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The Program
Advisement
Transfer Policy
Honors
Special Features
Joint Majors
Courses
Economics - B.A.
Economics - Joint Majors
Economics - B.A./M.A.
Economics/Business Administration - B.A./M.B.A.
Economics - Minor
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Economics
Department of Economics
College of Arts and Sciences
415 Fronczak Hall
North Campus
Buffalo, NY 14260-1520
(716) 645-2121, ext. 19
Fax: (716) 645-2127
Web: Economics
Isaac Ehrlich, Chair
Peter B. Morgan, Director of Undergraduate Studies
Economics is the study of scarcity. At the core of this study is a set of principles that determine the most effective use of resources for promoting the welfare of the community. The matters discussed include production and employment, the money and banking system, government taxation and spending, international trade, and industrial organization and regulation, as well as their applications to urban issues, environmental problems, and the structure of the rules that define an economic society.
The economics major leads to the bachelor of arts degree. There is a standard major and, for students who are considering graduate work in economics, a more mathematical major program. Two joint majors are also recommended for students considering graduate work in economics: economics-geography, and economics-mathematics. These joint majors are also useful for students who find it in their interest to broaden the scope of their undergraduate education. Other joint majors toward the B.A. are possible upon special application by the student. A minor in economics is available as an alternative to a joint major for students receiving a B.A. in other disciplines. It is also appropriate for students in B.S. degree programs, such as engineering or management, who want formal recognition of preparation in economics.
Economics majors are prepared for a number of career options. Because economics is a social science, its theories can be applied to the efficient use of all kinds of resources. It is, therefore, useful for careers in such professions as law, business administration, finance, health and engineering. Economics majors also hold government jobs in statistical, policy-making, and regulatory agencies; some pursue graduate work in economics and become practicing economists in academic and nonacademic settings.
Undergraduate students engage in a variety of social and academic activities through the Undergraduate Economics Club. Events have included panel discussions of major current events, speakers on career opportunities, and faculty-student coffee hours. The club also serves as a liaison between students and the director of undergraduate studies and is a valuable source of information about department events and programs.
Students considering a major in economics should consult, at their earliest convenience, the undergraduate advisor in 420 Fronczak Hall. For more details about the economics program, students should also help themselves to the Undergraduate Brochure from the rack outside the department office, 415 Fronczak Hall.
Every economics major must take at least four upper level (i.e., 300 level or higher) economics elective courses at the University at Buffalo. These cannot include ECO497 Internship in Economics and ECO498 Undergraduate Supervised Teaching. Transfer credit may be given towards the required courses (ECO405 Microeconomic Theory, ECO407 Macroeconomic Theory, and ECO480 Econometrics 1) or for ECO181 Introduction to Macroeconomics or ECO182 Introduction to Microeconomics, or for other economics electives. Students who seek transfer credit should consult the director of undergraduate studies in economics and provide documentation, such as course descriptions, syllabi, and exams, for each course for which credit is sought.
The economics department will nominate majors for honors in economics who have taken ECO406 Topics in Microeconomics, and whose GPA in economics is a minimum 3.25 (honors), 3.5 (high honors), or 3.75 (highest honors). Students in joint programs are eligible for honors nominations on the same terms as are non-joint majors in economics.
Each year, students in economics with minimum GPAs of 3.0 overall and in economics can be certified for membership in Omicron Delta Epsilon International Honor Society in economics.
Apprenticeship in Economic Research:
Students with outstanding records in economics will have the opportunity to participate in faculty research projects with academic credit awarded for ECO499 Independent Study. Interested students should consult the director of undergraduate studies for further information. A minimum GPA of 3.0 in economics is required for this.
Teaching Assistants:
Students with outstanding records also have the opportunity to serve as undergraduate teaching assistants for the introductory microeconomics and macroeconomics courses. Undergraduate teaching assistants earn academic credit under ECO498. Specific prerequisites are listed on the undergraduate teaching assistant application available outside the department office, 415 Fronczak Hall.
