Economics (ECON)

ECON 1011 Introduction to Microeconomics 3 Credits

This course analyzes the behavior of individual consumers and producers as they deal with the economic problem of allocating scarce resources. The course examines how markets function to establish prices and quantities through supply and demand, how resource costs influence firm supply, and how variations in competition levels affect economic efficiency. Topics may include antitrust policy, the distribution of income, the role of government, and environmental problems. Previously EC 0011.

ECON 1012 Introduction to Macroeconomics 3 Credits

This course develops models of the aggregate economy to determine the level of output, income, prices, and unemployment in an economy. In recognition of the growing importance of global economic activity, these models incorporate the international sector. The course examines and evaluates the role of public economic policy, including fiscal and monetary policy. Topics may include growth theory and price stability. Previously EC 0012.

ECON 1054 Contemporary Issues Affecting the Global Business Environment 3 Credits

Attributes: INEL International Studies / International Business Elective

Prerequisites: ECON 1011, ECON 1012; or INST 1053.

This course introduces students to contemporary issues facing businesses that operate in the global market. Students will learn about the changing global business environment on a macro-level. The course focuses on the evolving rhetoric surrounding international trade and its impact on business activity, the now of investment to developing countries and emerging markets, and the status of global and regional integration and/or potential disintegration. Through the study of these current real-world topics in international business, students will learn about challenges and opportunities of doing business in an interconnected global environment while working with international organizations, local governments, and global competitors.

ECON 2112 Economic Aspects of Current Social Problems 3 Credits

Attributes: LCEL LACS Minor: Elective

This course uses a policy-oriented approach to study contemporary economic issues. Topics include government spending, the role of federal budgets in solving national problems, poverty, welfare, social security, population, the limits to growth controversy, pollution, energy, and regulation. Previously EC 0112.

ECON 2114 Economics of Race, Class, and Gender in the American Workplace 3 Credits

Attributes: EDCG Educational Studies Cognate, EDDV Educational Studies Diversity, UDIV U.S. Diversity, WSGF Women, Gender, and Sexuality Studies: Gender Focused

This course examines the impact of race, class, and gender differences on decisions made in households and in the workplace. It begins with an in-depth analysis of labor supply decisions and responsibilities of households, moving to an examination of labor demand decisions and wage-rate determination. The course reviews applications of theoretical predictions as they relate to important public policy issues such as child and elder care, social security, pay equity, the glass ceiling, affirmative action, sexual harassment, and poverty. Previously EC 0114.

ECON 2120 Introduction to Environmental Economics 3 Credits

Attributes: ANMC Asian Studies Elective, EVME Environmental Studies Major Elective, EVPE Environmental Studies Elective, EVSS Environmental Studies: Social Science, INEL International Studies / International Business Elective, LCEL LACS Minor: Elective

This course, which presents an overview of the theory and empirical practice of economic analysis as it applies to environmental issues, first establishes a relationship between the environment and economics. It then develops the concept of externalities (or market failures) and the importance of property rights before exploring the valuation of non-market goods. It examines the practice of benefit-cost analysis and offers economic solutions to market failures, while highlighting pollution control practices, especially those based on incentives. Throughout, the course examines current issues regarding environmental protection around the globe. Previously EC 0120.

ECON 2140 Health Economics 3 Credits

Attributes: HACA Humanitarian Action Minor Context Course, HSSS Health Studies: Social Science, PJST Peace and Justice Studies

This course begins by applying microeconomic theory to the health sector of the U.S. economy. The U.S. experience will be generalized to global health issues and alternative health care systems. Topics include the demand for health care and health insurance, managed care and the role of government, physician compensation, and specialty choice, the role of nurses and other healthcare professionals, the hospital sector, and medical cost inflation. Previously EC 0140.

ECON 2150 Media Economics 3 Credits

This course analyzes the operation and consumption of the music, television, and entertainment industries within a microeconomic framework. Students will learn what forms of competition drive the production and distribution of media in the context of a changing technical environment. Theories of different media market settings will be illustrated and then concepts reinforced by real-world examples, including the changing operation of music production and distribution as the internet evolves, and the ways in which current media companies integrate seemingly different products. To explain these processes the topics of competition, pricing, industry structures, and regulatory environments will be explored. Previously EC 0150.

