Economics (ECON)

Head of Department: Professor Dennis Heffley
Department Office: Room 345, Monteith Building

For major requirements, see the College of Liberal Arts and Sciences section of this Catalog.

1000. Essentials of Economics

(101) First semester. Three credits. Not open for credit to students who have passed ECON 1200, 1201, 1202, or 113.

A one-semester general introduction to micro- and macroeconomics. Economic concepts include: opportunity costs, demand and supply, incentives, comparative advantage, inflation and employment policies, balance of international payments, and economic growth. CA 2.

1107. Honors Core: Economies, Nature, and the Environment

(107) Either semester. Three credits.

Impact of nature on societies; effects of geography and climate on economic development and income inequality. Impact of humans on their environment; environmental problems; collapse of societies; sustainable development. CA 2.

1108. Game Theory in the Natural and Social Sciences

(108) Either semester. Three credits. Not open for credit to students who have passed ECON 2201 or 2202. Knoblauch
Introduction to game theory. Applications in the natural and social sciences and technology may include electric power auctions, evolutionary biology, and elections. CA 2.

1200. Principles of Economics (Intensive)

(102) ( Formerly offered as ECON 113.) Second semester. Four credits. Four class periods. Recommended preparation: ECON 1000. Not open for credit to students who have passed ECON 1201, 1202, or 113. May not be taken concurrently with ECON 1201 or 1202. 

Same core principles as ECON 1201 and 1202. One half macroeconomics and one half microeconomics. More demanding than ECON 1201 and 1202. Substitutes for ECON 1201 or 1202 as a prerequisite for all junior - senior level courses. May or may not substitute for ECON 1201 and 1202 outside economics; check Catalog. CA 2.

1201. Principles of Microeconomics

(112) Both semesters. Three credits. May be taken before or after ECON 1202. Not open for credit to students who have passed ECON 1200 or ECON 113. May not be taken concurrently with ECON 1200. 

How the invisible hand of the market functions through the economic decisions of firms and individuals. How prices, wages and profits are determined, resources are allocated and income is distributed. Topical subjects (e.g., energy policy and health care). CA 2.

1202. Principles of Macroeconomics

(111) Both semesters. Three credits. May be taken before or after ECON 1201. Not open for credit to students who have passed ECON 1200 or ECON 113. May not be taken concurrently with ECON 1200.

The organization and function of the economic system as a total unit. Economic decisions, institutions, and policies that determine levels and rates of growth of production, employment, and prices. Topical subjects (e.g., government budget deficits and current interest-rate policy). CA 2.

1202C. Principles of Macroeconomics
(111C) CA 2.

2101. Economic History of Europe

(201) First semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently). Cosgel, Langlois

Economic evolution of Europe from feudal times to the present, emphasizing the modern period: the rise of commerce, industry, and banking; the growth of population and the labor force; the changing position of agriculture; business fluctuations; and forms of economic organization. CA 1.

2101W. Economic History of Europe

(201W) Prerequisite: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently); ENGL 1010 or 1011 or 3800. CA 1.

2102. Economic History of the United States

(203) Second semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently). Carstensen

Issues in American economic development, including the political economy of the Constitution, the economics of slavery, the rise of modern corporations and the causes of the Great Depression. CA 1.

2102W. Economic History of the United States

(203W) Prerequisite: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently); ENGL 1010 or 1011 or 3800. CA 1.

2104. Economic History of the Middle East

(204) First semester. Three credits. Prerequisites: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently). Cosgel

Economic history of the Middle East, including the organization of rural and urban activity, relationship with Western Europe, and the roles of international trade, foreign capital, petroleum, and institutional structure in economic development. CA 4-INT.

2104W. Economic History of the Middle East

(204W) Prerequisites: ECON 1200 or both ECON 1201 and 1202 (1201 may be taken concurrently); ENGL 1010 or 1011 or 3800. CA 4-INT.

2110. History of Economic Thought

(205) Second semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202. Cosgel, Cunningham, Langlois

The evolution of economic ideas significant to their own times and to the state of current theory. Mainly nineteenth and twentieth century thinkers.

2110W. History of Economic Thought

(205W) Prerequisite: ECON 1200 or both ECON 1201 and 1202; ENGL 1010 or 1011 or 3800.

