Course Offerings

Spring 2025 Courses:

ECON 1001: Principles of Mathematics for Economics

Principles of Mathematics for Economics is designed to provide students with a “head start” to success in introductory economics, business, social and natural sciences courses (that do not require knowledge of calculus) by reviewing topics in arithmetic, algebra, geometry and graphing. The course starts at the very basics to ensure that any gaps in math knowledge are covered and is focused on improving students' confidence in their numeracy skills - their ability to use numbers to solve problems not just in the classroom, but in all aspects of daily life. By the end of this course, students will have foundational knowledge in basic mathematics, be able to apply that knowledge to real-world problems, evaluate their answers to problems and to approach basic mathematics confidently. Most classwork, homework and exams will be completed without use of a calculator. No minimum ALEKS score is required for this course.

ECON 1002: Introduction to Personal Finance

Students will gain practical knowledge about budgeting, tracking income and expenses on Excel or the YNAB app, the true cost of borrowing, managing credit scores and filing personal taxes, understanding the role of insurance, financing an education, a car or a home, and investing and saving for retirement. The course will also emphasize the importance of financial literacy to the economy. Finally, students will serve GW as well as the larger DC community through workshops or presentations on one of the topics covered in the course.

ECON 1011: Principles of Economics I

Microeconomics is the study of why individuals, companies, industries, governments and countries behave the way they do, and how that affects what we call the market system. You will see that economics is a living subject: how the world works is driven by some key economic principles. By the end of the semester, you will develop the ability to think analytically and objectively about the world around you and to apply economic principles to your own behavior! This course will give you the tools to better understand current events and answer questions such as: How might immigration impact the wages of American workers? Why did the Justice Department sue to block the Spirit Airlines and JetBlue merger? How is the price of my bread affected by the war in Ukraine? Why are states and local governments imposing special taxes on items like plastic bags and soda? And countless other questions that you encounter in daily life! Prerequisite: ECON 1001 with a grade of B- or above or ALEKS test score of 61 or above. Credit cannot be earned for this course and HONR 2043.

ECON 1012: Principles of Economics II

How do we measure the size of an economy? Why do some economies grow while others shrink? Does everyone in a country benefit from economic growth? What are the causes and consequences of economic inequality? How do governments affect economic performance? What is the role of central banks and the banking system? How are the economies of different countries interconnected? If you have been thinking about these questions, this course is for you! Topics will include GDP, unemployment, inflation, economic growth, the banking system, business cycles, interest rates (monetary policy), government spending (fiscal policy), and international finance. We will also discuss some of the limitations of the models that economists use to study these phenomena. ​​​​​Prerequisite: ECON 1011 OR HONR 2043. Continuation of ECON 1011. Credit cannot be earned for this course and HONR 2044.

ECON 2101: Intermediate Microeconomic Theory

Analysis of household economic behavior, including derivation of demand functions. Analysis of firm behavior, including derivation of supply frameworks. Demand and supply interaction under various market structures and in factor markets. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and MATH 1221 or MATH 1231 or MATH 1252. Credit cannot be earned for this course and ECON 2103.

ECON 2102: Intermediate Macroeconomic Theory

How do macroeconomists simplify a complex world into models that can help us understand the economy around us?  This course will give you the tools to analyze macroeconomic phenomena such as changes in national income, inflation, unemployment, and interest rates.  You will learn about theories from different economic traditions as well as the role of real-world complexities such as market failures and uncertainty. We will also evaluate macroeconomic policies and data in light of the different theoretical models.  Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and MATH 1221 or MATH 1231 or MATH 1252. Credit cannot be earned for this course and ECON 2104.

ECON 2121: Financial Economics

What role do banks and other financial institutions play in the economy? Why are they so large, and how should they be regulated? Why are they prone to crises that can bring down the national economy? How should regulators respond to the tremendous innovation in payment systems such as crypto-assets? Should the Federal Reserve create a central bank digital currency? These questions and more are studied in models of money and asset markets incorporating financial market frictions. Additional topics include markets for different assets such as equity shares, options and other derivatives, exchange rates and regulation in a global economy.  Prerequisites: ECON 1011 and ECON 1012; or HONR 2043 and HONR 2044. Credit cannot be earned for this course and FINA 3301.

