Department of Economics — Courses
Alternative approach courses are designated below with single asterisks.
Field courses are designated below with double asterisks.
ECON G110
Economic Ideas
ECON G212
Economics of the Metropolitan Area
For a complete description of these courses, see the "First-year and Intermediate Seminars" section of this publication.
ECON 100
Introduction to Economic Issues*
This course introduces some of the tools, controversies, and major issues of economics. Students learn basic concepts and methods of measurement used in economics and are introduced to the ways economists analyze economic and social problems. The course focuses each semester on a particular policy topic, giving attention to competing interpretations of the roles of markets, government, firms, and households. Please note that declared economics majors may not enroll in this course.
Distribution I Area: Social and Behavioral Sciences.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Ms Albelda, Ms Kim
ECON 101
Introduction to Microeconomics
A broad introductory survey in which special attention is given to the role of economic principles in analyzing and understanding current economic problems. Emphasis is given to the functioning of markets and to the behavior of individual economic units such as the business firm and the consumer (microeconomics). Other areas of emphasis vary from section to section and may include industrial organization, income distribution, international trade, economics of the environment, and other topics.
Prerequisite: MATH Q114 or MATH 115, or equivalent.
Distribution I Area: Social and Behavioral Sciences.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
ECON 102
Introduction to Macroeconomics
A broad introductory survey in which special attention is given to the role of economic principles in analyzing and understanding current economic problems. Emphasis is given to examining the overall functioning of the economy and to such matters as unemployment, inflation and recession. Other areas of emphasis vary from section to section and may include economics of government spending and taxation, economic development, alternative economic systems, and other topics.
Prerequisite: MATH Q114 or MATH 115, or equivalent.
Distribution I Area: Social and Behavioral Sciences.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
ECON 201
Microeconomic Theory
Analysis of consumer and firm behavior, and of the determination of prices and quantities in both product and factor markets. Equilibrium of the household, the firm, and the industry. Implications of alternative market structures. A theoretically oriented course that builds on the less rigorous foundation provided in introductory economics courses.
Prerequisites: ECON 101 and MATH 129 (or 130), or placement into MATH 135 (or 140).
Distribution I Area: Social and Behavioral Sciences.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
ECON 202
Macroeconomic Theory
An investigation of the forces determining national output, employment, and inflation. Particular attention is paid to those government policies which attempt to affect the overall level of economic activity in the US. A theoretically oriented course that builds on the less rigorous foundation provided in introductory economics courses.
Prerequisites: ECON 101-102, and MATH 129 or 130 (or placement into MATH 135 or 140).
Distribution I Area: Social and Behavioral Sciences.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
ECON 205
Statistical Methods
A non-calculus introduction to statistical inference aimed at familiarizing students with common statistical concepts so they will be able to make intelligent evaluations of technical reports. Topics include descriptive statistics; probability, including the normal distribution; hypothesis testing, including t-tests; analysis of variance; regression and correlation.
Prerequisites: ECON 101-102, and MATH 129 or 130 (or placement into MATH 135 or 140).
Distribution I Area: Mathematics and Computer Sciences.
Distribution II Area: Mathematics.
3 Lect Hrs, 3 Credits
ECON 308
History of Economic Thought*
A discussion of the rise and development of systematic economic thought. Both orthodox and heterodox economic ideas are studied in light of the social and historical context in which they developed. The course covers the origins of mercantilist thought, the physiocrats and classical political economy through Marx, neoclassical economics, the German historical school, the marginalist school, and institutional economics.
Prerequisites: ECON 101-102.
3 Lect Hrs, 3 Credits
ECON 310
Introduction to Marxist Analysis*
An introduction to Marxist economic analysis, giving students an initial exposure to the basic concepts and methods of analysis of Marxist economics. Several themes and concepts run throughout the course; these include the processes of alienation and exploitation, the operation of contradictions and the role of dialectics, and the role of the state in capitalist societies.
