Currently Offered Courses - Fall 2022

ECON 102 - Microeconomic Principles

Introduction to the functions of individual decision-makers, both consumers and producers, within the larger economic system. Primary emphasis on the nature and functions of product markets, the theory of the firm under varying conditions of competition and monopoly, and the role of government in prompting efficiency in the economy. Credit is not given for ECON 102 and ACE 100.

ECON 103 - Macroeconomic Principles

Introduction to the theory of determination of total or aggregate income, employment, output, price levels, and the role of money in the economy. Primary emphasis on monetary and fiscal policy, inflation, unemployment, economic growth, and international economics.

ECON 198 - Economics at Illinois

An introductory course intended to help students explore the various fields of economics. Presents brief introductions to various faculty members within the Department of Economics at Illinois and an overview of their respective fields. Enrollment limited to undergraduate Economics majors only. Approved for S/U grading only.

ECON 199 - Undergraduate Open Seminar

Approved for both letter and S/U grading. May be repeated.

ECON 202 - Economic Statistics I

Introduction of basic concepts in statistics including the presentation of data, descriptive statistics, probability theory, discrete and continuous distributions, sampling distributions, estimation, and hypothesis testing. The approach of the class includes both learning the concepts behind basic statistics and also how to apply these concepts in "real-life" situations. Utilizes a practical project format. To complete the Business Statistics sequence, students must also complete ECON 203. Credit is not given for ECON 202 if credit for a college-level introductory statistics course such as PSYC 235, SOC 280, or STAT 100 has been earned. Prerequisite: Credit or registration in one of MATH 220, MATH 221, MATH 234.

ECON 203 - Economic Statistics II

Continuation of ECON 202. Builds upon point and interval estimation as well as hypothesis testing skills first introduced in ECON 202. Utilizes a practical project format to extend the student skill set to include simple and multiple linear regression and time series techniques. Students will: Understand the relevance of statistics in their future course-work and professions; Be trained to identify the proper statistical technique to apply to a problem; Be adept at finding the answers to statistical queries using excel; Be able to properly interpret the results of their analysis. Students must have completed a course on probability and statistical analysis before taking ECON 203. The best course to meet this requirement is ECON 202 at the University of Illinois. Prerequisite: ECON 202; one of MATH 220, MATH 221, or MATH 234.

ECON 210 - Environmental Economics

Same as ACE 210, ENVS 210, NRES 210, and UP 210. See ACE 210.

ECON 298 - Professional Economics Internship

Supervised, on or off-campus experience in a field directly pertaining to Economics, Econometrics & Quantitative Economics, or CS+ Economics. Students will complete course requirements along with a written report and possible presentation pertaining to their internship accomplishments at the end of the internship. Approved for S/U grading only. May be repeated in separate terms to a maximum of 6 credit hours. Prerequisite: Student must have secured a professional work experience related to economics which accompanies and enhances their academics. Restricted to Economics, Econometrics, or CS+Economics majors.

ECON 302 - Inter Microeconomic Theory

Microeconomic analysis including value and distribution theory; analysis of the pricing of the factors of production integrated in a micro-general equilibrium context which builds towards explaining the resource allocation process. Prerequisite: ECON 102 or equivalent. MATH 220, MATH 221, MATH 234 or equivalent.

ECON 303 - Inter Macroeconomic Theory

The modern theory of the determination of the level and rate of growth of income, employment, output, and the price level; discusses alternate fiscal and monetary policies to facilitate full employment and economic growth. Prerequisite: ECON 102; ECON 103; and one of MATH 220, MATH 221, MATH 234.

ECON 399 - Advanced Undergraduate Open Seminar

Independent study course covering topics not treated by regular course offerings. This class does not satisfy departmental graduation requirements. Approved for Letter and S/U grading. May be repeated to a maximum of 8 hours. Prerequisite: Junior or senior standing; ECON 302; ECON 202.

