Economics and Statistics, Department of

College of Business and Economics

DEPARTMENT OFFICE

Simpson Tower F917

Phone:       (323) 343-2930

E-mail:     dtran@calstatela.edu

Website:     http://cbe.calstatela.edu/econ/index.htm

The programs of the Department of Economics and Statistics equip students with essential analytical and technical skills needed for business and economic analysis.  Depending on the choice of specialization, the broad and solid training in economics is highly marketable for a wide variety of professional jobs such as public policy analysts, consultants, international economists, financial market analysts, investment advisers, business and economic forecasters, social scientists, lawyers, teachers, and educators.

The department offers both Bachelor of Arts (BA) and Master of Arts (MA) degrees in Economics, a minor in Economics, two certificate programs, and one economics option under the Bachelor of Science in Business Administration degree.  The BA program has two options: Applied Economics (with possible concentrations in International Economics, Public Policy, and Financial Economics) and Social and Behavioral Sciences.  The MA program has options in Global Economics and Financial Economics.

In addition to providing the foundation in economics and statistics needed by all business students, the department prepares those looking for specialized careers in industry and the public sector.  In particular, there are programs that prepare students for advanced graduate work in economics and for teaching.

The Faculty

Professors:  Miles M. Finney, , Edward W. T. Hsieh, Sun K. Kim, Kon S. Lai, Tom E. Larson, Madhu S. Mohanty, Stephen K. Pollard, Sunil K. Sapra, Dang T. Tran(Chair), Andrew J. Winnick, Mann J. Yoon.

Associate Professors:  Samantha Carrington, Li-Hsueh Chen, Nikolai Pulchritudoff.

Assistant Professor:  Ramon Castillo.

Emeriti: Giorgio Canarella, Neil H. Garston, Leonard G. Mathy, Donald A. Moore, Paul T. Mu, Gerald F. Sorrensen.

Undergraduate Programs

Bachelor of Arts Degree in Economics

The total number of units required for the Bachelor of Arts degree in Economics is 180 units, of which 76-84 units are in the major depending on the option selected.  Consult with an adviser for the specific number of units required in all areas of the degree including GE and free electives.

Advisement:  Department of Economics and Statistics

The Bachelor of Arts degree with a major in Economics prepares students to qualify for positions in business and government.  Specific areas include finance, labor, transportation, international trade, banking, and regulatory agencies.  A major in economics also provides a foundation for teaching at the college or high school level, and for entrance into graduate school or law school.

Two options are offered:  the first emphasizes applied economics, and the second, social and behavioral sciences.

Students pursuing either the major or minor are urged to complete lower division courses before taking upper division courses.

Requirements for the Major  (76–84 units)

A total of 76-84 units is required for the major, depending on the option selected.  All students complete a 20-unit common core of lower and upper division courses in economics and business plus one of the options to complete remaining degree requirements.

ECON 201, 202 Principles of Economics I, II  (4, 4)

ECON 209 Applied Business and Economic Statistics I  (4)

Students select one of the following two options, comprising 56-64 units, to fulfill requirements for the major.

This option provides students with applied, more specialized training in economics.  It is recommended for students interested in a career requiring applied business and economic skills.

(ECON 491 is the capstone course for the program.  Students must take ECON 491 after they have achieved senior standing (completion of 135 units) and have completed all other required upper division option courses)

Select 16-20 units of courses from one of the following fields, plus 8-12 additional units of upper division Economics courses, with adviser approval.

A customized combination of 28 units of upper division courses in specific applied area (e.g., urban and regional studies) can be selected based on the student's special interests, with adviser approval.

This option serves students with interdisciplinary interests in economics and other areas of social and behavioral sciences: anthropology, geography, history, political science, psychology, and sociology;  and American, Chicano, Latin American, Pan-African, and urban studies. 

