The University of Arizona  1993-95 General Catalog

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Economics (ECON)
McClelland Hall, Room 401
(520) 621-6224

Professors R. Mark Isaac, Head, Michael K. Block, John E. Buehler
(Emeritus), James C. Cox, Helmut J. Frank (Emeritus), Bernard P.
Herber, Jimmye S. Hillman (Emeritus), Agricultural Economics),
Reka P. Hoff (Law), Elizabeth Hoffman, Gary D. Libecap, Robert H.
Marshall, Leahmae McCoy (Emerita), Ronald L. Oaxaca, David E.
Pingry (Management Information Systems), Kenneth R. Smith, Vernon
L. Smith, Lester D. Taylor, Gordon Tullock, Mark A. Walker,
Donald A. Wells, Edward E. Zajac

Associate Professors John Z. Drabicki, Price V. Fishback, Donald
G. Heckerman, James C. McBrearty, Stanley S. Reynolds, Barbara N.
Sands, Gerald J. Swanson, Ronald J. Vogel (Public Administration
and Policy)

Assistant Professors Devajyoti Ghose, Shawn E. Kantor, Kenneth F.
Kroner, Diego Moreno, James D. Ratliff, Leslie S. Stratton, John
C. Wooders

Lecturer R. Bruce Billings

The study of economics is designed for those who wish to
concentrate in economic analysis to prepare for careers in
business, government, teaching, or private research and
consulting.

A Bachelor of Arts with a major in economics is available through
the College of Arts and Sciences.  The degrees of Bachelor of
Science in Business Administration with a major in business
economics, and Master of Arts and Doctor of Philosophy with a
major in economics are also offered.  The department participates
in the Master of Business Administration and Master of Public
Administration degrees as well.

The major in economics consists of a minimum of 30 units,
including 200 or 201a-201b or 210; 332; 361, 339 or 376 (or STAT
451), and 15 additional upper-division units of which at least 9
units must be selected from 405, 406, 407, 411, 418, 421, 424,
425, 430, 435, 437, 442, 443, 444, 453, 460, 461, 481, 482, and
489. All majors are required to complete MATH 123 or 124 or 125a
(which are a prerequisite for 332 and 361). Students with a
strong background in mathematics are encouraged to select 210, to
substitute 411 for 361, to substitute MATH 464 and STAT 466 for
339, and to include 418 and 421 in the major. Such students
should take, at a minimum, MATH 125a-125b and 215. It is strongly
recommended that students contemplating graduate study in
economics opt for this sequence and supplement it with additional
mathematics courses.

The major in business economics: See the College of Business and
Public Administration section of this catalog.

The nonbusiness minor consists of a minimum of 20 units in
economics, including 200 or 201a-201b or 210; 300 (or 332); 330
or 361 and other electives needed to meet minor requirements of
the student's college.

The department participates in the honors program. Honors courses
are open to both majors and nonmajors. Students can obtain
information by contacting the honors program and the honors
advisor of the department. Currently, courses designated as
honors courses are 332H, 361H, 406H, 418H, 435H, 442H, 443H,
444H, 460H, 461H, and 481H.

Three introductory offerings are available: 200, 210, or the
sequence 201a-201b. Credit will be given for only one of these
three.

195. Colloquium
a. Economics (1) II Open to freshmen only.

200. Basic Economic Issues (3) I II CDT National and
international economic issues. An introduction to economic
analysis. Credit is allowed for this course or 201a-201b or 210,
but not for all three.

201a-201b. Principles of Economics (3-3) CDT 201a: Nature of
economics, price theory for the product market, factor prices,
international economics. 201b: Introduction to the theory of
national income and employment, money and banking, economic
growth and stabilization. Both 201a and 201b are offered each
semester. Credit is allowed for this course or 200 or 210, but
not for all three.

210. Survey of Economic Theory (3) I II Introduction to current
economic theory. Not open to students with credit in 201a-201b.
Credit is allowed for this course or 200 or 201a-201b, but not
for all three. P, 6 units of calculus.

217. Resource and Environmental Economics (3) I (Identical with
AREC 217)

225. Economic Inquiry (3) II Surveys the range of social science
topics which economists study and discusses the various
methodologies employed by economists. P, 200 or 201a-201b or 210.

