Janie M. Chermak, Chairperson
The University of New Mexico
Department of Economics
MSC05 3060
1 University of New Mexico
Albuquerque, NM 87131-0001
(505) 277-5304; FAX (505) 277-9445
What’s the best way to reduce carbon emissions? Is a green economy possible? What should be done about the federal budget deficit? Will graduating seniors ever collect on Social Security? Can government policies reduce unemployment? Is crime an economic problem? Is obesity an economic problem? Why are some countries rich and others poor? Does international trade help or hurt workers in the United States?
Economics provides answers to questions like these by analyzing how societies and markets allocate scarce resources, how incentives shape human behavior and why there are tradeoffs in virtually all public policy options. Majors develop analytical and quantitative skills including modeling and data analysis. They understand macroeconomic relationships that explain economic growth, unemployment and inflation and exchange rate fluctuations. They also study the microeconomics of the public sector, industrial organization, labor and human resources, health, natural resource use, the environment, trade and development.
Our graduates go on to careers in consulting, banking, finance, teaching and government. The major also provides excellent preparation for advanced degrees in economics, business, planning, medicine and law. Economics students make particularly good law school applicants (and outperform other majors on the LSAT), likely because both fields emphasize highly analytical thinking.
The major is an excellent choice for those interested in public policy and market research and students pursuing careers in business, government and non-profit organizations. An economics major is also highly desirable for students planning to study law, business, public administration, geography and international affairs at the graduate level.
Courses
ECON 105.
Introductory Macroeconomics.
(3)
Economics on a national scale: determination of national income, employment level, inflation and impact of policies affecting money supply, interest rates and government programs. Current macroeconomic issues and problems. Meets New Mexico Lower-Division General Education Common Core Curriculum Area IV: Social/Behavioral Sciences (NMCCN 2113). (Prerequisite for most upper-division courses).
ECON 106.
Introductory Microeconomics.
(3)
Exploration of individual consumer behavior, production decisions by the firm and supply and demand relationships in the marketplace. Examination of the international dimension of production and consumption choices. Meets New Mexico Lower-Division General Education Common Core Curriculum Area IV: Social/Behavioral Sciences (NMCCN 2123). (Prerequisite for most upper-division courses.)
ECON 203.
Society and the Environment.
(3)
Introduction to environmental and natural resource issues of both global and local scale. Investigates basic causes and consequences of environmental problems including interrelated physical and social science dimensions.
ECON 212.
Personal Investing.
(3)
Investment options available to the individual will be analyzed in terms of economic theories of capital markets. Risk, value, returns and portfolio analysis.
ECON 239.
Economics of Race and Gender.
(3)
Examines economic situation of women and minorities in the United States. Explores effects of race, gender and ethnicity on the economic performance of workers and evaluates various strategies for social change.
ECON 295.
Topics in Economics and Social Issues.
(1-3, may be repeated two times)
Topics will vary but all introduce students to economics approaches by studying contemporary and historical social issues.
ECON **300.
Intermediate Microeconomics I.
(3)
Intermediate analysis of microeconomic theory and concepts. Topics include consumer behavior and demand, production and costs, price and output under both perfect competition and pure monopoly.
Prerequisite: 105 and 106 and (307 or MATH 162 or MATH 180).
ECON **303.
Intermediate Macroeconomics I.
(3)
Theories of national income determination in explaining business cycles; aggregate supply; and the role of expectations. Role of monetary and fiscal policies in stabilizing the economy.
Prerequisite: 105 and 106 and (307 or MATH 162 or MATH 180).
ECON 307.
Economics Tools.
(3)
Introduces math, data and writing skills that are essential for understanding, interpreting and communicating economics concepts.
Prerequisite: ACT Math=>26 or SAT Math=>600 or MATH 121 or MATH 150 or Compass College Algebra>66.
Pre- or corequisite: 105 or 106.
ECON **309.
Introductory Statistics and Econometrics.
(3)
Introductory statistics, probability, probability distributions and hypothesis testing. Basic econometric techniques emphasizing estimation of economic relationships and the use of econometric models in forecasting.
Prerequisite: 105 and 106 and STAT 145.
ECON **315.
Money and Banking.
(3)
Principles of money, credit and banking; organization and operation of the banking system; and the relationship between money, banking and the level of economic activity.
Prerequisite: **303.
ECON *320.
Labor Economics.
(3)
Determinants of labor force, wage levels and structures, and employment; human capital theory and discrimination, economic consequences of trade union and government intervention.
Prerequisite: **300.
ECON *321.
Development Economics.
(3)
Theories of development and growth. Problems facing developing countries and possible solutions. Historical case studies of some developing countries.
Prerequisite: **300 or **303.
ECON *330.
Consumer Economics.
