Undergraduate Course Descriptions
Econ 2010 - Principles of Economics: Microeconomics
Studies demand and supply, consumer behavior, the theory of business enterprise, the operation of competitive and monopolistic markets, and the forces determining income distribution. A full introduction to economic principles warrants completion of both Econ 2010 and 2020. Students planning to take both semesters of economic principles are advised to take Econ 2010 first, though this is not required. The department recommends Econ 2010 to students intending to take only one semester of principles. (S)
Credits: 3
Econ 2020 - Principles of Economics: Macroeconomics
Studies the determinants of aggregate economic activity, the effects of monetary and fiscal policy upon national income, and economic policy toward unemployment and inflation. A full introduction to economic principles warrants completion of both Econ 2010 and 2020. Students planning to take both semesters of economic principles are advised to take Econ 2010 first, though this is not required. The department recommends Econ 2010 to students intending to take only one semester of principles. (S)
Credits: 3
Econ 2060 - American Economic History
Surveys American economic history from colonial origins to the present. Cross-listed as HIUS 2061. (Y)
Credits: 3
Econ 3010 - Intermediate Microeconomics
Studies the theory of prices and markets; includes an analysis of the forces determining the allocation of economic resources in a market economy. (S)
Prerequisites & Notes
Prerequisite: Econ 2010 and one semester of calculus.
Credits: 4
Econ 3020 - Intermediate Macroeconomics
Studies macroeconomic theory and policy; includes an analysis of the forces determining employment, income, and the price level. (S)
Prerequisites & Notes
Prerequisite: Econ 2020 and Econ 3010 or 3110, or instructor permission.
Credits: 3
Econ 3030 - Money and Banking
Studies the role of money in the economic system, with emphasis on monetary policy and theory. (S)
Prerequisites & Notes
Prerequisite: Econ 2020.
Credits: 3
Econ 3040 - The Economics of Education
Analyzes the demand for, and supply of, education in the United States, governmental policies regarding education, and proposed reforms. (IR)
Prerequisites & Notes
Prerequisite: Econ 2010.
Credits: 3
Econ 3050 - The Economics of Welfare Reform
Analyzes the major government programs intended to help people with low incomes. Particularly concerned with whether programs have effects that are consistent with their justifications and how they can be redesigned to better achieve their goals. (Y)
Prerequisites & Notes
Prerequisite: Econ 2010.
Credits: 3
Econ 3070 - Economics and Gender
Examines gender differences in the economy, decision-making and the division of labor within the family, and public policies that affect the status of women. (S)
Prerequisites & Notes
Prerequisite: Econ 2010 or instructor permission.
Credits: 3
ECON 3110 - Mathematical Microeconomics
Covers the same topics as Econ 3010 using differential calculus through constrained maximization of functions of several variables. Credit is not given for both Econ 3010 and 3110. (Y)
Prerequisites & Notes
Prerequisite: Econ 2010 and two semesters of calculus.
Credits: 4
ECON 3330 - Public Choice
Studies politics using economic analysis. Topics include the theory of voting rules, regulation, taxation, and interest groups; the growth of government; and the design of constitutions. (IR)
Prerequisites & Notes
Prerequisite: Econ 2010.
Credits: 3
ECON 3630 - Economics of the Middle East
Surveys major economic issues in the development of countries in the Middle East/North Africa region since World War II, using concepts in development economics. (SS)
Prerequisites & Notes
Prerequisite: Econ 2010 and 2020.
Credits: 3
ECON 3650 - Economy of China
Reviews China’s economic growth since the founding of the People’s Republic of China, and in particular since the move toward the use of market mechanisms in 1978. The theme of the course is that for China, changing economic institutions partly explain growth performance in these years. (Y)
Prerequisites & Notes
Prerequisite: Econ 2010.
Credits: 3
ECON 3710 - Introduction to Statistical Analysis
Introduction to the probability and statistical theory underlying the estimation of parameters and testing of hypotheses in economics. Simple and multiple regression analysis. Students will use computers to analyze economic data. More sophisticated examples and exercises and/or greater use of calculus than usually encountered in STAT 2120. Three hours of lecture, one hour of discussion. (Credit is not given for both ECON 3710 and STAT 2120.) (S)
Prerequisites & Notes
Prerequisite: MATH 1220 or equivalent.
Credits: 4
ECON 3720 - Introduction to Econometrics
Guides students in the use and interpretation of economic data, focusing on the most common issues that arise in using economic data, and the methodology for solving these problems. (S)
Prerequisites & Notes
Prerequisite: STAT 2120 or ECON 3710 or instructor permission.
