Undergraduate Department of Economics
College of Social Sciences and Public Policy
Website: https://coss.fsu.edu/economics
Chair: Joseph Calhoun; Professors: Atolia, Holcombe, Ihlanfeldt, Isaac, Kantor, Mason, S. Norrbin, Ryvkin, Schmertmann, Semykina; Associate Professors: Beaumont, Boosey, Cano, Gentry, Hamman, Kitchens, Krishna, Pevnitskaya, Urbina; Assistant Professors: Cheng, Gagnon-Bartsch, Grossman, Kim, Kreamer, Rodgers, Tuncel, Yang; Teaching Professors: Calhoun, Lee, O. Norrbin, Sherron; Associate Teaching Professors: Ardakani, Hammock; Assistant Teaching Professors: Andrei, Norton; Courtesy and Adjunct Professors: Bergan, Großer, Leverette, Stratis; Professors Emeriti: Benson, Canterbery, Cobbe, Downing, Fournier, Gwartney, Laird, Macesich, Marquis, McCaleb, Rasmussen, Rockwood, Schlagenhauf
The Department of Economics offers an excellent curriculum that is as diversified as the discipline itself. The program strives to make undergraduates aware of the critical issues in economic science and policy, to provide them with a basic understanding of the tools needed to analyze those issues, and to prepare them for academic or professional opportunities beyond the baccalaureate degree.
The Department of Economics cooperates in the following interdivisional programs: international affairs, the interdisciplinary program in social science, Asian studies, Russian and East European studies, African American studies, demography, financial mathematics, public health, and social science education.
Computer Skills Competency
All undergraduates at Florida State University must demonstrate basic computer skills competency prior to graduation. As necessary computer competency skills vary from discipline to discipline, each major determines the courses needed to satisfy this requirement. Undergraduate majors in economics satisfy this requirement by earning a grade of "C–" or higher in ECO 4421.
State of Florida Common Program Prerequisites for Economics
The Florida Virtual Campus (FLVC) houses the statewide, internet-based catalog of distance learning courses, degree programs, and resources offered by Florida's public colleges and universities, and they have developed operational procedures and technical guidelines for the catalog that all institutions must follow. The statute governing this policy can be reviewed by visiting https://www.flsenate.gov/Laws/Statutes/2021/1006.73.
FLVC has identified common program prerequisites for the degree program in Economics. To obtain the most up-to-date, state-approved prerequisites for this degree, visit: https://cpm.flvc.org/programs/31/193.
Specific prerequisites are required for admission into the upper-division program and must be completed by the student at either a community college or a state university prior to being admitted to this program. Students may be admitted into the University without completing the prerequisites but may not be admitted into the program.
Requirements
Admission
Admission to the undergraduate program is based upon the availability of faculty and space and upon academic performance. Students with fifty-two or more acceptable semester hours, both ECO 2013 and 2023 completed with a grade of "C" (2.0) or better, an overall GPA of 2.5 or better on all attempted coursework at the college level, and in good standing with the University will receive priority consideration but are not guaranteed admission to the program. Upper-division transfer students are evaluated for formal admission to the major after completing their first semester at FSU as a full-time student. All students must meet "mapping" requirements to be admitted to and remain in the upper-division major. Consult https://www.academic-guide.fsu.edu/ for more information.
Major in Economics
Beyond ECO 2013 and ECO 2023, the economics major requires ECO 3101, 3203, 3431, 4421 and an additional fifteen semester hours of upper-division economics electives. Majors must complete the supporting courses: STA 2023, 2122, or 4321 (choose one); and MAC 2311 Calculus I or MAC 2233 Business Calculus. A total of three economics internship (ECO 4941) hours and six honors thesis (ECO 4934) hours may count toward elective requirements for the economics major.
Students must maintain an overall average grade of "C" in economics and supporting courses. Majors will not receive credit toward the major requirements for economics courses in which a grade of less than "C–" has been earned. A minimum of eighteen semester hours in economics must be taken at Florida State University. No more than twelve hours of upper-division economics transfer credit will be accepted toward major requirements by the department. Transfer credit intended to satisfy major requirements is subject to the approval of the Undergraduate Director for Economics. If more than six years has elapsed between the last active term of enrollment at FSU and the term of readmission, students seeking readmission to FSU will be subject to the economics major requirements in effect at the time of readmission.