ECON 402 - American Economic History

Survey of the history of the American economy from the colonial era to the present. Studies the features and development of the American economy and examines the watershed events that have transformed it over its history. 3 undergraduate hours. No graduate credit. Prerequisite: ECON 202; ECON 302; MATH 220/221 or other Calculus course are required.

ECON 411 - Public Sector Economics

Economic analysis of government tax and expenditure policies; topics include public good and externality theory, public choice theory, income distribution, cost-benefit analysis, principles of taxation, tax incidence, economic effects and optimal structures of major taxes, and taxation in developing economies. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or consent of instructor.

ECON 415 - Environmental Economics

Application of economic theory to topical issues such as pollution, climate change, and the environmental impacts of overpopulation. Both market-based and regulatory solutions to these problems are discussed. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.

ECON 425 - Macroeconomic Policy

Analyzes current macroeconomic policy issues, problems, and techniques; discusses various policy techniques including monetary, fiscal, incomes, and exchange rate policies, and their effectiveness for treating inflation, unemployment, productivity, resource and exchange rate problems. May emphasize current issues in developed economies or in emerging market economies. 3 undergraduate hours. 4 graduate hours. Credit is not given for ECON 462 and ECON 425. Prerequisite: ECON 203; ECON 302; ECON 303; MATH 220 or MATH 221 are required. MATH 231 is recommended. Prior exposure to financial markets is encouraged.

ECON 426 - Monetary Economics and Policy

Study of a variety of topics on money, banking, and financial markets. In particular, provides an introduction to money and its role in the economy, the bond market and interest rates, the stock market and other financial assests, exchange rates, banks and regulation of the banking industry, the money supply process and monetary policy. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 303; MATH 231 are required. ECON 302 is recommended; Prior exposure to financial markets is also encouraged.

ECON 440 - Economics of Labor Markets

Studies the microeconomic determinants of labor demand and supply, economic effects of unions, and macroeconomic labor market problems. Same as LER 440. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or equivalent.

ECON 442 - Women in the Economy

Applies economic models of the labor market and household organization to a wide range of important topics, including marriage, fertility, discrimination, and family policies to better understand both personal life choices and public policy problems. 3 undergraduate hours. No graduate credit. Prerequisite: ECON 203; ECON 302; MATH 220 or 221 or other Calculus I equivalent; completion of campus Composition I general education requirement.

ECON 447 - Economics of the Workplace

Application of economic theory to the relationship between workers and firms in the workplace. We will apply important economic concepts and models to issues including recruitment, personnel selection, employee training, managing turnover, job design, performance evaluation, and incentive compensation. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.

ECON 448 - Employee Compensation and Incentives

Employee compensation is a critical tool for organizations to attract, retain, and motivate its employees. Students will be introduced to major principles in compensation design and will examine the incentives embedded in various compensation systems. The topics include forms of pay, incentive theory, pay structure, pay-for-performance, and employee benefits. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.

ECON 450 - Development Economics

Analyzes the economic problems associated with newly developing nations; emphasizes their economic structures, their factor scarcities, and their programs for development. Not open for graduate credit to graduate candidates in economics. 3 undergraduate hours. 2 or 4 graduate hours. Graduate credit is not given for both ECON 450 and ECON 550 or ECON 551. Prerequisite: ECON 102 and ECON 103 or equivalent. ECON 302 strongly recommended.

ECON 455 - Economics of Poverty Alleviation in Developing Countries

This course examines which policies are effective for alleviating poverty, which are not, and why. The course will have a strong methodological and analytical component, focus on why interventions and policies work, and how to establish evidence on the effectiveness of specific interventions and policies. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course are required.

ECON 456 - Migration and Economic Development

Covers topics regarding the inter-relationships between economic development and migration. After introducing the basic concepts of poverty and inequality - between as well as within countries - this course focuses on the role that migration and population growth play in the process of economic development. The causes of migration and its consequences are examined at national and international levels together with their policy implications, including those related to urbanization, brain drain, and labor market impacts of immigration. A range of migration forms is discussed, including international and internal migration, permanent and temporary migration, legal and illegal migration, as well as forced migration and refugees. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/221 or other Calculus course.

