Click on the course and it will take you to a description.

ECO-026-01 Financial Markets (Prof. Lewis)
ECO-030-01 The Mind of the Entrepreneur (Prof. Fried)
ECO-041-01 Microeconomic Analysis (Prof. McCarty)*
ECO-042-01 Macroeconomic Theory and Policy (Prof. Foster)*
ECO-043-01 AND 02 Introduction to Econometrics (Prof. Dvorak)*
ECO-090-01 Economics Internships (Prof. Fried)
ECO-130-01 E-Commerce Economics (Prof. Yaisawarng)
ECO-134-01 Introduction to Financial Analysis (Prof. Kenney)
ECO-144-01 International Economics (Prof. Motahar)
ECO-163-01 Seminar in International Finance (Prof. Lewis)

Instructions for signing up for Card Courses.

"Card" Course
Card course sign-up can be done "On-line" by connecting to our homepage @ www.union.edu/PUBLIC/ECODEPT/ from Monday, 10/25 - Tuesday, 10/26 of "card sign-up" week. Check the bulletin board in SS211 or our homepage on Friday of the same week to see if you have been admitted to the course, and if so, pick up the card necessary for preregistration from the secretary in SS212 by the following Monday by 4pm.  For more instructions, please click "Instructions" above.

Please note:  Three sections of ECO-012 are also being offered, but they are not card courses.

Economics 26
Financial Markets
Prof. Bradley Lewis

Description

A student who masters the course material in Economics 26 should become familiar with the current structure of U.S. financial markets and how they compare with those elsewhere; understand how important economic, political, technological and social factors influence the development of such markets; and better understand many of the articles in financial pages of the NY Times or Wall Street Journal. The course may be of interest not only to Economics majors but also to those in related disciplines such as History and Political Science.

As stated in the 2004-2005 Academic Register, this course includes "Study of the historical evolution, economic functions, and efficiency of financial institutions and markets in the United States." We study the historical evolution of financial institutions and markets to better understand their current structure and their influence on U.S. economic growth. To understand the economic functions of financial markets, we study basic financial concepts (e.g., the time value of money, asymmetric information, and financial intermediation) and financial institutions (e.g., banks, the stock and bond markets, and the lender of last resort). We study the efficiency of financial institutions and markets in the United States and emerging issues in our current system.

During the entire course, we will regularly address ethical issues related to financial markets, for two major reasons.  First, popular views of ethics and of appropriate behavior in financial markets have changed over time, with significant consequences for the structure and functioning of financial markets.  We study ethical issues to help us understand the subject at a time when almost everyone has a stake in the successful functioning of financial markets.  Second, many Union students choose professional careers in finance or regularly deal with others who do.  By studying what is expected of those in finance and discussing recent scandals and their consequences, students will be better prepared for professional careers.

   Prerequisites

Economics 12 is the only prerequisite.

Requirements

We supplement material from a financial markets text with selected readings from academic and nonacademic sources. Graded assignments will include examinations and short papers but not a major term project. Students will also be asked to follow current developments in financial markets (low-cost subscriptions to the Wall Street Journal will be available) and we will talk about these regularly in class.  This course will meet on MWF from 1:45 - 2:50 p.m. and is also scheduled for Thursday 3:35 – 4:25.  Classes will not normally meet on all four days each week.  Rather, we will meet on enough Thursdays to replace any time lost when M,W, or F classes are cancelled because the instructor is out of town; in other weeks we will use the Thursday classes for optional problem sessions or discussion or cancel them.

This course carries a WAC credit.

Further comments: Sophomores will be given preference.  Economics majors who have reached the junior year may not take this course.

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Economics 30
The Mind of the Entrepreneur
Prof. Hal Fried

Description:

The objective of this course is to expose students to three perspectives on the role of the entrepreneur in guiding resource allocation in a market economy.  The traditional perspective focuses on resource allocation changing over time as the entrepreneur responds to opportunities for economic profit.  The psychological perspective examines the personality characteristics of entrepreneurs.  The non-traditional perspective explores the implications of the entrepreneur as a creator of demand as well as a supplier of new products. 

 The psychological makeup of the entrepreneurial personality is important to understand and to study in order to promote the introduction of new products.  Greed, income and self-interest drive the traditional model of resource allocation.  This is appropriate under some circumstances and possibly not under others.  The non-traditional perspective takes into account the ability of the entrepreneur to manipulate demand as well as supply, in which case the economy fails to respond to the “will of the people” and might not produce what consumer’s want, but rather, what producers want them to want.