A student majoring in economics must complete the minor requirements specified by a supporting academic department. Recommended minors include business, business analytics, entrepreneurship, mathematics, statistics, computer science, history, psychology, and any of the minors available in the College of Social Sciences.
In accordance with University mapping milestones, undergraduate students who intend to major in economics should take ECO 2013, 2023, and the supporting courses in mathematics and statistics before completing liberal studies. The principles courses (ECO 2013, 2023) may be taken in either order. The department allows students to take the courses in the same semester, but neither recommends nor encourages it.
Academic Performance
No required course in which a student has earned a grade below "C–" may be applied toward any of the degrees in economics. Students must also make a "C" or better in ECO 2013 and ECO 2023.
A student who has received more than two unsatisfactory grades (U, F, D–, D, D+) in upper division economic courses required for any major offered by the Department of Economics, taken at Florida State University or elsewhere, including repeated unsatisfactory grades in the same required course, will not be permitted to graduate with a degree in that major.
Degrees
Majors in economics may be awarded the Bachelor of Science (BS) degree upon completion of all University requirements for the degree.
Honors in the Major
Honors-only sections of ECO 2013 and ECO 2023 are offered each Fall and Spring for lower-division Honors students. The Department of Economics offers honors in the major to encourage talented juniors and seniors to undertake independent and original research as part of the undergraduate experience. For requirements and other information, see the "University Honors Office and Honor Societies" chapter of this General Bulletin.
Minor in Economics
A minor requires fifteen semester hours in departmental courses, including ECO 2013 and 2023, each with a grade of "C" or better and at least one course selected from ECO 3101, 3203, 3431, or 4421. Students will not receive credit toward the minor for courses in which a grade less than "C–" has been earned.
Economics minors must have at least a "C" (2.0) grade point average in their economics coursework. ECO 2000 will not count toward the minor. No more than six semester hours of transfer credit will be accepted toward the minor.
Definition of Prefixes
ECO—Economics
ECP—Economic Problems and Policy
ECS—Economic Systems and Development
IDS—Interdisciplinary Studies
Undergraduate Courses
ECO 2000. Introduction to Economics (3). This course is a survey of the discipline for people taking only one economics course. Historical perspective and major principles of theory are presented. Not to be taken by students who have had or who must take ECO 2013 and 2023. Not applicable to the economics major nor the economics minor.
ECO 2013. Principles of Macroeconomics (3). This course explores aggregate economics and national income determination, money and monetary theory, present macroeconomic conditions, and aggregative policy alternatives; theory of international trade and the balance of payments; economic growth and development.
ECO 2023. Principles of Microeconomics (3). This course covers consumption, production, and resource allocations considered from a private and social point of view; microeconomic problems and policy alternatives; economics of inequality and poverty; and comparative economic systems.
ECO 3004. Debating Economic Issues (3). Prerequisites: ECO 2013 and ECO 2023. This course applies economic analysis to current economic policy issues. Topics may include financial markets, Social Security, debt finance, health care, immigration, global climate change and environmental policy, regulation, welfare reform, labor market discrimination, drug policy, and topics selected by students.
ECO 3041. Personal Finance (3). This course is designed to help students better understand personal finance and provide them with the tools to make better choices and live more fulfilling lives.
ECO 3042. Family Consumer Economics for Financial Planning (3). This course covers the fundamentals of family and consumer economics as a branch of economics to help with financial planning strategies. Students receive instruction in modeling, economic forecasting, indexing, price theory, and analyzing individual/group commodities and services to provide an important foundation for financial planning.
ECO 3054. Decision Making Under Risk and Uncertainty (3). Prerequisites: ECO 2013 and ECO 2023. This course is an introduction to the theory of economic decision-making under risk and uncertainty. Emphasis is placed on developing and applying alternative theories of decision making to insurance markets, financial markets, and the negotiation of contracts.
