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182 ARTS AND SCIENCES
513. Microeconomics II. (3)
Competitive equilibrium and welfare economics. Topics from
imperfect competition, decision making under uncertainty,
introduction to game theory and distribution theory.
Prerequisite: 501.
514. Macroeconomics II. (3)
Dynamic macroeconomics. Optimal economic policy.
Theories of economic growth.
Prerequisites: 504 and 506.
517. Law and Economics. (3)
Economics provides an illuminating means of analyzing legal
decisions and rulings. Topics in law: contracts, torts and
administrative law. Applications: environmental economics,
public finance and labor economics.
Prerequisite: 501 or 503.
520. Labor Economics. (3)
Determination of optimal wage and employment. Demand and
supply of labor, wage theory, education, migration, unions,
labor market discrimination and full employment policies.
Prerequisite: 503.
521. Comparative Labor Problems. (3)
Immigration issues, labor markets in Latin America, and other
comparative labor issues.
Prerequisite: 520.
522. Selected Groups in the Work Force. (3)
Employment problems of special groups (e.g., African-
Americans, Hispanics, women, youth) in the work force. How
economic theories explain their economic status. Economic
models (education, school quality, occupational choice).
Prerequisite: 520.
533. Seminars in Industrial Organization. (3)
Industrial organization is the study of firms and markets.
Course covers firms internal organization and the interactions
of firms in markets that are competitive, oligopolistic or
monopolistic.
Prerequisite: 503.
534. Experimental Economics. (3)
Working markets in laboratory setting. Designing market
experiments. Experimental investigations of simple market
organization. Examination of more complex settings.
Applications: theory, environmental, public finance and labor.
Prerequisite: 501 or 503.
535. Evaluation of Public Programs. (3)
Use of benefit-cost analysis as the principal means of evaluating
public sector programs such as bridges, dams, roads,
reservoirs, consumer product safety regulation and environmental
regulations.
Prerequisite: 503.
538. Topics in Applied Economics. (3)
Special topics in applied economics as they pertain to the major
fields and support courses. Available for use by visiting faculty.
Restriction: permission of instructor.
540. Environmental and Natural Resource Modeling. (3)
Dynamic optimization and optimal control theory applications
(deterministic and stochastic). Optimal resource utilization,
pollutant stocks, principal agent problems, etc. Computer
solution of models. Students will develop and solve a
research problem.
Prerequisite: 504.
541. Sustainable Development. (3)
Seminar of the political economy of sustainable development
with emphasis on the management of large natural systems,
particularly river basins.
Restriction: permission of instructor.
property, public policy, externality theory, non-market valuation,
resource scarcity, renewable and nonrenewable
resource management.
Prerequisite: 503.
543. Natural Resource Economics. (3)
Models of natural resource utilization. Fossil fuels, hard
rock minerals, fisheries, forest resources, groundwater and
surface water.
Prerequisites: 501 and 542.
544. Environmental Economics. (3)
Causes and consequences of environmental externalities.
Design and implementation of alternative policy instruments.
Theory and methods to measure economic value of market
and non-market environmental services.
Prerequisites: 501 and 542.
545. Water Resources II—Models. (4)
(Also offered as WR 572.) Use of technical models in water
resources management addresses conceptual formulation
and practical application of models from administrators
perspective. Lab focuses on use of graphic aids to explain
technical information. {Spring}
551./451–552./452. Independent Study. (2-3, 2-3)
An independent study course on economic problems or
issues. The study is carried out under the supervision of an
economics faculty member.
Restriction: permission of instructor.
560. Introduction to Public Finance. (3)
An introduction to the advanced study of public finance.
Issues covered include welfare theory, market failure, externalities
and public goods, public choice, taxation and government
expenditure.
Prerequisite: 503.
562. Normative Theories of Public Finance. (3)
Welfare theories, general equilibrium, market failure, income
distribution, optimal taxation, first best analysis and cost
benefit analysis.
Prerequisite: 560.
565. Positive Theories of Public Finance. (3)
The behavior of politicians and bureaucrats, taxpayers, the
distribution of tax burdens and government subsidies and the
behavior of state and local governments. Additional topics
as time allows.
Prerequisite: 560.
570. Institutional Economics. (3)
Overview of institutional thought including comparing historical
and evolving traditions (including early American institutionalism
and “new” institutional economics) and connections
to public policy. Examines institutional approaches relative to
economic methodology and philosophy of science.
Restriction: permission of instructor.
580. International Trade. (3)
Causes and patterns of trade; welfare and distributional
effects of trade; effects and political economy of trade policies
such as tariffs, quotes, export subsidies; regional economic
integration; international factor movements. With empirical
applications.
Prerequisite: 503.
581. International Finance. (3)
Balance of payments adjustment; exchange rate determination,
international financial flows, economic policies under
alternative exchange rate regimes; regional monetary integration
and the international monetary system. With empirical
applications.
Prerequisite: 503.
542. Environmental and Natural Resource Economics:
Survey. (3)
Overview of environmental and resource concepts, models
and issues. Mass balance, property rights, common
UNM CATALOG 2006–2007 Symbols, page 611.