Department of Economics

What are the skills and competencies that great entrepreneurs have in common and how might first-year students begin to acquire such skills? This course will answer the question by combining a study of the writings of leading scholars on innovation and entrepreneurship with analytical case studies on successful entrepreneurs.

This course teaches you some basic economic principles by using examples from the world of sport. Through readings, videos, lectures, discussions, and personal experiences we will use the sports industry to learn about the economic way of thinking, market structures, labor markets, game theory, market failure, and public finance. Honors version available.

This course fits the Carolina Entrepreneurial Initiative (CEI), with a communication intensive, global issues framework.

This class presents principles of entrepreneurship in the context of creating an entrepreneurial venture. You will work in teams over the semester to take an idea, identify its customers and bring it to life, working intensively with instructors and designated advisors. Teams will present a viable product at semester end.

In this Course-based Undergraduate Research Experience (CURE), we will study the barriers and tools for success in college. Students will develop a measure of success and identify a focal barrier to success in collaboration with classmates and drawing on existing research. Students will synthesize existing evidence in the related literature, collect their own data, and create their own evidence on the topic. Honors version available.

This is a special topics course. Content will vary each semester. Honors version available.

Discussion of economic topics of current interest for students with little or no background in economics.

Introduction to fundamental issues in economics including competition, scarcity, opportunity cost, resource allocation, unemployment, inflation, and the determination of prices. Honors version available.

This course will present the fundamental concepts of economics necessary to the understanding of the theory and practice of entrepreneurship. Topics include supply and demand, consumer choice, profit maximization and choice under uncertainty. The presentation of these topics will be structured around a series of case studies of entrepreneurial innovation.

This course covers both theoretical frameworks and practical examples of how to think like an entrepreneur and identify innovative opportunities. Students will learn about innovating, marshalling limited resources, inspiring teams, and persisting through challenges and uncertainty, often by trying, learning from what happens, and trying something better. Students will be applying the concepts of high-performing teams, design thinking, lean startup, pitching, as well as a range of different tools for evaluating venture feasibility and viability. Honors version available.

This is an internship credit course for the internship completed by students in the Entrepreneurship minor. The internship is a requirement for the Entrepreneurship minor. The internship should be approved for credit by the Career Development Manager in the Shuford Program in Entrepreneurship. This is a controlled enrollment course and students cannot enroll by themselves in ConnectCarolina. The Shuford Program's Coordinator will enroll the students after the internship is approved for credit.

The goal of the course is to better prepare ECON majors for their careers upon graduation. We will work on building real-life core transferable skills that will help students in their pursuit of careers not just right out of college but years down the road for jobs that may not have even been created yet. The skills will be both technical as well as working on leadership and teamwork attributes.

Permission of the instructor. Studies have shown that courses utilizing undergraduate learning assistants have improved quality of instruction, sensitivity to student concerns, and overall student contact. Undergraduate learning assistants also gain an improved knowledge of the subject matter, heightened communication skills, and a sense of membership in the academic community.

This course prepares ECON majors for their careers upon graduation. This class will teach students skills needed to shape their career from first job through last. We emphasize how to market yourself, network, interview techniques and creating an effective resume. We will build core transferable skills that will help students in pursuing a career not just right out of college but years in the future for jobs that may not have even been created yet. Majors only.

Permission of the director of undergraduate studies. Majors only. A supervised internship appropriate for experiential education in economics. Cannot count toward the economics major. Pass/Fail only.

Analysis of the ways in which consumers and business firms interact in a market economy. Students may not receive credit for both ECON 310 and 410.

Analysis of economic theory and government policy as they relate to such national economic variables as output, income, employment, inflation, investment, and budget and trade deficits. Students may not receive credit for both ECON 320 and 420 or both ECON 320 and 423.

This class provides a foundation in key principles, concepts, and fluency in entrepreneurship, specifically in the areas of design thinking, understanding consumers and customers, company strategy, and entrepreneurial finance and capital formation. Additionally, the class introduces important skills and tools important in startups and growth companies such as branding, storytelling and video making. Priority is given to students accepted into the Shuford Minor in Entrepreneurship. Honors version available.

Examines students' knowledge and understanding of social entrepreneurship as an innovative approach to addressing complex social needs. Affords students the opportunity to engage in a business planning exercise designed to assist them in establishing and launching a social purpose entrepreneurial venture. Honors version available.

