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ECONOMICS (ECON)

Joseph Ziegler, Department Chair, 402 WCOB, 575-ECON

Phillips Petroleum Company Chair of International Business and Economics Distinguished Professor Murray • Professors Britton, Curington, Dixon, Gay, McKinnon, Ziegler • Adjunct Professor Millar • Lewis E. Epley Jr. Professorship Associate Professor Ferrier • Associate Professors Farmer, Horowitz, Sonstegaard • Assistant Professors Barnett, Kali • Clinical Assistant Professor Stapp • Visiting Assistant Professors Collins, Littrell

The department of economics offers two concentrations within the business economics major: 1) business economics, and 2) international economics and business.

The concentration in business economics is intended for those students who are interested primarily in business, but at the same time have a desire to understand the more advanced tools of economic analysis. Such a background is excellent preparation for careers in corporate research and planning, as well as careers with government and regulatory agencies, for graduate study in business and economics, and for law school. Students who want to pursue an advanced degree in business economics can, with appropriate planning, complete a master's degree at the University of Arkansas within 12 months after receiving a B.S.B.A. degree. Please see the economics department chair for more information.

The international economics and business concentration is intended for students who wish to learn more about the international aspects of economics and business. It provides preparation for a broad range of careers in business, including management, marketing, and finance.

It is strongly recommended that economics majors who plan to continue their studies at the graduate level take two semesters of calculus (MATH 2554 and MATH 2564) and linear algebra (MATH 3083). These courses will substitute for the math courses required within Walton College core (MATH 2043 and MATH 2053).

Business Economics Concentration

The courses required for the business economics concentration include those required in Walton College and Fulbright College. In addition, 15 hours of specified courses (listed below) are required:

Complete the requirements for a B.S.B.A. degree.

Total General Education - 63 hours

Walton College Core Requirements - 33 hours

Course Requirements in the concentration - 55 hours

ECON 3033, Microeconomic Theory
ECON 3133, Macroeconomic Theory
ECON 4033, History of Economic Thought
ECON 4333, Managerial Economics
ECON 4743, Intro to Econometrics

Junior- senior-level electives within Walton College (Only six hours are permitted within major field of economics) - 12 hours

Total Walton College Requirements - 60 hours

Free Electives - 3 hours

Total Degree Requirements - 126 hours

International Economics and Business Concentration

The courses required for the international economics and business concentration include those required in Walton College and Fulbright College. In addition, 18 hours of economics and business courses, nine hours of upper-division courses in the Fulbright College, and six hours of a single foreign language at the intermediate level or above, and three hours at the upper-division level in business communications, or equivalent, in the same foreign language are specified. Any student whose minimum six-hour requirement includes an upper-division course may choose to include business communications among the six hours of required university course work in the foreign language.

Complete the requirements for a B.S.B.A. degree.

(Students who need elementary-level language course work may apply ECON 2013 and 2023 in the social science area of the University Core, and the elementary language credits will apply to the general education or free elective area.)

General Education Electives - 4 hours

Area Study: specifically required upper-division courses in Fulbright College - 9 hours

(Students must select, with the consent of their academic adviser, nine hours of upper-division course work in an area of the world (country or region) that is related to the foreign language. This course work could include additional courses in the same foreign language. To be included as an area study upper-division language, courses should emphasize literature or other cultural topics.)

Total General Education - 63 hours

Walton College Core Requirements - 33 hours

Course Requirements in the concentration - 18 hours

ECON 3033, Microeconomic Theory - 3 hours
ECON 3133, Macroeconomic Theory - 3 hours
ECON 4633, International Trade Pol. - 3 hours
ECON 4643, International Monetary Policy - 3 hours

International Bus & ECON electives - 6 hours

Junior- senior-level electives within Walton College (Only three hours are permitted within major field of economics) - 6 hours

Total Walton College Requirements - 57 hours

Free Electives - 6 hours

Total Degree Requirements - 126 hours

ECONOMICS (ECON)

ECON1123 Economic Development of the United States (FA, SP, SU) Development of American economic institutions from Colonial times to present. Present-day economic institutions and problems. (Credit not granted to students who have already completed ECON 2013 and ECON 2023.)