Requirements:

This is an interdisciplinary course that is listed in the economics department. Instructors are Hal Fried (economics), Doug Klein (economics) and Ken DeBono (psychology).  Economics 12 is a prerequisite.  Advanced students who have had Economics 41 are ineligible.  Concurrent enrollment in Eco 41 is permitted, however, freshmen have preference. This is a card course.

This course will be taught on Tuesday and Thursdays from 9:00-10:40AM.

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Economics 41
Microeconomic Analysis
Professor Therese A. McCarty

Course Description

A great many problems in economics concern the way in which people and firms change their spending and production in response to changes in prices, incomes, government policies, or other economic changes. Economics 41 covers the basic microeconomic models used to analyze the behavior of individuals, households, and firms, and introduces the use of those models in economic analysis. Topics to be covered will include utility theory, firm theory, welfare economics, intertemporal choice, and if time permits, externalities and public goods. By the end of the term, students will have a practical toolkit of economic models that they can put to use when studying these sorts of problems in elective courses and in their senior theses.

Economics 41 is a required course for the economics major, and is a prerequisite for many of the 100 level courses in Economics and for senior thesis. It is best to take Economics 41 by the end of your sophomore year, and it is mandatory that you take it before starting your thesis.

Prerequisites

The prerequisites for Eco41 are Eco12, Math 10, 11B, 13 or equivalent AP credit.  Math 11B may be taken concurrently.

Requirements

Economics 41 is scheduled to meet Mondays, Wednesdays, and Fridays from 10:50 - 11:55 a.m. in BAIL 100.  The course will require weekly problem sets, a midterm exam, and a final exam.

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Economics 42
Macroeconomic Theory and Policy
Professor Ellen Foster

Course Description
Economics 42 is one of the core courses in the Economics Program. Macroeconomics is concerned with the determination of a country's overall levels of production, employment, inflation, and growth. The course starts by developing short-run macroeconomics models. Then we explore the medium-run and long-run dynamics of an economy. For each time horizon, we will discuss the effects of changes in monetary/fiscal policy and of  macroeconomic shocks on the economy. By the end of this course, you should be able to pick up economic pages of publications like The Wall Street Journal and understand its coverage of macroeconomic issues.

Economics 42 is required for all majors in Economics. Students intending to major in Economics should try to take this course by the beginning of their junior year. This course may also be attractive to non-majors who would like to develop a better understanding of the structure and performance of an economy.

Prerequisites
Economics 12 and Math 10, 11B, 13 or equivalent AP credit are the prerequisites for this course. Math 11B may be taken concurrently with this course.

Requirements
The format of the course is lecture with some class discussion. Course work will include reading, homework assignments, short papers, term tests and a final exam. 

This course is being taught on Tuesday and Thursdays from 9:00am-10:40pm in SSCI 103.

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Economics 43 Section 01 or 02
Introduction to Econometrics
Professor Tomas Dvorak

Please specify the section number when you sign up during the pre-registration period, e.g., 43-01 or 43-02.  If you would like to be considered for either section, please sign up for both sections and list your preferred section first.

Course Description

Econometrics is the study of using data to analyze economic questions. The objective of this course is to familiarize students with basic methods of econometrics, and with the mechanics of writing a research paper that uses these methods. We will learn how to describe and compare economic variables and how to examine relationships among them. This course is a key part of the economics major. It  will enable students to understand quantitative analyses which are used in upper level courses, and to perform such analyses in their senior thesis.

Prerequisites
Eco 12, Math 10, 11B, 13 or equivalent AP credit  are prerequisites for Eco 43. Students who have not taken Eco 12 should take that course instead. It is advisable to take Eco 41 (Microeconomic Analysis) or Eco 42 (Macroeconomic Analysis) before taking this course, but it is not necessary.  Economics 43 is required of all economics majors, including managerial and industrial economics, and all ID majors and minors.  It is advisable for majors and ID majors to take Eco 43 before or at the beginning of their junior year, so that they can use their knowledge of econometrics in advanced courses prior to writing a thesis. It is not necessary to have prior experience with computers, although they will be used in the course. There is no mathematics prerequisite for this course, although some algebra will be used, and there are a few places where knowledge of calculus will be helpful if you happen to have it.