This course applies to the entrepreneurial process with hands-on activities and guidance from experienced entrepreneurs. Students work in teams to experience first-hand what it is like to create a new venture. Different sections are offered for the following types of ventures: commercial, sports management, media and entertainment, arts, and scientific. Each section instructor has entrepreneurial experience in that venture type. Other track courses for the Entrepreneurship Minor are listed at Shuford.unc.edu. Honors version available.

The goal of this course is to build upon the teachings of ECON 125 and ECON 325 by conceptualizing, writing, preparing, and presenting formal business plans for entrepreneurial ventures in the arts. We will examine the challenges and changing nature of entrepreneurship and innovation as they relate to the arts with a goal to provide business world examples of such challenges.

Main features of the American economy: colonial times to the present. Students may not receive credit for both ECON 330 and ECON 430.

Industry structure and its relation to performance; market imperfections; description and analysis of antitrust and regulation. Students may not receive credit for both ECON 345 and ECON 445.

An introduction to basic economic concepts critical to understanding issues of economic development and international economics, particularly as they relate to contemporary policy issues facing both developing and industrialized countries. Honors version available.

During this course, students will explore both microeconomic and macroeconomic principles in the context of a host country. Students will hone their ability to think like an economist while examining the host country's culture and economy through interactive discussions, activities, and site-visits. Topics will vary based on location, but could include market structures and prices, market failures, labor markets, trade, economic growth and inequality, fiscal and monetary policy, exchange rates, and costs of living.

This course is a broad-based introduction to numerical and data-science methods used in economics. The R programming language will be introduced assuming no prior experience. Subsequent lectures will focus on real-world data with economic applications. Methods will include wrangling, cleaning, and visualizing data, descriptive analysis, optimization, and statistical learning. Majors only.

An economic analysis of workplace issues, including worker quits, layoffs and unemployment, discrimination and affirmative action, and the setting of pay, fringe benefits, and working conditions. Students may not receive credit for both ECON 380 and ECON 480.

One course in economics strongly recommended. This interdisciplinary gateway course provides an introduction to subjects and quantitative techniques used to analyze problems in philosophy, political science, and economics. Honors version available.

Topic varies from semester to semester.

This capstone course is a hands-on learning lab to prepare you for entrepreneurial life. This class introduces you to speakers, readings, podcasts, exercises, assignments and practical lessons about entrepreneurship. It provides you with critical analysis of your performance as seen through the lens of other Founders, Entrepreneurs, and Senior Executives. You develop both practical skills of financial and operational management and soft skills for personal and professional development needed to be competitive in entrepreneurial activity. Honors version available.

An advanced, hands-on course for students with the academic learning of the Shuford Minor and a passion for launching a venture, whether for-profit or nonprofit. You will work with entrepreneurship mentors and coaches to apply the lessons of the Shuford Minor and to convert your idea into an enterprise that launches your solution into its intended market. Teaching style is practical, collaborative, and devoted to learning-by-doing.

Topic varies from semester to semester.

Permission of the director of undergraduate studies. Readings and research under the supervision of a member of the department.

This course is a comprehensive introduction to statistics, including descriptive statistics and statistical graphics, probability theory, distributions, parameter estimation, hypothesis testing, simple and multiple regression, and use of powerful statistical estimation software. This course includes a substantial introduction to basic econometrics. Honors version available.

This course explores the foundations of Microeconomic theory, focusing on the choices of consumers and producers. The organization of markets and its implications for firm behavior and market equilibrium are also examined. Honors version available.

Game theory is the study of strategic interactions, where the best choice for the individual depends directly on what other individuals are doing. This course formalizes strategic interactions as mathematical games. Students examine the concept of a strategy, examine what it means to be rational or irrational, and define solution concepts that correspond to different assumptions.

This course is a continuation of ECON 410. While ECON 410 dealt with basic price theory and market successes, this course will mainly cover market failures. In particular, we will first explore the notion of efficiency and equity in a partial and general equilibrium framework. We will then add asymmetric information, behavioral economics, externalities, public goods, and market power to models learned in ECON 101 and ECON 410 to analyze the effects on economic efficiency.

This course covers alternatives to the standard rational choice model featured in ECON 410. The course covers four themes: choice under certainty (e.g. menu and endowment effects), choice under uncertainty (e.g. prospect theory), intertemporal choice (e.g. hyperbolic preferences), and strategic choices by individuals (e.g., social preferences, envy, altruism). The readings focus on the contributions of experimental economics and neuroeconomics.

