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Undergraduate Catalog 2014-2015


Approved Courses

The following list includes undergraduate courses that have been approved as of May 2014.  Courses added after that date do not appear in this list.  Courses eliminated after that date may still appear.  Not every course is offered regularly.  Students should consult the Schedule of Classes at www.testudo.umd.edu to ascertain which courses are actually offered during a given semester.

COURSE NUMBERING SYSTEM

Number   Eligibility
000-099   Non-credit course
100-199   Primarily freshman course
200-299   Primarily sophomore course
300-399   Junior, senior course not acceptable for credit toward graduate degrees
386-387   Campus-wide internship courses; refer to information describing Experiential Learning
400-499   Junior, senior course acceptable for credit toward some graduate degree
500-599   Professional School course (Dentistry, Architecture, Law, Medicine) or post-baccalaureate course
600-899   Course restricted to graduate students
799   Master Thesis credit
899   Doctoral Dissertation credit

 

Use the search box below to view the approved courses.

Courses in "ECON-Economics"

ECON - Economics

ECON 111 Thinking Like an Economist (3) Restriction: Sophomore standing or lower; or permission of BSOS-Economics department. An introduction to the modes of thought of economics. Use of simple standard tools of economics to analyze important problems that arise frequently in public policy, the news media, and in daily life. An emphasis on how economists predict what choices societies make and how economists analyze whether those are good choices. Practical application of a variety of economic tools leading to a focus on the essential unity underlying these analytical tools, viewing economics as a discipline that applies a core methodology in different ways in different situations.

ECON 155 Economics & the College Affordability Crisis (3) Additional information: No background in economics is required, although this course could be a nice complement for ECON200 and ECON201. Why have tuition and fees increased substantially over the past 30 years at almost all institutions of higher education in the US? How can quality and productivity be measured in schools? Why do most students pay considerably less than the actual cost of service provision? What is society's interest in devoting considerable resources to education beyond the high school level? How do existing and proposed governmental policies impact both the number of students pursuing a college education and the cost of this education? ECON155 uses tools from economics to examine and explore answers to these and other related questions.

ECON 175 Inequality: Determinants and Policy Remedies (3) Through most of the 20th century gaps in income between rich and poor declined in the US, but after 1970 we experienced a very rapid increase in inequality. This course challenges students to investigate why people make different amounts of money, why income inequality has risen so dramatically in recent years, what public policy tools exist to counter inequality increases, and what different institutional arrangements different countries use to lower inequality. This course will introduce students to theoretical tools used by economists to understand the sources of inequality and will also examine empirical evidence to better understand changes in the wage distribution and, more generally, in income distribution.

ECON 200 Principles of Micro-Economics (4) Prerequisite: MATH110; or must have math eligibility of MATH111 or higher. Additional information: It is recommended that students complete ECON200 before taking ECON201. Introduces economic models of the behavior of individual consumers and business firms, problems of international trade, the distribution of income, policies for eliminating poverty and discrimination, the problems of environmental pollution, and the impact of different market structures upon economic activity.

ECON 201 Principles of Macro-Economics (4) Prerequisite: MATH110; or must have math eligibility of MATH111 or higher. Recommended: ECON200. Credit only granted for: ECON201 or ECON205. An introduction to the problems of unemployment, inflation, and economic growth. Emphasis on roles of monetary and fiscal policy in the conduct of macroeconomic policy.

ECON 258 Special Topics in Study Abroad II (1-6) Repeatable to 15 credits if content differs. Special topics course taken as part of an approved study abroad program.

ECON 300 Methods and Tools for Economic Analysis (3) Prerequisite: Minimum grade of C- in ECON201 and ECON200; and 1 course with a minimum grade of C- from (MATH140, MATH220, MATH130). Restriction: Must be in a major within BSOS-Economics department; and must not have completed MATH240 or MATH241. Covers several mathematics techniques and demonstrates their application to a wide variety of models and problems in both microeconomic and macroeconomic analysis. Reviews concepts from algebra and elementary calculus and introduces components of multivariable calculus, linear algebra and differential equations.

ECON 305 Intermediate Macroeconomic Theory and Policy (3) Prerequisite: ECON201 and ECON200; and (MATH220, MATH140, or MATH130). Credit only granted for: ECON305 or ECON325. Additional information: ECON325, Intermediate Macroeconomic Analysis, is a different course designed specifically for economics majors. ECON325 is accepted for ECON major requirements, but ECON305 is not. Analysis of the determination of national income, employment, and price levels. Discussion of consumption, investment, inflation, and government fiscal and monetary policy.

