Courses

Course Descriptions

The list below includes descriptions of all undergraduate and graduate courses offered by the Department of Economics.

Visit the undergraduate and graduate pages for course requirements for specific programs. For up-to-date information on course offerings, schedules, room locations and registration, please visit the Student Information System (SIS).

Undergraduate Courses

EC 3 Financial Accounting. Theory of accounts, analysis, and recording of transactions; classifications of accounts; determination of revenue; interpretation and preparation of income statements and balance sheets. Cannot be counted toward an Economics major.

EC 5 Principles of Economics. (Formerly Economics 1 and 2.) An introduction to the fundamentals of microeconomic and macroeconomic analysis. Topics covered in microeconomics include 1) how markets determine composition and pricing of outputs and inputs, and 2) the behavior of individual consumers and businesses in response to market forces. Topics covered in macroeconomics include 1) the determinants of economic growth, and 2) the effects of fiscal and monetary policy on unemployment, inflation, and capacity utilization. Economics 5 and 8 may not both be taken for credit.

EC 6 Business Law. Legal issues pertaining to business associations and operations. Topics may include business organizations, the law of contracts and agency, the Uniform Commercial Code, antitrust laws, and direct government regulation. Cannot be counted toward any Economics major.

EC 7 Principles of Financial Accounting. Principles of finance from the perspective of the corporation. Topics include an overview of capital and money markets, short- and long-term sources of finance, issues in selecting equity vs. debt, capital budgeting, costs vs. risks of various instruments, and appropriate uses of particular types of finance. Prerequisites: Economics 5, or Economics 3, or consent. (This course is only offered during Summer Session).

EC 8 Principles of Economics with Environmental Applications. An introduction to the fundamentals of microeconomic and macroeconomic analysis. Covers the same concepts and tools as Economics 5 with a focus on environmental issues, examples and applications. Satisfies all major or minor requirements satisfied by Economics 5. Economics 5 and 8 may not both be taken for credit.

EC 11 Intermediate Microeconomic Theory. The theory of price determination and resource allocation in a private enterprise economy, analysis of consumer and producer choices, influences of market structure, and the interrelationship of product prices and factor incomes. Required of all economics majors who have not completed Economics 17 or 203. Prerequisites: Economics 5 or Economics 8; and Mathematics 32 or above.

EC 12 Intermediate Macroeconomic Theory. Analysis of the determinants of national income, basic concepts and accounting, aggregate consumption and investment behavior, and implications for public policy. Required of all economics majors who have not completed Economics 18 or 205. In no case may a student receive credit for both Economics 18 and 12. Prerequisites: Economics 5 or Economics 8; and Mathematics 32 or above.

EC 13 Statistics. An introduction to some basic statistical techniques that are used in economic analysis. Major topics include probability, discrete random variables, continuous random variables, sampling distributions, estimation, and hypothesis testing. The course will conclude with some theory and applications of the linear regression model. Required of all economics majors. Prerequisites: Economics 5 or Economics 8; and Mathematics 32 or above.

EC 15 Basic Econometrics. Introduction to common techniques and applications of econometrics. Students will gain an intuitive understanding of basic econometric techniques and will learn to apply those techniques to new problems. Data analysis with an econometrics software package and an empirical project using econometric methods. Economics 15 and 107 may not both be taken for credit. Prerequisite: Economics 13, or Economics 201, or Mathematics 166, or ES 56, or EE 24, or EE 104.

EC 16 Foundations of Quantitative Economics. Application of mathematical methods common to both micro- and macroeconomics. Applications include: systems of equations and comparative statics, e.g., supply and demand equations and models of strategic interaction; consumer constrained utility maximization; firm profit maximization and cost minimization; dynamic equilibria (difference and differential equations) and dynamic optimization techniques. Prerequisites: Economics 11; and Mathematics 34 or above.

EC 18 Quantitative Intermediate Macroeconomic Theory. Analysis of the determinants of national income, basic concepts and accounting, aggregate consumption and investment behavior, and implications for public policy, with mathematical illustrations. Required for all quantitative economics majors who have not completed Economics 205. In no case may a student receive credit for both Economics 18 and 12. Prerequisites: Economics 16.

EC 19 Review of Quantitative Macroeconomic Theory. Review of Economics 18 for Quantitative Economics majors who have taken Economics 12. Two units. Prerequisites: Economics 16.

EC 24 Game Theory. Introduction to game theory and how it is used to understand strategic interactions among individuals, firms, governments, and countries. Topics include credible threats, signaling, principle-agent problems, auctions, arbitration, voting, implications of asymmetric and incomplete information and collusion. Not open to students who have taken or are currently taking Economics 119 or its equivalent. Prerequisites: Economics 5 or Economics 8.

