Professor Nathan Balke, Department Chair
Professors: Raveendra Batra, Rajat Deb, Tom Fomby, Kathy Hayes, Esfandiar Maasoumi, Daniel Slottje, Shlomo Weber; Associate Professors: Thomas Osang, Kamal Saggi, Tae Kun Seo; Assistant Professors: Pedro Amaral, Per Fredriksson, Daniel Millimet, Saltuk Ozerturk; Lecturers: Susan Dadres, Rupinder Saggi;Visiting Associate Professor: Richard Barnett.
Requirements for Major. The student majoring in economics will be expected to take ECO 1311 and 1312 during the first or sophomore year. All majors must take ECO 1311, 1312, 3301, and 3302, and must have a G.P.A. of at least 2.00 in economics courses attempted. Students must receive at least a C in all economics and finance classes counting toward the major or minor. Once the major is declared, due progress must be made in terms of course enrollment. If requirements change, the bulletin in force at the time the major is declared prevails.
Requirements for the B.A. Degree. The Bachelor of Arts degree in economics is designed primarily for students who want a liberal arts education with an emphasis on economics but with great breadth. This degree shall consist of at least 30 hours in economics, of which no more than six hours may be in courses below the 3000 level. MATH 1309 or 1337 is recommended but not required.
Requirements for the B.S. Degree. The Bachelor of Science degree in Economics offers more specialized training in economics and provides a firm basis for graduate study in business, economics, or law by requiring six hours of calculus (MATH 1309 and 1310 or 1337 and 1338); STAT 2301 or 4340 or ITOM 2305; 36 hours in economics; and more courses at the 4000-5000 level.
Requirements for the B.S. Degree with Finance Applications. The degree combines specialized training in economics with a concentration in areas significant to financial markets, plus three hours each in needed tools of ACCT 2311, MATH 1309 or 1337, STAT 2301, 4340 or ITOM 2305, and CSE 1340, 1341 or ITOM 2306. This degree is particularly suited to those seeking careers in the financial sector and requires 27 hours in advanced economics and finance courses. Interested students are encouraged to see the departmental adviser before selecting these classes to ensure all requirements are met.
Requirements for the B.S. Degree with Systems Analysis. The B.S. degree in economics with systems analysis offers integrated studies in economics, operations research, and computer science. It provides excellent preparation for graduate education in economics, business, or public administration, and for service in both the public and private sectors where quantitative economists provide assistance in policy formulation. Students are required to take MATH 1337, 1338, and 2339; STAT 2301 or 4340 or ITOM 2305; ITOM 2306 or CSE 1340 or 1341 (Operations Research); and nine hours of additional courses in computer science and/or operations research consisting of any computer science course at the 3000 level or above, plus CSE 2340 or 2353. This degree also requires 36 hours of economics with more courses at the 4000-5000 level.
Requirements for the Five Year Joint Bachelor and Master's Degree in Economics. The joint Bachelor and Master's degree in economics provides an excellent opportunity for advanced undergraduates to begin pursuit of a Master's Degree while still an undergraduate. Students with a cumulative GPA of 3.0 overall and 3.3 in economics may apply for the program after the fall semester of their junior year. STAT 2301 or equivalent and MATH 1309 or 1337 are required before being admitted into the program (MATH 1338 is recommended). Students must also take ECO 6381 (Analysis I), ECO 6382 (Analysis II), and ECO 5350 (Introduction to Econometrics) before or during their senior year. These nine hours of course work will also apply towards requirements for a Bachelor of Arts or Science in Economics.
Students are eligible for the Master of Economics -- Applied Track, Master of Economics-Law and Economics Track, and the Master of Economics -- International Economics and Policy Track. All the requirements for the Master and Bachelor Degrees must be met.
Recommended or required preparation for advanced courses is indicated within the course descriptions. Questions concerning specific courses and the undergraduate program in general should be directed to Economics Department personnel. Each student majoring in economics is urged to consult a departmental adviser periodically to review the student's degree plan and progress.
A program leading to graduation with departmental distinction is available.
Requirements for the Minor. Students majoring in other departments may obtain a minor in economics by completing ECO 1311, 1312, 3301, 3302, and two advanced courses at the 4000 or 5000 level with a G.P.A. of at least 2.00 in economics courses attempted. Non-lecture classes cannot be used toward an economics minor. No grade lower than C will be counted.
Instead of a general minor in economics, a minor in a specialized field (International Economics, Public Economics, Labor Economics, Econometrics, Monetary Economics, Managerial Economics, and Economics of Industrial Organization) may be obtained if six hours of 4000- and 5000-level courses constitute one of the above seven fields currently approved by the Economics Department.
