The Department of Economics is dedicated to create and maintain a positive, interactive and personal learning environment that is optimal to deliver student learning outcomes. Instructional methods include lecture, presentations, debates, discussions, research term papers and exams to promote course learning outcomes such as critical thinking, analyzing disciplinary contents, identify contexts, learning fresh perspectives and multiple modes of inquiry. We offer lecture and seminar courses with various class sizes. All our courses offer interactive learning experience between faculty and students. Our upper-level courses are designed to be small to facilitate individual faculty mentoring that will help students achieve their goals beyond UB. We offer recitations for introductory level as well as quantitative reasoning courses to enhance students’ understanding.
Economics (ECO)
Economics
415 Fronczak HallNorth Campus
Buffalo, NY 14260-1520
Chair
The Learning Environment
About Our Facilities
The Department of Economics is housed in Fronczak Hall and has one dedicated classroom/reading room, and one conference room. The department holds most of the classes in centrally scheduled space throughout the campus, which includes traditional classrooms and lecture halls that can accommodate our teaching needs.Â
About Our Faculty
The department's faculty is distinguished for its research and teaching accomplishments. All members of the faculty hold the PhD degree and are engaged in ongoing research projects that are reflected directly or indirectly in their teaching. The department is home to the Center of Excellence on Human Capital, Technology Transfer, and Economic Growth and Development (HEAD). The Center was chosen as one of the pillars of the Civic Engagement and Public Policy area of strength in the UB 2020 Strategic Plan. The Center is funded by a major faculty development award from the New York Office of Science, Technology and Academic Research (NYSTAR). The Center has had notable achievements, including an inaugurating conference attended by Nobel laureates. The Center houses the editorial office of the new Journal of Human Capital, which is published by the University of Chicago Press and is fast becoming nationally and internationally recognized as a leading economics journal.
Faculty List Directory
Please visit the Economics department website for additional information about our faculty.
ECO Courses
- ECO 181LD Introduction to Macroeconomics Lecture
Covers principles of employment, inflation, business cycles, and growth; also considers policies for economic stabilization and full employment. May be taken independently of ECO 182. This course is a controlled enrollment (impacted) course. Students who have previously attempted the course and received a grade other than W may repeat the course in the summer or only in the fall or spring semester with a petition to the College of Arts and Sciences Deans' Office.
Credits: 4
Grading: Graded (GRD)
Typically Offered: Fall, Spring, Summer
- ECO 182LD Introduction to Microeconomics Lecture
Covers principles of price determination, creation of value, distribution of income, competition, and principles of international trade. May be taken independently of ECO 181. This course is a controlled enrollment (impacted) course. Students who have previously attempted the course and received a grade other than W may repeat the course in the summer or only in the fall or spring semester with a petition to the College of Arts and Sciences Deans' Office.
Credits: 4
Grading: Graded (GRD)
Typically Offered: Fall, Spring, Summer
- ECO 198SEM UB Seminar Seminar
The one credit UB Seminar is focused on a big idea or challenging issue to engage students with questions of significance in a field of study and, ultimately, to connect their studies with issues of consequence in the wider world. Essential to the UB Curriculum, the Seminar helps transition to UB through an early connection to UB faculty and the undergraduate experience at a comprehensive, research university. This course is equivalent to any 198 offered in any subject. This course is a controlled enrollment (impacted) course. Students who have previously attempted the course and received a grade of F or R may not be able to repeat the course during the fall or spring semester.
Credits: 1
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Other Requisites: Students who have already successfully completed the UB seminar course may not repeat this course. If you have any questions regarding enrollment for this course, please contact your academic advisor.
