731:  Mathematical Economics

Required ECON Course Descriptions


ECON 202 – PRINCIPLES OF ECONOMICS (MICRO).  (3 semester hours)  
Prerequisite:  Sophomore standing.
An introduction to basic descriptive, analytical and policy problems at the microeconomic level. The economic problems resulting from the disparity between human wants and the resources required to satisfy those wants will be studied with emphasis placed on the derivation and behavior of supply and demand functions and the role of prices in the allocation of scarce resources.  GEN ED C | SB

ECON 203 – PRINCIPLES OF ECONOMICS (MACRO).  (3 semester hours)  [GEN ED C]
Prerequisite:  Sophomore standing.
An introduction to basic macroeconomics dealing with descriptive, analytical and policy problems involved in the determination of aggregate income, employment and the price level.  Areas of emphasis include money and banking, national income accounting and income-expenditure models.  GEN ED C | SB

ECON 206 – STATISTICS.  (3 semester hours)
Prerequisites:  ECON 202 or 203, and MATH 116 or higher.
An introduction to basic probability and statistics for business and economics. Topics include the collection and presentation of data, descriptive statistics, an introduction to probability and probability distributions, statistical inference, and simple linear regression. 

ECON 302 – MICROECONOMIC THEORY.  (3 semester hours)
Prerequisites:  ECON 202, 203, and 206.
An intermediate theory course analyzing price determination, output distribution, and resource allocation in a market economy. Topics included are consumer behavior, production theory, market structures and their respective efficiency criteria. 

ECON 303 – MACROECONOMIC THEORY.  (3 semester hours)
Prerequisites:  ECON 202, 203, and 206.
An intermediate theory course analyzing Neo-Classical, Keynesian and Post-Keynesian theories of macroeconomic equilibria. The policy implications of these models with respect to income, output, employment and the price level will be emphasized. 

ECON 306 – STATISTICAL ANALYSIS.  (3 semester hours)
Prerequisite:  ECON 206.  NOTE:  ECON 306 and ECON 307 may not both be taken for credit.
An introduction to, and, foundations for using techniques involved in estimating and testing relationships between variables. The course includes advanced topics in hypothesis testing, analysis of variance, multiple regression and correlation analysis and experimental design. 

ECON 307 – FINANCIAL DATA MODELING.  (3 semester hours)
Prerequisite:  ECON 206.  NOTE:  ECON 306 and ECON 307 may not both be taken for credit.
Tools for modeling financial data for use in decision making. Using spreadsheet software for exploratory data analysis, financial analysis, multiple regression methods, introduction to forecasting time series.  Course fee

ECON 464 – INTRODUCTION TO MATHEMATICAL ECONOMICS.  (3 semester hours)
Prerequisites:  ECON 302 and 303.
The application of mathematics to economic analysis, covering algebraic and functional relationships, differential and integral calculus, differential and difference equations, matrix algebra, linear programming and game theory.

ECON 465 – REGRESSION AND ECONOMETRIC ANALYSIS.  (3 semester hours)
Prerequisite:  ECON 206.
Presents the use of statistical methods in measuring and testing economic relationships. Emphasizes the use of ordinary least squares in estimating single equation models. Topics included are dummy variables, lagged variables and such problems as autocorrelation, heteroscedasticity, multicollinearity and identification. 

ECON 480 – ECONOMIC FORECASTING.  (3 semester hours)
Prerequisites:  MATH 116 or higher, and ECON 202, 203, and 206.
A survey of forecasting methods, their characteristics, appropriate applications, and evaluation. 

ECON 497 – SENIOR SEMINAR IN MATHEMATICAL ECONOMICS.  (1 semester hour)
Prerequisites:  Senior standing and admitted to the major in mathematical economics.
This course is designed to integrate the ideas and techniques students have encountered in their work in mathematics and economics.  Students will study research articles and/or undertake independent investigations in mathematical economics.  Equivalent to MATH 497.

