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Economics (ECON)

College of Social Sciences

Sophomore standing or consent is prerequisite to all 300-level courses except as noted. No more than 6 credit hours total for 120, 130, 131, and 230.

ECON 120 Introduction to Economics (3) A one-semester survey of the principles of microeconomics and macroeconomics to enable students in all disciplines to understand current economic events. This course cannot be used in lieu of 130 or 131 for students who wish to major or minor in economics or enter the College of Business Administration. DS

ECON 130 Principles of Economics (3) Examination of the decision-making process of both households and firms. Analysis of the functioning of a competitive market system, using supply and demand models and the role of government in cases where the market system fails. Additional topics include the effects of international rate on the welfare of a nation and the effects of different competitive market structures on society. DS

ECON 131 Principles of Economics (3) An introduction to macroeconomics—the study of the overall economy. Topics include the determination of national income, causes and effects of inflation, unemployment, and income inequality; causes and consequences of international differences in economic growth; sources of business cycle expansions and contractions; role of government policy in stabilizing the economy and promoting long-term growth; financial markets and monetary policy; taxes, spending, consequences of budget deficits, determination of trade imbalances, exchange rate fluctuations, and balance of payment crises. DS

ECON 230 Principles of Economics for Business (3) Nature of economics; market economic forces; demand, supply, and price; market adjustment; theories of household and firm behavior; competition and monopoly; national income and price level; fiscal and monetary policy; gains from trade. Pre: BUS 250 or MATH 241. DS

ECON 300 Intermediate Economics: Macroeconomic Analysis (3) Course develops basic techniques and fundamental concepts used to study the overall macroeconomy and policies that affect it. Study the determinants of national income and long-run growth; causes and consequences of unemployment, inflation, and business cycle fluctuations; determination of foreign exchange rates and current account imbalances, and the role of government policy in various settings. Pre: 131 or instructor and economics undergraduate adviser consent. DS

ECON 301 Intermediate Economics: Price Theory (3) Course develops basic techniques and fundamental concepts of microeconomic theory. Learn to use economic reasoning to understand the social consequences of decisions made by individual consumers, producers, and governments. Analyze the nature of market outcomes under alternative market structures, and further discuss possible welfare-improving government policies when markets fail to be efficient. Special attention is paid to the analysis of strategic behavior and markets with public goods and externalities. Pre: 130 or instructor and economics undergraduate adviser consent. FS

ECON 311 The Economy of Hawai‘i (3) History of development of Hawaiian economy; current economic problems. Pre: 120, 130, or 131; or consent. DS

ECON 317 The Japanese Economy (3) Analysis of Japan’s growth past and present. Does Japan’s economy look different in terms of its international trade structure, industrial structure, labor market, savings patterns, government policies, etc.? Does it matter? Pre: 120 or 130 or consent. DS

ECON 320 Introduction to Tourism Economics (3) This course examines tourism from an economic perspective. Topics include: the determinants of consumer demand for leisure travel, structure of competition among suppliers of tourism services, benefits and costs of tourism development to the host community, government’s role in the taxation, subsidy, regulation and protection of the tourism industry, tourism’s impact on the environment, and sustainable tourism development. A-F only. Pre: 120 or 130 or 131; consent. (Cross-listed as TIM 320)

ECON 321 Introduction to Statistics (3) Basic elements; descriptive statistics, probability, inference, distributions, hypothesis testing, regression, and correlation analysis. DS

ECON 340 Financial Markets & Institutions (3) The determination of asset prices; the risk and term structure of interest rates; efficient markets hypothesis; risk management and financial derivatives, asymmetric information models of financial market structure, innovation, regulation and deregulation; and financial crises. Pre: 120, 130, or 131; or consent. DS

ECON 356 Games and Economic Behavior (3) Course introduces students to the study of strategic behavior with applications to economics, business, and public policy. Simple economic models of strategic decision making are used to analyze provision of public goods; competition, cooperation, and coordination among firms; bargaining between employers and labor unions; international trade negotiations; reputation as a competitive advantage, and others. Pre: 120, 130, or 131; or consent.