Select two from the following:

ECON 310, 403, 410

Select 16 units from the following:

ECON 350, 405, 426, 430, 433, 440, 472, 412 or 471

Select 4 upper division units in economics; 8-16 units in other social or behavioral sciences; and 0-8 units in economics, other courses in the College of Business and Economics, or mathematics with adviser approval.

Bachelor of Science Degree in Business Administration with Option in Business Economics

A total of 180 units is required for the Bachelor of Science degree in Business Administration with the Business Economics Option. The BSBA degree with this option requires completion of 72 units in BSBA core courses and 28 units in the option. Consult with an adviser for the specific number of units required in all areas of the degree including GE and free electives.

Core Requirements for the Bachelor of Science in Business Administration (72 units)

Select one from the following:

Option Requirements  (28 units)

This option teaches students  major technical skills and knowledge needed by consulting companies, business corporations, and government agencies for business and economic analyses in a rapidly changing economy.

*(ECON 491  is the professional skills course for Economics majors.

Select one course from the following (which ever was not used in the BSBA core):

Electives  (12 units)

Select 4 units of upper division ECON courses and 8 units of other upper division economics or business courses in the College of Business and Economics, with adviser approval.

Minor in Economics

A minor in Economics is available for students majoring in other fields. A total of 20 units in Economics is required, of which 12 units are in upper division courses and taken in residence at Cal State L.A..  At least 4 upper division units cannot be used for a student's major.

Select upper division ECON courses in consultation with major and minor program advisers.  At least 4 units cannot be applied toward a student's major, and the elective requirement cannot be satisfied using ECON 499.  A list of ECON courses that students can take as electives for the minor is available from the Department of Economics and Statistics.

Certificate in International Economic Relations

The certificate program in International Economic Relations at California State University, Los Angeles will benefit students to better understand the economic and political factors that influence the global economy.  The certificate will help students pursuing careers in federal or state agencies dealing with international affairs, corporations involved in international business and finance, and in international organizations, foundations, and nongovernment agencies.

At least 28 units are required to be selected with consent of adviser.  Sixteen units in the core and at least 12 units of electives.

Prerequisites: Students in a degree program in the College of Business and Economics OR in a degree program in political science OR with consent of adviser.

Select from the following:

Certificate in Labor Relations

The certificate program in Labor Relations is designed to strengthen the skills of students interested in labor relations careers and to improve access to career opportunities for administrators, mediators, arbitrators, and government and labor officials.

Refer to the Undergraduate Studies: General Information chapter of this catalog for general regulations governing all certificate programs.

Select at least 28 units with consent of an adviser.

Prerequisites:

·     Senior standing in a BS/BA degree program in the College of Business and Economics or

·     Senior standing in a BA degree program in the College of Natural and Social Sciences or

·     Classified graduate standing in master's degree program in the College of Business and Economics

·     and/ or the College of Natural and Social Sciences or

·     Senior standing in BA degree program in Communication Studies or

·     Consent of adviser

Select from the following:

Graduate and Postbaccalaureate Programs

Master of Arts Degree in Economics

The degree curriculum consists of a core as well as two options: Global Economics and Financial Economics.  The Global Economics option equips students with current knowledge of the global economy, together with investigative and technical skills, for business economic analysis desired by consulting companies, government agencies, multinational business corporations, and international organizations.

The Financial Economics option provides students with essential analytical and technical skills in both economics and financial analyses desired by consulting firms, securities companies, and other related businesses in investment services such as investment banking, mutual funds, and insurance.

Admission to the Program

In addition to University requirements for admission to graduate study with conditionally classified standing, applicants must have a 2.75 grade point average in the last 90 quarter units attempted, a minimum cumulative score of 900 on the verbal and quantitative sections of the GRE General Test, and a minimum score of 2.5 on the analytical writing portion of the GRE general test.

For admission  to classified graduate standing in Economics,  applicants must meet the above admission requirements plus the following prerequisites: equivalent of the baccalaureate in Economics at Cal State L. A. or completion with a B  (3.0) average of a set of prerequisite courses selected by a  Department of Economics and Statistics adviser at Cal State L. A.; filing of a program, including electives, with the College of Business and Economics Advisement Center.

