Texas A&M University Graduate Catalog

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Course Descriptions

Department of Economics

J. W. Allen, R. K. Anderson, L. Auernheimer, E. K. Browning, D. R. Deere, L. Gan, A. J. Glass (Interim Head), D. Goldberg, M. L. Greenhut, T. J. Gronberg, B. Grosskopf, J. R. Hanson II, P. Hernandez-Verme, H. S. Hwang*, D. W. Jansen, Q. Li, A. Mayer, J. R. Moroney, S. Pejovich, S. L. Puller, M. O. Reynolds, R. Sarin, T. R. Saving, G. Tian, T. L. Turocy III, M. Ureta, J. B. Van Huyck, G. Verdier, F. R. Welch, S. N. Wiggins

* Graduate Advisor

Graduate study in economics leads to the degrees of Master of Science and Doctor of Philosophy. The graduate program develops theoretical and quantitative skills and analyzes a broad range of contemporary policy issues in order to prepare students for careers in teaching, research, business and government.

Both MS and PhD degrees are offered. It is not necessary to have a master’s degree before beginning a doctoral program. To enter the doctoral program in economics, the student should present undergraduate credits in economics, although an undergraduate major in economics is not necessary. Additional preparation should include work in mathematics and statistics. The department has no foreign language requirement for a graduate degree in economics.

Economics
(ECON)

603. Public Economics I. (3-0). Credit 3.

Economics of taxation and public spending; theoretical and empirical analysis of the shifting and incidence of income, commodity and property taxes; models of optimal taxation and public spending; analysis of taxation and spending in a federal system of government. Prerequisite: Approval of instructor.

604. Public Economics II. (3-0). Credit 3.

Economics of collective action; theoretical and empirical analysis of externalities; externalities and public policy; the demand and supply of public goods; economic analysis of alternative systems of public choice; models of bureaucratic behavior. Prerequisite: ECON 629 or approval of instructor.

607. Foundations of Microeconomic Theory. (3-0). Credit 3.

Examination of positive and normative analysis in economic theory; emphasis on policy applications of the theory. Prerequisites: MATH 131 or equivalent; ECON 323 or equivalent; or approval of instructor.

609. Human Resource Economics I. (3-0). Credit 3.

Valuation and allocation of human resources; labor supply of households, labor supply over the life-cycle, determination of wages, human capital, migration, education, labor markets and population; use of the testable implications of theory and of evidence to explain observed labor market behavior. Prerequisite: ECON 629 or equivalent.

610. Human Resource Economics II. (3-0). Credit 3.

Selected topics in labor markets; unemployment, earnings differentials, effects of occupational licensing, trade unions, income distribution, military manpower and the draft, effects of minimum wage and equal pay provisions, effects of welfare programs, the professional athlete’s labor market and others; developing and analyzing empirical problems. Prerequisite: ECON 629 or equivalent.

611. Foundations of Macroeconomic Theory. (3-0). Credit 3.

Development of modern static national income analysis from general equilibrium system; roles of fiscal and monetary policy in promoting economic stability. Prerequisites: ECON 323 and 410; MATH 131 or equivalent.

629. Microeconomic Theory I. (3-0). Credit 3.

Core ideas in theoretical microeconomics; theory of consumer and firm; theory of competitive output and factor markets. Prerequisite: Approval of instructor.

630. Microeconomic Theory II. (3-0). Credit 3.

Advanced treatment of consumer and production theory; general equilibrium and welfare analysis. Prerequisites: ECON 629; ECMT 660.

631. Microeconomic Theory III. (3-0). Credit 3.

Advanced theoretical microeconomics; comprehensive study of consumer and producer theory, general equilibrium and welfare, and failures of the competitive model. Prerequisites: ECON 629 and 630.

635. Monetary Theory. (3-0). Credit 3.

Traditional and modern theories of money; general equilibrium systems and role of money in determination of prices, interest rate, income and employment. Prerequisite: ECON 636.

636. Macroeconomic Theory I. (3-0). Credit 3.

Theory of consumption, investment, money, interest, inflation and employment. Prerequisite: ECON 410 or 611.

637. Monetary Policy. (3-0). Credit 3.

Effect of monetary policy on aggregate economic activity and distribution of resources; effectiveness of various policies; optimal policy in light of various institutional restrictions that exist. Prerequisite: ECON 635.

646. Macroeconomic Theory II. (3-0). Credit 3.

Dynamic models, open economies, disequilibrium analysis, unemployment and inflation; traditional macro models and recent developments in macro theory. Prerequisite: ECON 636.

647. Macroeconomic Theory III. (3-0). Credit 3.

Advanced theory of consumption, investment, money, interest, inflation and employment; most recent developments in macro theory. Prerequisites: ECON 636 and 646.

649. Industrial Organization I. (3-0). Credit 3.

Industry structure, conduct and performance described and analyzed with tools of microeconomics. Prerequisite: Approval of instructor.

650. Industrial Organization II. (3-0). Credit 3.

Behavior of markets operating under conditions of imperfect information; construction and scientific evaluation of models designed to explain industry performance. Prerequisite: ECON 649 or approval of instructor.

651. International Economic Policy. (3-0). Credit 3.

Balance of payments and adjustment to national and international equilibria; determination of exchange rates under various monetary standards, capital movements, exchange controls and international monetary organization. Prerequisite: ECON 611 or equivalent.

652. International Trade Theory. (3-0). Credit 3.

Classical and neoclassical models of international trade. International price formation, patterns of trade and gains from exchange; specialization and comparative advantage; factor proportions, factor prices and the Heckscher-Ohlin theorem; foreign trade and growth; tariffs, customs unions and commercial policy. Prerequisite: ECON 630 or approval of instructor.

655. Experimental Economics. (3-0). Credit 3.

Experimental methods in choice behavior experiments, survey research, planned economic environments and animal experiments. Prerequisite: Approval of instructor.

659. Game Theory. (3-0). Credit 3.

Static and dynamic games of complete and incomplete information and other advanced topics in game theory.

685. Directed Studies. Credit 1 to 6 each semester.

Directed individual instruction in selected problems in economics not related to thesis or dissertation. Prerequisites: Graduate major or minor in economics; approval of instructor.

689. Special Topics in... Credit 1 to 4.

Selected topics in an identified area of economics. May be repeated for credit. Prerequisite: Approval of department head.

690. Theory of Economic Research. (3-0). Credit 3.

Design of research experiments in various subfields of economics, and evaluation of research results with the aid of examples taken from the current scientific literature.

691. Research. Credit 1 or more each semester.

Thesis research.