132 / FIELDS OF INSTRUCTION


and principles by which an underdeveloped country can achieve development
objectives.
ES 618-EcoNOMic DEVELOPMENT SEMINAR. 5 credits
 Theory and problems of economic development pertinent to market and non-
market economies, with emphasis on the relationship between economic system
development and economic growth.
ES 621-MONETARY THEORY. 5 credits
 Evolutionary and contemporary aspects of monetary theory. Qualities and char-
acteristics of money, rate of interest, effectiveness of monetary policy, flow of funds
between the various sectors of the economy and the financial markets, the relation-
ships between saving, investment, employment, price-level changes and capital for-
mation.
ES 622-MONEY, PRICES, AND BUSINESS CYCLES. 5 credits
 Economic instabilities in capitalistic society, with emphasis on forces operating
to bring about changes in the general level of prices, including prices of productive
agents, employment, and income.
ES 625-SEMINAR IN MONETARY ECONOMICS. 5 credits
 Current topics of research in the journals, studies by government agencies, and
other published and unpublished materials.
ES 630-INDIVIDUAL WORK IN ECONOMICS. 1 to 5 credits
 Reading and/or research in the several areas of economics as needed by
graduate students. May be repeated with change of content up to a maximum of
10 credits.
ES 631-THEORY OF PUBLIC FINANCE. 5 credits
 Theoretical aspects of the allocation and distribution functions of the modern
state. Theories of public expenditure, tax incidence and effects, the burden of
public debt.
ES 633-FISCAL AND MONETARY POLICY. 5 credits
 Tools for promoting economic stabilization and growth. Opposing viewpoints as
to proper scope and relation of monetary and fiscal controls.
ES 635-WELFARE ECONOMICS. 5 credits
 A survey of welfare economics. Technical welfare formulations related to or-
ganic concepts of welfare and to political action in a democracy. Possibilities of
normative economics evaluated.
ES 641-THEORY OF INTERNATIONAL TRADE. 5 credits
 Historical and economic background of foreign trade; theory of international
trade; fundamentals of international exchange; international commercial policies and
international trade; exchange fluctuations and their control; international monetary
institutions.
ES 644--INTERNATIONAL ECONOMIC RELATIONS. 5 credits
 Capital formation 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.
ES 645-THE ECONOMY OF SPANISH LATIN AMERICA. 5 credits
 Contemporary economic and commercial problems in Spanish Latin America;
current developments in production, transportation, and trade of the various coun-
tries.
ES 646-THE ECONOMY OF BRAZIL. 5 credits
 Economic development and contemporary economic and commercial problems