111 Introduction to Economics. (4)

176 January Term Topics. (0-4)

177 January Term Core Topics. (0-4)

271 Individual Learning Project. (1-4)

276 January Term Topics. (0-4)

277 January Term Core Topics. (0-4)

314 Economics of Financial Institutions and Markets. (4)

315 American Economic History. (4)

317 International Economics. (4)

320 Market Structure and Industrial Organization. (4)

323 Economics of the Public Sector. (4)

325 Political Economy of Race and Gender. (4)

326 History of Economic Thought. (4)

Faculty: Ernest Diedrich, Daniel Finn, Joseph Friedrich, Marcia Frost, Margaret Lewis, Lawrence Litterst, John Olson, Charles Rambeck.

Economics is the study of how people interact within their social and natural environments to provide goods and services to one another according to the constraints that those environments impose. The department of economics offers students the opportunity to explore these interactions and to examine important economic issues and policies from the perspectives of various schools of economic thought.

In accord with the mission of the two colleges, the department’s faculty is committed to the explicit treatment of the values implicit in economic choices and policies, to the benefits of methodological diversity in economic inquiry, and to the practice and improvement of contemporary pedagogies to engage students as active learners. The department’s curriculum prepares students to be informed, critical citizens and engaged, competent professionals.

The economic curriculum is structured within three levels or tiers. Tier One provides an introduction to the subject of economics by presenting the student with the fundamental economic principles and ideas and with some issues and problems examined by economists. Building on the Tier One foundation of ECON 111 (Introduction to Economics), the courses in Tier Two (numbered between 300 and 349) address in greater depth particular areas of economic theory and application. Tier Three courses (numbered 350-399) are advanced courses in analysis and applications. Primarily intended for economics majors and minors, each of the Tier Three courses has a prerequisite of either ECON 332 (Micro-economic Theory) or ECON 333 (Macroeconomic Theory).

111, 332, and three additional 300-level courses of which at least one must be from Tier Three (courses numbered 350 or higher); MATH 119 or 123.

111 Introduction to Economics. (4)   [Top]

Includes both micro-economics and macro-economics. The price system as a mechanism for registering consumer wants and directing resource allocation. Demand, supply and market equilibrium in perfectly competitive markets. Development and application of criteria for efficiency and equity. Measures of the performance of the macro-economy. Circular flow, aggregate demand, aggregate supply and equilibrium within the context of an international economy. Nature and impact of monetary and fiscal policies upon output, price level and employment. Fall and spring.

176 January Term Topics. (0-4)    [Top]

Study at the introductory level of a special topic not ordinarily offered during the semesters. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

177 January Term Core Topics. (0-4)   [Top]

Study at the introductory level of a special topic not ordinarily offered during the semesters. Designed to fulfill core disciplinary requirement. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

271 Individual Learning Project. (1-4)  [Top]

Supervised reading or research at the lower-division level. Prerequisite: 111 or permission of the department chair. Consult department for applicability towards major requirements. Not available to first-year students.

276 January Term Topics. (0-4)  [Top]

Study of a special topic not ordinarily offered during the semesters. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

277 January Term Core Topics. (0-4) [Top]

Study of a special topic not ordinarily offered during the semesters. Designed to fulfill core disciplinary requirement. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

314 Economics of Financial Institutions and Markets. (4)  [Top]

Description and economic analysis of the financial sector. Emphasis on the function, structure and regulation of financial markets; the behavior of financial institutions; the behavior of interest rates; and international finance. Prerequisite: 111. Fall, alternate years.

315 American Economic History. (4)   [Top]

Examination of the growth and development of the American economy from the 17th -century colonization to the present. Application of basic tools of economic analysis to explore the effects of the natural environment, public policies, changes in technology, and social and cultural forces on historical economic events, institutions and processes of economic growth and development. Prerequisite: 111. Fall, alternate years.

317 International Economics. (4)   [Top]

Uses elementary techniques to examine the reasons for and consequences of international trade. Explores the gains from trade, impact of trade on factor markets, the problems of labor and capital mobility and current commercial policy disputes (such as tariffs, quotas and other trade restrictions). Also examines financial aspects of trade, including the balance of payments and exchange rates. Prerequisite: 111. Fall, alternate years.

Application of microeconomic theory to the study of markets, their operation and regulation. Examination of the basic conditions and structures underlying perfect competition, monopoly, oligopoly and monopolistic competition; the conduct and performance of firms in perfect and imperfect competition. Prerequisite: 111. Spring.

323 Economics of the Public Sector. (4)  [Top]

Examination of the economic rationale for the government sector; issues of economic efficiency and equity. Evaluation of government expenditures. The nature and incidence of taxation. Federal government debt. Prerequisite: 111. Spring, alternate years.

325 Political Economy of Race and Gender. (4)  [Top]

Comparison of the dreams of Americans with the current situation facing American workers. Examination of economic and noneconomic explanations behind changes in workforce participation, earnings, occupational patterns, income distribution and poverty with particular focus on the categories of race and gender. Prerequisite: 111. Spring, alternate years.

326 History of Economic Thought. (4)   [Top]

Examination of the development of economic thought. Schools and views considered include the ancients, scholastics, mercantilism, classical political economy, Marxian, neo-classical and institutionalism. Prerequisite: 111. Spring, alternate years.

327 Economic Thought and Religious Values. (4)  [Top]

An examination of how economic life has been viewed from the perspective of religion, particularly Western Christianity: from roots in the Hebrew and Christian scriptures, through the early church, middle ages and the Protestant Reformation, up to contemporary debates about free markets, Marxism, feminism, and the social teaching of the Roman Catholic Church today. Fall.

