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Economics Department
Midshipmen in classroom
Lecture taking place
Midshipmen with Alan Greenspan
Federal Reserve Bank of Richmond

Courses

Complete Course List

Major Matrix

SE201 Principles of Microeconomics (3-0-3). 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 (and limitations) of government policy for promoting market efficiency and addressing inefficiency and equity concerns. Prerequisites: none.

SE202 Principles of Macroeconomics (3-0-3). This course is designed to provide you with an understanding of macroeconomic concepts and models used in economic and policy analysis. We analyze the fundamentals of macroeconomic variables such as output, inflation, and unemployment.  We introduce the tools, methods, and models macroeconomists use to understand the macroeconomy.  We do so in order to assess the efficacy of fiscal and monetary policy. Prerequisites: none.

FE210 Introductory Economics (3-0-3). Intended for non-majors, an introductory course in elementary economic theory and its application to contemporary problems. Topics include income determination, monetary policy and institutions, fiscal policy, price theory and international trade. Prerequisites: none.

FE220 Accounting (3-0-3). An introductory course in the basic principles of accounting. Cannot be taken for humanities/social science credit. Prerequisites: none.

FE301 Financial Analysis (3-0-3). A study of the theory and techniques of financial analysis applied in the federal government and industry. Prerequisites: SE201, FE210, or permission of chair.

FE310 Economic Geography (3-0-3). Provides a systematic understanding of economic growth and the issue of finite limits to improved living standards around the world. Studies population growth, the resources of the principal nations of the world, industry location, international trade, commodity cartels and the requirements for continued technological advances. Prerequisites: SE201, FE210, or permission of chair.

FE311 History of Economic Thought (3-0-3). 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. Prerequisites: SE201, FE210, or permission of chair.

SE312 Macroeconomics (3-0-3).  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.  Prerequisites: SE202.

FE314 International Trade Policy (3-0-3). Study of trade policy and the institutions that shape trade policy; among topics covered are exchange rate regimes; role of the World Bank and IMF; trade intervention in the form of tariffs, quotas, voluntary exchange restraints and anti-dumping duties; multilateral free trade agreements and regional trade agreements such as NAFTA, APEC and the European Union. Prerequisites: SE201, FE210, or permission of chair.

FE315 Economics of Developing Nations (3-0-3). Study of the economic characteristics, problems and policies of developing nations, covering economic growth patterns in Third World nations, their changing role in the international economic order and the different economic routes being employed toward economic progress. [Not offered every year.] Prerequisites: SE201, FE210, or permission of chair.

SE331 Economic Statistics (2-2-3). Survey of descriptive and inferential statistical techniques involving more than one variable. Strong emphasis on regression analysis and use of computers. Prerequisites: SM219, SM230, or SM239.

FE334 Financial Markets and Institutions (3-0-3). 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. Prerequisites: SE201, FE210, or permission of chair.

FE335 Economics of National Defense (3-0-3). 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. Prerequisites: SE201, FE210, or permission of chair.

FE337 Economics of the Defense Industrial Base (3-0-3). 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. [Not offered every year.] Prerequisites: SE201, FE210, or permission of chair.

SE341 Microeconomics (3-0-3). 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. Prerequisites: SE201.

FE342 Economic Methods for Engineers (3-0-3). Application of microeconomic principles and analytical tools to the costing of investment projects in both private and public/military contexts. Prerequisites: SE201, FE210, or permission of chair.

FE345 Environmental Economics (3-0-3). Economic evaluation of policies involving conflicting public and private uses of natural resources. Topics include environmental benefit and cost measurement, causes and consequences of pollution, management of depletable and renewable resources and the economics of energy. Prerequisites: SE201, FE210, or permission of chair.

FE354 Development of the U.S. Economy (3-0-3). Economic theory is used to analyze the evolution of the U.S. economy; among topics considered are the American Revolution, westward expansion, slavery, industrialization, market concentration and the Great Depression. [Not offered every year.] Prerequisites: SE201, FE210, or permission of chair.

FE361 Urban Economics (3-0-3). Study of economic growth and structure, and economic problems of cities, with attention to poverty, transportation, housing and racial discrimination. [Not offered every year.] Prerequisites: SE201, FE210, or permission of chair.

FE362 The Economics of Technology (3-0-3). An analysis of productivity growth, characteristics of invention and innovation, determinants of research and development activities of government and business; the economic impact of automation and reindustrialization. [Not offered every year.] Prerequisites: SE201, FE210, or permission of chair.

