Ph.D. Course Descriptions

EC 315
ADVANCED MICROECONOMIC THEORY I
3 units
Pre-requisite: EC 215
A study of consumer behavior and the theory of the firm; extensive analysis of the
properties of cost and production functions; axiomatic foundation of utility theory; theory of
perfectly competitive and monopolistic markets; pricing techniques; welfare economics; and
general equilibrium analysis.

EC 316
ADVANCED MICROECONOMIC THEORY II
3 units
Pre-requisite: EC 315
A discussion on the economics of imperfect information, inter-temporal choice optimization
under uncertainty, moral hazard and self-selection problems, social choice theory, and
game theory.
 
EC 320
ADVANCED MACROECONOMIC THEORY I
3 units
Pre-requisite: EC 220
An overview of aggregate income determination; theory of growth: Solo, neoclassical, and
new growth models; rational expectations; price adjustments in closed and open
economies; and reconstruction of macro theory.

EC 321
ADVANCED MACROECONOMIC THEORY II
3 units
Pre-requisite: EC 220
A discussion on the theory of economic fluctuations and business cycles, dynamic
optimization models of macroeconomic equilibrium, and advanced theories of consumption,
investment, money and interest. Recent developments in macro theory are also discussed.

EC 324
HISTORY OF ECONOMICS
3 units
A course that traces the evolution and development of economic thought from Pre-Classical
Political Economy (Mercantilism and Physiocracy) to the Classical Political Economy and
early Socialist thought, Austrian School, Neoclassical School (Marginal Revolution) and
Keynesian Economics and the Institutionalists.

EC 330
SOCIAL PHILOSOPHY
3 units
A discussion on economics in the context of a society’s culture, politics, and history. Topics
include the economic dimensions of human rights, private ownership, the role of the state in
fostering social justice, and the problem of violence in the course of socio-economic
development.
 
EC 331
ADVANCED ECONOMETRICS
3 units
Pre-requisite: EC 217 or EC 231
A study of simultaneous equation models and estimation; analysis of panel data and
estimation; nonlinear models in economics and estimation; and econometrics of time series
and estimation.

EC 332
ECONOMIC RESEARCH
3 units
Pre-requisites: EC 205, EC 210, EC 215, EC 217, EC 220, and a field of specialization
An introduction to the different research methodologies in economics that permit students
to engage in a piece of focused research by integrating the substantive knowledge obtained
from various required courses. At the end of the course, students are expected to submit a
research report.

EC 345
AGRICULTURAL ECONOMICS
3 units
Pre-requisites: EC 315 and EC 320
An analysis of the economics of production and agriculture’s role in development. The
course begins with classical and neoclassical theories of agricultural economics then
proceeds to discuss topics such as farm household models, rust and subsistence farming,
sharecropping, and technological change and its consequences.

EC 350
ECONOMICS OF LABOR AND MANPOWER DEVELOPMENT
3 units
Pre-requisites: EC 315 and EC 320
A study of the institutional organization of labor markets and the resulting policy
implications. Topics include labor supply, demand for labor, labor markets and wage
determination, human capital theory, poverty and income inequality, education, and other
dimensions of manpower development.

EC 355
ECONOMICS OF MONEY AND BANKING
3 units
Pre-requisites: EC 315 and EC 320
A course on the fundamentals of monetary economics. Topics include the functions of
money, money supply and money demand, interest rates, and monetary policies. The
course analyzes the dynamics of financial systems, such as financial intermediation and
institutions in the Philippines as they affect general economic stability.

EC 365
FINANCIAL ECONOMICS
3 units
Pre-requisites: EC 305 and EC 315
A discussion on the principles of financial theory and analysis of investment decisions. It
also looks into the corporation as an economic institution for ordering the allocation and
administration of resources. Attention is given to the Philippine money and capital markets.

EC 370
MANAGERIAL ECONOMICS
3 units
Pre-requisites: EC 315 and EC 320
A course that provides a practical approach to managerial decision-making in both private
and public sectors, integrating microeconomic theory with management science, accounting,
finance, and marketing. Topics include demand theory, production theory, cost theory,
market structure, pricing practices, and capital budgeting and investment decisions.

EC 375
INTERNATIONAL ECONOMICS
3 units
Pre-requisite: EC 315
A course on the theory and practice of international trade and finance as well as economic
relations and interdependence among nations. Students analyze the effects of national
policies and the international flow of goods, services, and factors of production on the
welfare of domestic consumers.
 
EC 380
ECONOMICS OF DEVELOPMENT
3 units
Pre-requisite: EC 320
A study of the issues and problems of economic growth and development faced by
developing countries. Topics include concepts of development, measurements of
development, the different theories of economic growth and development, and various
development issues.

