The Department of Economics offers the M.A. in Economics, with concentrations listed above. Only those students transferring from the Ph.D. to M.A. program may concentrate in Economic Theory. The M.A. is awarded under Plan I (thesis), Plan II (exam), and Plan III (coursework only). Plan II and Plan III require 30 credit hours of approved coursework, and may not include courses taken on a Credit/No-Credit basis. Degree requirements for the M.A. can be found in the “Masters” section of the Department of Economics website.
The Department of Economics offers the Ph.D. in Economics, with concentrations listed above. The Ph.D. is awarded to students who have met the general requirements specified in the Graduate Program section of this Catalog and have demonstrated competency in economic theory (micro and macro), econometrics, and their concentration (9 credit hours). See the Economics Graduate Student Handbook for specific requirements.
Recommended undergraduate coursework consists of 12 credit hours of upper-division economics courses, including one semester of intermediate micro theory and macro theory. Students are required to have completed one semester of calculus (preferably the equivalent of at least UNM’s MATH 1512). In addition, the department offers a summer online math/statistics refresher and a one-week math/statistics boot camp the week prior to the start of Fall semester. All graduate students are required to attend the online refresher and boot camp.
All applicants must submit their current (within the last three years) GRE-General Test Scores (verbal, quantitative, and analytical). International students, for whom English is not their first language or if English is not the official language spoken in their country, must submit results of the International English Language Testing System (IELTS), the Test of English as a Foreign Language (TOEFL), the University of Cambridge Examinations Certificate of Proficiency in English (CPE), Certificate of Advanced English (CAE) or other English proficiency test approved by the International Admissions Office.
As financial aid decisions are made earlier than the application deadlines, timely receipt of application materials is advisable for those interested in financial aid.
A minimum of 48 credit hours of coursework at the graduate level (with no more than six credit hours of approved 300- and 400-level courses) is required. Courses taken under a Credit/No-Credit grading option do not count toward the required 48 credit hours of coursework. Also, a minimum of 18 credit hours of dissertation credit (ECON 699) is required. A student may not count dissertation credit hours toward the 18 required credit hours until after successful completion of the comprehensive examination. The 48 credit hours are divided across required core curriculum, a major area of study and a minor area of study. All doctoral students must pass a written comprehensive theory exam and a written econometrics exam. They must also complete a research requirement in their major area of study prior to the start of their dissertation research.
The core curriculum requirements include: three (3) hours of math tools; nine (9) hours of theory; and nine (9) hours of applied econometrics. The latter results in a major, tested field in econometrics. All doctoral students must successfully complete a major area of study consisting of at least nine (9) hours of approved graduate economics courses and a minor area of study consisting of at least six (6) hours of approved graduate economics courses.
The set sequence for the core curriculum followed by all Ph.D. students is provided below:
A student is required to have a concentration in which they have successfully completed nine credit hours of study and a secondary concentration in which they have successfully completed six credit hours of study. As discussed above, the core requirements in econometrics grant the student an additional secondary concentration in econometrics. The courses available in each concentration are:
ECON 542 may be repeated for up to a maximum of 6 credit hours toward the degree.
ECON 560 is required for a first and secondary concentration in Public Economics. ECON 564 and 565 may be repeated for up to a maximum of 6 credit hours toward the degree.
Courses
ECON 1996. Topics. (1-6, no limit Δ)
A course exploring a topic not covered by the standard curriculum but of interest to faculty and students in a particular semester.
ECON 2110. Macroeconomic Principles. (3)
Macroeconomics is the study of national and global economies. Topics include output, unemployment and inflation; and how they are affected by financial systems, fiscal and monetary policies. Prerequisite for most upper-division courses.
Meets New Mexico General Education Curriculum Area 4: Social and Behavioral Sciences.
ECON 2120. Microeconomic Principles. (3)
This course will provide a broad overview of microeconomics. Microeconomics is the study of issues specific to households, firms, or industries with an emphasis on the role of markets. Topics discussed will include household and firm behavior, demand and supply, government intervention, market structures, and the efficient allocation of resources.
Meets New Mexico General Education Curriculum Area 4: Social and Behavioral Sciences.
ECON 2125. Society and Environment. (3)
Introduces students to environmental and natural resource issues of both global and local scale. No prior economics coursework is required; basic economic tools will be introduced and then applied to a variety of environmental problems. This course will cover a variety of topics, including water and energy conservation, pollution taxes, tradable pollution permits and global warming.
