Catalog 2013-2014

Economics

253.535.7595
www.plu.edu/economics
econ@plu.edu

"By virtue of exchange, one person's property is beneficial to all others." —Frederic Bastiat

Economics is the study of how people establish social arrangements for producing and distributing goods and services to sustain and enhance human life. Its main objective is to determine an efficient use of limited economic resources so that people receive the maximum benefit at the lowest cost.

The economics discipline embraces a body of techniques and conceptual tools that are useful for understanding and analyzing our complex economic system.

BACHELOR OF ARTS DEGREE
Major in Economics
Minimum of 40 semester hours, including additional required hours or a concentration

Required Courses for all Economic Majors
  • ECON 101 or 111, 102, 301, 302, 499 4 semester hours selected from: STAT 231 or MATH/STAT 242
Additional Required Courses (for a major without a concentration)
  • 12 semester hours of electives in Economics
  • One course selected from: ECON 344, BUSA 202 or 302, MATH 348 or up to four semester hours in Computer Science
To remain in the major, junior and senior-level students must:
  • maintain a minimum 2.50 overall GPA, and
  • maintain a minimum 2.50 GPA in courses to be counted towards the Economics major.

To register for an Economics course with any prerequisites, a grade of C- or better must be attained in each of the prerequisite courses.

Economics majors may transfer in a maximum of 20 semester hours toward the economics major, unless they have permission from the Economics Department chair.

With departmental approval, ECON 111 may be substituted for ECON 101 for purposes of major and minor requirements.

ECON 499 meets the senior seminar/project requirement. For students planning graduate work in economics or business, additional math preparation will be necessary. For specific courses, consult your major advisor.

CONCENTRATIONS
As well as the courses listed above for the major, the courses listed under each concentration are required.
Environmental and Resource Policy Analysis
52 semester hours
  • Internship: ECON 495 (4)
  • 4 semester hours from: ECON 344, MATH 348, BIOL 116 or ENVT/GEOS 104
  • 12 semester hours from: ECON 311, 313, 315, 327
  • 8 semester hours from: HIST 370, BIOL 356, 367, 368, POLS 346
International Economic Analysis
52 semester hours
  • ECON 495, POLS 331 and POLS 347
  • 12 semester hours chosen from: ECON 311, 313, 315, 331, 333, 335, 338
  • Plus 4 semester hours selected from: ECON 344, BUSA 202 or 302, MATH 348, or CSCE 120
Mathematical Economics
52 semester hours
  • ECON 344, 345
  • MATH 151, 152, 253
  • Minimum of 8 semester hours of Economics electives
The Modern Economic Enterprise
52 semester hours

As well as the required courses for the major listed above, the following courses are required for the concentration:

  • ECON 325, 341, 495*
  • ECON 321 or ECON 323
  • Minimum of 12 semester hours of Business electives (BUSA 200 level or higher, BUSA 201 recommended)

*Note: BUSA 495 may be substituted for ECON 495 with a minimum of 4 semester hours.

MINOR
24 semester hours
  • ECON 101 or 111; 102; 301 or 302
  • 12 additional semester hours of electives, 4 of which may be in Statistics

All courses counted toward an Economics minor must be completed with grades of C- or higher and with a cumulative GPA of 2.5 or higher in those courses.

Economics minors may transfer in a maximum of 12 semester hours toward the economics minor, unless they have permission from the Economics department chair.

Economics (ECON) Undergraduate-Level Courses

ECON 101: Principles of Microeconomics - SO

Introduces the study of economic decision making by firms and individuals. Economic tools and concepts such as markets, supply and demand, and efficiency applied to contemporary issues. Students cannot take both ECON 101 and 111 for credit. (4)

ECON 102: Principles of Macroeconomics - SO

Introduces the economy as a whole and major issues such as inflation, unemployment, economic growth, and international trade. Prerequisite: ECON 101 or 111 (4)

ECON 111: Principles of Microeconomics: Global and Environmental - SO

Analysis of public policy and private behavior; appropriate pricing, resource valuation, taxes and subsidies, trade policies, sustainable development, and income growth and distribution. Students cannot take both ECON 101 and 111 for credit. (4)

