University of Miami Economics Courses: A Comprehensive Guide for Freshmen

The University of Miami offers a comprehensive range of economics courses suitable for freshmen and advanced students. The economics curriculum is designed to provide students with a solid understanding of economic theory and its application to a wide range of human behavior, using the principle of utility-maximizing behavior to provide a framework for studying how people make choices. This article aims to provide an overview of the economics courses available to freshmen at the University of Miami, including introductory courses, advanced courses, and major specializations.

Foundational Economics Courses

Principles of Microeconomics (ECO 201)

ECO 201, Principles of Microeconomics, is a fundamental course devoted to the development and application of basic analytical tools and principles required for an understanding of major economic problems and policy alternatives available for their solution. A particular emphasis is devoted to microeconomic analysis, including the role of the market in resource allocation, the role of competition, market forces, the forces governing the distribution of income, and the role of foreign trade in economic welfare. This course is designated as IIC and PA-2A.

Principles of Macroeconomics (ECO 202)

ECO 202, Principles of Macroeconomics, provides an analysis of the determinants of output, prices, employment, and interest rates. It includes the long-run behavior of the economy, business cycle theory, the monetary system, stabilization policy, and international finance. This course is also designated as IIC and PA-2A.

Course Sequence Recommendation

ECO 201 and ECO 202 are designed as a course sequence of basic economic principles and their applications, aimed at developing an analytic framework for interpreting economic events, trends, institutions, and public policies. The two semesters are conceived as a year course, and the recommended sequence is ECO 201 followed by ECO 202.

Introductory Economics Courses

Equality, Poverty, and Opportunity: Economic Perspectives (ECO 131)

ECO 131, titled Equality, Poverty, and Opportunity: Economic Perspectives, introduces economic perspectives on inequality in the United States, particularly the relationship between inequality and population diversity. The course explores the role of the market and public policy in generating, transmitting, and ameliorating inequality. Dimensions of inequality include earning inequality, poverty, and unequal access to education and health care. Dimensions of diversity include race, ethnicity, gender, age, socioeconomic class, immigration status, and sexual orientation. The course is designated as IC and IIC, with attributes PA-2A, PA-4A, and SI-02.

Independent Studies (ECO 177 & ECO 277)

ECO 177 and ECO 277 offer opportunities for independent studies.

Advanced Economic Courses

Prerequisites

Advanced Economic Courses: prerequisites for advanced courses are ECO 201 and ECO 202 unless otherwise stated.

Money and Banking (ECO 301)

ECO 301 delves into the study of Money and Banking.

Examining Economic Data and Models (ECO 311)

ECO 311, Examining Economic Data and Models, introduces students to the use of linear regression techniques for examining economic data and evaluating economic models. Topics may include hypothesis testing, dummy variables, forecasting, and limited dependent variable models. The course also explores sources of economic data, with a stress on applications to topics in economics. This course carries the designations CAS-C, CAS-Q, CAS-QL, and CAS-W and is part of a Miami Plan Advanced Writing sequence (ADVW).

Intermediate Microeconomic Theory (ECO 315)

ECO 315, Intermediate Microeconomic Theory, analyzes the theory of consumer behavior and the theory of the firm. It emphasizes the logic of rational choice, model building, and economic efficiency. Other topics may include general equilibrium analysis, decision-making under uncertainty, and applications of game theory in understanding strategic behavior in imperfect competition.

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Intermediate Macroeconomic Theory (ECO 317)

ECO 317, Intermediate Macroeconomic Theory, focuses on national income as a measure of economic activity, including an examination of theories of consumption and investment spending, monetary demand and supply, and the implications of alternative models for the level and stability of output, employment, prices, and economic growth.

Special Topics in Economics (ECO 320)

ECO 320 provides an examination of special topics in economics not covered in the existing economics curriculum.

Public Sector Economics (ECO 331)

ECO 331, Public Sector Economics, discusses the rationale for government expenditures and taxation and how they affect resource allocation, efficiency, and equity in the distribution of income.

Health Economics (ECO 332)

ECO 332, Health Economics, focuses on the health care sector. It emphasizes the presence of moral hazard and asymmetric information in various health care markets.

Internship (ECO 340)

ECO 340, Internship, is available to Farmer School of Business (FSB) majors and minors. It is available for 0 credit hours during the spring, summer, and fall terms and for 1 credit hour during summer terms only.

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International Economic Relations (ECO 344)

ECO 344, International Economic Relations, examines comparative advantage as the basis for gains from specialization and trade in some detail. Supply and demand analysis is used to study the effects of barriers to trade (tariffs, quotas, etc.).

Economic Development (ECO 347)

ECO 347, Economic Development, analyzes current problems of developing countries in Asia, Africa, and Latin America.

Poverty and Income Distribution (ECO 356)

ECO 356, Poverty and Income Distribution, traces the levels of, changes in, and differing perspectives on poverty and inequality globally. It explores the causes, consequences, and policy responses to poverty and inequality. The course will explore the origins and continuing effect of global and national political, social, and economic institutions on welfare. The effect of forces such as trade, migration, and global capital flows will be examined. It is designated as IC and PA-4C.

Economic Growth (ECO 373)

ECO 373, Economic Growth, investigates the sources of economic growth within a country and the factors that affect relative growth across countries.

Independent Studies (ECO 377)

ECO 377 offers opportunities for independent studies.