ECON 2123: Introduction to Econometrics

This course provides an introduction to the theory and practice of econometrics. The field of econometrics encompasses a broad range of statistical methods used for empirical research in economics. Applications of the econometric methods studied in this course can be found across many different fields of economics, from estimating the labor market returns of social networks to the evaluation of state-level alcohol laws to empirically modelling the relationship between unemployment and inflation. The course starts with a study of some basic principles of probability and statistical estimation and inference. The remaining focus is primarily on multivariate linear regression. Students learn that regression is a versatile tool that can be used to investigate causal ("all else equal") relationships among economic variables, test economic models and hypotheses, and fit both linear and nonlinear statistical relationships. Some advanced topics (for example, difference-in-differences, instrumental variables, and time series methods) may be introduced, time permitting. Students learn how to carry out econometric analysis using statistical software (choice of software varies by section), which may culminate in the completion of an empirical project. Importantly, students also learn to critically assess the underlying assumptions of econometric methods so that they can make sound judgments regarding what conclusions should be drawn from a particular set of empirical results. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and MATH 1221 or MATH 1231; and STAT 1051 or STAT 1053 or STAT 1111. Same As: STAT 2123.

ECON 2151: Economic Development

The average resident is 80 times richer in the USA than in Burundi. Why? And what can be done about it? This course provides the economic foundations for understanding - and addressing - questions like these, and other issues affecting developing countries, and poorer areas. A key theme is that poverty itself can cause poverty, so that economies can get caught in a "development trap.” Consequently, the themes of economic growth, poverty, and inequality are core to the course. These issues are complex and so an array of topics are covered: education, labor, health, population, gender, institutions, taxation, governance, environment, climate change, and more. Students will become familiar with development policy through course work and through real world interactions with DC based international organizations. Prerequisites: ECON 1011 or HONR 2043 and ECON 1012 or HONR 2044. Credit cannot be earned for this course and ECON 6250.

ECON 2157: Urban & Regional Economics

Are you curious about the dynamics that shape the cities and regions we call home? Do you want to understand the economic forces driving city growth and decline, urban sprawl, reasons for and cures of congested transportation systems, and the distribution of poverty? If you're ready to embark on an exciting journey into the heart of our urban landscapes, then "Urban and Regional Economics" is the course for you. This course employs basic microeconomic concepts to explain how households and firms make location decisions, influencing the relative sizes of cities and regions. Within this framework, we will explore: a) the existence, growth, and internal structure of cities; b) housing markets and effects of government housing policy; c) urban challenges prevalent in both developed and developing regions, such as crime, pollution, informal housing, and more; and d) various public policies aimed at mitigating these issues. Moreover, this course offers hands-on experience working with extensive datasets and engaging in empirical projects to assess the evolution of local real estate markets. Prerequisites: ECON 1011 and ECON 1012.

ECON 2167: Economics of Crime

The economics of crime is concerned with the economic rationale for criminal law and the criminal justice system, as opposed to civil law. It deals with questions of when and what to criminalize; whether to tax, fine, or use other sanctions; the determinants of the supply of criminal activity; the effects of policing, enforcement, and punishment. Behavioral economic approaches to crime prevention are considered. Models that explain the spatial concentration of crime and applications of game theory to inform policing. The relation between crime and economic development is also explored. The economics of crime illustrates how economists use standard research techniques to study human behavior in circumstances where explicit markets do not exist. Prerequisites: ECON 1011 or HONR 2043 and ECON 1012 or HONR 2044.

