Functions of component units of the economy and their interrelations. Units of analysis are the individual consumer, the firm, and the industry. Theory of consumer demand and elasticity, supply and costs of production, theory of the firm under conditions of perfect and imperfect competition, demand for and allocation of economic resources, general equilibrium, and basic principles and institutions of international trade. ECON 402A emphasizes applications to the international economy. ECON 402H is open to students in the Honors Program.

Macroeconomic measurement, theory, and public policy determination.

Functioning of labor markets from theoretical and policy perspectives. Labor demand and supply, wages and employment. Welfare programs, human capital, discrimination in the labor market, unions, wage differentials.

Explores the economics and public policy of global climate change and develops the economic theory including the concepts of externalities, stock pullutant models, the social discount rate, and complicating factors such as information, uncertainty, technological progress, and risk. Students use economic analysis to compare different policy instruments such as administrative regulation, marketable permits, tax incentives, and direct subsidies. Also covers the political economy of international environmental agreements, including an analysis of the Kyoto Protocol. Prereq: ECON 401, ECON 605. Writing intensive.