Requirements
There will be two midterm exams, problem sets, and a research paper in which you apply the techniques of the course to an economic problem of your choice. Economics 43 is a WAC course. There will be no final exam.

ECO-043-01 will meet MWF 8:20-9:25am in SSCI 012.
ECO-043-02 will meet MWF 9:35-10.40am in SSCI 012.

Note:  ECO 43 carries WAC credit.

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Economics 90
Economics Internships
Professor Hal Fried  

Course Description
This course is designed to provide upper level students with experience in the operation of various economic policy units including agencies and commissions in New York State government, local governments, not-for-profit organizations, banks and other financial institutions, and commercial and industrial enterprises. Each student will be responsible for one or more projects for the company or agency, the substance of which is designed to provide the student an opportunity to apply the tools of economic analysis to real world problems.

Prerequisites
Enrollment requires the consent of the instructor. It will normally be limited to juniors and seniors with strong academic records and a solid foundation in economics. Senior managerial economics majors receive preference.

Requirements
Do not even think about taking this course unless you are prepared to do LOTS of work. Each student will be expected to work in the position 10 to 12 hours per week, to complete a project or projects, and to write a paper reporting on the results of their work. We will meet as a group at least once every week. You must be available Tuesday and Thursday from 1:45 - 3:25 pm. There will be one or more books that you will be required to buy, to read and to discuss.  There may even be a test or two or three or four or ...

Successful interns are self-starters who are capable of working independently and without continuous supervision. Familiarity with statistics and computers will be helpful for some internships, although no such experience is necessary for many others. Students will be evaluated and placed in a position appropriate to their background, their interests, and of course, the interest of the host agency or firm.

This is a Limited Enrollment Course.

If you are willing to make a commitment to this program in the Winter term, please return the internship application form and a résumé no later than Tuesday (October 26) of preregistration week before 4:00 p.m.  Application forms are available from the Economics secretary, Room SS 212.

Each internship begins on the first day of classes in January.

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Economics 130
E-Commerce Economics
Professor Yaisawarng

Course Description:

E-Commerce Economics is an application of microeconomic theory to analyze the evolving role of electronic markets and their impacts on the society with an emphasis on the development of necessary skills required to evaluate current and future economic issues associated with electronic commerce.  This course addresses theories of firm conduct and performance in the electronic marketplace, the role of information and E-commerce intermediaries, intellectual property rights of digital products and public policy issues of E-commerce.  Ethical issues regarding firm conduct, implicit social contracts, trust, and infringement of intellectual property rights and many others as well as practical problems facing consumers and businesses in the electronic market are discussed.  This course will not teach how to create a web site for a business entity.

Prerequisites:

Economics 41: Microeconomic Analysis

Requirements:

This course meets Mondays and Wednesdays from 3:00 to 4:40 pm.  There are several homework assignments and one-minute papers, one midterm exam, and one two-student project.  The project is due in stages and the complete paper is due during the final exam week.  The research project is presented to the entire class during the term.  There is no final exam.

This is a WAC course.  The enrollment is limited to 19 students.

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Economics 134
Introduction to Financial Analysis
Professor James Kenney

Course Description
The objective of the course is to introduce the student to the concepts and techniques of financial analysis and to the operation of securities markets. The focus is the evaluation of private businesses which attempt to maximize their shareholders' wealth. Topics covered include evaluation of a firm's financial statements, time value of money, risk-return analysis, stock and bond valuation, capital budgeting, cost of capital and capital structure, long-term finance and dividend policy, and mergers/acquisitions. In addition to the text, The Wall Street Journal is required reading for the course. A 10-week subscription (at a $20 cost) will be arranged in advance for all registrants.

Economics 134 should be especially useful to those students who are considering internships or career opportunities in finance and/or management. No prior background in finance or accounting is required. The course carries WAC credit.

Students who have completed Economics 134 are eligible to participate in the management of the Union College Student Investment Fund, a $300,000 portfolio of securities within the College's Endowment. All of the Fund's portfolio decisions are made by a 4-6 person team of students with the guidance of faculty trustees. Income from the Fund's assets may be used to finance expenditures which enhance the fund management experience (e.g., purchase of databases and reference materials, attendance at seminars related to portfolio management, travel to meetings with alumni who work in the securities industry).

Prerequisites
The prerequisites are at least one of Economics 41, 42, 43, sophomore standing, and an interest in finance.

