Undergraduate Course Offerings

ECON 201 - Three credit (S)
MICROECONOMICS
Studies demand and supply, consumer behavior, the theory of business enterprise, the operation of competitive and monopolistic markets, and the forces determining income distribution. A full introduction to economic principles warrants completion of both ECON 201 and 202. Students planning to take both semesters of economic principles are advised to take ECON 201 first, though this is not required. The department recommends ECON 201 to students intending to take only one semester of principles.

ECON 202 - Three credits (S)
MACROECONOMICS
The study of the determinants of aggregate economic activity, the effects of monetary and fiscal policy upon national income, and economic policy toward unemployment and inflation. A full introduction to economic principles warrants completion of both ECON 201 and 202. Students planning to take both semesters of economic principles are advised to take ECON 201 first, though this is not required. The department recommends ECON 201 to students intending to take only one semester of principles.

ECON 206 - Three credits (Y)
AMERICAN ECONOMIC HISTORY
A survey of American economic history.

ECON 301 - Four credits (S)
INTERMEDIATE MICROECONOMICS
Prerequisite: ECON 201 and one semester of calculus.
The theory of prices and markets; an analysis of the forces that determine the allocation of economic resources in a market economy.

ECON 302 - Three credits (S)
INTERMEDIATE MACROECONOMICS
Prerequisite: ECON 202 and 301 (or 311), or permission of instructor.
Macroeconomic theory and policy; analysis of the forces that determine employment, income and the price level.

ECON 303 - Three credits (S)
MONEY AND BANKING
Prerequisite: ECON 202
Studies the role of money in the economic system, with emphasis on monetary policy and theory.

ECON 304 - Three credits (IR)
ECONOMICS OF EDUCATION
Prerequisite: ECON 201
The course will address several basic questions: why most schools are operated by governments rather than by private organizations, what types of incentives confront administrators and teachers under the current system, and what are the variety of funding arrangements for schooling across the fifty states. We also shall analyze current reforms in the provision of schooling.

ECON 305 - Three credits (Y)
THE ECONOMICS OF WELFARE REFORM
Prerequisite: ECON 201
This course analyzes the major government programs intended to help people with low incomes. It is particularly concerned with whether programs have effects are consistent with their justifications and how they can be redesigned to better achieve their goals.

ECON 307 - Three credits(S)
ECONOMICS AND GENDER
Prerequisite: Econ 201 or permission of instructor
This course examines gender differences in the economy, decision-making and the division of labor within the family, and public policies that affect the status of women.

ECON 309 - Three credits (Y)
LATIN AMERICAN ECONOMIC ISSUES
Prerequisite: ECON 201 and 202
Issues in the economic development of the Spanish speaking countries of Latin America and Brazil including traditional primary product dependence, the post World War II push for industrialization via import substitution, chronic and hyperinflation,
foreign capital flows and debt, and recent market reforms and their effects on growth and poverty.

ECON 311 - Four credits (Y)
MATHEMATICAL MICROECONOMICS
Prerequisite: ECON 201 and two semesters of calculus.
This course covers the same topics as ECON 301 using differential calculus through constrained maximization of functions of several variables. Credit will not be given for both 301 and 311.

ECON 331 - Three credits (S)
ECONOMICS AND ELECTIONS
Prerequisite: ECON 202 or instructor permission
Studies interactions between economic conditions and elections.  Emphasizes economic policy making, political business cycles, and the impact of economic conditions on voter participation, vote choice, and election outcomes.

ECON 333 - Three credits (IR)
PUBLIC CHOICE
Prerequisite: ECON 201
Public choice is the study of politics using economic ways of thinking. The course will treat topics such as the theory of voting rules, the theory of regulation, taxation, and interest groups, the growth of government, and the design of constitutions.

ECON 353- Three credits (s)
ECONOMIC ISSUES IN THE MIDDLE EAST
Prerequisite: Econ 201 and Econ 202
This course will survey major economic issues in the development of countries in the Middle East/North Africa region since World War II. The approach will be to integrate concepts in development economics with the experience of countries of the Middle East and North Africa (MNA) region. Students will be encouraged to develop tools for analyzing key development policy choices facing governments in this region. Issues covered include patterns of growth, economic reform strategies, the role of OPEC and oil in development, water scarcity and agricultural policies, population, education strategies, labor markets and unemployment, trade, regional integration and migration, the investment climate, financial market development, gender, poverty issues and the impact of conflict.