ECON 306 Intermediate Microeconomic Theory (3) Prerequisite: ECON200 or AREC250; and ECON201; and (MATH220, MATH140, or MATH130). Credit only granted for: ECON306 or ECON326. Additional information: ECON306, Intermediate Microeconomic Theory, is a different course designed for other majors besides economics. ECON326 is accepted for ECON major requirements, but ECON306 is not. Analysis of the theories of consumer behavior and of the firm, market systems, distribution theory and the role of externalities.

ECON 310 European Economic History (3) Prerequisite: ECON201 and ECON200. The evolution of the capitalist system from its medieval origins to the present. Emphasis on dynamic forces of cumulative change in capitalism, including capital accumulation, technology, expansion of markets, the corporate form of private property in the means of production, and the relation of capitalism to war and revolution.

ECON 311 American Economic History Before the Civil War (3) Prerequisite: ECON201 and ECON200. Restriction: Must be in a major within BSOS-Economics department. Economic concepts are used to analyze various aspects of the founding and early history of the U.S., including the British settlement of the North American colonies, the economics of the American Revolutionary war, the writing of the Constitution, the development of financial markets, policies on public lands and the spread of western agriculture, slavery, banking, and early industrialization.

ECON 312 American Economics After the Civil War (3) Prerequisite: ECON201 and ECON200. Restriction: Must be in a major within the BSOS-Economics department. Topics include: the economics of the Civil War, the performance of southern agriculture in the late 19th century, the rise of large corporations, industrialization, the development of financial markets, the creation of the Federal Reserve Board, the economics of the Great Depression and the New Deal, the economic impact of World War II, and the rise of the modern service economy in the late 20th century.

ECON 314 Economic History, Development and Policy (3) Prerequisite: ECON200 and ECON201. Study abroad in the economic history, institutional development, and recent economic policy problems of selected areas.

ECON 315 Economic Development of Underdeveloped Areas (3) Prerequisite: ECON201 and ECON200. Credit only granted for: ECON315 or ECON416. Analysis of the economic and social characteristics of underdeveloped areas. Recent theories of economic development, obstacles to development, policies and planning for development.

ECON 317 Global Economic Policies (3) Prerequisite: ECON201 and ECON200. Restriction: Must be in a major within BSOS-Economics department; or permission of BSOS-Economics department. Credit only granted for: ECON398C or ECON317. Formerly: ECON398C. Analysis of policy options and debates on fostering economic growth and development in a global economy where national boundaries are no longer relevant. Topics covered will include real loanable funds markets in both local and international contexts during normal conditions and during financial crises, the design of trade and industrial policies, and the role of the World Bank, IMF, WTO, and other international agencies as well as regional and bilateral trade agreements. Emerging economies will be emphasized.

ECON 321 Economic Statistics (3) Prerequisite: Minimum grade of C- in ECON201 and ECON200; and 1 course with a minimum grade of C- from (MATH140, MATH220, MATH130). Recommended: STAT100. Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: BIOM301, BMGT230, CCJS200, ECON321, EDMS451, GEOG306, GVPT422, PSYC200 or SOCY201. Introduction to the use of statistics in economics. Topics include: Probability, random variables and their distributions, sampling theory, estimation, hypothesis testing, analysis of variance, regression analysis and correlation.

ECON 325 Intermediate Macroeconomic Analysis (3) Prerequisite: Minimum grade of C- in ECON300. Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: ECON305 or ECON325. Additional information: ECON305, Intermediate Macroeconomic Theory and Policy, is a different course designed for other majors besides ECON. ECON325 is accepted for major requirements, but ECON305 is not. Analysis of macroeconomic behavior and policy with emphasis on theoretical rigor. Topics include the determinants of economic growth, unemployment, inflation, and international economic flows.

ECON 326 Intermediate Microeconomic Analysis (3) Prerequisite: Minimum grade of C- in ECON300. Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: ECON306 or ECON326. Additional information: ECON306, Intermediate Microeconomic Theory and Policy, is a different course designed for other majors besides economics. ECON326 is accepted for ECON major requirements, but ECON306 is not. Analysis of economic decision-making by individual buyers and sellers, and resulting market outcomes, with emphasis on theoretical rigor. The efficient properties of perfect competition are examined, followed by consideration of market power, externalities, and asymmetric information.