ECON 2180: Survey of International Economics

Basic concepts of international trade and international finance, emphasizing policy issues. Does not satisfy ECON major or minor elective requirements if taken concurrent with or after successful completion of ECON 2181, or ECON 2182, or ECON 3181.  This course examines one important aspect of globalization; the increase in international trade and investment.  The course considers the effects of international trade at the micro level, establishing the principle of comparative advantage, highlighting the winners and losers from trade, and evaluating the effects of trade policies including tariffs and export subsidies.  The course also considers international exchange at the macro level, defining the balance of payments accounts, interpreting the effects of aggregate trade imbalances, determining the effects of monetary and fiscal policies, and understanding the determinants of the exchange rate in both fixed and floating systems.  The course also examines the role of national and international institutions such as the US Trade Representative, the US International Trade Commission, the World Trade Organization and the International Monetary Fund. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044. Credit cannot be earned for this course and ECON 6280.

ECON 2181: International Trade Theory & Policy

The course considers the effects of trade at the micro level, establishing the principle of comparative advantage, highlighting the winners and losers from trade, and evaluating the effects of trade policies including tariffs, quotas, and export subsidies on consumers, producers and the government budget.  Also covered are models of trade with economies of scale and market imperfections.  The course also considers international investment and factor movements such as migration as well as the role of national and international institutions such as the US Trade Representative, the International Trade Commission and the World Trade Organization. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044. Credit cannot be earned for this course and ECON 6283.

ECON 2182: International Macroeconomic Theory & Policy

This course covers introductory material in the area of international macroeconomic theory and policy and uses it to better understand recent policy issues. The course starts with an introduction to important concepts for open economies such as the balance of payments, the current account, and the determination of exchange rates. Students learn the potential role of monetary and fiscal policy in affecting economic activity, prices, exchange rates, and interest rates, and these variables altogether with domestic economic activity. The course analyzes different exchange rate policies ranging from fixed to flexible exchange rate regimes with real-world experiences from developed and developing economies on foreign exchange market intervention. The course devotes plenty of time to recent and historical financial crises such as the Global Financial Crisis (2007-2009), the Eurozone Sovereign Debt Crisis (2009-2011), and a variety of different major crises in emerging markets such as those in the 1980s and 1990s.  Every year, the course covers current events, such as the tightening of monetary policy in the United States in 2023 and the Russia-Ukraine War in 2022-2023. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 and HONR 2044. Credit cannot be earned for this course and ECON 6284.

ECON 2195W: Applied Econometrics

This course covers estimation methods for cross-sectional, time series, pooled cross-sectional, and panel data. The course will cover some topics covered in ECON 2123 in greater depth as well as topics that are not ordinarily covered in ECON 2123. Preparation and presentation of a paper that uses econometric methods is required. After this course you will be able to: 1) Use econometric software; 2) write a research paper based on the application of econometric techniques;  3) present economic research; and 4) critically evaluate results presented in economic research papers. The course involves significant engagement in writing as a form of critical inquiry and scholarly expression to satisfy WID requirements. Prerequisites: ECON 2101 and ECON 2102 and ECON 2123. This course will satisfy a WID requirement, departmental approval required to register.

ECON 2199

• Behavioral Economics
• Social Insurance & Welfare
• Inequality in Labor Markets

2199.10 - Please email [email protected] for a specific course description.

2199.11 - Vast amounts of theory and experience have established the powerful role of free market economies with secure property rights in generating income growth and collective wealth. One concern offsets that large positive - income insecurity. The bounty that markets generate is not evenly spread across the lifetime or across individuals. The first concern is met, often crudely, through social insurance - compulsory programs designed to cover major setbacks, for example social security disability insurance and retirement income. Life-long productivity difficulties are more challenging. They are handled  n the U.S. through public support for education, wage subsidies, and “welfare” or “public assistance,” essentially public charity. How adequately the U.S. economy has responded to these two fundamental difficulties is examined in detail, and policy proposals to improve support systems, including Universal Basic income (UBI), are explored.

2199.13 - Please email [email protected] for a specific course description.

