Catalog Version

Summer/Autumn 2013
Catalog update:
May 15, 2013

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Students in the Driehaus College of Business who wish to gain a deeper understanding of economic theory and practice to complement their majors can do so with a minor in Economics. Students may choose the economics electives that best fit their individual courses of study.

Declaration Requirements 

To declare a minor in Economics, a Driehaus student must meet the following requirements:

  • A minimum cumulative DePaul grade point average of 2.000
  • A minimum Economics grade point average of 2.000
  • No grade of IN, R, or lower than C- in any Economics (ECO) course

Course Requirements

In addition to ECO 105, ECO 106 and ECO 315, a Driehaus student minoring in Economics is required to complete the following courses totaling at least 12.0 hours:

Three elective courses to be chosen from:

ECO 101 is intended for non-Driehaus students and cannot be counted toward a major or minor in economics.

ECO 395 Capstone Seminar in Economics may not be used as an Economics Elective.

Degree Conferral Requirements

All Economics (ECO) courses and any other courses used toward the Economics minor must be completed with a minimum grade of C- and with a combined GPA of 2.000 or higher.

ECO 305

INTERMEDIATE MICROECONOMICS

Continuation of topics treated in Economics 105, especially consumption and production theory. Marginal analysis and indifference curves are major tools used in discussion of demand for products, pricing output, wages, and distribution of output.
Prerequisites:
ECO 105 and MAT 135 or equivalent are a prerequisite for this class.

ECO 306

INTERMEDIATE MACROECONOMICS

The purpose of this course is to develop macroeconomic models that assist in understanding the myriad economic problems facing us today, both domestic and foreign, and in evaluating proposed solutions. These static and dynamic models are used to understand interactions in the macroeconomy, and will serve as a tool in predicting the level of GDP, inflation, unemployment and interest rates. Models included are: traditional short-run Keynesian analysis; the New Classical market-clearing approach; and the recent work in Neo-Keynesian thought.
Prerequisites:
ECO 105, ECO 106 and MAT 135 or equivalent are a prerequisite for this class.

ECO 310

URBAN ECONOMICS

This course discusses the economic rationale for the existence of cities and urban areas. Location decision-making by both firms and households is analyzed with attention given to the resulting land values, land rents, population density gradients, and urban land use patterns. We study models of the supply and demand for housing, the measurement and determination of house value, and the corresponding problems of segregation, housing abandonment, property taxation, and public housing. Other urban problems such as poverty, crime, and transportation are also discussed.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 311

BUSINESS AND ECONOMIC FORECASTING

Students will learn forecasting tools for microeconomic variables such as sales and profits and macroeconomic variables such as interest rates and GDP growth rates.
Prerequisites:
ECO 375 is a prerequisite for this class.

ECO 312

THE CHICAGO ECONOMY

The first part of this course will focus on changes in the Chicago metropolitan economy over time. Topics to be covered will include the development of the Chicago economy in the 19th Century, modern economic development, land use, and suburbanization. The second part of the course will focus on selected policy issues including poverty, housing, pollution, crime, education, transportation, and taxes.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 313

ECONOMICS OF REGULATION & ANTI TRUST LAWS

Social Control of Business. Relationships between government, business and society. Both the institutional and theoretical aspects of governmental intervention in economic life examined.
Prerequisites:
ECO 305 is a prerequisite for this course.

ECO 314

ECONOMICS OF THE PUBLIC SECTOR

This course discusses market failures and the economic role of government. Topics covered will include: government interventions that correct market failures, the efficiency of government policies, collective decision-making and voting, as well as the theory of optimal taxation and the incentive effects of taxes. Specific government programs such as Social Security and welfare programs are also analyzed. The emphasis is on the revenues, expenditures and policies of the federal government.
Prerequisites:
ECO 305 is a prerequisite for this course.

