Undergraduate Course Descriptions

EC 110
PRINCIPLES OF ECONOMICS
3 units
An introduction to the basic concepts and methods in microeconomics and macroeconomics. Topics include the methodology of economics, supply and demand analysis, modeling the behavior of households and firms, types of markets, the role of the government, and the performance of the economy as a whole.

EC 111
INTERMEDIATE MICROECONOMIC THEORY
3 units
Pre-requisite: EC 110
This course is an analysis of the pricing processes in a market economy under varying competitive conditions, their role in the allocation of resources, and the functional distribution of national income.

EC 112
INTERMEDIATE MACROECONOMIC THEORY
3 units
Pre-requisite: EC 110
This course is an introduction to the theory of national income determination and economic growth in alternative models of the economy and the interaction and relation of aspects of these models to empirical aggregate analysis.

EC 113
ECONOMICS OF MONEY AND BANKING
3 units
Pre-requisite: EC 112
This is a systematic treatment of the determinants of money supply, volume of credit, and monetary theory. Topics include economic analysis of credit markets and financial institutions in the Philippines such as commercial banks, the Central Bank, rural banks, insurance companies, and agricultural credit cooperatives.

EC 114
INTERNATIONAL FINANCE
3 units
Pre-requisite: EC 112
This course is a study of the institutions of international liquidity. Topics include the national and international accounts, problems of the balance of payments, sources of imbalances, payments balance and economic policy, exchange rate readjustment, and the function of international cooperation.

EC 115
INTRODUCTION TO MATHEMATICAL ECONOMICS
3 units
Pre-requisites: EC 111, EC 112
This course is an application of mathematical techniques in economic analysis. Topics include economic models, static analysis, comparative static analysis, constrained and unconstrained optimization problems, duality theory, linear programming, and game theory.

EC 116
STATISTICS FOR ECONOMISTS
3 units
Pre-requisites: None
This course is an introduction to mathematical statistics in economic analysis. Topics include measures of central tendency and dispersion, probability theory, random variables and special distribution functions such as the binomial, Poisson and normal distributions, hypotheses testing, correlation analysis, and simple and multiple linear regression models.

EC 117
INTRODUCTION TO ECONOMETRICS I
3 units
Pre-requisite: EC 111, EC 112, and EC 116 or equivalent
This course is an introduction to empirical methods for the quantitative analysis of economic phenomena. Topics include estimation and inference using classical linear regression model with emphasis on cross-section data, violations of the classical linear regression model, instrumental variables, simultaneous equations, and basic discrete choice models and instrumental variables, and simultaneous system of equations.
EC 117.1
INTRODUCTION TO ECONOMETRICS LABORATORY I
1 unit
Pre-requisite: EC 111, EC 112, and EC 116 or equivalent
This course is an introduction to software applications for the analysis of cross-section data.
 
EC 118
INTRODUCTION TO ECONOMETRICS II
3 units
Pre-requisite: EC 117 or equivalent
This course is a further introduction to empirical methods for the quantitative analysis of economic phenomena. Topics include time series and panel regression techniques.
 
EC 118.1
INTRODUCTION TO ECONOMETRICS LABORATORY II
1 unit
Pre-requisite: EC 117.1 or equivalent
This course is an introduction to software applications for the analysis of time series and panel data.

EC 121
DEVELOPMENT ECONOMICS
3 units
Pre-requisite: EC 110
This course is a study toward provoking and maintaining accelerated economic growth and equity in less developed countries. Emphasis is on competing perspectives on development, interaction of socio-cultural change and economic growth, outside participation in economic modernization, the role of the state and the role of international specialization.

EC 122
INTERNATIONAL ECONOMICS
3 units
Pre-requisite: EC 111
This course introduces international trade theory and policy. Topics include a systematic treatment of traditional comparative advantage theory and new trade theory based on economies of scale. Emphasis is on the importance of the foreign exchange market using the asset approach to exchange rate determination.

EC 124
HISTORY OF ECONOMICS I
3 units
Pre-requisite: EC 110
This course is a survey of economic ideas from the early modern period to the early 20th century.

