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Department of Economics
1) Faculty


 

Choi Yong-Jae, Ph.D. (Univ. of Illinois at Urbana-Champaign) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, International Economics
Hahn Kyung-Dong, Ph.D. (Virginia Polytechnic Institute & State Univ.) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Microeconomics
Lee Sang-Jik, Ph.D. (Johns Hopkins Univ.) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Microeconomics
Min Choong-Ki, Ph.D. (Univ. of Chicago) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Macroeconomics, Econometrics
Oh Wan-Keun, Ph.D. (Texas A&M Univ.) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Macroeconomics, Econometrics
Roh Taek-Seon, Ph.D. (Univ. of Illinois at Urbana Champaign) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Economic History


(2) Course
Year
1st Semester
2nd Semester
Course No.
Course Title
Units
Hours
Course No.
Course Title
Units
Hours
2
D03310
D02207
D02203
Macroeconomics
Microeconomics
History of Economics
3
3
3
3
3
3
D02357

D02304

D02354

Theory of International Trade
History of Economic Thought
Econometrics
3

3

3

3

3

3

3
D02309
D02352

D02306
D02208

D02359

Economic Development
International Balance of Payments
Mathematical Economics
Intermediate Microeconomics
Politic Economics
3
3

3
3

3

3
3

3
3

3

D02308

D02302

D02303
D03314

D02204

Analysis of Contemporary Economic Issues
Theory of Economic Policy
Public Economy
Intermediate Macroeconomics
Money & Banking
3

3

3
3

3

3

3

3
3

3

4
D02409

D02407
D02307

D02401

Theory of Business Cycle
Labor Economics
Economics of Information and Telecommunications
Studies on Korean Economy
3

3
3

3

3

3
3

3

D02402

D02464
D02460

D02310

Comparative Economic Systems
Industrial Organization
Theory of World Market Economics
Economic History of Korea
3

3
3

3

3

3
3

3



Course Descriptions

* Macroeconomics
Studies the theories relating to gross national product (GNP), consumption, investment, interest rate, exchange rate and other variables in economic decision-making. Based on case studies, students learn about the rational expectations hypothesis, which is essential to proper understanding of economic phenomena.

* Microeconomics
Deals with part 1 of microeconomics. Examines market organization theories such as supply and demand, consumer theory, production theory, cost function, perfect competition market, monopoly market, oligopoly market, and the monopolistic competition market.

* History of Economics
Goes beyond chronological description of events to an examination of the historical process of economic development based on economic theories and different methods of analysis. In particular, different theories are applied, verified, and analyzed in the development process of capitalism in the post-modern western society to elucidate the causal effect of economy on history.

* Theory of International Trade
Trans-border, international economic activities and transactions can be largely divided into real trade activities (includes service trade) and monetary trade activities. The former, the non-monetary real trading, has always accounted for a significant portion of the activities. In the future, trade in services is also expected to increase its share. This course projects the future of real trade activities and transactions and defines the specific cause and effect mechanism at work. It also examines the future course of service trade and national trade policy challenges.

* History of Economic Thought
Examines the history of development of various economic theories from classical to contemporary. Studies the various alternative measures proposed by prominent economists at different periods for solving practical economic problems.

* Econometrics
Studies the theories involved in empirical analysis of the relationships among the economic variables based on economic theories. Main topics include estimation and hypothesis testing of the regression model and the simultaneous equations model.

* Economic Development
Examines the issues of underdevelopment and poverty in the developing countries, primarily from an economic growth and economic development perspective. Att-
empts to understand development strategies and policies as solutions in the light of economic theories. The course discusses topics such as dual structure, unemployment and employment, urbanization, population increase, agriculture, income distribution, investment plan, technology selection, financial resources for investment, economic development plan, international trade, and international finance.

* International Balance of Payments
Of the various international economic activities and relationships, this course focuses on those of monetary trade, identifying its cause and effect elements and development. Based on double-entry boo-
kkeeping, it classifies and itemizes a country's yearly external receivables and payables as a basis for measuring the country's external economic activities and transactions, which in turn is referenced to produce policy measures for future activities and transactions. Accordingly, the course focuses on the knowledge of foreign exchange trade, international balance of payments, and capital transfer. Theories and policies related to international balance of payment adjustment and international monetary institutions are discussed as core issues.

* Mathematical Economics
Consists of mathematical modeling and analysis of economic theories. Discusses the general equilibrium theory, the input-output model, linear programming, non-linear programming, classical optimum theory, the game theory, differential equation and difference equation solving, and a study of dynamic models applying these theories.