242. World Food Economy (3) II (Identical with AREC 242)

300.* Microeconomic Analysis for Business Decisions (3) I II
Examination of industrial structure; theory of prices under
varying market conditions; applications to business problems. For
nonmajors. Credit for this course or 361, but not for both. P,
200 or 201a or 210.

303.* History of Economic Thought (3) I The origins and evolution
of contemporary economic doctrines; classical, socialist,
Keynesian and neoclassical thought in past and present social
contexts. P, 200 or 201b or 210.

305.* Soviet Economic System (3) I Marxist-Leninist foundations
of Soviet economic policy; economic management and planning
mechanisms; problems of international trade and integration;
economic reform and prospects. P, 200 or 201a or 210. (Identical
with RSS 305)

307.* Economic History of the United States (3) I Development of
economic institutions of the United States. P, 200 or 201b or
210.

308.* Economic History of Europe (3) II Europe's economic origins
and development; process of industrialization; economic
underpinnings of modern Europe. P, 200, 201b or 210.

313.* Economics of Futures Markets (3) I II (Identical with AREC
313)

330.* Macroeconomic Institutions and Policy (3) I II The study of
how the macroeconomy is affected by institutions, technology and
other forces, and governmental policies. For nonmajors. Credit
allowed for this course or 332, but not for both. P, 200 or 201b
or 210.

332.* Intermediate Macroeconomics (3) I II Analysis of output,
employment, interest rates, and the price level; the effects on
these of changes in monetary and fiscal variables. P, 200 or 201b
or 210; MATH 123, 124, or 125. For majors. Credit allowed for
this course or 330 but not for both.

339.* Economic Statistics (3) I II (Identical with AREC 339)

340.* International Economics and Policy (3) I II Normative and
positive aspects of international trade and international
monetary economics, with attention drawn to government policy as
it relates to international commercial relations. Not available
to students who are enrolled in or have completed either 442 or
443. P, 200 or 201a-201b or 210.

361.* Intermediate Microeconomics (3) I II Determination of
prices and quantities in product and factor markets. For majors.
Credit for this course or 300, but not for both. P, 200, 201b or
210; MATH 123, 124, or 125a.

371.* Economic Development (3) II Analysis of the economic
development process of newly developing nations. P, 200 or 201b
or 210.

375.* Economics of Land and Water in the American West (3) II
(Identical with AREC 375) 

376.* Statistical Inference in Management (3) (Identical with MAP
376) 

382.* Labor and Public Policy (3) II Economic and legal analysis
of the issues and problems arising out of executive, legislative,
and judicial efforts to define the rights, duties, and
responsibilities of labor and management in the field of
industrial relations. P, 200 or 201b or 210.

383.* Labor Arbitration (3) I The place and function of
arbitration in the field of labor management relations. P, 200 or
201b or 210.

386.* Collective Bargaining (3) II Law of collective bargaining;
negotiating and administering the contract; public policy. P, 200
or 201b or 210.

396H.* Honors Proseminar (3) II

405.* Comparative Economic Systems (3) II Analysis of economic
policy in market (capitalist) economies  and of economic ideology
and planning in command economies. P, 300 or 361. May be convened
with 505.

406.* Introduction to Experimental Economics (3) II Lab.
experimental studies of economic behavior; applications to
monopoly, bilateral bargaining, and competitive markets under
various exchange rules; speculation, voting processes, public
goods. 2R, 3L. P, 210 or 300 or 361.

407.* Studies in Microeconomics (3) II Studies in microeconomics,
such as the economics of imperfect information and uncertainty,
externalities and public goods, and imperfect competition. P,
361, MATH 125b. May be convened with 507.

409.* Economic Anthropology (3) II (Identical with ANTH 409) May
be convened with 509.

411.* Microeconomic Theory and Behavior (3) II Microeconomic
theory with an emphasis on the use of experimental laboratory and
field methods for testing the behavioral implications of the
theory. P, 300 or 361, MATH 125b. May be convened with 511.

418.* Introduction to Econometrics (3) I II Statistical methods
in estimating and testing economic models; single and
simultaneous equation estimation, identification, forecasting,
and problems caused by violating classical regression model
assumptions. P, 339 or 376. May be convened with 518.

421.* Introduction to Mathematical Economics (3) II Comparative
statics, stability, classical optimization, the Kuhn-Tucker
theory, calculus of variations, linear algebra, game theory, and
application of these techniques in economic analysis. P, six
upper-division units in economics; MATH 125b. May be convened
with 521.