Time-Shortened Undergraduate/Graduate Degree Programs:
The department offers a four-and-one-half to five-year program leading to a B.A./M.A. in economics and, at the student's option, an advanced certificate in an applied specialty (international economics, financial economics, urban and regional economics, economics of health services, economics of law and regulation, information and internet economics). The combined degree program is designed to train students to apply economic tools in solving a wide variety of practical problems, and thus to be prepared to work in such settings as business/industry, banking, health care, and government. The program is conducted in cooperation with the School of Law, the School of Medicine and Biomedical Sciences, the School of Management, and the Departments of Geography, Mathematics, Computer Science and Engineering, and Communication. Students interested in this program should consult the director of the M.A. program as early as possible in their college career.
The Department of Economics also offers a five-year program, in conjunction with the School of Management, leading to a combined B.A. (economics)/M.B.A. Students should consult the director of undergraduate studies and apply to the Department of Economics by the beginning of their sophomore year, and apply to the School of Management during their junior year. Students interested in this program should take ECO181 and ECO182, as well as MTH141 and MTH142 or another high-level one-year calculus sequence, during the freshman year.
As noted previously, the department offers formal joint majors with mathematics and geography, and also welcomes students who would like to construct personal joint programs, especially with other social sciences, such as philosophy, political science, or history. Students are advised to consult the Economics Undergraduate Brochure outside the departmental office, 415 Fronczak Hall, and to consult both major departments as early as possible for details of their joint major requirements. The acceptance criteria for a joint major are the same as for a major.
181 Introduction to Macroeconomics (4) (F; Sp; Su)
Principles of employment, inflation, business cycles, and growth; policies for economic stabilization and full employment. May be taken independently of ECO182. LEC/DIS
182 Introduction to Microeconomics (4) (F; Sp; Su)
Principles of price determination; creation of value; distribution of income; competition; principles of international trade. May be taken independently of ECO181. LEC/DIS
205 Money and Banking (3) (F; Su)
The study of the U.S. monetary system: creation of money; roles of commercial and central banking institutions; and the relationships among money, interest rates, price levels, and GDP in a macroeconomic context. LEC
206 History of the American Labor Movement (3)
American labor movement from its beginnings in the early nineteenth century through the present day; economic and social determinants of its development. LEC
207 Economic Classics (3)
Introduces economic organization and institutions; uses the original writings of prominent historical figures, such as Aristotle, Adam Smith, Karl Marx, Thorstein Veblen, John M. Keynes, etc. LEC
208 Introduction to Environmental Economics (3)
Economic analysis of environmental problems. Issue-oriented and considers such problems as air, water, and noise pollution, population growth, and environmental capacities. LEC
209 Introduction to Urban Economics (3)
How cities and a system of cities contribute to economic growth. The role of cities in developed and developing countries. How economic activity is allocated within cities. The economics of housing, transportation, pollution, property taxes, and zoning. Racial and income segregation and discrimination in cities. Urban poverty. ECO209 and ECO421 cannot both be taken for credit. LEC
210 Comparative Economic Systems (3)
Exposition of approaches (neoclassical and Marxian) to analyzing and comparing the world's economies. LEC
211 Introduction to the Economics of Health (3)
Economic analysis of the U.S. health-care delivery system; the question of existence of shortages or misdistribution of medical services; efficient production; medical care cost inflation; alternative financing methods. LEC
212 Current Economic Problems (3)
Uses elementary techniques of economic analysis to examine significant economic issues in order to provide insight into the nature of the issues and the consequences of policies advocated to address them. The issues examined are some of those current at the time the course is offered. LEC
251 Government in the U.S. Economy (3)
Empirical assessment of the size and scope of government activity in the United States; comprehensive and empirical understanding of the economic activities and influence of government in the United States. LEC
263 Elements of Benefit-Cost Analysis (3)
Benefit-cost criterion for comparing the relative economic merits of alternative public expenditure choices; net present value; the internal rate of return. LEC
270 Regulation in the U.S. Economy (3)
Regulatory controls in the U.S. economy and their effects on entry by firms into an industry; prices, profits, quantity produced; product quality; competitive structure of an industry. LEC
276 Law and Economics: Equity and Efficiency (3)