Distribution II Area: Social and Behavioral Sciences.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Mr MacEwan
ECON 313
Urban Economics
An analysis of the economic reasons for the development of cities, and of historical trends in the evolution of US cities. Theoretical explanations for the structure of cities, with particular attention to spatial density patterns. Special attention to urban problems and related policy options in selected areas including transportation, housing, land use, local government finance, and poverty and discrimination.
Prerequisite: ECON 100 or ECON 101.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Mr Marcelli, Ms Stevenson
ECON 315
The Political Economy of New England
An examination of the historical origins, present nature, and outstanding problems of our regional economy, with particular emphasis on Massachusetts. Covered topics may include historical trends in New England’s economic structure, causes and consequences of business investment and location, workers and jobs, and the political economy of taxes and government spending.
3 Lect Hrs, 3 Credits
ECON 318
The Economics of State and Local Governments
An examination of the role that state and local governments play in financing and implementing the delivery of public goods and services. The levels and history of state and local expenditures and revenues, economic theories of the role of government, the relationship between the federal government and state and local governments, and the specific taxes used to finance state and local government activities are examined, with special attention paid to the current fiscal situation of the states, especially Massachusetts.
Prerequisites: ECON 101-102.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Ms Joassart
ECON 325
American Economic History*
The economic history of the United States, focusing on selected topics, including, for example: early industrialization, slavery, the rise of large firms, and the Great Depression. Several themes are given emphasis, including: the diversity of the U.S. population and the way different groups have played different roles in the country’s economic development; the interaction between the state and the economy; the role of education and technological change; the great material success of the U.S. economy and the disruptions in that success.
Prerequisites: ECON 101-102.
3 Lect Hrs, 3 Credits
Mr MacEwan
ECON 331
Money and Financial Institutions**
An economic analysis of the US financial system, including examination of the major types of financial assets, financial markets, and financial institutions, as well as the major factors that determine asset prices and the structure of interest rates. Attention is given to the nature and operation of banking firms and the structure and regulation of the banking industry. Other topics may include the Federal Reserve and monetary policy; the determination of the money supply; recent trends in the banking industry; lending discrimination and community reinvestment; and current public policy issues in the areas of banking and finance.
Prerequisites: ECON 101-102.
3 Lect Hrs, 3 Credits
Mr Jayadev
ECON 334
International Trade**
An examination of alternative theories of international trade, including traditional neoclassical free trade approaches and newer theories addressing imperfect competition, economies of scale, national competitiveness issues, and managed trade. Topics also include the economic analysis of trade policies and trade imbalances: quotas, tariffs, GATT, free trade areas, NAFTA, trade problems and policies in economically developed and developing countries.
Prerequisites: ECON 101-102.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Mr Choi, Ms Kapler, Mr Lemi
ECON 335
International Finance**
An examination of the theory of international finance, balance of payments and foreign exchange markets, open economy macroeconomic policy with capital mobility and exchange rate flexibility, international monetary regimes, and international monetary reform.
Prerequisites: ECON 101-102.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Ms Kapler, Mr Jayadev
ECON 336
Economic Development**
Topics include the economic meaning of underdevelopment; the role played by different kinds of resources; the evaluation of alternative "strategies" for economic growth and development; and the interaction between the problems of the under-developed countries of Africa, Asia, and Latin America and the policies of the US and other developed countries.
Prerequisites: ECON 101-102.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Mr MacEwan, Ms Joassart, Mr Lemi
ECON 338
The Latin American Economy*
Description and analysis of the economic characteristics and problems of Latin American countries.
Prerequisite: ECON 100 or ECON 101 or ECON 102.
DIversity Area: International.
3 Lect Hrs, 3 Credits
Mr MacEwan
ECON 343
The Political Economy of Black America*
A survey of the economic status of black Americans. Examination of the social and economic legacy of slavery and reconstruction. Analysis of particular problem areas for contemporary blacks, e.g., housing, labor market discrimination and education. Evaluation of community economic development, black capitalism and other strategies for black economic development.