ECO 316

EUROPEAN ECONOMIC HISTORY

European Economic History. Major factors and institutions which have influenced the economic development of European nations. Impact of these nations on U.S. development is also discussed.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 317

AMERICAN ECONOMIC HISTORY

This course addresses the major factors and institutions which have influenced the economic development of the United States, including differences in regional development, slavery, transportation improvements, western expansion, the rise of large scale business, and government policy responses.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 318

LABOR ECONOMICS AND ORGANIZATION

Historical and theoretical analysis of labor groups and labor market problems (including wage determination, unemployment and discrimination), with particular reference to the dynamic economy of the United States.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 319

ECONOMICS AND GENDER

This course covers economic trends concerning women in the economy and examines economic analyses of gender issues, with special emphasis on gender issues in the work place. The increase in the number of women in the work place has been a major change in labor markets, affecting workers, employers and families. Different economic perspectives are examined to give students an understanding of the range of contributions by economists to this field. The course also examines feminist economics which raises concerns about economic analysis in general and as it is applied to this field.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 320

ECONOMICS OF RELIGION

This course examines selected economic and sociological aspects of religion in society. Some of the topics that are covered include marriage and divorce, fertility and population growth, schooling, church contributions and work.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 321

LAW & ECONOMICS

The overall goal of this course will be to demonstrate how businesses and government interact by surveying the economic and legal aspects of this relationship. This course is designed to prepare students to engage in methods of formal inquiry. The students will examine the American historical aspects of this relationship from the industrial revolution to the present. All topics are discussed with an emphasis on real-world applications and will include: a review of microeconomic theory pertaining to market structures with an emphasis on oligopolies; the history of antitrust; a review of the US legal and political framework; government regulation and key judicial decisions affecting businesses and industries concentrating on the legal and economic logic of those decisions. Class will begin with a discussion of current events once a week and it is expected that each student will attempt to participate and be knowledgeable of what is occurring locally, nationally and internationally.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 325

THE ECONOMICS OF POVERTY

This class addresses society's view of poverty. It begins with an introduction to theories of economic justice for perspective. The introduction is followed by empirical issues related to the measurement of poverty and identification of its causes. An assessment of programs designed to ameliorate the effects of poverty also is covered.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 330

THE ECONOMICS OF SOCIALISM

The origin of socialist economic theory and its relationship to modern economic analysis. Socialist critiques of capitalist economies and capitalist economic theory are developed and related to the theoretical basis for socialism in modern economic theory.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 333

TOPICS IN GLOBAL ECONOMIES

This course provides an introduction to the major changes in the global economy in the twentieth century. It will devote particular attention to comparative analysis of national economic institutions and performance and business conditions, as well as prominent international institutions such as the International Monetary Fund, World Bank, and World Trade Organization. Knowledge of microeconomic and macroeconomic analysis (Economics 105 and 106) will be presumed and applied to global economic flows and national institutions. Selection of countries and case studies from advanced and developing countries will vary according to recent economic developments.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 334

UNDERSTANDING CHINA'S ECONOMY

The expansion of relations between China and foreign enterprises continues to entwine China's economy with those of the world. This course will analyze China's continuing evolution into a global market economy. We will examine China's impact to the world economy and the problems that must be overcome for China to continue its dynamic growth. We will further discuss the characteristics of China's evolution and how they can be extrapolated to other nations undergoing similar transitions.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 335

ENERGY AND ENVIRONMENTAL ECONOMICS

The fundamental problems of resource depletion and environmental deterioration. Alternative methods to achieve an optimal ecological system. Methods of economic analysis include cost-benefit techniques, the role of effluent fees, government subsidies, and legislative action.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 340

DEVELOPMENT OF ECONOMIC THOUGHT

A study of the most influential contributions to our understanding of political economy broadly understood. An historical examination of the development of economic theories with special emphasis placed upon their relevance to present economic and political issues.
Prerequisites:
(ECO 105 or ECO 106), ECO 306 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 360

ECONOMICS OF LOW-INCOME COUNTRIES

This course analyzes economic development issues in low-income countries. Attention is given to several key issues including agricultural and rural development, population growth, human capital, international trade, foreign resource flows, the role of the public sector, and environmental quality.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 361

INTERNATIONAL TRADE

This course deals primarily with the trade side of international economic relations, the gains from trade and barriers to trade. The main objective is the development of analytical tools required for an understanding of the gains from trade and barriers to trade. Particular emphasis is placed on currently pressing issues including the impact of trade on domestic employment and income, international trade tensions, and the rise of regional trade blocks.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 362