ECON 358 Environmental Economics (3) Nature and causes of environmental degradation and economic solutions. Topics include air and water pollution, toxic waste, deforestation, soil erosion, biodiversity, global warming and sustainable economic growth. Pre: 120, 130, or 131; or consent. DS

ECON 361 Seminar: Women and International Development (3) Topics: Women’s role, status, work and treatment in the Third World; Economic Development, changing work/family roles, and improvement/deterioration in gender equity across the Third World; global feminization of poverty; efforts to promote gender equity. Open to non-majors. Pre: A 100 level economics course or any women’s studies course; or consent. (Cross-listed as WS 361)

ECON 362 The World Trading System (3) Political economy of the world trading system. Case studies of trade cooperation and conflict under the World Trade Organization and other institutions. Future challenges, including investment policies, environmental and labor standards. Pre: 120, 130 or 131; or consent.

ECON 390 Internship for Economics (V) Economics majors and minors work at paid positions with public agencies, private companies, and campus organizations. Students combine academic work with practical experience. Repeatable two times. Pre: consent.

ECON 391 Cooperative Education (V) Economics majors and minors, under the supervision of faculty members, work at paid positions with public agencies, private companies, and campus organizations. The Econ Co-op integrates academics with practical work experience. Repeatable two times. Pre: consent.

ECON 399 Directed Reading (V) Economics majors and minors participate in faculty supervised reading of economic literature. Course enables students to self-study topics not covered in the department’s scheduled course offerings. Repeatable one time. Pre: consent.

ECON 410 Economic Development (3) Characteristics of underdeveloped economies, theories of economic growth, strategies of economic development, and investment criteria. Pre: 300 and 301, or consent. DS

ECON 412 The U.S. Economy: Past and Present (3) U.S. economy from colonial times: slavery, transportation, education, industrial concentration, regional and urban growth. Pre: 120, 130, or 131; or consent. DS

ECON 415 Asian Economic Development (3) History and economic development. Resources, population, and income, saving, investment, and consumption patterns. Role of government and private enterprise. Pre: 120, 130, or 131; or consent. DS

ECON 416 The Chinese Economy (3) The Chinese economy during the imperial and republican periods, under Mao, and into the present reform era, with a brief comparison to Taiwan and Hong Kong. Pre: 120, 130, or 131; or consent. DS

ECON 418 Pacific Island Economies (3) Historical and current economic development of the Pacific islands (excluding Hawai‘i). Analysis of selected economic issues such as tourism, population growth, etc. Pre: 120, 130, or 131; or consent. DS

ECON 420 Mathematical Economics (3) Mathematical techniques applied to theories of the consumer, the firm, markets. Linear programming, input-output analysis. Pre: 300, 301, MATH 203, MATH 215, MATH 215A, MATH 241, or MATH 251A. DS

ECON 424 Introduction to Theory of Statistics (3) Descriptive statistics, probability theory, probability distributions, sampling, hypothesis testing, parameter estimations, bivariate regression, correlation analysis. Pre: MATH 203, MATH 215, MATH 215A, MATH 241, or MATH 251A. DS

ECON 425 Introduction to Econometrics (3) Regression analysis, analysis of variance, hypothesis testing, problems in estimation of single equation models, simultaneous equation models, problems and methods of estimation. Pre: 321, MATH 241, MATH 251A and NREM 203; or consent. DS

ECON 427 Economic Forecasting (3) Forecasting methods for business and economics with applications to the U.S., Asian, and Hawai‘i economies. Topics include time series modeling of trend, seasonal, and cyclical components, multivariate regression modeling, and forecast evaluation. A-F only. Pre: 321 or NREM 203 or SOCS 225; or consent.