ECO 3101. Intermediate Microeconomic Theory (3). Prerequisites: ECO 2013 and ECO 2023. This course covers various topics such as supply, demand, cost of production, theory of the firm, factor price determination, and other microeconomic resource allocation questions.
ECO 3102. Organizational Theory of the Firm (3). Prerequisites: ECO 2013 and ECO 2023; ECO 3101 and calculus (strongly recommended). This course introduces students to the theory of the firm. Particular emphasis placed on understanding how firms are organized and how they manage their employees using incentives and other economic mechanisms.
ECO 3104. Applied Microeconomic Analysis (3). Prerequisites: ECO 2013; ECO 2023; and STA 2023, STA 2122, or STA 4321. This course examines the applications of microeconomic theory for business and policy analysis. Topics include the theory of the firm, valuation techniques in the absence of market prices, empirical research with accounting, financial and administrative data, theory of supply and business strategy, cost-benefit methods.
ECO 3130. Free to Choose (3). Prerequisites: ECO 2013 and ECO 2023. This course, dealing with liberty and economic freedom, addresses many present and past social issues and public policy decisions.
ECO 3131. Market Ethics (3). Prerequisites: ECO 2013 and ECO 2023. This course examines the vices, virtues, and values of capitalism to evaluate its ethical properties. It is designed to raise questions and clearly-structured issues so that the student can make informed and thoughtful decisions.
ECO 3200. Economics of Asia (3). Prerequisites: ECO 2013 and ECO 2023. This course is a survey of economic development in the economies of East Asia. The course includes an economic analysis of the factors that contributed to the substantial growth in East Asia from 1960-1989 and the subsequent financial crisis that ensued in the 1990s.
ECO 3203. Intermediate Macroeconomic Theory (3). Prerequisites: ECO 2013 and ECO 2023. This course covers the basic model of income determination, emphasizing the roles of real and monetary sectors of the economy. Results of empirical work are surveyed.
ECO 3223. Financial Markets, the Banking System, and Monetary Policy (3). Prerequisites: ECO 2013 and ECO 2023. This course explores the functions of money, bank creation of deposits, and credit; Federal Reserve control of money supply; and monetary theory and policy questions.
ECO 3303. History of Economic Ideas (3). Prerequisite: Any 2000-level ECO course. This course discusses the evolution of economic ideas from ancient Greece to the modern period emphasizing the relationship between developments in economic analysis and cultural/technological changes. Critique of modern economic theory in terms of its sources and logical content.
ECO 3431. Analysis of Economic Data (3). Prerequisites: ECO 2013, ECO 2023, and STA 2023, STA 2122, or STA 4321. This course provides basic skills in graphing and analyzing economics data. The first two blocks of the course are composed of an extensive coverage of probability and statistics that is necessary to understand the theory and practice of regression analysis. The third block of the course is devoted entirely to regression analysis. Some of the concepts discussed in the second and third block of the course are illustrated with widely-used statistics and econometrics software giving the student the opportunity to learn the application of some of the concepts discussed in class to economics data.
ECO 3622. Growth of the American Economy (3). Prerequisites: ECO 2013 and ECO 2023. This course examines the factors in the development of economic forces, resources, institutions, and ideas relating to American economic growth analyzed through growth theories and issue debates on economic history.
ECO 3930. Seminar in Applied Economic Policy Writing (3). Prerequisites: ECO 2023. This course is designed to equip students with the skills needed to communicate economic policy ideas through policy writing for non-academic audiences with little background in economic theory or empirical techniques while focusing on writing in a policy-oriented work setting, developing critical thinking skills, identifying and applying creative uses of data to problems, and working as analysts.
ECO 3933r. Special Topics in Economics (3). Prerequisites: ECO 2013 and ECO 2023. This course explores special topics of current interest or of benefit from the specialties of visiting faculty. May be repeated to a maximum of nine semester hours. May be repeated within the same semester.
ECO 4106. Behavioral Economics (3). Prerequisite: ECO 3101. This course examines the consequences for economic analysis when individuals (and groups) deviate from rational behavior in identifiable and predictable ways, and incorporates these systematic biases into more accurate models of economic decision making.
