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Economics (ECON)

Check with department for semester when these courses are offered. Read each course description for prerequisites.

2000 MARKETS AND RESOURCE ALLOCATION (3 credits) Develops microeconomic principles to explain and evaluate markets as mechanisms to signal buyers' preferences and induce suppliers' response. Considers the origin and historical development of market economies as well as theory. Liberal Education Goal Areas 5 and 9

2100 MACROECONOMICS AND THE BUSINESS CYCLE (3 credits) Develops macroeconomic concepts to explore the determination of aggregate output, employment, and the price level in modern mixed economies. The interaction between the financial sector and commodity markets and the potential of monetary and fiscal policy to guide the course of the macro economy are also explored. Prerequisite: ECON 2000 or consent of instructor. Liberal Education Goal Area 5

2150 THE INTERDEPENDENCE OF THE HAWAIIAN ECONOMY AND THE ENVIRONMENT: PROJECTS FOR THE HAWAII FIELD PROGRAM (1-3 credits) Economic concepts and techniques in environmental valuation, sustainable development, and green accounting based on the report “Environmental Valuation and the Hawaiian Economy.” Interconnection of the Hawaiian economy and environment through investigation of major environmental issues such as the role of forests, water quality and quantity, coral reef ecosystems, extractive activities versus eco-tourism, and invasive species. Direct observation of investment efforts toward achieving sustainability. Liberal Education Goal Area 5

2925 PEOPLE AND THE ENVIRONMENT: ECONOMIC PERSPECTIVE (3 credits) This course is a module linked to the interdisciplinary environmental issues course, People and the Environment. It is an integrative study of the natural, social, value-based, and citizen-action contexts for environmental awareness. The disciplinary component surveys economic approaches to and institutional settings for environmental decision making, including our behaviors as consumers and producers. Interdisciplinary perspectives are evaluated in light of different concepts of social well being, including economic efficiency, equity, and sustainability. Liberal Education Goal Area 10

3010 PUBLIC ECONOMICS (3 credits) Examines the rationale of public provision of selected goods and services and compares alternative tax structures in terms of their effects on the rest of the economy and their capacity for financing government expenditures. The effects of the political process on taxes and spending and selected topics in intergovernmental fiscal relations are also considered. Prerequisites: ECON 2000 and ECON 2100.

3040/ENVR 3040 ENVIRONMENTAL ECONOMICS (3 credits) Examines environmental problems as consequence of market's failure to accurately value environmental resources. Alternative private and public policies are examined in terms of their effectiveness in improving the efficiency and equity with which water, air and other resources are allocated. Prerequisite: ECON 2000 or consent of instructor.

3070 LABOR ECONOMICS (3 credits) Analyzes structure and operation of labor markets as a background to exploring issues and topics related to collective bargaining and public policy. The impact of technological and institutional change on labor markets is considered. Prerequisite: ECON 2000 or consent of instructor.

3200 ECONOMICS OF THE FINANCIAL SECTOR (3 credits) Looks at the operation of intermediaries and securities markets to allocate financial capital and price financial assets. The role of the central bank and related agencies in guiding the financial sector and influencing the macroeconomy are considered. Prerequisites: ECON 2000 and ECON 2100 or consent of instructor.

3230 BENEFIT/COST ANALYSIS (3 credits) Develops the theoretical base of benefit/cost analysis in reviewing public investment projects and examines the application of this tool by specific agencies. Emphasis on the meaning and treatment of risk in policy analysis. Prerequisite: ECON 2000 or consent of instructor.

3400 INTERNATIONAL TRADE AND FINANCE (3 credits) The origins and effects of trade and capital flows. The role of international financial markets in influencing trade flows and international investment. Prerequisite: ECON 2000.

3700 CURRENT ECONOMIC TOPICS (1-3 credits) Customized course providing in-depth investigation of a current issue of theory or policy. Content and credits may vary. Prerequisites: ECON 2000 and ECON 2100.

4000 MICROECONOMIC DECISIONS (3 credits) Individual decision making of households and firms. Resource allocation via market exchange in alternative market structures. Prerequisites: ECON 2000 or consent of instructor.

4100 MACROECONOMIC GROWTH AND FLUCTUATIONS (3 credits) Examines the sources of economic growth and cyclical fluctuations in a market economy, techniques for forecasting economic activity, and the potential for policy to improve performance. Prerequisites: ECON 2000 and ECON 2100 or consent of instructor.

4920 DIRECTED GROUP STUDY: CAPSTONE EXPERIENCE I (4 credits) Investigates advanced topics in micro and macro alternating years. Students are responsible for considerable out-of-class research and in-class presentations. Note: An appropriate internship may substitute for ECON 4920 in the major with department's permission. Prerequisites: ECON 4000 and ECON 4100 or consent of instructor.