ECO 101 Introduction to Economics I    (3+0+0) 3

(İktisata Giriş I):                   
                

 Definitions of microeconomics and macroeconomics. Essentials of microeconomics. Operations of markets. Scarcity and resource allocation. Demand and supply analysis and elasticities. Market efficiency and welfare. Consumer and producer surplus. Cost analysis of firms. Perfect competition and imperfect competition. Monopoly, oligopoly and monopolistic competition. Externalities and internalities. Economics of factor markets.  

ECO 102 Introduction to Economics II   (3+0+0) 3
(İktisata Giriş II):           

Essentials of macroeconomics. Measuring a nation’s income and cost of living. Inflation, unemployment, investment and saving. Money and banking. Open economy macroeconomics. International integrations. Introduction to economic growth and development.

ECO 201 Microeconomics        (3+0+0) 3

(Mikroiktisat):           
 

 The themes of microeconomics. The basics of supply and demand. Consumer behavior. Individual and market demand. Uncertainty and consumer behavior. The cost of production. Profit maximization and competitive supply. Market power, monopoly and monopsony. Pricing with market power. Monopolistic competition and oligopoly. Game theory and competitive strategy. Markets for factor inputs. General equilibrium and economic efficiency. Markets with asymmetric information. Investment and capital markets. Externalities and public goods.

ECO 202 Macroeconomics   (3+0+0) 3     

(Makroiktisat):                        
 

 National income and wealth. Macroeconomic stability and instability. Business cycles. Unemployment and inflation. The self-correcting economy. Causes of unemployment. Classical economics. Introduction to Keynesian economics. Income and employment determination. Fiscal policy and national debt. Monetary economics and macroeconomic equilibrium. Central banking. Modern quantity theory. Monetarism and new classical economics. Rational expectations. Philips curve analysis. The open economy macroeconomics.

ECO 301 Econometrics   (3+0+0) 3

(Ekonometri):     
 

 Nature of regression analysis. Two-variable regression analysis. Ordinary least squares (OLS) method. Standard errors of least-square estimates. Interval estimation model and hypothesis testing. Correlation. Multiple regression analysis. Forecasting via standard deviations. Problems and issues  in estimation of regression coefficient parameters. Partial regression and correlation.

ECO 311 International Economics       (3+0+0) 3

(Uluslararası İktisat):       
                        

 The importance of international economics. Modern international trade theory. Application of macroeconomic and microeconomic analysis to international trade. International trade and national income. International trade and economic growth. Balance of payments analysis, foreign exchange markets and exchange rates. Trade policies. Trade barriers and liberalization of trade. International factor mobility and multinational companies. International monetary system.

ECO 312 Monetary Economics   (3+0+0) 3

(Parasal İktisat):          
                                       

 Actors of financial sectors. Central Banks and Federal Reserve System. Commercial banks. Bank and non-bank financial institutions. Theories of money. Analysis of money supply and demand. Definition and calculation of money supply. Reserve money. Monetary base and central bank money. Calculation of money stock. Money demand. Theories of money demand. Money market equilibrium. Interest rates formation. Interest rate and financial analysis. Money and income. Monetary transmission mechanism. Monetarist approach to balance of payments.

Prerequisite: ECO 202

ECO 314 Economic Growth and Development  (3+0+0) 3

(İktisadi Büyüme ve Gelişme):           

 Designing growth models for a small open economy. Theories of economic growth and development. Labor supply and population dynamics in growth models. Incorporating income distribution into growth models. The diffusion of technology in growth models. Location and economic growth. Planning strategies. Trade and planning models. Stable and unstable growth. Post World War II growth. The relevance of growth theories for economies in transition. Survey of classical and contemporary theories of development. Development theories. Different models of development. Major problems of economic development and structural change.

ECO 316 Global Economic Issues  (3+0+0) 3

(Küresel İktisadi Sorunlar):    
                       

Meaning of globalization. Technological advancement and globalization. Challanges and opportunities of globalization for countries, firms and supra-national organizations. Costs and benefits of globalization. The changing role of nation states in a global world. Global trade and the Doha agenda. Multinational investment and globalization. Regionalism and globalization. Sustainability as a global issue. Turkey and globalization.

ECO 321 Public Finance (3+0+0) 3

 (Kamu Maliyesi):          
                                             

The economic role of government. Social goods and market failure. Public provision for social goods. Efficient  provision of  social goods. Fiscal instruments of distribution policy.  Budget process and budget program. Public expenditures: structure and growth. Public budgets and efficiency: expenditure evaluation principles. Principles of taxation. Taxation and equity. Principles of tax incidence and general equilibrium. Personal income tax and taxable income. Corporate income tax and tax base. Consumption and sales taxes. Value added taxation. Property and wealth taxes. Turkish taxation system. Fiscal policy and stabilization.  Policy mix and crowding-out. Fiscal stabilization in the open economy. Economics of the public debt.

