Economics

Degrees and Certificates

Chair: Erasmus Kersting, Ph.D.
Associate Chair: Mary Kelly, Ph.D.
Office Location: 2014 Bartley Hall
Telephone: 610-519-4370
Website

About

Economics is the science that studies the behavior of social systems – such as markets, legislatures, corporations, and families – in allocating scarce resources. It is a discipline which brings together the diverse worlds of business, social science, and public policy. The study of economics is an excellent preparation leading to many career options. Economics majors are well positioned to be the future managers and leaders in both the private and public sectors. The study of economics at the undergraduate level provides a solid basis for graduate study in the social sciences and for professional study in business administration, law, public administration, and in the health sciences.

Classes

ECO 1001 : Intro to Micro

The price system; demand and supply analysis; the production process; analysis of market structures.

Credits

3

ECO 1002 : Intro to Macro

The economic system and it fundamental principles. The economic functions of government, monetary and fiscal policy, and international trade.

Credits

3

ECO 2101 : Macro-Econ Theory

The components of aggregate economic growth. Theories underlying public policies which attempt to achieve the objectives of price stability, full employment and economic growth in the United States.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and (ECO 1002) and (MAT 1310 or MAT 1312 or MAT 1320 or MAT 1330 or MAT 1400 or MAT 1500)

ECO 2102 : Micro-Econ Theory

Economic and mathematical analysis of the equilibrium conditions of the household, the firm, and industry, in various market structures, together with a brief examination of the general equilibrium of the economy; emphasis upon developing a working knowledge of elementary mathematical analysis as it applies to present economic theory.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002 and (MAT 1310 or MAT 1312 or MAT 1320 or MAT 1330 or MAT 1400 or MAT 1500)

ECO 2130 : Intro to R Prog for Econ & Fin

Fast paced coverage of R. Topics include libraries, tidyverse, IO, data types and storage, data analysis and display, function writing, higher order functions vs loops, and performance.

Credits

1

Prerequisites

MAT 1400 or MAT 1500 and (MAT 1235 or MAT 1430 or STAT 1235 or STAT 1430) and MIS 2020 or CSC 1010

ECO 2137 : Economic Statistics

Development of research skills in economics through the application of economic methodology and statistics. Topics: descriptive statistics, estimation, hypothesis testing, regression analysis and time-series analysis.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3106 : Econ of Money & Banking

Principles of money, banking and financial markets; the relationship of the monetary and banking system to the functioning of the economy; the theory and practice of monetary policy; the function of money in international payments.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3107 : FED Challenge

Competition style course structured to combine concepts of Federal Reserve monetary policy and advanced macroeconomic analysis with enhanced presentation skills. Students will be selected from the class to represent Villanova in an intercollegiate Fed Challenge Competition.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002 and (ECO 2101 or ECO 3106)

ECO 3108 : Global Political Econ

Socio-economic conditions, political history, and government policy and the global impact on international trade and monetary relations; regional integration; stability of international economic systems; economic development and transition strategies; role of multinational corporations in the global world.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3109 : International Economics

Comparative advantage; gains from foreign trade; Heckscher-Ohlin doctrine; technology and product cycles; tariff theory and policy; Other protection measures; economic integration; foreign exchange rates; fixed and flexible rates; balance of payments; multinational corporations.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3111 : Hist of Economic Thought

The evolution of economic analysis within the context of contemporary economic institutions and associated social, ethical, and political thought.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3112 : Public Sector Economics

The economic roles of various levels of government and the theory and practice of public expenditure and taxation. Government's impact on the allocation of resources and the distribution of income in a mixed economy.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3118 : Women and the Economy

The role of women in the economy and its implications. Economics of the household, marriage, fertility, divorce unemployment, earnings of women and occupational choice. International comparisons and current public policy issues.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3120 : Financial Economics

This course introduces students to the subject matter of corporate finance and financial economics. Topics covered include The Time Value of Money, Interest Rates, Stocks and Bonds, Firm Valuation, Investment Risk and Return, Corporate Financing, Capital Structure, Financial Modeling and Forecasting, Options, and Mergers and Acquisitions. Restricted to: Non-VSB majors and minors.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3123 : Labor Economics

Economic theories concerning the employer's labor demand, the individual's labor supply, educational/occupational choices, labor unions, on-the-job training, discrimination, labor market mechanisms and wage determination. Public policies which affect the market.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3124 : Economics of Sports

Key economic concepts and theories of Industrial Organization and Public Policy, Public Finance, and Labor Economics, discussed in the context of the sports industry. An in-depth look at related econometric research of sports economists.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3125 : Industr Org & Public Pol

Economics of American industrial organization; market structure, conduct, and performance; the workability of competition in selected industries; the application of public policy and anti-trust law.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3126 : Amer Econ Development

Growth of the American economy in terms of its various sectors and their interrelations; the evolution of important economic institutions and ideas and of the role of the entrepreneurs.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3127 : Econ Underdeveloped Area

Structural change in the process of development; growth patterns and income distribution; determinants and role of saving, investment, technological change; strategy and methods of development planning; the role of government; social institutions.

Credits

3

Prerequisites

ECO 3128 : Intro Mathematical Econ

Variables and functions, matrices and determinants, difference equations, and calculus. Applications to economic and business problems, including market equilibrium, revenue and cost functions, marginal theory, maximization problems, input-output analysis, and selected deterministic models.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and (ECO 1002) and (MAT 1310 or MAT 1320 or MAT 1330 or MAT 1400 or MAT 1500)

ECO 3130 : Programming for Econ & Fin

Programming in R for economics and finance applications. Topics include libraries, tidyverse, IO, data types and storage, indexing/slicing, data wrangling, regression, display, function writing, control structures, loops, higher order functions, performance, functional and objected oriented design.