Relationship between the legal concept of equity and the economic concept of efficiency. Efficiency discussed with some reference to optimality and contrasted with the goal of equity. Applications drawn from criminal and accident law. LEC
303 The Economics of Poverty (3)
Prerequisites: ECO181-182, and MTH121-122 or MTH141-142
Studies classes and groups that, in the economy, are characterized as "impoverished"; causes of poverty, discrimination, and lack of human capital; antidiscrimination and antipoverty socioeconomic policies. LEC
304 Socialist Economies (3)
Prerequisites: ECO181 and MTH121-122 or MTH141-142
Theory of socialism, and history and economic structures of socialist economies within the context of social relations, including social conflict, centralism, decentralism, bureaucracies, workers' control, economic development. LEC
337 Honors Macroeconomic Theory (3)
Prerequisites: MTH141-142
Mathematical version of ECO407, plus extra readings. LEC
405 Microeconomic Theory (3) (F; Sp)
Prerequisites: MTH121-122 or MTH141-142
Intermediate level. Economic theory dealing with the economics of price determination, value, distribution, competition. LEC
406 Topics in Microeconomics (3)
Prerequisite: ECO405
New theory and applied topics in microeconomics beyond the basic subjects covered in ECO405. Course covers a broad range of imperfect markets, including monopoly, oligopoly, and monopolistic competition. It also covers topics in game theory, investment, uncertainty, capital market, general equilibrium analysis, economic efficiency, markets with asymmetric information, externalities, and public goods. LEC
407 Macroeconomic Theory (3) (F; Sp)
Prerequisites: MTH121-122 or MTH141-142
Intermediate level. Economic theory dealing with the causes of inflation, business cycles, and economic growth. SEM
408 Special Topics (3)
Prerequisites: MTH121-122 or MTH141-142
Topics vary according to instructor. Individual research required. SEM
411 Health Economics (3)
Prerequisite: ECO405
Economic behavior of the health-care industry, including hospital services, physicians, health insurance; rationales for government intervention in planning and insuring. LEC
412 Environmental Economics (3)
Prerequisites: ECO405, ECO407 or ECO337
Uses of the environment; their respective costs and benefits (and distributions thereof); the problem of policy design to optimize environmental use and quality. LEC
416 Economic Development (3)
Prerequisites: ECO405, ECO407 or ECO337
Problems of economic development facing low-income countries; interaction of economic variables and role of sociocultural factors in the developmental process. LEC
418 Economics of East Asia (3)
Prerequisites: ECO181-182 and MTH121-122 or MTH141-142
The world's fastest-growing economies in the postwar period are clustered in East Asia. Provides, through economic analysis, a deeper knowledge of East Asian economic growth and an understanding of the growth and development process through real-world applications. With the focus on East Asian economies, major issues in economic development, theories of growth and convergence, and some current macroeconomic issues of East Asian countries are covered. SEM
421 Urban Economics (3)
Prerequisite: ECO405
Explores the theories of the existence and growth of urban economies, location and its relationship to industrial organization and trade, and the internal organization of cities. Further covers land and housing markets; pricing and resource allocation in urban transportation; the economics of local government, local public goods, property taxes, and zoning; and the economics of income and race segregation in urban areas. ECO421 and ECO209 cannot both be taken for credit. LEC
426 Capital Markets and Financial Institutions (3)
Prerequisite: ECO407 or ECO337
The role of various types of securities and financial institutions in channeling funds from savers to investors, including the operations of banks and non-bank financial intermediaries, securities exchanges, markets in futures, foreign exchange markets, interest rates, and central bank policy. SEM
434 International Finance (3)
Prerequisite: ECO407 or ECO337
Introduces the international financial system; the spot and forward foreign exchange markets; triangular arbitrage, currency futures; interest arbitrage; the balance of payments; fixed vs. flexible exchange rates; devaluation and the balance of trade; measuring and managing foreign exchange exposure; and import and export financing. LEC
435 International Economics (3)
Prerequisite: ECO405
Covers the classical law of comparative advantage; the modern theory of trade; growth and trade; international factor movements; multinational companies; tariffs; quotas; preferential trading arrangements; the balance of payments; foreign exchange markets; open economy macroeconomics; international reserves and liquidity; and the international monetary system. LEC
436 Marxian Economic Theory (3)
Prerequisites: ECO181 and MTH121-122 or MTH141-142
In-depth investigation of Marxist theory of capitalism, centering on value and surplus value, accumulation of capital, and class struggle. LEC
443 Labor Economics (3)
Prerequisites: ECO405 and ECO407 or ECO337
Wage theory and the institutions that affect the supply of and demand for labor are used to examine wage differentials and such policy problems as unemployment, inflation, discrimination, and government regulation of wage-setting institutions. SEM
