Course Descriptions

Course Information
Economics (FE,SE) Course Information

Title:Introductory Economics
Credits: 3—0—3
Description:A course in elementary economic theory with applications to contemporary problems. Topics include determination of GDP, price theory and market equilibrium, monetary and fiscal policy, unemployment, inflation and international trade. [fall, spring] Midshipmen who take SE201 &/or SE202 cannot also receive credit for FE210.
Requisites:Prereq: None.
Credits: 3—0—3
Description:This course provides an introduction to the basic principles of accounting. This course will emphasize how general-purpose financial statements communicate information about the business corporation's performance and position for users external to management. Approximately half of the course emphasizes how the accountant processes and presents the information and includes exposure to recording transactions, adjusting balances, and preparing financial statements for service and merchandise firms according to established rules and procedures. The remainder of the course examines major elements of the statements of the cash, receivables, inventory, long-lived assets, depreciation, payroll, bonds, and other liabilities and stocks. FE220 is designed for the student who has no prior exposure to accounting. The course covers a wide range of accounting topics. The central objective of the course is to assist students in developing an understanding and appreciation for basic accounting. Cannot be taken for Humanities/Social Science elective.
Requisites:Prereq: None.
Title:Financial Analysis
Credits: 3—0—3
Description:A study of the theory and techniques of financial analysis applied in the federal government and industry. [fall, spring]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Economic Geography
Credits: 3—0—3
Description:Economic Geography provides a systematic understanding of economic growth and the issue of finite limits to improve living standards around the world. The course studies population growth, economic development in underdeveloped countries, pollution and resource depletion, food production and agriculture, patterns of land use, economic justice, Foreign Direct Investment (FDI), social development, the role of government and multinational/international commerce. The course will develop an understanding of the link between the world economy and geography in relation to globalization and economic development.
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:History Of Economic Thought
Credits: 3—0—3
Description:Traces the evolution of economic doctrine from the ancients to modern day with emphasis on the period since the 18th century. Reviews the contributions to economic knowledge by Smith, Malthus, Ricardo, Marx, Mill, Marshall, Keynes and others. Various schools of thought, including mercantilism, classical, neo-classical, historical, institutionalism and Keynesianism are examined. [spring]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:International Trade And Policy
Credits: 3—0—3
Description:Study of trade policy, institutions that shape trade policy and the impact of those policies on actual trade patterns, international capital flows and economic conditions and growth in different countries. Covered topics include: different exchange rate regimes and international monetary systems, role of the World Bank and the IMF, protections policies in the form of tariffs, quotas, voluntary exchange restraints and anti-dumping duties, multilateral free trade agreements and regional trade agreements and unions such as NAFTA, APEC and the European Union. (Spring.)
Requisites:Prereq: FE210, SE201, FP210, or permission of the Economics department chair.
Title:Financial Markets And Institutions
Credits: 3—0—3
Description:A study of financial institutions and instruments covering their development and role within the economy and financial system. The forces creating the rapid changes of financial institutions and instruments in the 1980s and 1990s are explored, as well as the regulation of financial institutions and markets. [fall]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Economics Of National Defense
Credits: 3—0—3
Description:The application of economic analysis to defense decision-making and the consequences of defense decisions for weapons; volunteers vs. conscription; leaders vs. resource managers; competitive vs. monopoly contractors; pay vs. non-pay factors in reenlistment. [fall, spring]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Economics Of The Defense Industrial Base
Credits: 3—0—3
Description:Application of economic principles to issues relating to military procurement and contracting, conversion of military industrial capacity to peacetime uses, wartime mobilization of industrial capacity, strategic stockpiling and economic warfare. [spring]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Economic Methods For Engineers
Credits: 3—0—3
Description:Application of microeconomic principles and analytical tools to the costing of investment projects in both private and public/military contexts. [spring]
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Environmental Economics
Credits: 3—0—3
Description:This course develops guiding economic principles for decision-making in the environmental arena. Important topics include population growth and the environment, the economics of pollution control, measuring environmental benefits, use and management of renewable and non-renewable resources, environmental justice, and the politics of environmental policy. Not offered every year.
Requisites:Prereq: FE210, SE201, or approval of Dept Chair.
Title:Economic Development And Growth
Credits: 3—0—3
Description:This course provides a rigorous study of the current issues facing developing countries on both the individual and aggregate level. Discussed topics include economic models of growth, impact of physical and human capital investment, poverty and population growth, trade and globalization, government institutions, international capital flows, foreign aid , growth during times of structural change and reconstruction investment in war-torn societies. Individual country case studies may also be presented and social, political and historical differences between countries will be analyzed. [spring]
Requisites:Prereq: SE312.
Title:International Trade And Finance
Credits: 3—0—3
Description:A rigorous examination of current international issues in a theoretical and empirical framework. Topics include motivations for trade; trade versus protectionism; the multinational enterprise; exchange rate issues and the international monetary systems and the role of the International Monetary Fund and World Bank. [fall]
Requisites:Prereq: SE312 or SE341.
