| Faculty | BA Major | Concentrations | Honors | Minor | Course Offerings |
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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.
Faculty: Travis, Chair; Damar, Hunnicutt, Ng'ang'a, Peterson, Reiman, St. Clair.
(A) Minimum of 40 semester hours
ECON 101 or 111, 102, 301, 302, 499
Twelve semester hours of electives in Economics
Four semester hours selected from MATH 341 or STAT 231
Four semester hours selected from ECON; 343, 344, BUSA 202 or 302, MATH 348
or up to four semester hours in Computer Science
(B) A grade point average of 2.50 in all classes included in the 40 semester hours toward the major. 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.
The Economics Department offers the following concentrations:
a) Domestic Economic Analysis:
ECON 101, 102, 301, 302, 321 or 323, 495, 499
Twelve semester hours chosen from among:ECON 321, 322, 323, 325, 327, 344
POLS 345
POLS 346
STAT 231 or 341
b) International Economic Analysis:
ECON 101 or 111; 102, 301, 302, 331, 495, 499;
Twelve semester hours chosen from among:ECON 311, 313, 315, 333, 335, 338, 344
POLS 331; POLS 347
STAT 231 or 341
c) Mathematical Economics:
ECON 101, 102, 301, 302, 344, 345, 499
Eight semester hours of Economics electives
Math 151, 152, 253
STAT 231 or 341
d) The Modern Economic Enterprise:
ECON 101, 102, 301, 302, 321, 325, 341, 495, 499
Twelve semester hours of Business electives (BUSA 200 level or higher, BUSA 201 recommended)
STAT 231 or 341
BUSA 495 may be substituted for ECON 495
ECON 101 or 111, 102, 301or 302
Twelve additional semester hours of electives, four of which may be in Statistics
Outstanding students may choose to pursue graduating in economics with honors. In addition to meeting all other major requirements, in order to be granted departmental honors a student must:
(A) Have an overall university grade point average of 3.50 or better;
(B) Take four hours beyond the standard major in Economics 498, Honors Thesis (Students apply for admission to this course in the second semester of their junior year. The department grants admission to Economics 498, Honors Thesis, based on the student's prior work in economics and the quality of the general research proposal);
(C) Present the results of the work completed in Economics 498,
Honors Thesis, at a meeting of Omicron Delta Epsilon (the economics
honorary).
Economics Honorary Society (Omicron Delta Epsilon):
The department offers membership in Omicron Delta Epsilon, the International Economics
Honorary Society, to qualified Economics majors. For specific criteria, see any departmental
faculty member.
Bachelor of Arts in Education: See School of Education.
ECON 101: Principles of Microeconomics S2
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 S2
Introduces the economy as a whole and major issues such as inflation,
unemployment, economic growth, and international trade. Prerequisites: ECON 101 or 111. (4)
Econ 111: Principles of Microeconomics: Global and Environmental - S2
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 301: Intermediate Microeconomic Analysis S2
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; MATH 128, 140, or
151. (4)
ECON 302: Intermediate Macroeconomic Analysis S2
National income determination including policy implications within the
institutional framework of the U.S. economy. Prerequisites: ECON 102;
MATH 128, 140, or 151. (4)
ECON 311: Energy and Natural Resource Economics S2
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. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 313: Environmental Economics - S2
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. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 315: Investigating Environmental and Economic Change in Europe S2
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. (4)
ECON 321: Labor Economics S2
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 S2
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 S2
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. Prerequisites: ECON 101 or 111 (4)
ECON 325: Industrial Organization and Public Policy S2
An analysis of the structure, conduct, and performance of American
industry and public policies that foster and alter industrial structure
and behavior. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 327: Public Finance - S2
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 or 111 or
consent of instructor. (4)
ECON 331: International Economics S2
Regional and international specialization, comparative costs,
international payments and exchange rates; national policies that
promote or restrict trade. Prerequisites: ECON 101 or 111, or consent of
instructor. (4)
ECON 333: Economic Development: Comparative Third World Strategies C, S2
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 govern-mental policies in the development
process. Prerequisites: ECON 101 or 111, or consent of instructor. (4)
ECON 335: European Economic Integration S2
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 (4)
ECON 338: Political Economy of Hong Kong and China S2
In 1997, the British returned Hong Kong to China. This course examines
the unique economic relationship that exists between the strongly
capitalistic former colony and the People's Republic of China. Can
these two diverse systems coexist? Will they eventually converge to a
common system? Where does Taiwan fit into the picture? While in Hong
Kong and southern China we will utilize the expertise of a series of
speakers to explore the economy, history, and traditions of the area
and to enhance the many experiential activities of the course. (4)
ECON 341: Strategic Behavior S2
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. (4)
ECON 343: Operations Research MR
Quantitative methods for decision problems. Emphasis on linear
programming and other deterministic models. Prerequisite: ECON 101 or 111, STAT 231 or
equivalent. (Cross-listed with STAT 343) (2)
ECON 344: Econometrics S2
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; STAT 231 or equivalent. (Cross-listed with STAT 344) (4)
ECON 345: Mathematical Topics in Economics S2
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 S2
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. Prerequisite: ECON 101 or 111; ECON 101; ECON 301 or 302 (4)
ECON 491: Independent Studies
Prerequisites: ECON 301 or 302 and consent of the department. (14)
ECON 495: Internship S2
A research and writing project
in connection with a student's approved off-campus activity.
Prerequisites: Econ 101 or 111, sophomore standing, and consent of the
department. (14)
ECON 498: Honors Thesis S2
Independent research supervised by one or more faculty members.
Research proposal and topic developed by the student in the junior
year. Application to enroll is made in the second semester of the
junior year. Prerequisite: Economics major and consent of the
department. (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
economics analysis. Topic(s) selected by class participants and
instructor. Prerequisite: ECON 101 or 111 and 301 or 302. (May be taken concurrently)(4)
ECON 500: Applied Statistical Analysis
An intensive introduction to statistical methods. Emphasis on the
application of inferential statistics to concrete situations.
(Cross-listed with STAT 500.) (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. (4)