 ECO 330 Game Theory   (3+0+0) 3

(Oyun Teorisi):             
                                              

 Introduction to game theory. Basic definitions and concepts. Dominant strategy. Nash equilibrium. Cooperation and coordination. Static games in perfect information. Dynamic games in perfect information. Static games in imperfect information. Dynamic games in imperfect information. Repeating games. Economic contracts. Stable macroeconomic policy and Coase theorem. Cournot and Bertrand duopoly. Strategic trade policy. Limit pricing. Cartel.

 Prerequisite: MATH 102 and MATH 104

ECO 331 Intermediate Econometrics    (3+0+0) 3

(Orta Düzey Ekonometri):    
               

 Principles of economic model construction and the econometric techniques used in estimation of behavioral relationships. Econometric description and inference. Statistics for cross-section and time-series samples. Probability. Discrete and continuous probability distributions. Random variables. Estimators and sampling distributions. Confidence intervals and tests of hypotheses. Simple linear regression for normal and non-normal populations.

 Prerequisite: ECO 301

ECO 350 Economics of Tourism   (3+0+0) 3

(Turizm İktisatı):           
                               

 A general approach to tourism concept. Major issues in tourism. Properties of tourism Functions of tourism. Market of tourism. Institutions of tourism. Tourism policy. Case studies in Turkey and the rest of the world.

ECO 351 Agricultural Economics  (3+0+0) 3

(Tarım İktisatı):       
                                    

 Sources and nature of contemporary agricultural problems. Economic development and agriculture; various models of agricultural development. The role and effect of agricultural policies. Agriculture versus other sectors of the economy. Economic functions of agriculture. Agricultural production function. Agriculture and foreign trade. International agricultural organizations. Small and medium sized agricultural enterprises. Government intervention to agriculture.

ECO 352 Sustainable Development   (3+0+0) 3

(Sürdürülebilir Kalkınma):        
                  

Definition and processes of sustainable development. Rio Summit and its afterwards. The Worlds Summit on Sustainable Development and its impact. Individuals and sustainability. Sustainable communities. Capacity building in institutions for sustainable development. Sustainable production. Sustainable consumption and trade. The role of business world in sustainability: Corporate social responsibility.  Eradication of poverty. International environment for sustainability. Sustainable development and eco-efficiency. Land, air and water management. Human resources and sustainability.

ECO 353 Economic Planning      (3+0+0) 3

 (İktisadi Planma):                         
                      

 Planning as a mechanism of resource distribution and the theoretical discussion of market. The need for planning in basic development problems of developing countries. Types of planning and their discussion in practice. Planning techniques. Input-output analysis and linear programming techniques. Planning experiences in Turkey.

ECO 354 Energy Economics   (3+0+0) 3

(Enerji Ekonomisi):                 
                            

 Definition and kinds of natural resources. Natural resources and other production factors. Economic growth-development approaches and their relationships with natural resources. Energy economics and its place in general economics. Energy supply and demand analysis. Classification of energy resources and their potentialities. Problems in the production and consumption of non-renewable energy resources. Nuclear and renewable energy use as  alternatives. International energy policies.

ECO 360 Political Economy of Privatization   (3+0+0) 3

(Özelleştirmenin Politik İktisatı):  
 

Theoretical perspectives, ownership and incentives. Competitive forces. Theories of regulation. Objectives of privatization. Privatization theory and deregulation. The rationale behind the sale of state-owned enterprise. Sales methods. Valuation of assets and  pricing of shares. Effect on government finances. Wider-share ownership. Contracting-out and privatization. The role of  capital market. Transparency in sale of assets. The role of politicians and bureaucrats. Performance evaluation  of privatized enterprises. Trade unions and  workers’  resistance.  Privatization and regulation of monopolies.

ECO 362 Urban And Regional Economics   (3+0+0) 3

(Şehir ve Bölge İktisatı):                 
 

 Economic reasons for the existence of cities. Location of economic activities. Optimal city size. Urban growth. Models of urban spatial structure. Land rent and land use in cities. Urban transportation. Urban economic problems. Housing markets and policies. Urban public finance.

ECO 363 Social Policy   (3+0+0) 3

(Sosyal Politika):                 
 

 An introduction to social policy analysis. Contemporary debates about the perspectives on social problems and social policy issues. Social welfare policy. Current issues and strategies influencing social policy formation in selected areas.

ECO 370 Labor Economics   (3+0+0) 3

(Çalışma Ekonomisi):
                                  

 Economic analysis of employee –employer relations. The demand for and supply of labor. Labor force participation rate, employment and unemployment. Wage and productivity. Relationship between wages, decision to work and occupational choice. Investment in human capital. Impact of labor unions on the labor market.