Credits: 4
ECON 4010 - Game Theory
Analyzes the theory of strategically interdependent decision-making, with applications to auctions, bargaining, oligopoly, signaling, and strategic voting. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and ECON 3710 or STAT 2120.
Credits: 3
ECON 4020 - Auction Theory and Practice
Covers the building blocks of modern auction theory (e.g., First Price versus Second Price, Dutch versus English, Revenue Equivalence, Auctions of Multiple Goods), critically assesses this theory by studying recent auctions in practice (e.g., 3G auctions, milk and timber auctions, eBay versus Amazon), and applies auction theory to other, non-auction, environments (e.g., election races, take-over bid-wars, duopoly pricing). (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 and either ECON 3710 or STAT 2120.
Credits: 3
ECON 4060 - Economics of Sports
Through a study of the extensive literature on the economics of college and professional sports, various topics in microeconomic theory, such as monopoly and cartels, racial discrimination, and the relationship between earnings and productivity, are examined. The class emphasizes the mastery of the tools of economic analysis as well as the historical and institutional factors peculiar to sports. (SS)
Prerequisites & Notes
Prerequisite: Econ 3010 and STAT 2120 or ECON 3710.
Credits: 3
ECON 4080 - Law and Economics
Applies microeconomic theory to the analysis of legal rules and institutions. Includes the effect of economic forces on the development of law, and the effect of laws on the allocation of resources. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or instructor permission.
Credits: 3
ECON 4090 - Mathematical Economics
Introduces the basic mathematical techniques used by professional economists and other quantitative social scientists: equations, derivatives, comparative statics analysis of equilibrium models, optimization, constrained optimization, integration and dynamic models, difference and differential equation models, and inequality constraints in linear and nonlinear optimization problems. The purpose of the course is to prepare students for graduate work in economics and in the more quantitative MBA program. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and MATH 1210 and 1220 or equivalent.
Credits: 3
ECON 4100 - Managerial Economics
Applies economic analysis to management problems in business and government. Emphasizes solving problems through marginal analysis, decision making under uncertainty, determining and using the value of information, searching and bidding, bargaining and negotiation, and analysis of transaction costs. Examines methods of capital budgeting, linear programming, game theory, and forecasting. Considers strategic decisions in markets. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and a course in statistics.
Credits: 3
ECON 4150 - Economics of Labor
Analyzes employment and wages, including the economics of education, unemployment, labor unions, discrimination and income inequality. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110, and ECON 3720 or STAT 2120, or instructor permission.
Credits: 3
ECON 4160 - Economics of Health
Uses microeconomic theory to examine the demand for health services and medical care, the market for medical insurance, the behavior of physicians and hospitals, issues pertaining to malpractice, and government policy. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110; MATH 1220; ECON 3720/4720 or STAT 3220.
Credits: 3
ECON 4170- The Economics of Information and Uncertainty
The principles of microeconomics are used to examine decision making under uncertainty: finance, learning, savings, contracts, and oligopoly.
Prerequisites & Notes
Prerequisite: Econ 3010 or ECON 3110; ECON 3020.
Credits: 3
ECON 4180 - Regulating Infrastructure
Analyzes ownership arrangements and regulation of infrastructure industries. Industries examined typically include telecommunications, the Internet, public utilities, and transportation facilities. Special problems posed by natural monopolies, network industries, essential facilities, and congestion. (IR)
Prerequisites & Notes
Prerequisite: ECON 3010 or 3110.
Credits: 3
ECON 4190 - Industrial Organization
Studies market structure, firm strategy, and market performance. Topics include strategic interactions among firms, as well as business practices such as mergers and acquisitions, price discrimination, advertising, product selection, innovation, vertical restraints, cartels, and exclusionary conduct. (S)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110.
Credits: 3
ECON 4200 - Antitrust Policy
Studies government regulation and control of business through public policies designed to promote workable competition. (Y)
Prerequisites & Notes
Prerequisite: Econ 2010.
Credits: 3
ECON 4210 - International Trade: Theory and Policy
Studies the nature and determinants of international trade and factor movements; the effects of international trade on prices of goods and factors; the consequences of tariffs, quotas, customs unions, and other trade policies and agreements, national or international; and international trade and the balance of payments. (Y)
Prerequisites & Notes
Prerequisite: ECON 3010 or 3110; MATH 1220; ECON 3720/4720 OR STAT 3220.