2126. Philosophy and Economics

(206) (Also offered as PHIL 2245.) Either semester. Three credits. Prerequisite: ECON 1200 or ECON 1201.

An examination of the normative assumptions and implications of modern economics (for example, the connections between Classical Utilitarianism and Welfare Economics). Attention to methodological controversies in contemporary economic theory.

2127. Beyond Self-Interest

(207) First semester. Three credits. Prerequisite: ECON 1200 or 1201. Minkler

A contrast to the assumptions, values, methodology, and philosophical underpinnings of mainstream economic analysis. Altruism, role of social norms and culture, importance of work, moral assessment of economic systems, feminist and ecological economics.

2127W. Beyond Self-Interest

(207W) Prerequisite: ECON 1200 or 1201; ENGL 1010 or 1011 or 3800.

2198. Topics in Economic History and Thought

(202) Either semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202 or instructor consent. May be repeated for credit, with change in topic. Carstensen, Cosgel, Langlois, Minkler

Special topics in economic history, the history of economic thought, the philosophy and methodology of economics, or alternative economic theories.

2198W. Topics in Economic History and Thought.

(202W) Prerequisite: ECON 1200 or both ECON 1201 and 1202 or instructor consent; ENGL 1010 or 1011 or 3800.

2201. Intermediate Microeconomic Theory

(218) Both semesters. Three credits. Prerequisite: ECON 1200 or 1201. Recommended preparation: ECON 1202 and one of MATH 1071Q, 1110Q, 1121Q, 1131Q or 1151Q. Cosgel, Dharmapala, Heffley, Kimenyi, Knoblauch, Lott, Miceli, Minkler, Randolph, Ray, Segerson

Intermediate microeconomic theory, covering demand and supply,exchange and production, pricing, and welfare economics.

2202. Intermediate Macroeconomic Theory

(219) Both semesters. Three credits. Prerequisite: ECON 1200 or 1202. Recommended preparation: ECON 1201 and one of MATH 1071Q, 1110Q, 1121Q, 1131Q or 1151Q. Ahking, Cunningham, Morand, Zimmermann

Intermediate macroeconomic theory, covering national income accounting; the determination of aggregate output, employment and price levels; elements of business cycles and economic growth.

2301. Mathematical Economics

(214) First semester. Three credits. Prerequisite: ECON 1200 or both 1201 and 1202; MATH 1071Q or 1110Q or 1121Q or 1131Q. Heffley, Knoblauch, Lott, Ray, Segerson, Zimmermann

Application of mathematical techniques to economic problems. Methods studied: set theory, linear algebra, equilibrium analysis, unconstrained and constrained optimization, comparative statics, and linear programming.

2311C. Empirical Methods in Economics I 

(212C) Second semester. Three credits. Two class periods and one 2-hour laboratory period. Prerequisite: ECON 1200 or both 1201 and 1202; and MATH 1071Q or 1110Q or 1121Q or 1131Q; and  STAT 1000QC or 1100QC. A course recommended for all students majoring in economics. Couch, Lott, Ray, Tripathi

Introduction to the empirical testing of economic theories. Student projects testing simple economic models.

2312WC. Empirical Methods in Economics II 

(213WC) Second semester. Three credits. Prerequisite: ECON 2311C; ENGL 1010 or 1011 or 3800. Lott, Ray, Tripathi

Analysis of economic time series, estimation of single- and simultaneous-equation economic models, and statistical decision theory.

2326C. Operations Research 

(216C) First semester. Three credits. Two 75-minute classes per week. Seven of the classes will be held at the computer lab. Recommended preparation: ECON 1200 or both ECON 1201 and 1202.

Extensive use of computer spreadsheets to find efficient solutions to problems faced by managers in both the public and private sectors. Optimization of input and output mixes, of delivery routes, and communication networks.

2327. Information Technology for Economics

(217) Either semester. Three credits. Prerequisites: ECON 1200 or both 1201 and 1202; and STAT 1000QC or 1100QC. Ahking, Cosgel

The presentation of economic data and testing of economic theory through the use of appropriate computer based tools. Analysis of macroeconomic concepts such as the consumption function, influence of the money supply, budget deficits, and interest rates on macroeconomic equilibrium, and the tradeoff between unemployment and inflation. Analysis of microeconomic concepts such as demand, supply, elasticity, the achievement of equilibrium price and quantity, and analysis of several industries and the stock market. Analysis of historical data such as aggregate and specific price levels, sectoral shifts in the economy, and changes in income distribution.