ECO 401 Economics of the EU   (3+0+0) 3
(Avrupa Birliği İktisatı):                                     

The history of the European integration. Basic institutions of the EU and their functions. The role of the EU in the world economy. Common policies of the EU. Widening and deepening of the European integration. Principles of subsidiarity and the EU. The Copenhagen and Maastricht criteria and Lisbon strategies of the EU. The EU enlargement to the south and the east. Accession protocols and membership negotiations. The history of the EU-Turkey relations. Reforms, and accession strategies to be followed by Turkey.

ECO 411 Economic Policy   (3+0+0) 3

(İktisat Politikası):                
                

 The intersection of politics and economics. Political and market solutions to collective problems. The politics of economic crises. Corporations and labor in the political economy. Regulation. Monetary policy. Fiscal policy. Current and recent real-world macroeconomics events and conditions.

ECO 415 Current Economic Issues    (3+0+0) 3

(Güncel İktisadi Sorunlar):      
                 

 Government intervention. Analysis of the links between economic issues and politics. Examination of the rationale and objectives of governments. “Public choice theory” approach.

 ECO 419 History of Economic Thought   (3+0+0) 3

(İktisadi Düşünce Tarihi):    
            

 Mercantilism. Physiocracy. Theories of Smith, Ricardo, Malthus and Mill. Marxism. Marginalists and Neoclassicals. Marshall. Walras. Keynesian economics. Cambridge controversies and calculation debate. Post Keynesian economics. Monetarists. New Keynesians versus, New Classicals. Heterodox approaches. Discussion of Walras and the emergence of general equilibrium theory.

ECO 420 Turkish Economy    (3+0+0) 3

(Türkiye Ekonomisi):                       
                 

 Historical development of the Turkish economy. Liberal economic policy era. Etatist policy era. The structure of Turkish economy and industrialization policy. Planned economic development era: five-year development plans. Industrialization policy in the post-1980s. Monetary and fiscal policies in Turkey between 1980 and 2000. The role and growth of public sector in Turkey. External trade policy and Turkey’s economic relations with foreign countries. Macroeconomic performance in Turkey; Budget deficit and inflation. Recent economic developments in Turkey.

ECO 426 Cost-Benefit Analysis and Project Appraisal  (3+0+0) 3

(Fayda-Maliyet Analizi ve Proje Değerlendirme)   

The definition of a project. Discounted cash flow (DCF) analysis and measures of profitability. The need for cost-benefit analysis. Effieient use of scarce resources. General investment criteria. The Little-Mirrlees method of project appraisal. Valuation of traded and non-traded goods. Estimation of national parameters: standard conversion factor. Marginal productivity of capital. Consumption rate of interest. Value of public income. Shadow wage rates. Valuation of direct benefits and costs. Shadow price of foreign exchange. Social price of investment. Uncertainty: sensitivity and risk analysis. Income distribution effects of projects. Projects and environmental effects. Social cost-benefit analysis in practice: some case studies.

 ECO 470 Economics of East Asia   (3+0+0) 3

(Uzak Doğu Asya Ekonomileri):               
 

 Modern economic growth and development of East Asian countries (namely Japan, China, South Korea, Taiwan, Thailand, Indonesia, Malaysia, Philipines, Singapore, Hong Kong and Vietnam). Financial liberalization, trade liberalization, and the  currency crisis in East Asia. Integration and cooperation endeavours in the region. Discussion of data and sources related to East Asia.

ECO 471 Economics of Latin America   (3+0+0) 3

(Latin Amerika Ekonomileri):   
          

 Economic regimes and political structures of Latin American development policies. Macro-management. Hyperinflation. Latin America from import substitution to export promotion and capital market liberalization. Analysis of the successes and failures of individual countries Discussion of data and sources related to Latin America.

 ECO 472 Economics of the Middle East  (3+0+0) 3

 (Orta Doğu Ekonomileri):               

 Strategic importance of Middle East region. Maghreb versus Mashrek, the Middle East North Africa (MENA). Political economy of growth and economic development in the Middle East. Natural resources in the region. The role of the public sector in the MENA region. Negative integration syndrome in the Middle East. Examples of cooperation in the MENA. Turkey and the Middle East.

ECO 480 Special Topics in Economics - İktisatta Özel Konular (3+0+0) 3

(Financial Economics-Finansal İktisat):     
         

Fundamental micro and macro-based concepts of Financial Economics. Decision making techniques under uncertainty. Asset pricing models. Sources of price movements in bonds, shares, interest rates and exchange rates. Asymmetric information in financial markets. International capital flows. Financial institutions. Financial regulation.                

ECO 481Special Topics in Economics (3+0+0) 3
(Economics of Industrial Organization- Sanayi Organizasyonu İktisadı):
 

The nature of competition under various market structures: the distinctive features of price and quantity competition and other aspects of modern oligopolistic firms. The fundamental principles and game theoretic models are applied to the advanced analysis of various forms of firms’ interaction e.g. collusion, entry deterrence, predation and merger, importance of research and development, product differentiation, advertising, price discrimination, and vertical integration. Study of anti-trust and regulation to analyze the related industrial policy issues based on industry case studies.