445 Human Resource Economics (3)
Prerequisites: ECO405 and ECO407 or ECO337
Relationships among the techniques of human-capital formation (education, on-the-job training, financing, human-capital maintenance, health care, job safety), human-capital mobility (occupational information, relocation), and economic performance. LEC
451 Math for Economists (3)
Prerequisites: MTH121-122 or MTH141-142
Discusses mathematical techniques used in economic analysis, including optimization theory, consumer and producer optimization problems, and general equilibrium models. SEM
461 Economic Fluctuation and Forecasting (3)
Prerequisites: ECO405 and ECO407 or ECO337
Considers alternative stochastic specifications of linear dynamic econometric models. Studies, among other topics, appropriate estimation techniques, the nature of the fluctuations (business cycles) of major economic variables (GNP, private investment, etc.) implied by the models, and the problem of forecasting. The emphasis, naturally, is on time-series models. SEM
464 Economics of the Public Sector (3)
Prerequisite: ECO405
Analyzes public policy implemented through public budgets. Expenditure topics include public goods, externalities, social welfare, income distribution, and benefit-cost analysis. Revenue topics include the incidence, neutrality, revenue productivity, and equity of alternative taxes. SEM
467 Economics and Game Theory (3)
Prerequisites: MTH141-142, ECO405
Two- and N-person game theory; cooperative and noncooperative games; normal and extensive-form games; complete and incomplete information games. LEC
468 Economics of Sports (3)
Prerequisites: ECO405 and ECO407 or ECO337
Economics of the sports industry; league rules and formation, salaries of players, TV and gate receipts as a general equilibrium model. LEC
469 Industrial Organization (3)
Prerequisite: ECO405
Structure of industries and firms in American and other advanced economies; price and production policies; relationships among structure, competition, efficiency. SEM
470 Economics of Regulation (3)
Prerequisite: ECO405
Analysis of the economic criteria for regulatory policies and the effects of regulation in various sectors of the economy. LEC
476 Economics of Legal Relationships: Property Rights (3)
Prerequisite: ECO405
Effects of legal property relationships on the production and distribution of products; contrasts different legal relationships from private property laws with the regulator approach. SEM
480 Econometrics I (4) (F; Sp)
Prerequisites: MTH121-122 or MTH141-142
Covers measures of central tendency and spread in economic data; probability; binomial and normal distributions; estimation; confidence intervals; testing of hypotheses; and analysis of variance. Simple two-variable regression is also introduced and applied to real-world data using computer software. SEM/DIS
481 Econometrics II (3)
Prerequisite: ECO480 or permission of instructor
Emphasis on general linear regression and its application to real-world data using computer software under alternative assumptions (e.g., heteroscedasticity and serial correlation). Additional topics include price and quantity index numbers, seasonal adjustment of time-series data, forecasting, Box-Jenkins method and Chi Square tests of goodness of fit. LEC
482 Applied Econometrics (3)
Prerequisites: ECO480, ECO481 recommended
Studies empirical works that demonstrate how economic theory is implemented in practice. Areas covered include consumption, production, wage and employment, monetary and fiscal policies. LEC
490 Monetary Theory (3)
Prerequisite: ECO407 or ECO337
Advanced theory of money and its effect upon interest rates, prices, employment, and output. LEC
495 Topics in International Economics (3)
Prerequisites: ECO405 and ECO407 or ECO337
Special topics of current interest, such as an overview of recent developments in trade theory, market structure and trade policy, issues in trade negotiations, free-trade agreements, economic integration, trade policy, and economic growth, international capital movements, exchange-rate dynamics, the balance-of-payments accounts, and the international monetary and financial systems. LEC
497 Internship in Economics (3) (F; Sp)
Prerequisites: ECO405, ECO407, and a minimum "B" average in economics
Students arrange an internship in the private or public sector. As long as this position has a strong economics content, the student can apply to the director of undergraduate studies in economics for internship credit. Application must be made in advance and must be approved by the director of undergraduate studies. TUT
498 Undergraduate Supervised Teaching (3) (F; Sp)
Prerequisites: details are available at the department office
Students who have at least junior status and satisfy the department's prerequisites may apply to serve as undergraduate teaching assistants for ECO181 and ECO182. Under the supervision of the professor, undergraduate teaching assistants lead discussion sections for the courses and receive 3 credit hours. TUT
499 Independent Study (1-6) (F; Sp)
Prerequisites: "B" average in all economics courses taken, a written project proposal, and a faculty member's prior approval and sponsorship of the project; higher standard of eligibility applies to the research apprenticeship option, and prior approval from the supervising faculty in economics is required.
