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 go on to study law, business, public administration, geography and international affairs at the graduate level.
A major in economics requires a common core consisting of ECON 105 (Introductory Macroeconomics), 106 (Introductory Microeconomics), 300 (Intermediate Microeconomics I), 303 (Intermediate Macroeconomics I) and 309 (Introductory Statistics and Econometrics) plus 18 credit hours of electives in economics with a maximum of 3 credit hours from 200-level courses and a minimum of 3 credit hours from the following courses: 403, 407, 408, 409, 410, 421, 423, 424, 427, 429, 442, 445, 466, and 478 for a total of 33 hours.
All economics majors are encouraged to complete one semester of calculus (MATH 162 or 180). Majors planning to attend graduate school in economics are required to have completed one semester of calculus (preferably the equivalent of UNM’s MATH 162 or MATH 180). If you are considering a Ph.D., a course in Linear Algebra or Matrices is also strongly recommended (e.g. UNM’s MATH 314 or MATH 321). Students should also consult with the economics Undergraduate Director for additional recommendations.
Students are encouraged to discuss the selection of electives with the economics Undergraduate Director. Most students select courses based on their career plans or interests. Note that the following listings are not intended to limit the student’s choice.
Business economics for students planning to pursue a career in the business sector: suggested electives include ECON 315, 320, 332, 333, 350, 408, 424 and 429.
Government economics for students planning to pursue a career with a local, state or federal government agency: suggested electives include ECON 315, 320, 332, 333, 335, 341, 342, 343, 350, 408, 409, 424, 429 and 445.
Pre-graduate economics preparation for students interested in pursuing a graduate degree in economics, business, public administration, geography or other fields: suggested electives include ECON 315, 320, 342,343, 350, 400, 403, 407, 409, 424, 429, 442 and 466.
Pre-law preparation for students interested in attending law school: suggested electives include ECON 320, 330, 332, 333, 335, 342, 350 and 445.
Electives for students who wish to focus their study on specific fields and current economic issues: suggested electives include courses in international and Latin American economics (ECON 321, 421, 423, 424 and 429), natural resources and environmental economics (ECON 342, 343 and 442), labor and human resources (ECON 320, 335, 410 and 427), public finance (ECON 350 and 445) and economic modeling, forecasting and policy analysis (ECON 407, 408, 409 and 445).
An interdisciplinary approach is useful in the study of economics. Economics majors are encouraged to seek a minor in disciplines such as Business, Computer Science, History, Geography, International Studies, Math, Political Science, Sociology or Sustainability. Students should discuss the selection of a minor with the economics Undergraduate Director. Students with specialized interests may design a distributed minor and petition the Department Chairperson for approval.
Economics makes an excellent minor for students pursuing majors such as Management, Political Science, Journalism, History, Geography and Biology and for those building a pre-professional bachelor’s degree such as pre-law, pre-M.B.A. or pre-M.P.A. For example, a student with a political science major may consider, in addition to the core economics courses, electives in international economics, public finance or human resource economics. A student with a business major may consider economics electives in public finance and international economics. Students planning for a law degree might consider an economics minor with emphasis on environmental and natural resource economics.
A minor in economics requires a total of 18 credit hours consisting of 9 hours in required courses (ECON 105, 106 and either 300 or 303) plus 9 hours from elective courses with a maximum of 3 hours at the 200-level.
The departmental honors program is open to outstanding economics majors, typically in their junior year. After consulting with a faculty member willing to supervise their research, students must enroll in the department’s honors courses, Reading for Honors (ECON 497 and/or 498) and Senior Honors Thesis (ECON 499). These courses are in addition to those required for the major. University requirements for graduating with departmental honors include an overall grade point average of 3.20 and at least 7 credit hours in departmental honors courses. Interested students should contact the economics Undergraduate Director for further information.
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)
(Also offered as CRP 203)
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 **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
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
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)
(Also offered as POLS 350)
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 / 551 - 452 / 552. Independent Study. (1-3, 1-3)
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)
(Also offered as CRP 466)
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. Open only to seniors.
Restriction: senior standing
ECON 497-498. Reading for Honors. (3,3)
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)
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 503. Economic Theory. (3)
Macro and micro theory with applications.
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 505. Applied Macroeconomics. (3)
Basic macroeconomic theory applied to current economic problems and policy issues.
Prerequisite: 303
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 521. Comparative Labor Problems. (3)
Immigration issues, labor markets in Latin America, and other comparative labor issues.
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.
Restriction: permission of instructor.
Prerequisite: 501 and 504
ECON 540. Natural Resource, Environmental, and Ecological Modeling I [Environmental and Natural Resource Modeling]. (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 [Environmental and Natural Resource Economics: Survey]. (3 to a maximum of 15 Δ [3])
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 [Natural Resource Economics]. (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. WWater 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 / 451 - 552 / 452. Independent Study. (2-3, 2-3)
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 [Introduction to Public Finance]. (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 562. Evaluation of Public Programs [Normative Theories of Public Finance]. (3)
Theories of social welfare, applied welfare analysis, and general equilibrium; critical discussion of methods for evaluating government policies, projects, and programs, including cost-benefit analysis and economic valuation of nonmarket goods.
Prerequisite: 501 and 508.
ECON 564. Seminar in Health Economics. (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 Economics [Positive Theories of Public Finance]. (3 to a maximum of 15 Δ [3])
Advanced topics in public economics. Topics will vary; course can be repeated for credit if topics differ.
Restriction: permission of instructor.
ECON 570. Institutional Economics. (3)
Overview of institutional thought including comparing historical and evolving traditions (including early American institutionalism and “new” institutional economics) and connections to public policy. Examines institutional approaches relative to economic methodology and philosophy of science.
Restriction: permission of instructor.
ECON 581. International Development and Finance [International 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 [Topics in International and Development Economics]. (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: ECON 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.
Restriction: permission of instructor.
Offered on CR/NC basis only.
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.