Additional information about the Economics Department is located at the following Web site: www.smu.edu/economics
1310. Exploring Economic Issues. Discusses current economic issues and problems in a suitable manner for students not majoring in economics or related sciences. No prerequisites. No credit is allowed for students who have received credit for ECO 1311 or 1312.
1311. Principles: Consumers, Firms, and Markets (Microeconomics). Enables a concerned citizen to make an intelligent appraisal of current controversies relating to consumers and producers. Explains tools of economic analysis. No prerequisites.
1312. Principles: Inflation, Recession, and Unemployment (Macroeconomics). The second term of a liberal arts education sequence discusses issues such as inflation, unemployment, and growth from both national and global perspectives. Tools of economic analysis include models of open economies. Prerequisite: ECO 1311.
2320 (PLSC 2320). Introduction to Public Policy. This course presents the institutions and processes by which governments make public policy and examines the substance and impact of public policy in such areas as international political economy and domestic social policy. Prerequisites: ECO 1311 and PLSC 1320. Recommended: ECO 1312, and PLSC 1340 or 1380.
3301. Price Theory (Intermediate Microeconomics). Considers more advanced problems of consumption, production, and exchange than ECO 1311. Prerequisites: ECO 1311 and 1312.
3302. National Income and Employment (Intermediate Macroeconomics). Discusses alternative monetary and fiscal policies in the light of advanced macro theory. Prerequisites: ECO 1311 and 1312. Corequisite: ECO 3301.
3321. International Economic Policy. This course examines the facts and theories of international trade and finance. Emphasis is placed on analyzing current issues such as the U.S. trade
deficit, policies toward multinational firms, and harmonization of fiscal and monetary policies among countries. Prerequisites: ECO 1311 and 1312.
3355. Money and Banking. Central and commercial banking are analyzed for students majoring in economics, business, and related sciences. A student may not receive credit for both ECO 3355 (Money and Banking) and FINA 3330 (Money and Capital Markets). Prerequisites: ECO 1311 and 1312.
4351. Labor Economics. Survey of economic theory related to labor markets. Topics: Review of wage and employment theories, effect of unions, discrimination, wage structure, and labor migration. Prerequisite: ECO 3301.
4357. International Trade. Analyzes national and international implications of the trade policies of nations, and the roles played by international organizations. Prerequisite: ECO 3301.
4358. International Macroeconomic Theory and Policy. (Formerly ECO 4356 International Finance and Investments.) Discusses current problems in international financial transactions by applying open-economy economic analysis. Prerequisites: ECO 3301 and 3302.
4366. Economics of the Public Sector. Focuses on theoretic principles useful in analyzing the role of government intervention. Topics: Public goods, externalities, free rider problem, voting and social choice models, and public utilities. Prerequisite: ECO 3301.
4368. Foundations of Financial Economics. Applies the tools of economic analysis to financial decision-making. Topics include the time value of money, risk and return, dividend policy, hedging, mergers and acquisitions, and international financial management. Prerequisites: ECO 3301, 3355, ACCT 2311, and STAT 2301 or ITOM 2305 (cannot be taken if student has taken FINA 3320).
4371. Theory of Industrial Structure. (Formerly Structure of American Industry.) Development of American industry and antitrust policies. Prerequisite: ECO 3301.
4376. Special Topics in Economic History and Development. Economic principles are used to explore important and controversial questions. Prerequisite: ECO 3301.
4378. Financial Economics and Investment Behavior. An overview of investment concepts and an exposure to a range of investment alternatives that form an integral part of financial economics. (Cannot be taken if student has taken FINA 4320 or 4326.) Prerequisite: ECO 3368 or FINA 3320 or permission of instructor.
4382. Economics of Regulated Industries. Study of public utility, transportation, and other regulated industries. Prerequisite: ECO 3301.
4385. Macroeconomics: Theory and Policy. Goes beyond "IS-LM" curves to most recent models using disequilibrium analysis, government budget constraint, rational expectations, and other approaches. Prerequisites: ECO 3301 and 3302.
4386. Topics in Monetary Economics. An in-depth look at current topics in monetary theory and policy. Prerequisites: ECO 3301 and 3302.
4390. Independent Study in Economics. By arrangement with faculty sponsor and departmental Director of Undergraduate Studies. Eligible students must complete a 15- to 20-page paper under the supervision of the faculty sponsor and give an oral presentation of the paper to the faculty sponsor and the Director of Undergraduate Studies at the end of the term. Prerequisites: 2.5 G.P.A. in economics classes and completion of those classes appropriate for the paper.
