What is economics? This course is intended for students who want to answer that question through exposure to the basic principles of economics. Students apply these principles to a variety of topics selected by the instructor, which may include climate change, income inequality, pandemics, patents, trademarks and copyrights, poverty, and social media. The course is also intended for prospective majors and prepares students for a wide range of core and upper-level elective economics courses.

This course introduces students to fundamental economic concepts in both microeconomics and macroeconomics. Students learn the basics of supply and demand, how credit and labor markets work, welfare analysis, and how these apply to contemporary economic issues. In this section, students will learn the fundamentals while focusing on environmental issues and the methods used by environmental economists. By the end of the semester, students will understand how economists evaluate environmental problems our society faces.

This course introduces students to fundamental economic concepts in both microeconomics and macroeconomics. Students learn the basics of supply and demand, how credit and labor markets work, welfare analysis, and how these apply to contemporary economic issues. This section emphasizes how these tools apply to macroeconomics and macroeconomic policy. Students learn the causes of unemployment, economic growth, and how policy makers can affect these variables. The class examines how Central Banks, including the Federal Reserve, interact with the economy. It also studies the role of taxation, government spending, and regulatory policy.

This course introduces students to fundamental economic concepts in both microeconomics and macroeconomics. Students learn the basics of supply and demand, how credit and labor markets work, welfare analysis, and how these apply to contemporary economic issues. This section focuses on issues pertaining to economic inequality.

This course examines the more magical and relational aspects of contemporary economy, markets, and capitalism. First, students examine ideas often taken for granted about nature, humans, and nonhumans that shape cultural understandings of "economy" in American capitalism. Then they explore economic practices, ideal subjects, and the production of economic "others" in contemporary capitalism(s) around the world, past and present. Through readings and use of various media (film, TikTok, Twitter, etc.) students explore how economy is cultural, relational, and ultimately a bit "magical." Prerequisite(s): one course between ECON 150-199.

This course provides an introduction to development economics and the issues that it attempts to address. The United Nations reports that one in every nine people globally suffered from hunger in 2019. The number of people living in extreme poverty stood at 736 million in 2015, down from nearly 2 billion in 1990. Why are some countries richer than others? What are the policies that help people transition out of poverty and increase their standard of living? Prerequisite(s): one course between ECON 150-199, ECON 260, or ECON 270.

Topics include probability theory, sampling theory, estimation, hypothesis testing, and linear regression. Prospective economics majors should take this course in or before the fall semester of the sophomore year. Recommended background: any introductory economics course from ECON 150-199.

Topics include multiple regression using time series and cross-sectional data, simultaneous equation models, and an introduction to forecasting. Prerequisite(s): ECON 250 and MATH 105, 106, 205, or 206.

Compares models of perfect competition and market failure, with emphasis on the consequences for efficiency and equity. Topics include consumer choice, firm behavior, markets for goods and inputs, choice over time, monopoly, oligopoly, monopolistic competition, externalities, and public goods. Recommended background: any introductory economics course from ECON 150-199. Prerequisite(s): MATH 105, 106, 205, or 206.

This study of national income determination includes movements involving consumption, saving, investment, demand for money, supply of money, interest rates, price levels, wage rates, and unemployment. Monetary policy, fiscal policy, inflation, and growth models are considered. Recommended background: any introductory economics course from ECON 150-199. Prerequisite(s): MATH 105, 106, 205, or 206.

Political economy studies the market and the state as interrelated institutions. This course examines capitalism within its political context from two complementary perspectives. Students examine the historical evolution of social scientific thinking about the economy, in the process identifying some of the central critiques and defenses of capitalism as a system of social organization. Then they consider political economy topically, addressing a series of policy challenges thrown up by capitalism and considering multiple perspectives on how those challenges should be diagnosed and addressed. Prerequisite(s): one course between ECON 150-199, ECON 260, or ECON 270.