EC 30 Environmental Economics. An examination of the uses and limitations of economic analysis in dealing with many of the environmental concerns of our society. Public policies concerning the environment will be evaluated as to their ability to meet certain economic criteria. Prerequisite: Economics 5 or Economics 8.

EC 35 Economic Development. Problems in the growth of underdeveloped economies. Emphasis on quantitative models of economic growth at low levels of income and on the testing of various hypotheses proposed to explain underdevelopment. Consequences of market structures, population growth, externalities, institutions, and political factors for economic development. Prerequisites: Economics 5 or Economics 8.

EC 36 Macroeconomic Analysis for Development. Macroeconomic policies for developing countries and implications for growth and development. Orthodoxy, heterodoxy, shock therapy, and gradualism. Seignorage, fiscal policy, and debt sustainability. Exchange rate management and capital flows. Political economy and political reform strategies. Country studies and cross-national statistical studies from developing and transitional economies. Prerequisites: Economics 5 or Economics 8.

EC 43 Women in the Labor Market. Application of the tools of microeconomics to examine the status of women in the labor market. Will include analyses of earnings, poverty, labor force participation, hours of work, and unemployment. While most of the course will focus on the recent past and the present, part of the course will be devoted to how gender differences have changed historically. Prerequisites: Economics 5 or Economics 8.

EC 48 Health Economics. An examination of major topics in the economics of health and health care, both in the United States and abroad, using the basic theoretical and empirical tools of economics. Covers the medical and nonmedical determinants of health, markets for medical care services and health insurance, and proposed ideas for health care reform. Special topics include AIDS, aging, and obesity. Prerequisites Economics 5 or Economics 8. This course meets the following distribution requirements: Social Sciences.

EC 50 Introduction to Finance. An introduction to fundamental ideas of corporate finance and their connection to economic principles through basic theory, cases and applications. Not open to students who have taken or are currently taking Economics 150 or its equivalent. Prerequisite: Economics 5 or Economics 8.

EC 60 International Economics. Analysis of the economic effects of trade among nations. Determination and stabilization of exchange rates; regulation of commerce through various commercial policies; the United States balance of payments; the impact of international trade on price, incomes, and employment in the participating nations; international agencies and agreements affecting world trade. Custom unions and common markets, world liquidity problems. Not open to students who have taken or are currently taking Economics 161 or its equivalent. Prerequisites: Economics 5 or Economics 8.

EC 62 Economics of International Migration. Exploration how economists tackle the questions: Who migrates? Who stays and who returns? Why? Which migrants send money home? What impact do those remittances have on economic development? How can economics help us understand refugee flows and illegal migration? Why do immigrants cluster in neighborhoods like Chinatown or the North End of Boston? Is migration a substitute for or a complement to international trade? The course first develops economic tools for understanding both individuals' decision to migrate across international borders and the resulting migrant flows. It then explores the economic impact and policy implications of migration for home (migrant sending) and host (migrant receiving) countries' economies. Prerequisite: Economics 5 or Economics 8, or consent.

EC 63 Economics of the European Union. Introductory examination of the development and functioning of the European Union through economic models. Discussed are European economic integration, customs union, and the single market; free movement of labor and capital; monetary unification; the European Central Bank versus the US Federal Reserve System; monetary versus fiscal policy; regional policy; and social policy. Also examined are external trade policies and economic benefits and costs of joining the union for small versus large countries, the euro as an international currency, the impact of the EU on the developing world and on international income disparities, and the EU's role relative to other regional trading blocks in the world economy. Prerequisites: Economics 5 or Economics 8.

EC 74 Entrepreneurship. Analysis of the economic role and importance of the entrepreneur. The entrepreneur as market-maker and leader. The entrepreneurial role in strategic decision making, organizational design, and management development. Financial planning and venture capital. Prerequisite: Economics 5 or Economics 8.

EC 77 Economics Organization. This course considers how economic principles can help us answer these questions. We look at how the organizational architecture of firms affects corporate strategy. We investigate how organizational structure determines corporate performance. We analyze how the balance between the delegation of decision rights, the design of incentive systems and the monitoring and evaluation of individual and divisional performance, when correct lead to success and when wrong can lead to failure. Throughout the course we draw heavily on case studies and real-world examples of business organizations. Prerequisites: Economics 5 or Economics 8. (This course is only offered during Summer Session).

