Economics Division
Course Descriptions

Mathematics for Economics
Correlates the required mathematical concepts in mathematical analysis of economic theories and the fundamental concepts of economics. Focuses on function, linear algebra, and differential and integral calculus.

Principles of Economics (1), (2)
Defines the principles of economic consumption and production. Examines how prices are determined in perfect, independent, and imperfect competition markets respectively.

Develops the ability to draw an objective and reasonable conclusion through observation, classification, and analysis of natural and social phenomena. Teaches the basic concepts of descriptive and inferential statistics and methods of their application. Primarily discusses probability distribution, sampling theory, inferences and testing, index analysis, regression and correlation analysis, and time-series analysis.

Contemporary Economic
Students learn about the economy through exploration of current economic issues. Discussions are held to enhance presentation skills and comprehensive thinking power. Ideological issues that can forecast the future of the Korean economy by industrial financial policy and other areas are tackled hands-on.


History of Economics
This course does not simply look at historical facts but considers the historical process of economic development based on the theories and analysis methodology of economics. In particular, the development process of capitalism in Western society since modern times is analyzed by applying and verifying theories, and based on such, economic casual relations of historical facts are explained.

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.

The topics include the theory of consumer choice, profit maximization by companies, market balance, choice made under uncertainties, strategic interaction in a non-competitive environment, decision making between institutions, and the theory of public goods.

General economic analysis with focus on the process of determining income, employment and prices. Existing theories and polices are critically reviewed.

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.

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.

Public Economics
This course delineates the theory, budget, and expense of public goods, tax theory, and the current tax system to look into the problems of the complex modern economy characterized by expansion of the public economy, and deals in detail with fiscal policy, generation and conclusion of taxes, and argument to disclose tax details. Focus is placed on the supply of public goods, analysis of the current tax system, and policy aspects of budgets.

Theory of International Financial
This course goes over the background, development, etc. of the international financial currency system and policy and discusses the adjustment mechanism of international payments, exchange rate system and theories about determining the exchange rate, movement of international capital, international financial market, and relationship with macroeconomic factors, etc.

Understanding the Market Economic
This course aims to increase students' understanding of the market economy. Experts from various areas are invited to deliver theories and actual experience to students in a balanced manner.

Intermediate Macroeconomics
As a follow-up course to Macroeconomics 1, this course primarily deals with dynamic analysis of inflation, unemployment, business cycle, and economic growth theory.

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.

Experimental and Behavioral Economics
Various pending issues raised by changes in the economic environment are analyzed based on various economic theories. For instance, several themes are selected from among changes in international economic conditions, changes in laws and systems, environmental issues, and other issues that are sensitive to this age, and discussed.

Theory of Economic Policy
Based on the economic theories learned in Microe- conomics 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.

Theory of International Trade
This course considers the theoretical area of international economics that explains trade among nations. Basic theories related to the causes of trade, its benefits, determining of trade patterns and factor prices, basic concepts of international payments, and determining of the exchange rate are examined.

Law and Economics
This course applies economic logic and methodology such as efficiency and incentives to general laws such as property law, contract law and criminal law.

Financial Economics
This course comprehensively examines pricing theory, which is essential for understanding of the financial market, its application, changes in relevant systems, etc. The pricing and usefulness of derivatives, of which importance has lately been increasing, is considered as well as the equity and fixed income markets to help understand the practices of the financial market.

Theory of Tax
The reason of the existence, historic development, and basic theories of tax that has a huge impact on the national economy as well as society are studied. The actual tax system and tax administration are considered and the recent tax systems and reforms at home and abroad are outlined.

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, Keynesian Model, and Monetarist Model. Introduces the theories of equilibrium business cycles and real business cycles.

Labor Economics
Examines core labor issues of the modern industrial society from the perspective of the 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 processes 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 the most recent research on the development process of the Korean economy, the role of the government, macroeconomic outcome, industry, trade, and social development.

Economic Development
Examines the issues of underdevelopment and poverty in the developing countries primarily from an economic growth and economic development perspective. Attempts 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.

Regional and Comparative Economic Study
This course divides the economic system into planned and capitalist economies and compares the economic objectives, institutions, organizations, development processes, etc. of the two regimes. The economic reform from the socialist to market economy is looked at from the aspect of economics of transition. Both economic reforms in Eastern Europe and the former Soviet republics and those in the former socialist countries in Asian are considered.

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 its economic implications. Promotes understanding of real economy through empirical studies of specific industries.

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.