NOTICE - This edition of the Catalog of Studies is provided as a courtesy to students who may be attending classes under these degree requirements. If you are a prospective student, or are attending class under a different set of degree requirements, please visit

http://catalogofstudies.uark.edu/

to find your class year catalog.

ECONOMICS (ECON)

Joseph Ziegler, Department Chair, 402 Business Building, 575-ECON

Phillips Petroleum Chair of International Business and Economics Distinguished Professor Murray • Professors Britton, Curington, Dixon, Gay, McKinnon, Ziegler • Professors Emeriti Bridenstine, Hunsberger, Market, McCain, Spriggs, Tu, White • Adjunct Professor Millar • Lewis E. Epley Jr. Professorship Associate Professor Ferrier • Associate Professors Farmer, Horowitz, Sonstegaard • Assistant Professors Barnett, Deck, Kali

Requirements for a Major in Economics: 30 semester hours, including ECON 2143 or ECON 2013 and ECON 2023, ECON 3033, ECON 3133, ECON 4743, and ECON 4033.

Requirements for a Major in Economics with Emphasis in International Economics and Business:

1. 30 semester hours of courses, including ECON 2013, ECON 2023, ECON 3033, ECON 3133, ECON 4633, ECON 4643, and 12 hours of international economics and business electives that may be selected from ECON 3843, ECON 4533, ECON 4653, ECON 468V, MGMT 4683, MGMT 4583, or other courses approved by the departmental adviser. Course pre-requisites for non-economics international business courses will count toward this 12-hour requirement. Thus, if a student wants to take MKTT 4833 International Marketing as an international economics and business elective, he/she also must take the prerequisite MKTT 3433 Principles of Marketing. These two courses will satisfy 6 hours of the elective requirement;

2. 9 hours of upper-division course work in Fulbright College that focuses on a country or region of the world related to the foreign language, which might include upper-division courses in the same language, which should emphasize literature or cultural topics. Courses must be approved by the departmental adviser. Students who meet the requirements of the Fulbright College area studies programs in Asian Studies, Russian and Soviet Studies, Latin American Studies, or European Studies will be considered to have fulfilled this requirement;

3. MATH 2043 and MATH 2053 or MATH 2554 and MATH 2564 ­ these courses fulfill the Fulbright College mathematics requirement.;

4. 9 hours of business/stat courses to include CISQ 2013 or STAT 2303 and ACCT 2013 and ACCT 2023;

5. 6 hours of a foreign language at the intermediate level, or above; and

6. 3 hours of upper-division foreign language in the same language covering business communications, or equivalent. Any student whose minimum 6-hour requirement under (# 5) above includes an upper-division course may choose to include business communications among the 6 hours of required university course work in the foreign language.

NOTE: 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).

Writing Requirement: The Fulbright College writing requirement for economics majors will be fulfilled by the research/
analytical paper required in ECON 4033. For economics majors who elect to emphasize international economics and business, the writing requirement will be fulfilled by the research/analytical paper required in ECON 4633 or 4643.

Requirements for Departmental Honors in Economics: The Departmental Honors program provides upper-division students the opportunity to engage in independent study or research under the guidance of an individual member of the faculty. In addition to satisfying the general college requirements for the bachelor's degree with honors, honors candidates in economics are required to complete and orally defend an honors thesis based upon independent study under ECON 399VH (for 3 to 6 hours) and to have a minimum grade-point average of 3.25. Honors candidates are encouraged to enroll in ECON 3923H (Honors Colloquium) and other honors courses and seminars where appropriate. Outstanding student achievement will be recognized by awarding the bachelor's degree with the distinction "Economics Scholar Cum Laude." Higher distinctions may be awarded to truly outstanding students based upon the whole of their academic program and quality of honors research.

The following courses, among others in business administration, are given credit toward an economics major for the B.A. degree. For description of these courses, see College of Business Administration section of this catalog.

FINN 3033, Money and Banking
FINN 3133, Commercial Banking
FINN 3043, Principles of Finance
CISQ 2013, Business Statistics

See African-American studies for the combined major with economics.

Requirements for a Minor in Economics: 18 hours in economics. Required courses are ECON 3033, Microeconomic Theory, and ECON 3133, Macroeconomic Theory, plus 12 additional hours in economics, six of which must be in courses numbered 3000 or above.

NOTE: ECON 2013 and ECON 2023, or ECON 2143, are prerequisites to all economics courses numbered above 3000.

Economics (B.A.) Teacher Certification in Social Studies Requirements:

1. Complete a minimum of 36 hours in primary field.

2. Complete Pre-Education (ASED) minor

3. The following courses are specifically required for certification:⁸

PLSC 2003, American National Government
PLSC 3223, Arkansas Politics
HLSC 1002, Wellness Concepts and PEAC 1621, Fitness Concepts OR HLSC 1103, Personal Health & Safety
6 hours of geography, including GEOG 1123, Human Geography
12 hours of American history, including HIST 2003, HIST 2013 & HIST 3383 3 hours of psychology, sociology or anthropology (PSYC 2003 will meet this requirement)

4. Earn a "C" or better in

ENGL 1013,
ENGL 1023,
ENGL 2003 (or ENGL 2013, or exemption by grades or test),
COMM 1313, and
MATH 1203 (or any higher mathematics course).

For information on advanced degrees in economics, see the Graduate School Catalog.

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.