EC 125
HISTORY OF ECONOMICS II
3 units
Pre-requisite: EC 110
This course is a survey on the developments of economic ideas in the 20th century to the present.

EC 130
ECONOMIC HISTORY OF THE PHILIPPINES
3 units
Pre-requisite: EC 110
This course is an analysis of the colonial and contemporary economic policies and institutions of the Philippines.

EC 131
ECONOMIC HISTORY OF MODERN JAPAN
3 units
Pre-requisite: EC 110
This course is a study of the processes and problems of economic growth, and the evolution of economic institutions since the Tokugawa period. Focus is also on contemporary economic policy and experience after the Meiji Restoration.
 
EC 132
ECONOMIC HISTORY OF MODERN EUROPE
3 units
Pre-requisites: EC 110
This course analyzes significant processes and relationships in the economic development of Europe from the close of the Middle Ages to the present. Attention is given to the reciprocal relationships between the social and political context and the behavior of the economy over time. Focus is also on the contemporary economics policy and experience in Europe.

EC 133
ECONOMIC HISTORY OF THE UNITED STATES
3 units
Pre-requisites: EC 110
This course is an examination of the major characteristics of the American economy from the late colonial period to the present. Special emphasis is given to the functional relationship between structural changes in the economy, political, demographic, and social variables. Focus is also on the contemporary economic policy and experience in the United States.

EC 134
COMPARATIVE ECONOMIC DEVELOPMENT IN SOUTHEAST ASIA AND EAST ASIA
3 units
Pre-requisite: EC 110
This course is a survey of economic development in Southeast Asia and East Asia toward discovering typologies of development. Focus is also on contemporary economic policy and experience in Southeast and East Asia.

EC 141
MANAGERIAL ECONOMICS
3 units
Pre-requisite: EC 111
This course applies general economic principles to the solution of business problems, with a view to developing an economic approach to management decisions. Relevant economic concepts such as imperfect competition, profits, demand, and cost are used as guiding principles in making managerial decisions.

EC 142
FINANCIAL ECONOMICS
3 units
Pre-requisite: EC 111
This course studies corporations as economic institutions for ordering the allocation of resources. Topics include short-term and capital financing, financial expansion and reorganization, emerging money and capital markets in the Philippines, and current programs for correcting dislocations in the financial structure of domestic firms.

EC 150
ECONOMICS OF PUBLIC FINANCE
3 units
Pre-requisite: EC 110
This course is an analysis of the role of government in allocating resources through its tax expenditures program. Focus is on the national government and the use of fiscal policies to promote growth and maintain economic stability. Evaluation criteria are developed and applied to specific policies.
 
EC 153
HEALTH ECONOMICS
3 units
Pre-requisite: EC 111
This course is an introduction to economic analysis as applied to the health sector. Topics include the relationships between health and development, current concerns on efficiency and equity of public and private systems, evaluation of health and health care, and pricing and government regulations.

EC 155
ECONOMICS OF LABOR
3 units
Pre-requisite: EC 111
This course studies the institutional organization of labor markets and major policy questions involved. Topics include wage and employment theory, determinants of the level and structure of wage, technological change, unemployment, poverty and income distribution, inflation and income policy, and international trade and labor policy.

EC 157
URBAN AND REGIONAL DEVELOPMENT
3 units
Pre-requisite: EC 110
This course is a study of the economics of industry location, land utilization, urban structure, and regional expansions. Emphasis is on their interdependence and the contribution of public policy to local objectives, methods, stability, and balance.
 
EC 159
ECONOMICS OF NATURAL RESOURCES AND ENVIRONMENT
3 units
Pre-requisite: EC 110
This course is an analysis of the relationship and effects of economic activities on the environment but also the conceptual and policy tools to address environmental problems. Key topics include market failure and externalities, economic functions of the environment, and meaning, conditions, and constraints of sustainable development. Other topics include culture and values in resource management, market and non-market based approaches to environmental problems, valuation techniques of non-marketed goods, property rights and concept of environmental rights and justice, and importance of environmental education in promoting positive environmental attitudes.