Prerequisite: ECON 100 or ECON 101.
Distribution II Area: Social and Behavioral Sciences.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Mr Cotton
ECON 345
Natural Resources and
Sustainable Economic Development
This course provides an introduction to sustainable growth and economic development. The first part focuses upon the techniques for managing natural resources. The second part focuses on specific regional, national and global resource problems, including energy usage, fisheries, population, and species extinction. Students are provided with an overview of strategies for achieving sustainable resource usage.
Prerequisite: ECON 101.
3 Lect Hrs, 3 Credits
Ms Murphy
ECON 349
Economic Approaches to Environmental Problems
An introduction to the economist’s approach to solving environmental problems. The course examines applicable economic theories, then uses them to develop a framework for analyzing a wide range of environmental issues. Topics include benefit/cost analysis; measurement of environmental damages; and current government approaches to solving air, water, and solid waste pollution problems.
Prerequisite: ECON 101.
3 Lect Hrs, 3 Credits
Ms Murphy, Mr Terkla
ECON 351
Economic Philosophy*
An introduction to the basic behavioral assumptions of modern economics, and a comparison of these with the views of human nature and behavior presented in other disciplines and studies of humankind. Participants read and report on a wide range of materials from economics and from such related disciplines in the social sciences and humanities as sociology, psychology, philosophy, political science, and literature.
Prerequisites: ECON 101-102.
3 Lect Hrs, 3 Credits
ECON Z370
Special Topics
This course provides an opportunity, at the 300 level, for the department to offer one-time-only courses on special topics of current interest to faculty members and students. It also is sometimes used as a way of offering proposed new courses on a trial basis before they are officially approved as part of the economics curriculum.
Prerequisite: Varies; will be posted each time course is offered.
3 Lect Hrs, 3 Credits
ECON 372
Comparative Economic Systems**
An examination of alternative systems of economic organization. Analysis of the failed command economies of the former Soviet Bloc and discussion of the progress and prospects for reform in Russia, Poland and Hungary. Special attention is given to comparing alternative capitalist systems (US, Sweden, Germany, Japan and South Korea). Issues of concern include market and non-market mechanisms of allocation and distribution, workers’ control, economic democracy, centralization and decentralization, and the relation of economic affairs to political and social affairs.
Prerequisites: ECON 101-102.
3 Lect Hrs, 3 Credits
ECON 380
Health Economics
An analysis of how health care markets function with specific reference to the US health care delivery system. Topics include the economic, social, and demographic factors determining the demand for health care services, the supply of various kinds of health-sector services, the financing of health care services, and alternative systems of health care delivery and financing.
Prerequisite: ECON 101.
3 Lect Hrs, 3 Credits
Ms Lynde, Mr Marcelli
ECON 385
Economics of Education*
This course deals with a variety of questions about the role of education in the economy and about economic aspects of the educational system. First, attention is given to the historical development of US public education and to different theories trying to explain that development. Students examine such issues as: Does education make people more productive? If so, how? Does education affect people’s behavior in ways that make them "fit" better or worse in the large enterprises of the economy? Whose interests are served by the structure of our educational system? How does the educational system affect economic, social and political equality? Much of the course is devoted to particular controversies, for example, the issue of school choice, merit pay for teachers, the equalizing or disequalizing impacts of schooling, the importance of education in making the US "more competitive."
Prerequisite: ECON 101 or 102.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Mr MacEwan
ECON 390
Labor Market Economics**
An analysis of labor as an economic resource. Topics include the demand and supply of labor; wage determination and the structure of labor markets; income distribution, discrimination and inequality; unemployment and contingent work; labor as a macroeconomic variable, and public policies affecting the labor market.