ECON 429 Computer Programming for Economic Research (3) Introduction to quantitative decision making methods for effective agribusiness management in resource allocation, scheduling, logistics, risk analysis, inventory, and forecasting. Emphasis on problem identification, model formulation and solution, and interpretation and presentation of results. A-F only. Pre: 130 and NREM 220, or consent. (Cross-listed as MBBE 342 and TPSS 342) DS.

ECON 430 Economics of Human Resources (3) Economic analysis of labor market. Investment in human capital, education, health, migration, etc. Pre: 301 or consent. DS

ECON 432 Economics of Population (3) Determinants and consequences of growth and structure of human populations. Relationships between economic factors and fertility, population growth and economic growth. Pre: 301 (or concurrent). (Cross-listed as PPST 432) DS

ECON 434 Health Economics (3) Private and public demand for health, health insurance, and medical care; efficient production and utilization of services; models of hospital and physician behavior; optimal public policy. Pre: 301 or consent. DS

ECON 440 Monetary Theory and Policy (3) Microfoundations and critical analysis of monetary and macroeconomic theory and policy. Topics include the causes and consequences of inflation, optimal monetary policy and international monetary systems, bank risk and insurance, and national debt and taxation. Pre: 300 or 301 or consent. DS

ECON 450 Public Finance (3) Governmental expenditures, revenues, and debt. Fiscal policy, budgeting, and tax administration. Pre: 300 and 301. DS

ECON 452 State and Local Finance (3) Fiscal institutions, operations, and policy questions within state and local governments in U.S. grant programs and other links with central government. Pre: 301. DS

ECON 454 Economics and Cooperation (3) Economics is portrayed as the science of cooperation, thus highlighting the role of government as facilitator. The cooperative perspective is applied to such current issues as business management in Asia, global security, and international relations. Pre: 301. DS

ECON 458 Project Evaluation and Resource Management (3) Principles of project evaluation and policy analysis. Shadow pricing, economic cost of taxes and tariffs; public policy for exhaustible, renewable, and environmental resources. Pre: 301. (Cross-listed as NREM 458) DS

ECON 460 International Trade and Welfare (3) Theory of international specialization and exchange; general equilibrium, tariffs, quotas, common markets. Pre: 301. DS

ECON 461 International Monetary Economics (3) Theory of balance of payments, income, price level, and exchange rate determination; international capital movements, reserves, and current monetary problems. Pre: 300. DS

ECON 466 Growth and Crisis in the Global Economy (3) Sources of economic growth and technological change; growth experiences of selected countries since the industrial revolution; global economic cooperation; global business cycles and crises. Pre: 120, 130, or 131; or consent. DS

ECON 470 Industrial Organizations and Public Control of Business (3) Interrelations of firms within industries in the United States. Determinants of firm and industry size, pricing policies, profits, and growth. Effects of antitrust laws and regulatory laws. Pre: 301. DS

ECON 476 Law and Economics (3) Legal issues of property rights, contracts, torts, and crime. Efficiency of U.S. legal process. Economics of law enforcement, juries, prosecutors; evolution of legal rules. Pre: 301. DS

ECON 495 Land and Housing Economics (3) Microeconomics explains urban land and housing phenomena, and analyzes selected land and housing issues relevant to Honolulu. Pre: 301 and 321. (Cross-listed as PLAN 495) DS

ECON 496 Contemporary Economic Issues (3) Economic analysis of current events. Topics announced each semester, e.g., environmental pollution, crime control, racial discrimination, traffic congestion. Pre: consent. DS

ECON 499 Advanced Directed Research (V) Economics majors and minors conduct research, under faculty supervision, on a topic of their choice. Repeatable one time. A-F only. Pre: minimum GPA of 3.0 in economics and consent.

ECON 500 Master’s Plan B/C Studies (1)

ECON 604 Microeconomics and Policy Analysis (3) Theory of the consumer, firm, and market. Role of governments and analysis of public policy. Applications to both industrialized and developing countries. Pre: consent.