Credits

3

Prerequisites

MAT 1400 or MAT 1500 and (MAT 1235 or MAT 1430 or STAT 1235 or STAT 1430)

ECO 3132 : Research Methods in Economics

The scientific methodology of studying economics. Emphasis on practical aspects of developing and undertaking an economics research project that includes the formation of a research question, literature review, and empirical testing.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and (ECO 1002) and (MAT 1235 or MAT 1430 or MAT 2310 or MAT 4310 or STAT 1235 or STAT 1430 or STAT 2310 or STAT 4310 or VSB 2005)

ECO 3133 : Economics of Healthcare

Examination of health as a durable good and specific markets for services to enhance health, including physician, nursing, hospital, and private insurance. The role of government and comparison to health care systems and outcomes in other countries are all studied.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3135 : Case Studies Amer Indust

Structure and conduct of selected industries in the U.S. Economy chosen from the manufacturing, finance, energy, public utility, and transportation sectors. Effects of government policies such as regulation, deregulation, antitrust, subsidization, and protection from foreign competition.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3137 : Intro to Econometrics

Intermediate course in stochastic methods with emphasis on applications; estimation, hypotheses testing, regression analysis, economic forecasting, time series analysis and probabilistic formulation of economic relationships such as consumption and production functions.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and (ECO 1002) and (MAT 1430 or MAT 1235 or MAT 2310 or MAT 4310 or STAT 1235 or STAT 1430 or STAT 2310 or STAT 4310 or VSB 2005)

ECO 3138 : Game Theory

Basic game theoretic framework, concepts and applications; mathematical models to understand the behavior of humans in strategic situations.

Credits

3

Prerequisites

ECO 1001 or SBI 2005

ECO 3139 : Behavioral Economics

Examine cutting edge theories of how cognitive, psychological , social, and emotional factors affect economic decisions. Evidence from lab and field experiments is presented to support these behavioral models.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002 and (MAT 1310 or MAT 1320 or MAT 1400 or MAT 1500)

ECO 3140 : Urban Economics

Utilizes economic theory to examine the major contemporary issues confronting urban areas; explores economic solutions to the problems of housing, transportation, education, poverty, crime, growth, employment, taxes and redevelopment.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 3200 : Topics in Economic

Selected topics in economics currently of interest to faculty and students.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 4132 : Seminar in Economics

Capstone course requiring students to utilize the tools of analysis and expression, including not only economic theory and applications, but also writing, speaking and mathematics. Computer skills expanded.

Credits

3

Prerequisites

ECO 2101 and ECO 2102 and (ECO 3132 or ECO 3137)

ECO 4201 : Dynamic Macroeconomic Theory

Modern methods used in macroeconomic research based on microeconomic principles; dynamic processes of economic growth and business cycles; impact of rational expectations on fiscal and monetary policies; mathematical tools for dynamic economic models.

Credits

3

Prerequisites

ECO 2101 and ECO 2102

ECO 4203 : Pol Eco of Development Aid

This course examines foreign aid using a variety of economic approaches and tools including growth models, a public choice approach, principal-agent theory, and econometric analysis. Building on the history and institutions of foreign aid, we will delve into current policy and academic debates including aid effectiveness, agency problems, conditionality, and selectivity. A recurring theme is how the economic and political objectives of aid donors and recipients influence the development effectiveness of aid.

Credits

3

Prerequisites

(ECO 2102 and ECO 3137)

ECO 4205 : Time Series Analysis

Introduction to methods of time series analysis including univariate models, trends, seasonality, structural breaks, forecasting, policy analysis, vector autoregression and panel techniques.

Credits

3

Prerequisites

(ECO 2101 or ECO 2102) and ECO 3137

ECO 4207 : Economics of Risk&Uncertainty

Capstone course. Analyze microeconomic and macroeconomic situations involving risk, uncertainty, and ambiguity. Applications of expected utility theory and mean-variance theory in insurance, behavioral economics, and finance. Applications of empirically measuring and quantitatively modeling time-varying volatility in macroeconomics.

Credits

3

Prerequisites

ECO 2102 and ECO 2101 and ECO 3137

ECO 4208 : Public Choice

The application of economic methodology to the subject of political science.

Credits

3

Prerequisites

(ECO 1001 or SBI 2005) and ECO 1002

ECO 4209 : International Macroeconomics

Capstone course. Open economy macroeconomic theory, monetary and asset-based exchange rate models; flexible vs. fixed exchange rate regimes; gains from financial globalization; financial and currency crisis; currency unions.

Credits

3

Prerequisites

ECO 2102 and ECO 2101 and ECO 3137

ECO 4210 : Experimental Economics

Capstone course. Read seminal papers that use experiments to test economic theories. Learn how to properly design and conduct experiments.

Credits

3

Prerequisites

ECO 2102 and ECO 2101 and ECO 3137

ECO 4500 : Independent Study in Eco

Students with specific interests work on a tutorial basis with faculty. A departmental independent Research Proposal form must be approved by the directing faculty member and the department chairman prior to registration.

Credits

3

Prerequisites

ECO 2101 and ECO 2102

ECO 4650 : Service Learning Practicum

Service experiences as an integral part of certain ECO courses. Integrates the participation requirements for the field experience with the academic requirements (readings, research paper, project, etc.) set by the instructor. Permission of the instructor required.

Credits

1