Prerequisites: ECON 101-102.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Mr Cotton, Ms Kim, Mr Marcelli, Ms Stevenson
ECON 391
Unions and Collective Bargaining*
An analysis of work and the institutions of workers. The course surveys labor history, labor unions, labor laws, organizing, collective bargaining, strikes, international competition, and how globalization is affecting work and worker’s ability to organize and improve their working conditions.
Prerequisites: ECON 101, ECON 102 recommended.
3 Lect Hrs, 3 Credits
Ms Kim
ECON 392
Women’s Economic Roles*
Women’s labor—unpaid and paid—is a crucial, yet often overlooked or undercounted component of economic activity in industrial countries. This course presents an historical overview of the economic roles of women in the US and how economic theories explain these roles. The course focuses on why women’s economic status has remained subordinate to men’s and discusses policies directly affecting women’s economic position.
Prerequisite: ECON 100 or 101.
Distribution II Area: Social and Behavioral Sciences.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Ms Albelda, Ms Kim
ECON 394
Sex-Segregated Labor Markets*
A study of women’s inferior economic status. Review of theoretical and empirical work on topics including women’s labor force participation, job segregation, wage differences and discrimination, and considerations of proposals for changes in public policy.
Prerequisite: ECON 100 or 101; 102 recommended.
Distribution II Area: Social and Behavioral Sciences.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Ms Kim, Ms Stevenson
ECON 395
The Economics of Social Welfare*
A study of major economic security programs in the United States, such as Social Security and Temporary Assistance to Needy Families. The course begins with an examination of historical events leading to the programs of the American welfare system, analyzes the benefit and cost structure of the current system, and assesses the effects of recent attempts to reform that system.
Prerequisite: ECON 100 or 101 or 102.
Distribution II Area: Social and Behavioral Sciences.
Diversity Area: United States.
3 Lect Hrs, 3 Credits
Mr Cotton, Ms Kim
ECON 417
Public Finance**
An examination of the role of the public sector in the US economy, focusing on public expenditures and tax theory. Topics usually include welfare economics and justifications for government intervention in the market economy, an explanation of the federal budget, theories of growth in government, benefit/cost analysis, income redistribution theory, tax incidence, and the effect of different forms of taxation on consumption, labor supply, savings, and investment. (This course may be used as a capstone for declared economics majors with at least seven economics courses.)
Prerequisites: ECON 102 and 201; MATH 129.
3 Lect Hrs, 3 Credits
Mr Terkla
ECON 431
Monetary Theory and Policy**
A study of the supply of and demand for money in macroeconomic models, and of current issues in monetary policy.
Prerequisites: ECON 202 and 331, and MATH 129.
3 Lect Hrs, 3 Credits
ECON 432
Industrial Organization**
Presentation of a framework for the analysis and evaluation of the performance of American industry and an examination of a group of American industries to illustrate the usefulness of this framework in explaining the price, output and product policies in those industries. The course also includes an analysis of antitrust activities as a public policy designed to promote better market performance.
Prerequisites: ECON 201 and MATH 129.
3 Lect Hrs, 3 Credits
ECON 433
Government Regulation of Private Business
Analysis of government policies toward business (including antitrust policy, economic regulation and social regulation) and their impact on society. Topics include the causes and consequences of mergers; the analysis of such business practices as resale price maintenance, franchising, bundling and tying arrangements; the regulation of public utilities, communications and transportation; health and safety regulation and patent policy.
Prerequisites: ECON 201 and MATH 129.
3 Lect Hrs, 3 Credits
ECON 435
The Multinational Corporation*
Examination of the patterns, trends,and theories of direct foreign investment, and impacts of multinational corporations on home and host countries. Topics include effects of MNCs on trade, employment, wages, technology, and economic development. Papers, class presentations, and class discussion are required. (This course may be used as a capstone for declared economics majors with at least seven economics courses.)
Prerequisite: ECON 334 or 335 or 336 or 338.
Distribution II Area: Social and Behavioral Sciences.