EC 83 Economies of the Middle East. Introductory survey of Middle Eastern economies. The geographic focus will be on the Eastern Arab world - Egypt, the Fertile Crescent, and the Arabian Peninsula - plus Israel and Iran. Because of their historical and cultural ties with the region, Turkey and the countries of North Africa are also considered. Various aspects of the economic realities of the region, such as economic growth and development, the economics of oil, water and food security, population growth and labor mobility, health, education, the role of the state, economic policy reform, and the prospects for global and regional integration. Course is designed to provide both a grasp of the economic development of the Middle East in modern times and a familiarity with present-day economic conditions. Prerequisites: Economics 5 or Economics 8.

EC 86 American Economic Development in Historical Perspectives, 1630-1930. (Cross-listed as History 179.) History of the American economy as a consequence of three regional development strategies: plantation production of staple exports (South); import-substitution-industrialization (North); small-scale commercial agriculture (West.) Topics include interregional trade, the retardation of the postbellum South, transformation of northern manufacturing, and the new macroeconomics of the Great Depression. Prerequisites: Economics 5 or Economics 8.

EC 87 Economics of the British Industrial Revolution, 1750-1850. (Cross-listed as History 162.) English property rights, the demographic revolution, the agricultural revolution, the Poor Law, labor market integration, standard of living, domestic and international capital flows, foreign trade, Empire trade (India, Ireland, West Indies), and the relative retardation of France and Holland. Prerequisites: Economics 5 or Economics 8.

EC 90 Independent Study. Independent reading or research on special topics in economics for one unit. Approval and supervision of a faculty member is required. Work in an approved internship is permissible as part of the curriculum. Grading is typically pass/fail. Prerequisites: Economics 11, 12, or 13.

EC 91 Introductory Selected Topics. Lectures on introductory topics in economics. Topics to be announced. Credit as arranged. Prerequisites: Economics 5 or Economics 8, or consent.

EC 92 Seminar. Designed to enable students with an Economics 5 level of preparation to explore and to do research on a major topic. Topics vary from year to year. Prerequisites Economics 5 or Economics 8, or permission of instructor.

Undergraduate & Graduate Courses

EC 100 Foundational Ideas in Economic Theory. An examination of some ideas foundational to the nature of economic science and of how they are used within the positivist methodology of economic theory. These ideas include causality, equilibrium, rationality, utility maximization, the market, competition, contract, property, money, economic growth, risk and uncertainty, and path dependence. Prerequisites: Economics 11 and either Economics 12 or Economics 18.

EC 105 Mathematics for Economists. Introduction to mathematical economics. Core topics: calculus, linear algebra, unconstrained and constrained optimization, difference and/or differential equations, and dynamic optimization with emphasis on the use of these techniques in economics. Fall term only. Prerequisites: Economics 11 and Mathematics 32 and 34 (formerly Mathematics 11 and 12), or consent.

EC 107 Econometric Analysis. The study of multiple regression and its applications in economics. The course will focus on the appropriateness of the techniques when the independent variables are measured with error, the disturbance terms exhibit autocorrelation, or the independent variables are correlated with the disturbances. The course will be concluded by an introduction to simultaneous equation techniques. Economics 15 and 107 may not both be taken for credit. Prerequisite: Either Mathematics 70 or 72; plus one of the following: Economics 13, Mathematics 166, or ES 56.

EC 108 Applications of Econometrics. Synthesis of economic and econometric theory and the application of appropriate econometric methods to real-world problems. Data gathering, model building, estimation, and presentation of results. Topics include wage determination, input demand, investment behavior, advertising, and macroeconomic forecasting. Seminar format. Prerequisites: Economics 11, 12, and 15, or 107, or consent.

EC 109 Review of Econometric Analysis. Review of Economics 107 for Quantitative Economics majors who have taken Economics 15. Two units. Prerequisites: Economics 15, Mathematics 34 (formerly Mathematics 12) and consent. Mathematics 70 or 72 (formerly Mathematics 46 or 54) recommended a prerequisites or corequisites.

EC 114 Behavioral Economics. Analysis of economic decision making which incorporates the effects of social, emotional, and cognitive issues. Topics considered include heuristics and biases, risks, time preferences, social preferences, matching markets and social networks. A familiarity with taking derivatives and using calculus is also expected. Prerequisites: Economics 11; and one of Economics 24, Economics 119, Economics 170, or Philosophy 38.