ECON 3105: Economic Forecasting

Economic forecasts are an input to many decisions and are covered extensively in the media. Predictions for GDP growth, interest rates, inflation, unemployment, and many other economic outcomes appear regularly in discussions of all sorts of decisions of businesses and policymakers. Forecasts play a role in personal decisions as well. Where do forecasts come from? How are they used? How can we tell a good forecast from a bad one? How can you make your own economic forecasts? This course covers the theory and empirical analysis of forecasts for both economic trends and fluctuations along with the use of economic indicators and simple econometric models to produce economic forecasts. You will learn how to create and evaluate economic forecasts and how these forecasts can effectively be used in decision-making. Prerequisites: ECON 1011 and ECON 1012; and ECON 2102 or ECON 2104; and ECON 2123.

ECON 3142: Labor Economics

If you've ever asked "when are we ever going to use this?" Econ 3142: Labor Economics is an applied course covering the empirics of how workers and firms respond to public policy. The course covers empirical analyses that evaluate the effectiveness of social welfare programs; the effects of the minimum wage; the consequences of education policy; the costs and benefits of immigration policy; and gender and racial disparities in the labor market. The goal of the course is to highlight the importance of research designs in making a compelling case for causality and testing the predictiveness of economic models. Students learn to critically evaluate real-world examples and what makes causal arguments more or less convincing, skills useful for writing proseminar theses. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and ECON 2101 or ECON 2103.

ECON 3162: Public Finance - Taxation

“Taxes are what we pay for a civilized society” is engraved on the façade of the Internal Revenue Service building in downtown DC. Taxes are an essential part of a modern economy, but they have a profound effect on economic activity. In paying for all the things we want the government to do, we want to ensure tax revenue is raised at the lowest possible economic cost. But even if the government had no outlays, taxes could still play an important economic role. In this course, we will focus on the economic principles governing the design of the ideal tax system. We will consider both theoretical models and empirical evidence to assess the current tax system, recent reforms to the tax system, and potential changes to the tax system in future. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 and HONR 2044; and ECON 2101 or ECON 2103.

ECON 3190: Law & Economics

This course focuses on the economic analysis of US law. The readings draw heavily from both the traditional textbooks as well as from selected readings from the economics literature. Law and economics have achieved prominence if not dominance within most of the legal academic world and certainly in the “high-brow” legal academic world. It provides an extremely compelling paradigm from which to understand the law. It provides normative and positive bases from which to evaluate the law and to suggest its reform. The domain of law and economics has expanded greatly over the past twenty years from its origins in economic efficiency and antitrust law to the entire spectrum of the law curriculum. One of its earlier expansions was in what one might call the first-year curriculum: contracts, torts, property, and crime. This course covers all these areas. The discussion is based on economic concepts of a competitive general equilibrium, welfare optimality (including Pareto and Kaldor – Hicks efficiency), game theory and the problems posed by market failure via externalities, monopolies and public goods. This is a Paper course. No exams. It is appropriate for both undergraduate and graduate students. Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and ECON 2101 or ECON 2103.

ECON 3191: Game Theory

Game theory is the mathematical study of strategic settings – settings where actions of the individuals involved affect the welfare of others involved. Because virtually every interaction between individuals is strategic, applications for this theory are countless. In the last few decades, game theory has emerged as a vital area of research whose methods and insights have been applied to virtually all areas of economics (such as labor, development, industrial organization, natural resources) as well as other disciplines. This course develops the fundamental tools of game theory and then illustrates their scope through applications drawn from diverse fields and from everyday life! Prerequisites: ECON 1011 or HONR 2043; and ECON 1012 or HONR 2044; and ECON 2101 or ECON 2103.

ECON 4198W: Proseminar in Economics

Preparation and presentation of a research paper in any field of economics agreed upon by the student and instructor. Restricted to seniors in the economics program. Prerequisites: ECON 2101 or ECON 2103; and ECON 2102 or ECON 2104; and ECON 2123 or STAT 2123 or STAT 2112 or STAT 2118; and completion of at least three ECON elective courses taken at the 2000 level or above. Includes a significant engagement in writing as a form of critical inquiry and scholarly expression to satisfy the WID requirement.

Courses offered in previous semesters: