Students find relevant and useful qualitative and quantitative data for their projects, develop mathematical and statistical models, practice using statistical software, create research designs to answer their research questions, and work on effective communication of their findings.
Presentation and critical review of the elements of financial statements with concentration on accounting theory and interpretation by users. Addresses problems with income determination. (Not offered 2024-25).
Principles and problems of assembling, recording, and interpreting cost data for manufacturing and service firms. Introduces various costing systems, including activity-based and standard costing systems, with emphasis on the economic decisions managers make using this accounting data and the potential impact on employee behavior. (Not offered 2024-25).
The role of general managers in creating and sustaining competitive advantage. Applies microeconomic principles and organization theory to study how managers position their firms in ever-changing competitive arenas, marshal scarce resources to develop competencies, and design structures that promote learning and efficient flows of knowledge and information. 1 unit.
This course examines the role of the financial manager in determining the appropriate composition and level of assets and their financing within the context of stockholder wealth maximization. Key theoretical constructs include operating and financial leverage, the risk-return tradeoff, liquidity, and agency theory. Topics include financial analysis and planning, working capital management, cost of capital, capital budgeting, and mergers and acquisitions.
Introduction to the prevailing theories, models and philosophies of investment analysis and management for an environment where individuals make investment decisions under uncertainty. Exploration of both investment fundamentals with a brief introduction to portfolio management. Specific topics of interest include a comprehensive TVM review, fundamentals analysis, market behavior, asset allocation, portfolio theory, ethics, risk and return, and behavioral finance.
Selected topics, with content and emphasis developed by the instructor. Prerequisite: Economics 100 or Economics 101 and Economics 102 and Business 205 (Not offered 2024-25).
The analysis and segmentation of markets; the psychological, emotional, and social bases of consumer behavior; the analytical techniques employed by market research professionals; and the development, implementation, and evaluation of marketing strategies.
Explores theories of how people make decisions. Examines assumptions of rationality and alternative explanations. Applies theories to business decisions. Builds skills in experimental design, reading original research literature, building behavioral theory, executing original experimental research, and applying statistics. (Not offered 2024-25).
The motivation of individuals in organizations; effective goal setting practices; the sources of power in organizations and how leadership styles influence individual effort and job performance; the characteristics of effective teams, the key human resource management challenges facing organizations; and the importance of organizational culture and how organizational cultures are created.
The nonprofit sector has an economic, social, and political impact at both the domestic and international levels. This course offers a broad introduction to the history, scope, and significance of the nonprofit sector. Discussions center on different models of nonprofit firms and how they address market and government failures. Key areas of nonprofit management and leadership such as writing sound mission and vision statements, developing strong boards of directors, recruiting and motivating talented staff and volunteers, creating strategic plans and innovative programs, and wisely managing fiscal and human resources are also discussed. 1 unit.
Selected topics, with content and emphasis developed by the instructor. (Not offered 2024-25).
Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended yearlong course.
A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student’s knowledge beyond regularly offered courses.
Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.
Economics
An introduction to the principles of economics (both microeconomics and macroeconomics) with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, governmental impact on specific markets, the behavior of economic aggregates such as total output, total employment, the price level, the rate of economic growth; and government policies which affect them. Meets the Critical Perspectives: Quantitative Reasoning requirement. Meets the Critical Learning: FRL requirement. (Not offered 2024-25).
An introduction to the principles of microeconomics with emphasis on decision-making by households and firms, the way in which individual markets work, the distribution of income, and governmental impact on specific markets. Meets the Critical Perspectives: Quantitative Reasoning requirement. Meets the Critical Learning: FRL requirement.
An introduction to the principles of macroeconomics with emphasis on the behavior of economic aggregates such as total output, total employment, the price level, and the rate of economic growth; and government policies which affect them Meets the Critical Perspectives: Quantitative Reasoning requirement. Meets the Critical Learning: FRL requirement.
Selected introductory topics in economics and business. Specific content and emphasis to be determined by the instructor. Exposes students to problems and trends in society which can be illuminated through application of basic tools and concepts drawn from economics and business fields. May be taught with Emphasis on Writing and Speaking.
Social entrepreneurship is the practice of identifying, starting, and growing successful mission-driven businesses, nonprofits, and social ventures - that is, organizations that strive to advance social change through innovative solutions. This course is an introduction to social entrepreneurship, an emerging field that lies at the intersection of entrepreneurship and social change. The course will review innovative leaders who are attempting to mitigate problems facing humanity and our planet today. Course materials and activities will introduce students to characteristics of the social impact leader, philanthropy skills and knowledge, scaling of social impact, and impact measurement for social ventures. Students will discuss philanthropy and giving and the ways you might contribute your time, energy, and skills to promote health, equity, peace – whatever it is you care most about – in your life beyond this course. The class will learn the complex web of individuals and organizations that make up the social impact sector before each student works to create their own social impact plan. (Summer only 2024-25).