ECON 471 - Intro to Applied Econometrics

Introduction to specification, estimation, prediction and evaluation of econometric models, emphasizing the interplay between statistical theory and economic applications. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 203 or equivalent; ECON 302 or ECON 303.

ECON 474 - Econometrics of Policy Evaluation

Develops the basic tools to understand and use modern econometric methods for estimating and making inference of causal effects. The topics include randomized experiments, natural experiments, matching methods, instrumental variables, and regression discontinuity. Focuses on topics which are relevant for policy problems. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 203; ECON 302; MATH 220/MATH 221 are required. MATH 231; ECON 471 are recommended.

ECON 484 - Law and Economics

Applications of economic theory to problems and issues in both civil and criminal law and the effect of legal rules on the allocation of resources; includes property rights, liability and negligence assignment, the use of administrative and common law to mitigate market failure, and the logic of private versus public law enforcement. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or equivalent.

ECON 490 - Topics in Economics

Special topics in advanced economics within a variety of areas. See course schedule for topics. 3 undergraduate hours. 4 graduate hours. May be repeated in the same or separate terms to a maximum of 9 undergraduate hours or 8 graduate hours if topics vary. Prerequisite: ECON 202; ECON 302 or ECON 303; MATH 220 or MATH 221 or other Calculus course. Some topics may require additional prerequisites, read the section text for each topic.

ECON 491 - Topics in Econometrics

Special topics applying advanced econometrics concepts. Students will use quantitative analysis and economic theories to answer economic questions and uncover relationships between variables across a variety of topics; instruction in statistical and computing techniques as needed. 3 undergraduate hours. 4 graduate hours. May be repeated if topics vary, repeatability for undergraduate students unlimited; for graduate students to a maximum of 8 credit hours. Prerequisite: ECON 203; ECON 302; and MATH 220/221 or Calculus I equivalent. See Class Schedule for other prerequisites as indicated depending on topic and content.

ECON 500 - Microeconomics

Emphasizes microeconomic theory; principal topics include a review of value and distribution theory, the theory of choice by households and firms, general microeconomic theory, and theoretical developments of current interest. 4 graduate hours. No professional credit. Credit is not given for both ECON 500 and ECON 528. Graduate credit for both ECON 302 and ECON 500 is given only upon recommendation of the student's adviser and approval by the Department of Economics. Prerequisite: ECON 102 or equivalent.

ECON 501 - Macroeconomics

Emphasis on macroeconomic theory; principal topics include a review of Keynesian macroeconomic theory, formal growth theory, and selected business cycle theory. 4 graduate hours. No professional credit. Credit is not given for both ECON 501 and ECON 529. Graduate credit for both ECON 303 and ECON 501 is given only upon recommendation of the student's adviser and approval by the Department of Economics. Prerequisite: ECON 102 and ECON 103 or equivalent.

ECON 502 - Economic Statistics

Classical statistics and regression analysis; descriptive statistics, probability and point and interval estimation; decision theory; variance analysis; and linear regression and least-squares estimates. 4 graduate hours. No professional credit. Prerequisite: A course in statistics or consent of instructor.

ECON 505 - Introduction to Game Theory

Applications of game theory. Introduction to basic static games and dynamic games with particular attention to applying these games to real world situations. Prerequisite: MATH 415; ECON 500 and ECON 501, or equivalent. MSPE Graduate Student Standing.

ECON 510 - Economics of Taxation

Theoretical and empirical analysis of the impact of taxation on the economic system; topics include tax equity and excess burden, incentive effects of taxation, tax incidence, structure of major types of taxes (income, consumption, and wealth), normative tax analysis, and taxation in developing economies. Prerequisite: ECON 302 or equivalent. MSPE Graduate Student Standing.

ECON 513 - International Trade

The pure theory of international trade, general equilibrium income and welfare, tariffs, the theory of policy ranking, strategic trade policy, customs unions, international trade law and the WTO. Prerequisite: ECON 302 and ECON 303, or equivalent. MSPE Graduate Student Standing.