- ECO 199SEM UB Seminar Seminar
The three credit UB Seminar is focused on a big idea or challenging issue to engage students with questions of significance in a field of study and, ultimately, to connect their studies with issues of consequence in the wider world. Essential to the UB Curriculum, the Seminar helps students with common learning outcomes focused on fundamental expectations for critical thinking, ethical reasoning, and oral communication, and learning at a university, all within topic focused subject matter. The Seminars provide students with an early connection to UB faculty and the undergraduate experience at a comprehensive, research university. This course is equivalent to any 199 offered in any subject. This course is a controlled enrollment (impacted) course. Students who have previously attempted the course and received a grade of F or R may not be able to repeat the course during the fall or spring semester.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Other Requisites: Students who have already successfully completed the first year seminar course may not repeat this course. If you have any questions regarding enrollment for this course, please contact your academic advisor.
- ECO 201LEC Economic History of the United States Lecture
Explores important themes in economic history, focusing on the drivers of economic growth. Topics include investment in human capital, technological innovation, improvements in health, and demographic change as well as income inequality, social mobility, and racial disparities. The course will examine major episodes in history such as the Slavery Era, the Industrial Revolution, the American Westward Expansion, the Great Depression, and the Baby Boom. Historical examples will be used to illuminate modern economic issues.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Spring
- ECO 205LEC Money and Banking Lecture
Studies the U.S. monetary system; including roles of financial institutions; commercial banking; creation of money; the Federal Reserve and monetary policy; and the macroeconomic relationships among money, interest rates, inflation, and gross domestic product.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring, Summer
- ECO 206LEC History of the American Labor Movement Lecture
Examines the American labor movement from its beginnings in the early nineteenth century through the present day, and studies economic and social determinants of its development. LEC
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall
- ECO 207LEC Economic Classics Lecture
Introduces the history of economic thought. Uses the original writings of prominent historical figures, such as Aristotle, Adam Smith, Karl Marx, Thorstein Veblen, and John M. Keynes.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Spring
- ECO 208LEC Introduction to Environmental Economics Lecture
Involves economic analysis of environmental problems. The course is issue-oriented; and considers such problems as air, water, and noise pollution; population growth; and environmental capacities.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall
- ECO 209LEC Introduction to Urban Economics Lecture
Explores how cities and a system of cities contribute to economic growth; the role of cities in developed and developing countries; how economic activity is allocated within cities; the economics of housing, transportation, pollution, property taxes, and zoning; racial and income segregation and discrimination in cities; and urban poverty. ECO 209 and ECO 421 cannot both be taken for credit.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 210LEC Comparative Economic Systems Lecture
Comparative analysis of economic and political systems of capitalism, socialism, and mixed economies. Topics covered include market efficiency, rent-seeking, and regulation, and discussion of economic consequences of anarchy, democracy, and dictatorship.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 211LEC Introduction to Health Economics Lecture
Conducts an economic analysis of the U.S. health-care delivery system; also considers the question of shortages or misdistribution of medical services, efficient production, medical care cost inflation, and alternative financing methods.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall
- ECO 212LEC Current Economic Problems Lecture
Uses elementary techniques of economic analysis to examine significant economic issues in order to provide insight into the issues and the consequences of policies advocated to address them. The issues examined are some of those current at the time the course is offered.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall
- ECO 251LEC Government in the U.S. Economy Lecture
Involves an empirical assessment of the size and scope of government activity in the United States; attempts a comprehensive and empirical understanding of the economic activities and influence of government in the United States.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 263LEC Elements of Benefit-Cost Analysis Lecture
Incorporates a benefit-cost criterion for comparing the relative economic merits of alternative public expenditure choices; also explores net present value, and the internal rate of return.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 270LEC Regulation in the U.S. Economy Lecture
Examines regulatory controls in the U.S. economy and their effects on entry by firms into an industry. Considers prices, profits, and quantity produced; product quality; and competitive structure of an industry.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 276LEC Law and Economics: Equity and Efficiency Lecture
Explores the relationship between the legal concept of equity and the economic concept of efficiency. Discusses efficiency with some reference to optimality and contrasts it with the goal of equity. Draws applications from criminal and accident law.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 303LEC The Economics of Poverty Lecture
Studies classes and groups that, in the economy, are characterized as 'impoverished'. Also studies causes of poverty and discrimination, and antipoverty and antidiscrimination socioeconomic policies.