ECON 605 Macroeconomics and Policy Analysis (3) Theories of income determination, prices, employment, and economic growth with emphasis on policy. Implications of interregional/international trade and financial linkages are explored. Pre: consent.

ECON 606 Microeconomic Theory I (3) Theory of the firm: production, costs, duality; theory of the market: competition, monopoly, oligopoly, monopolistic competition; theory of the consumer: preferences, expenditures, duality; expected utility theory. Pre: 627 and 628, or consent.

ECON 607 Macroeconomic Theory I (3) Neoclassical theory of real and monetary equilibrium, economics of J. M. Keynes, standard IS/LM models and aggregate demand/supply analysis in the closed and open economy, theory of rational expectations. Pre: 627 and 628, or consent.

ECON 608 Microeconomic Theory II (3) General equilibrium analysis: production, consumption and Walrasian equilibria; Pareto efficiency, fundamental theorems of welfare economics; externalities; public goods; game theory; information theory. Pre: 606 or consent.

ECON 609 Macroeconomic Theory II (3) Models of economic growth and fluctuations; stochastic and dynamic macroeconomic models; econometric testing of rational expectations models; theory of public debt; current topics in macroeconomic theory. Pre: 607 or consent.

ECON 610 Economic Development (3) Nature and causes of economic growth and structural change. Roles of macroeconomic policy and foreign trade. Pre: 606 and 607, or consent.

ECON 611 Economic Development Policy (3) Analysis of policies for the promotion of industrial and agricultural development. Project evaluation, industrial regulation, public administration, investment and capital market policies, land-use policies, trade policies, pricing, and stabilization. Pre: 604 or 606; or consent.

ECON 614 Economic Development of Japan (3) Analysis of growth from Meiji period to present. Problems of population change, capital formation, income distribution, industrial structure. Pre: 610 or consent.

ECON 616 Economic Development of China (3) Analysis of transition from a planned socialist economy (1949-78) to a market economy in China with a focus on changes in economic policies, foreign trade and investment, labor and financial markets, and the economic structure.

ECON 620 Microeconomic Theory III (3) Game theory and strategic behavior. Economics of information and incentives principal-agent theory. Economic design. Applications include: theory of contracts; incentive compatible mechanism for provision of public goods; auction theory. Pre: 608; or consent.

ECON 627 Mathematics for Economics (3) Sets, functions, limits, convexity, continuity; constrained and unconstrained optimization; difference and differential equations; matrix algebra; simultaneous equations; comparative statics; Kuhn-Tucker theory; game theory; mathematical programming. Pre: MATH 203, MATH 215, MATH 241, or MATH 251A.

ECON 628 Econometrics I (3) Review of probability, estimation, small sample and asymptotic properties. Bivariate and multiple regression and matrix algebra formulation. Regression diagnostics. Introduction to heteroskedastidity, autocorrelation, simultaneity, dichotomous variables, advanced topics. Pre: NREM 310 or ECON 321, and MATH 241; or consent. Cross-listed as AREC 626)

ECON 629 Econometrics II (3) Specification, statistical estimation, inference and forecasting of econometric models. Includes advanced topics for single-equation models, pooled models, qualitative dependent variables, simultaneous systems, distributed lags, and time series. Pre: 628, AREC 626 or consent. (Cross-listed as NREM 634)

ECON 637 Resource Economics (3) Analysis of problems of development and management of natural resources with emphasis on resources in agriculture and role in economic development. Pre: 608, 629 or AREC 634, and NREM 432; or consent. (Cross-listed as NREM 637)

ECON 638 Environmental Resource Economics (3) Principles of policy design and evaluation for environmental resources management, forestry and watershed conservation, and sustainable economic development. Pre: 604 or 606; or consent.