(3)
Introduces the theory of consumer behavior and demand analysis. Empirical applications of consumer theory will be explored. Possible topics include: consumer safety, family budgeting, marketing research and the household production function approach.
Prerequisite: **300.
ECON *331.
Economics of Poverty and Discrimination.
(3)
Explores trends in income distribution especially across and within groups and examines theories explaining behavior and outcomes. Public policy concerning poverty and discrimination is studied and discussed.
Prerequisite: **300.
ECON *332.
Economics of Regulation.
(3)
Nature of modern firms and markets: relationship of market structure, conduct and performance, including analysis of antitrust policy, public utility regulation and “deregulation” of some industries.
Prerequisite: **300.
ECON *333.
Industrial Organization.
(3)
Firms and markets; interactions of firms in markets that are noncompetitive (oligopolistic and monopolistic); various government policies to control the behavior of firms with market power.
Prerequisite: **300.
ECON *335.
Health Economics.
(3)
Market concepts and health care issues. Economic assessment of the U.S. health care system. Explores physician supply and demand, hospitals, malpractice, pharmaceuticals, insurance and related topics.
Prerequisite: 105 and 106.
ECON *341.
Urban and Regional Economics.
(3)
Spatial nature of economics: housing markets, natural hazard and technological risks, local and regional public finance, transportation issues, environmental problems and the relationship of regional and urban economies to national and international economies.
Prerequisite: **300.
ECON 342.
Environmental Economics.
(3)
Introduction to economics of environmental management problems, conceptual tools and policy applications: resource scarcity and sustainability, efficiency and equity, property rights and externalities, benefit-cost analysis and discounting, provision of public goods and nonmarket valuation.
Prerequisite: 105 and 106.
ECON *343.
Natural Resource Economics.
(3)
Use and management of natural resources and systems useful to humans. Issues include: why natural resources are important, economic growth impact, optimal exploitation and identification and management of environmental concerns.
Prerequisite: **300.
ECON *350.
Public Finance.
(3)
Taxation, governmental borrowing, financial administration and public expenditures.
Prerequisite: **300.
ECON *360.
History of Economic Thought.
(3)
Development of the principle economic doctrines and schools of economic thought from the Physiocrats to Keynes.
Prerequisite: 105 and 106.
ECON 395.
Seminar in Current Economic Issues.
(1-3, no limit Δ)
Topics will vary. Offered on an occasional basis. For course content, consult the economics department.
Prerequisite: **300 and **303.
ECON *403.
Intermediate Macroeconomics II.
(3)
Theories of consumption, investment and money demand. Models of economic growth. Introduction to open economy macroeconomics. Macro modeling and analysis of economic policies, using actual data and computer models.
Prerequisite: **303.
ECON *407.
Mathematical Methods in Economics.
(3)
A survey course designed to develop those mathematical results and methods which find frequent use in economic analysis.
Prerequisite: **300 and **303.
ECON *408.
Economic Forecasting Methods: A Time Series Approach.
(3)
Computer modeling of economic time series using univariate Box-Jenkins models and multivariate vector autoregressive models. Intervention models to assess policy impacts such as gun control, environmental law, tax changes and social programs.
Prerequisite: **309.
ECON *409.
Intermediate Econometrics.
(3)
Intermediate econometric techniques with strong emphasis on computer modeling of applied economic problems. Covers autocorrelation, heteroscedasticity, multicollinearity, dummy variable and distributed lag model and the use of econometric models in forecasting.
Prerequisite: **309.
ECON *410.
Topics in Health Economics.
(3, no limit Δ)
Specialized topics in health care economics including medical education, national health insurance, comparative systems, drug industry and other contemporary issues. Emphasis on empirical applications in the study of health care issues. For course content, consult the economics department.
Prerequisite: **300 and **309 and **335.
ECON *421.
Latin American Economics.
(3)
Analysis of recent and historical issues in Latin American economies, including inflation, debt, trade, regional integration, privatization, stabilization and structural reform.
Prerequisite: **303 and **309.
ECON *423.
Topics in Latin American Development.
(3)
Analysis of economic development and its relation to poverty, schooling, the informal sector, agrarian issues and sustainable development using case studies from Latin America.
Prerequisite: **300 and **309.
ECON *424.
International Trade.
(3)
Determinants of patterns of international trade and comparative advantage. Trade restrictions and gains from trade. International factor movements.
Prerequisite: **300 and **309.
ECON *427.
Topics in Labor Economics.
(3)
Wage theory, industrial relations, migration, discrimination, comparative labor problems, special groups in the work force and other contemporary topics. Emphasis on economic implications and the role of public policy in these labor topics.
Prerequisite: **309 and *320.
ECON *429.
International Finance.