ECON 190: FYEP190: Inquiry Seminar

A four-credit seminar to introduce students to the methods and topics of study within a particular academic discipline or field. Students practice the academic skills that are at the center of the General Education Program. (4)

ECON 287: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 288: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 289: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 291: Directed Study

To provide individual undergraduate students with introductory study not available in the regular curriculum. The title will be listed on the student term-based record as DS: followed by the specific title designated by the student. (1 to 4)

ECON 301: Intermediate Microeconomic Analysis

Theory of consumer behavior; product and factor prices under conditions of monopoly, competition, and intermediate markets; welfare economics. Prerequisites: ECON 101 or 111, or consent of instructor; and MATH 128 or 151. (4)

ECON 302: Intermediate Macroeconomic Analysis

National income determination including policy implications within the institutional framework of the U.S. economy. Prerequisites: ECON 102; MATH 128 or 151. (4)

ECON 311: Energy and Natural Resource Economics

An intensive economic analysis of natural resource scarcity and a comparison of actual, optimal and sustainable use of energy and natural resources. Comparative international analysis of the relative roles of markets and government in the development and allocation of natural resources over time. Themes include dynamic efficiency, intergenerational fairness, and sustainability. Case studies of key natural resource sectors including: renewable and exhaustible energy, non-energy minerals, forestry, and fisheries. Prerequisities: ECON 101 or 111 or consent of instructor. (4)

ECON 313: Environmental Economics

Examines the theory of externalities, pollution regulation, open-access conditions as a basis for environmental degradation, methods of non-market valuation of environmental amenities, and valuation of a statistical life. Attention will be given to both domestic and global examples. Prerequisities: ECON 101 or 111, or consent of instructor. (4)

ECON 315: Investigating Environmental and Economic Change in Europe - SO

An introduction to the environmental economic problems and policy prospects of modern Europe. Focus on economic incentives and policies to solve problems of air and water pollution, sustainable forestry, global warming, and wildlife management in Austria, Germany, Hungary, the Czech Republic, and Italy. Prerequisite: ECON 101 or 111, or consent of instructor. (4)

ECON 321: Labor Economics - SO

Analysis of labor markets and labor market issues; wage determination; investment in human capital, unionism and collective bargaining; law and public policy; discrimination; labor mobility; earnings inequality, unemployment, and wages and inflation. Prerequisites: ECON 101 or 111, or consent of instructor. (4)

ECON 322: Money and Banking - SO

The nature and role of money; monetary theory; tools and implementation of monetary policy; regulation of intermediaries; banking activity in financial markets; international consequences of and constraints on monetary policy. Prerequisite: ECON 102 or consent of instructor. (4)

ECON 323: Health Economics - SO

Analysis of health care markets including hospitals, providers, and insurer/managed care organizations; demand for care; economics of insurance; role of government and regulation; access to care; non-price competition; impact of new technology; analysis of reform. Prerequisities: ECON 101 or 111 or consent of instructor. (4)

ECON 325: Industrial Organization and Public Policy

An analysis of the structure, conduct, and performance of American industry and public policies that foster and alter industrial structure and behavior. Prerequisities: ECON 101, 111, or consent of instructor. (4)

ECON 327: Public Finance - SO

Public taxation and expenditure at all governmental levels; the incidence of taxes, the public debt and the provision of public goods such as national defense, education, pure air, and water. Prerequisites: ECON 101, 111 or consent of instructor. (4)

ECON 331: International Trade and Commercial Policy

Theories of trade based on labor productivity, factor endowments, and scale economies. Welfare analysis of commercial policy instruments. Political economy of interest groups and trade policy. Critical analysis of multilateral efforts to promote trade. Theoretical and empirical linkages among trade policy, renewable resource depletion, and environmental degradation. Prerequisites: ECON 101 or 111, or consent of instructor. (4)

