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Economics (ECON)

College of Social Sciences

No more than 6 credit hours total for 120, 130, and 131. Students who major/minor in ECON are strongly urged to take the 130/131 sequence; 120 may substitute for either 130 or 131, but not for both. Students applying to Shidler College of Business must take the 130/131 sequence.

ECON 120 Introduction to Economics (3) One-semester survey of the principles of microeconomics and macroeconomics to enable students in all disciplines to understand current economic events. DS

ECON 130 Principles of Microeconomics (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 Macroeconomics (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 300 Intermediate Macroeconomics (3) 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 consent. DS

ECON 301 Intermediate Microeconomics (3) 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 consent. DS

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) 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. Pre: 120 or 130 or 131; consent. (Cross-listed as TIM 320) DS

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

ECON 332 Economics of Global Climate Change (3) Nature and causes of global climate change and economic solutions. Topics include valuing climate change impacts, energy solutions, environmental implications, societal adaptation, and international cooperation. A-F only. Pre: 120 or 130 or 131, or consent. (Once a year) (Cross-listed as SUST 332) DS

ECON 336 Energy Economics (3) Analysis of economic and policy aspects of energy use, and interactions of markets for various nonrenewable and renewable energy options. Evaluations of policies to develop alternative energy sources. Pre: 120 or 130 or 131. (Cross-listed as SUST 336) DS

ECON 340 Financial Markets and 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 341 Comparative Economic History (3) Comparative historical study of economic ideas and change since around 1700. Considers the histories of capitalism, poverty, industrialization and labor in Europe, Asia, the U.S., and other regions. (Cross-listed as HIST 340) DH

ECON 342 The History of Economic Thought (3) Introduces major western economic theorists and ideas since around 1700. Considers the history of views on work, poverty, the market and government, and the relationship of those doctrines to society, philosophy, and public policy. Pre: 130, 131, or HIST 151, or HIST 152; or consent. (Alt. years) (Cross-listed as HIST 342)

ECON 350 Sustainable Development (3) Transdisciplinary introduction to sustainable development. Interactions between environment, economy, and public policy, especially in Hawai‘i. Topics include: curse of paradise, global warming, energy use, health, poverty, population, water resources, traffic congestion, biodiversity, pollution controls. Pre: 120 or 130 or 131, or consent. (Once a year) (Cross-listed as SUST 350) DS

ECON 355 Network Economics (3) Fundamental questions about the connections in the social, economic, and technological worlds. Topics include: matching markets, traffic, financial and social networks; and the political and economic consequences of the internet and other large networks. Pre: 120 or 130 or 131. DS

ECON 356 Games and Economic Behavior (3) 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. DS

ECON 358 Environmental Economics (3) Nature and causes of environmental degradation/economic solutions, with emphasis on relevant ethical issues and decision-making. Topics include air and water pollution, toxic waste, deforestation, soil erosion, biodiversity, global warming, and sustainable development. Pre: 120, 130, or 131; or consent. DS

ECON 361 Seminar: Women and International Development (3) 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) DS

ECON 362 Trade Policy and Globalization (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. DS

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 396 Contemporary Topics in Economics (3) Economic analysis of current events. Topics announced each semester. Repeatable unlimited times. Pre: 120 or 130 or 131. DS

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

ECON 409 The Ocean Economy (3) Examination of society’s interaction with the ocean. Topics include: ocean recreation, shipping, boat building, ports, offshore energy production, aquaculture, fishing, coastal construction, and coral reef protection. Pre: 120 or 130, or consent. (Once a year) (Cross-listed as SUST 412) DS

ECON 412 Economic History of the United States (3) U.S. economy from colonial times: government policies, institutions, industries, financial markets, economic growth, economic crises. Pre: 120, 130, or 131; or consent. DS

