Economics
253.535.7598
www.plu.edu/~econ

Course Offerings

"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: Reiman, Chair; R. Jensen, N. Peterson, St. Clair, Terada, Travis.

Bachelor of Arts Major: (A) Minimum of 40 semester hours, including 151, 152, 351, 352, 499, 12 hours of electives in economics, 4 hours selected from Mathematics 341 or Statistics 231, and 4 hours selected from Economics 344 (if not used as economics electives), Business 202 or 302, Mathematics 348, or up to 4 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, Economics 130 may be substituted for Economics 152 for purposes of major and minor requirements. Economics 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: The Economics Department offers the following concentrations:

Domestic Economic Analysis: 151, 152, 351, 352, 495, 499; 12 hours chosen from among: 321, 322, 361, 362, and 371; Political Science 345, 346; Statistics 231 or 341; 4 hours chosen from among Business 202, Computer Science and Computer Engineering 115, or Math 348.
International Economic Analysis: 151, 152, 351, 352, 495, 499; 12 hours chosen from among: 330, 331, 335, 338, 339, 341; Political Science 331, 347; Statistics 231 or 341; 4 hours chosen from among Business 202, Computer Science and Computer Engineering 115, or Math 348.

Mathematical Economics: 151, 152, 344, 345, 351, 352, 499; 8 hours of Economics electives; Math 151, 152, 253; Statistics 231 or 341.

The Modern Economic Enterprise: 151, 152, 321, 351, 352, 353, 371, 495, 499; 12 hours of Business electives (200 level or higher, 201 recommended); Statistics 231 or 341. Business 492 may be substituted for Economics 495.

Honors Major: 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 4 hours beyond the standard major in 498, Honors Thesis (Students apply for admission to this course in the second semester of their junior year. The department grants admission to 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 498, Honors Thesis, at a meeting of Omicron Delta Epsilon (the economics honorary).

Minor: 24 semester hours, including 151, 152, 351 or 352, and 12 additional hours of electives, 4 of which may be in statistics.
Economics Honorary society: The department offers membership in Omicron Delta Epsilon, the International Economics Honorary Society, to qualified majors. For specific criteria, see any departmental faculty member.
Bachelor of Arts in Education: See School of Education.

Back to topCourse Offerings

130 Global and Environmental Economic Principles - 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 130 and 152 for credit. (4)

151 Principles of Macroeconomics - S2
Introduces the economy as a whole and major issues such as inflation, unemployment, economic growth, and international trade. (4)

152 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 130 and 152 for credit. (4)

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: 130, 152, or consent of instructor. (4)

322 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. (4)

330 Environmental and Natural Resource Economics - S2
The first half of the course examines the theory of externalities, congestion and the common-property basis for environmental degradation, and the valuation of environmental amenities. The second part of the course develops analytical models for the use of renewable and exhaustible resources over time. Prerequisites: 130, 152, or consent of instructor. (4)

331 International Economics - S2
Regional and international specialization, comparative costs, international payments and exchange rates; national policies that promote or restrict trade. Prerequisites: 130, 152, or consent of instructor. (4)

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. (4)

338 Environmental Economic Policy 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)

339 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)

341 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: 130 or 151, or consent of instructor. (4)

343 Operations Research - MR
Quantitative methods for decision problems. Emphasis on linear programming and other deterministic models. Prerequisite: STAT 231 or equivalent. (Crosslisted with STAT 343.) (2)

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: STAT 231 or equivalent. (Crosslisted with STAT 344.) (4)

345 Mathematical Topics in Economics - S2
An introduction to basic applications of mathematical tools used in economic analysis. Prerequisites: 130, 151, 152, or consent of instructor. (4)

351 Intermediate Macroeconomic Analysis - S2
National income determination including policy implications within the institutional framework of the U.S. economy. Prerequisites: 130 or 151; MATH 128, 140, or 151. (4)

352 Intermediate Microeconomic Analysis - S2
Theory of consumer behavior; product and factor prices under conditions of monopoly, competition, and intermediate markets; welfare economics. Prerequisites: 130, 152, or consent of instructor; MATH 128, 140, or 151. (4)

353 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. (4)

361 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: 151 or consent of instructor.(4)

362 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: 130, 152, or consent of instructor. (4)

371 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: 130, 152, or consent of instructor. (4)

486 Evolution of Economic Thought - SR
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: 351 or 352 (may be taken concurrently). (4)

491 Independent Studies
Prerequisites: consent of the department and completion of either 351 or 352. (1-4)

495 Internship - S2
A research and writing project in connection with a student's approved off-campus activity. Prerequisites: sophomore standing plus one course in economics, and consent of the department. (1-4)

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)

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: 351 or 352 (may be taken concurrently). (4)

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

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)