If qualifying courses are required, they must be so designated in advance.  They may include upper division and prerequisite courses.

Requirements for the Degree (45 units)

The 45-unit program consists of core requirements, which are to be taken together with either the Financial Economics or the Global Economics option.  A minimum of 23 units must consist of 500-level courses.

Select one of the following options for 16-21 units depending on whether the student takes a comprehensive examination or write a thesis.  Electives are determined in conference with a graduate adviser to meet students' professional objectives.

Select from the following

Other 400- and 500-level courses may be used with prior adviser approval. A sufficient number of units must be at the 500 level to bring total 500-level units for core and electives to at least 23. A student may take ECON 598 only once and for no more than one unit. For more information about the culminating experience requirement below,  consult the department's graduate adviser.

Culminating Experience (0, 5 units)

Electives (4–9 units)

Select from the following

Other 400- or 500-level courses may be used with prior adviser approval. A sufficient number of units must be at the 500 level to bring the total 500-level units for core and electives to at least 23.  A student may take ECON 598 only once and for no more than one unit. For more information about the culminating experience requirement below, consult the department's graduate adviser.

List of Courses (ECON) - Undergraduate Level

Lower Division Courses

ECON 109 Quantitative Reasoning with Statistics (4)
(also listed as MATH 109)

Prerequisite: Completion of required remediation, if required, or a score of 50 or above on the ELM requirement. Principles of quantitative reasoning, data presentation, descriptive statistics, correlation, probability, distributions of random variables, sampling distributions, interval estimation, and statistical inference, with multi-disciplinary applications.  Graded ABC/NC       GE A4

ECON 150  Economics for the Citizen  (4)

Analysis of contemporary American economic problems. Topics may include inflation, unemployment, discrimination, costs and benefits of control of crime, and pollution.       GE D

ECON 201  Principles of Economics I: Microeconomics  (4)

Introduction to basic concepts and tools of economic analysis;  prices and outputs, marketing structures, wages and profits;  international trade and effects of tariffs.

ECON 202  Principles of Economics II: Macroeconomics  (4)

Prerequisite: ECON 201.  Concepts and tools of aggregate economic analysis; inflation, unemployment, balance of payments, national income; determinants of the level of economic activity; money and banking;  the role of government.

ECON 209  Applied Business and Economic Statistics I  (4)

Prerequisite: MATH 091 or satisfactory score on mathematics placement examination.  Elementary business and economics statistics with computer applications; descriptive statistics, frequency distribution, probability, sampling distribution, estimation, and significance tests. Some sections may be technologically mediated.

Upper Division Courses

Upper division status is prerequisite to enrollment in 300- and 400-level ECON courses.

ECON 303  Money, Banking, and the Economy  (4)

Prerequisite: ECON 202.  Nature and flow of money and credit; influence on prices, production, and employment; the Federal Reserve and banking systems;  national income, and international monetary relations.

ECON 309  Applied Business and Economic Statistics II  (4)

Prerequisites:ECON 209  and  MATH 102.  Data analysis using spreadsheet software: sampling, testing and statistical inference; study of relationships between variables within business contexts; regression, correlation and time-series analyses with business applications including forecasting. Some sections may be technologically mediated.

ECON 310  Managerial Economics (4)

Prerequisites: ECON 201 (ECON 309 recommended).  Managerial application of microeconomic principles.  Emphasis on real world issues for business decision-making.  Applied subjects include empirical analysis of sales and costs, pricing practices, nonprice competition, and government intervention.

ECON 350  Economics of Poverty and Inequality in the U.S.  (4)

Prerequisite: ECON 150, 201, or 202.  Concept and measurement of poverty; analysis of both economic causes and effects of poverty;  policy implications and remedies.

ECON 360  Developing Countries and the New Global Economy (4) 

Prerequisites: Completion of Basic Subjects (Block A) and one course from Block D.  Overview of economic factors that influence the development and participation of today’s developing countries in the global economy.  Problems with economic transition, environment, technology, and impact of global financial, trade, and investment systems.  Some sections may be technologically mediated.
                                                  GE Theme A

ECON 391 Quantitative Methods for Business Decisions (4)

Prerequisite: ECON 309. Techniques of gathering, deciphering, evaluating and using data to make effective business decisions.  Topics include data collection, survey sampling, decision making under uncertainty and forecasting.  Team projects (involving the use of Internet resources or survey sampling) and report writing are required.

ECON 400-level Courses

ECON 401 Mathematical Economics  (4)

Prerequisites: ECON 303, MATH 206 or 242 (ECON 310 recommended). Mathematical treatment of economic problems with emphasis on optimization models, using calculus and matrix algebra.

ECON 403 Macroeconomics  (4)

Prerequisites: MATH 242 or 206–207;  ECON 303.  Macroeconomic theory; determination of national income, theories of aggregate consumption, investment, unemployment, the price level; national income and product accounts;  theory of growth. 

ECON 405 Economics of Regulation and Deregulation  (4)

Prerequisite:  ECON 201 or ECON 150.  Principles and techniques of government regulation of prices and product quality of privately held firms. Case studies of regulation and deregulation.

ECON 410 Microeconomics  (4)

Prerequisite: ECON 401.  Advanced microeconomic theory; economic analysis and evaluation of market system of resource allocation and income distribution. 

ECON 412 Development of Economic Thought  (4)

Prerequisite: ECON 202.  Intellectual origins and evolution of modern economic thought. 

ECON 414 Econometrics I  (4)

Prerequisites: ECON 209, ECON 401.  Use of statistics to measure economic relationships, test economic theories, and prepare forecasts.  Emphasis on advanced regression techniques and data analysis; use of computer software. 

ECON 415 Applied Economic and Business Forecasting  (4)

Prerequisite:  ECON 309 or 414. Hands-on training for forecasting economic/business trends with major proprietary computer software used by professionals; main concepts and modeling techniques in forecasting; diagnostic checking; model selection; forecast evaluation and reporting.

ECON 416 Econometrics II  (4)

Prerequisite: ECON 414. Advanced topics in econometrics with a focus on multiple equation models and their application to business and economic analysis.

ECON 426 International Political Economy  (4)  (also listed as POLS 426)

Prerequisites: Four units each of ECON and POLS courses. Interaction of politics and economics in the international arena. 

ECON 430 Labor Economics  (4)

Prerequisite:  ECON 202.  Use of labor resources in economic system;  employment, wage rates, development of unions and collective bargaining;  labor legislation. 

ECON 433 Economics of the Public Sector (4)

Prerequisites: ECON 201 and 202. Role of government in the economy; discussions of issues in social security, social welfare, public education, budget deficit and debt, government taxation, and fiscal policy.

ECON 435 Market Indicators and Federal Reserve Policy  (4)

Prerequisite: ECON 303.  Analysis of Federal Reserve policy on interest rates; evaluation of market reports of economic indicators; effects on financial markets; leading/coincident/lagging indicators; business cycles and financial cycles.

ECON 440 Urban and Regional Economics  (4)

Prerequisite:  ECON 201.  Role of economic analysis in dealing with urban and regional problems; growth, land use, housing, transportation, and income distribution; emphasis on role of economic models in policy making. 

ECON 454 Special Topics in Economics and Statistics (1–4)

Prerequisite: Varies with topic;  see Schedule of Classes for specific prerequisites.  In-depth presentation and analysis of topics significant to contemporary business world;  lectures, discussions, speakers, and research projects.  May be repeated for 16 units as subject matter changes. 

ECON 458 Economics of E-Commerce and the Internet (4)

Prerequisites: ECON 202. Economic analysis of electronic commerce and the Internet, including product quality uncertainty, product choices and online pricing strategies, online auctions, intellectual property rights, taxation, and regulatory issues.