This course offers hands-on experience with empirical microeconomic tools in collaboration with a local community partner. Students will begin by understanding the partner's mission and goals for program evaluation or economic analysis. They will conduct literature reviews on relevant topics (e.g., minimum wage changes) and contextualize existing studies to the local context. After reviewing causal econometric methods, students will perform primary data analysis and present their findings to the community partner. Recommended background: Strong interest in applied econometrics. Prerequisite(s): ECON 255 and 260.

This course studies the interaction between macroeconomics and financial markets. The course begins with a modern perspective on money and banking, and then uses this foundation to examine a variety of financial market features that influence macroeconomic performance and policies. The majority of the long run analysis focuses on the relationship between financial development and economic growth. Short run topics include the link between investment and monetary policy, the effect of housing market features on macroeconomic volatility, borrowing and access to credit, and financial market imperfections. Prerequisite(s): ECON 255 and 270.

This course investigates the economics of strategies between and within firms. Students consider the applications of game theory in the realm of business practices, including basic principles of game theory, applications of game theory in business practices, and the empirical realities of business organizations. Major topics include monitoring and incentivizing employees, trust and cooperation within groups, patent races and patent adoption, and communications within and across organizations. Prerequisite(s): ECON 255 and 260.

On which margins do differences in women’s and men’s access to or participation in economic activities persist in low- and middle-income countries? Which policies have been successful at closing those gaps, and why? In this course, students begin by exploring gender gaps in economic development access and outcomes, why these gaps matter, and an economic basis for why some of these gaps might occur. Students then examine policies that might close or widen these gaps, and empirical evaluations of such policies using economic principles. Prerequisite(s): ECON 255 and 260.

This course goes beyond descriptive statistics about developing countries to analyzing and explaining these outcomes using development economics. Particular attention is paid to the role of information and institutions in shaping markets and economic decision-making in developing country contexts. Topics may include economic history, labor and capital markets, poverty and social-assistance programs, and political economy in developing countries. Prerequisite(s): ECON 255 and 260.

An analysis of basic issues in the field of public finance. The course covers a wide range of topics, including the welfare implications of expenditure and taxation policies of governments, the economic rationale of governmental provision of goods and services, fiscal institutions in the United States, efficiency and distributive aspects of taxation, effects of taxation on household and firm behavior, intergovernmental fiscal relations, and the public debt. Prerequisite(s): ECON 255 and 260.

This seminar examines the events of the 2008 recession, as well as its causes and aftermath. Special attention is paid to the housing bubble that preceded the recession, how the crisis in the housing sector spread to the rest of the economy, and the response of monetary, fiscal, and regulatory policies. The seminar focuses both on refining students' theoretical and empirical skills, and on applying them to recent macroeconomic events. Prerequisite(s): ECON 255 and 270.

Theories and empirical studies of business cycles: fixed-investment behavior, inventory activity, and monetary fluctuations. The course examines recent work on inflation, expectations, economic growth theory, and techniques in current use for forecasting general economic activity. Prerequisite(s): ECON 255 and 270.

Econometric estimation techniques beyond least squares, including instrumental variables, maximum likelihood, the generalized method of moments, and both nonparametric and simulation methods are introduced. Models for panel data, stochastically trending variables, and limited dependent variables are also discussed. Students' choice of projects determines which topics are considered in detail. Prerequisite(s): ECON 255.

An analysis of water resources and fisheries economics. Topics include water allocation, scarcity and pricing, water rights, cost-benefit analysis, valuation, water markets, and problems related to common-property resources such as underground aquifers and fisheries. Economic incentives for pollution control including tradable pollution permit programs for water quality maintenance are also covered. Prerequisite(s): ECON 255 and 260.

Economic development is often associated with spending on international aid. But independent governments are usually the primary source of spending on poverty alleviation and development within their own borders. This course examines economic development through the lens of political economy, tracing out the complex relationships between poverty, growth, markets, institutions, and political agents. Topics include institutional development and long-run growth, political agency and incentives for public goods provision, corruption, clientelism, and natural resource management. Prerequisite(s): ECON 255 and ECON 260.