(3)
Foreign exchange markets and the international financial system. Exchange rate determination, balance of payments adjustment and the effectiveness of government policies in the open economy. International monetary system.
Prerequisite: (**303 or **315) and **309.
ECON *442.
Topics in Environmental and Natural Resource Economics.
(3)
Focus on public policy and regulation. Specialized issues such as development and management of water, mineral, energy, air quality, forest and fishery resources, resource scarcity, sustainability, non-stationary pollution, water quality and global resource distribution.
Prerequisite: **300 and **309.
ECON *445.
Topics in Public Finance.
(3)
Intermediate public finance. Public economics topics: taxation, expenditure, welfare and distribution. Concentration on selected topics such as crime, education, health, regulations (EPA Acts), agreements (NAFTA) and the courts (Takings Clause).
Prerequisite: **300 and **309 and *350.
ECON 451 [451/551].
Independent Study.
(1-3 to a maximum of 6 Δ)
For senior students wishing to study topics not covered in an existing course or in more detail. Requirements will be agreed upon between student and instructor.
Prerequisite: **300 and **303 and **309.
ECON *466.
Public Sector Project Analysis.
(3)
Product evaluation, cost-benefit analysis, capital budgeting, financing, federal-state relationships, environmental and public welfare impacts of projects and other related issues.
Prerequisite: **300 and *350.
ECON *478.
Seminar in International Studies.
(3)
(Also offered as POLS 478)
Designed to provide seniors from any discipline an opportunity to apply an international perspective to their undergraduate training. Each student will present a term project drawing upon his or her particular background and relating it to international matters.
Restriction: senior standing.
ECON 498.
Reading for Honors.
(3 to a maximum of 6 Δ)
Open to juniors or seniors with an overall grade point average of at least 3.2 and approval of the department.
Prerequisite: **309.
Restriction: junior or senior standing and permission of department.
ECON 499.
Senior Honors Thesis.
(4)
Prerequisite: 497 or 498.
ECON 501.
Microeconomics I.
(3)
Topics include producer and consumer theory, duality and welfare measures, competitive markets and monopoly and decision making under uncertainty.
Restriction: enrolled in Economics graduate degree program.
ECON 504.
Mathematical Tools and Economic Models.
(3)
Calculus and matrix theory as applied to macro and micro models. Unconstrained and constrained optimization; static and comparative static analysis; introduction to dynamic analysis.
Restriction: enrolled in Economics graduate degree program.
ECON 506.
Macroeconomics I.
(3)
Closed and open economy macroeconomics. Aggregate demand and supply. Different models of business cycles. Micro foundations of macroeconomics.
Restriction: enrolled in Economics graduate degree program.
ECON 508.
Statistics and Introduction to Econometrics.
(3)
Discrete and continuous probability distributions; expectations; joint, conditional marginal distributions; hypothesis testing; least squares estimators; violation of the least squares principle. Econometric software with applications.
Restriction: enrolled in Economics graduate degree program.
ECON 509.
Econometrics I.
(3)
Theory and applications: ordinary and generalized least squares, hypothesis testing, dummy variable and distributed lag models; simultaneous equation and two stage least square models; forecasting. Emphasis on computer modeling.
Prerequisite: 508.
ECON 510.
Econometrics II.
(3)
Simultaneous equation methods, nonlinear least squares, maximum likelihood method, qualitative dependent variable models, asymptotic properties and test statistics. Emphasis on computer modeling.
Prerequisite: 509.
ECON 513.
Microeconomics II.
(3)
Competitive equilibrium and welfare economics. Topics from imperfect competition, decision making under uncertainty, introduction to game theory and distribution theory.
Prerequisite: 501 and 504.
ECON 514.
Macroeconomics II.
(3)
Dynamic macroeconomics. Optimal economic policy. Theories of economic growth.
Prerequisite: 504 and 506.
ECON 520.
Labor Economics.
(3)
Determination of optimal wage and employment. Demand and supply of labor, wage theory, education, migration, unions, labor market discrimination and full employment policies.
Prerequisite: 501.
ECON 522.
Selected Groups in the Work Force.
(3)
Employment problems of special groups (e.g., African-Americans, Hispanics, women, youth) in the work force. How economic theories explain their economic status. Economic models (education, school quality, occupational choice).
Prerequisite: 501.
ECON 533.
Seminars in Industrial Organization.
(3)
Industrial organization is the study of firms and markets. Course covers firms internal organization and the interactions of firms in markets that are competitive, oligopolistic or monopolistic.
Prerequisite: 501 and 504.
ECON 534.
Experimental Economics.
(3)
Working markets in laboratory setting. Designing market experiments. Experimental investigations of simple market organization. Examination of more complex settings. Applications: theory, environmental, public finance and labor.