ECON 355 - Three credits (Y)
ECONOMICS OF CHINA
Prerequisite: Econ 201 or permission of instructor.
Studies the special aspects and evolving institutions of the third largest (and most rapidly growing) national economy. Why did industrialization in the world's most populous nation begin so late? Why has growth been so rapid since 1979? Who benefits, and who is threatened, by China's re-emergence as a major economic power?

ECON 356- has been numbered as ECON 456

ECON 371 - Four credits (S)
INTRODUCTION TO STATISTICAL ANALYSIS
Prerequisite: MATH 121 or equivalent
Introduction to the probability and statistical theory underlying the estimation of parameters and testing of hypotheses in economics. Simple and multiple regression analysis. Students will use computers to analyze economic data. Three hours of lecture; one hour of discussion.

ECON 372 - Three credits (S)
Introduction to Regression Analysis
Prerequisites: Stat 212 or Econ 371 or instructor permission
Guides  students in the use and interpretation of economic data, focusing on the most common issues that arise in using economic data, and the methodology for solving these problems.

ECON 401 - Three credits (Y)
GAME THEORY
Prerequisites: ECON 301 or 311, and ECON 371 or equivalent.
The theory of strategically interdependent decision making, with applications to auctions, bargaining, oligopoly, signaling, and strategic voting.

Econ 402 – Three credits (Y) 
AUCTION THEORY AND PRACTICE  
Prerequisite: Econ 301 and  either Econ 371 or Stat 212
This course covers the building blocks of modern auction theory (e.g. First Price versus Second Price, Dutch versus English, Revenue Equivalence, Auctions of Multiple Goods), critically assesses this theory by studying recent auctions in practice (e.g. 3G auctions, milk and timber auctions, Ebay versus Amazon), and applies auction theory to other, non-auction, environments (e.g. election races, take-over bid-wars, duo poly pricing).

ECON 406-Three credits) (SS)
ECONOMICS OF SPORTS
Prerequisites: Economics 301 and STAT 212 (or equivalent).
Through a study of the extensive literature on the economics of college and professional sports, various topics in microeconomic theory, such as monopoly and cartels, racial discrimination, and the relationship between earnings and productivity, are examined. The class emphasizes the mastery of the tools of economic analysis as well as the historical and institutional factors peculiar to sports.

ECON 408 - Three credits (Y)
LAW AND ECONOMICS
Prerequisite: ECON 301
Applies microeconomic theory to the analysis of legal rules and institutions. Includes the effect of economic forces on the development of law, and the effect of laws on the allocation of resources.
NOTE: ECON 408 replaces ECON 306. Students may not receive credit for both ECON 306 and ECON 408.

ECON 409 - Three credits (Y)
MATHEMATICAL ECONOMICS
Prerequisites: ECON 301 or 311; MATH 121 and 122 or equivalent
Introduction to the basic mathematical techniques used by professional economists and other quantitative social scientists: equations, derivatives, comparative statistics analysis of equilibrium models, optimization, constrained optimization, integration and dynamic models, difference and differential equation models, and inequality constraints in linear and nonlinear optimization problems. The purpose of the course is to prepare students for graduate work in economics and in the more quantitative MBA programs.

ECON 410 - Three credits (Y)
MANAGERIAL ECONOMICS
Prerequisite: ECON 301 or 311
Application of economic analysis to management problems in business and government; the organization of enterprises and the allocation of their resources; decision making under uncertainty; strategic behavior; techniques of financial management.

ECON 411 - Three credits (Y)
DISTINGUISHED MAJOR SEMINAR
Prerequisites:  Econ 301 or 311; completion of or concurrent enrollment in Econ 472. Instructor Permission.
Required for Distinguished Majors. An introduction to  economic research and the writing of a Distinguished Majors thesis.  Students in the course will read a variety of economic research papers, whose topics vary from year to year.  Many of the research papers are empirical and focus on microeconomic issues.  Although the course is intended for Distinguished Majors, other highly motivated and accomplished students may be admitted if space permits.  Ordinarily the number of such students is very small.

ECON 412 - Three credits (IR)
EVOLUTION OF ECONOMIC THOUGHT
Prerequisite: ECON 201
The history of the development of economics as a systematic body of thought with special reference to the period 1750-1900. Readings from the leading economists of this period.