SE400 Advanced Microeconomic Theory (3-0-3). Advanced topics in modern microeconomics with particular emphasis on dynamic analysis, the role of risk and uncertainty in economic decision making, general equilibrium analysis and welfare economics. Prerequisites: SE341 and SE331.

SE405 Advanced Macroeconomic Theory (3-0-3). Advanced topics in modern macroeconomics, including new classical, new Keynesian and expectation formation models. Introduction to macro dynamics, business cycle and growth models. Emphasis on empirical macro models. Prerequisites: SE312 and SE331.

FE411 Economic Development and Growth (3-0-3). This course provides a rigorous study of the current issues facing developing countries on both the individual and aggregate level. Topics to include such issues as human capital investment, provision of health care resources, trade and globalization, government institutions, foreign aid and growth during times of structural change. Individual country case studies may also be presented. Prerequisites: SE341.

FE412 International Trade and Finance (3-0-3). 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. Prerequisites: SE341.

FE422 Labor Economics (3-0-3)This upper-level elective covers the microeconomic foundations of the demand and supply of labor and labor services. Other specifically covered topics may include the development of human capital (via education, experience and job training), job signaling, job mobility, the wage structure and job search. Prerequisites: SE341.

FE431 Public Finance (3-0-3). The use of government expenditures and taxation in a market economy to change the allocation of resources and to modify the distribution of income. Examination of the economic effect of government budgetary policy. Microeconomic theory and federal tax and budgetary institutions are emphasized. Prerequisites: SE341.

SE435 Macroeconomic Forecasting (3-0-3). 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 and the development of simultaneous equation models of the economy.  Prerequisites: SE312 and SE331.

FE436 Business Cycles(3-0-3). 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, the role of fiscal policy and monetary policy in economic stabilization, the international transmission of cycles. Prerequisites: SE312.

FE437 Monetary Theory and Policy (3-0-3).  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. Prerequisites: SE312.

FE438 Economics of Financial Crises (3-0-3). This course explores the causes of the current financial crisis, the contagion into other countries, and the policies being purposed to prevent further crisis. Prerequisites: SE341 or SE312, and SE331 or SM239; or permission of the department chair.

FE442 Health Economics (3-0-3). This course is designed to introduce economics majors who have already taken SE341 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. For instance, as a consumer good, the consumption and production of health care have different characteristics and incentives from “typical” consumer goods; we will learn how to apply consumer choice theory to such markets where cost-sharing measures like deductibles, copayments, and payment caps are in play. We will also confront empirical challenges in health economic topics, including questions such as “how should researchers measure the health of a population?” or “how can we quantify the net benefit of the inclusion of a new drug under Medicare Part D?” We will also study various international health systems (i.e., different forms of “universal health care”) as they compare to the health care system in the United States, both before and after the Affordable Care Act. Prerequisites: SE341.

SE445 Econometrics (3-0-3). 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. Prerequisites: SE331 or SM339.

SE450 Game Theory (3-0-3).  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. Prerequisites: SE341.

FE461 Industrial Organization (3-0-3).  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 also 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. Prerequisites: SE341.

FE467 Law and Economics (3-0-3). Law and Economics uses microeconomic analysis to provide methodology to estimate outcomes from legal rules and assess these against the concept of economic efficiency. Laws serve as an incentive for changes in people’s behavior. We answer questions such as how does law affect behavior? Do such rules induce efficient outcomes? The course examines Property Law (ownership of property rights), Contract Law (exchange of property rights), and Tort Law (damage to property rights). Rational Choice Theory (utility maximization) is applied to examine outcomes under various legal rules along with efficiency concepts, the Coase Theorem (with, and without, the consideration of transaction costs), uncertainty and risk, and asymmetric information. Prerequisites: SE341.

FE475 Research Seminar (3-0-3). Directed research on a specific topic; capstone to economics major. Emphasis on empirical work using computers. Prerequisites: 1/C FEC major.

SE475 Research Seminar (3-0-3). Directed research on a specific topic; capstone to economics major. Emphasis on empirical work using computers. Prerequisites: 1/C FEQ major.

SE490 Pre-Honors Seminar (1-0-1). The Pre-Honors seminar is for students interested in the Economics Honors Program (FEQH). 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. Prerequisites: 2/C FEQ major and permission of chair.

SE500 Honors Research I (2-0-2). 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. Prerequisites: 1/C FEQH major.

SE502 Honors Research II (3-0-3). 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. Prerequisites: 1/C FEQH major.

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