2328. Applied Regional Analysis: The Connecticut Economy

(215) Either semester. Three credits. Prerequisite: ECON 1200 or both 1201 and 1202; STAT 1000Q or 1100Q. Recommended preparation: MATH 1070Q.

Methods of regional economic analysis applied to Connecticut . Descriptive statistics, input-output models, economic indexes, linear regression, forecasting and related tools are used to explore labor markets, housing, public policy and other topics.

2328W. Applied Regional Analysis: The Connecticut Economy

(215W) Prerequisite: ECON 1200 or both 1201 and 1202; STAT 1000Q or 1100Q; ENGL 1010 or 1011 or 3800. Recommended preparation: MATH 1070Q.

2411. Money and Banking

(230) Both semesters. Three credits. Prerequisite: ECON 1200 or both 1201 and 1202 (1201 may be taken concurrently.) Ahking, Cunningham, Lott

The nature of money, the origins of monetary standards and systems, the development and operation of commercial banking, the Federal Reserve System, and international monetary agencies.

2431. Economics of Taxation and Government Spending

(220) Either semester. Three credits. Prerequisite: ECON 1200 or 1201. Recommended preparation for students who have completed ECON 1201: ECON 1202.

Critical issues in taxation and government expenditures. Emphasis on institutions and public policy. Topics include: rationale for and effects of progressive taxation, reform of the tax system, Social Security and Medicare, welfare reform, defense, and fiscal federalism.

2439. Urban Development and Policy

(221) Second semester. Three credits. Prerequisite: ECON 1200 or 1201.

Education, housing, anti-poverty, economic development, and transportation policies for American cities and metropolitan areas. Emphasis on different roles of policies that act upon people versus places. Analysis tools for regional economic development such as input-output matrices and cost-benefit analysis. 

2440. Economics of the Global Economy

(222) Either semester. Three credits. Prerequisites: ECON 1200 or both ECON 1201 and 1202. Hallwood.

Analysis of economic integration in the global economy with emphasis on the position of the USA. Several specialist areas of economic thought brought to bear - economic history, economics of the multinational enterprise, international trade, international finance, labor economics, environmental economics, and economics of the internet. Institutional historical, and political economy approaches are emphasized.

2441. Labor Economics

(225) (Formerly offered as ECON 274.) Second semester. Three credits. Prerequisite: ECON 1200 or 1201. Recommended preparation: ECON 2201. Couch, Kimenyi

Economics of labor: human capital theory, discrimination, unemployment, manpower policy, and trade unions.

2441W. Labor Economics

(225W) ( Formerly offered as ECON 274W.) Prerequisite: ECON 1200 or 1201; ENGL 1010 or 1011 or 3800. Recommended preparation: ECON 2201.

2444. Women and Minorities in the Labor Market

(224) (Formerly offered as ECON 279.) First semester. Three credits. Prerequisite: ECON 1200 or both 1201 and 1202. Kimenyi, Randolph

Issues and problems confronting women and minorities in the workplace, using economic theory, institutional analysis, and empirical investigation. Historical background, allocation of time, discrimination, earnings determination, occupational structure, labor unions, and public policy.

2446. Labor Legislation

(226) (Formerly offered as ECON 276.) Second semester. Three credits. Prerequisite: ECON 1200 or 1201.

Legal status of labor, unorganized and organized, in legislation and court decisions. Emphasis on the labor contract, bargaining procedures, and union and employer tactics. Also, legislation dealing with wages, hours, child labor, old-age benefits, and accident and unemployment compensation.

2456. Economics of Poverty

(223) (Formerly offered as ECON 257.) First semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202. Kimenyi

Analysis of poverty and income maintenance programs: theories of income distribution and comparison of public policies in the U.S. and other countries.

2462. Governement and Industry

(232) (Formerly offered as ECON 264.) Second semester. Three credits. Prerequisite: ECON 1200 or 1201. Knoblauch, Langlois, Minkler

Relations between government and business. Public policies enforcing, supplementing, or replacing competition in particular markets, studies of selected industries and legal cases.