ECON 330 Money and Banking (3) Prerequisite: ECON201 and ECON200. The structure of financial institutions and their role in the provision of money and near money. Analysis of the Federal Reserve System, the techniques of central banks, and the control of supply of financial assets in stabilization policy. Relationship of money and credit to economic activity and the price level.

ECON 340 International Economics (3) Prerequisite: ECON201 and ECON200. Credit only granted for: ECON340 or ECON441. Covers economic models of international transactions, exchange rates, and balance of payments. Analysis of policies of protection, devaluation, and exchange rate stabilization and their consequences.

ECON 358 Special Topics in Study Abroad III (1-6) Prerequisite: At least one principles level course. Repeatable to 15 credits if content differs. Special topics course taken as part of an approved study abroad program.

ECON 375 Economics of Poverty and Discrimination (3) Prerequisite: ECON201 and ECON200. Examination of various issues, including: the causes of persistent poverty over time for some groups within society; the relationship of poverty to technological change, to economic growth, and to education and training; economic results of discrimination; proposed remedies for poverty and discrimination.

ECON 386 Experiential Learning (3) Prerequisite: ECON201 and ECON200. Restriction: Permission of BSOS-Economics department; and must be in a major within BSOS-Economics department; and minimum cumulative GPA of 2.75; and junior standing or higher. See Department Advising Office for course eligibility, course requirements, and application information.

ECON 396 Independent Honors Study (3) Prerequisite: ECON422. Restriction: Permission of BSOS-Economics department. Normally taken in senior year. Course will explore selected topics in economic theory and its application in depth. Analysis of methodologies in economic research and the development of student skills in research methods. Students will prepare workshop papers.

ECON 397 Honors Thesis (3) Prerequisite: ECON396. Restriction: Must be a candidate for honors in economics. General supervision will be provided through assembled meetings with the professor in charge of the course.

ECON 398 Topics in Economics (3) Prerequisite: ECON201 and ECON200. Restriction: Permission of BSOS-Economics department. Repeatable to 6 credits if content differs. This course is designed to meet the changing interests of students and staff. Topics vary in response to those interests. Students are advised to seek information about the coverage and prerequisites during the registration period.

ECON 399 Individual Readings and Research For Undergraduates (1-3) Prerequisite: ECON326 and ECON325; and minimum of 6 credits from ECON400-499 course range. Restriction: Permission of BSOS-Economics department. Repeatable to 6 credits if content differs. Individual Instruction course: contact department or instructor to obtain section number. Open only to students who have previously earned 6 or more credits in 400-level economics courses.

ECON 401 Current Issues in American Economic Policy (3) Prerequisite: 1 course with a minimum grade of C- from (ECON321, STAT400); and minimum grade of C- in ECON325 and ECON326. Restriction: Must be in a major within the BSOS-Economics department. Analysis of current economic problems and public policies. Topics include increasing competitiveness, mitigating poverty, addressing harmful effects of income inequality, promoting environmental sustainability, and facilitating economic stability and growth.

ECON 402 Macroeconomic Models and Forecasting (3) Prerequisite: Minimum grade of C- in ECON325; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Analysis of the fluctuations in economic activity and the formulation and use of forecasting models of the economy. Illustrations of computer macro models and forecasting problems.

ECON 407 Advanced Macroeconomics (3) Prerequisite: Minimum grade of C- in ECON325; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. An in-depth analysis of current issues in macroeconomic theory and policy. Topics covered include: 1. alternative perspectives on macroeconomics including monetarism, new classical equilibrium models, rational expectations, and real business cycle models; 2. long term growth, the slowdown in productivity growth, and concerns about U.S. competitiveness; 3. the effectiveness of macroeconomic policy in an open economy; 4. the effects of finance on the real sector.

ECON 412 Economic History and Modern Development (3) Prerequisite: Minimum grade of C- in ECON325 and ECON326. Restriction: Must be in a major within the BSOS-Economics department. Analysis of major economic, political, and social change in the developed world since 1800. This includes factors contributing to increases in economic performance, changes in the form of government, technological change (including industrialization), and integration and disintegration of the global economy. Emphasis is on institutional changes in how societies organize economic and political activities.