An introduction to contemporary macroeconomic concepts and analysis. Topics include the level, fluctuations, and growth of national income, and monetary and fiscal policies designed to achieve economic goals. Students may not receive credit for both ECON 320 and ECON 420. Honors version available.

An examination of financial institutions and markets, their role in economic conditions, and the use of macroeconomic policies in affecting those conditions. Students may not receive credit for both ECON 320 and ECON 423. Honors version available.

How does a risk averse individual allocate their funds? Students begin by defining and measuring risk, making connection to their microeconomics training. They then develop and use asset pricing models to explore the interplay between risk and return. Finally, students use these tools to develop a mean-variance optimal portfolio allocation. Students are introduced to basic quantitative tools and participate in myriad practical applications.

A survey of the fundamental forms of economic thought from the scholastics through Keynes.

This course introduces space into economic models to study the location of economic activity and implications for business and individuals. We examine contemporary issues of housing, transportation, education, employment, poverty, and crime, exploring possible solutions. Also considered will be theories of why cities exist, causes of their growth and decline.

Application of economic analysis to the taxing and spending functions of government. Students may not receive credit for both ECON 340 and ECON 440.

The course covers the causes and consequences of firms' strategic behavior, focusing on situations in which firms have market power. The main analytical tools are microeconomic theory and game theory. Topics covered include: pricing, product design, imperfect competition, collusion and cartels, firm-to-firm supply relationships, mergers, and antitrust policy. Students may not receive credit for both ECON 345 and 445.

Economic analysis applied to problems and public policy in health care.

During this course, students will explore the effects of past pandemics and consider the micro- and macroeconomic impacts of the COVID19 pandemic on individuals, firms, and societies. Some topics include interpreting infection and mortality data, fiscal and monetary policy responses, encouraging research and development of vaccines, effects of pandemics on labor markets, allocation of scarce resources during pandemics, and the implications of the pandemic on racial, gender, and income inequality.

A rigorous economic analysis of environmental issues, with particular emphasis on the problem of designing appropriate institutions and regulations under private information and the interaction between economic and ecological systems. Topics include emission fees and marketable permits, pollution models, carbon regulation, and ecosystem service markets.

An introduction to international trade, the balance of payments, and related issues of foreign economic policy.

Economic and political aspects of European economic integration, the EC customs union, barriers to integration, convergence vs. divergence of inflation rates and income levels, enlargement of the EC.

An introduction to the economic characteristics and problems of the less developed countries and to the theories and policies applicable to the developing economy.

Study of the principles, design, organization, and performance of state-controlled economies relying on planning or regulated markets, with an emphasis on continuity and post-communist transition.

This course provides an in-depth examination of the behavioral principles and performances of five core Asian economic systems: Japan, China, Taiwan/South Korea, North Korea and Thailand.

Econometrics is the application of statistical methods and economic theory to the problem of identifying, estimating, and testing economic models. This course covers concepts and methods used in empirical economic research. Students will learn how to conduct and how to critique empirical studies in economics. Students may not receive credit for both ECON 470 and 570. Honors version available.

An introduction to the field of labor economics with emphasis on how the interactions between firms and workers influence wages, employment, unemployment, and inflation. Students may not receive credit for both ECON 380 and ECON 480.

This course applies microeconomic techniques to study the allocation of resources in professional and collegiate sports, the determinants of an athlete's salary, racial discrimination, gender wage differentials, and the economic impact of sports within the local community. The course engages students with real-world sports stories and incorporates empirical research and statistical analysis to test different economic theories.

This course uses basic microeconomic theory and recent empirical studies to examine the causes and consequences of gender differences in economic outcomes. Topics covered may include family formation and dissolution, fertility decisions, human capital investment, labor force participation, the gender earnings gap, and occupational choice.

This course explores the intersection of economics and self-examination in trying to live a good life. Students will learn about economic models, data, and research in the following areas: 1.) education, 2.) career, 3.) finance, 4.) well-being, 5.) family, and 6.) groups. Students will review evidence and readings from published economic research, classic economic thinkers, contemporary economists, and academic thinkers from related fields (primarily philosophy, psychology, and political science).

Topic varies from semester to semester.

This practicum provides students the opportunity to implement and test the models being developed in ECON 525. Students will work with multiple data sources and programming platforms, and engage in a series of practical experiments using live market information.

Topic varies from semester to semester. Permission of the instructor.