ECO 4132. Economics of Compassion (3). Prerequisites: ECO 2013 and ECO 2023. This course addresses international and domestic issues of compassionate, charitable, and philanthropic activities. It offers an economic framework from which students can critically evaluate public and private actions whose purpose is to eliminate hunger, disease, poverty or other human burdens.
ECO 4165. Economics of Information (3). ECO 4165 Prerequisites: ECO 2013 (C- or better) and ECO 2023 (C- or better) and MAC 2233 (C- or better). This course covers the theory of Uncertainty and Information. The course first defines uncertainty, information, and describes how the economic agent reacts to it. The course is also devoted to cases where information is endogenous, and can be generated or revealed by agents.
ECO 4270. Economic Growth (3). Prerequisites: ECO 2013 and ECO 2023, ECO 3203 strongly recommended. This course covers the differences in income per capita in/between countries. Topics cover what drives the sustained growth in the standard of living in the United States and other developed countries, how less developed countries might catch up with the developed countries, and what has impeded this process.
ECO 4400. Games and Decisions (3). Prerequisites: ECO 2023; ECO 3101 recommended. This course is a non-technical introduction to strategic decision-making. Focus on situations involving conflict and cooperation and on decision-making under conditions of uncertainty and ignorance. Applies game theory and decision theory to such topics as bargaining and negotiations, contracting, auctions, and voting.
ECO 4401. Intro to Math Economics (3). Prerequisites: ECO 2013, ECO 2023, and MAC 2311. This course uses mathematical techniques such as probability, matrix algebra, and calculus to better understand fundamental principles of economics and applies these techniques to policy analysis.
ECO 4421. Introduction to Econometrics (3). Prerequisite: ECO 3431. This course introduces statistical inference, estimation theory, model building, and forecasting methods. Emphasis is on model building and policy analysis. Extensive use is made of PC econometric software.
ECO 4450. Introduction to Research in Economics (3). Prerequisites: ECO 3431; and ECO 3101 or ECO 3203. This course is research based, and provides an introduction into the world of scholarly research in economics.
ECO 4455. Experimental Economics (3). Prerequisites: ECO 2013 and ECO 2023. This course is an introduction to the use of laboratory experimental economics, a relatively new method of economics research in which the classic model of laboratory experimentation is applied to microeconomics. The course is presented using both traditional lecture format and hands-on participation in different experimental economic formats.
ECO 4504. Public Sector Economics (3). Prerequisite: ECO 2023. This course examines the logic of collective actions, principles of government expenditures, theory and practice in taxation, shifting and incidence of taxes.
ECO 4532. Economic Analysis of Politics (3). Prerequisite: ECO 2023 or instructor permission. This course uses economic models to analyze political decision making. A theory of constitutions is developed and applied to the U.S. Constitution. Models of majority rule decision making and bureaucratic supply are used to develop an understanding of supply and demand in the public sector.
ECO 4554. Economics of State and Local Government (3). Prerequisite: ECO 2023. This course covers state and local revenues, expenditures, and borrowing; intergovernmental relationships.
ECO 4704. International Trade (3). Prerequisites: ECO 2013 and ECO 2023; ECO 3101 recommended. This course discusses the theory of international trade, the gains from trade, tariffs and other trade restrictions, cartels.
ECO 4713. International Finance (3). Prerequisites: ECO 2013 and ECO 2023; ECO 3203 or ECO 3223 recommended. This course focuses on the balance of payments; disequilibrium and adjustments; birth, evolution, and demise of the Bretton Woods System; the managed float; international monetary reform; multinational corporations.
ECO 4905r. Directed Individual Study (1–3). May be repeated to a maximum of six semester hours.
ECO 4934r. Honors Work (Economics) (1–3). May be repeated to a maximum of nine (9) credit hours; repeatable within the same term.
ECO 4941. Economics Internship (1–6). Prerequisite: Instructor permission. This course is an academic course related to the internship experience. Students are required to submit a weekly description of their internship activities, duties, and responsibilities; to complete a set of assignments; and at the end of the semester, to submit a paper that describes in detail the tasks they performed during the internship and discusses the skills and information required to accomplish each task. Students enrolled for six credit hours must also complete a research paper that integrates their classroom knowledge and work experience.
