AECO 110 Principles of Economics I: Microeconomics (3)
Analysis of supply and demand in markets for goods and markets for the factors of production. Study of various market structures, price determination in perfectly competitive and imperfectly competitive markets. May not be taken for credit by students with credit for AECO 300. TECO 110 is the Honors version of AECO 110; only one may be taken for credit. AECO 110 or TECO 110 and AECO 111 must be completed with a C or better for the major in Economics. Prerequisite(s): recommended: plane geometry and intermediate algebra, or AMAT 100.
TECO 110 Principles of Economics I: Microeconomics (3)
Analysis of supply and demand in markets for goods and markets for the factors of production. Study of various market structures, price determination in perfectly competitive and imperfectly competitive markets. May not be taken for credit by students with credit for AECO 300. TECO 110 is the Honors version of AECO 110; only one may be taken for credit. AECO 110 or TECO 110 and AECO 111 must be completed with a C or better for the major in Economics. Prerequisite(s): recommended: plane geometry and intermediate algebra, or AMAT 100.
AECO 111 Principles of Economics II: Macroeconomics (3)
Examination of the institutional structure of an economic system. Analysis of aggregate economic activity, the determinants of the level, stability, and growth of national income, the role of monetary and fiscal policy. May not be taken for credit by students with credit for AECO 301. AECO 110 and AECO 111 must be completed with a C or better for the major in Economics. Prerequisite(s): AECO/T AECO 110.
AECO 210 Tools of Economics (3)
Introduction to some of the basic mathematical tools used in economics, including the construction and comprehension of simple graphs, as well as some of the economist’s conceptual tools, including marginal analysis, national income analysis, supply and demand. May not be taken for credit by students with credit for AMAT 101, 106, 111, 112, 118, or equivalent.
AECO 300 Intermediate Microeconomics (3)
Introduction to price theory, distribution theory, and market structure analysis. Relevance of economic theory in production and consumption decisions. Only one of AECO 300 or TECO 300 may be taken for credit. Prerequisite(s): AECO 110 with grade of C or better; AECO 111; and AECO 210 or AMAT 101, or 106, or 111 or 112 or 118.
TECO 300 Honors Intermediate Microeconomics (3)
This course provides an advanced introduction to intermediate level microeconomics. Topics that will be covered include price theory, distribution theory, and market structure analysis. Relevance of economic theory in production and consumption decisions will also be discussed. Only one of AECO 300 or TECO 300 may be taken for credit. Prerequisite(s): AECO 110 with grade of C or better; AECO 111; and AECO 210 or AMAT 101, or 106, or 111 or 112 or 118. Open to Honors College students only.
AECO 301 Intermediate Macroeconomics (3)
Theoretical and empirical analysis of aggregate output and employment, the average price level, and interest rates. Applications include long-run growth, business cycles, and fiscal and monetary policy. Prerequisite(s): AECO 110; AECO 111 with grade of C or better; AECO 210 or AMAT 101, or 106, or 111 or 112 or 118.
AECO 320 Economic Statistics (3)
Statistical techniques in economic analysis. Topics include distribution theory and statistical inference as applied to regression models. Students gain experience in testing economic theories using a computer regression package. Prerequisite(s): AECO 110 and 111; AECO 210 or AMAT 101, or 106, or 111 or 112 or 118.
AECO 330/330W Economics of Development (3)
Introduction to the analysis of economic growth and development. Historical, descriptive, and analytical approaches to the problems of fostering economic growth. Consideration of alternative theories of the causes and problems of underdevelopment. Only one version of AECO 330 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 341/341W Urban Economics (3)
Analysis of the city-metropolis and the economic forces which condition its growth pattern and allocation of scarce resources. The public sector, especially local government, is examined in its role of solving the problems of inadequate jobs, housing, education, and other services. Only one version of AECO 341 may be taken for credit. Prerequisite(s): AECO 110 and AECO 111.