ECON 413 Information and Markets (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Presents advanced microeconomic theory, concentrating on how information affects exchange and market outcomes, including insurance, signaling, reputations, and incentive contracts. Studies applications to various markets and policy questions.

ECON 414 Game Theory (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: CMSC474, ECON414, or GVPT390. Studies the competitive and cooperative behavior that results when several parties with conflicting interests must work together. Learn how to use game theory to analyze situations of potential conflict. Applications are drawn from economics, business, and political science.

ECON 415 Market Design (3) Prerequisite: Minimum grade of C- in ECON414; or permission of BSOS-Economics department. Restriction: Must be in a major within the BSOS-Economics department. Most decisions are not made in isolation, but involve interaction with others. Applies the foundations of game theory learned in ECON414 to several important topics in business and economics. Emphasis is on topics of practical importance: negotiation, markets with few participants, pricing and incentives.

ECON 416 Theory of Economic Development (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: ECON315 or ECON416. Economic theory of the developing nations; role of innovation, capital formation, resources, institutions, trade and exchange rates, and governmental policies.

ECON 418 Economic Development of Selected Areas (3) Prerequisite: ECON326; and (ECON315 or ECON416). Restriction: Must be in a major within BSOS-Economics department. Repeatable to 6 credits if content differs. Institutional characteristics of a specific area are discussed and alternate strategies and policies for development are analyzed.

ECON 422 Econometrics I (3) Prerequisite: 1 course with a minimum grade of C- from (ECON325, ECON326); and 1 course with a minimum grade of C- from (STAT400, ECON321). Restriction: Must be in a major within the BSOS-Economics department. Emphasizes the interaction between economic problems and the assumptions employed in statistical theory. Formulation, estimation, and testing of economic models, including single variable and multiple variable regression techniques, theory of identification, and issues relating to inference.

ECON 423 Econometrics II (3) Prerequisite: ECON422. Restriction: Permission of BSOS-Economics department. Interaction between economic problems and specification and estimation of econometric models. Topics include issues of autocorrelation, heteroscedasticity, functional form, simultaneous equation models, qualitative choice models, and other computational methods.

ECON 424 Computer Methods in Economics (3) Prerequisite: 1 course with a minimum grade of C- from (ECON325, ECON326); and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Database development from Internet and other sources, research methods, and statistical analysis in economics using EXCEL and SAS.

ECON 425 Mathematical Economics (3) Prerequisite: Minimum grade of C- in ECON325 and ECON326. Restriction: Must be in a major within the BSOS-Economics department; or must be in a major within the CMNS-Mathematics department. Mathematical developments of theory of household and firm, general equilibrium and welfare economics, market imperfections, and role of information.

ECON 426 Economics of Cost-Benefit Analysis (3) Prerequisite: 1 course with a minimum grade of C- from (ECON325, ECON326); and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: ECON398A or ECON426. Formerly: ECON398A. Additional information: ECON426 meets the major requirement for Quantitative and Analytic Reasoning. Study of how to use cost benefit analysis and other similar tools of applied microeconomics to conduct policy analyses. Cost-benefit analysis is an empirical method of identifying an optimal choice from a set of policy alternatives, where optimal is defined in terms of economic efficiency. Real world examples are addressed, so that students understand limitations of the methods and also interactions of economic analysis with political and administrative processes.

ECON 427 Experimental Economics (3) Prerequisite: Minimum grade of C- in ECON414; and permission of BSOS-Economics department. Restriction: Must be in a major within the BSOS-Economics department. An introduction to the methodology of experimental economics and its application to issues such as decision-making under uncertainty, auctions, and public goods. Also an introduction to behavioral economics as a new means of economic research. Designed for students contemplating graduate study in economics.

ECON 435 Financial Markets and the Macroeconomy (3) Prerequisite: Minimum grade of C- in ECON325 and ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department; and must not have completed BMGT343. Credit only granted for: BMGT343 or ECON435. Additional information: Finance majors will not receive credit for ECON435. The different types of financial assets that exist, the markets that they trade in, and the determination of their prices and rates of return are examined. Specific topics that will be covered include the Markowitz portfolio selection model, the capital asset pricing model, the arbitrage pricing theory, the efficient markets hypothesis, the term structure of interest rates, and options. There will be almost no emphasis on issues in corporate finance.