ECON 413 - Three credits (IR)
TOPICS IN THE HISTORY OF ECONOMIC THOUGHT
Prerequisite: ECON 301 (or 311) and 302, or permission of instructor.
Detailed study of the development of modern economic thought. The subject matter may change from year to year but will normally relate to the post-1870 period: for example, the marginality revolution or the Keynesian revolution.

ECON 415 - Three credits (Y)
ECONOMICS OF LABOR
Prerequisite: ECON 301 (or 311) and 371 (or its equivalent), or permission of instructor
Economic analysis of employment and wages, including the economics of education, unemployment, labor unions, discrimination and income inequality.

ECON 416 - Three credits (Y)
ECONOMICS OF HEALTH
Prerequisite: ECON 301
The principles of microeconomics are used to examine the demand for health and medical care services, the special features of medical care as a commodity, insurance, the behavior of medical care providers, technology diffusion, and malpractice.

ECON 417-Three credits (Y)
ECONOMIC GROWTH AND DYNAMICS
Prerequisite: Econ 301 and Econ 302.
This course studies economic dynamics, including models of growth in deterministic as well as stochastic environments. These models will be studied in the context of dynamic Courant Games as well as in models of learning and experimentation. Applications of these ideas to dynamic industrial organization models as well as models of natural resources will also be studied.

ECON 418 - Three credits (Y)
REGULATING INFRASTRUCTURE
Prerequisite: ECON 301 or 311
Analysis of ownership arrangements and regulation of infrastructure industries. Industries examined typically include telecommunications, the Internet, public utilities, and transportation facilities. Special problems posed by natural monopolies, network industries, essential facilities, and congestion.

ECON 419 - Three credits (S)
INDUSTRIAL ORGANIZATION
Prerequisite: ECON 301 or 311
Industrial organization is the study of market structure, firm strategy and market performance. This course is an economic analysis of strategic interactions among firms and of business practices like mergers and acquisition, price discrimination, advertising, product selection, innovation, vertical restraints, cartels, and exclusionary conduct.

ECON 420 - Three credits (S)
ANTITRUST POLICY
Prerequisite: ECON 201
Government regulation and control of business through public policies designed to promote workable competition.

ECON 421 - Three credits (Y)
INTERNATIONAL TRADE: THEORY AND POLICY
Prerequisite: ECON 301 or 311
The nature and determinants of international trade and factor movements. The effects of international trade on prices of goods and factors. The consequences of tariffs, quotas, customs unions and other trade policies and agreements, national or international. International trade and the balance of payments.

ECON 422 - Three credits (Y)
INTERNATIONAL FINANCE AND MACROECONOMICS
Prerequisite: ECON 302
Fixed and floating exchange rate systems. The determinants of a nation's balance of international payments. The macroeconomic interdependence of nations under various exchange-rate regimes and its implications for domestic stabilization policies. The international coordination of monetary and stabilization policies.

ECON 423-Three credits (Y)
SEMINAR IN TRADE AND DEVELOPMENT
Prerequisites: Econ 301 or Econ 311 and Econ 421 or Econ 451
Examines various topics related to either international trade, Third World development, or interactions between the two. Examples include the effects of NAFTA, the WTO, multinational firms, child labor, rich country protectionism against Third World imports, volatile primary commodity markets, and how trade liberalization affects workers in rich and poor countries. The course will be structured on student presentations and directed research projects.

ECON 431 - Three credits (Y)
ECONOMICS OF THE PUBLIC SECTOR
Prerequisite: ECON 301 or 311
This course deals with the justification for government activities, the design of programs consistent with these justifications, the effects of major existing and proposed expenditure programs and taxes, and positive and normative analyses of political systems..

ECON 434 - Three credits (Y)
THE THEORY OF FINANCIAL MARKETS
Prerequisite: ECON 301 or 311, ECON 303, plus 371 or its equivalent
The theory and operation of financial markets. The role of financial assets and institutions in the economic decisions of individuals, firms and governments.

Econ 433-Three credits (Y)
ECONOMICS OF TAXATION
Prerequisite: Econ 301
The course introduces the basic principles of taxation from an economic rather than an accounting perspective. The themes of the course are the incidence and efficiency of taxes­who ends up paying a tax and how people change their behavior to avoid a tax. The course will focus directly on the U.S. tax system and how it treats income from work, saving, and production

ECON 435 - Three credits (Y)
CORPORATE FINANCE
Prerequisite: ECON 301 or 311, ECON 303, plus 371 or its equivalent
Theory of the financing of operations of firms and their decisions of how to allocate capital among alternative projects; the nature of financial instruments and the behavior of capital markets.