AECO 345 Psychological Economics and Policy (3)
Economic analyses are usually rooted in assumptions of perfect rationality, perfect selfishness, and perfect self-control. But often real human beings do not meet these assumptions. How do real people respond to economic policies? How can traditional analyses be adapted to incorporate social and cognitive psychology? In the past few decades, economists in the fields of Behavioral Economics and Experimental Economics have explored how to draw on the methods and insights of psychologists, model psychological behavior within markets, and test psychological hypotheses using data from the field. That work has become increasingly relevant in policy circles. This class surveys the theories, methods, and evidence of those fields and discusses their relevance for designing and implementing public programs. Prerequisite(s): AECO 110 and 111, AECO 320 or equivalent.
AECO 350 Money and Banking (3)
The principles of money, commercial banking, and central banking; an elementary consideration of issues of monetary policy and financial markets. Prerequisite(s): AECO 110 and 111.
AECO 351/AMAT 301 Theory of Interest (3)
The basic measures of interest, annuities, sinking funds, amortization schedules, bonds, and installment loans. Recommended as preparation for Actuarial Society exam FM. Only one version of AECO 351 may be taken for credit. Prerequisite(s): AMAT 113.
AECO 355/355W Public Finance (3)
Introduction to the financial problems of governments: public expenditures, basic kinds of taxes and tax systems, grants-in-aid, public borrowing, debt management, and fiscal policy. Only one version of AECO 355 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 356/356W State and Local Finance (3)
Problems of financing state and local government within the context of a federal system. Relevance and limits of fiscal theory for state and local government tax and expenditure policy. Only one version of AECO 356 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 360 International Economic Relations (3)
The development of international trade and trade theory since mercantilism; international financial institutions, the foreign exchange market, and the problems of international balance of payments and international liquidity. Prerequisite(s): AECO 110 and 111.
AECO/ALCS 361 Development of the Latin American Economy (3)
Economic change in Latin American societies. Comparative study of the growth of various Latin American countries emphasizing the variables associated with development: population, technology, capital information, output, resources and income distribution. Only one version of AECO 361 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 364/AEAC 364/ AHST 372 China's Economic History (3)
This course focuses on the development of the Chinese economy from its Neolithic period to economic reform in the twenty-first century. The goal is to understand the dynamics that produced distinctive patterns in the evolution of China's economy. At the same time, students will understand how a grasp of basic economic concepts can illuminate China's broader historical experience. Topics of special interest include the relationship between technological innovation and economic life, distinctive forms of economic organization in China, the impact of government policy on the private economy, China's experiment with state socialism, and the emergence of the so-called "socialist market economy."
AECO 370/370W/370Z Economics of Labor (3)
Study of wage theories and wage structures; wage-cost-price interaction; and wage, supply, and employment relationships. Only one version of AECO 370 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 371/371W The Distribution of Income and Wealth (3)
Theoretical, empirical, and institutional analysis of the distribution of income and wealth, including policies and programs designed to affect these distributions. Only one version of AECO 371 may be taken for credit. Prerequisite(s): AECO 110 and 111.
AECO 372W Artificial Intelligence for Business and Economics (3)
This course examines how artificial intelligence (AI) enhances decision-making in business and economics and explores its broader impact on the relationship between firms and markets. It begins by introducing the practical use of AI across business functions and progresses to hands-on applications of machine learning (ML), a core component of AI. The course concludes with a discussion of how AI transforms human capital, firm strategy, and organizational structures. By the end of the course, students will gain both analytical skills and strategic perspectives necessary to understand and leverage AI in business environments. Prerequisites: AECO 110 and AECO 111.
AECO 373 The Economics of Innovation and New Technology (3)
Scientific and technological progress is an important route to improved living standards and economic growth. This course will explore the societal impact of science and R&D and the government policies that influence science and R&D. Topics will include the roles played by government funding (e.g., NIH, NSF, and DOE), regulation (e.g., FDA), law (e.g., intellectual property, immigration, and trade), higher education, non-profits, and industry. The course will also cover the labor market for scientists and engineers and the organization of science, especially the growing importance of teamwork and networks and the growing institutionalization of science and the role of incentives. Knowledge spillovers will be covered and their implication for economic growth, regional development and inequality will be explored. While all major scientific and innovative fields will be discussed, the course will draw examples disproportionately from the IT (especially artificial intelligence), health sciences, and the biomedical fields. Prerequisite(s): AECO 110 and AECO 111.