EC 160
ECONOMICS OF AGRICULTURAL DEVELOPMENT
3 units
Pre-requisite: EC 110
This course is an analysis of the transformation of a country’s agricultural sector to support industrial and service sectors. Topics include the problem and processes of evoking agricultural modernization, techniques of capturing gains in agricultural productivity for accelerated capital accumulation, and major policy implications involved.

EC 161
PRIVATE ENTERPRISE AND PUBLIC POLICY
3 units
Pre-requisite: EC 110
This course is an economic analysis of public policy in the private enterprise system. Topics include the bases for defining the public and private sectors, role of economic nationalism through public legislation, and economic performance of industrial organizations characterized by varying degrees of government intervention.

EC 170
COMPARATIVE ECONOMIC SYSTEMS
3 units
Pre-requisite: EC 110
This course is a comparative study of the economic performance of various free and planned economies on the following major points: stability, resource utilization and growth of industrial and agricultural production, consumption, investment, foreign trade, and total output.

EC 171
ECONOMIC RESEARCH I
3 units
Pre-requisite: EC 117 and EC 118
This course applies research procedures and integrating theories and statistical analysis in the writing of a thesis.

EC 177
THEORY AND PRACTICE OF SOCIAL DEVELOPMENT
3 units
Pre-requisite: EC 110
This course is an integration of the theory and practice of social development through exposure to and analysis of social organizations working with various grassroots sectors in the society. The course is built on the principles of general equilibrium and social welfare theory.

EC 180
ECONOMICS OF MULTINATIONAL ENTERPRISES
3 units
Pre-requisite: EC 110
This course is an integration of economic theory and empirical evidence to facilitate an understanding of the role of the Multinational Corporation (MNC) in international business.

EC 185.1
SPECIAL TOPICS IN ECONOMICS: PEASANT ECONOMY
3 units
Pre-requisite: None
This course studies the peasantry as a theoretical category of political economy. Topics include the existence and nature of the peasant economy, the external relationship of the peasantry with the national and global economy, and the relationship of agriculture to industry in a peripheral economy.

EC 185.2
SPECIAL TOPICS IN ECONOMICS: INTERNATIONAL ECONOMIC RELATIONS
3 units
Pre-requisite: EC 110
This course explores various economic topics relating to the open economy, including a survey of international trade theories. Topics include controversial issues in the debate over trade liberalization, the role of international bodies such as the World Bank, and the importance of international factor movements.
 
EC 185.3
SPECIAL TOPICS IN ECONOMICS: DISTRIBUTIVE JUSTICE
3 units
Pre-requisite: EC 110
This course is a study of different concepts of fairness as used in economics. The theoretical concepts are used to aid the process of economic policy-making especially in the area of regulation. The philosophical roots of economic justice are also discussed.

EC 185.5
SPECIAL TOPICS IN ECONOMICS: RURAL DEVELOPMENT
3 units
Pre-requisite: None
This course is an analysis of the agrarian situation within the framework of the logic of capitalism in relation to peripheral economies. Principles of project and resource management are also discussed as tools that can aid in the goal of rural development.

EC 185.10
SPECIAL TOPICS IN ECONOMICS: MARXIST POLITICAL ECONOMY
3 units
Pre-requisite: None
This is a workshop course on the original text by Karl Marx. Focus is on economic theory.

EC 185.12
SPECIAL TOPICS IN ECONOMICS: INTERNATIONAL POLITICAL ECONOMY
3 units
Pre-requisite: EC 110
This course introduces international political economy, integrating the insights of economics and political science and focusing on the activities within particular states and the international arena. Topics include the ideologies of international political economy, the experiences of developed and developing economies, and Philippine trade policies.

EC 185.13
SPECIAL TOPICS IN ECONOMICS: ECONOMICS OF HUMAN RESOURCES
3 units
Pre-requisite: EC 110
This course introduces topics pertaining to human resources, including human capital and labor markets. Focus is on specific issues such as returns to education and other types of human investment, the distribution of earnings and income, population growth and poverty, and labor market policy.