422.* Introduction to Health Economics (3) II (Identical with PA
422)

424.* Topics in European, Chinese, or Japanese Economic History
(3) I II Examines the economic history and development of
medieval, early modern and modern Europe; the development and
economic history of premodern and modern Japan and China. P, 300
or 361. May be convened with 524.

425.* Topics in the Economic History of the United States (3) I
II Examines the economic history and development of the United
States, including roles of legal and cultural institutions,
changes in output mix, government regulation, income
distribution, monetary policy, and demographic factors. P, 300 or
361. May be convened with 525.

430.* Monetary Economics (3) II Analysis of the role of money and
monetary policy in the macroeconomic process. P, 330 or 332.

435.* Public Sector Economics (3) I II S The influence of
governmental revenue and expenditure decisions on resource
allocation, income distribution, and aggregate economic
performance. P, 300 or 361. May be convened with 535.

436.* Economics of Fiscal Federalism (3) II Study of the
economics of intergovernmental fiscal relationships in a federal
system inclusive of allocational, distributional, and aggregate
economic effects. P, 200 or 201b or 210.

437.* International Public Finance (3) II Public finance theories
and policy instruments adapted to a supranational setting.
International public goods, taxation, social choice.
International treaties. Global environmental issues. P, 435. May
be convened with 537.

442.* International Economics (3) I Financial aspects of
international trade relations and commercial policy. P, 330 or
332. May be convened with 542.

443.* International Trade Theory (3) II General equilibrium
analysis of product and input markets of international trade,
tariffs, commercial policy, and growth and the welfare aspects of
each. P, 300 or 361. May be convened with 543.

444.* International Financial Management (3) II Evaluation of
international risk exposure and financial management of the
multinational firm. P, 330 or 322, FIN 311. (Identical with FIN
444)

453.* Business and Economic Forecasting (3) I Forecasting
techniques used in business and government; assembly,
interpretation and use of economic data; analysis of business
conditions; examination of related environmental factors;
construction of actual sales or revenue forecasts. P, 300 or 361;
418. May be convened with 553.

460.* Industrial Organization (3) I Structure, conduct, and
performance of American industry; governmental institutions and
policies affecting business. P, 300 or 361; 339 or 376. May be
convened with 560.

461.* Economics of Regulated Industries (3) II Economic analysis
of the regulated sector of the American economy, including
communications, transportation and energy industries; impact of
existing and alternative public policies. P, 300 or 361. May be
convened with 561.

476.* Natural Resource Economics (3) II (Identical with AREC 476)

480.* New Venture Market and Industry Analysis (4) I (Identical
with MKTG 480)

481.* Economics of Wage Determination (3) I Applications of
economic theory and empirical methods to labor supply and demand,
investment in human capital, minimum wages, union effects on
relative wages, and labor market discrimination. P, 339, or 376;
361.

482.* Labor and the Economy (3) II Macro aspects of labor
economics: unemployment causes and cures; unemployment and
inflation; distribution of income. P, 339 or 376; 361.

483.* Urban Economics (3) II Problems of metropolitan areas;
evaluation of alternative solutions. P, 200 or 201b or 210.
(Identical with AAS 483)

487.* Health Economics (3) II A study of pricing, allocation, and
distribution in the health-care industry, with particular
emphasis on the economic effects of current governmental policy.
P, 200 or 201b or 210.

489.* Public Choice (3) II The study of voting theory, government
expenditures, government structures, behavior of voters and
bureaucracy. P, 361 or consent of instructor. (Identical with POL
489) May be convened with 589.

*Open only to students who meet the requirements for Advanced 
Standing as specified in the College of Business and Public
Administration section of this catalog.

500. Managerial Economics (3) I S Microeconomic theory and
applications. P, MIS 400 or MATH 119 or 123. Advanced degree
credit available for nonmajors only. Open only to students
admitted to a BPA graduate program.

501a-501b-501c. Microeconomic Theory (3-3-3) I 501a: Value and
distribution. P, 361, 521. II 501b: General equilibrium and
welfare economics. P, 501a, 519. I 501c: Other selected topics.
P, 501b.

502a-502b. Macroeconomic Theory (3-3) II 502a: National income
analysis. P, 332, 521. I 502b: Advanced topics in macroeconomic
analysis; macroeconomic dynamics. P, 502a, 519.

