Economics Contact Us Artificial Intelligence Biotechnology Computer Science Cybersecurity Data Analytics and Visualization Digital Marketing and Media Mathematics Occupational Therapy Physician Assistant Physics Speech-Language Pathology "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else." —John Maynard Keynes "The man of the future is the man of statistics and the master of economics." —Oliver Wendell Holmes The study of economics helps students develop analytical tools to understand how modern economies allocate scarce resources to produce goods and services and how economic performance is affected by policies, technology, and institutions. It also provides students with a rigorous way of thinking about individual, business, and household decision-making. Basic Track This track of the Economics major provides ideal training for those interested in law, business, journalism, or public policy. Mathematical Economics Track This track further prepares students for graduate studies in economics (including YU's own Masters in Quantitative Economics program) and for careers in quantitative fields such as finance and consulting. The economics minor complements many majors including mathematics, other social sciences, physics, and pre-engineering. For non-majors, the introductory sequence of microeconomics and macroeconomics is an essential component of a liberal arts education and provides the background for a wide array of electives. For more information about the Economics Department at ¶¶Òõapp College, please contact Professor James Kahn at james.kahn@yu.edu or 212-960-5400 ext. 6964. Program Information Courses Undergraduate Courses Please see the Schedule of Classes for the current semester’s offerings. ECO 1010 Principles of Economics 3 credits Introduction to the principles of micro- and macroeconomics: supply and demand, the behavior of firms and consumers; theory of comparative advantage; how markets work; market failures; policy issues such as taxation regulation, and redistribution of income, general equilibrium, business cycles, inflation, unemployment; national income accounting; monetary and fiscal policy; public debt and social insurance international trade and exchange rates; long-term growth. (This is a one-semester course that replaced ECO 1031 and ECO 1041 beginning in the Fall, 2015 semester.) ECO 1101 Intermediate Microeconomics 3 credits Theory of elasticity; indifference curves and applications; cost of production; output markets; externalities; input markets; linear programming; optimization theory with use of calculus. Prerequisite: MAT 1412 (may be taken contemporaneously), or Instructor's permission. ECO 1010 recommended. ECO 1170 Contemporary Microeconomic Issues 3 credits Use of economic tools to explore issues of public policy and private decision making. Topics vary by term but may include uncertainty and information in economics, crime, government regulation of business, education, charity, immigration, contracts, discrimination, medical care, transportation, congestion, geographic location, income distribution. Prerequisite: ECO 1010, MAT 1412, or Instructor's permission. ECO 1177 Game Theory 3 credits Development of models of rational behavior in interactive situations through the theory of non-cooperative, cooperative, and evolutionary games. Game theory is used for decisions and strategy whenever people interact to strike mutually agreeable deals or to resolve conflicts in such diverse fields as international relations, economics, business, politics, psychology, philosophy, or even evolutionary biology. Prerequisite: ECO 1101, MAT 1412 or Instructor's permission. ECO 1201 Intermediate Macroeconomics 3 credits National income accounting; national income determination models; consumption functions; investment theory; business cycle theory; stabilization policy; LM-IS-BP analysis; aggregate demand and aggregate supply analysis; economic growth and development theories. Prerequisite: MAT 1412 (may be taken contemporaneously), or Instructor's permission. ECO 1010 or 1101 recommended. ECO 1221 Money and Banking 3 credits Nature of money; organization and functioning of the commercial banking system; description of financial markets and financial institutions; hedging mechanisms, yield curves, Federal Reserve System and financial intermediaries; national income determination models; monetarist-fiscalist debate; LM-IS-BP analysis; role of money in international finance. Prerequisite: ECO 1010 or Instructor's permission. ECO 1421 Econometrics 3 credits Application of regression techniques to the problem of testing and forecasting in economics. The two variable regression model is fully developed; analysis is extended to consider the multivariate model, functional form issues, dummy variables, and distribution lag models. Covers problems associated with autocorrelation, multicollinearity, heteroskedasticity, and system models. Prerequisites: ECO 1010 or 1101 or 1201, STA 1021. ECO 1501 Public Finance 3 credits Social balance, personal, and corporate income taxes; sales and property taxes; current economic thought on taxation and public debt, expenditure analysis, energy, transportation, housing, education, pollution control, poverty, and quotas; externalities, public goods, public choice. Prerequisites: ECO 1010 or 1101 or 1201 ECO 1701 International Economics 3 credits The theory of international trade, international finance, commercial policy, balance of payments, the foreign exchange market, competitiveness in the global economy, international macroeconomics, and foreign direct investment. Emphasis on the determinants and effects of international linkages, including the roles of consumers, firms, and government policies, in the context of the international economic environment. Prerequisites: ECO 1010 or 1101 or 1201 ECO 2005 Economics of the Law 3 credits The relationship of legal institutions and laws to economic efficiency and social goals, such as justice. Economics of property rights, environmental control, administrative processes, contracts, and liability; public utility and antitrust regulation; individual rights and discrimination. Prerequisite: ECO 1010 or 1101 or 1201. ECO 2201 Labor Economics 3 credits Labor's place in the American economy; factors affecting supply and demand for labor; wage determination; unionism as a response to labor problems; industrial relations; public policy toward labor. Prerequisite: ECO 1010 or 1101 or 1201. ECO 2531 Health Economics 3 credits