This course offers an advanced treatment of how modern Central Banks conduct monetary policy. It begins by developing a theoretical New Keynesian macroeconomic framework and considering the optimal conduct of monetary policy. It then considers current topics in monetary economics including discretion vs commitment, the use of forward guidance, the interaction of monetary and fiscal policies, and the relationship of monetary policy to financial markets. The course considers case studies including the Great Depression, the Great Inflation of the 1970s, and the Global Financial Crisis of 2008. Finally, it exposes students to modern macroeconomic forecasting tools, including those that allow forecasters to analyze the impact of potential policy changes. Prerequisite(s): ECON 255 and ECON 270.

A study of human resources and the labor market. Topics include racial and sexual discrimination, theories of unemployment and job search, income distribution and poverty, Becker's new household economics, unions and collective bargaining, and government intervention in the labor market. Prerequisite(s): ECON 255 and 260.

The field of behavioral economics seeks to explain the economic decision-making of homo sapiens economicus, the psychologically complex, cognitively limited, emotional, social, decision-maker. This course covers major findings to date in behavioral economics and develops students' abilities to apply a behavioral perspective to models of economic choice. Students learn to interpret and critique economic research and to write clearly and concisely about topics in behavioral economics. Prerequisite(s): ECON 255 and 260.

An economic analysis of interactions between workers and firms. This course begins with an overview of labor supply: how do individuals decide how much to work, if at all? The bulk of the course focuses on contemporary topics in labor economics, which may include minimum wage policy, labor-market discrimination, incentive pay, occupational licensing, human capital, and unions. Emphasis is placed on empirical applications with exploration of econometric techniques commonly used in labor economics. Prerequisite(s): ECON 255 and 260.

Theories of the firm are used to explain the organization of economic activity across markets and within firms. The effects of pricing behavior, merger activity, advertising, and research and development on efficiency and social welfare are examined. Prerequisite(s): ECON 255 and 260.

This course examines the theory and application of time series econometrics. The course considers issues related to time series data including stationarity, lag structure, and endogeneity, as well as estimation techniques such as vector autoregressions, maximum likelihood, and Bayesian approaches. The course's applications primarily are related to the estimation of macroeconomic models and forecasting macroeconomic policy changes. Prerequisite(s): ECON 255 and 270.

In this course, we will use economic principles to analyze decisions made within a family. Topics include spousal labor supply, marriage, divorce, fertility, parenting, human capital, and social mobility. We will then consider the macroeconomic implications of these family decisions. First, we will focus on short- and medium-run fluctuations and study how the changing demographic factors influence aggregate labor supply and savings. Next, we will discuss the importance of accounting for families in explaining inequality and as determinants of long-run economic development. Prerequisite(s): ECON 255 and ECON 260.

A study of the macroeconomics of international economics. The course covers topics in international finance and open-economy macroeconomics, including foreign exchange markets, exchange rate determination and regimes, purchasing power parity, balance of payments, the international capital market, and financial globalization. This course is designed to help students understand the main implications of increasing integration of the world economy. Students learn fundamental theories in the analysis of international macroeconomics, review related empirical evidence, analyze current international macroeconomics issues, and evaluate policy options. Prerequisite(s): ECON 255 and 270.

This course explores the relationship between finance and society, focusing on how financial systems shape and are shaped by social, political, and economic forces. Students will cover topics such as financial inclusion, sustainable finance, the impact of emerging financial technologies, and the role of financial institutions in addressing community needs. Through community-engaged learning, students will partner with local financial institutions to apply their knowledge to real-world challenges, gaining practical experience while contributing to meaningful projects. The course aims to equip students with a critical understanding of finance's broader societal implications and the skills to engage in impactful financial solutions. Prerequisite(s): ECON 255 and 270.

This course is an introduction to dynamic general equilibrium models, which have become the workhorses of modern macroeconomics. These models involve intertemporal optimization by the different agents in the economy: households, firms, and the government. They are often used to analyze the modern theories of growth and aggregate fluctuations, and to study the role of monetary and fiscal policy. Most of these dynamic models, however, do not have analytical (closed form) solutions and one often has to rely on computational methods to analyze their behavior. The goal of this course is to provide an introduction to the computational tools that are necessary to solve dynamic economic models quantitatively. Prerequisite(s): ECON 255 and 270.