Title:Labor Economics
Credits: 3—0—3
Description:This course analyzes theories of labor markets and evidence on whether and how labor market theories successfully analyze outcomes. The core material explores labor demand by profit-maximizing firms, labor supply decisions made by rational workers, and equilibrium patterns of employment and wages. Topics may include: the analysis of human capital, migration, the economics of discrimination, effects of unions on employment and wages, effects of legislation (such as minimum wages and payroll taxes) and recent trends in wage inequality. [fall]
Requisites:Prereq: SE341.
Title:Public Finance
Credits: 3—0—3
Description:This course examines the role of government in a market economy including the use of government expenditures and taxation to change the allocation of resources and/or to change the distribution of income. Emphasis is given to the formation and analysis of public policies in education, health care, social security, welfare, and the environment. Proposals for tax reform and how to address long-term fiscal challenges are analyzed. This course counts as a 400-level elective for economics majors (FEC) and as an economics major elective for the quantitative economics major (SQE). [fall]
Requisites:Prereq: SE341.
Title:Business Cycles
Credits: 3—0—3
Description:An advanced treatment of the empirical and theoretical issues surrounding business cycles. Topics include empirical regularities of cycles, models of inventory cycles, labor and credit markets, technology shocks, and the international transmission of cycles. Simulation-based methods of analyzing such models, and the role of fiscal and monetary policy in economic stabilization, are included. [spring]
Requisites:Prereq: SE312.
Title:Monetary Theory And Policy
Credits: 3—0—3
Description:An advanced study of topics in monetary economics and their application to macroeconomic issues. Consideration of the role of money as a medium of exchange in commodity and fiat systems. Theories of money demand and empirical measures of the money supply. Development of macroeconomic models of money and the effect of monetary policy on inflation, unemployment and economic growth. [fall]
Requisites:Prereq: SE312.
Title:Economics Of Financial Crises
Credits: 3—0—3
Description:This course explores in depth the causes and consequences of economic and financial crises in general, the contagion of such crises into other countries, and the policies used or proposed to prevent similar crises in the future. It examines numerous historical crises, both theoretically and empirically, in hopes of drawing parallels that may help to guide future economic policy. The course critically examines comments made by so called 'market experts' concerning the crisis and the government's response. It also provides a framework for understanding the likelihood of future crises and potential solutions.
Requisites:Prereq: SE312.
Title:Health Economics
Credits: 3—0—3
Description:This course introduces students who have already taken Microeconomics to the field of health economics. Factors that distinguish the discipline of health economics include extensive government intervention, intractable uncertainty in several dimensions, asymmetric information, barriers to entry, externalities, and the presence of third-party agents (such as doctors). This course will cover a range of theoretical topics, including health production functions, consumer choice models of health behaviors (such as smoking), and the supply and demand of health care services. We will also study various international health systems as they compare to the health care system in the United States, both before and after the Affordable Care Act.
Requisites:Prereq: SE341
Title:Industrial Organization
Credits: 3—0—3
Description:Industrial organization is the study of industry and firm behavior. Using microeconomic and game theory tools, this course explores the relationships among firms in an industry or across industries by examining the nature of strategic interaction among firms. The course will utilize available computer software to study theoretical models and empirical evidence for a wide variety of market phenomena such as price wars, patent races, price-fixing conspiracies, mergers, and advertising campaigns. It will consider public policies that affect the structure of markets and the behavior of firms, particularly antitrust laws, which try to create a balance between the benefits of coordination and consolidation and the detriments of market power. This course counts as a 400-level elective for Quantitative Economics majors (FQE) and as an economics major elective for the Math with Economics major (SME).
Requisites:Prereq: SE341.
Title:Law And Economics
Credits: 3—0—3
Description:This course introduces students to the relationship between law and economics by providing economic analysis of law and legal institutions. Using microeconomic analysis, rational choice theory, as an objective methodology, in this class we will estimate the economic efficiency arising from legal rules. Economists recognize that laws serve as an incentive for changes in people's behavior and that policy makers examine how laws impact efficiency and the distribution of income.
Requisites:Prereq: SE341
Title:Principles Of Microeconomics
Credits: 3—0—3
Description:Economics is a social science that is concerned with the study of resource allocation problems. Economists are most interested in the decisions of individuals, firms, and government policy makers in their pursuit of economic objectives. This course is intended as the first in a two-part introductory economics sequence to expose students to the basic principles that underlie the study of resource allocation decisions. Key topics include the understanding of production possibilities, gains from trade, consumer preferences and choice, costs of production, market exchange, and market structure. The course also introduces the important concepts of allocative efficiency, equity, market failure, and government failure, and discusses the potential role of government policy for promoting market efficiency and addressing inefficiency and equity concerns. Midshipmen who take SE201 cannot also receive credit for FE210.