STAT 301 – INTRODUCTORY PROBABILITY AND APPLIED STATISTICS.  (3 semester hours)
Prerequisite:  MATH 136 or MATH 142, with a grade of C or better.
A calculus-based introduction to applied statistics, with emphasis on analysis of real data.  Curve fitting, probability models, estimation and testing for means and proportions, quality control; use of computers for data analysis and simulation.

STAT 401 – REGRESSION ANALYSIS.  (3 semester hours)
Prerequisite:  A grade of C or better in STAT 301 or permission of instructor.  Prerequisite or corequisite: STAT 330. 
Regression topics including simple and multiple linear regression, least squares estimates, inference, transformations, diagnostic checking, and model selection methods.  Selected special regression topics will also be introduced.  Statistical software packages will be used for analyses.


300/400-Level ECON Electives


ECON 300 – MONEY AND BANKING.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
An introduction to the functioning of depository institutions and the theory of money. Emphasis is placed on an analysis of the role of money in a global market economy, and the influence exerted by financial institutions and the Federal Reserve System. 

ECON 305 – LABOR ECONOMICS.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
Study of modern labor theory and labor market behavior; public policy and implications of policy with topics such as migration, health, wage determination, education, unions, and discrimination. 

ECON 323 – SPORTS ECONOMICS.  (3 semester hours)
Prerequisite:  ECON 202.
Applies to basic economic principles to the analysis of professional and amateur sports.  Topics covered include fan demand, public finance, team output decisions, league/conference organization, and government and sports.  This course is designed to cater to Economics, Sport Management, and Business Administration.

ECON 365 – ECONOMICS OF AGING.  (3 semester hours)
Prerequisites:  ECON 150 or 202 or 203.
A course designed to make students familiar with major issues concerning the economic status and roles of older people in the United States. 
 
ECON 375 – MORAL ISSUES OF CAPITALISM.  (3 semester hours)
Prerequisite:  ECON 202 or 203, or consent of the instructor. 
Survey course designed to study the moral issues and consequences of current and changing government policies regarding the operation of markets.

ECON 380 – INTERNATIONAL ECONOMICS.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
Introduction to the theory of international trade and monetary relations with emphasis on the determinants of the direction, volume, terms and gains from international trade. 

ECON 385 – ECONOMIC DEVELOPMENT.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
This is a survey course designed to appeal to students interested in interdisciplinary study. Market and non-market based strategies for economic development are studied with an emphasis on case studies of the experiences of countries in Europe, Asia, Africa, and the Americas. Attention is given to the roles of domestic and international institutions, economic and political freedoms, culture, legal systems, tradition, and global issues of sustainable development.

ECON 386 – ECONOMIES IN TRANSITION.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
This is a survey course designed to appeal to students interested in interdisciplinary study. Examined are the experiences of the economies of Europe, Asia, Africa, and the Americas in transition from a non-market based economy to one in which private market processes are the primary governors of resource allocation and distributive outcomes. Attention is given to the topics of economic stability, privatization, property rights, international trade policy, industrial policy, economic planning, international institutions, and cultural traditions.

ECON 390 – ECONOMICS, LAW, AND PUBLIC CHOICE.  (3 semester hours)
Prerequisites:  ECON 302 or ECON 202 with consent of instructor.
Presents basic economic issues and analysis related to topics such as property rights, contracts, torts, crime, voter/interest group activity, legislative output, and bureaucratic output.

ECON 400 – ISSUES IN CAPITAL MARKET ECONOMICS.  (3 semester hours)
Exposure to current economic theory and evidence related to capital markets with emphasis on public policy, the interplay with the macroeconomy, stock price variability, internationalization, and other related topics.

ECON 410 – SEMINAR IN ECONOMICS.  (3 semester hours)
Special topics in economics of current interest.  Class format varies with instructor. 

ECON 414 – MANAGERIAL ECONOMICS.  (3 semester hours)
Prerequisites:  ECON 202, 203, and 206.
The application of economic principles and tools of analysis to business management decision making in areas of demand, pricing, cost, production and investment. Problems in business decision making are treated in terms of short-run adjustment as well as long-run expansion. 

