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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. SS
ECON 130 Principles of Economics (3) How
individuals make decisions that affect their income and wealth; how
firms make decisions that affect profits and production. Relationship to
demand, supply, and prices of goods and natural resources. SS
ECON 131 Principles of Economics (3) Economic
forces that determine a country’s income, employment, and prices.
Roles of consumers, businesses, banks, and governments. SS
ECON 131A Principles of Economics (3) Economic
forces that determine a country’s income, employment, and price. Roles
of consumers, businesses, banks, and governments.
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: MATH 205 or QM 250. SS
ECON 300 Intermediate Economics: Macroeconomic
Analysis (3) Forces that determine national
income, employment, and price levels. Impact of fiscal and monetary
policy on the economy. Pre: 130 and 131.
ECON 301 Intermediate Economics: Price Theory (3) Theory
of consumer behavior and theory of the firm. Impact of industrial
structure on profits, prices, and allocation of resources. Pre: 130 and
131.
ECON 310 Economic Development for Nonmajors (3) Introduction
to issues in economic development and development planning. Case studies
of Asian underdeveloped countries. Pre: 130 and 131. SS
ECON 311 The Hawaiian Economy (3) History
of development of Hawaiian economy; current economic problems. Pre: 130
and 131.
ECON 321 Introduction to Statistics (3) Basic
elements; descriptive statistics, probability, inference, distributions,
hypothesis testing, regression, and correlation analysis.
ECON 340 Money and Banking (3) Nature and role
of money; national and international monetary standards; development and
role of commercial banking, financial intermediaries, and central
banking. Pre: 130 and 131.
ECON 358 Environmental Economics (3) Economic
analysis of environmental problems and issues, including water and air
pollution, toxic substances, renewable and nonrenewable resources, and
alternative control methods. Pre: 120 or 130.
ECON 360 International Economic Relations:
Nonmajors (3) Survey of theoretical, historical, and institutional
aspects of international trade and finance. Gains from trade, balance of
payments, capital movements, and international monetary system. Pre: 130
and 131. SS
ECON 399 Directed Reading (V) Pre: senior
majors with a minimum cumulative GPA of 2.7 or a minimum GPA of 3.0 in
economics, and recommendation of department chair.
ECON 405 Comparative Economic Systems (3) Structure,
institutions, operation, performance, growth of private enterprise of
socialist, communist, and mixed economies; U.S., former Soviet
republics, underdeveloped economies. Pre: 130 and 131.
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.
ECON 412 Economic Development of the United States
(3) U.S. economy from colonial times: slavery, transportation,
education, industrial concentration, regional and urban growth. Pre: 300
and 301.
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: 130 and 131.
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: 130 and 131.
ECON 417 The Japanese Economy (3) Analysis
of growth from Meiji period to present. Problems of population change,
capital formation, income distribution, and industrial structure. Pre:
130 and 131.
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: 130 and 131.
ECON 420 Mathematical Economics (3) Mathematical
techniques applied to theories of the consumer, the firm, markets.
Linear programming, input-output analysis. Pre: 300, 301, and calculus.
ECON 424 Introduction to Theory of Statistics (3) Descriptive
statistics, probability theory, probability distributions, sampling,
hypothesis testing, parameter estimations, bivariate regression,
correlation analysis. Pre: calculus.
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 and AREC 210 or MATH 205;
or consent.
ECON 429 Computer Programming for Economic Research
(3) Introduction to use of computers for economics and agricultural
analysis. Employment of BASIC, electronic spreadsheets, software
packages for statistics, regression and linear programming. Pre: 130 or
AREC 220, and 321 or AREC 310. (Cross-listed as AREC 429)
ECON 430 Economics of Human Resources (3) Economic
analysis of labor market. Investment in human capital, education,
health, migration, etc. Pre: 301.
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)
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.
ECON 440 Monetary Theory and Policy (3) Critical
analysis of quantity theory, national income theory, tools of central
banking, and debt management. Pre: 300 and 340.
ECON 450 Public Finance (3) Governmental
expenditures, revenues, and debt. Fiscal policy, budgeting, and tax
administration. Pre: 300 and 301.
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.
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.
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 AREC 458)
ECON 460 International Trade and Welfare (3) Theory
of international specialization and exchange; general equilibrium,
tariffs, quotas, common markets. Pre: 301.
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.
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
or 131; or consent.
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.
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.
ECON 480 Transportation and Public Utilities (3) Objectives,
problems, and effects of govern-ment regulation of these industries.
Pre: 301.
ECON 491 Marine Resource Economics (3) Major
problems and economic issues facing countries in Asia and the Pacific in
effectively developing and managing marine resources. Pre: 120, 130, or
consent. (Cross-listed as AREC 456)
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)
ECON 496 Topics in Contemporary Economic Problems
(3) Economic analysis of current events. Topics announced each
semester, e.g., environmental pollution, crime control, racial
discrimination, traffic congestion. Pre: consent.
ECON 499 Directed Reading/Research (V) Directed
readings and research for majors.
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: 301 and one of AREC 210, MATH 203, or MATH 205; or
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: 300 and one of AREC 210, MATH
203, or MATH 205; or 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 and Korea
(3) Growth, structural change, development patterns, and problems of
China, Taiwan, and Korea. Pre: 610 or consent.
ECON 618 Economic Development of Southeast Asia (3)
Analysis of growth, structural change, development patterns,
agricultural and industrial development, foreign investment, foreign
trade, economic integration in the region. Pre: 610 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: one semester of calculus.
ECON 628 Quantitative Method (3) Probability;
density and distribution functions; expectation, variance, and
covariance; central limit theorem; maximum likelihood methods;
statistical estimation, testing, and inference; bivariate regression.
Pre: one of 321, AREC 310 or MATH 205; or consent. (Cross-listed as AREC
626)
ECON 629 Econometrics (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 or consent. (Cross-listed as AREC 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: 606, AREC 432, or consent. (Cross-listed as AREC 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 640 Monetary Economics I (3) Advanced
topics in money demand and supply at micro- and macro-levels; theory and
empirical evidence; transmission mechanisms; dynamics of adjustments to
money market disequilibria. Pre: 607 or consent.
ECON 641 Monetary Economics II (3) Advanced
topics in monetary policy for closed and open economies; inflation;
financial development; money and financial markets in economic
development; dynamic stabilization models for financially repressed
developing countries. Pre: 640 or consent.
ECON 650 Theory of Public Finance-- Expenditures
(3) Analysis of amount and composition of public spending.
Techniques for analyzing and selecting government expenditures; PPBS,
cost-benefit, fiscal Federalism. Pre: 450.
ECON 651 Theory of Public Finance-- Revenue (3) Principles
of taxation and frameworks for tax policy analysis: incidence and excess
burden, taxation and individual behavior, taxation and corporate
behavior, optimal taxation. 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: 460 or consent.
ECON 662 International Monetary Economics (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 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 I (3) Structure,
performance, and conduct of business firms; determinants of firm and
industry size, firm pricing policies, profits, and growth. Pre: 606.
ECON 681 Industrial Organization II (3) Law
of property, tort, contracts, crime; effects of antitrust laws and
regulations. Pre: 680 or consent.
ECON 694 Economics of Marine Resources (3) Economics
of fisheries and other uses of seas; resource management and development
policies; institutional and legal aspects of ocean use. Pre: 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. (Cross-listed as AREC 701Q)
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.
For key to symbols and abbreviations, see the first
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