Credits: 3
ECON 4220 - International Finance and Macroeconomics
Studies fixed and floating exchange rate systems. Topics include determinants of a nation’s balance of international payments; macroeconomic interdependence of nations under various exchange-rate regimes and its implications for domestic stabilization policies; and the international coordination of monetary and stabilization policies. (Y)
Prerequisites & Notes
Prerequisite: Econ 3020.
Credits: 3
ECON 4230 - Seminar on Trade and Development
Examines various topics related to either international trade, Third World development, or interactions between the two. Examples include the effects of NAFTA, the WTO, multinational firms, child labor, rich country protectionism against Third World imports, volatile primary commodity markets, and how trade liberalization affects workers in rich and poor countries. The course will be structured on student presentations and directed-research projects. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and either ECON 4210 or ECON 4610.
Credits: 3
ECON 4310 - Economics of the Public Sector
Studies the justifications for government activities, the design of programs consistent with these justifications, the effects of major existing and proposed expenditure programs and taxes, and positive and normative analyses of political systems. (S)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110.
Credits: 3
ECON 4330 - Economics of Taxation
Introduces the basic principles of taxation from an economic rather than an accounting perspective. The themes of the course are the incidence and efficiency of taxes—who ends up paying a tax and how people change their behavior to avoid a tax. The course will focus directly on the U.S. tax system and how it treats income from work, saving, and production. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010.
Credits: 3
ECON 4340 - The Theory of Financial Markets
Studies the theory and operation of financial markets and the role of financial assets and institutions in the economic decisions of individuals, firms, and governments. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110, Econ 3030, and ECON 3710 or STAT 2120.
Credits: 3
ECON 4350 - Corporate Finance
Analyzes the theory of financing corporate operations and corporate decisions regarding the allocation of capital among alternative projects; includes the nature of financial instruments and the behavior of capital markets. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110, Econ 3030, and ECON 3710 or STAT 2120.
Credits: 3
ECON 4360 - Empirical Finance
Develops and tests models of asset pricing and allocation in finance, to determine both the validity of the theories and the extent to which they should guide us in financial decision-making. (Y)
Prerequisites & Notes
Prerequisite: ECON 4720.
Credits: 3
ECON 4370 - Behavioral Finance
Behavioral finance questions the efficient market hypothesis. In addition, this course explores noise trader models and the “over and under reaction” debate. Readings are mostly from professional journals. Students should be quite serious about finance. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and ECON 4340.
Credits: 3
ECON 4390 - The Economic Theory of Advertising
Course deals with theories explaining the nature of advertising, and evaluates market performance in this industry, using Game Theory and Oligopoly Theory. Calculus will be used extensively. (Y)
Prerequisites & Notes
Prerequisite: ECON 3710 or STAT 2120, Econ 3010 or 3110, and MATH 1220 or 1320.
Credits: 3
ECON 4400 - Topics in Economic History
Comparative study of the historical development of selected advanced economies (e.g., the United States, England, Japan, continental Europe). The nations covered vary with instructor. (Y)
Prerequisites & Notes
Prerequisite: Econ 3020, or Econ 2010 and 2020 and instructor permission.
Credits: 3
ECON 4410 - Economics of the European Union
Studies the history, theory, and empirics of European economic integration. Focuses on monetary union, as well as product and factor market integration. (Y)
Prerequisites & Notes
Prerequisite: Econ 3020.
Credits: 3
ECON 4420 - Macroeconomic Policy
Integrated analysis of public policies (including monetary, fiscal, debt-management, foreign exchange, and incomes) designed to cope with fluctuations in national income, employment, and the price level, and to influence the rate of economic growth. Emphasizes policies adopted during specific historical episodes and the theory of macroeconomic policy. (IR)
Prerequisites & Notes
Prerequisite: Econ 3020.
Credits: 3
ECON 4430 - Environmental Economics
Explores the origins of environmental problems, how to measure the value of environmental amenities, and the efficacy of specific forms of regulation, including mandated technologies, taxes, subsidies, and pollution permit trading. Topics include air and water pollution, climate change, the transition from fossil fuels to renewable energy sources, and sustainable development. (IR)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110; MATH 1220.
Credits: 3
ECON 4590 - Majors Seminar
Reading, discussion, and research in selected topics. Topics vary by instructor and course may be taken for credit more than once. (Y)
Prerequisites & Notes
Prerequisite: Instructor permission.