EC 185.16
SPECIAL TOPICS IN ECONOMICS: STATE AND DEVELOPMENT
3 units
Pre-requisite: None
This course is an introduction to perspectives in the politics of development and the theory of the state, underlining the importance of the “political element” in the development process. Particular attention is given to the twin issues of the “developmental state” and the “democratic state.”

EC 185.18
SPECIAL TOPICS IN ECONOMICS: DEVELOPMENT PLANNING
3 units
Pre-requisite: EC 121
This course is an overview of development planning, including the rationale for planning in developing countries. The lectures cover macroeconomic methods, sector/inter-industry analysis, project appraisal, and regional and spatial planning models. Emphasis is given to the Philippine experience with development planning.
 
EC 185.20
SPECIAL TOPICS IN ECONOMICS: CONTEMPORARY ISSUES IN JAPANESE ECONOMY AND BUSINESS MANAGEMENT
3 units
Pre-requisite: None
This course discusses contemporary issues in Japan’s domestic economy and international economic issues involving Japan. Topics include factors behind the strong yen, impact of a strong yen, impact of an aging Japanese population, recession and recovery in Japan, and the role of Japan in Asia.

EC 185.22
SPECIAL TOPICS IN ECONOMICS: PHILIPPINE-JAPAN RELATIONS
3 units
Pre-requisite: None
This course is a survey of Philippine-Japan relations from the 16th century to the present. Topics include immigration, trade, investments, and cultural exchanges.

EC 185.29
SPECIAL TOPICS IN ECONOMICS: INDUSTRIAL ORGANIZATION
3 units
Pre-requisite: EC 111
This course studies the “structure-conduct-performance” paradigm of industrial organization economics, focusing on issues such as industry concentration, economies of scale, and alternative theories of the firm. Emphasis is on firm behavior. Topics include game-theoretic reinterpretations of oligopoly theories, limit pricing, and strategic entry deterrence.

EC 185.30
SPECIAL TOPICS IN ECONOMICS: PROJECT/INDUSTRIAL ANALYSIS
3 units
Pre-requisite: EC 110
This course studies economic analysis of investment projects. Topics include the concept of the project cycle and the logical framework approach to projects as well as the theoretical foundations and different methodologies of financial and economic or social cost-benefit analysis of projects of different industries.

EC 185.35
SPECIAL TOPICS IN ECONOMICS: OPTIONS, FUTURES, AND OTHER DERIVATIVES
3 units
Pre-requisite: EC 110
This course studies risk and its management with the use of financial instruments. The course discusses the different financial derivatives, from futures and options to more exotic instruments. Contract specifications, trading rules, pricing, and hedging strategies are discussed for each of the financial derivatives studied.

EC 185.36
SPECIAL TOPICS IN ECONOMICS: GAME THEORY FOR ECONOMISTS
3 units
Pre-requisite: EC 115
This course is an introduction to game theory with emphasis on non-cooperative game theory: static and dynamic games of complete and incomplete information. Other topics include the basics of cooperative game theory, theories of bargaining, and the limits of game-theoretic economic analysis.

EC 185.39
SPECIAL TOPICS IN ECONOMICS: INPUT-OUTPUT ECONOMICS
3 units
Pre-requisite: EC 115
This course is a study of input-output models of national economies using linear algebra as a tool for input-output analysis. This technique can be used for planning purposes and multiplier analysis.

EC 185.40
SPECIAL TOPICS IN ECONOMICS: NGOS IN THE PHILIPPINE ECONOMY
3 units
Pre-requisite: None
This course is an overview of the contribution of non-governmental organizations (NGOs) to Philippine development, emphasizing activities and dynamics of NGOs vis-à-vis other institutions. Topics include theoretical explanations of emergence of NGOs and their role in the economy, the political arena, and in social transformation.

EC 185.41
SPECIAL TOPICS IN ECONOMICS: ETHICS AND ECONOMICS
3 units
Pre-requisite: EC 110
This course examines the ethical concerns in economic policy and policy in general focusing on issues about justice and inequality, efficiency and Pareto optimality, maximization of welfare, poverty, freedom, and rights. The theoretical inadequacy of contemporary utilitarian-based normative economics or welfare economics is presented.