Development of an individual project of inquiry into an area of economics of particular relevance to student's interest. TUT
Completion of a minimum of 30 credit hours
Completion of MTH121 or MTH141
Minimum GPA of 2.0 in two or more economics courses
Minimum GPA of 2.0 overall
10 credit hours of required courses and 23 credit hours of electives are required. Electives are selected from other economics courses and must include 12 upper-level (300-400 level) credit hours. A maximum of 3 credit hours may be from ECO499 Independent Study; ECO497 and ECO498 cannot be used to satisfy the upper-level economics course requirement.
MTH121-122 or MTH141-142 or MTH241 and MTH242 or MTH306 are prerequisites for 300/400-level economics courses.
Students interested in a joint major program or combined degree program should consult the director of undergraduate studies in economics as early as possible.
ECO405 Microeconomic Theory
ECO407 Macroeconomic Theory or ECO337 Honors Macroeconomic Theory
ECO480 Econometrics I (may substitute MTH411-412 or GEO410-411 or EAS305)
Eleven credits of economics electives at any level
Four 300/400-level economics electives, excluding ECO497 and ECO498
One of the following: MTH121 Survey of Calculus and Its Applications I, MTH141 College Calculus I, or MTH241 College Calculus III
One of the following: MTH122 Survey of Calculus and Its Applications II, MTH142 College Calculus II, or MTH306 Introduction to Differential Equations
See Baccalaureate Degree Requirements (page 254) for general education and remaining university requirements.
First Year
Fall-ECO181 or ECO182*; one of the following: MTH121, MTH141, MTH241
Spring-ECO181 or ECO182*; one of the following: MTH122, MTH142, MTH306
Second Year
Fall-One economics elective at any level; ECO405 or ECO407
Spring-ECO405 or ECO407; ECO480 (may substitute MTH411-412 or GEO410-411 or EAS305)
Third Year
Fall-One 300/400-level economics elective
Spring-One 300/400-level economics elective
Fourth Year
Fall-One 300/400-level economics elective
Spring-One 300/400-level economics elective
*ECO181 Introduction to Macroeconomics and ECO182 Introduction to Microeconomics are recommended as economics electives. They are independent of each other and can be taken in any order.
Total required credit hours in economics - 33
Total required credit hours outside economics - 8
Same as for major
For details of each joint major, please consult the director of undergraduate studies in both departments, and the economics undergraduate brochure outside of the departmental office, 415 Fronczak Hall.
Students must apply for and be accepted into both the undergraduate economics major and the M.A. in economics program.
135 credit hours are required for a B.A./M.A. degree: 105 credits at the undergraduate level that include a minimum of 18 credits in economics and all university requirements, and 30 credits in economics at the graduate level. An additional 15 graduate credit hours are required to also obtain an Advanced Certificate in a specialization within economics.
Students should consult the directors of the undergraduate and M.A. programs as early as possible in their decision-making process, in order to develop a sequence of coursework that is appropriate to the students' interests and objectives.
ECO405 Microeconomic Theory
ECO407 Macroeconomic Theory or ECO337 Honors Macroeconomic Theory
ECO480 Econometrics I (may substitute MTH411-412 or GEO410-411 or EAS305)
ECO505 Microeconomic Theory
ECO507 Macroeconomic Theory
ECO576 Topics in Microeconomics
ECO580 Econometrics I
ECO581 Econometrics II
Minimum of eight credits of economics electives at any level, excluding ECO497 and ECO498
One of the following: MTH121, MTH141, MTH241
One of the following: MTH122, MTH142, MTH306
Five M.A. electives
See Baccalaureate Degree Requirements (page 254) for general education and remaining university requirements.
