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www.plu.edu/~econ
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; Hunnicutt, Peterson, St. Clair, 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 495 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.
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 deter-mination;
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, 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: 351 or 352 (may be taken concurrently). (4)
491 Independent Studies
Prerequisites: consent of the department and completion of either 351 or 352. (14)
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. (14)
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)