Title:Principles Of Macroeconomics
Credits: 3—0—3
Description:This course is designed to provide you with an introduction to macroeconomic concepts and models used in economic and policy analysis. We will analyze the fundamentals of macroeconomic variables such as output, inflation, and unemployment. This course provides an introduction to the different modeling techniques economists use to understand both long term growth and the business cycle. In addition to learning the "nuts and blots" of the models, you will learn how to apply the models to understand the possible effects of Fiscal and Monetary Policy. As part of the latter objective, throughout the course you will read examples of academic scholarship to see how economists employ the models in practice. Midshipmen who take SE202 cannot also receive credit for FE210.
Credits: 3—0—3
Description:A course on the theories of the aggregate level of income, employment and the price level. Includes discussion of determinants of economic growth, the interaction of the domestic economy with the world economy, and the formulation and impact of monetary and fiscal policy.
Requisites:Prereq: SE202.
Title:Economic Statistics
Credits: 2—2—3
Description:Survey of descriptive and inferential statistical techniques involving more than one variable. Strong emphasis on regression analysis and use of computers.
Requisites:Prereq: SE201, SE202, and (SM230, SM239 or SM219).
Credits: 3—0—3
Description:Theories of the economic behavior of consumers and producers, the determination of final good and factor prices, market structures and general economic equilibrium. The application of price theory to business problems and public-policy issues.
Requisites:Prereq: SE201.
Title:Advanced Microeconomic Theory
Credits: 3—0—3
Description:Advanced topics in modern microeconomics. Topics may include dynamic analysis, risk and decision making under uncertainty, general equilibrium analysis, welfare economics, game theory and strategic behavior, principal-agent problems, collective action and social dilemmas, and rational and "irrational" choice.
Requisites:Prereq: SE341 and (SE331 or SM339)
Title:Advanced Macroeconomic Theory
Credits: 3—0—3
Description:This course is designed as an advanced treatment of modern macroeconomics and policy analysis. Throughout the course we emphasize the role that imperfections play in the labor, product, and financial markets in short, medium, and long-run macroeconomics. The players in the economic model - the central bank, governments, employers, employees, and financial market institutions - operate strategically within a set framework. The model that we will develop and use is a mainstream monetary macro model used in current research and central banks for policy analysis.
Requisites:Prereq: SE312 and (SE331 or SM339)
Title:Macroeconomic Forecasting
Credits: 3—0—3
Description:As a forward-looking discipline, economists use forecasting as the basis for private sector decision making. Moreover, businesses and governments forecast future revenues and costs. Macroeconomic Forecasting examines the modern, quantitative, statistical-econometric techniques of producing and evaluating forecasts of macroeconomic variables. The course introduces the fundamental techniques to analyze trend, seasonality, and cyclical fluctuations, univariate times series methods, and the development of econometric models of the economy.
Requisites:Prereq: SE312 and (SE331 or SM339).
Credits: 3—0—3
Description:Quantification of basic economic theory; multiple regression, correlation and identification techniques for the construction and testing of economic models and a study of selected alternative models of particular economic interest.
Requisites:Prereq: SE341, Calculus II, and (SE331 or SM339).
Title:Game Theory
Credits: 3—0—3
Description:Game theory is the study of strategic behavior in situations where decision makers are aware of the interdependence of their actions. While game theory is widely applicable in social and biological sciences, this course introduces the basic notions of game theory with emphasis on economic applications such as auctions, oligopoly pricing, and entry deterrence. In particular, the course introduces students to the fundamental problems and solution concepts of non-cooperative game theory by examining both simultaneous and sequential move games, static and dynamic games, and games with imperfect, and asymmetric information.
Requisites:Prereq: SE341 and (SE331 or SM339).
Title:Research Seminar In Economics
Credits: 3—0—3
Description:The Research Seminar in Economics is an introduction to the practical work done by professional economists. Each student applies his/her knowledge of economic theory and quantitative methods to formulate a hypothesis in economic terms, investigate previous research in the specific topics, statistically test its validity, and interpret the policy implications of the results. As the final course in the economics major sequence, the Research Seminar helps to integrate material from several courses, introduces students to the sources of the relevant economics literature, provides practice in reading and critically evaluating quantitative research results, develops competence in use of the computer, and provides a forum for presenting and evaluating the results of student projects. [spring]
Requisites:Prereq: FQE major or permission of department chair.
Title:Pre-Honors Seminar
Credits: 1—0—1
Description:The pre-Honors seminar is for students interested in the Economics Honors Program. During the seminar, students will explore and develop potential topics for their Honors theses. Students will also meet with potential faculty advisers doing research in a similar area of interest. The objective of the pre-Honors seminar is for students to identify both a research topic and a faculty Honors adviser, and to submit a proposal for an Honors project to be completed during first-class year.
Requisites:Prereq: FQE major.
Title:Honors Research I
Credits: 2—0—2
Description:The Honors Research I course provides an opportunity for students in the Economics Honors Program to conduct advanced research under the guidance of a faculty Honors adviser. [fall]
Requisites:Prereq: 1/C FQEH major.
Title:Honors Research II
Credits: 3—0—3
Description:The Honors Research II course provides an opportunity for students in the Economics Honors program to continue to conduct advanced research under the guidance of a faculty Honors adviser. [spring]
Requisites:Prereq: SE500