AECO 374/374W Industrial Organization (3)
Relationship between market structure, economic efficiency, and social welfare. Consequences of competition, monopoly, and business practices including collusion, horizontal mergers and dominant firms. Discussion of policy implications using antitrust cases. May not be taken for credit by students with credit for AECO 474 or equivalent. Only one version of AECO 374 may be taken for credit. Prerequisite(s): AECO 300.
AECO 380/380Z Contemporary Economic Issues (3)
An introductory discussion of selected economic issues of current importance. The course will focus on different economic problems each term. May be repeated up to 6 credits when content varies. Prerequisite(s): AECO 110 and 111.
AECO/HHPM/HSPH 381/381W Economics of Health Care (3)
Economics concepts are used to explain the nature of demand and supply in the health care field. The behavior of consumers and health care providers is examined from an economic perspective. Areas of market failures and the rationale for government intervention are also described. Only one version of AECO 381 may be taken for credit. Prerequisite(s): AECO 300 or permission of the instructor.
AECO 383/383W Economics of Law (3)
The application of economic concepts such as efficiency, externalities, and trade-offs to the analysis of common law, crime and punishment, product safety laws, and other legal interventions in market and non-market behavior. Only one version of AECO 383 may be taken for credit. Prerequisite(s): AECO 300.
AECO 385/385W Environmental Economics (3)
Develops the economic frameworks of pollution control and natural resources management, and provides economic analyses of past and current environmental policies. Covers control of both local pollution (e.g., acid rain) and global pollution (e.g., climate change), and the management of both nonrenewable resources (e.g., coal and gas) and renewable resources (e.g., fisheries, wind and solar). Only one version of AECO 385 may be taken for credit. Prerequisite(s): AECO 300.
AECO 401 Macroeconomic Modeling, Forecasting, and Policy Analysis (3)
Introduction to the construction and use of econometric macro models, including theoretical specification, statistical estimation and validation; the structure of large-scale macro models; forecasting and policy analysis; critiques of current macroeconomic modeling. Prerequisite(s): AECO 300, 301, and 320.
AECO 405 Game Theory (3)
Study of the strategic interaction among rational agents. Development of the basic analytical tools of game theory, including simultaneous and sequential move games, games with incomplete information, and alternative equilibrium concepts. Applications in fields such as industrial organization, public economics, international trade, and voting. Prerequisite(s): AECO 300; AECO 320 (or B ITM 220 or AMAT 108) or permission of instructor.
AECO 410 Mathematics for Economists (3)
Applications of advanced calculus to economic analysis of consumption, production, profits, stock valuation and general equilibrium. Topics include series convergence, continuity, differentiability, the Mean Value Theorem, Taylor's Theorem, vector spaces, the Fundamental Theorem of Linear Algebra, determinants, the Jacobian Matrix, the Implicit Function Theorem, optimization, constrained maximization and the Fundamental Theorem of Calculus. Prerequisites: AECO 300, AECO 301, and AMAT 112, or AMAT 118, or permission of instructor.
AECO 420/420W/420Z Applied Econometrics (3)
Application of regression to a problem chosen by the student. Some general discussion of data sources, the derivation of index numbers and other problems that might be encountered in estimating economic relations. Emphasis is on class presentation and analysis of student projects. Only one version of AECO 420 may be taken for credit. Prerequisite(s): AECO 320.
AECO 445 International Trade and Global Business (3)
Theoretical, institutional, and empirical characteristics of trade and global business. Review of the pure theories of comparative advantage, gains from trade, trade policy, and capital movements between nations, such as foreign direct investment. Prerequisite(s): AECO 300 and 301.
