ECONOMICS / 71


and post-Keynesian aggregate income and employment analysis.
Determination of price level and interest rate.
ECO 6207-Macroeconomic Theory II (4) Prereq: ECO 6206
and permission of the department. Dynamic macroeconomic
models. Inflation, unemployment and expectations. The role
of capital accumulation.
ECO 6216-Monetary Economics I (4) Contemporary monetary
theory. The demand for money. Monetary policy and inflation,
interest rates, and employment. The role of inflationary finance.
ECO 6236-Seminar in Monetary Economics (4) Current topics
of research in the journals, studies by government agencies, and
other published and unpublished materials.
ECO 6257-Stabilization Policy (4) Tools for promoting
economic stabilization and growth. Opposing viewpoints as to
proper scope and relation of monetary and fiscal controls.
ECO 6266-Monetary Economics II (4) Economic instabilities
in capitalistic society. Emphasis on forces operating to bring
about changes in the general level of prices, including prices
of productive agents, employment, and income.
ECO 6305-The Development of Economic Thought I (4)
Economic thought chronologically from Greek to contemporary
times-including the chief schools in Great Britain, the Con-
tinent, and the United States. Marx and the socialists, non-
orthodox thinkers, and critics of the classical school are treated
equally with the main tradition.
ECO 6306-The Development of Economic Thought II (4) The
two chief approaches in economic thought. Emphasis on
philosophical outlook and methodology. Analytical approach
and role of mathematics; calculus surveyed and related to the
neoclassical theory. Relates the institutional approach of history
and other social sciences; cultural theory of capitalist evolution.
ECO 6315-Present-Day Schools of Economic Thought (4)
Contemporary American and English economic thinking with
particular reference to developments occurring between the two
World Wars. The writings of Hansen, Mitchell, Clark, and Com-
mons in the United States, and of Keynes, Cole, Robinson, and
Hobson in England.
ECO 6405-Mathematical Economics 1 (4) Prereq: GEB 5805
or equivalent. Mathematical approach to microeconomic
theory, including theory of the firm, theory of consumer
behavior, and selected topics in market conditions.
ECO 6406-Mathematical Economics II (4) Prereq: ECO 6405.
Probability and simulation models of economic behavior; mathe-
matical models from monetary economics.
ECO 6407-Nonstochastic Models (4) Prereq: MAS 3113 or ESI
4567. General linear programming model and its basic theorems,
integer and nonlinear programming. Spatial equilibrium, input-
output, and game theory models.
ECO 6426-Econometric Methods 1 (4) Prereq: STA 4322 and
MAS 3113 or ESI 4567. Stochastic models. The general linear
model and problems associated with its use in econometric
research. Theory of the simultaneous equation approach, model
construction, and estimation techniques.
ECO 6427-Econometric Methods II (4) Prereq: ECO 6426 or
AEB 6571. Single equation topics, errors in variables, non-
spherical disturbances, and lagged variables. Dynamic simul-
taneous equation models, and miscellaneous topics in multi-
variate analysis. Spectral and cross-spectral analysis.
ECO 6428-Research Seminar in Econometrics (1-4) Prereq:
ECO 6426. Empirical measurement in applied economics. Em-
pirical problem requiring the construction, estimation, and
defense of a quantitative economic model.
ECO 6433-Macroeconomic Models and the Firm (4) Prereq:
ECO 5204, 5111, STA 6606, 6358. Synthesis and application of
macroeconomic theory and economic forecasting models to
managerial decision making, with emphasis on understanding
effects on the firm of economic actions taken by foreign and
domestic governments.
ECO 6435-Problems in Statistics and Business Forecasting (4)
Problems of linear operation regression analysis which may be
used by managers as a basis for decision making. It will add
to the student's knowledge of sophisticated statistical methods
to aid in the analysis of current business problems.
ECO 6516-Public Revenue and Distribution (4) Prereq: ECO
6116. Topics include the incidence of taxation, the.excess
burden of taxation, and the design of optimal tax system.