* Intermediate Microeconomics
Students will gain an in-depth understanding of what they have learned in the beginning course on microeconomics. This course looks at how balance is reached in the market through interactions among producers, consumers, and owners of production factors, and includes a study of the general equilibrium theory.

* Politic Economics
This course examines Marxist economics from a classical perspective. Reviews the philosophical and methodological basis of the Marxist theory. Defines the capitalistic mode of production based on Das Capital. Includes brief introductions to national monopolistic capitalism and imperialism proposed after Marx's death.

* Analysis of Contemporary Economic Issues
Based on economic theories, students will analyze a variety of pending tasks that arise with changes in the economic environment. They will select several themes among recent sensitive issues in order to develop their understanding of the themes, mainly through discussions. Examples include changes in international business conditions, changes in laws and systems, and environmental issues.

* Theory of Economic Policy
Based on the economic theories learned in Microeconomics and Macroeconomics, the course analyzes the various government policies that regulate economic activities in a mixed economy. Studies the goals, means, and outcomes of economic policies. Examines their theoretical basis, significance, and limitations.

* Public Economy
Provides an overview of the public goods theory, budget, expenditure, taxation, and the present tax system to effectively deal with issues inherent in today's complex economy, which is being characterized by the expansion of the public sector. Focuses particularly on the supply of public goods, analysis of the current system of taxation, and the policy aspect of budgets.

* Intermediate Macroeconomics
Students will gain an in-depth understanding of what they have learned in the beginning course on macroeconomics. The course centers on analyzing changes in macroeconomics and teaches recent theoretical developments in terms of economic growth and changes in economic conditions.

* Money & Banking
Focuses on a comprehensive analysis of monetary economic trends from micro and macroeconomic perspectives. On the micro level, the course deals with the nature of money and credit, choice of assets, financial intermediaries, and money supply. On the macro level, business cycle, business growth, money and credit, inflation, macroeconomic financial policy, and other concepts are examined.

* Theory of Business Cycle
This course closely examines the business cycle related dynamic models based on the knowledge acquired in Macroeconomics 1 and 2. The main models of interest include the Austrian Model, the Keynesian Model, and the Monetarist Model. Introduces the theories of equilibrium business cycles and real business cycles.

* Labor Economics
Examines core labor issues of modern industrial society from the perspectives of market apparatus and institutions. Based on an analysis of supply and demand in the labor market, the course examines the issues of wage level, wage structure, income distribution, unemployment, and human capital. Studies wage-related labor dispute settlement process by labor unions, businesses, and government from legal, institutional, and economic perspectives.

* Economics of Information and Telecommunications
Students will understand the essence of the "New Economy" system that emerged with the rapid development in information and telecommunication technologies. The course will also analyze various recent economic issues and events based on economic theories. Issues will include the impact of Internet growth on corporate strategies and competitiveness, information gaps in an information society, fair competition in e-commerce, regulations against operators dominating the telecommunication service market, rational use and investment in necessary facilities.

* Studies on Korean Economy
Makes a theoretical and historical diagnosis of the Korean economic reality based on most recent research on the development process of the Korean economy, the role of the government, macroeconomic outcome, industry, trade, and social development.

* Comparative Economic Systems
Compares controlled economic systems with capitalistic economic systems in terms of economic goals, institutions, economic apparatus, and development processes. Examines the Eastern European countries, the former Soviet Union, and Asia's former socialist countries from the perspective of economics of transition as they move from a socialist economy to a market economy.

* Industrial Organization
Studies industry scale and competition structure models. Analyzes the strategic behavior and performance of individual businesses under various market organizations. Examines industrial bailouts and their economic implications. Promotes understanding of real economy through empirical studies of specific industries.

* Theory of World Market Economics
Focuses on understanding the rapidly changing international trade order and regional economies in an age of internationalization. Today, we see a polarization of the world economic order: on the one hand, there is the WTO system launched in the early 90's with its principle of multilateralism; on the other, there is an intensification of regionalism as represented by economic blocks such as NAFTA, ASEAN, and the EU. In recent years, we have been witnessing the emergence of open regionalism such as APEC and ASEM. The course studies the structure of this recent international trade order and the economic blocks leading the regional economies.

* Economic History of Korea
Analyzes the process of Korea's economic development through scientific methodology based on economic theory. Examines the path followed by the Korean economy in its relationship with East Asian countries from around the time of Western contact. Considers the process of economic distortion brought about by world powers and conducts critical analysis of all distorted viewpoints for remediation.

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