Prerequisite: 501 and 504.
ECON 538.
Topics in Applied Economics.
(3)
Special topics in applied economics as they pertain to the major fields and support courses. Available for use by visiting faculty.
Prerequisite: 501 and 504.
Restriction: permission of instructor.
ECON 540.
Natural Resource, Environmental, and Ecological Modeling I.
(3)
Dynamic optimization and optimal control theory applications (deterministic and stochastic) and computation methods with an emphasis on renewable resources.
Prerequisite: 501 and 504.
ECON 542.
Topics in Environmental, Resource, and Ecological Economics.
(3 to a maximum of 15 Δ)
Special topics in environmental and natural resource economics. Credit can be earned more than once, as the topic and content will vary by instructor.
Prerequisite: 501.
ECON 543.
Natural Resource, Environmental, and Ecological Modeling II.
(3)
Dynamic optimization and optimal control theory applications with an emphasis on empirical. Models of natural resource utilization. Energy, minerals, fisheries, forest resources, ground- and surface water, and environmental and ecological stocks.
Prerequisite: 501 and 504.
ECON 544.
Environmental Economics.
(3)
Causes and consequences of environmental externalities. Design and implementation of alternative policy instruments. Theory and methods to measure economic value of market and non-market environmental services.
Prerequisite: 501 and 504.
ECON 545.
Water Resources II - Models.
(4)
(Also offered as WR 572)
Use of technical models in water resources management addresses conceptual formulation and practical application of models from administrators perspective. Lab focuses on use of graphic aids to explain technical information.
{Spring}
ECON 546.
Water Resources I - Contemporary Issues.
(4)
(Also offered as WR 571)
Students examine contemporary issues in water resource systems, including water quality; ecosystem health; stakeholder concerns; economics; and water supply, policy, management and allocation. Emphasis on teamwork, cooperation, and oral, written and graphic communication.
{Fall}
ECON 551 [551/451].
Independent Study.
(1-3 to a maximum of 6 Δ [2-3 to a maximum of 6 Δ])
An independent study course on economic problems or issues. The study is carried out under the supervision of an economics faculty member.
Restriction: permission of instructor.
ECON 560.
Public Economics.
(3)
Introduction to advanced study of public economics, including theoretical and empirical analysis of market failures and government interventions. Topics include externalities and public goods, social insurance programs, education policies, optimal taxation, income distribution, and government expenditures.
Prerequisite: 501 and 508.
ECON 564.
Topics in Health Economics [Seminar in Health Economics].
(3 to a maximum of 6 Δ [3])
Applications of economic theory and empirical analysis including information and agency problems, organization of markets for health care, and influence of government policies on medical innovation and population health.
Prerequisite: 509 and 513.
ECON 565.
Topics in Public and Labor Economics [Topics in Public Economics].
(3 to a maximum of 6 Δ [3 to a maximum of 15 Δ])
Advanced topics in public economics. Topics will vary; course can be repeated for credit if topics differ.
Restriction: permission of instructor.
ECON 581.
International Development and Finance.
(3)
Role of foreign direct investment, foreign aid, remittances, and other financial flows for economic development and growth. Causes and consequences of currency and financial crises in developing countries. Balance of payments problems, international debt, and structural adjustment programs.
Prerequisite: 501 and 506.
ECON 582.
Topics in International and Sustainable Development.
(3)
Topics in international/sustainable development. Emphasis on empirical modeling and analysis, using data for developing countries, including large-scale surveys. Exposure to econometric methods, simulations, GIS applications, and macro/micro-development modeling tools.
Prerequisite: 501 and 506 and 510.
ECON 583.
Development Economics.
(3)
Economic growth and development, poverty and inequality, population growth. Credit markets and microfinance, risk and insurance. Role of government in development. Urbanization and rural-urban migration.
Prerequisite: 501 and 506.
ECON 584.
Interdisciplinary Seminar on Problems of Modernization in Latin America.
(3)
(Also offered as HIST 689, POLS, SOC 584)
ECON 585.
Sustainable Development.
(3)
Overview of sustainable development concepts, models, and policy issues, with an emphasis on sustainable uses of all types of capital - physical, human, social, and environmental - in an international context.
Prerequisite: 501 and 506.
ECON 595.
Workshop in Applied Economics.
(1-3)
Research problems. Student presentations of methodology and results. Research projects may be student-directed or undertaken in conjunction with regular and/or visiting faculty.
Offered on a CR/NC basis only.
Restriction: permission of instructor.
ECON 599.
Master's Thesis.
(1-6, no limit Δ)
Offered on a CR/NC basis only.
ECON 699.
Dissertation.
(3-12, no limit Δ)
Offered on a CR/NC basis only.