Economics of Strategy (ECO 405)

ECO 405, Economics of Strategy, uses microeconomic models to apply concepts from the FSB core areas to solve problems and make decisions that managers of firms may face daily. Class time is allocated to the development of economic models that integrate the core areas, problem-solving to apply the models in typical business settings, and the analysis of cases. It provides students the opportunity to present as a team an analysis of cases using skills and concepts from the core courses.

Environmental Economics (ECO 406/ECO 506)

ECO 406/ECO 506, Environmental Economics, provides an economic analysis of environmental quality, strategies for collective environmental action, and benefit-cost analysis.

Applied Economic Analysis (ECO 409)

ECO 409, Applied Economic Analysis, allows students to use economic analysis, applying economic models and concepts from their liberal education to understand the causes of problems, potential consequences of solutions, and apply cost-benefit analysis to propose a solution. Class time is allocated to the development of relevant economic models, evaluating research using primary and secondary sources, and applying analysis to solve problems. It gives students the opportunity to present as a team and produce a product for a real-world audience.

Advanced Empirical Methods (ECO 411/ECO 511)

ECO 411/ECO 511, Advanced Empirical Methods, examines the use of estimation techniques for analyzing economic data and evaluating economic models. Topics may include properties of estimators, hypothesis testing, serial correlation and heteroscedasticity, and simultaneous equations.

Mathematical Economics (ECO 414/ECO 514)

ECO 414/ECO 514, Mathematical Economics, involves the development of mathematical techniques essential for understanding economic theory and performing economic research.

Topics in Microeconomics (ECO 415/ECO 515)

ECO 415/ECO 515 covers various topics in Microeconomics.

Topics in Macroeconomics (ECO 417/ECO 517)

ECO 417/ECO 517 covers various topics in Macroeconomics.

Monetary Theory and Policy (ECO 418/ECO 518)

ECO 418/ECO 518, Monetary Theory and Policy, studies the behavior of financial institutions and their respective roles in the transmission of monetary policy.

Seminar on Economic Problems (ECO 420)

ECO 420 is a seminar focusing on Economic Problems.

Antitrust and Damages (ECO 431/ECO 531)

ECO 431/ECO 531, Antitrust and Damages, examines economic issues related to anticompetitive conduct and antitrust law. The course explores how the United States conducts reviews of mergers and examines common business practices to determine whether that practice has met the economics standards to be considered anticompetitive.

International Trade and Commercial Policy (ECO 441)

ECO 441, International Trade and Commercial Policy.

International Monetary Relations (ECO 442/ECO 542)

ECO 442/ECO 542, International Monetary Relations, focuses on monetary aspects of international economic relations.

Economic History (ECO 451/ECO 551)

ECO 451/ECO 551, Economic History, primarily covers American economic history as studied from the point of view of economic theory and quantitative methods.

Industrial Organization and Public Policy (ECO 461/ECO 561)

ECO 461/ECO 561, Industrial Organization and Public Policy, examines the effects of the structure, conduct, and performance of imperfectly competitive firms upon social welfare.

Economics of Compensation (ECO 462)

ECO 462, Economics of Compensation, provides a survey of the economics of human resources.

Game Theory with Economic Applications (ECO 465)

ECO 465, Game Theory with Economic Applications, applies topics from the field of game theory to numerous economic problems.

Independent Studies (ECO 477)

ECO 477 offers opportunities for independent studies.

Independent Reading (ECO 480 & ECO 482)

ECO 480 and ECO 482 offer opportunities for independent reading.

Graduate Level Courses

Advanced Microeconomic Theory (ECO 615)

ECO 615, Advanced Microeconomic Theory, provides an exposition of the general principles and analytical tools of microeconomic theory.

Microeconomic Analysis for Managerial Decisions (ECO 616)

ECO 616, Microeconomic Analysis for Managerial Decisions, focuses on microeconomic analysis of consumers, firms, and market organization.

Advanced Macroeconomic Theory (ECO 617)

ECO 617, Advanced Macroeconomic Theory, involves the development of an aggregative model of output, employment, interest rates, and prices, along with an analysis of the effect of government policy on these variables.

Game Theory and Decisions (ECO 618)

ECO 618 covers Game Theory and Decisions.

Internship (ECO 640)

ECO 640, Internship.

Topics in Applied Econometrics (ECO 671)

ECO 671 covers Topics in Applied Econometrics.

Applied Time Series Analysis (ECO 672)

ECO 672, Applied Time Series Analysis.

Independent Studies (ECO 677)

ECO 677 offers opportunities for independent studies.

Economic Research Methods (ECO 685)

ECO 685, Economic Research Methods.

Master's Research (ECO 690)

ECO 690, Master's Research.

Research For Masters Thesis (ECO 700)

ECO 700, Research For Masters Thesis.

Non-Thesis Project (ECO 704)

ECO 704, Non-Thesis Project.

Major Area of Specialization in Economics

The BSBA in Economics equips business students with solid economic theories and econometric techniques supporting critical thinking to deal with a wide range of modern economic problems. Economics majors are successful in a large variety of careers: corporate world, consulting, government, not-for-profits, international agencies, law, as well as graduate studies and academic roles. Miami Herbert Business School students who wish to pursue the Economics major area of specialization will choose between two tracks: Political Economy (P&S) or Quantitative Economics (STEM).

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