ECP 3004. Current Economic Issues of the U.S. (3). Prerequisites: ECO 2013 and ECO 2023. This course aims to familiarize students with tools and institutions economists use to form educated and insightful opinions on important current and future issues.
ECP 3010. Economics of Art and Culture (3). Prerequisites: ECO 2013 and ECO 2023. This course allows students to use traditional economic analysis of supply and demand to examine the markets for "high art". Students discover in the class that many of the standard approaches to economic analysis apply to these markets, but there are also features of the art markets that are unique.
ECP 3113. Economics of Population (3). Prerequisites: ECO 2013 and ECO 2023. This course examines determinants and consequences of world population growth and changes, components of population growth in more- and less-developed countries, population and food supply, nonrenewable resource interrelationships.
ECP 3143. Afro-Americans in the American Political Economy (3). Prerequisites: ECO 2013 and ECO 2023. This course examines the market, institutional, governmental, and social processes that have contributed to the economic well-being of African-Americans. Also covers theoretical material related to wage determination, labor market discrimination, and marriage and transitions in family structure, as well as interaction between race and class as determinants of the life chances of African-Americans.
ECP 3203. Labor Economics (3). Prerequisite: ECO 2023 or instructor permission. This course explores theoretical and empirical examination of wage determination, income maintenance programs, labor force, employment, unemployment, functioning of labor markets, and manpower programs.
ECP 3302. Economics of Natural Resources, Energy, and the Environment (3). Prerequisite: Any 2000-level ECO course. This course focuses on the relationship between natural resource availability and growth, capital theory, economics of the environment, the U.S. energy problem and alternatives for the future, an economic appraisal of U.S. energy policy.
ECP 3403. Business Organization and Market Structure (3). Prerequisite: ECO 2023. This course is an introduction to the economic analysis of industry, a survey of market structures, oligopoly and collusion, a variety of commercial practices under imperfect competition, the welfare consequences and policy approaches to the problems of monopoly.
ECP 3451. Economics and the Law (3). Prerequisite: ECO 2023. This course is focused on the impact of the legal system on economic activity and the role of economic analysis in assessing the relative efficiency of alternative legal rules and institutions.
ECP 3617. Land Use, Housing, and Government Regulation (3). Prerequisite: ECO 2023. This course provides the theoretical and institutional machinery for analyzing land, housing and mortgage markets, with special attention given to the intended and unintended effects of government regulation of these markets. Important empirical evidence is also reviewed.
ECP 3930. Seminar in Entrepreneurship and Economic Policy Writing (3). Prerequisites: ECO 2023. This course is designed to equip students with the skills needed to communicate economic policy ideas through policy writing for non-academic audiences with little background in economic theory or empirical techniques while focusing on writing in a policy-oriented work setting, developing critical thinking skills, identifying and applying creative uses of data to problems, and working as analysts.
ECP 4006. Economics of Sports (3). Prerequisites: ECO 2013 and ECO 2023. This course presents an economic analysis of sports and entertainment. Focus is on industrial organization of the sports market, public finance and sports, sports labor market, and college and non-profit sports. Similar issues related to entertainment and artistic industries may also be covered.
ECP 4312. Economics of Energy, Environment, and Sustainability (3). Prerequisites: ECO 2023 and ECO 2013. This course explores the idea that in addressing public policy issues involving sustainability of the environment and energy systems, engineering is important for obvious reasons, but without consideration of the human factor, engineering solutions will be incomplete. In the course, students are educated on economic models and analysis of sustainability in energy and environmental systems.
ECP 4413. Government Regulation of Business (3). Prerequisite: ECO 2023. This course is an introduction to the economic analysis of antitrust law and regulation. Topics include price fixing, monopolization, predatory pricing, exclusive dealing, tie-ins, price discrimination, mergers, antitrust enforcement policies, and case studies in economic regulation.
ECP 4505. Economics of Crime (3). Prerequisite: ECO 2013 and ECO 2023. This course examines crime and criminal justice policy using the tools of economics. The focus is on crimes against persons and property, and drug policy. Rational behavior, opportunity cost, markets, bureaucratic behavior, and policy analysis are studied in this context.