503. Development of Economic Theory (3) II Development of
economic thought from ancient times to the present. P, 501a.

504. Production Economics (3) I (Identical with AREC 504)

505. Comparative Economic Systems (3) II For a description of
course topics, see 405. Graduate-level requirements include a
research project and different tests. Advanced credit available
for nonmajors only. P, 361 or 500. May be convened with 405.

506. Experimental Economics (3) I Introduction to laboratory
experimental economics: review of current research, exploration
of methodological issues, development of techniques of
experimentation. P, 501a.

507. Studies in Microeconomics (3) II For a description of course
topics, see 407. Graduate-level requirements include a research
paper or additional problem sets, depending on exact content.
Advanced degree credit available for nonmajors only. P, 361, MATH
125b. May be convened with 407.

508. Applied Economic Analysis (3) II Uses economic history to
show how research methods in economics are used to analyze data
collected through empirical observation. P, 501a, 520.

509. Economic Anthropology (3) II (Identical with ANTH 509) May
be convened with 409.

510. Macroeconomics (3) I Theory of income, employment, interest
rates, and the price level.  P, 500. Advanced degree credit
available for nonmajors only. 

511. Microeconomic Theory and Behavior (3) II For a description
of course topics, see 411. Graduate-level requirements include a
research paper or additional problem sets, depending on exact
content. P, 521. May be convened with 411.

512. Economic Policy in Developing Countries (3) II (Identical
with AREC 512)

513. Consumption Economics and Price Analysis (3) II (Identical
with AREC 513)

514. Cost-Benefit Analysis (3) II (Identical with AREC 514)

515. Operations Research in Applied Economics (3) I (Identical
with AREC 515)

516. Agricultural Development (3) [Rpt./1] I (Identical with AREC
516)

518. Introduction to Econometrics (3) I II For a description of
course topics, see 418. Graduate-level requirements include a
research project that involves applications of econometric
methods to the estimating and testing of behavioral models or
simulation studies of the statistical properties of an
econometric estimation technique. Advanced degree credit
available for nonmajors only. P, 339 or 376 or MKTG 552. May be
convened with 418.

519. Mathematical Economics (3) I Introduction to the theory and
methods of mathematical economics and its applications. Designed
primarily for entering graduate students majoring in economics.
P, CR, 520; consult with department before enrolling.

520. Theory of Quantitative Methods in Economics (3) I
Introduction to the basic concepts of statistics and their
application to the analysis of economic data. Designed primarily
for entering graduate students majoring in economics. P, CR, 519;
consult with department before enrolling.

521.* Introduction to Mathematical Economics (3) II For a
description of course topics, see 421. Graduate-level
requirements include a research paper or additional problem sets,
depending on exact content. May be convened with 421.

522a-522b. Econometrics (3-3) II 522a: The theory of econometric
estimation of single and simultaneous equation models. P, 520. I
522b: Additional topics in the theory of econometric estimation
of single and simultaneous equation models. P, 522a.

524. Topics in European, Chinese, or Japanese Economic History
(3) I II For a description of course topics, see 424. Graduate-
level requirements include a research paper or additional problem
sets, depending on exact course content. Advanced credit
available for nonmajors only. May be convened with 424.

525. Topics in the Economic History of the United States (3) I II
For a description of course topics, see 425. Graduate-level
requirements include a research paper or additional problem sets,
depending on exact course content. Advanced credit available for
nonmajors only. May be convened with 425.

526. Health Economics (3) I (Identical with PA 526)

530. Macroeconomic Aspects of Finance (3) II The effects of
changing economic conditions upon a firm's operation, including
capital decisions as well as production decisions. P, 500.

535. Public Sector Economics (3) I II S For a description of
course topics, see 435. Graduate-level requirements include an
in-depth research project on a major current public sector issue.
Advanced credit available for nonmajors only. P, 500. May be
convened with 435.

536. Innovation and Economic Growth (3) I (Identical with MKTG
536)

537. International Public Finance (3) II For a description of
course topics, see 437. Graduate-level requirements include a
research project and different tests. Advanced credit available
for nonmajors only. May be convened with 437.

542. International Economics (3) I II S For a description of
course topics, see 442. Graduate-level requirements include a
research project and different tests. Advanced credit available
for nonmajors only. P, 330, 332, or 510. May be convened with
442.

543. International Trade Theory (3) II For a description of
course topics, see 442. Graduate-level requirements include a
research project and different tests. Advanced credit available
for nonmajors only. P, 361 or 500. May be convened with 443.

549. Applied Econometric Analysis (3) II Econometric model-
building, estimation, forecasting and simulation for problems in
agricultural and resource economics. Applications with actual
data and models emphasized. P, 518 (Identical with AREC 549).

553. Business and Economic Forecasting (3) I For a description of
course topics, see 453. Graduate-level requirements include a
research project and different tests. Advanced credit available
for nonmajors only. P, 361 or 500; MKTG 552. May be convened with
453.

560. Industrial Organization (3) I For a description of course
topics, see 460. Graduate-level requirements include an applied
research project that examines the impact of public policy on
industry performance. Advanced degree credit available for
nonmajors only. P, 300 or 361 or 500; 339 or 376 or MKTG 552. May
be convened with 460.

561. Economics of Regulated Industries (3) II For a description
of course topics, see 461. Graduate-level requirements include a
case of regulation/deregulation or other approved research
project in regulatory theory or policy. Advanced degree credit
available for nonmajors only. P, 300 or 361 or 500. May be
convened with 461.

562. Theory and Institutions in Industrial Organization (3) I II
Major issues in the field of industrial organization. Theoretical
issues presented with complementary material dealing with
specific American industries. P, 500.

568. Environmental Scanning and Business Strategy (3) I II
(Identical with MKTG 568)

570. Management and Evaluation of Information Systems (3) I II
(Identical with MIS 570).

575. Economics of Natural Resource Policy (3) II (Identical with
AREC 575)

576. Advanced Natural Resource Economics (3) I (Identical with
AREC 576)

577. Advanced Topics in the Economics of Environmental Regulation
(3) II (Identical with AREC 577)

589. Public Choice (3) II For a description of course topics, see
489 (Identical with POL 589) May be convened with 489.

597. Workshop 
a. Practical Applications of Economic Theory (3) I P, 501a, 502a,
521, 549.
b. Computational Methods in Laboratory Economics (1-3) [Rpt./3
units] I II P, MATH 125a-125b; consult department before
enrolling.
c. Economic Issues for Teachers (3) S Consult instructor before
enrolling.
d. Summer Institute on the American Economy (3) S Consult
instructor before enrolling.
e. Economics Education Workshop (2) S Consult instructor before 
enrolling.
f. Economic Development for Educators (2) S Open to nonmajors
only. Consult with department before enrolling.

696. Seminar 
a. Experimental Economics I (3) II
b. Experimental Economics II (3) I
c. Economic Analysis of Organizations I (3) II
d. Economic Analysis of Organizations II (3) I
e. Econometric Modeling I (3) II
f. Econometric Modeling II (3) I
g. Monetary Economics (3) I
h. Labor Economics I (3) II
i. Labor Economics II (3) I 
j. Public Policy Analysis I (3) II
k. Public Policy Analysis II (3) I
l. International Economics I (3) II
m. International Economics II (3) I
n. Advanced Macroeconomic Theory I (3) II
o. Advanced Macroeconomic Theory II (3) I
p. Industrial Organization and Regulation I (3) II
q. Industrial Organization and Regulation II (3) I
r. Advanced Microeconomic Theory I (3) II
s. Advanced Microeconomic Theory II (3) I
t. Mathematical Economics (3) I II
u. Game Theory (3) I II
v. Public Choice I (3) II (Identical with POL 696v)
w. Public Choice II (3) I (Identical with POL 696w)
x. Economic History I (3)
y. Economic History II (3) I 

697. Workshop 
a. Experimental Economics (3) II P, 696a, 696b.
b. Economic Analysis of Organizations (3) II P, 696c, 696d.
c. Econometric Modeling (3) II P, 696e, 696f.
d. Labor Economics (3) II P, 696h, 696i.
e. Public Policy Analysis (3) II P, 696j, 696k.
f. International Economics (3) II P, 696l, 696m.
g. Advanced Macroeconomic Theory (3) II P, 696n, 696o.
h. Industrial Organization and Regulation (3) II P, 696p, 696q.
i. Advanced Microeconomic Theory (3) II P, 696r, 696s.
j. Economic History (3) II P, 696x, 696y.

 


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