ECON 516 - Monetary Theory

Micro- and macroeconomic theories of the supply of and demand for money; money substitutes and their significance; review of current empirical research; money in closed economy, macroeconomic, and static general equilibrium models; and analysis of inflation and unemployment. Prerequisite: Consent of instructor. MSPE Graduate Student Standing.

ECON 519 - Development and Growth Policy

Review and analysis of the theories and patterns of growth in developed and underdeveloped economies; the process and impact of import substitution industrialization; trade and economic development; the role of the state and privatization in the development process; agricultural stagnation and modernization. Prerequisite: ECON 500 and ECON 501 or consent of instructor. MSPE Graduate Student Standing.

ECON 528 - Microeconomics for Business

Microeconomics for professional business students. Shows relevance of value and distribution theories for business managers. Includes demand and supply theory, consumer choice, production and cost theory, industrial structure, and wage and capital theory. Intended for students in the Master of Business Administration program. Credit is not given for both ECON 528 and either ECON 302 or ECON 500. Prerequisite: Enrollment is often restricted to students in specialized programs.

ECON 530 - Microeconomic Theory I

Emphasizes microeconomic theory particularly theory of the consumer, theory of the firm, general equilibrium analysis and welfare analysis. Also, covers uncertainty in general equilibrium and informational economics. Prerequisite: ECON 302 and ECON 303 or equivalent.

ECON 531 - Macroeconomic Theory I

Introduces students to a variety of dynamic general equilibrium models that currently dominate the study of growth and economic fluctuations. These models include: neoclassical growth models, overlapping generations models, CAPM models, search models, and endogenous growth models. In covering these models, the course also seeks to develop a set of techniques for students to use. These techniques include discrete time optimization, continuous time optimization, dynamic programming and model calibration. Prerequisite: ECON 302 and ECON 303, or equivalent; calculus.

ECON 532 - Econometric Analysis I

Theoretical treatment of economic statistics. Covers probability theory, set theory, asymptotic theory, estimation and hypothesis testing. Prerequisite: A course in statistics or consent of instructor.

ECON 541 - Labor Economics II

Economic issues and implications involved in hours of work, employment and unemployment, and trade union institutionalism (the impact of the trade union upon the basic institution of a free enterprise economy); emphasis in all cases on the development of appropriate public policy. Same as LER 541. Prerequisite: ECON 302 and ECON 303.

ECON 542 - Collective Bargaining

Same as LER 542. See LER 542.

ECON 543 - Workplace Dispute Resolution

Same as LER 543. See LER 543.

ECON 549 - Environmental Economics

Examines both theory and policy applications in the environmental area; selectively reviews the literature to provide a framework for understanding the relevant economic relationships and the criteria appropriate for policy assessment; emphasizes the characteristics of major environmental problems and policy choices; and considers the valuation of environmental amenities and the conflict between environmental quality and growth. Same as ACE 516. Prerequisite: ECON 302 or consent of instructor.

ECON 551 - Topics in Development Econ

Analyzes the newly developing economies, with emphasis on institutional factors affecting development and economic policy relating to development. Prerequisite: ECON 535 or equivalent.

ECON 585 - Topics in International Econ

Frontier advanced topics in international economics; subject matter varies. May not be repeated for credit. Prerequisite: ECON 533 and ECON 534, or consent of instructor.

ECON 590 - Individual Study and Research

Directed reading and research. Approved for both letter and S/U grading. May be repeated.

ECON 598 - Workshop and Research Seminar

Workshops are offered in all areas of specialization in which graduate students are writing Ph.D. dissertations. The specific format varies, but in general workshop sessions include presentations by graduate students of thesis research, by faculty members of their current research, and by occasional outside speakers. Approved for S/U grading only. May be repeated. A minimum of 4 hours of ECON 598 is required of all students in the Ph.D. program. Prerequisite: Admission to the Department of Economics Ph.D. program.