EC 116 Economic Growth: Theory and Applications. Theory and experience of economic growth in developed and underdeveloped economies. Models of exogenous growth; recent studies employing techniques of dynamic analysis that emphasize the endogenous nature of growth and the role of factors such as innovation and learning by doing. Applications to the areas of macroeconomics, dynamic trade theory, and economic development. Not open to students who have taken or are currently taking Economics 118 or its equivalent. Prerequisite: Economics 11. In no case may a student receive credit for both Economics 116 and Economics 118.

EC 117 Economics of Social Interactions and Social Networks. Course employs quantitative economics tools to study social networks and the identification of social interactions effects that pervade social networks and economic life. This course provides an overview and synthesis social networks effects, which are important for many economic phenomena, and draws from studies by sociologists, economists, computer scientists, physicists, and mathematicians. Prerequisites: Economics 15 or Economics 107, or consent.

EC 118 Quantitative Economic Growth. A rigorous treatment of various theoretical models of economic growth while emphasizing the link between theory and empirics. Are poor countries catching up with rich countries in terms of per capita income? Which policies promote economic development and which do not? Topics include capital accumulation models of growth, the role of technology in sustaining long-run growth, linear regression approaches to uncovering important growth determinants, issues in robustness and specification uncertainty, and the influence of "fundamentals" like institutions, geography, population diversity, and culture on development. Prerequisites: Economics 13 and 18.
In no case may a student receive credit for both Economics 116 and Economics 118.

EC 119 Quantitative Games & Information. The strategic role of information, or “who knows what and when they know it”, underlies many observed economic phenomena. This course applies game theory to understanding how revealing and concealing information can be the basis of strategic behavior in economics. It will cover games of perfect information, imperfect information, and incomplete information, and develop the corresponding solution for each type of game. Examples will include games of asymmetric information that have been applied in economics to a wide range of fields including industrial organization, finance, labor, and development economics. No previous course in game theory is required. Prerequisites: Economics 13 (or ES 56) and Economics 16; or Economics 201 and 203.

EC 120 Public Finance. Study of the economics of the public sector. An examination of the role government plays in market economics, and the ways public spending decisions are made. An evaluation of the size of government and the effectiveness of specific programs. Detailed analysis of the methods used to finance governments and of the role various taxes play in influencing the allocation and distribution of resources within an economy. Prerequisites: Economics 5 and 11.

EC 122 Topics in Public Finance. Analysis of a current issue regarding government tax or expenditure programs using tools developed in public finance. Topics vary from year to year. Possible areas of study include reforming the federal tax system, designing new tax systems in developing countries, and improving the provision of public education. Prerequisite: Economics 120; Economics 13 recommended.

EC 124 State and Local Public Finance. Issues in the provision and financing of public services by state and local governments. Provision of local public services, their adequacy, alternative models of local government decision making, optimal size of local governments, merits of the property tax, who really pays the property tax, alternative revenue sources, suburbs vs. central cities, metropolitan governance, the fiscal crisis of large cities, fiscal federalism, school finance reform, and the impact of tax and expenditure limitation. Prerequisite: Economics 11 and Economics 13, or equivalent.

EC 127 Urban Economics. Development of modern urban areas and the application of economic analysis to the problems of location, transportation, housing, racial discrimination, public services, and finances. Prerequisites: Economics 11 and either Economics 13 or ES 56.

EC 130 Topics in Environmental Economics. Research seminar for students who wish to pursue environmental economics beyond the level of Economics 30. Topics may include the design and administration of environmental excise taxes, the theory and practice of benefit-cost analysis, the economics of renewable and exhaustible resources, and the sustainability of economic growth. Prerequisites: Economics 11 and 30, or consent.

EC 132 Economics of Energy Markets. Analysis of energy markets and policy issues arising from our production and consumption of energy. Topics considered include the theory of depletable resources, measurement of energy externalities, market power in energy production, climate change and energy security. Prerequisites Economics 11; Economics 13 suggested.

EC 134 Resource and Environmental Economics and Policy. Research seminar for students interested in current research and thinking in the area of resource and environmental economics. Topics include: the future of fossil fuels, the potential for renewables such as solar and wind power, resource abundance and violent conflict, resource use and population dynamics, environmental regulation, pollution and water markets, and energy access and poverty. Discussion will be based on simple economic models as well as current empirical research. Tests, homework and term paper required. Prerequisites Economics 11.

EC 136 Topics in Economic Development. Selected major current problems in various less-developed countries. Students will be asked to utilize and extend the theoretical insights from Economics 35 by applying them in specific cases. Topics will include problems in energy, agriculture, balance of payments, and industrialization. Elements of benefit-cost analysis will also be covered. Prerequisites: Economics 11 and 35; Economics 13 suggested.

