2008-2009 Catalog - United States Air Force Academy

Econ 347. Quantitative Economic Methods. Analysis of economic problems through statistical and mathematical methods
and the use of quantitative models.
Econ 351. Comparative Economic Systems. Examines the world’s major economic systems including capitalism, market
socialism, and planned socialism. These systems are examined through a critical analysis of the theoretical literature and case
studies. Areas of study include the United States, the European Union, China, the Middle East, and parts of the developing
world. Both economic and non-economic aspects of these countries’ systems are examined to come to an understanding of
how these countries work and why countries experience different results despite similarities in their systems.
Econ 355. Principles of Macroeconomics. Foundations of key macroeconomic principles. Analysis of the macroeconomics
of a nation at an aggregate level. Analytical models are developed and used to analyze the impacts of alternative government
economic policies. Topics include inflation, unemployment, national income, the banking system, fiscal and monetary policy,
debt, deficits, and international finance and trade (including exchange rates and barriers to trade). Focuses on domestic and
global economic environments of organizations and discusses current and historical issues in the macroeconomy relating to
real-world events. Discusses the impact of macroeconomic policies on the defense sectors.
Econ 356. Macroeconomic Theory. Analysis of national income, employment, price level determination, monetary, and
fiscal policies. Contemporary macroeconomic issues are explored through the Economic Report of the President.
Econ 365. Analysis of Economic Data. Survey of economic data series available from the Economic Report of the President,
Commerce Department, Bureau of Labor Statistics, Federal Reserve, and financial data. Develops familiarity with macro,
micro, and financial data series, what the series measure, accessing series via the internet, and basic analysis to include the use
of software.
Econ 374. Survey of International Economic Issues. Examination of current issues in the commercial relations among
nations, including international trade, international finance, economic development, and the multinational enterprise. Designed
for those students not majoring in economics.
Econ 377. Financial Markets. Introduction to and analysis of how the financial markets allocate personal and corporate
resources in a modern capitalistic economy. Specific emphasis on the characteristics, valuations, and functions of the various
financial instruments traded in the financial markets. Also covered in some depth are the operational mechanisms of the
financial markets, the relationship of government fiscal and monetary policies to finance market activity, the individual and
corporate investment decision, and the understanding of financial press information.
Econ 391. Industrial Organization. Focuses on the structure and performance of markets and their regulation. Investigates
the observed behavior of firms engaging in both legal and illegal marketplace competition. Examines the evolution of antitrust
law in the United States and the impact these laws have on the market. Topics covered include predatory pricing, price
discrimination, bundling and tie-ins, tacit collusion, mergers, and acquisitions.
Econ 411. Introduction to Game Theory. Introduces the concepts required to analyze strategic situations, or situations
in which a player’s payoff depends on his choices and those of the other players. Topics include zero-sum and nonzero-sum
games, normal and extensive form games, the implications of informational asymmetries on these strategic situations, auctions,
and bargaining models. Developing the ability to think strategically is valuable to everyone, but this course is especially
important for those studying any of the social sciences.
Econ 422. Labor Economics. This course examines how people make decisions regarding their participation in the labor
market. Included in this course is the examination of government policies (such as social security, minimum wage, etc.) and
their impacts on the supply and demand of labor. Wage determination for women and minorities will be discussed in light of
the supply and demand forces in the influence of the human capital decisions made by individuals.
Econ 450. International Economics. Economic aspects of international relations, international trade, relationships among
national currencies, international monetary systems, the balance of payments, and commercial policy.
Econ 454. Economics of Transition and Development. Studies the transition of centrally planned or state-run economies
to market based economies, as well as the problem of sustaining accelerated economic growth in less developed countries.
Focus is on price liberalization, stabilization efforts, and the economic restructuring necessary to move a centrally planned
economy to a market based economy. Additionally, covers economic growth, population growth, income inequality, trade, and
investment. Case studies from Eastern Europe, Latin and South America, Asia, and Africa may be included.
82 United States Air Force Academy Catalog