ECON 459 Economics of Innovation and Entrepreneurship (4)

Prerequisites: ECON 201 (ECON 458 recommended). Issues for start-up companies in fostering innovations, evaluating entrepreneurial ventures, formulating entry strategies, building revenue models, raising venture capital, obtaining external assistance, protecting intellectual property, and harvesting new ventures.

ECON 460 Economics of Developing Countries (4)

Prerequisite: ECON 150 or 201 or 202.  Contemporary Economic issues in developing countries; theories of development;  problems with population growth, investment, technology, and entrepreneurship; role of trade and international finance; foreign aid and external debt; government policy.

ECON 461 Economics of International Trade (4)

Prerequisite: ECON 202.  Economic analysis of how and why commodities are traded among nations;  tariffs and quotas;  common market and other international institutions. 

ECON 462 International Monetary Economics  (4)

Prerequisite:  ECON 202. Analysis of International bond and currency markets and their dynamic relationships with economic fundamentals; implications of fiscal and monetary policies for financial markets; speculative attack and currency crisis management.

ECON 465 Current Issues in Latin American Economies  (4)

Prerequisite: ECON 150 or ECON 202. Analysis of the factors that determine the economic performance of Latin American countries, covering topics such as financial liberalization, currency crises, balance of payments crises, and trading blocks.

ECON 471 American Economic History  (4)

Prerequisite: ECON 150, 201 or 202.  Sources and patterns of American economic development with emphasis on analysis of contemporary economic problems and policies in their historical setting. 

ECON 472 Labor Relations and Collective Bargaining  (4)

Prerequisite: ECON 202.  Recommended corequisite: ECON 430.  Relations between employers and employees as the latter are represented by organized labor;  collective bargaining as it relates to recognition, wages, hours, working conditions, grievance procedure, seniority, and health and safety. 

ECON 473 Labor Legislation  (4)

Federal and state labor laws and policies; legislation that protects employees;  regulation of labor management relations;  Social Security; contemporary legal issues and problems.

ECON 480 Comparative Economic Systems  (4)

Prerequisite: ECON 150 or 201 or 202.  Comparison of economic systems including goals, degree of centralization, and underlying ideology; economies of various countries examined, including Russia, Mainland China, U.S., and selected Third World nations.

ECON 490 Issues in the Economics of Globalization  (4)

Prerequisites: ECON 201 and 202. Contemporary issues in globalization and international monetary cooperation, including international capital flows, central banking in emerging market economies, international debt, global and regional economic integration and international economic policy coordination.

ECON 491 Data Analysis, Reporting and Presentation (4)

Prerequisite: Upper division required courses  for Applied Economics option.  Use of a major statistical software package for data analysis; introduction to widely used economic databases; data presentation; research report writing and oral presentation.

ECON 499 Undergraduate Directed Study  (1–4)

Prerequisites: Economics major, senior standing, and consent of an instructor to act as sponsor;  ability to assume responsibility for independent work and to prepare oral and written reports.  Project to be selected in conference with sponsor before registration;  progress meetings held regularly.  May be repeated for 20 units of credit. 

Graduate Level Courses (ECON)

All 400-level courses may be applied toward master’s degree requirements subject to limits established by the department and approval of the graduate adviser

Classified graduate standing and approval by the College of Business and Economics Advisement Center are required for admission to all 500-level courses. 

ECON 500 MBA Economics (4)

Economics for MBA students: markets, demand, consumer behavior, nature of firms, measuring economic activity, inflation unemployment, money and banking, and the role of the government.  Some sections may be technologically mediated.

ECON 501 Quantitative Methods for Business Decision - Making (4)

Statistics and quantitative methods including descriptive statistics, statistical inference, hypothesis testing, correlation and regression, time series forecasting, inventory models, simulation, queuing, and decision under uncertainty.  Some sections may be technologically mediated.