EC 139 Transition Economies. Analysis of the economics of transition from central planning to a market-based economy. Topics may include characteristics of socialist economies, theories of transition, transformational recession, stabilization, privatization, labor markets, financial development, trade, social safety nets, and institutional reform. Prerequisite: Economics 11.

EC 140 Labor Economics. Analysis of competitive labor markets. Examination of firm's choice of workers and workers' choice of amount and quality of labor to provide. Implications for policy areas such as social security and retirement, welfare reform, labor supply and taxes, job training and wage subsidies, labor force participation rates, unemployment, and investment in schooling. Prerequisite: Economics 11, or consent.

EC 142 Topics in Noncompetitive Labor Markets. Analysis of wage and employment decisions in labor markets that deviate from the standard competitive model. Effects of imperfect information, labor unions, and discrimination. How implications for policy differ from the usual competitive model predictions. Prerequisites: Economics 140 or 11, and consent.

EC 144 Income Inequality, Poverty, and Economic Justice. Summary measures of income distribution and their implicit value judgments. The link between trends in relative inequality in incomes and differences in wages, earnings, and labor supply. The impact of personal characteristics, institutions, and macroeconomic trends on earnings. Discussion of the pervasiveness of poverty, its causes and public policy measures for its alleviation. Economic and philosophical aspects of an equitable and just distribution of income. Prerequisite: Economics 11 and Economics 13.

EC 145 Economics of Higher Education. Advanced seminar exploring economic research on some provocative current policy questions in U.S. higher education. Topics may include the function of colleges, public subsidies, fairness of college admissions, financial aid as a benefit of the college or the student, whether it is worth paying more to attend a selective college, the influence of competition for prestige on university behavior, and whether college sports teams are consistent with educational values. Most class meetings involve student-led discussion of articles from books, journals, and the popular press. Class attendance and active participation required. Required research paper on a topic related to the class readings. Paper will be integrated into the course, with periodic deadlines for portions of the paper and class discussion of the ongoing research. Prerequisites: Economics 11; or Economics 16 and Economics 13.

EC 148 Economics of Sports. The world of sports is used to illustrate the application of core concepts from microeconomics and econometrics. The main topics covered are the industrial organization of sports, the public finance of sports, the labor economics of sports, and college sports. Each section will begin with an overview of contextual information and will then show how the appropriate tools for economics can be applied. Each section closes with discussion of recent research on the topic of the section. Prerequisites: Economics 11 and Economics 15 or Economics 107.

EC 150 Financial Economics. Application of economic theory and statistics to the analyses of corporate investment and financing decisions and the equilibrium prices of financial instruments. Topics include the time value of money, structure of interest rates, evaluation of investment projects, the advantage of portfolio diversification, asset pricing models, corporate capital structure, dividend policy and the valuation of options and futures. Prerequisites: Economics 11 and either Economics 12 or Economics 18. In no case may a student receive credit for both Economics 150 and Economics 159.

EC 151 Monetary Economics. Overview of the U.S. financial system with an emphasis on basic monetary theory, the structure and regulatory environment of financial institutions, the conduct of monetary policy, and international linkages. Prerequisites: Economics 11 and either Economics 12 or Economics 18.

EC 152 Topics in Money and Finance. Research seminar for students who wish to pursue monetary and financial issues beyond the levels of Economics 150. A lengthy research paper is required, and active participation in class is expected. Topics covered include the level and structure of interest rates, structure of financial flows in the U.S., portfolio theory and decision making under uncertainty, and public policy issues insecurity markets. Prerequisites: Economics 11, 12, 13, and 150 or 151.

EC 154 Uncertainty Methods in Economics and Finance. New and recent developments in uncertainty methods applied to economic theory and financial decision-making under symmetric and asymmetric information. Topics include the structure of financial markets, insurance, risk-sharing, and asset pricing in static and dynamic economic contexts. Prerequisites: Economics 11 and Economics 13.

EC 157 Topics in Finance and Entrepreneurship. Topics covered include: the financial life-cycle; corporate liquidity; small-firm financing options; organizational constituencies—founders, shareholders, employees—and their goals; conflict and cooperation in constituent goals; and strategic modeling. Individual and/or team projects. Capstone course for the Finance Minor. Prerequisites: Economics 50 or Economics 150 or permission of instructor.