ECON 441 Theory of International Economics (3) Prerequisite: Minimum grade of C- in ECON326 and ECON325. Restriction: Must be in a major within the BSOS-Economics department; and must not have completed ECON340, ECON442, or ECON443. Credit only granted for: ECON340, ECON441, ECON442, or ECON443. Theoretical treatment of international trade and international finance. Includes Ricardian and Heckscher-Ohlin theories of comparative advantage, analysis of tariffs and other trade barriers, international factor mobility, balance of payments adjustments, exchange rate determination, and fiscal and monetary policy in an open economy.

ECON 442 Globalization and Capital Markets (3) Prerequisite: Minimum grade of C- in ECON326 and ECON325; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department; and must not have completed ECON441. Credit only granted for: ECON441 or ECON442. Uses models of open-economy macroeconomics to explain the causes and consequences of international capital flows. Analysis is made of private consumption, investment, the government sector, current accounts, the labor market, and the money and foreign exchange markets in small open economies. This framework is then used to study examples of how speculative attacks on currencies, sudden reversals of capital inflows, and the effects of the lack of credibility of economic policy affect economic development.

ECON 443 International Trade and Trade Policy in the New Global Economy (3) Prerequisite: Minimum grade of C- in ECON326 and ECON325. Restriction: Must be in a major within the BSOS-Economics department; and must not have completed ECON441. Credit only granted for: ECON441 or ECON443. Examines the economics of international economic integration, including the theory of customs unions and free trade areas, the role of GATT and the WTO, changes in individual countries' foreign trade policies during the new era of globalization, the special role of multinational firms in world trade, and recent controversies about the benefits and costs of globalized trade.

ECON 451 Public Choice (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Analysis of collective decision making, economic models of government, program budgeting, and policy implementation; emphasis on models of public choice and institutions which affect decision making.

ECON 454 Public Finance and Public Policy (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Credit only granted for: ECON350 or ECON454. Study of welfare economics and the theory of public goods, taxation, public expenditures, benefit-cost analysis, and state and local finance. Applications of theory to current policy issues.

ECON 456 Law and Economics (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Relationship of the exchange process to the system of institutions and rules that society develops to carry out economic transactions. Topics covered include: Property rights; torts, negligence, and liability; contracts and exchanges; criminal control and enforcement; equity and efficiency issues .

ECON 458 Special Topics in Study Abroad IV (1-6) Prerequisite: At least one intermediate theory course and/or statistics. Repeatable to 15 credits if content differs. Special topics course taken as part of an approved study abroad program.

ECON 460 Industrial Organization (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Examines different theoretical models of firm behavior in markets with varying amounts of market power. Relates theory to specific industries and examines how market structure evolves over time.

ECON 461 Economics of Regulation and Anti-trust (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Considers government intervention in economic activity of three types: antitrust policy, regulation of natural monopolies, and health safety regulation. Covers theoretical models, real-world policy applications, and empirical studies relevant to the impact of regulation.

ECON 465 Health Care Economics (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. Analysis of health care, the organization of its delivery and financing. Access to care; the role of insurance; regulation of hospitals, physicians, and the drug industry; role of technology; and limits on health care spending.

ECON 470 Labor Economics:Theory and Evidence (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department. An analytical treatment of theories of labor markets, and an examination of empirical findings, evidence and conclusions. Topics covered will include some or all of the following: labor demand; labor supply and labor market participation; theory of human capital; earnings differentials; and if time allows, market structure and the efficiency of labor markets; and unemployment.

ECON 480 Seminar in the New Economy (3) Prerequisite: Minimum grade of C- in ECON325 and ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Corequisite: ECON422 or ECON424. Restriction: Must be in a major within the BSOS-Economics department; and permission of BSOS-Economics department. Five to six research topics corresponding to the current research programs of different Economic Department faculty members will be examined. Students will be expected to prepare reflections on each topic and culminate with a research proposal of their own.

ECON 481 Theory and Policy in Environmental Economics (3) Prerequisite: Minimum grade of C- in ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT400). Restriction: Must be in a major within the BSOS-Economics department; or must be in a major in AGNR-Dean-Environmental Science & Policy Program. Application of economic theory and empirical tools to the analysis of environmental issues. The concepts of externalities, public goods, property rights and cost-benefit analysis are applied to air pollution, water pollution, solid waste management, hazardous waste, and global warning. The optimal role and various tools of public policy are addressed.

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