Investigates the concept of sustainable development by first introducing students to necessary economic terms and concepts. It next explores traditional economic models of production and distribution. Finally it introduces the concept of sustainable development (meeting the needs of the present without compromising the ability of future generations to meet their own needs). The course includes fieldwork to explore the behavior of traditional economic models and examples of sustainable development. May involve additional expense $$$. Students can choose to take this course for credit either in Economics (EC 141) or Environmental Science (EV 141) (Fulfills one unit of the divisional requirement in the Social Sciences, but not in the Natural Sciences.) (Also listed as EV 141.) (Not offered 2024-25).
Examines current problems in water resource management on various scales — from local to international (transboundary) supply and quality issues. Aims to demonstrate on an introductory level the value of economic analysis in the context of other approaches for thinking about water resources issues. (Not offered 2024-25).
The course will examine sports economics models. Students will apply theory to various aspects of both collegiate and professional sports. Topics include (but are not limited to) wage discrimination in sports, the economics of stadiums, alumni giving and collegiate athletics, academics and collegiate athletics, sports rights and broadcasting, and sports and gambling. Field trips may be included.
This course develops: 1.) the tools necessary for the economic analysis of environmental and natural resource problems; 2.) the ability to apply those tools in the investigation of a real world environmental resource problem and; 3.) the insight to form policy recommendations on the basis of such analysis and investigation. Particular emphasis on problems of market failure, such as externalities, public goods, non-market goods, uncertainty, income distribution, inter-temporal resource allocation and policies to correct for imperfect markets. (Not offered 2024-25).
The economic aspects of public revenues, expenditures and debt; the different types of taxes; the interrelationship between the activity of the private and public economy. (Not offered 2024-25).
Selected topics, with content and emphasis developed by the instructor.
Examination of classic and modern conceptions of political economy. Emphasis on understanding theory and applying it to explain political and economic outcomes within states and among states in the international arena. Meets the Equity and Power: EPG requirement.
Selected topics, with content and emphasis developed by the instructor. 1.0 units (Not offered 2024-25).
This course surveys the causes and manifestations of income and wealth inequality. We begin by studying the measurement and definition of inequality and mobility and their changes over time. We then examine how skill, education, and health map onto income and wealth over a person's lifetime and transmit from generation to generation. While we review inequality in a global context, most discussion is grounded in the historical and current social and institutional conditions of the United States, focusing on race, gender, and class. Lastly, we look at the driving forces behind the large rise in inequality in recent decades: changes in technology, globalization, demographic shift, and migration. We will hone our skills in handling large datasets, extracting information from data, and visualizing it. Meets the Equity and Power: EPUS requirement.
An advanced theory of pricing for both the product and factor markets with an emphasis on the economic behavior of: 1.) the individual; 2.) the household; 3.) the firm; and 4.) the industry.
An advanced study of business cycles and economic growth models.
The use of statistical and mathematical techniques in the applied analysis of economic models. Macro- and micro-economic applications.
Application of economic concepts to analysis of environmental problems. Development of approaches to dealing with the special problems of non-market goods. Discussion of the role of economics in policy analysis. Particular emphasis on problems of market failure, i.e., externalities, public goods, non-market goods, uncertainty, income distribution, inter-temporal resource allocation and policies to correct for imperfect markets.
This course adds real-world complexity and analysis to the perfectly competitive model, including transaction costs, imperfect information, and barriers to entry. The course will focus on determinants of firm and market organization and behavior, and practices such as advertising, innovation, price discrimination, and strategic behavior.
Problems of employment of labor from the standpoint of employees, employers and society including the following: economic analysis of trade unions; union types, theories, policies, methods and weapons; company and union public relations, Junior standing. (Not offered 2024-25).
Historical and economic analysis of foreign trade; theories of international trade; commercial policies and economic integration; changing patterns of trade; regional and world trade organizations.
Exploration of the field of technological change: how technologies develop and evolve; and how technologies subsequently affect our economy and society. Using case studies and journal articles as a springboard for discussion, we will apply economic concepts to events ranging from the Industrial Revolution to the present. Topics may include patent law, copyright infringement, the Green Revolution, e-commerce, health and agricultural biotechnology, and energy-related innovation. Required field study during the block, Additional expense $$$ for students. Meets the Critical Learning: CP requirement. (Not offered 2024-25).
This course applies economic theory and data analysis in an investigation of important issues in higher education. Issues of prestige, admissions, financial aid, access, student and faculty quality, alumni giving and endowments, and externalities will be addressed
An examination of consequences for home and host countries of the individual/family decision to migrate. (Not offered 2024-25).