- ECO 304LEC Socialist Economies Lecture
Examines the theory of socialism, and history and economic structures of socialist economies within the context of social relations, including social conflict, state planning, workers' control, and economic development.
- ECO 403SEM Special Topics Seminar
Topics vary by semester.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Summer
- ECO 405LEC Microeconomic Theory
- ECO 406LEC Topics in Microeconomics Lecture
Introduces new theories and applied topics in microeconomics beyond the basic subjects studied in ECO 405. Covers a broad range of imperfect markets, including monopoly, oligopoly, and monopolistic competition. Also covers topics in game theory, uncertainty, investment and capital markets, general equilibrium analysis, externalities and public goods, and markets with asymmetric information.
- ECO 407LEC Macroeconomic Theory
- ECO 408LEC Special Topics
- ECO 408SEM Special Topics Seminar
Topics vary according to instructor. Requires individual research.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
- ECO 411LEC Health Economics Lecture
Investigates economic behavior of the health-care industry, including hospital services, physicians, and health insurance; and considers rationales for government intervention in planning and insuring.
- ECO 412LEC Environmental Economics Lecture
Examines uses of the natural environment; their respective costs and benefits (and distributions thereof), and the problem of policy design to optimize environmental use and quality.
- ECO 416LEC Economic Development Lecture
Studies the issues of poverty, economic development, and economic growth in low-income countries. Introduces diverse aspects of empirical findings in development and offers theories of development and policy implications.
- ECO 418SEM Economics of East Asia Seminar
The world's fastest-growing economies in the postwar period are clustered in East Asia. Provides, through economic analysis, a deeper knowledge of East Asian economic growth and an understanding of the growth and development process through real-world applications. With the focus on East Asian economies, covers major issues in economic development, theories of growth and convergence, and some current macroeconomic issues of East Asian countries.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Varies
Prerequisites: ECO 181 Or ECO 407 And ECO 182 Or ECO 405 And MTH 121 Or MTH 131 Or MTH 141 And MTH 122 Or MTH 142
- ECO 421LEC Urban Economics Lecture
Explores theories of the existence and growth of urban economies, location and its relationship to industrial organization and trade, and the internal organization of cities. Further covers land and housing markets; pricing and resource allocation in urban transportation; the economics of local government, local public goods, property taxes, and zoning; and the economics of income and race segregation in urban areas. ECO 421 and ECO 209 cannot both be taken for credit.
- ECO 425SEM Money and Financial Institutions Seminar
The goal of this course is to enable students to learn the concepts and tools necessary to understand the interconnections between the financial side and the real side of the US economy and how the Fed impacts this through monetary policy. This course is dual-listed with ECO 525.
- ECO 426LEC Capital Markets and Financial Institutions Lecture
Involves an overview of financial decision making and the functions of financial markets. The course first focuses on financial decisions made by individuals and firms and then investigates the way these decisions are implemented through financial systems. The key concepts are resource allocation over time, evaluation of cash flow, risk management, project evaluation, and asset pricing models.
- ECO 434LEC International Finance Lecture
Introduces the international financial system; including the spot and forward foreign exchange markets; triangular arbitrage, currency futures, interest arbitrage, the balance of payments, fixed vs. flexible exchange rates, devaluation and the balance of trade, measuring and managing foreign exchange exposure, and import and export financing. This course is dual-listed with ECO 536.
- ECO 435LEC International Economics Lecture
Covers the classical law of comparative advantage; modern theories of trade (including the Heckscher-Ohlin and specific-factor models of trade); growth and trade; international factor movements; multinational corporations; trade-related international organizations; the effects of trade policies with tariffs, quotas, and other instruments; preferential trading arrangements; and topics in economic integration. Also covers briefly the balance of payments, foreign exchange markets, and the international monetary system. This course is dual-listed with ECO 535.