EC 185.42
SPECIAL TOPICS IN ECONOMICS: INTRODUCTION TO EUROPEAN ECONOMIC INTEGRATION
3 units
Pre-requisite: EC 110
This course is a study of economic theories and empirical studies on European economic integration through the adoption of common policies and the elimination of economic frontiers. Focus is on the relevant economic theories and empirical studies to understand the integration process.

EC 185.43
SPECIAL TOPICS IN ECONOMICS: TRANSPORTATION ECONOMICS
3 units
Pre-requisite: EC 111
This course is an introduction to economic concepts and principles, analytical and empirical methods, and empirical studies used to solve problems encountered in the transport sector, including public policy developments in the Philippines and around the world.

EC 185.48
SPECIAL TOPICS IN ECONOMICS: MODERN CHINESE ECONOMY
3 units
Pre-requisite: None
This course is an introduction to the modern Chinese economy focusing on reforms undertaken to move from a centrally-planned to a market-oriented economy, and how it has increasingly integrated itself into the global economy.

EC 185.57
SPECIAL TOPICS IN ECONOMICS: SURVEY SAMPLING METHODS FOR ECONOMISTS
3 units
Pre-requisite: EC 116 or equivalent
This course introduces the history, theories, and methods of survey research. Focus is on the design, development, execution, and analysis of surveys. Survey sampling, question construction, questionnaire design, survey data analysis, and research ethics are covered. Topics include the theoretical and intellectual bases of surveys.

EC 185.58
SPECIAL TOPICS IN ECONOMICS: ECONOMICS OF POPULATION/ECONOMIC DEMOGRAPHY
3 units
Pre-requisite: EC 110
This course examines the factors that lead to population growth and its economic consequences. Using household consumption and production models, the existing conditions pertaining to the country’s demography are not only analyzed, but the evolution of the different methodologies used is also considered.

EC 185.61
SPECIAL TOPICS IN ECONOMICS: SOCIAL, POLITICAL, AND ECOLOGICAL ECONOMICS
3 units
Pre-requisite: EC 110
This course is a historical map of economic thought including contemporary social, political, and ecological economics. The early classical works of the Physiocrats, Sismondi, John Stuart Mill, and Karl Marx, and the development of these thoughts are traced to provide fresh insights into modern problems.

EC 185.62
SPECIAL TOPICS IN ECONOMICS: THEORY OF CAPITALIST DEVELOPMENT
3 units
Pre-requisite: None
This course is an introduction to the fundamental theory of capitalism and capitalist development (as developed by Karl Marx and Marxists). Students learn the basics of capitalist dynamics, from its strengths to its problems. Topics include value creation, accumulation, crises and depressions, and imperialism.

EC 185.63
SPECIAL TOPICS IN ECONOMICS: COMPARATIVE ECONOMIC THEORIES: NEOCLASSICAL VS. MARXIAN ECONOMICS
3 units
Pre-requisite: EC 110
This course is an introduction to the debates between capitalism and socialism. Students review the representative economic theory of capitalism (Neoclassical economics) and discover the representative economic theory of socialism (Marxian economics).
 
EC 185.66
SPECIAL TOPICS IN ECONOMICS: WORKSHOP IN HAPPINESS ECONOMICS
3 units
Pre-requisite: EC 110
This course is an introduction to the economics and psychology of subjective well-being.
 
EC 185.67
SPECIAL TOPICS IN ECONOMICS: TIME SERIES ANALYSIS AND GENERAL LINEAR MODELS
3 units
Pre-requisite: EC 117
This course is an introduction to time series analysis (ARMA and ARIMA processes) and general linear models (logistic regression and Poisson regression) useful for doing research in economics. Students learn how to apply the statistical techniques using statistical software and interpret the results.
 
EC 197
PRACTICUM
3 units
Pre-requisite: None
This course is an application of knowledge and skills acquired in theory and methods courses to task or assignment in the context of a government agency, private corporation, school, or non-governmental organization. Students render two hundred hours of practicum training; and, at the end of their program, submit a report on their work and experience.