Application of economic tools and concepts to the analysis of the health care field. Effects of health care on health, hospital behavior, health workforce supply, demand for health care. Role of demographic changes in health care systems. Methodology employed by economists to determine the economic losses suffered in cases involving death and disability. Emphasis on the United States and its current situation. Comparison with other countries. Prerequisites: ECO 1010 or 1101 or 1201, or instructor's permission ECO 2601: Financial Economics 3 credits This course is an overview of the theory of financial markets from an economic perspective. The objective is to understand how social interaction in financial markets brings about opportunities for individuals but also risks which go beyond physical or technological uncertainty and create systemic effects on economic and financial variables. The major conceptual tool that we will use to study these phenomena is the notion of economic equilibrium. Our analysis of finance uses the modern theory of microeconomics. It aims at constructing (relatively simple) mathematical models to study the welfare properties of financial markets, and the implications for asset prices. Prerequisites: ECO 1101, ECO 1201, MAT 1412, or permission of instructor. ECO 2801 Auctions and Market Design 3 credits This course aims to introduce classical findings and recent developments in the theory of market design. The course basically consists of two parts. The first half covers auctions, first the classical theory of auctions in a stylized environment, followed by observation of what kinds of practical and theoretical difficulties arise and how successfully current attempts deal with these difficulties. The second part of the course covers matching and related issues. We start from the matching problem (a.k.a. the marriage problem) and its solution concept, stable matching. We then extend the concept of stability to many-to-one and many-to-many matching with contracts. After reviewing the applications of stable matching, we compare it with alternative approaches, such as top trading cycles. We discuss applications including medical residency match, school choice, course allocation, and kidney exchange. The last few classes will be an overview of some recent developments in the theory of market design, mostly in the context of matching. Prerequisites: ECO 1101 and MAT 1412 or Dept. permission or consent of instructor ECO 3601 Economic Perspectives 3 credits Topics are based mainly on symposium themes of the Journal of Economic Perspectives and reflect the most recent work, but may include the following: fiscal policy, revision of LM-IS analysis, advanced consumption theory, regulation of the stock market and hedge funds, organizations and economics, economics and electronic commerce, the economics of higher education, health care reform, state versus private ownership. Prerequisites: ECO 1011/1041, ECO 1021/1031; and ECO 1201 or 1221. ECO 4901 Independent Study ECO 4911 Guided Project Any of the above courses may be offered from time to time in an Honors version, with an H designation. Requirements Students may opt for a Basic or a Mathematical Economics Major Track. These are both considered under the Economics Department: Economics Basic Track: 34 Credits Required Courses, 19 Credits: ECO 1010, Principles of Economics, 3 Credits MAT 1412 or 1410, Calculus 1 or Fundamentals of Calculus, 4 Credits STA 1021, Introduction to Statistics, 3 Credits ECO 1101, Intermediate Microeconomics (MAT 1412/1410 pre req), 3 Credits ECO 1201, Intermediate Macroeconomics (MAT 1412/1410 pre req), 3 Credits ECO 1421, Econometrics (STA 1021 pre req), 3 Credits Regular Economics Electives, 9 Credits This may include 6 credits for finance and accounting classes, but no more than 3 for accounting Advanced Economics Electives, 6 Credits Advanced economic electives are those with either ECO 1101 or ECO 1201 as pre-requisites Mathematical Economics Track: 36 Credits Required Courses, 24 Credits: MAT 1412, Calculus 1, 4 Credits MAT 1413, Calculus 2, 4 Credits MAT 1510, Multivariable Calculus, 4 Credits ECO 1101, Intermediate Microeconomics (MAT 1412 pre req), 3 Credits ECO 1201, Intermediate Macroeconomics (MAT 1412 pre req), 3 Credits STA 1021/ MAT 2461 Intro Stat/ Prob.Theory, 3 Credits ECO 1421/ MAT 2462, Econometrics/ Math Stat, 3 Credits Regular Economics Electives, 6 Credits* Advanced Economics Electives, 6 Credits* *Regular electives are courses that do not require ECO 1101 or ECO 1201 as a pre-requisite. For the math track they may include ECO 1010 or a Finance/Accounting class, but not both. Advanced electives are those that have ECO 1101 or 1201 as a pre-requisite. Economics Minor: 18 Credits Required Courses, 6 Credits ECO 1010, Principles of Economics, 3 Credits ECO 1101 or 1201, 3 Credits Regular Economics Electives, 12 Credits If both ECO 1101 and 1201 are taken, one will count toward the required courses and one as an elective. Electives may also include the combination of STA 1021* and ECO 1421 (econometrics). *STA1021 may count towards the minor only if ECO1421 is also taken. Note: Courses within any given major or minor require a grade of a “C-“or better to fulfill its requirement Faculty The following list includes ¶¶Òõapp who teach at the Beren (B) and/or Wilf (W) campus. Elias GrivoyannisAssociate Professor of Economics (Wilf Campus only)Tadashi HashimotoAssociate Professor of EconomicsJames A. KahnHenry and Bertha Kressel University Professor of Economics, Department ChairRan ShaoAssociate Professor of Economics Resources Please note: Links to external sites are offered as a convenience to visitors, as a starting point for exploration. Such sites are neither endorsed nor regulated by ¶¶Òõapp University, which accepts no responsibility for their content. Research From the American Economic Association. Data & Research A bibliographic database from the University of Connecticut Department of Economics. Free Online MIT Course Materials A free and open database with economic, demographic, societal and market data. Internships Graduate Study Master of Science in Accounting At YUs very own Syms School of Business. News and Organizations From the New ¶¶Òõapp Times. Encourages research, issues publications and supports freedom of economic discussion. An association of professionals with an interest in business economics, seeking to use the latest economic data and trends to make sound business decisions.