Credits: 1 to 3
ECON 4610 - Economic Development
Studies the peculiar problems of economic growth in underdeveloped countries. Emphasizes public policies for both the countries themselves and the more developed countries and international agencies. (Y)
Prerequisites & Notes
Prerequisite: ECON 2020; ECON 3010 or ECON 3110; ECON 3720/4720 or STAT 3220.
Credits: 3
ECON 4660 - Economy of Japan
Reviews Japan’s economic development from the Tokugawa Era onward, and then explores different sectors and issues of the modern Japanese economy. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or instructor permission.
Credits: 3
ECON 4710 - Economic Forecasting
Analyzes the theory and practice of forecasting economic variables using models for linear stochastic processes, including specifying, estimating, and diagnosing models of economic time series. (Y)
Prerequisites & Notes
Prerequisite: MATH 1220; ECON 3720/4720 or STAT 3220
Credits: 3
ECON 4720 - Econometric Methods
Meets concurrently with ECON 5720. Studies the application of statistical methods to the testing and estimation of economic relationships. Emphasizes applied econometric studies and the problems that arise when analyzing time series and cross-section data by means of stochastic linear models. (S)
Prerequisites & Notes
Prerequisite: MATH 1220 and one of the following statistics courses: ECON 3710, ECON 3720, STAT 3120, STAT 3220, APMA 3110, APMA 3120, or permission of instructor.
Credits: 3
ECON 4820 - Experimental Economics
Explores the use of laboratory methods to study economic behavior. Topics include experimental design, laboratory technique, financial incentives, and analysis of data. Emphasizes applications: bargaining, auctions, market price competition, market failures, voting, contributions to public goods, lottery choice decisions, and the design of electronic markets for financial assets. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110 and a course in statistics, or instructor permission.
Credits: 3
ECON 4880 - Seminar in Policy Analysis
Introduces the methods used to estimate the effects of existing and proposed government programs. Methods will be illustrated with applications to several areas of government policy. Students will complete an empirical policy analysis under faculty supervision. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 311, ECON 3720, and ECON 4310.
Credits: 3
ECON 4990 - Distinguished Majors Seminar
Required for Distinguished Majors. An introduction to economic research and the writing of a Distinguished Majors thesis. Although the course is intended for Distinguished Majors, other highly motivated and accomplished students may be admitted if space permits. (Y)
Prerequisites & Notes
Prerequisite: Econ 3010 or 3110, completion of or concurrent enrollment in ECON 4720, and instructor permission.
Credits: 3
ECON 4993 - Independent Study
Independent study under the direction of a regular faculty member. Students may not use this class to obtain academic credit of summer intership.
Prerequisites & Notes
Prerequisite: GPA of 3.300 in UVa ECON courses.
Credits: 1 to 3
ECON 4995 - Supervised Research
Research under the direction of a regular faculty member. Students may not use this class to obtain academic credit of summer intership.(S)
Prerequisites & Notes
Prerequisite: GPA of 3.300 in UVa ECON courses.
Credits: 1 to 3
ECON 5090 - Introduction to Mathematical Economics I
Studies topics in univariate and multivariate calculus and linear algebra. Includes applications to the theory of economics. (Y)
Prerequisites & Notes
Prerequisite: One semester of calculus and one additional semester of college mathematics, or instructor permission.
Credits: 3
ECON 5100 - Introduction to Mathematical Economics II
Studies topics in the theories of difference and differential equations and dynamic optimization. Includes applications to the theory of economic dynamics. (Y)
Prerequisites & Notes
Prerequisite: ECON 5090 or instructor permission.
Credits: 3
ECON 5352 - British Economic History Since 1850
Studies the structure, performance, and policy in the British economy since 1850, focusing on the causes and consequences of Britain’s relative economic decline. (IR)
Prerequisites & Notes
Prerequisite: Instructor permission.
Credits: 3
ECON 5520 - Special Topics in Economics
Graduate students combine coursework in an upper-level undergraduate economics course with additional special assignments. Because topics vary with instructor, this course may be repeated for credit. (IR)
Prerequisites & Notes
Prerequisite: Graduate standing and instructor permission.
Credits: 3
ECON 5720 - Econometric Methods
Meets concurrently with ECON 4720. Studies the application of statistical methods to the testing and estimation of economic relationships. Emphasizes applied econometric studies and the problems that arise when analyzing time series and cross-section data by means of stochastic linear models. (S)
Prerequisites & Notes
Prerequisite: MATH 1220 and one of the following statistics courses: ECON 3710, ECON 3720, STAT 3120, STAT 3220, APMA 3110, APMA 3120, or permission of instructor.
Credits: 3