ECON 650 Theory of Public Finance—Expenditures (3) Microeconomic principles of public spending and policy analysis. Externalities, sustainability, public and common property goods, public choice, benefit-cost analysis, general-equilibrium analysis, rent-seeking, corruption, constitutional design, development policies, poverty alleviation, economic security, and new institutional economics. Pre: 604 or 606; or consent.

ECON 651 Theory of Public Finance—Revenue (3) Public and political economics approach to taxation and debt finance. Topics include incidence of taxation, optimal taxation, explicit and implicit debt financing, tax competition, behavioral public finance, and tax reforms. Pre: 606 or consent.

ECON 660 International Trade and Welfare (3) Advanced theory of international trade and welfare; international specialization and exchange, general equilibrium, tariffs, quotas, common markets; welfare implications. Pre: 608 (or concurrent); or consent.

ECON 662 International Macroeconomics (3) Advanced international monetary and macroeconomic theory: balance of payments, output, price and exchange rate determination, international aspects of growth and economic fluctuations, alternative exchange rate regimes, international capital flows. Pre: 605 or 607; or consent.

ECON 663 Trade Policy (3) Theory of international trade and welfare; tariffs; quotas; strategic trade policy; preferential trade areas; international trade agreements; foreign direct investment and multinationals. Pre: 604 or 606.

ECON 664 Applied International Finance (3) Surveys empirical research in international macroeconomics, finance and econometric methods: including balance of payments adjustment, international equilibrium, international prices, interest rates and exchange rates, models of exchange rate determination, capital flows, balance of payments crises. Pre: 607 and 629 (or concurrent) or consent. Fall only.

ECON 670 Labor Economics I (3) Supply of and demand for labor; implications for labor markets and unemployment level. Pre: 606 or consent.

ECON 671 Labor Economics II (3) Economics of human resources; human capital theory, allocation of time, poverty, and discrimination. Pre: 606 or consent.

ECON 672 Economics of Population (3) Economic determinants and consequences of population change. Pre: consent.

ECON 674 Health Economics and Policy (3) Economic analysis of health–care policy; efficient design of health–care financing schemes; private and public demand for health, health insurance, and medical care; provider behavior. Pre: 604 (or concurrent) or 606 (or concurrent), or consent.

ECON 680 Industrial Organization (3) Structure, performance, and conduct of business firms; determinants of firm and industry size, firm pricing policies, profits, and growth. Pre: graduate standing or consent.

ECON 686 Strategic Behavior and Experimental Economics (3) Experimental economics: methodology. Experimental game theory. Market experiments. Applications include: topics in industrial organization, provision of public goods, asset markets, auctions. Repeatable one time. Pre: 606 and 608; or consent.

ECON 699 Directed Research (V) Pre: consent of department chair.

ECON 700 Thesis Research (V) Research for master’s thesis.

ECON 724 Seminar in Advanced Economics and Quantitative Methods (3) Open only to graduate students writing empirically oriented dissertations or proposals. Methods of empirical research. Repeatable. CR/NC only. Pre: 629 or AREC 634 and completion of all comprehensive examinations.

ECON 730 Research Seminar (3) Selected issues emphasizing research techniques. Required for students who have passed the two theory qualifying exams and have not passed the comprehensive exam. CR/NC only. Pre: consent.

ECON 731 MA Cooperative Research Seminar (3) Applied research methodology for economics MA students. Student groups choose a topic in consultation with instructor and design conceptual strategies, data collection approaches, and analysis techniques. A-F only. Pre: 604 and 605, or consent.

ECON 732 MA Capstone Research (3) Student applies theoretical and quantitative techniques, critical thinking, and communicative skills to prepare a written and oral presentation of original research on a topic of his or her choice. A-F only. Pre: 420, 425, 604 (or concurrent), and 605 (or concurrent); or consent.

ECON 780 Seminar: Selected Topics in Economic Analysis (3) Topics not covered in other courses. Pre: 606, 607, or consent.

ECON 800 Dissertation Research (V) Research for doctoral dissertation.