3 Lect Hrs, 3 Credits
Ms Kapler
ECON 452
Econometrics**
This is a course in the techniques of estimating economic models. The uses and pitfalls of empirical estimation in economics are examined. In addition to lectures, there is a weekly two-hour computer lab, where students apply these methods using econometric software. (This course may be used as a capstone for declared economics majors with at least seven economics courses.)
Prerequisites: ECON 201 and 205.
3 Lect Hrs, 2 Lab Hrs, 4 Credits
Ms Lynde
ECON 453
Advanced Macroeconomics
An investigation of the stability and volatility of the US economy, using both theoretical and applied analyses. The course examines several macroeconomic issues: the determinants of economic growth; the sources of instability in "managed-market" economies like the US; the interaction between macroeconomic policy and the international economy and the scope for systematic stabilization policy.
Prerequisites: ECON 202 and MATH 129.
3 Lect Hrs, 3 Credits
Ms Lynde
ECON 476
Internship in Economics
Carefully supervised field work for one or two days each week in Boston-area institutions that conduct research on economic issues. Open to a limited number of students each year. (Fulfills the capstone requirement. More information is available from the Economics Department.)
Prerequisites: Any seven economics courses; at least 80 credits; open only to economics majors.
3 Lect Hrs, 3-6 Credits
Ms Murphy
ECON 478
Independent Study
Research and reading in any area in economics: the purpose of this course is to allow the student to do advanced work in an area of economics to which he or she has already been exposed or to investigate an entirely new area. (Course offered in the fall only.)
Prerequisites: Junior standing and permission of instructor.
Hrs by arrangement, 3 Credits
ECON 479
Independent Study
See ECON 478. Given in the spring term.
Prerequisites: Junior standing and permission of instructor.
Hrs by arrangement, 3 Credits
ECON 480
Senior Seminar
A senior seminar conducted by various members of the faculty with concentration on their fields of scholarly interest. (Fulfills the capstone requirement.)
Prerequisites: Any seven economics courses; at least 80 credits; open only to economics majors.
3 Lect Hrs, 3 Credits
ECON 481
Senior Independent Study
Reading and research, under the direction of an individual faculty member, that builds on knowledge and skills obtained in a student’s previous economics courses and that culminates in the production of a substantial research paper. Students will be allowed to enroll in ECON 481 only after the completion of a written proposal that obtains written approval from the supervising faculty member and from the department chairperson. (Fulfills the capstone requirement.)
Prerequisites: Any seven economics courses; at least 80 credits; open only to economics majors.
ECON 489
Senior Honors Project
Closely supervised individual research on a topic chosen by a student in consultation with a faculty supervisor. The course’s aim is to enable highly qualified students to undertake the preliminary exploration—reading, thinking, data-gathering—necessary for the successful undertaking of writing a senior honors thesis during the following term. The thesis prospectus must be completed and accepted by the student’s proposed thesis supervisor before enrollment. Enrollment is limited to economics majors with at least 80 credits and an overall cumulative GPA of 3.25 who have completed at least 7 economics courses with a GPA of 3.5; permission of both a faculty supervisor and the department chairperson is required. (Fulfills the capstone requirement.)
Hrs by arrangement, 3 Credits
ECON 490
Senior Honors Thesis
Closely supervised individual research resulting in the completion of a senior honors thesis. Topics will be mutually agreed upon by students and their faculty supervisors, on the basis of the thesis prospectus (See Economics 489). At the beginning of the term the department chairperson will, in consultation with the thesis supervisor, appoint a second reader for the thesis, who will be available for consultation during the term. On completion of the thesis, and its acceptance by the supervisor and the second reader, the student will present an oral summary of his or her research at a seminar open to all economics students and faculty. (Fulfills the capstone requirement.)
Prerequisites: Successful completion of ECON 489; permission of both a faculty supervisor and the department chairperson.
Hrs by arrangement, 3 Credits