2467. Economics of the Oceans

(233) Either semester. Three credits. Prerequisite: ECON 1200 or 1201. Recommended preparation for those students who have passed ECON 1202.

Economies of industries that use and manage ocean resources. Applications of industrial organization, law and economics, natural resource theory, and environmental economics.

2477. Transitional Economies of Russia and Eastern Europe

(228) (Formerly offered as ECON 244.) First semester. Three credits. Prerequisite: ECON 1200 or both ECON 1201 and 1202.

Economic transition of these formerly socialist economies into capitalist, market economies. Comparison of centrally planned and market economies. Problems of macroeconomic imbalance, economic distortions, shortages and repressed inflation. Means and timing of price liberalization, privatization, restructuring, currency convertibility, and building legal and financial institutions.

3416. Special Problems in Money and Banking

(237) (Formerly offered as ECON 231.)  Second semester.  Three credits.  Prerequisites: ECON 2202 and 2411. Recommended preparation:  One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.  Ahking

Emphasis on public policy: commercial bank regulations; the relation of liquidity to economic fluctuations; government lending agencies; and central bank policies and credit control.

3421. International Trade

(242) Either semester. Three credits. Prerequisite: ECON 2201.  Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.  Matschke

Economic basis of international trade, trade policies, and international economic organizations.

3421W. International Trade

(242W) Prerequisite: ECON 2201; ENGL 1010 or 1011 or 3800. Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.

3422. International Finance

(243) Either semester. Three credits. Prerequisite: ECON 2202.    Recommended preparation: ECON 1200 or 1201 and one of: MATH 1071Q, 1121Q, 1131Q, or 1151Q. Ahking, Cunningham, Zimmermann

Payments and financing of international trade: foreign exchange markets,the balance of payments, capital flows, and international monetary arrangements.

3431. Public Finance

(253) Either semester. Three credits. Prerequisite: ECON 2201. Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Dharmapala, Kimenyi, Miceli, Sergerson

Government expenditures and tax policies: theories of public choice, size and mix of government budgets, alternative tax systems, and tax reform.

3431W. Public Finance

(253W) Prerequisite: ECON 2201; ENGL 1010 or 1011 or 3800. Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.

3438. Contemporary Problems in Economics

(258) Either semester. Three credits. Prerequisites: ECON 2201and 2202 (one of which may be taken concurrently). Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.

Current issues of government economic policy, primarily microeconomic: energy, income maintenance, labor markets for minorities and women, government regulation, health care, and others.

3438W. Contemporary Problems in Economics

(258W) Either semester. Three credits. Prerequisites: ECON 2201 and 2202 (one of which may be taken concurrently);  ENGL 1010 or 1011 or 3800. Recommended preparation: One of:   MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.

3439. Urban and Regional Economics

(259) (Also offered as URBN 3439.) Second semester. Three credits. Prerequisite: ECON 2201. Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Heffley, Miceli

Economic problems of cities and regions: urban markets for land, labor, and housing; location decisions of businesses and households; metropolitan transportation problems; urban/suburban fiscal relations; urban and regional environmental quality; and the economics of crime.

3439W. Urban and Regional Economics

(259W) Prerequisite: ECON 2201; ENGL 1010 or 1011 or 3800. Recommended preparation: ECON 1200 or 1202 and one of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q.

3441. Theory of Labor Markets

(275) Either semester. Three credits. Prerequisite: ECON 2201. Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Couch, Kimenyi

Theoretical analysis of labor markets: labor supply and demand; wage differentials; human capital; and the inflation-unemployment tradeoff.

3451. Health Economics

(261) Second semester. Three credits. Prerequisite: ECON 2201.  Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Heffley

Economic analysis of the health sector: organization and performance of health care delivery systems; economic behavior of patients and providers; markets for health services; health-care finance and insurance; health-care policy; and cost-benefit analysis of health-care programs.

3461. Organization of Industry

(267) First semester. Three credits. Prerequisite: ECON 2201.  Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Knoblauch, Langlois, Minkler

The nature of competition and economic organization. Competitive effects of business practices, and their influence on price, production, and technological change.