ECON 2152 Economics of Sport 3 Credits

This course develops and examines the tools and concepts of economic analysis as they apply to the sports industry. Topics in professional sports include free agency, salary cap, and new franchises. The course also explores economic issues and institutional structures of sports such as golf and tennis, and the broader industry including the National Collegiate Athletic Association, sports equipment, advertising, minor leagues, and the Olympics. Students gain an increased understanding of how economics affect them through this combination of sports and economics. Previously EC 0152.

ECON 2185 Regional Economic Development 3 Credits

This course includes two key components: a theoretical examination of the basic theories of regional economic development such as growth poles, spillovers, infrastructure requirements, and center-periphery analysis; and an application of these theories to a specific economic issue. Students participate in a comprehensive study of a significant economic issue facing a Connecticut community, in cooperation with a regional agency, resulting in detailed analysis of the issues and potential solutions. Fieldwork is required. Previously EC 0185.

ECON 2980 Internship 1 Credit

Students, placed in a professional environment by the department, use economic and analytical skills acquired from their courses in a non-academic job setting. Students submit a written assignment detailing their internship experience to a faculty sponsor by the end of the term. Enrollment by permission only.

ECON 3204 Intermediate Microeconomic Theory 3 Credits

Prerequisite: ECON 1011.

This course builds upon and expands the theoretical models of EC 0011. The course introduces indifference curves to explain consumer behavior; short- and long-run production functions, showing their relationship to product costs; and the efficiency of various competitive market structures. Topics include marginal productivity theory of income distribution, monopoly, and general equilibrium theory. Previously EC 0204.

ECON 3204L Intermediate Microeconomic Theory Lab 1 Credit

Corequisite: ECON 3204.

In this lab, students actively engage in the science of economics. Activities include lectures on mathematical methods, advanced problem-solving projects, collaborative teamwork experiences, and computer simulations. Note: This lab is required of all students pursuing the BS in economics; it is optional for students earning the BA. Previously EC 0204L.

ECON 3205 Intermediate Macroeconomic Theory 3 Credits

Prerequisite: ECON 1012.

This course, which includes computer applications, analyzes the determination of national income and output; fiscal and monetary tools; and growth, inflation, and stabilization policies. Previously EC 0205.

ECON 3205L Intermediate Macroeconomic Theory Lab 1 Credit

Corequisite: ECON 3205.

In this lab, students actively engage in the science of economics. Activities include lectures on mathematical methods, advanced problem-solving projects, collaborative teamwork experiences, and computer simulations. Note: This lab is required of all students pursuing the BS in economics; it is optional for students earning the BA. Previously EC 0205L.

ECON 3210 Money and Banking 3 Credits

Attributes: BUEL Business Elective

Prerequisite: ECON 1012.

This course covers the commercial banking industry, the money market, Federal Reserve operations and policy making, and monetary theory. Previously EC 0210.

ECON 3224 Labor Economics and Labor Relations 3 Credits

Prerequisites: ECON 1011, ECON 1012.

Nearly 70 percent of income earned in the United States is a return to labor. This course applies the fundamentals of microeconomic and macroeconomic analysis to important decisions that people make in labor markets. From an employee's perspective, questions include: Should I work in exchange for a wage? If so, how much? How will my work affect my lifestyle and family decisions? Should I go to school to improve my skills? From an employer's perspective, questions include: Should I hire workers? If so, how many? How should I pick workers out of a pool of applicants? What techniques should I use to provide incentives for these workers? Many of the answers to these questions require complex analysis and an understanding of the impact of government policy on the workplace. The course explores a variety of public policy issues such as minimum wage programs, government welfare programs, workplace regulatory requirements, Title IX, immigration, and the union movement. Previously EC 0224.

ECON 3225 Applied Environmental Economics 3 Credits

Attributes: EVME Environmental Studies Major Elective, EVPE Environmental Studies Elective, EVSS Environmental Studies: Social Science, PJST Peace and Justice Studies

Prerequisite: ECON 1011 or ECON 2120.