ECO 6526-Welfare Economics (4) A survey of welfare
economics. Technical welfare formulation related to organic


concepts of welfare and to political action in a democracy.
Possibilities of normative economics evaluated.
ECO 6536-Public Expenditures and Collective Decisions (4)
Prereq: ECO 6206, 61 6. Topics include the theory of goods
and externalities, the evaluation of public expenditures, the
nature of collective choice, and voting behavior.
ECO 6617-The United States in the World Economy
(1783-1970) (4) The interrelatedness of the United States'
economy with other lands.
ECO 6626-The American Economy to 1860 (4) A functional
approach. World economic conditions that led to the settle-
ment of America; the colonial period; the period of economic
transition; the westward movement and the rise of a national
economy; economic causes of the Civil War.
ECO 6627-The American Economy Since 1860 (4) The clos-
ing of the economic frontier. The development of a capitalistic
economy and the trend toward economic and financial im-
perialism. Economic problems of the wars of 1914-18 and
1939-45, and postwar economic adjustments, domestic and
foreign.
ECO 6706-Theory of International Trade (4) Historical and
economic background of foreign trade; theory of international
trade; fundamentals of international exchange; international
commercial policies and international trade; exchange fluctua-
tions and their control; international monetary institutions.
ECO 6717-International Economic Relations (4) Capital for-
mation in the underdeveloped countries, economic integration,
balance of payments and international monetary reform, the
economic consequences of population pressures and economic
relations between the advanced and other nations.
ECO 6910-Supervised Research (1-5) S/U.
ECO 6940-Supervised Teaching (1-5) S/U.
ECO 6971-Research for Master's Thesis (1-15) S/U.
ECO 7118-Advanced Microeconomic Theory (4) Prereq: ECO
6117. Advanced topics in microeconomic theory. Axiomatic
development of utility functions, stochastic and nonstochastic
utility models. Static and dynamic production functions and in-
vestment criteria. General equilibrium and stability conditions.
ECO 7208-Advanced Macroeconomic Theory (4) Prereq: ECO
6207. Advanced topics in macroeconomic theory, including
wealth effects and money illusion, the homogeneity postulate
and exceptions to classical doctrine. The role of expectations
and stability analysis.
ECO 7938-Advanced Economics Seminar (1-4; max: 8) For
advanced graduate students in economics. Prereq: student must
have completed graduate core program and have preliminary
dissertation topic. Special topics.
ECO 7980-Research for Doctoral Dissertation (1-15) S/U.
ECP 5106-Economics of Human Resource Development (2)
Prereq: ECO 3100 or equivalent. The capital concept applied
to human resources. Effects of education, health; population
policies, and discrimination on the stock of human capital. Role
of human capital in economic development.
ECP 5205-Economics of the Labor Market (4) Prereq: ECP
S3203. Intensive analysis of the economics of the labor market;
theoretical and practical aspects of wage determination; impact
of collective bargaining on wages, employment, and prices;
economic effects of legislation dealing with the operating of the
labor market.
ECP 5606-Special Problems in Urban and Regional Economics
(4) Prereq: ECP 5624, 5614. Focuses on a specific urban and
regional economic problem that is analyzed in depth. Topical
coverage varies among such areas as: housing, land use,
metropolitan financing, forecasting.
ECP 5614-Urban Economics (4) Prereq: ECO 2013, 2023 and
permission of department. Economic analysis of urbanization
and regional interdependence. Applicability of location theory
and other economic analysis. Criteria for determining public
expenditures and allocating costs in urban areas.
ECP 5624-Regional Economics (4) Prereq: ECO 2013, 2023
or permission of instructor. Regional economic phenomenon
and the spatial distribution of economic activities. Analytical
tools are developed and applied to urban and regional problems
such as growth and decay, housing, land use and transportation.
ECP 6207-Labor Demand and Market Equilibrium (4) The
derived demand for labor, and other inputs with applications
to discrimination and the minimum wage. Topics in labor market