ECON2013 Principles of Macroeconomics (FA, SP, SU) Macroeconomic analysis, including aggregate employment, income, fiscal and monetary policy, growth and business cycles. Pre- or Corequisite: (MATH 1203 or higher) or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher) or (MATH 2043 or higher). UNIVERSITY CORE COURSE

ECON2013H Honors Principles of Macroeconomics (FA, SP, SU) Macroeconomic analysis, including aggregate employment, income, fiscal and monetary policy, growth and business cycles. Pre- or Corequisite: (MATH 1203 or higher) or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher) or (MATH 2043 or higher). UNIVERSITY CORE COURSE

ECON2023 Principle of Microeconomics (FA, SP, SU) Microeconomic analysis, including market structures, supply and demand, production costs, price and output, international economics. Pre- or Corequisite: (MATH 1203 or higher) or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher) or (MATH 2043 or higher). UNIVERSITY CORE COURSE

ECON2023H Honors Principle of Microeconomics (FA, SP, SU) Microeconomic analysis, including market structures, supply and demand, production costs, price and output, international economics. Pre- or Corequisite: (MATH 1203 or higher) or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher) or (MATH 2043 or higher). UNIVERSITY CORE COURSE

ECON2143 Basic Economics-Theory and Practice
(FA, SP, SU) Surveys basic micro, macro principles and analytical tools needed to study contemporary economic problems such as inflation, unemployment, poverty, pollution. Not open to students majoring in Economics or Business Administration. UNIVERSITY CORE COURSE

ECON3033 Microeconomic Theory (FA, SP, SU) Nature, scope, purpose of economic analysis; theories of demand, production, cost, firm behavior, allocation of resources, etc., in a market-oriented system. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3053 Economics for Elementary Teachers (FA, SP, SU) For students who plan to become teachers in elementary schools. Acquaints students with basic concepts, functioning of the American economic system. Not open to students majoring in Economics or Business Administration.

ECON3133 Macroeconomic Theory (FA, SP, SU) Theoretical determinations of national aggregate employment, income, consumption, investment, price level, etc. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3333 Public Finance (FA, SP, SU) Governmental functions, revenues; tax shifting, incidence; public expenditures, their effects; fiscal policy. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3533 Labor Economics (FA, SP, SU) Economic analysis of labor markets. Topics include analysis of labor demand and supply; human capital investment; wage differentials; discrimination; economic effects of labor unions and collective bargaining; public sector labor markets; unemployment; and labor market effects on inflation. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3733 Experimental Economics (SP) Introduction to the use of experimental economics with applications to monopoly, bilateral bargaining, competitive markets under various exchange rules, speculation, and public goods. Exposes students to a broad range of research and the methodological connections between theory and data. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3833 International Trade (FA, SP) Problems of the international economy, their significance to U.S. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3843 Economic Development (FA) Principles and theories that apply to development of countries. Particularly useful in the Latin American Studies Program. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON399VH Honors Course (1-3) (IR) Primarily for students participating in Honors program. May be repeated for 6 hours.

ECON4003H Economics Honors Colloquium (IR) Explores events, concepts and/or new developments in the field of Economics. Prerequisite: Senior standing.

ECON4033 History of Economic Thought (SP) Historical, critical analysis of economic theories relative to their instructional background. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON410V Special Topics in Economics (1-6) (IR) Covers special topics in economics not available in other courses. May be repeated for 6 hours. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4233 Current Economic Problems (FA, SP, SU) Analyzes current economic problems, appraises alternative solutions. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4333 Managerial Economics (FA) Applied theory of firm; emphasizes marginalism, cost, price policy, executive decision, of resources. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4343 Government in Business (FA, SP, SU) The tools of economic analysis applied to the structure, conduct and performance of American industry with particular emphasis on the development of regulatory policy. Various ideologies and policy alternatives are considered. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON450V Independent Study (1-3) (IR) Permits students on individual basis to explore selected topics in economics.