This in-depth examination of the economic tools used in environmental economics and policy-making builds on basic environmental economic concepts and provides the opportunity to put those concepts into practice. The course explores common externalities and market failures in the United States and analyzes governmental policies used to control them. Previously EC 0225.

ECON 3230 Comparative Economic Systems 3 Credits

Attributes: ANMC Asian Studies Elective, INEL International Studies / International Business Elective, LCEL LACS Minor: Elective, RECS Russian, Eastern European, and Central Asian Studies, WDIV World Diversity

Prerequisite: ECON 1011 or ECON 1012.

Is communism dead? Is capitalism the only real economic system left? This course explores the various economic systems that are used to distribute resources, i.e., to decide "who gets what" in a nation's economy. The course considers the differences between alternative distribution mechanisms, what it means to transition from one system to another, and how these economic decisions are affected by political and national realities. Because there are so many international alternatives to be explored, each semester focuses on an economic region of the globe: Asia, Eastern Europe and Central Asia, Africa, or Latin America. This course, where appropriate, is available for credit in international studies or area studies programs. Previously EC 0230.

ECON 3231 International Trade 3 Credits

Attributes: INEL International Studies / International Business Elective

Prerequisite: ECON 1011.

This course covers international trade theory, U.S. commercial policy (tariffs, quotas), common markets, trade with and among developing nations, balance of payments disequilibria, and multinational enterprises. Previously EC 0231.

ECON 3233 International Economic Policy and Finance 3 Credits

Attributes: INEL International Studies / International Business Elective

Prerequisite: ECON 1012.

This course explores international financial relations. Topics include the international monetary system, exchange rate systems, balance of payments adjustment mechanisms, and changes in international finance relations. It treats theoretical concepts and considers governmental policy approaches to the various problems. Previously EC 0233.

ECON 3235 Economic Development 3 Credits

Attributes: ANMC Asian Studies Elective, INEL International Studies / International Business Elective, LCEL LACS Minor: Elective, WDIV World Diversity

Prerequisites: ECON 1011, ECON 1012; or INST 1053.

This course considers the nature and causes of problems facing low-income nations, with a focus on the impact that various economic policies have on promoting economic development. Previously EC 0235.

ECON 3237 Fair Trade and Microfinance 3 Credits

Attributes: BUEL Business Elective, INEL International Studies / International Business Elective, LCEL LACS Minor: Elective

Prerequisites: ECON 1011, ECON 1012.

Fair trade and microfinance are two very important trends aiding the development of poor countries around the world. In this project-based course, will learn about the challenges of producing and distributing fair trade products, bringing them to market, and accessing funding to pay for expanding one’s business or materials to increase production. Previously EC 0237.

ECON 3244 Behavioral Economics 3 Credits

Prerequisites: ECON 1011, ECON 1012.

This course is an introduction to behavioral economics: incorporating insights from psychology into economics. Though behavioral economics is a relatively new field, it has already led to one Nobel Prize and is beginning to have a huge impact in finance, marketing, management, industrial organization, psychology, political science, and philosophy. In this course, we will study how behavioral economists explain a range of psychological and social phenomena, and how those explanations differ from standard economic ones. Likely topics include drug use, sex, crime, gambling, over-eating, overconfidence and procrastination. In particular, we will study various ways in which (apparent) irrationality influences people’s judgment and decision-making.

ECON 3250 Industrial Organization and Competitive Strategy 3 Credits

Prerequisite: ECON 1011.

Using microeconomic theory, this course examines the economic behavior of firms and industries, identifying factors affecting the competitive structure of markets and using these structural characteristics to evaluate the efficiency of resource use. Topics include mergers, measures of concentration, pricing, entry barriers, technological change, and product development. Previously EC 0250.

ECON 3252 Urban Economics 3 Credits

Prerequisites: ECON 1011, ECON 1012.

This course analyzes the development of modern urban areas by applying the tools of economic analysis to their problems. Topics include transportation, housing, and the provision and financing of public services. Previously EC 0252.

ECON 3270 Engineering Economics 3 Credits

Prerequisite: ECON 1011.