EC 159 Quantitative Financial Economics. This course will explore quantitative analysis of theoretical and empirical models of finance; including, but not limited to, the economic foundations of financial assets and prices; financial decisions of households; and the role of financial markets and institutions in an economy. Recent theories in behavioral finance, and how these theories explain financial market anomalies (e.g., asset price bubbles and financial crises), as well as their policy implications, will also be examined. A short paper is required at the end of the course. Prerequisites: Economics 13 (or ES 56), Economics 16 and Economics 18.
In no case may a student receive credit for both Economics 150 and Economics 159.

EC 161 International Trade. Historical development of the theory of international specialization and exchange. Subsequent topics include trade and imperfect competition, trade policy, and economic warfare. International factor movements, international trading system, and policy tools of trade intervention and their welfare implications. Prerequisite: Economics 11.

EC 162 International Finance. Macroeconomic and monetary aspects of international economics. Topics include foreign exchange markets, income and price determination under flexible and fixed exchange rates, theories of the exchange rate and of the balance of payments, stabilization policy in the international economy, international capital movements, and the institutional arrangements of the international monetary system. Not open to students who have taken or are currently taking Economics 169 or its equivalent. Prerequisite: Economics 12 or Economics 18.
In no case may a student receive credit for both Economics 162 and Economics 169.

EC 164 Topics in International Finance. Research seminar for students who wish to pursue international finance beyond the level of Economics 162. Topics include basics of multinational corporate finance, exchange rate hedging using options and forwards, monetary and fiscal policies in open economies, global capital markets, international business cycles, emerging market financial crisis, and regional economic issues. Prerequisite: Economics 162.

EC 165 Labor and Global Supply Chains. At the turn of the 21st century the growth of international trade has raised concerns about working conditions in factories and plantations producing for consumers in North America and Europe. Consumers have become increasingly aware of the sometimes demanding and dangerous working conditions and the plight of child workers. Workers' organizations complain of their goods competing against those of workers denied the rights of free association and collective bargaining. This course examines the realities of work in global supply chains and the role that markets and market failure play in determining working conditions. Consumer, policymaker, and labor concerns including the establishment and coordination of international labor standards, corporate codes of conduct, enforcement in the World Trade Organization and International Labor Organization, monitoring of working conditions, and other remedies are analyzed. Intended as intermediate level course. Prerequisites: Economics 13 and 16.

EC 166 Topics in the Macroeconomics of Regions and Nations. Economic geography and its interaction with international trade; economic integration; spatial distribution of economic activity with particular reference to urban/regional structure. Macroeconomic performance and the spatial structure of the economy. Income distribution and macroeconomics. Strategic aspects of economic interdependence. Economic geography and self-organization. Prerequisites: Economics 11, Economics 12 or Economics 18, and one course in international economics; or consent.

EC 169 Quantitative International Finance. (Formerly Economics 185.) Quantitative analysis of theoretical and empirical models of international finance. Topics include balance of payments and exchange rate determination models, foreign exchange market efficiency, exchange rate regimes, international capital flows, and emerging market financial crisis. Prerequisite: Economics 18 or 205; Economics 105 recommended.
In no case may a student receive credit for both Economics 162 and Economics 169.

EC 170 Industrial Organization. Examination of the strategic interaction of firms in the marketplace and how this affects the way markets are organized. Different models of oligopoly are studied in order to understand how firms strategically set price, choose output, choose product quality, invest in capacity, and engage in R&D. Use of government policy and antitrust laws to influence the ways in which firms compete with each other. Prerequisite: Economics 11.

EC 171 Topics in Industrial Organization. New and recent developments in industrial organization. The theory of the firm and its organization in the context of transaction costs, agency costs, and property rights. Vertical integration, vertical restrictions, tie-in sales, and informational topics such as advertising and disclosure. Prerequisites: Economics 11 and 170.

EC 174 Advertising and Imperfect Competition. (Effective Spring 2020 and beyond: Fulfills Quantitative Elective Requirement.) An analytical course that focuses on how advertising affects consumer demand, firm rivalry, two-sided platforms and market efficiency. The formal objective of the course is to give students an exposure to how economists view the role of advertising in a market economy by presenting key economic models of advertising, empirical research on advertising and when relevant case studies. Prerequisites: Economics 11 and either Economics 13 or ES 56.

EC 175 Economics of Management and Strategy. Application of economic reasoning to strategic aspects of management decision-making. The centrality of game theory in a firm's strategic choices; bargaining and negotiation; the determination of the vertical and horizontal boundaries of the firm; strategic commitment; dynamic pricing rivalry; entry and exit; the origins, creation, and maintenance of competitive advantage. Prerequisite: Economics 11, or consent.

