ECONOMICS / 131

systems. Emphasis on national income accounting, the national balance sheet,
sector accounts, and flow of funds analysis.
ES 604-CAPITAL THEORY, PRODUCTION, AND GROWTH. 5 credits
 Prerequisite: ES 601. Capital Theory from the Austrian school to current
developments. Production, distribution, and economic growth within the framework
of Capital Theory. Empirical and statistical studies of important variables.
ES 605-THE DEVELOPMENT OF ECONOMIC THOUGHT. 5 credits
 The two chief approaches in economic thought. Emphasis on philosophical out-
look and methodology. Analytical approach and role of mathematics; calculus sur-
veyed and related to neo-classical theory. Relates the institutional approach to
history and other social sciences; cultural theory of capitalist evolution.
ES 606-THE DEVELOPMENT OF ECONOMIC THOUGHT. 5 credits
 Economic thought chronologically from Greek to contemporary times-including
the chief schools in Great Britain, the Continent, and the United States. Marx and
the socialists, nonorthodox thinkers, and critics of the classical school are treated
equally with the main tradition.
ES 608-PRESENT-DAY SCHOOLS OF ECONOMIC THOUGHT. 5 credits
 Contemporary American and English economic thinking with particular reference
to the developments occurring between the two World Wars. The writings of Hansen,
Mitchell, Clark, and Commons in the United States, and of Keynes, Cole, Robinson,
and Hobson in England.
ES 610-THE AMERICAN ECONOMY TO 1860. 5 credits
 A functional approach. World economic conditions that led to the settlement
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.
ES 611-THE AMERICAN ECONOMY SINCE 1860. 5 credits
 The closing of the economic frontier. The development of a capitalistic economy
and the trend toward economic and financial imperialism. Economic problems of
the wars of 1914-18 and 1939-45, and postwar economic adjustments, domestic
and foreign.
ES 614-THE UNITED STATES IN THE WORLD ECONOMY (1783-1960).
 5 credits
 Identical with HY 614. The interrelatedness of the United States' economy
with the economies of other lands; circumstances which have enabled the American
people to alter the course of world history.
ES 615-ECONOMICS OF BUSINESS DECISIONS. 5 credits
 Primarily for candidates for the degree Master of Business Administration. Eco-
nomic principles directly related to managerial decisions. An attempt is made to
synthesize the student's training in economic theory and in the fields of applied
business practice.
ES 616-ECONOMIC ENVIRONMENT OF BUSINESS. 4 credits
 Primarily for candidates for the degree Master of Business Administration.
Gives the student a better grasp of the politico-economic environment in which
he will be operating his business. History and analysis of modern economic per-
formance and policy in the United States, with emphasis on current economic
problems and their significance for business decision making.
ES 617-THEORY OF ECONOMIC DEVELOPMENT. 5 credits
 Broad analytical, non-historical framework for examining economic under-
development and possible escape therefrom. Transition to secular economic growth