Engineering projects must be analyzed based upon their technical soundness, but also upon their ability to attract investment dollars in a market economy. This course prepares engineering students to apply microeconomic, financial, and statistical methods as they analyze the economic feasibility of projects. Students will learn about capital budgeting, risk and uncertainty, demand analysis, production and cost modeling, and linear programming. They will apply Excel and other computer-based simulations to analyze data. The goal of the course is ultimately to provide the student with the economic decision-making skills they need to plan, design, and finance engineering projects. Previously EC 0270.

ECON 3275 Managerial Economics 3 Credits

Prerequisite: ECON 1011.

This course prepares economics and business students to apply microeconomic, financial, and statistical methods as they analyze the economic feasibility of projects. Students will learn about capital budgeting, risk and uncertainty, demand analysis, regression analysis, production and cost modeling, and linear programming. They will apply Excel and other computer-based simulations to analyze data. The goal of the course is ultimately to provide students with the economic decision-making skills they need to plan, design, and finance projects, and to understand how various divisions of a firm must work together to achieve goals. Previously EC 0275.

ECON 3276 Public Finance 3 Credits

Prerequisites: ECON 1011, ECON 1012.

This course examines government expenditure and tax policies with an emphasis on evaluation of expenditures; the structure of federal, state, and local taxes; and the budget as an economic document. Previously EC 0276.

ECON 3278 Economic Statistics 3 Credits

Attributes: EVAP Environmental Studies: Applied Professional Skills

Prerequisites: ECON 1011, ECON 1012.

This course introduces students to descriptive statistics, probability theory, discrete and continuous probability distributions, sampling methods, sampling distributions, interval estimation, and hypothesis testing. A weekly lab provides opportunities for active exploration and application of course concepts. Previously EC 0278.

ECON 3278L Economic Statistics Lab 1 Credit

Corequisite: ECON 3278.

In this lab, students actively engage in the science of statistics. Activities include lectures on mathematical methods, advanced problem-solving projects, collaborative teamwork experiences, and computer applications appropriate to statistical analysis. Note: This lab is required of all students pursuing the BS in economics; it is not required for students earning the BA. Previously EC 0278L.

ECON 3290 Mathematical Economics 3 Credits

Prerequisites: ECON 1011, ECON 1012, MATH 1016.

This course applies mathematical models and concepts to economic problems and issues. Mathematical techniques include calculus and matrix algebra. Economic applications include the areas of consumer theory, theory of the firm, industrial organization, and macroeconomic modeling. Previously EC 0290.

ECON 3980 Internship 3 Credits

Students, placed in a professional environment by the department, use economic and analytical skills acquired from their courses in a non-academic job setting. Students submit a written assignment detailing their internship experience to a faculty sponsor by the end of the term. Enrollment by permission only. Previously EC 0299.

ECON 4305 Economic Growth 3 Credits

Prerequisite: ECON 3205.

This advanced course in macroeconomics discusses the fundamental determinants of long-run economic growth. It introduces students to the theoretical tools, data, and insights required to understand why some countries are rich and others are poor from an economic perspective. In this course, students will study the role of factor accumulation and technological progress on economic growth. Students also will explore the extent to which other factors, such as geography, religion, culture, and political and social institutions, influence the process of economic growth. Previously EC 0305.

ECON 4320 Financial Markets and Institutions 3 Credits

Prerequisite: ECON 3210.

Topics include capital markets, financial intermediaries, equities, bonds, options, futures, security analysis, portfolio theory, and the efficient markets hypothesis. Students manage a hypothetical portfolio and use a computer model. Previously EC 0320.

ECON 4380 Econometrics 3 Credits

Prerequisites: ECON 1011, ECON 1012; ECON 3278 or MATH 2217.

This course introduces students to the process used to formulate theories of economic behavior in mathematical terms and to test these theories using statistical methods. The course discusses the technique and limitations of econometric analyses as well as methods available for overcoming data problems in measuring quantitative economic relationships. Previously EC 0380.