4391. Development of Economic Doctrine. Analyzes the development of modern economics. Prerequisites: ECO 3301 and 3302.
4395. Economics Internship. By arrangement with faculty sponsor and departmental Director of Undergraduate Studies. Eligible students will perform an economic analysis of a particular economics problem at the interning firm or organization. The project will be approved by the student, the faculty sponsor, the Director of Undergraduate Studies, and the interning firm or organization prior to term registration. In addition, the student must complete a 15- to 20-page paper under the supervision of the faculty sponsor and give an oral presentation of the paper to the faculty sponsor and the Director of Undergraduate Studies at the end of the term. Prerequisites: 3.00 G.P.A. in economics classes and completion of those classes appropriate for the project.
4396. Business and Economic Forecasting Internship. Similar to 4395 but with focus on an econometric analysis appropriate to the interning rm. Prerequisites: 3.00 G.P.A. in economics classes and ECO 5350 and 5375.
4397. Law and Economics Internship. Similar to 4395 but with focus on the analysis of an issue with an economic and legal dimensions appropriate to the interning firm or organization. Prerequisites: 3.00 G.P.A. in economics classes and completion of those classes appropriate for the project. Student must have a faculty sponsor and an interning firm or organization prior to enrollment.
4398. Departmental Distinction in Economics. By arrangement with departmental Director of Undergraduate Studies. Eligible students must complete a 15- to 20-page research paper under the supervision of the faculty sponsor and present the results of their research before a faculty committee at the end of the term. Student must have a faculty sponsor prior to enrollment. Prerequisites: 3.7 G.P.A. in economics classes and 3.5 G.P.A. overall. Student must have a faculty sponsor prior to enrollment.
4399. Research/Reading Seminar in Economics. Senior seminar by special arrangement. Prerequisites: 3.5 G.P.A. in economics classes (or related major) and 3.0 G.P.A. overall, or permission of instructor.
5101, 5201, 5301. Topics (to be specified in title). Cannot be used toward an economics major or graduate degree without departmental approval.
5337. Urban Economics. Analyzes current issues in urban economics from the perspective of economic theory. Prerequisite: ECO 3301.
5340. Decision-Making Under Uncertainty. Provides a basis for the modeling of decision-making under conditions of incomplete information. Prerequisites: ECO 3302, calculus, and basic statistics or probability.
5341. Strategic Behavior. This course will use the tools of game theory to examine the elements of strategic behavior of various economic agents, e.g., firms, consumers, or government. Prerequisite: ECO 3301.
5350. Introductory Econometrics. Discusses the economic analysis of quantitative data and introduces computer analysis. Prerequisites: STAT 2301 or 4340 or ITOM 2305, and MATH 1309 or 1337, and ECO 3301 or permission of instructor.
5353. Law and Economics. This course provides a framework for and undertakes the analysis of the economic impact of the law. Prerequisite: ECO 3301 or equivalent.
5357. Economics of Human Resources. The economics of investment in human resources such as education and health. Prerequisite: ECO 3301. Recommended: ECO 4351.
5360. Economic Development. This course will examine theories of development and the contribution of each theory to our understanding of the complex process of economic development. From the theories, and based on the evidence, policy implications are derived. Prerequisites: ECO 3301 and 3302, or permission of instructor.
5361. Natural Resources and Energy Economics. Natural resource supply and demand, nonrenewable natural resources, fundamentals of the energy market. Prerequisites: ECO 3301 and 3302.
5362. Economic Growth. This course will examine the facts and theories of economic growth and technological change as well as the role of governments and markets in promoting or impeding economic growth. Prerequisites: ECO 3301 and 3302.
5365. Public Finance. Analyzes the financial managements of public bodies from local to federal governments. Prerequisites: ECO 3301. Recommended: ECO 3302.
5370. Cost-Benefit Analysis. The economic foundations of modern cost-benefit analysis in government and industry. Prerequisite: ECO 3301 or graduate standing.
5375. Economic and Business Forecasting. Presentation of methods used by economists to forecast economic and business trends and ways of evaluating the usefulness of these methods. Prerequisite: STAT 2301 or ITOM 2305 or equivalent course.
6352. Applied Econometrics Analysis. Applications of econometric methods in various branches of economics. Prerequisite: ECO 5350 or permission of instructor.
6383. New Approaches to Managerial Economics. The traditional models used in microeconomics assume perfect information, no transactions costs, and single product firms. However, recent research has greatly advanced the analysis of firms and markets under less ideal conditions than previously assumed. Developments in information theory, multiproduct analysis, and principal-agent theory are particularly relevant. Prerequisite: STAT 2301 or ITOM 2305 or equivalent and permission of instructor.