ECP 4530. Economics of Health (3). Prerequisites: ECO 2013 and ECO 2023. This course provides an overview of the U.S. health care system and the role that economics plays in advancing our understanding of it. Topics included are the demand for medical care and health insurance, the role and impact of government in funding health care services (Medicare and Medicaid), cost benefit analysis, pharmaceuticals and the FDA, organ donation and vending, as well as health care and insurance in other developed countries. Throughout the course, students have opportunities to improve their writing through instruction and assigned papers.
ECP 4613. Urban Economics (3). Prerequisite: ECO 2023. This course is an analysis of trends in urban economies in the U.S. and elsewhere. Introduction to economic and demographic data sources for analysis of urban areas; issues confronting contemporary urban places.
ECP 4618. Research Methods for Studying Housing, Entrepreneurship, Land and Housing Finanace (3). Prerequisite: ECO 2023, and STA 2023 or STA 2122. This course explores the use of quantitative research methods to evaluate and understand the performance of economies, with a focus on land use, housing, urban economic growth, housing finance and public finance. Each student identifies a research topic, defines the research question, and conducts original research as part of the course through a workshop format supervised by the instructor.
ECS 3022. Social Entrepreneurship and Economic Development (3). This seminar incorporates the practical realities of economic development program implementation into the classroom, using a discussion format and case studies of real world applications. The readings are used to provide a broader context for the discussions of specific cases and more general theories. An emphasis is placed on "lessons learned" and discussion of the constraints and potential for implementing effective economic development programs in low-income areas of the United States and world, with a special focus on cities.
ECS 3200. Economics of Asia (3). Prerequisites: ECO 2013 and ECO 2023. This course is a survey of economic development in the economies of East Asia. The course includes an economic analysis of the factors that contributed to the substantial growth in East Asia from 1960–1989 and the subsequent financial crises that ensued in the 1990s.
ECS 3600. Economics of Native Americans (3). Prerequisites: ECO 2013 and ECO 2023. This course examines and challenges the traditional view that the economic systems of Native Americans before Europeans arrived were communal. The historical evolution of Native economies is considered in light of the evolving relationships (both conflict and cooperation) between Europeans and Natives. Finally, the economic conditions of modern Native American communities are examined.
ECS 4013. Economics of Development (3). Prerequisites: ECO 2013 and ECO 2023. This course presents economic development as a process, description and analysis; alternative overall theories of development; particular problems and policy responses to them; strategic choices in development policy. Main focus on third world economies.
ECS 4431. Economics of the Caribbean (3). Prerequisites: ECO 2013 and ECO 2023. This course provides a detailed introduction to the analysis of economic development of Caribbean countries, including a discussion of the basic characteristics of Caribbean economies, a discussion of alternative theories and models of development, as well as a range of particular economic and social issues of concern to policy makers within Caribbean countries. Focus is on the actions available to Caribbean nations for addressing their development concerns within their region and/or country.
ECS 4504. Economics of the Middle East (3). Prerequisites: ECO 2013 and ECO 2023. This course discusses the economic history of the Middle East and reviews events and policies bringing these nations to their current positions and examines prospects for future economic growth.
IDS 2198. Making Good Decisions: How to Get the Most Out of Your Money and Life (3). This course is designed to help students develop the ability to make sound decisions for getting the most out their limited resources. The course includes learning the basics of cost-benefit analysis and other fundamental economic principles that are necessary for getting the most out of everyday decisions as well as budgeting and investing strategies for maximizing the return on one's financial portfolio. This course also provides students with entrepreneurial strategies for starting and developing business ideas.
IDS 2391. Why is Good Politics Not Good Economics? (3). This course is designed to help students understand current economic issues so that they can become more informed citizens and voters. Students learn the basics of economic thinking and how markets and the political process work, and then apply these concepts to current economic issues such as minimum wage, legalization of drugs, trade restrictions, and fiscal and monetary policy during an economic crisis.
For listings relating to graduate coursework, consult the Graduate Bulletin.