ECON4533 Comparative Economic Systems (FA) Studies foundations of the market system, socialist economics and other forms of economics; a comparative evaluation of the performance of contemporary systems of economics. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4633 International Trade Policy (FA, SP, SU) Problems of the international economy from a microeconomic perspective. Topics include analysis of the pattern and content of trade; trade in factors of production; and the applications of trade theory to the study of trade barriers such as tariffs and quotas. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4643 International Monetary Policy (FA, SP, SU) Problems of the international economy from a macroeconomic perspective. Topics include national income accounting and the balance of payments; exchange rates and the foreign exchange markets; exchange rate policy; macroeconomic policy coordination; developing countries and the problem of 3rd world debt; and the global capital market. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4653 Economics of Multinational Enterprise (FA, SP, SU) The tools of economic analysis applied to the operations of multinational enterprise. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON468V International Economics and Business Seminar (1-6) (FA, SP, SU) Offered primarily in conjunction with international study abroad programs with an emphasis on international economics and business. May be repeated for 6 hours. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4733 Quantitative Economic Analysis (FA) The use of mathematics to formulate and derive economic relationships. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4743 Introduction to Econometrics (SP) Introduction to the application of statistical methods to problems in economics. Prerequisite: ((ECON 2013 and ECON 2023) or ECON 2143) and (MATH 2043 or MATH 2554) and (MATH 2053 or ECON 4733) and CISQ 2013.

ECON512V Workshop in Economic Education (1-3) (IR) Overview of basic economic facts and principles with emphasis on means of employing them in the curriculum of elementary and secondary schools. Not open to majors in business and economics. Offered for degree credit in Education only. May be repeated for 3 hours.

ECON5163 Introduction to Economic Theory and Analysis (FA, SP, SU) Introduction to economic theory primarily for first year M.B.A. students. Surveys the analytic tools of both micro- and macroeconomics that are necessary for business decision making and study of contemporary economic and social problems such as inflation, unemployment, poverty, and international trade deficits. Prerequisite: graduate standing.

ECON5333 Managerial Economics (FA, SP, SU) Application of economic theory to business decisions. Prerequisite: ECON 5163 and CISQ 5103 and FINN 5203 and MATH 2043 and MATH 2053.

ECON5433 Macroeconomic Theory I (FA, SU) Theoretical development of macroeconomic models that include and explain the natural rate of unemployment hypothesis and rational expectations, consumer behavior, demand for money, market clearing models, investment, and fiscal policy.

ECON5533 Microeconomic Theory I (FA, SU) Introductory microeconomic theory at the graduate level. Mathematical formulation of the consumer choice, producer behavior, and market equilibrium problems at the level of introductory calculus. Discussion of monopoly, oligopoly, public goods, and externalities.

ECON5563 History of Economic Thought (FA) Seminar in development of economic ideas, theories; causes and development of schools of thought emphasized.

ECON5613 Econometrics (FA) Use of economic theory and statistical methods to estimate economic models. The single equation model are examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags. An introduction to the simultaneous systems model is presented. Two 80 min. lecture periods weekly. (Same as AGEC 5613) Prerequisite: MATH 2043 and knowledge of matrix methods, which may be acquired as a corequisite and (AGEC 1103 or ECON 2023) and an introductory statistics course.

ECON5623 Econometrics II (SP) Use of economic theory and statistical methods to develop and estimate simultaneous equation models of an economy. Emphasis given to the problem of identification and the methods of estimating systems models. Frontier topics are introduced. (Same as AGEC 5623) Prerequisite: ECON 5433 and ECON 5533 and (ECON 5613 or AGEC 5613).

ECON5853 International Economics Policy (SP) An intensive analysis of the operation of the international economy with emphasis on issues of current policy interest. Prerequisite: ECON 5163.

ECON600V Master's Thesis (1-6) (FA, SP, SU)

ECON6233 Microeconomic Theory II (SP) Advanced treatment of the central microeconomic issues using basic real analysis. Formal discussion of duality, general equilibrium, welfare economics, choice under uncertainty, and game theory.

ECON6243 Macroeconomic Theory II (FA) Further development of macroeconomic models to include uncertainty and asset pricing theory. Application of macroeconomic models to explain real world situations.

ECON636V Special Problems in Economics (1-6) (FA, SP, SU) Independent reading and investigation in economics.

ECON643V Seminar in Economic Theory and Research I (1-3) (FA)

ECON644V Seminar in Economic Theory and Research II (1-3) (SP) Independent research and group discussion.

ECON700V Doctoral Dissertation (1-18) (FA, SP, SU) Prerequisite: candidacy.