ECON 414 Global Economic Crisis and Recovery (3) Causes and consequences of financial and economic crises: crisis origins and global transmission; macroeconomic and regulatory policy responses; recovery challenges. 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 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. A-F only. Pre: 321 or MATH 241 or BUS 310 or NREM 310 or (MATH 251A and NREM 203) or (MATH 371 and MATH 373) or (MATH 471 and MATH 472); 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 BUS 310 or NREM 310 or (MATH 251A and NREM 203) or (MATH 371 and MATH 373) or (MATH 471 and MATH 472); or consent. DS

ECON 429 Spreadsheet Modeling for Business and Economic Analysis (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. Pre: 130 or NREM/SUST 220, and 321 or NREM 310; or consent. (Once a year) (Cross-listed as NREM 429 and TPSS 429) 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 GHPS 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 442 Development Economics (3) Theoretical foundation and empirical evidence for analyzing key issues facing today’s developing world. Topics include characteristics of underdeveloped economies, economic growth, structural change, poverty, inequality, education, population growth, foreign aid and financial sector. Pre: 300 or 301, or consent. DS

ECON 450 Public Economics (3) Welfare economics, public expenditure and policy evaluation, public finance by debt and taxes. Pre: 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 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 SUST 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 Macroeconomics (3) The determination of output, price levels, exchange rates and the balance of payments for economies that are integrated with the global economy; theory and application to historical and/or contemporary policy issues. Pre: 300. DS

ECON 470 Industrial Organization (3) Theoretical and empirical analysis of contemporary topics in industrial organization. Uses economic theory to analyze important issues facing firms, and examines the practical challenges of empirical applications of theory. 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 or consent. 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: 300 or 301 or 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) Repeatable unlimited times.

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 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.

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.

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 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.

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.

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 AREC 634)

ECON 635 Disasters and Economic Policy (3) Economic analysis of disasters. The economics of prevention and mitigation, as well as post-disaster economic consequences and policy, will be examined. Graduate students only.

ECON 636 Renewable Energy Economics and Policy (3) Analysis of economic and policy aspects of renewable energy use, and interactions of markets for renewable energy and other energy options. Evaluations of policies to develop renewable energy options. Pre: college calculus and principles of microeconomics; or consent. (Cross-listed as SUST 636)

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 and 629. (Cross-listed as NREM 637 and SUST 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. (Cross-listed as SUST 638)

ECON 639 Marine Resource Economics (3) Seminar on the economics of the marine environment. Topics include fisheries management, ocean recreation, shipping, and coral reef protection. Pre: 606 or consent. (Once a year)

ECON 650 Foundations of Public Policy (3) Microeconomic principles for expenditure and tax policies. Externalities, public goods, non-convexities, regulation; cost-benefit analysis, general equilibrium, shadow-pricing; rent-seeking, corruption; optimal taxation, incidence, excess burden; dynamic public finance, national debt, social security. Pre: 604 or 606; or consent.

ECON 651 Public Economics (3) Theoretical and empirical analysis of public-sector allocation. Adverse selection, moral hazard, networks, auctions, public choice and political mechanisms; tax and mandate incidence; economics of education and local public goods; social insurance programs. Pre: 606 or consent.

ECON 660 International Trade and Welfare (3) Classical and new theories of international trade: why nations trade, gains from trade, patterns of trade, and trade policy effects under perfect and imperfect competition. Empirical trade and other special topics. Pre: 606 or consent.

ECON 661 Advanced International Trade and Investment (3) Surveys theoretical and empirical research on topics such as regionalism and multilateralism, trade and wages, foreign direct investment and multinational firms, trade and the environment, and trade and economic growth. Repeatable unlimited times. Pre: 660 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: 607 or consent.

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 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 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 696 Advanced Topics in Economics (V) Reflects interests of visiting and permanent faculty, focusing on specialized methods or topics in economics. Repeatable unlimited times. Pre: 606 or 607, or consent.

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

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

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 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: 606, 607, 627, 628, and consent of graduate chair.

ECON 800 Dissertation Research (V) Research for doctoral dissertation. Repeatable unlimited times.