ECON 439 - Three credits (Y)
THE ECONOMIC THEORY OF ADVERTISING
Prerequisites: ECON 371 (or its equivalent), ECON 301 or 311 (Grade B or better suggested), and MT122 OR 132.
This course deals with theories explaining the nature of advertising, and evaluates market performance in this industry, using Game Theory and Oligopoly Theory. Calculus will be used extensively. Econ 401 and Econ 419 would also be helpful.

ECON 440 - Three credits (Y)
TOPICS IN ECONOMIC HISTORY
Prerequisite: ECON 201 and 302
The historical development of selected advanced economies (for example, the United States, England, Japan, continental Europe). Comparative studies of historical growth. The nations covered will vary with instructor.

ECON 441 - three credits (Y)
ECONOMICS OF THE EUROPEAN UNION
Prerequisite: ECON 302
Studies the history, theory, and empirics of European economic integration.  Focuses on monetary union, as well as product and factor market integration.

ECON 442 - Three credits (IR)
MACROECONOMIC POLICY
Prerequisite: ECON 302
An integrated analysis of public policies (including monetary, fiscal, debt-management, foreign exchange, and income policies) designed to cope with fluctuations in national income, employment, and the price level and to influence the rate of economic growth. Attention is devoted to policies adopted during specific historical episodes as well as to the theory of macroeconomic policy.

ECON 443 - Three credits (Y)
ENVIRONMENTAL ECONOMICS
Prerequisite: ECON 301 or 311
This course explores the origins of environmental problems, how to measure the value of environmental amenities, and the efficacy of specific forms of regulation, including mandated technologies, taxes, subsidies, and pollution permit trading. Topics include air and water pollution, climate change, the transition from fossil fuels to renewable energy sources, and sustainable development.

ECON 451 - Three credits (Y) (New)
ECONOMIC DEVELOPMENT
Prerequisite: ECON 202 & 301
Studies the peculiar problems of economic growth in underdeveloped countries of the world. Emphasis on public policies for both the countries themselves and for the more developed countries and international agencies. Note: ECON 451 replaces ECON 351. Students may not receive credit for both ECON 351 and 451

ECON 456 - Three credits (Y)
ECONOMY OF JAPAN
Prerequisite: Econ 302 or permission of instructor.
This course reviews Japan's economic development from the Tokugawa Era onward, and then explores different sectors and issues of the modern Japanese economy

ECON 471 - Three credits (Y)
ECONOMIC FORECASTING
Prerequisite: ECON 371  or APMA 312 or MATH 312
The theory and practice of forecasting economic variables using models for linear stochastic processes: specifying, estimating, and diagnosing models of economic time series.

ECON 472 - Three credits (Y)
INTRODUCTORY ECONOMETRICS
Prerequisite: ECON 201, 202 and 371 (or its equivalent) and one semester of calculus.
The application of statistical methods to the testing and estimation of economic relationships. Special emphasis on applied econometric studies and the problems that arise when analyzing time series and cross section data by means of stochastic linear models.

ECON 482 - Three credits (Y)
EXPERIMENTAL ECONOMICS
Prerequisites: ECON 301 or 311, a course in statistics; or permission of instructor
The use of laboratory methods to study economic behavior. Experimental design, laboratory technique, financial incentives, and analysis of data. Emphasis on applications: bargaining, auctions, market price competition, market failures, voting, contributions to public goods, lottery choice decisions, and the design of electronic markets for financial assets.

ECON 488 - Three credits (Y)
SEMINAR IN POLICY ANALYSIS
Prerequisite: ECON 301 or 311, ECON 372 or 472, ECON 431.
Introduces the methods used to estimate the effects of existing and proposed government programs. Methods will be illustrated with applications to several areas of government policy. Students will complete an empirical policy analysis under faculty supervision

ECON 489 -One to Three credits (Y)
MAJORS SEMINAR
Prerequisite:Instructor permission
Reading, discussion, and research in selected topics. Topics vary by instructor and course may be taken for credit more than once.

ECON 495, 496 - One to three credits (Y)
SUPERVISED RESEARCH
Prerequisites: Permission of instructor and a grade point average in economics courses at the University of Virginia of at least 3.3
Research under the direction of a regular faculty member.