EC 176 Multinational Enterprises. The turn of the 21st century has seen a dramatic increase in foreign direct investment, with investment flows substantially outstripping export and import flows in most years for most developed countries. This has had an equally dramatic impact on the means by which companies conduct their international business. This advanced seminar course develops a systematic analysis of the motives for foreign direct investment, which creates multinational enterprises. The theoretical part of the course builds a series of models that shed light on the primary forces that motivate firms to switch from exporting to multinational production. Also investigated are some of the potential welfare impacts of the decision to become a multinational enterprise, on both host and home countries, and some of the empirical issues that arise when we try to explain patterns of international production and attempt to quantify the effects of multinationals on home and host nations. Prerequisites: Economics 11 and 13. A previous game theory and/or international economics course would also be useful.

EC 177 Economics Organization. This course considers how economic principles can help us answer these questions. We look at how the organizational architecture of firms affects corporate strategy. We investigate how organizational structure determines corporate performance. We analyze how the balance between the delegation of decision rights, the design of incentive systems and the monitoring and evaluation of individual and divisional performance, when correct lead to success and when wrong can lead to failure. Throughout the course we draw heavily on case studies and real-world examples of business organizations. Prerequisites: Economics 11.

EC 179 Law and Economics. An economic analysis of the common, legislated, and constitutional law and the process of each with primary emphasis on the impact of legal rights and duties. Topics chosen from products liability, malpractice, tort, contracts, property, financial, family, discrimination, environment, corporate, antitrust, employment, and regulatory vs. common law remedies for the abuse of market power. Prerequisites: Economics 11 and 13, or consent.

EC 183 Topics in International Political Economy. Advanced seminar on current economic and political developments in the global arena. Topics may include the political underpinnings of the globalization of international financial markets, factors underpinning the political backlash against globalization, the relevance of international organizations such as the UN and the WTO, the role of the military in international economic and political affairs, and the relationship between globalization and development. Prerequisites: Economics 11 and Economics 12 or Economics 18.

EC 184 The Number and Size of Nations. The number of sovereign states has increased dramatically from 74 in 1945 to almost 200. They come in all sizes with China at 1.2 billion people and Tuvalu, the smallest country with a seat at the United Nations, at less than 11,000. This advanced seminar examines what determines the number and size of nations and how borders change over time, how a country's size matters for economic prosperity, and how the formation and breakup of nations depend on democratization, economic integration, international conflicts and wars. These questions are addressed using the tools of economic analysis, while also taking into account insights from other disciplines, such as history and political science. Prerequisites: Economics 11 or 16 and Economics 12 or 18.

EC 190 Independent Study. Independent reading or research on special topics in economics. Approval and supervision of a faculty member is required. Units as arranged. Prerequisite: Economics 11, Economics 12 or Economics 18, or Economics 13.

EC 191 Intermediate Selected Topics. Lectures on intermediate topics in economics. Topics to be announced. Credit as arranged. Prerequisite: Economics 11, Economics 12 or Economics 18, or Economics 13.

EC 192 Advanced Seminar. Designed to enable advanced students with significant training in economics to explore and do research on a major topic. Topic varies from year to year. Prerequisite: Economics 11, Economics 12 or Economics 18, or Economics 13.

EC 193 Special Topics.

EC 193 The Mathematics of Poverty and Inequality. (Cross-listed as Math 150-01) This course explores the extent to which mathematics can help shed light on the evolution of the distributions of wealth and income as reflected in histograms and continuous measures such as the Lorenz curve. Dynamic processes such as that postulated by Gibrat, Markov, and Wiender will be considered as underlying mechanisms driving wealth and income distributions over time. We will also consider empirical data to examine which models and processes are most consistent with the real world evidence. The course may be used to satisfy the upper level quantitative elective requirement for Quantitative Economics majors. Prerequisites: Math 42 or Math 44 Required; Math 21 or Math 61 Recommended.

EC 195, 196 Senior Honors. Thesis course for thesis honors candidates; see Thesis Honors Program for details. Open to seniors. Normally two courses. Prerequisite: consent.

EC 197 Senior Thesis Research Seminar. A year-long, one-credit, pass-fail course designed to help seniors writing senior theses or honors theses plan and execute their research and write their thesis. Faculty members and past thesis writers will meet with the seminar and discuss various aspects of the research process. Students in the seminar are also expected to present their work and provide feedback to their fellow seminar participants. Two course units, per semester.

EC 198 Senior Thesis. (Formerly Economics 194.) Designed for students who want to write a senior thesis, but do not want to be a part of the Thesis Honors Program. Approval of a faculty member is required. Variable units.

Graduate Courses

EC 201 Advanced Statistics. Statistical inference including elements of probability theory, hypothesis testing, and multivariate analysis. Offered only in the Fall.