EC 381
URBAN AND REGIONAL DEVELOPMENT
3 units
Pre-requisites: EC 315 and EC 320
A study of the theories and applications of economics of industrial location and public facility
siting, urban structure and regional expansion, and land utilization. Emphasis is on their
interdependence and the contribution of public policy to locational objectives, methods,
stability, and balance.

EC 385.2
SPECIAL TOPICS IN ECONOMICS: INTERNATIONAL ECONOMIC RELATIONS
3 units
A course that discusses policy-oriented topics in international economics. Topics include
various contemporary issues, especially in context of the developing country, such as
economic globalization, the impact of foreign direct investment, preferential trade
agreements, and implication of global imbalances, international labor migration, and the
Finance-Growth nexus.

EC 385.12
SPECIAL TOPICS IN
ECONOMICS: INTERNATIONAL POLITICAL ECONOMY
3 units
A course on the fundamentals of international political economy, integrating the theoretical
insights of economics and politics. Topics include the activities within states, national
markets and those in the international arena; and the different frameworks in examining
issues that confront developed and developing economies today.

EC 385.14
SPECIAL TOPICS IN ECONOMICS: ECONOMICS OF ENVIRONMENT AND NATURAL
RESOURCES
3 units
Pre-requisite: EC 315
A course on the interface of the economy and the environment. It commences with a review
of the basic/conventional economic concepts, like price determination, and externalities;
and major environmental problems in the country, like deforestation and the health impacts
of water and air pollution.

EC 385.29
SPECIAL TOPICS IN ECONOMICS: INDUSTRIAL ORGANIZATION
3 units
Pre-requisites: EC 205, EC 215
A course on topics of current research interest in industrial organization. Research papers
include theoretical and conceptual approaches to the study of firms and industries, the
application of quantitative methods such as game theory and econometrics, and issues of
public policy that foster competition.

EC 385.45
SPECIAL TOPICS IN ECONOMICS: INTERNATIONAL FINANCE
3 units
A study of 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; and the historical development of today’s international financial order.

EC 385.58
SPECIAL TOPICS IN ECONOMICS: ECONOMIC DEMOGRAPHY
3 units
Pre-requisite: Familiarity with microeconomic theory and sufficient knowledge of
statistics or econometrics to evaluate regression analysis
A course that discusses the microeconomic demand framework of household consumption
and labor supply and production to interpret population demographics, the changing
character of the family, and gender roles. Moreover, historical and contemporary population
problems are assessed using the perspective of the individual and the household.

EC 385.62
SPECIAL TOPICS IN ECONOMICS: THEORY OF CAPITALIST DEVELOPMENT
3 units
Pre-requisite: Approval of professor
An advanced course on the theory of capitalism and capitalist development following Karl
Marx and Marxists’ Political Economy. Students examine capitalist dynamics – from its basic
strengths to its underlying problems. Topics include value creation, accumulation, crises and
depressions, and imperialism.

EC 385.63
SPECIAL TOPICS IN ECONOMICS: COMPARATIVE ECONOMIC THEORIES:
NEOCLASSICAL VS. MARXIAN ECONOMICS
3 units
Pre-requisite: Approval of professor
An introduction to the debates between capitalism and socialism. Students review the
representative economic theory of capitalism (i.e. Neoclassical Economics) and discover the
representative economic theory of socialism (i.e. Marxian Economics).

EC 386.1
WORKSHOP IN ECONOMICS
3 units
Pre-requisites: EC 315, EC 316, EC 320, and EC 321
Workshop courses consisting of a series of seminar presentations in applied economics by
students, faculty, and guests. Emphasis is on issues involving recent developments in
macroeconomic and microeconomic theories, economic policy, input-output analysis, costbenefit
analysis, development, environment, and human resources, among others.

EC 386.2
WORKSHOP IN ECONOMICS II
3 units
Pre-requisites: EC 315, EC 316, EC 320, and EC 321
Workshop courses consisting of a series of seminar presentations in applied economics by
students, faculty, and guests. Emphasis is on issues involving recent developments in
macroeconomic and microeconomic theories, economic policy, input-output analysis, costbenefit
analysis, development, environment, and human resources, among others.

EC 390
INPUT-OUTPUT ECONOMICS
3 units
Pre-requisites: EC 315, EC 320
An analysis of industry interdependence, particularly on the nature of activities of specific
sectors that consume goods from other sectors to produce output. The course starts with a
review of matrix and linear algebra, and then proceeds to an analysis of the input-output
model of the Philippines.
 
EC 395
COMPARATIVE ECONOMIC SYSTEMS
3 units
Pre-requisites: EC 315, EC 320
A discussion of the characteristics and the economic performance of major economic
systems such as capitalism, socialism, and mixed economic systems. Focus is on aspects
such as organization and institutions, stability, resource allocation, consumption, and
investment.

EC 400
DOCTORAL THESIS
0 unit
Pre-requisite: Passing the doctoral comprehensive examinations
Dissertation research and writing supervised by a dissertation adviser.