Requirements
Evaluation is based on performance on three intra-term exams (45%), a final exam (30%), and a term project (25%). The term project consists of an extensive financial analysis of a publicly held company. Each student must select a company, acquire information about its recent financial history, and, utilizing the techniques learned during the course, determine the maximum price that should be paid for the common stock of the company.

The class will meet on Monday, Wednesday and Fridays from 9:35-10:40am in Olin 106.

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 Economics 144
International Economics
Professor Eshragh Motahar

 Course Description

This course tackles some of the most important questions faced by policy-makers, businesses, and ordinary citizens in an increasingly interdependent world: Why do countries trade with one another? Wouldn't life be easier and simpler if all countries were self-sufficient and relied on their own resources? Is free trade good for all countries and in all circumstances? International interdependence extends beyond simply the shipping of goods between countries: Are there benefits that result from international movement of workers? What about the flow of capital among countries? Do immigrants "steal" U.S. jobs? Should one be concerned about "foreigners" owning a lot of U.S. assets? What factors cause fluctuations in exchange rates?

To quote from the textbook that we will use "The study of international trade and money has always been an especially lively and controversial part of economics. Many of the key insights of modern economic analysis first emerged in ... debates over international trade and monetary policy. Yet there was never a time when the study of international economics was as important as it is today. Through international trade in goods and services, and international flows of money, the economies of different countries are more closely linked to one another now than ever before. At the same time, the world economy is more turbulent than it has been in many decades. Keeping up with the shifting international environment has become a central concern of both business strategy and national economic policy."

 Prerequisites

The prerequisites are Eco 41, Eco 42, and Eco 43. If you have not taken any of these courses, please e-mail me before you sign up. Please note that all three courses are prerequisites.

 Requirements

The teaching format is lecture. Class discussion and participation is strongly encouraged. It is expected that all students will contribute to class discussions. Student performance is evaluated on the basis of one midterm exam, a final exam, a term paper, and two problem sets. If you have any questions regarding any aspect of this course, please feel free to e-mail me at motahare@union.edu. This course is taught on Tuesdays and Thursdays, 1:45-3:25pm in HUMN 019.

Students are required to adhere to the following professional code of conduct in class.  Please do not sign up for this course if you are unable to adhere to this code:  “Professional Conduct.  In order for everyone to benefit from the educational process in an appropriate environment, adherence to professional conduct in the classroom is expected.  Eating, cell-phone use, late arrival, leaving the classroom while the class is in session, conversation which interferes with class activity, and similar unprofessional conduct is not acceptable.  Such conduct will lead to point deductions from your course grade.”

·        This course carries CDEA GenED credit.

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Economics 163
Seminar in International Finance
Prof. Bradley Lewis

Course Description:

In this seminar we will study the multi-faceted connections among the balance of international payments, developments in foreign exchange markets, and the general levels of domestic prices, employment, interest rates, and other important measures of economic activity within nation states. A student mastering the material in this course will understand in some detail issues connected with the balance of payments, the functioning of foreign exchange markets, adjustment mechanisms in international payments, macroeconomic policies for internal and external balance, and international monetary systems. 

In focusing on open economy macroeconomics, we cannot study only the actions of governments.  Because of the independent power, importance, and success of multinational firms, we must consider the effects of their key financial decisions.  Moreover, the perspectives of the decision makers in these firms on economic policies are widely shared by many other economic and political actors.  Open economies can also be heavily influenced by the policies and actions of international financial institutions such as the International Monetary Fund and the World Bank.

 Prerequisites:

 Economics 41 and 42.

Requirements:

For at least the first half of the course, we will systematically cover various topics in open economy macroeconomics and their institutional context (e.g., the changing international monetary system).  Requirements during this part of the course will include at least one examination and some combination of short papers, cases, or problem sets.  For about the second half of the course, each student will write, circulate in advance, and present to the entire class a major paper on some aspect of international finance—e.g., analysis of a crisis, an empirical study of macroeconomic variables, or an evaluation of the success of a specific type of policy.

            Both the assignments and the material covered will be partly dependent on enrollment in the course, since the number of students will determine in part how much class time will be devoted to paper presentations.  At least half the grade, and possibly more, will be dependent on the writing and presentation of the final paper and participation in class discussions.  This course carries a WAC credit.

 This course will meet Tuesday and Thursday from 10:50 – 12:30.

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