EC 202 Econometrics. Parameter estimation techniques for linear single equation and simultaneous equations and their application to the study of economic behavior. Offered only in the Spring.

EC 203 Microeconomic Theory I. Analysis of consumer behavior, the theory of production, equilibrium of the firm and the industry, market structure, and the pricing of the factors of production. Offered only in the Fall.

EC 204 Microeconomic Theory II. Advanced topics in microeconomic theory, such as equilibrium analysis and introduction to welfare economics. Offered only in the Spring.

EC 205 Macroeconomic Theory I. Analysis of income and unemployment theory; comparison of classical, Keynesian, and post-Keynesian systems; and theories of inflation. Offered only in the Fall.

EC 206 Macroeconomic Theory II. Advanced topics in macroeconomic theory, such as business cycles, growth models, and conditions for stability. Offered only in the Spring.

EC 207 Graduate Applied Econometrics. Advanced topics in micro- and/or macro-econometrics. Offered only in the Fall. Prerequisite: Economics 202 or permission of instructor.

EC 211 Research Methods Seminar I. Topics include advanced analysis in such areas as risk and uncertain asystematic information, dynamic general equilibrium, stochastic growth, and experimental economics. (Appropriate for graduate elective.) Offered in the Fall.

EC 212 Research Methods Seminar II. Topics include advanced analysis in such areas as risk and uncertain asystematic information, dynamic general equilibrium, stochastic growth, and experimental economics. (Appropriate for graduate elective.) Offered in the Spring.

EC 215 Research Seminar I. This course is a required course for all first year candidates in the Economics and Public Policy Ph.D. program. The course is taken for three units in the Fall semester.

EC 217 Research Seminar II. This course is a required course for all first year candidates in the Economics and Public Policy Ph.D. program. The course is taken for three units in the Spring semester.

EC 290 Independent Study. Independent reading or research on special topics in economics for one unit. Approval and supervision of a faculty member is required. Work in an approved internship is permissible as part of the curriculum. Grading is typically pass/fail.

EC 232 The Economics of Climate Change. This course provides an economic overview and analysis of climate change. We will also use the DICE model, a well-known integrated assessment model (IAM) to illustrate and explore key issues in modeling climate change and policy responses. Prerequisites: Ec 202 and Ec 204 or permission of instructor. The course is taken for three units in the Spring semester.

EC 234 Advanced Seminar in Resource and Environmental Economics. This course will cover current topics in resource and environmental economics, including pollution regulation, water scarcity and deforestation, conflict over resources and climate change. Each topic will combine reading at least one paper in depth and other selected papers for wider exposure to the subject. For some topics the course will provide an overview of the literature and introduce the basic economic modeling framework. Students will read both theoretical and empirical papers in the field. The topics covered are intended to provide an overview of current scholarly work in energy and environmental economics, as well as make students familiar with the methodology used. The main goal of the course is to introduce students to a range of issues and help identify problems for further study or research. Prerequisites: Ec 201 or permission of instructor. The course is taken for three units in the Spring semester.

EC 293, EC 294 Special Topics. Guided individual study of an approved topic. Variable units.

EC 295, EC 296 Thesis. Guided research on a topic that has been approved as a suitable subject for a master's thesis. Two courses.

EC 297 Doctoral Dissertation. Supervised research on a topic approved for the doctoral dissertation. When undertaking doctoral dissertation work students must register once for Economics 297 (Fall) and Economics 298 (Spring.) Typically, a "Y" grade will be assigned until the doctoral dissertation is successfully completed. Credits: 3 Units. Department consent.

EC 298 Doctoral Dissertation. Supervised research on a topic approved for the doctoral dissertation. When undertaking doctoral dissertation work students must register once for Economics 297 (Fall) and Economics 298 (Spring.) Typically, a "Y" grade will be assigned until the doctoral dissertation is successfully completed. Credits: 3 Units. Department consent.

EC 401 PT Master's Continuation, Part-time.

EC 402 FT Master's Continuation, Full-time.

EC 502 PT Doctoral Continuation Course. Continuation of supervised research on a topic approved for the doctoral dissertation. Doctoral students continuing research towards their dissertation must complete a petition to enroll in Economics 502 FT or PT Doctoral Continuation. No credit.

EC 502 FT Doctoral Continuation Course. Continuation of supervised research on a topic approved for the doctoral dissertation. Doctoral students continuing research towards their dissertation must complete a petition to enroll in Economics 502 FT or PT Doctoral Continuation. No credit.