ECON 502 Economic Analysis and Business Operations  (4)

Tools, concepts, and factual data used by economists in solving specific business problems; case method applications of principles, analytical tools, and sources of economic information to practical business situations. 

ECON 510 Seminar: Applied Microeconomic Analysis  (4)

Prerequisite:  ECON 410. Introduction to modern microeconomic theory and applications: empirical modeling of demand, cost, and production; practical illustrations of such applied topics as pricing practices of firms and public policy issues.

ECON 511 Seminar: Advanced  Microeconomic Theory   (4)

Prerequisite:  ECON 510. Continuation of ECON 510 with emphasis on general equilibrium analysis, capital theory, and intertemporal resource allocation.

ECON 514 Seminar: Econometric Analysis and Applications  (4)

Prerequisite:  ECON 414. Applying econometric techniques to analyze real-world problems in such areas as finance, economics, accounting and marketing.  Emphasis on empirical data analysis using popular statistical packages, case studies and reports.

ECON 520  Seminar: Macroeconomics and Monetary Policy  (4)

Prerequisite:  ECON 403. Major macroeconomic issues and policy debates; consumption and investment behavior; government debt; wage/price rigidities; inflation, unemployment and stabilization policies; implementation of monetary policy.

ECON 521  Seminar: International Macroeconomics and Currency Crises (4)

Prerequisite:  ECON 403 or 462 or 490. Major issues in international capital flows and currency fluctuations; exchange rates and central-bank intervention; financial crisis analysis and management; financial vulnerability indicators; contagion of financial crises.

ECON 526 Seminar:  International Political Economy  (4)  (also listed as POLS 526)

Prerequisites:  ECON/POLS 426 or ECON 461 plus POLS 427.  Research and analysis of the interactions of politics and economics in the international arena. 

ECON 530 Seminar:  Applied Labor Economics (4)

Prerequisites: ECON 309 or equivalent business statistics course. Study of various labor market issues using national data. Use of SPSS or SAS for data analysis. Topics include issues on wages, employment, education, discrimination and public and social policies.

ECON 533 Seminar: Public Finance (4)

Prerequisite: ECON 433. Microeconomics treatment of theories and policy implications of government expenditures and taxation, collective decision-making, and fiscal federalism.

ECON 540 Seminar:  Urban Economics  (4)

Prerequisite:  ECON 440.  Study of urban-regional problems, including growth, land use, housing, transportation, income distribution.  Emphasis on construction and use of models in policy evaluation.

ECON 560 Seminar:  Current Issues in Economic Development (4)

Prerequisites: Intermediate microeconomics and macroeconomics. In-depth analysis of contemporary economic issues in developing countries, for example, population growth, domestic and foreign investment, technology, trade, foreign aid, external debt, and government policy.

ECON 561 Seminar: International Economics  (4)

Prerequisite:  ECON 303 and 310. Analysis of current international issues concerning cross-border trade and capital flows; methods of trade policy analysis; implications of regional and global economic integration.

ECON 590 Seminar:  Contemporary Economic Analysis and Policy  (4)

Selected analytical and policy issues underlying current developments in theoretical, empirical, and policy research; topics will reflect student interest and faculty specialty.  May be repeated once as subject matter changes, with instructor consent. 

ECON 598 Graduate Directed Study  (1–4)

Investigation of an approved project leading to an oral and/or written report; project selected in conference with seminar professor before registration, and arrangements made for regular meetings during quarter.  May be repeated for credit. 

ECON 599A Thesis  (2)

Prerequisites:  Completion of required core courses, written approval of graduate adviser.  Prior to completion, students will have completed a tentative outline of thesis, petitioned graduate adviser for appointment of a thesis committee, and submitted a tentative outline to thesis committee.           Graded CR/NC.

ECON 599B Thesis  (3)

Prerequisites:  ECON 599A, written approval of thesis committee chair.  Completion of thesis under direct supervision of thesis committee.  Graded CR/NC.