328 Economics, Philosophy and Method. (4) [Top]

An inquiry into the philosophy of social science and the methodology of economics. A survey of philosophical debates concerning what makes a "good" explanation in natural science and social science, and an examination of the debates within the history of economics concerning the requirements for good explanations of economic events. Prerequisite: Two courses in economics or two courses in philosophy. Spring, alternate years.

329 Topics in Economics. (4)  [Top]

Economic analysis of major social concerns in past, present and/or future. Emphasis on the economist’s role in perceiving and developing policy to address these issues. Consult course schedule for current offerings. May be repeated for credit with different topics. Prerequisite: 111.

332 Microeconomic Theory. (4)  [Top]

Development of the theory of microeconomics. Demand theory and analysis of consumer behavior. Theory of the firm, analysis of production, costs and market structure in determination of supply. Factor markets. Introduction to theory of welfare economics. Prerequisite: 111 and either MATH 119 or 123. Fall and spring.

333 Macroeconomic Theory. (4)  [Top]

Development of the theory of macroeconomics. Determination and analysis of macroeconomic activity using IS-LM, aggregate demand and aggregate supply models within the context of an international economy. Microeconomic foundations of macro-behavior. Evaluation of monetary and fiscal policies directed to problems of unemployment, inflation, growth and macroeconomic stability from classical and contemporary approaches. Prerequisite: 332.

350 Introduction to Econometrics. (4)   [Top]

Introduction to basic statistical techniques as used in economics. Estimation and hypothesis testing with linear models. Single equation and simultaneous equation problems. Computer implementations. Prerequisite: 332 and MATH 124. Fall, alternate years.

353 Labor Economics and Industrial Relations. (4)  [Top]

Wage determination and income distribution. Collective bargaining and bargaining power. Labor legislation. Current issues of labor union growth strategies; the economics of the family, poverty, discrimination, crime and punishment. Prerequisite: 332. Spring, alternate years.

356 Natural Resources and Environmental Economics. (4)  [Top]

Examination of the economics of natural resources and the environment with special attention to energy and pollution issues. Includes intertemporal efficiency criteria, cost/benefit analysis, resource and pollution policies, and specific applications to current environmental problems. Prerequisite: 332. Alternate years.

359 Advanced Topics in Economics. (4)  [Top]

Analysis of contemporary or historical topics or applied areas in economics. Consult course schedule for current offerings. May be repeated for credit with different topics. Prerequisite: 332 and/or 333.

361 Comparative Economic Systems. (4)  [Top]

Examination of the theory, form and actual behavior of different variants of market and planned economic systems. Criteria are developed and applied to evaluate how well these systems work. Case studies of market, market-socialism and centrally planned economies. Special attention is paid to reform efforts and their effectiveness. Prerequisite: 332. Fall ’93, alternate years.

362 Economic Development. (4)  [Top]

Examination and analysis of the economic problems of the less developed countries. Emphasis on critical examination of current economic development theory, policies and programs as they are applied in developing countries. Prerequisite: 332. Spring, alternate years.

371 Individual Learning Project. (1-4)  [Top]

Supervised reading or research at the upper-division level. Prerequisite: completion of 12 credits within the department, including 332 or 333, and permission of the department chair. Consult department for applicability towards major requirements. Not available to first-year students.

373 Advanced International Theory and Policy Analysis. (4)  [Top]

General equilibrium analysis of reasons for trade and the gains from trade. Impact of international trade on income distribution. Trade and commercial policy. Politics of trade. International trade agreements and trade wars. Exchange rates and balance of payments. Prerequisite: 333. Spring, alternate years.

374 Monetary Theory and Policy Analysis. (4)  [Top]

Theoretical analysis and empirical investigation of the effect of money on macro-economic activity from classical and contemporary approaches. Theories of money demand and the money supply process. Issues in the formulation, execution and impact of monetary policy. Prerequisite: 333. Fall, alternate years.

375 Supervised Study. (0-4)  [Top]

Full-time learning experience during the January Term done under the direction of a faculty moderator, often in conjunction with an off-campus supervisor. Requires permission of instructor. Not available to first-year students.

376 January Term Topics. (0-4)  [Top]

Study at the upper-division level of a special topic not ordinarily offered during the semesters. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

377 January Term Core Topics. (0-4)   [Top]

Study at the upper-division level of a special topic not ordinarily offered during the semesters. Designed to fulfill core disciplinary requirement. Consult department for applicability towards major requirements. May be repeated for credit when topics vary.

379 Welfare Economics and Public Policy Analysis. (4)  [Top]

Application of the new welfare economics to analysis of government policy. Efficiency and equity criteria are developed and applied to analysis of expenditure and tax policy with special focus on the federal government. Evaluation of specific government programs. Examination of taxation theory and burden of the public debt. Prerequisite: 332. Fall, alternate years.

384 Research Seminar. (4)  [Top]

A directed research experience in economics conducted in a seminar format. Includes consideration of economics research methodology and analysis of current research in various sub-disciplines of economics. Each student intensively explores a topic and makes a formal presentation to the department. Prerequisites: 333, MATH 120 or 123, and MATH 124. Fall and spring.

397 Internship. (1-8)  [Top]

Practical off-campus experience. Must have a substantial academic component. Directed by officers of employing firms or institutions. Prerequisites: 20 credits in economics, senior standing and permission of the department chair. These credits will not apply to the requirements for a major or minor.

398 Honors Senior Essay, Research or Creative Project. (4)  [Top]

Required for graduation with "All-college Honors" and "Departmental Distinction in Economics." Prerequisite: HONR 396 and approval of the department chair and director of the honors program. For further information see HONR 398.