ECON 420 – PUBLIC FINANCE.  (3 semester hours)
Prerequisites:  ECON 202 and 203, or consent of instructor.
A study of the economics of government’s spending and taxation. Among the topics covered are governments role in promoting widely accepted economic policy objectives; budgeting and benefit/cost analysis; effects and incidence of major taxes used in the U.S.; and issues in fiscal-federalism. 

ECON 430 – ENVIRONMENTAL AND RESOURCE ECONOMICS.  (3 semester hours)
Prerequisite:  ECON 150 or 202 or 203.
A study of environmental issues and natural resource problems and alternative solutions to them. Topics include measurements of environmental benefits, property rights and externalities, environmental quality, pollution control and solid waste management, exhaustible and renewable resources, optimal environmental policy and regulation. 

ECON 434 – THE ECONOMICS OF POVERTY AND DISCRIMINATION.  (3 semester hours)
Prerequisite:  ECON 150 or 202 or 203.
A study of the economic nature, origins, and public policy aimed at addressing poverty and discrimination in the economy. Topics include social security, food stamps, equal employment opportunity legislation, and other public policies designed to reduce poverty and discrimination. 

ECON 440 – AMERICAN INDUSTRY: STRUCTURE, PERFORMANCE AND POLICY.  (3 semester hours)
Prerequisites:  ECON 202, 203, and 206.
A course in applied price theory in which the structure, behavior and performance of American industry is evaluated in the light of public and private social goals. Public policy toward the promotion of competition and the control of monopoly will be examined. 

ECON 445 – ECONOMICS OF HEALTHCARE.  (3 semester hours)
Prerequisite:  ECON 202.
Health economics studies the unique role that healthcare systems play in the
broader area of microeconomics. 

ECON 460 – BUSINESS AND ECONOMIC FLUCTUATIONS.  (3 semester hours)
Prerequisites:  ECON 206 and 303.
A study of the causes, patterns of development and consequences of economic fluctuations in a modern industrialized economy. Emphasis is placed on macroeconomic techniques of cycle analysis to determine the dynamic time path of income, output and employment. 

ECON 467 – AMERICAN ECONOMIC HISTORY.  (3 semester hours)
Prerequisites:  ECON 202 and 203.
A study of American economic history from Jamestown to the 21st Century. Topics include the economics of slavery, the Civil War, the Robber Barons, the Great Depression, and the growth of government intervention.

ECON 475 – URBAN AND REGIONAL ECONOMICS.  (3 semester hours)
Prerequisites:  ECON 202, 203, and 206 or consent of instructor.
Considers the fundamental economic relationships within and between economic and political units in the United States. Emphasis is on applied economic analysis dealing with the characteristics of a region, the urban center and employment.

ECON 490 – PRACTICUM IN ECONOMICS. (1 to 3 semester hours)
Prerequisites:  Junior standing, 2.5 cumulative GPA, permission of the economics department head and the instructor, completion of at least 12 hours in economics.
Internships, independent studies, and special projects of interest to students and faculty in the economics discipline. These may include individual research projects approved by the department head and supervised by a member of the economics faculty, meaningful internships in profit or not-for-profit organizations, or other special projects approved by the economics department head, and the economics faculty. 

ECON 491 – HISTORY OF ECONOMIC THOUGHT.  (3 semester hours)
Prerequisites:  ECON 202 and 203 or consent of instructor.
The origin and development of economic thought with emphasis on the contribution of political economy to the behavioral sciences.

ECON 496 – INTERNATIONAL MONETARY ECONOMICS.  (3 semester hours)
Prerequisite:  ECON 380.
Deals in a systematic fashion with the monetary aspects of international trade and finance. Topics covered include various models of the current account such as elasticities, and absorption.  Models of the capital account include the monetary and asset approaches to the balance of payments and rational expectations models of exchange rate overshooting.  Problems of international capital movements and policies to maintain internal and external balance are addressed.


Dr. David K. Neal, Lead Academic Advisor
Department of Mathematics
COHH 4108
Western Kentucky University
Bowling Green, KY 42101
270.745.6213