INTERNATIONAL MONETARY ECONOMICS

How do fiscal and monetary policy choices change as a country's economy opens more and more to international trade and capital flows? This question and others of international importance will be analyzed with an open-economy, macroeconomic framework. Topics to be explored will include: the foreign exchange market under both fixed and floating exchange rate regimes; the balance of payments, output, prices, and income in an open economy; the international monetary system; and the macro issues of economic development and transition.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 375

INTRODUCTION TO ECONOMETRICS

Techniques of estimation and testing of economic relationships. Probability theory, probability distributions, least squares estimation and correlation.
Prerequisites:
ECO 105, ECO 106 and (MAT 137 or equivalents) are a prerequisite for this class.

ECO 380

MATHEMATICAL ECONOMICS

Review of various mathematical functions useful in formulating economic theories followed by elements of Matrix algebra and its application to concepts of micro and macro economic equalibria. Particular emphasis will be placed on differential calculus, including the use of partial derivatives. These mathematical tools will be applied to optimization problems in micro and macro economic theory.
Prerequisites:
ECO 105, (MAT 135 or equivalent) and (MAT 136 or equivalent) are a prerequisite for this class.

ECO 398

SPECIAL TOPICS

Special Topics. Content and format of this course are variable. All topics will include an in-depth study of current issues in Economics. Subject matter will be indicated in class schedule.
Prerequisites:
ECO 105, ECO 106 and (MAT 130 or equivalent) are a prerequisite for this class.

ECO 399

INDEPENDENT STUDY

An Independent Study may be vailable to students of demonstrated capability for intensive independent work in economics. Written permission of supervising faculty member, chair, and director of undergraduate programs is required prior to registration.

ECO 322

ECONOMICS AND FINANCIAL POLICY

This class explores policy approaches to regulating the financial system and the macroeconomy. The recent financial crisis has spurred interest in financial reform, culminating in the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Students examine the current and historical issues facing the US financial system and economy. They draw on their Business core curriculum (Money & Banking, ECO315 or FIN320) to critically evaluate reform proposals.
Prerequisites:
ECO 315 or FIN 320 is a prerequisite for this class.

ECO 326

HEALTH ECONOMICS

Taking a microeconomic perspective, this course provides a comprehensive overview of the field of health economics building on economic principles, recent research, and problem-based learning. Students will consider conceptual and empirical analyses of: supply of and demand for health and medical services; role of insurance; influence of physicians and hospitals on price, quantity, and quality of services; factors that distort the market; and the impact of technological change on health care cost. The recent changes in federal law regarding health insurance coverage are considered as well.
Prerequisites:
ECO 105 and ECO 106 are prerequisites for this class.

ECO 336

EXPLORING ECONOMICS & STATISTICS THROUGH SPORTS

The main objective of this course is to have students use and understand economics analysis. It covers many of the basic principles/theories in microeconomics, using the sports industry to illustrate these topics. Students use concepts from Business core courses (microeconomics and statistics) to analyze questions such as 'Do large-city professional sports franchises have a competitive advantage over its small-market counterparts?' or 'Why did Chicago and the State of Illinois use $463 million of public money to refurbish Soldier Field?'
Prerequisites:
ECO 105, ECO 106 and (MAT 137 or equivalents) are a prerequisite for this class.

ECO 341

BEHAVIORAL ECONOMICS

Behavioral Economics incorporates insights from psychology to expand the standard models of economic choice. This course will examine the findings from the psychology literature that inform the issue of decision making, explore how these findings have challenged standard economic models, and examine how the findings are being incorporated into economic thinking about choice. In addition to an introduction to the Behavioral Economics literature, students will have the opportunity to develop a project of their own using behavioral economics to examine a current economic issue.
Prerequisites:
ECO 305 is a prerequisite for this course.

ECO 379

GAME THEORY

The primary purpose of the course is to learn and apply the tools of game theory in order to understand important economic phenomena. Game theory is widely applicable within the realm of economics, to areas such as: industrial organization, international trade, and corporate finance (not to mention, macroeconomics, law and economics, money and banking, public choice, and environmental economics).
Prerequisites:
ECO 105 and ECO 106 are prerequisites for this class.