First Year
Fall-ECO181 or ECO182*; one of the following: MTH121, MTH141, MTH241
Spring-ECO181 or ECO182*; one of the following: MTH122, MTH142, MTH306
Second Year
Fall-One lower-level economics elective course
Spring-ECO405, ECO407
Third Year
Fall-ECO480
Spring-ECO507
Fourth Year
Fall-ECO505, ECO580
Spring-ECO576, ECO581, one M.A. elective course
Fifth Year
Fall-Four M.A. elective courses
Spring-Applied certificate courses
*ECO181 and ECO182 are recommended as economics electives. They are independent of each other and can be taken in any order.
Refer to the graduate school's policies and procedures manual for master's candidates requirements.
Students must apply for and be accepted into the undergraduate economics major by the beginning of their second year of study, and should apply to the School of Management during their third year of study. The GMAT is required as part of the application.
150 credit hours are required for a B.A./M.B.A degree: 90 credits at the undergraduate level that include the 33 credits required for an economics major and all university requirements, and 60 credits in the School of Management at the graduate level. Students must meet all of the requirements of each faculty, except for the reduction in total credit hours.
Students should consult the director of undergraduate studies in economics as early as possible in their decision-making process, in order to develop a sequence of coursework that is appropriate to the students' interests and objectives.
ECO405 Microeconomic Theory
ECO407 Macroeconomic Theory or ECO337 Honors Macroeconomic Theory
ECO480 Econometrics I (may substitute MTH411-412 or GEO410-411 or EAS305)
MGA604 Financial Analysis and Reporting
MGB601 Behavioral and Organizational Concepts for Management
MGE601 Economics for Managers
MGF631 Financial Management
MGM625 Marketing Management
MGQ606 Probability and Statistics for Management
MGS630 Operations and Service Management
MGS641 Strategic Management
Two M.B.A. flex core courses
Nine M.B.A electives**
Internship
Eleven credits of economics electives at any level
Four 300/400-level economics electives, including ECO406 Topics in Microeconomics, and excluding ECO497 and ECO498
One of the following: MTH121, MTH141, MTH241
One of the following: MTH122, MTH142, MTH306
See Baccalaureate Degree Requirements (page 254) for general education and remaining university requirements.
First Year
Fall-ECO181 or ECO182*; one of the following: MTH121, MTH141, MTH241
Spring-ECO181 or ECO182*; one of the following: MTH122, MTH142, MTH306
Second Year
Fall-One lower-level economics elective course, ECO405, ECO407
Spring-ECO406, ECO480
Third Year
Fall-Two upper-level economics elective courses
Spring-Two upper-level economics elective courses
Fourth Year
Fall-MGQ606, MGA604, MGE601, MGB601, one flex core elective
Spring-MGF631, MGS630, MGM625, one flex core elective, one M.B.A elective
Fifth Year
Fall-Four M.B.A electives**, internship
Spring-Four M.B.A electives**, MGS641
*ECO181 and ECO182 are recommended as economics electives. They are independent of each other and can be taken in any order.
**A maximum of two of these electives may be taken from graduate courses offered by another department, such as the economics department.
Contact the School of Management for flex core course and electives options.
Refer to the graduate school's policies and procedures manual for master's candidates requirements.
Same as for major
ECO405 Microeconomic Theory
ECO407 Macroeconomic Theory or ECO337 Honors Macroeconomic Theory
ECO480 Econometrics I (may substitute MTH411-412 or GEO410-411 or EAS305)
A minimum of 6 additional credit hours of 300/400-level economics courses, excluding ECO497, ECO498, and ECO499.
Note: MTH121 and MTH122 or MTH141 and MTH142 or MTH241 and MTH242 (or MTH306) are prerequisites for 300/400-level economics courses.
Questions and Comments about this site should be sent to:
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- Phone: (716) 645-6003
- Fax: (716) 645-2549
Last updated: Thursday, 09-Dec-2004 15:21:17 EST
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