- ECO 436LEC Marxian Economic Theory Lecture
In-depth investigation of the Marxist theory of capitalism, centering on value and surplus value, accumulation of capital, and class struggle; also, this course considers the theory of pre-capitalist societies.
- ECO 440LEC Economics of Education Lecture
Analyzes various educational policies. Topics include returns to education, economics of class size, school quality effects, cognitive test achievements, school performance assessment, student dropout behavior and post-schooling labor market experience. This course is not aimed at addressing all questions in the economics of education. Instead, it provides basic concepts, tools, and economic intuition in addressing various educational issues from an economic point of view. Students should be able to apply these concepts and tools to other educational policy issues after completing this course.
- ECO 443SEM Labor Economics Seminar
Studies wage theory and the institutions that affect the supply of and demand for labor. Also examines wage differentials and such policy problems as unemployment, discrimination, and government regulation of wage-setting institutions.
- ECO 445LEC Human Resource Economics Lecture
Explores relationships among the techniques of human-capital formation (education, on-the-job training, financing, human-capital maintenance, health care, and job safety), human-capital mobility (occupational information, relocation), and economic performance.
- ECO 451SEM Math for Economists Seminar
Discusses mathematical techniques used in economic analysis, including optimization theory, consumer and producer optimization problems, and general equilibrium models.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: MTH 121 Or MTH 131 Or MTH 141 And MTH 122 Or MTH 142
- ECO 455SEM Information and Internet Economics Seminar
Focuses on economic issues involving both information and Internet technology. On the information side, the course covers the value of information, issues that arise from information asymmetry, and costs of producing and distributing information. On the technology side, it discusses business implications of the Internet by introducing topics concerning market structure, entry barriers, and conduct and performance of firms. Also addresses issues concerning patents and copyrights in the context of electronic commerce. In addition to discussions and lectures, the course relies on cases, guest speakers, and student projects.
- ECO 461SEM Economic Fluctuation and Forecasting Seminar
Considers alternative stochastic specifications of linear dynamic econometric models. Studies, among other topics, appropriate estimation techniques, the nature of the fluctuations (business cycles) of major economic variables (GNP, private investment, and so forth) implied by the models, and the problem of forecasting. Emphasizes time-series models.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall
Prerequisites: ECO 405, ECO 407, and ECO 481
- ECO 464SEM Economics of the Public Sector Seminar
Analyzes costs and benefits of government sector and taxation. Expenditure topics include public goods, public production of private goods, externalities, Coase theorem, and benefit-cost analysis. Revenue topics include tax incidence, neutrality, revenue productivity, and equity of alternative taxes.
- ECO 467LEC Economics and Game Theory
- ECO 468LEC Economics of Sports
- ECO 469SEM Industrial Organization Seminar
Studies structure of industries and firms in American and other advanced economies; price and production policies; relationships among structure, competition, efficiency.
- ECO 470LEC Economics of Regulation Lecture
Analyzes the economic criteria for regulatory policies and the effects of regulation in various sectors of the economy.
- ECO 476SEM Economics of Legal Relationships: Property Rights Seminar
Analyzes the emergence of ownership and property relationships and the effects of these on the production and distribution of products; also compares different property rights systems.
- ECO 480SD Econometrics I Seminar
Covers measures of central tendency and spread in economic data, probability, binomial and normal distributions, estimation, confidence intervals, testing of hypotheses, and analysis of variance. Also introduces and applies simple two-variable regression to real-world data using computer software.
