Holy Cross Economics Department Courses

Economics Courses

Econ 111 - Principles of Macroeconomics
Econ 112 - Principles of Microeconomics
Econ 218 - Urban Economics
Econ 221 - Economic Development of Modern China
Econ 222 - Health Economics
Econ 224 - Environmental Economics
Econ 229 - Economics of Sports
Econ 230 - Financial Markets and Institutions
Econ 249 - Statistics
Econ 255 - Microeconomics
Econ 256 - Macroeconomics
Econ 302 - Industrial Organization and Public Policy
Econ 303 - Economics of Human Resources
Econ 304 - Law and Economics
Econ 305 - Economic Growth and Development
Econ 307 - Theory of International Trade
Econ 309 - Comparative Economic Systems
Econ 310 - Experimental Microeconomics
Econ 312 - Monetary Theory
Econ 313 - Mathematics for Economists
Econ 314 - Econometrics
Econ 316 - Economics of Peace, Conflict and Defense
Econ 320 - History of Economic Thought
Econ 324 - Economics of Energy
Econ 325 - Public Economics
Econ 326 - Economics of the Arts
Econ 340 - Economics of Education
Econ 399 - Special Topics- Game Theory
Econ 399 - Special Topics- Political Economy
Econ 400 - Directed Readings in Economics
Econ 460 - Research Methodology Seminar 1
Econ 461 - Research Methodology Seminar 2
Econ 462 - Honors Directed Research

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Econ 111 Principles of Macroeconomics
Econ 112 Principles of Microeconomics

Develops principles which explain the operation of the economy and suggest alternative policy solutions to contemporary economic problems. Principles of Macroeconomics (fall) develops the principles of national income analysis, money, economic growth and international trade. Principles of Microeconomics (spring) covers principles governing commodity and resource pricing under different market conditions and the distribution of income. May be taken in either order. (Offered annually)

Econ 218 Urban Economics

Applies economic tools to study the complex problems of the urban community. Attention is focused on an increased understanding of the emerging policy issues facing cities. Special emphasis is given to the location and growth of cities, the interaction of poverty and urban housing and labor markets, and policy options to encourage urban development. (Inactive at this time)

Econ 221 Economic Development of Modern China

Aims to provide the student with a sophisticated understanding of economic development in the People's Republic of China. The historical circumstances and resource endowments which have constrained Chinese economic development are examined as a basis for analyzing the intentions and success of policies adopted since 1949. (Offered alternate years)

Econ 222 Health Economics

Applies microeconomic tools to study the expanding health care industry. Topics include the demand for health and medical care, health insurance markets, managed care organizations, physician supply decisions, hospital structures, government provision of health insurance, medical malpractice, and international comparisons of health care systems. Special emphasis is placed on ethical issues that arise in determining what choices society must make in the provision of health care.

Econ 224 Environmental Economics

Shows how natural resources and the environment can be analyzed from an economic perspective. Presents the basic concepts of environmental economics and develops the analytical and policy tools used in environmental economics. Considers the problems of air pollution, water pollution, and solid and hazardous waste management; what causes them and how they can be reduced. Current topics such as global warming, amendments to the Clean Air Act, and international environmental issues will be discussed. (Offered fall semester)

Econ 229 Economics of Sports

Applies economic tools to study the field of professional and collegiate sports. Topics include the organization of sports leagues, profit maximization by teams, the application of antitrust to sports, competitive balance, labor relations, gender and racial discrimination, the tension between academics and athletics at universities, and the economic impact of sports on local economies. Special emphasis is placed on the relationship between law and economics in sports and the regulation of leagues and athletes. (Offered annually)

Econ 230 Financial Markets and Institutions

This course provides an overview of some of the assets created and traded in the financial system as well as the markets and institutions that create and trade them. Basic financial topics include asset and securities pricing models; supply and demand market models for determining interest rates and securities prices; the specifics of certain debt, equity and derivative securities as well as an overview of how some individual markets and institutions operate. A major focus on the class is be to understand the causes of the recent financial crisis.
Prerequisites: Economics 111, 112. (Offered annually)

Econ 249 Statistics

An introduction to statistical methods emphasizing statistical tools most frequently used in economic analysis. Topics include descriptive statistics, probability theory, random variables and their probability distribution, estimation, hypothesis testing and linear regression analysis. (Offered each semester)

Econ 255 Microeconomics

Analyzes the economic behavior of households and firms and their interrelations within the market. Price and resource allocations in the following market structures are considered: pure competition, monopolistic competition, oligopoly, monopoly, and monopsony. The course concludes with a discussion of general equilibrium and its welfare implications. Prerequisites: Mathematics 125, 126, or the equivalent. (Offered each semester)

Econ 256 Macroeconomics

Studies aggregate economic behavior as determined by interactions among the product, financial, and labor markets. The variables focused upon are the general levels of prices, of national income, and of employment. Applications of the theory are made and policy inferences are drawn with respect to employment and price stability, growth and development, trade and the global economy. (Offered each semester)

Econ 302 Industrial Organization and Public Policy

Studies the theoretical and empirical relationships among market structure, conduct and performance in American industry. The knowledge gained is used to evaluate U.S. antitrust policy. A number of industry case studies and landmark court decisions are read. (Offered annually)

Econ 303 Economics of Human Resources

Analyzes the labor market in light of recent developments in economic theory. The following areas are explored: labor force participation studies, human capital theory, and marginal productivity theory. Interference with the market through legislation, discrimination and labor unions and the interactions between the labor market and other sectors of the economy are considered. (Offered every other year)

Econ 304 Law and Economics

Examines the relative efficiency of alternative legal arrangements using microeconomics as the basic investigative tool. The core of the course consists of a thorough analysis of the common law. Special emphasis is given to the areas of property, contract, liability and criminal law. (Offered annually)

Econ 305 Economic Growth and Development

Examines the theoretical and institutional factors influencing economic growth. Attention is given to various models of economic growth, the relation between social, political and economic institutions and the pattern of economic growth, the optimal public policy mix for economic growth and special problems of growth faced by the developing nations. (Offered annually)

Econ 307 Theory of International Trade

Examines the causes and consequences of the trade of goods and services between nations. Attention is given to the principle of comparative advantage, the Ricardian model of trade, the factor endowments theory of trade, the specific factors model, new theories of trade, the causes and consequences of trade restrictions, economic growth and trade, international factor movements and economic integration. (Offered annually)

Econ 309 Comparative Economic Systems

The first segment develops an analytical framework for the comparison of economic systems. In the second segment this framework is used to examine and compare the economic systems of various countries including the United States, Germany, France, Japan, China, the former Soviet Union and other East European states. (Offered annually)

Econ 310 Experimental Microeconomics

This course emphasizes the interplay between theoretical models and laboratory observations in the development of microeconomics. Topics might include experimental methods, preference and choice, risk and uncertainty, expected utility maximization, game theory, industrial organization, search, bargaining, auctions, asset markets, asymmetric information, public goods, and voting. A number of classroom experiments are conducted. (Offered every other year)

Econ 312 Monetary Theory

This course will investigate the role money and credit plays in the economy, and how monetary policy is used to influence the economy in both the long and short run. We will study and use models of money supply, money demand and the money market as well as the market models for bank reserves and credit generally. Other topics include the structure and role of the Federal Reserve and a history of monetary policy in the U.S. A particular emphasis will be placed on how the Federal Reserve responds to crises (including the recent financial crisis) as well as normal recessions and booms. Students cannot take both Economics 312 (Monetary Theory) and Economics 217 (Money and Banking). (Offered every other year)

Econ 313 Mathematics for Economists

The object of the course is to augment the mathematical backgrounds of students interested in pursuing a more quantitative approach to economics and business. Emphasis is on linear systems, matrix algebra, differential vector calculus, and optimization. Topics may also include game theory, integral calculus, and dynamic analysis. Mathematical methods are illustrated with various economic applications. (Offered every other year)

Econ 314 Econometrics

This course studies statistical methods used to estimate and test economic models. After a review of basic probability and statistics, the method of ordinary least squares regression is examined in detail. Topics include the Gauss-Markov theorem, inference, multicollinearity, specification error, functional forms, dummy variables, heteroskedasticity, and autocorrelation. Simultaneous equations and qualitative dependent variables may also be considered. A quantitative research paper is required. (Offered fall semester)