3468. Economics of the Law

(268) Either semester. Three credits. Prerequisite: ECON 2201. Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. Miceli

The law as an economic institution. Primary focus on the Common Law, property, tort, and contract. Applications to pollution control, land-use, hazardous wastes, product liability, and worker safety. Ethical as well as economic approaches to the law.

3473. Economic Development

(247) Either semester. Three credits. Prerequisite: ECON 1200 or 1202; ECON 2201. Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q . Randolph, Zimmermann

Economics of problems facing developing nations: theories of development, and strategies and policies to promote economic development

3473W. Economic Development

(247W) Prerequisite: ECON 1200 or 1202; ECON 2201; ENGL 1010 or 1011 or 3800. Recommended preparation: One of: MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q .

3479W. Economic Growth

(249W) Either semester. Three credits. Prerequisites: ECON 2202; ENGL 1010 or 1011 or 3800. Ahking, Cunningham, Langlois, Morand, Zimmermann

Causes and consequences of economic growth examined through theory, data, and economic history. Interactions between economic growth and population growth, technology, education, health and life expectancy, and social institutions. Public policies to promote growth.

3481. Internship - Field Study

(294) Both semesters. Two credits. Hours by arrangement. Consent of instructor is required. Students must have: nine credits of 2000-level or above economics courses (six of which may be concurrent). Students must be at least 6th-semester and have a minimum GPA of 2.25 or a minimum of 2.5 in economics courses at the 2000-level or above. Students must secure a satisfactory intern position before the end of the second week of the semester of enrollment in this course. They should begin consultation with the instructor several months in advance. Does not count toward the economics major. Must be taken concurrently with ECON 3491; no credit will be given for one course without the other. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory). Segerson

Supervised field work, of six to eight hours per week, relevant to some area of economics, with a business firm, government agency or non-profit organization. Evaluation by the field supervisor and by the instructor (based on a detailed written report submitted by the student).

3491. Internship - Research Paper

(295) Both semesters. One credit. Hours by arrangement. Consent of instructor required. Students must have nine credits of 2000-level or above economics courses (six of which may be concurrent). Students must be at least 6th-semester and have a minimum GPA of 2.25 or a minimum of 2.5 in economics courses at the 2000-level or above. Must be taken concurrently with ECON 3481; no credit will be given for one course without the other. Cunningham

Research paper of 3,000-4,000 words on approved topic related to the internship field study.

3491W. Internship – Research Paper

(295W) Prerequisite: ENGL 1010 or 1011 or 3800. Must be taken concurrently with ECON 3481.

3493. Foreign Study

(293) Either or both semesters. Credits and hours by arrangement. May be repeated for credit. Consent of Department Head required, prior to the student's departure. May count toward the major with consent of the advisor. 

Special topics taken in a foreign study program.

3495. Special Topics

(298) Either semester. Credits and hours by arrangement. With a change in topic, this course may be repeated for credit. Prerequisites and recommended preparation vary.

3498. Variable Topics

(297) Either semester. Three credits. With a change in topic, may be repeated for credit. Prerequisites and recommended preparation vary.

3499. Independent Study

(299) Either or both semesters. Credits and hours by arrangement. Open only to seniors with consent of instructor. With a change of topic, may be repeated for credit. No more than 6 credits in ECON 3499 may be counted toward major requirements in the department.. 

Tutorial course to enable qualified students to round out their training in economics. Independent reading conferences and short research papers.

4494W. Seminar in Economics

(286W) Either semester. Three credits. Prerequisites: ECON 2201 and 2202, (one of which may be concurrent); ENGL 1010 or 1011 or 3800. Recommended preparation: One of MATH 1071Q, 1110Q, 1121Q, 1131Q, or 1151Q. 

Special topics in micro - and macroeconomic theory, applications, and testing.  Recommended for capable students who are motivated to develop and extend their knowledge of economics in creative ways.  Required for Honors Scholars in Economics and Economics Scholars. 

4497W. Senior Thesis in Economics

(289W) Either semester. Three credits. Hours by arrangement. Open only with consent of instructor. Prerequisite: ECON 4494W or consent of the Department Honors Advisor; ENGL 1010 or 1011 or 3800. 

The student should define a general subject area for the thesis before choosing a thesis advisor and seeking consent at the time of registration. The student should then submit a written proposal for the senior thesis to the advisor by the end of the semester preceding enrollment for thesis credit.