Credits: 4
Grading: Graded (GRD)
Typically Offered: Fall, Spring, Summer
Prerequisites: MTH 121 or MTH 131 or MTH 141
- ECO 481LEC Econometrics II Lecture
Involves an in-depth analysis of basic general linear regression and several of its commonly used variants which allow for dummy variables, interaction terms, serial correlation, and heteroscedasticity, among other things. Additional topics include estimation and forecasting in the context of econometric time-series models,as well as simultaneous equation models. The course also covers index numbers and Chi-Square tests of independence in contingency models. Emphasizes empirically implementing most of the models on real-world data using standard computer software.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Spring
Prerequisites: ECO 480 or (MTH 411 or STA 301) and (MTH 412 or STA 302)
- ECO 482LEC Computational Econometrics Lecture
Uses SAS to demonstrate ways to analyze economic data utilizing various econometric techniques. Topics covered include basic linear regression models, binary choice models, and time series and simultaneous equation models. SAS programs are run, using real data. No prior knowledge of SAS is necessary.
- ECO 488LEC Practicum in Financial Economics I Lecture
Focuses on applications of the financial economics topics taught Masters-level programs, i.e. security valuation and analysis methods, security selection, portfolio managements, and alternative investment strategies. Topics include: financial statement analysis, valuation of equity and fixed income investments, quantitative methods, performance measurement and review of the CFA Ethics and Professional Standards.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: ECO 405, ECO 407, and ECO 425
- ECO 489LEC Practicum in Financial Economics II Lecture
Application of financial economics topics taught in Masters Economics Programs; such as security valuation and analysis methods, security selection, portfolio management, and alternative investment strategies. Topics include: the valuation of equity, fixed income investments, portfolio management strategies, and an introduction to derivatives markets.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Spring
- ECO 490LEC Monetary Theory Lecture
Presents an advanced theory of money and its effect upon interest rates, prices, employment, and output.
- ECO 493LEC Topics in International Economics Lecture
Presents special topics of current interest, such as an overview of recent developments in trade theory, optimal trade and industrial policies in models with imperfect competition, issues in current trade negotiations, issues in services trade, global e-commerce, economic globalization, GATT and the WTO, free trade areas, customs unions, regionalism vs. multilateralism, the European Union (EU), and the future world monetary system.
- ECO 495TUT Undergraduate Supervised Teaching Tutorial
Students who have at least junior status and satisfy the department's prerequisites may apply to serve as undergraduate teaching assistants for ECO 181 and ECO 182. Under the supervision of the professor, undergraduate teaching assistants lead discussion sections for the principles courses, reviewing core concepts and theories, answering questions from the students, and participating in the preparation of final grades.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: Permission of Instructor and at least junior standing; additional details available in the department
- ECO 496TUT Internship in Economics Tutorial
Students arrange an internship in the private or public sector. As long as this position has a strong economics content, the student can apply to the director of undergraduate studies in economics for internship credit. Application must be made in advance and must be approved by the director of undergraduate studies.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: ECO 405 and ECO 407 and permission of instructor.
- ECO 498TUT Undergraduate Research Tutorial
Students with excellent records in Economics have the opportunity to participate in faculty research projects or to conduct their own original research under the supervision of a faculty mentor, thereby gaining first hand experience in economic research. Interested students should consult the Director of Undergraduate Studies or, if known, the faculty person with whom they wish to conduct research.
Credits: 3
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: ECO 405 and ECO 407 and permission of instructor.
- ECO 499TUT Independent Study Tutorial
Involves development of an individual project of inquiry into an economics area of particular relevance to the student's interest, and in a topic or depth not currently offered through regular coursework.
Credits: 1 - 6
Grading: Graded (GRD)
Typically Offered: Fall, Spring
Prerequisites: ECO 405 and ECO 407 and permission of instructor
Complementary Programs
- Economics BA
- Economics BA/MA
- History BA
- Mathematics-Economics BA
- Mathematics BA - General Study in Mathematics Concentration
- Mathematics BA - Computing and Applied Mathematics Concentration
- Mathematics BS - Actuarial Science Concentration
- Mathematics BA/MA
- Mathematics BS - General Study in Applied Mathematics Concentration
- Mathematics BA - General Study in Applied Mathematics Concentration
- Economics Minor
- Mathematics BS - General Study in Mathematics Concentration
- History Minor
- Economics BA/MS