Financial Economics offers students an innovative exploration of the interplay between traditional economic theory and modern financial technologies. The course begins by establishing a robust theoretical foundation in financial markets. It then transitions into a quantitative analysis of forecasting methods, where students leverage both traditional econometric models and contemporary machine learning techniques to predict market trends. The course also integrates modules related to blockchain technology, providing an in-depth look at the applications of distributed ledger systems in fintech, the challenges of regulatory compliance, and the transformative potential of cryptocurrencies. Students will investigate how blockchain innovations may revolutionize financial transactions, enhance security, and increase market transparency. Prerequisite(s): ECON 255 and 270.

Students, in consultation with a faculty advisor, individually design and plan a course of study or research not offered in the curriculum. Course work includes a reflective component, evaluation, and completion of an agreed-upon product. Sponsorship by a faculty member in the program/department, a course prospectus, and permission of the chair are required. Students may register for no more than one independent study per semester. Prerequisite(s): ECON 255.

Economics is at the forefront of developing statistical methods for analyzing data collected from uncontrolled sources. Because econometrics addresses challenges such as sample selection bias and treatment effects identification, the discipline is well-suited to analyze large or unstructured datasets. This course introduces practical tools and econometric techniques to conduct empirical analysis on topics like equality of opportunity, education, racial disparities, and more. These skills include data acquisition, project management, version control, data visualization, efficient programming, and tools for big data analysis. The course also explores how econometrics and statistical learning methods cross-fertilize and can be used to advance knowledge on topics where large volumes of data are rapidly accumulating. We will also cover the ethics of data collection and analysis. Prerequisite(s): ECON 255 and ECON 260 or 270.

This course presents the methodology of experimental economics, and the various findings obtained by analyzing markets, human rationality, and human social behavior. Throughout the course students participate in a range of classroom experiments and propose their own experimental design. Prerequisite(s): ECON 255 and 260.

This seminar explores a rational choice basis for understanding criminal behavior. Rather than framing the behavior of individuals involved in crime as fundamentally different from our own, students consider how environmental, economic, and legal constraints and incentives lead to criminal activity that is individually rational. Students examine empirical evidence of the effectiveness of justice reforms and use it to further understand the role of rational choice in criminal behavior, along with its limitations. Students also engage in community partnerships to directly observe the legal environment and better connect theoretical applications to the institutional and cultural setting. Prerequisite(s): ECON 255 and 260.

Building on experience from previous economics courses, students in this course produce new independent research. Prerequisite(s): two 300-level economics courses.

Prior to entrance into ECON 457, students must submit for approval a thesis proposal typically based on work done in an upper-level economics course. Students enroll in ECON 457 in the fall. Honors thesis writers enroll for ECON 457 in the fall and ECON 458 in the winter. Prerequisite(s): at least two 300-level economics courses.

A continuation of ECON 457 designed primarily for students completing an honors thesis. Students must receive department approval through a formal defense to enroll in this course. Prerequisite(s): ECON 457 and at least two 300-level economics courses.

This course uses economic reasoning and perspective to explore the health and management of marine resources in the state of Maine. Students will learn about how marine fisheries and coastal ecosystems have been managed by indigenous tribes, local communities, and state and federal governments. Through case study research, they will identify the challenges of designing, monitoring, and enforcing management systems, including issues connected to climate change and economic trends. Prior coursework in economics is recommended but not required for this course. Course will include day trips to organizations and sites along Maine's coast.

Students, in consultation with a faculty advisor, individually design and plan a course of study or research not offered in the curriculum. Course work includes a reflective component, evaluation, and completion of an agreed-upon product. Sponsorship by a faculty member in the program/department, a course prospectus, and permission of the chair are required. Students may register for no more than one independent study during a Short Term.