ECON 333: Economic Development: Comparative Third World Strategies - C

Analysis of the theoretical framework for development with applications to alternative economic development strategies used in the newly emerging developing countries. Emphasis on comparison between countries, assessments of the relative importance of cultural values, historical experience, and governmental policies in the development process. Prerequisites: ECON 101, 111 or consent of instructor. (4)

ECON 335: European Economic Integration

An introduction to integration theory and its application to the problems and policy prospects for deepening European integration. Economic analysis of the development of economic institutions in the European Union. Topics include: German unification, enlargement, the European monetary system, Scandinavian participation, and relevance of the European integration model for the developing world. Prerequisites: ECON 101 or 111 or consent of instructor. (4)

ECON 337: International Macroeconomics

An introduction to international macroeconomic theory and policy, including the balance of payments accounts, foreign exchange markets, theory of exchange rates, policies under fixed and flexible exchange rates, economic integration, global financial crises, policy coordination. Prerequisite: ECON 102 or consent of instructor. (4)

ECON 341: Strategic Behavior - SO

An introduction to game theory and analysis of interactive decision processes. Interactive game playing, cases, and examples drawn primarily from economics, but also includes sports, political science, business, and biology. Prisoner's Dilemma, sequential games, Nash equilibrium, mixed and pure strategies, collective action and bidding strategies, bargaining. Prerequisites: ECON 101 or 111 or consent of instructor. (4)

ECON 344: Econometrics

Introduction to the methods and tools of econometrics as the basis for applied research in economics. Specification, estimation, and testing in the classical linear regression model. Prerequisite: ECON 101 or 111; ECON 102; STAT 231 or equivalent, or consent of instructor. Cross-listed with STAT 344. (4)

ECON 345: Mathematical Topics in Economics - SO

An introduction to basic applications of mathematical tools used in economic analysis. Prerequisites: ECON 101 or 111, ECON 102 or consent of instructor. (4)

ECON 386: Evolution of Economic Thought

Economic thought from ancient to modern times; emphasis on the period from Adam Smith to J.M. Keynes; the classical economists, the socialists, the marginalists, the neoclassical economists, and the Keynesians. Prerequisitie: ECON 101 or 111, or consent of instructor. (4)

ECON 387: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 388: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 389: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 487: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 488: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 489: Special Topics in Economics

To provide undergraduate students with new, one-time, and developing courses not yet available in the regular curriculum. The title will be listed on the student term-based record as ST: followed by the specific title designated by the academic unit. (1 to 4)

ECON 491: Independent Study

To provide individual undergraduate students with advanced study not available in the regular curriculum. The title will be listed on the student term-based record as IS: followed by the specific title designated by the student. Prerequisites: ECON 301 or 302 and consent of the department. (1 to 4)

ECON 495: Internship

A research and writing project in connection with a student's approved off-campus activity. Prerequisites: ECON 101 or 111; ECON 301 or 302, sophomore standing, and consent of the department. (1 to 4)

ECON 499: Capstone: Senior Seminar - SR

Seminar in economic problems and policies with emphasis on encouraging the student to integrate problem-solving methodology with tools of economic analysis. Topic(s) selected by class participants and instructor. Prerequisite: ECON 101, 102, 301 or 302, senior standing; satisfactory completion of two 300-level economics courses in addition to ECON 301 and 302, all with grade of a C- or above, and declared economics major; or consent of instructor. (4)

Economics Graduate-Level Courses Offered for the M.B.A. and M.S.F. Programs

ECON 500: Applied Statistical Analysis: An intensive introduction to statistical methods. Emphasis on the application of inferential statistics to concrete situations. (4)

ECON 503: Economics for Finance: Macro and micro-economics including market forces of supply and demand, the goal of the firm, national income and accounts, business cycles, the monetary system, inflation, international trade and capital flows, currency exchange rates, monetary and fiscal policy, economic growth, effects of government regulation and the impact of economic factors on investment markets. (4)

ECON 516: International Economics: Regional and international specialization, comparative costs, international payments and exchange rates; national policies that promote or restrict trade. (4)

ECON 520: Economic Policy Analysis: An intensive introduction to the concepts of macroeconomics and microeconomics with an emphasis on policy formation within a global framework. (3)