Selected topics, with content and emphasis developed by the instructor.
Examines the economic theory and institutions of banking and other forms of financial intermediation and markets that channel savings into investment as well as the economics of financial crises, monetary policy and the government’s interaction with the financial system. Limit to be 15 when taught off campus.
What explains the current pattern of inequality of incomes between and within countries? What are the historical and contemporaneous causes of the distribution of the wealth of nations? This course gives an introduction to growth and development, focusing on the use of real-world data and theoretical and empirical research as the basis of development policies. The course aims to understand how low- and middle-income countries are institutionally, historically, or structurally different from high income countries, to learn and deploy theories and models of economic development and to understand policies that have been effective in dealing with particular problems affecting developing countries. Meets the Critical Perspectives: Global Cultures requirement.
This course utilizes economic theory to enable students to both understand and analyze the role of economic policy in the national arenas of Latin America. The course begins with an introduction to the global economic environment, the historical background of Latin America and the economic emergence of the region. The course focuses on several aspects of trade policy and regional agreements, monetary policy, fiscal policy, and their impact on the international policy environment, framing the analysis of these microeconomic and macroeconomic issues in the context of Latin America. The course will also address current events, both domestic and international, which are particularly relevant for the economic viability of the region. The purpose of the course is to understand the economic context and environment of policymaking in Latin America, as well as the impact on the different actors: workers, firms, the environment, political institutions. (Not offered 2024-25).
Historical and economic analysis of international financial arrangements; theories of foreign exchange, balance of payments and adjustment mechanisms; alternative world monetary systems in theory and practice; proposals for monetary reform; regional and world financial organization.
Selected topics, with content and emphasis developed by the instructor (Not offered 2024-25).
The use of advanced statistical and mathematical techniques in the analysis of economic models Meets the Critical Perspectives: Quantitative Reasoning requirement.
Selected topics in the study of Mathematical Economics. Specific content and emphasis are developed by the instructor(s). Topics will meet the ME elective requirement for the Mathematical Economics major. (Not offered 2024-25).
This course provides the student with the mathematical tools to explore the economic models of addiction. The course begins by exploring static demand-side models of addiction before proceeding to their dynamic counterparts. The course will rely on journal articles that explore the demand for addictive substances such as alcohol, tobacco, marijuana, and cocaine. Also explored are models that treat gambling and sports spectatorship as addictive behaviors. A limited discussion of supply-side models is also included.
Game Theory offers a framework for studying strategic interactions in a wide variety of circumstances. Most economics and business courses explore the nature of choice by individuals -- be those consumers or firms or even countries. The interdependence among decision-makers is usually captured as a constraint on the activities of the individual. Game theory broadens that perspective by allowing the agent to be aware of and to interact with other agents in dynamic and complex ways. We will set up and solve strategic and sequential form games and evaluate the quality of those outcomes. We will also consider multi-player interactions under conditions of uncertainty.
Exogenous and endogenous growth models and the effect of policy variables (functions) such as education, technical progress, and taxes on economic growth. Analysis of steady state equilibrium and convergence in levels and growth rates. Cross-sectional and panel data models of economic growth. (Not offered 2024-25).
Student readings of works selected by a faculty member on a common problem not covered directly by regular courses. Intensive research, writing, discussion, and oral reporting of ideas related to the assigned readings. Independent student work and initiative. May be taught as an extended year-long course.
A project normally organized around preparation of a substantial paper or project. Proposed and carried out at student initiative, under supervision of a department faculty member, in an area in which the student has already completed basic coursework and an elective and that extends the student’s knowledge beyond regularly offered courses.
Selected topics, with content and emphasis developed by the instructor.
Students produce original research under the personal supervision of an assigned faculty member. (Not offered 2024-25).
Selected topics, with content and emphasis developed by the instructor. (Not offered 2024-25).
Cooperation between advanced students and faculty on an individual basis to jointly pursue research on a selected topic. The student will be responsible for a share of the research, discussion of the findings and significance, and preparation of a paper reflecting the procedures and findings of the investigation. May be taught as an extended year-long course.
Focuses on the economic interactions among countries as nation states to pursue their interests as well as the role of international institutions and multilateral treaties in establishing an international economic regime. Students write a substantial paper exploring some aspect of this interaction, and have considerable freedom in defining their research agenda. (Also listed as PS 470.) (Not offered 2024-25).
A travel and research opportunity on selected economics, business or political economy topics intended to provide a learning experience in an off-campus setting. Additional prerequisites determined by the instructor relevant to the selected topic. May involve additional expense $$$. Enrollment limit based on resources available for the selected topic. (Not offered 2024-25).
Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.
Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.
Students produce original research under the personal supervision of an assigned faculty member, who normally advises no more than six thesis students.