AECO 446 International Macroeconomics (3)
The foreign exchange market and international payments are described and analyzed. Emphasis is placed on analyzing the implications of flexible and fixed exchange rate regimes for the stabilization of price levels and employment in small and large countries. Proposals for exchange management and reform of the international monetary system are evaluated. Prerequisite(s): AECO 110, 111, and 301.
AECO 455/455Z Public Microeconomics (3)
Microeconomic analysis of the role of the public sector in resource allocation within a market economy: theory of market failures, alternative corrective measures for market failures, public choice theory, partial and general equilibrium analyses of major taxes, and welfare-based public investment criteria. Only one version of AECO 455 may be taken for credit. Prerequisite(s): AECO 300 and 355 or permission of instructor.
AECO 457 Theories of Fairness (3)
Explores alternative notions of fairness and their relation to economic efficiency and collective welfare. The focus will be on developing appropriate analytical tools and applying them to a wide range of allocation problems, including market exchange, bargaining, cost-sharing, bankruptcy, estate division, and collective decision-making. Prerequisite (s): AECO 300.
AECO 466/466W Financial Economics (3)
Financial markets, efficient-market theory, financial panics, choice under uncertainty, risk aversion, portfolio choice, capital-asset pricing model, futures, options, flow of funds, saving and investment, financing economic development, government debt, international debt, term structure of interest rates, interest rate forecasting. Only one version of AECO 466 may be taken for credit. Prerequisite(s): AECO 301 or 350.
AECO 467 Quantitative Methods in Finance (3)
Introduction to fundamental financial data analytics with applications to financial asset pricing and valuation, financial investment, financial forecasting and the empirical analyses of financial data. Emphasis is on hands-on experience of financial data analysis and applications using R and Python. Prerequisite(s): AECO 320 or equivalent, AECO 210 or AMAT 101, or 106, or 111 or 112 or 118.
AECO 471 Advanced Labor Economics (3)
This course provides an up-to-date overview of the labor market. While the benchmark competitive market model is discussed, the main focus is on the mechanisms that prevent the labor market from being competitive. At the micro level, the course addresses wage formation through bargaining and contract analysis. At the macro-level the course addresses wage dispersion and unemployment. The course will incorporate the latest theoretical models on each of the topics covered and discuss their empirical validity. This course will include a term paper which will provide an opportunity to explore some area of the syllabus in more depth. Prerequisite(s): AECO 300, AECO 301 and an introductory statistics class (AECO 320 or equivalent). A prior course in labor economics will be helpful but not required.
AECO 474 Industrial Organization (3)
Relationship between market structure, behavior of the firm, economic performance, and analysis of U.S. antitrust activities. Prerequisite(s): AECO 300.
AECO 475 Managerial Economics (3)
Application of economic concepts to the decision making of the firm. Topics may include market and demand analysis, risk and uncertainty, pricing, production, investment decisions, and capital budgeting. Prerequisite(s): AECO 300 and 320, or permission of instructor.
AECO 480/480Z Topics in Economics (3)
Detailed analysis of specific topics in economics. Topics may vary from semester to semester. May be repeated for credit if topics differ, up to a maximum 6 credits. AECO 480Z is the writing intensive version of AECO 480. Prerequisite(s): AECO 300, 301, and 320.
AECO 496 Economics Internship (3)
Economics Internship requires active participation in economic research outside the University, together with senior standing as an economics major. May be taken only once for credit. Internships are open only to qualified seniors who have an overall grade point average of 2.50 or higher. Permission of instructor is required. S/U graded.
AECO 497/497Z Independent Study and Research (3)
Student-initiated research project under faculty guidance. May be repeated for credit up to a total of 6 credits with permission of department. Prerequisite(s): AECO 300, 301 and 320; a B average or higher in all economic courses attempted.
AECO 499Z (formerly AECO 499) Senior Honors Research Seminar (3)
Senior seminar, in which a substantial “senior thesis” is prepared by an honors candidate under the supervision of a faculty adviser. Students present oral and/or written progress reports on their ongoing research and read, discuss, and criticize each other’s work. The former AECO 499 does not yield writing intensive credit. Prerequisite(s): admission to the honors program and AECO 420.