ECON 2130. Personal Investing. (3)
This is an economics course with no prerequisites. Consequently it should be considered introductory, however it offers a wide-ranging overview of personal finance and the role financial assets can play in achieving personal financial goals. This course won’t make you a millionaire, nor will it prepare you for a career as a hedge-fund manager. The goal is to increase your understanding of how financial markets work, and how to use financial assets as part of a life-long financial strategy. Your understanding of financial markets will be enhanced by learning the tools of economics, incorporating knowledge of human behavior, and becoming familiar with particular aspects of financial markets and assets.
ECON 2220. Economics of Race and Gender. (3)
The aim of this course is to introduce you to how economics studies some of the main issues affecting men and women of different ethnic or racial backgrounds. Using economic theory as our framework for analysis, our discussions will include analysis of evidence and policies that address the issues at hand. Among the questions we will be addressing in this class are: why do women earn less than men, and blacks less than whites? Why has the labor force participation of women increased over the past half century, while black men’s has decreased? How does marriage affect women’s decision to work? How has the American family changed over the past century, among others.
ECON 2996. Topics. (1-6, no limit Δ)
A course exploring a topic not covered by the standard curriculum but of interest to faculty and students in a particular semester.
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: 2110 and 2120 and (307 or MATH 1430 or MATH 1512).
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: 2110 and 2120 and (307 or MATH 1430 or MATH 1512).
ECON 307. Economics Tools. (3)
Introduces math, data and writing skills that are essential for understanding, interpreting and communicating economics concepts.
Prerequisite: MATH 1220 or MATH 1240 or ACT Math =>26 or SAT Math Section =>620 or ACCUPLACER College-Level Math =>100.
Pre- or corequisite: 2110 or 2120.
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: 2110 and 2120 and MATH 1350.
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: 2110 and 2120.
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: 2110 and 2120.
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: 2110 and 2120.
ECON *369. Problem-Based Learning Using Data Analytics. (3, may be repeated twice Δ)
Interdisciplinary STEM course examining real world problems like those faced by underserved communities (poverty, environment, education, and health) using empirical tools, public policy perspectives. Students use data analytical tools to explore implementable solutions. Topics vary.
Prerequisite: MATH 1350.
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 402 / 502. Applied Economic Theory and Analysis. (3)
This course develops fundamental economic theory using differential calculus and linear algebra and emphasizes the methodology of constructing and applying appropriate models in quantitative analysis with an emphasis on static and dynamic optimization.
Prerequisites: 300, 303, and 309; or permission of instructor.
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 *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 *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 451. 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)
Designed to provide students from several disciplines 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, may be repeated once Δ)
A faculty-directed exploration of a specific topic through reading, discussion, and critique.
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)
Faculty-supervised investigative study that results in the development and writing of an undergraduate Senior-level thesis.
Prerequisite: 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: admitted to M.A. Economics or Ph.D. Economics.
ECON 502 / 402. Applied Economic Theory and Analysis. (3)
This course develops fundamental economic theory using differential calculus and linear algebra and emphasizes the methodology of constructing and applying appropriate models in quantitative analysis with an emphasis on static and dynamic optimization.
Restriction: admitted to M.A. Economics or Ph.D. Economics or permission of instructor.
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: admitted to M.A. Economics or Ph.D. Economics.
ECON 506. Macroeconomics. (3)
Micro foundations of macroeconomics. Introduction to dynamic macroeconomics; optimal economic policy; and theories of economic growth.
Restriction: admitted to M.A. Economics or Ph.D. Economics.
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: admitted to M.A. Economics or Ph.D. Economics.
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 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, may be repeated four times Δ)
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, may be repeated four times 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)
Practical aspects of the different technical models used by water resources professionals; hydrological, economic, ecological, etc. Students use models to solve problems. Emphasis on oral, written and graphic communication.
Prerequisite: (2120 or 300) and (CE 541 or CE 542 or EPS 562 or WR 576) and WR 571.
{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. Independent Study. (1-3 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. (3, may be repeated once Δ)
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. (3, may be repeated once 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 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)
Faculty-supervised investigative study that results in the development and writing of a master’s thesis.
Offered on a CR/NC basis only.
ECON 699. Dissertation. (3-12, no limit Δ)
Faculty-supervised investigative study that results in the development and writing of a doctoral dissertation.
Offered on a CR/NC basis only.