Econ 316 Economics of Peace, Conflict and Defense

Economic principles are applied to the study of international and regional conflicts and predator/prey relationships in an economy. Topics include war, conflict resolution, arms races, arms control, ethnic conflict, terrorism, the arms trade, defense industry issues, and attack/defense behavior in the economic realm. (Offered occasionally)

Econ 320 History of Economic Thought

This course surveys the thoughts and ideas of philosophers and economists throughout history who attempted to understand the workings of what we now call the economy. A long time span is covered, going briefly as far back as the ancient Greek writers, moving through the Scholastics, Mercantilists, and Physiocrats, but with a particular focus on the pivotal contributions of the Classical writers including Adam Smith, David Ricardo, and Karl Marx. Neoclassical thought is contrasted with institutional and historical critics, leading to the great debate between capitalism and socialism. Changes in macroeconomic theory associated with John Maynard Keynes, the post-Keynesian views of macro, and the more modern formulation of microeconomics with its emphasis on econometric analysis round out the course. (Offered annually)

Econ 324 Economics of Energy

This course will allow students to develop an understanding of many fields of economics that relate to energy including finance, game theory, basic microeconomics, and environmental economics. Particular attention will be paid to current day, real-world applications of economics in the energy world. Topic covered include global warming, cartel behavior, cap-and-trade legislation, options and futures markets, and the economics of renewable energy sources. Prerequisite: Economics 255.

Econ 325 Public Economics

Surveys theories of public expenditure and taxation and delves into specific topics such as health care, social insurance, education, tax reform, fiscal federalism and deficit finance. Prerequisites: Economics 255, 256. (Offered every other year)

Econ 326 Economics of the Arts

Examines the markets for the performing and visual arts in the United States. The course begins by utilizing economic tools to analyze supply and demand in these markets, and then covers a number of special topics. Issues considered include copyrights, ticket scalping, performer wages and labor unions, government subsidization of the arts, auctions, art as an investment and the political economy of the arts sector. Prerequisites: Economics 249, 255.(Offered annually)

Econ 340 Economics of Edcuation

Analyzes issues in education from an economic and stastical perspective. Topics include educational production functions, educational investment, teacher markets, peer effects, accountability reform, racial issues and more. Prerequisites: Economics 249, 255.

Econ 399 Special Topics- Game Theory

Introduces and develops various concepts in the ﬁeld of game theory with an emphasis on applications to economic problems. Game theory is the study of the behavior of rational, strategic agent-players who must attempt to predict and to inﬂuence the actions of other participants. Numerous solving techniques are developed to identify and reﬁne the equilibria in a broad range of “games,” including competitive games, cooperative games, bargaining games, games of incomplete and asymmetric information, repeated games, and auctions. Applications will be drawn from diverse ﬁelds, including labor economics, ﬁnance, industrial organization, and political economy. Prerequisite: Economics 255

Econ 399 Special Topics- Political Economy

This course examines both the inherent limitations of the market and the role public policy plays in achieving social efficiency. In addition to models of externalities and public goods, this course analyzes voting systems, lobbying, redistribution, and optimal taxation. These models are applied to the pollution market, auctions, and insurance. Prerequisites: Economics 255, 256.

Econ 400 Directed Readings in Economics

A program in reading and research in a specific topic open to majors with a minimum GPA of 3.25. Permission of the instructor is required. (Offered annually)

Econ 460 Research Methodology Seminar 1

This is a Department honors seminar that examines the methodology used by economists. Students learn what the economist does by examining specific economic studies. The steps involved in undertaking research and the alternative methodological approaches are treated. A high level of student participation is expected. By the end of the seminar the students settle upon topics they will research in the fourth year and write a prospectus. The course counts toward the major as the equivalent of a lower-level economics elective. (Offered spring semester)

Econ 461 Research Methodology Seminar 2

This is the same as Economics 460. Fourth-year honors students participate for a second time in the seminar by presenting their completed research projects and by serving as resource persons for other honors students. (Offered spring semester)

Econ 462 Honors Directed Research

Honors students undertake a research project under the direction of a Department faculty member. The results of this endeavor are presented in the form of a thesis. The course counts toward the major as the equivalent of an upper-level economics elective. (Offered fall semester)

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