ECON 4391 Microeconomics Seminar 3 Credits

Attributes: LCEL LACS Minor: Elective

This seminar seeks to familiarize participants with recent developments in the discipline and sharpen research skills. Students complete a research project concerning a topic of their choice. The course includes computer applications. Enrollment by permission only. Previously EC 0397.

ECON 4392 Macroeconomics Seminar 3 Credits

This seminar seeks to familiarize participants with recent developments in the discipline and sharpen research skills. Students complete a research project concerning a topic of their choice. The course includes computer applications. Enrollment by permission only. Previously EC 0398.

ECON 4980 Internship 1-4 Credits

Students, placed in a professional environment by the department, use economic and analytical skills acquired from their courses in a non-academic job setting. Students submit a written assignment detailing their internship experience to a faculty sponsor by the end of the term. Enrollment by permission only.

ECON 4990 Independent Study 1-3 Credits

For economic majors only, this course is open to seniors by invitation or mutual agreement with the instructor. Previously EC 0298.

ECON 5400 Principles of Economics for Business 3 Credits

This course examines the fundamentals of economic analysis from both the micro and macro perspectives; from individual consumer behavior to the choices firms make, as well as framing the aggregate economy and indicators that measure global economic activity. The basics of supply and demand, market structures, international trade, fiscal, and monetary policy are covered. A case study approach is utilized to facilitate discussion of real world examples of economic decision making in action.

ECON 5410 Principles of Microeconomics 1.5 Credits

This course is designed to provide an introduction to the underlying concepts and theories of microeconomics. Students will learn ideas and methodologies that help them to understand how markets behave, and how they are impacted by local, national, and international events. They will explore the behavior of consumers and producers in markets for goods and services, as well as global economic structures. They will assess the outcomes of market activity, and explore alternative methods of allocating resources when markets are determined to have failed. Previously EC 0410.

ECON 5415 Statistics for Business 1.5 Credits

Statistics is defined as a branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data. This course will teach students the fundamentals of statistical analysis with an eye towards economic and business applications. Students will also learn about the limitations of statistics, and how to properly apply principles and present analytical results. Previously EC 0415.

ECON 6410 Public Finance and Budgeting 3 Credits

This course will examine the proper role government has to play in today's economy and will provide the fundamental and technical skills necessary to understand public budgeting and finances. Topics include the reasons for government involvement in the economy (market failure and redistribution), budgeting techniques at all levels of government, and sources of tax revenue. There will be a strong emphasis on issues related to state/local governments. By the end of this course students should have a strong understanding of the budgetary process at all levels, but in particular at the state/local level of government.

ECON 6430 Economics of the Nonprofit Sector 3 Credits

This course will examine both the role that nonprofits play in the U.S. economy and how charitable organizations are managed and financed, including the interplay between the government and the Third Sector. Particular attention will be paid to distinctions between successful (impactful) nonprofits and those that are less effective in pursuing societal needs. New forms of philanthropic organizations will be examined, including benefit corporations and social marketing enterprises. In addition, new ethical practices, including impact investing, will be surveyed. Case studies will be utilized to illuminate the economic circumstances that can impact Individual nonprofits.

ECON 6455 Healthcare Management 3 Credits

This course covers the management and financial aspects of healthcare provision in the United States. The transitions that are underway in the market that have influenced the manner in which healthcare is provided will be examined. The course will also discuss the rising cost of treatment and changes in the how services are provided. Students will examine the structure of management within various healthcare organizations, hospitals, networks, and small providers, and how that influences quality of care. The final part of the course will examine the financial nature of various organizational forms within the medical industry.

ECON 6560 Global Financial Markets and Institutions 3 Credits

This course examines financial markets in the context of their function in the economic system. The material deals with the complexity of the financial markets and the variety of financial institutions that have developed, stressing the dynamic nature of the financial world, which is continually evolving.

ECON 6602 Healthcare Economics 3 Credits

This course begins by applying microeconomic theory to the health sector of the U.S. economy with a focus on financial incentives throughout the healthcare system. Topics include the demand for healthcare and health insurance, quality improvement, managed care and the role of government. The U.S. experience is compared to healthcare systems in other countries. Evidence-based skills include cost analysis and business plan and budget development.