Permission of the director of undergraduate studies. Readings and research under the supervision of a member of the department.

A treatment of topics in microeconomic theory not normally covered in ECON 410. Honors version available.

Topics in noncooperative and cooperative game theory are covered, along with a selection of applications to economics in areas such as industrial organization, international trade, public finance, and general equilibrium. Honors version available.

This course will emphasize theoretical and empirical topics such as growth, labor search, Phillips curves, stagflation, and optimal government policy. Honors version available.

This course addresses all aspects of the labor market that have economy-wide relevance. Both in the long run and in the short run, the labor market is of central importance for the national economy for many key policy questions, and for individual well-being. We will cover topics such as long-term trends in income, employment, and hours worked; determinants and consequences of income inequality; and application to minimum-wage, transfer-program, fiscal-stimulus and unemployment-insurance policies.

Building upon the foundation developed in ECON 425, students take part in each of the five steps of the asset allocation process (explore, explain, predict, allocate, and protect) by addressing the following questions. How does the modern financial economist acquire, clean, and transform data? What drives asset returns? Can we forecast returns? How do we form a portfolio in the presence of risk? How do we assess and manage risk?

Selected topics in taxation, public expenditures, and governmental transfer programs.

This course covers empirical and numerical techniques for the study of market power and market failure. The covered methods are commonly applied in antitrust and regulatory policy analysis, economic consulting, and quantitative marketing studies.

Get your hands dirty with health data. Learn the econometric tools necessary for empirical analysis of health-related outcomes and behaviors. Use economic theory to construct hypotheses and use econometrics to measure effects of individual, organizational, and public policy determinants. Empirically analyze detailed data to understand medical care demand, health behaviors, and health production. Interpret statistical findings using health-related applications.

This course will apply and build on existing economic theory and econometric skills to study education policy. Topics include education production, teacher quality, and investment in education, with a particular emphasis on recent policies aimed at reducing inequality. Students will learn how to conduct and how to critique empirical studies in economics of education.

This course explores the strategic choices of insurers and health care providers, their effect on patient welfare, and the role of government regulation in shaping health-care market outcomes. We will read academic papers covering topics such as moral hazard in health insurance provision, the impact of capitation on cost and quality of care, and the effect of hospital mergers on prices and insurance premiums. We will use tools from Industrial Organization and related empirical literatures.

Analysis and interpretation of selected problems and policy issues. Content varies, but attention is given to such topics as trade barriers, trade patterns, floating exchange rates, and international monetary policy.

The course is designed to advance analytical skills in the field of development economics. The course covers empirical models of development gap, economic growth, human capital, income inequality, corruption, immigration, informality, and current COVID-19 crisis. Students will learn how researchers evaluate development policies, including tax and welfare reforms, education programs, privatization, regulation, immigration, and COVID-19-related policies. Students will improve programming skills in Stata and use real-world survey data in writing a research project.

Econometric models and inference methods. Topics include non-linear econometric models, quasi-experimental methods for program evaluation (heterogeneous treatment effect models, differences-in-differences methods, and regression discontinuity designs), and advanced methods for panel data.

Big data and Machine learning techniques with economic applications. Students will learn how to explore, visualize, and analyze high-dimensional datasets, build predictive models, and estimate causal effects in R. Topics include an advanced overview of linear and logistic regression, model selection and regularization, LASSO, cross-validation, experiments and causal inference, treatment effects with high-dimensional controls, difference-in-differences, networks, classification and clustering, latent variable models, bagging and the bootstrap, decision trees and random forests, deep learning, textual analysis.

Econometric techniques for time series data. Topics include ARMA models, forecasting, nonstationarity, conditional heteroskedasticity, and multiple equation models.

A theoretical and empirical analysis of labor supply, human capital, income inequality, discrimination, and labor market policies. Using real-world survey data, students will gain skills in data management, programming, and policy evaluation.

Topic varies from semester to semester.

Topic varies from semester to semester.

Permission of the director of undergraduate studies. Readings and research under the supervision of a member of the department.

Permission of the instructor. Readings in economics and beginning of directed research on an honors thesis. Required of all candidates for graduation with honors in economics.

Permission of the instructor. Completion of an honors thesis under the direction of a member of the faculty. Required of all candidates for graduation with honors in economics.

Permission of the department. This capstone course advances PHIL 384, focusing on such theoretical and philosophical issues as the analysis of rights or distributive justice and the institutional implications of moral forms.