Professor: Madresehee

Associate Professor: Sprunger (Chairperson)

Assistant Professor: Gandhi

The Department of Economics offers three tracks. Track I (General Economics) is designed to provide a broad understanding of economic, social, and business problems. In addition to preparing students for a career in business or government, this track provides an excellent background for graduate or professional studies. Track II (Managerial Economics) develops students’ capacity to analyze the economic environment in which an organization operates and to apply economic reasoning to an organization’s internal decision making. These courses have more of a managerial emphasis than traditional economics courses. Track III (Quantitative Economics) focuses study on the more quantitative and analytical courses in the department. In addition to a broad coverage of economic theory and applications, these courses especially prepare students for statistical analysis and research of economics issues. This is also an excellent track for students interested in graduate school.

Track I - Managerial Economics requires ECON 110, 111, 331, 440, and 441, and three other courses in economics. Depending on their academic and career interests, students are encouraged to select a minor in another department such as political science, philosophy, or history.

Track II - General Economics requires ECON 110, 111, 220, 332 and 441; ACCT 110 and either BUS 223 or any accounting course numbered 130 or higher; BUS 338; and two other economics courses numbered 200 or above, excluding ECON 349.

Track III - Quantitative Economics requires ECON 110, 111, 230, 441; either 227 or 331; MATH 128 or 109; MATH 214 or 332 and either three other economics courses or two other economics courses and one extra math course numbered 129 or higher.

In addition, the department recommends that majors in Track I and Track II take MATH 123. Track I and Track III majors are encouraged to take ACCT 110. Students interested in graduate school should consult with members of the economics department faculty for recommendations on additional coursework.

The following courses, when scheduled as W courses, count toward the writing intensive requirement: ECON 236, 337, and 440.

Students interested in teacher certification should refer to the Department of Education on page 103.

Minor

The department offers two minors in economics. The General Economics minor requires the completion of ECON 110, 111 and three other economics courses numbered 200 or above, or any four economics courses numbered 200 or above. The Quantitative Economics minor requires five courses including ECON 110 and 111; and three courses from MATH 214 or 332 (not both), ECON 227, 230, 331, or 441.

The Department of Economics is a member of the Institute for Management Studies. See page 125.

102

CONSUMER ECONOMICS

A course in “ family” or “practical” economics, designed to teach students how they and their families can be intelligent consumers; that is, how they can spend, save, and borrow so as to maximize the value they receive for the income they have. Treats subjects such as intelligent shopping; the uses and abuses of credit; investing, savings, buying insurance, automobiles and houses; medical care costs; estates and wills, etc.

110

PRINCIPLES OF MACROECONOMICS

Macroeconomics deals with problems of the economic system as a whole. What influences the level of national income and employment? What is inflation and why do we have it? What is the role of government in a modern capitalistic system? How does business organize to produce the goods and services we demand? How are the American financial and banking systems organized? What is the nature of American unionism? What are the elements of government finance and fiscal policy?

111

PRINCIPLES OF MICROECONOMICS

This course focuses upon microeconomics and selected current economic problems. It deals with the relatively small units of the economy such as the firm and the family. Analyzes demand and supply. Discusses how business firms decide what and how much to produce and how goods and services are priced in different types of markets. Also considers such problems as economic growth, international trade, poverty, discrimination, ecology, and alternative economic systems.

220

MONEY AND BANKING

Covers business fluctuations and monetary and fiscal policy; the financial organization of society; the banking system; credit institutions; capital markets, and international financial relations. Prerequisite: ECON 110.

224

URBAN PROBLEMS

The application of economic theory to the study of significant social, political, and economic problems associated with urbanization, including poverty, employment, education, crime, health, housing, land use and the environment, transportation, and public finance. Analysis of solutions offered. Prerequisite: ECON 110 or 111, or consent of instructor. Alternate years.

225

ENVIRONMENTAL ECONOMICS

A study of the relationship between environmental decay and economic growth, with particular reference to failures of the price and property-rights systems; application of cost/benefit analysis, measures aimed at the creation of an ecologically viable economy.

227

ECONOMETRICS

Econometric models provide one of the most useful and necessary sets of tools for decision-making. By using a variety of modern statistical methods, econometrics helps us to estimate economic relationships, test different economic behaviors, and forecast different economic variables. Prerequisites: MATH 123, ECON 110 and 111; or consent of instructor. Alternate years.

236

AMERICAN ECONOMIC HISTORY

This course examines topics in American Economic History from the post-Civil War era through World War II. Topics covered include the causes of the rise of big business as the dominant means of production, the emergence of the union movement, the growth of the U.S. economy to the largest in the world, and the changing role of government in the economic system.

240

ECONOMIC GEOGRAPHY

An introduction to the theory and practice of economic geography with emphasis upon the historical dynamics of local, regional, and global organization. This course considers the forces reshaping global economic geography including the factors that determine the competitive advantage of nations. These factors include resources such as food, energy, materials, and changing patterns of world population. Also included will be theoretical literature reparding locational decisions and choice, as well as the rapidly changing global economy in the context of trade theory and the shifting focus of international economics activity.

327

PUBLIC CHOICE

This course focuses on the application of economics to the political processes of voting and bureaucratic behavior. A major theme will be the study of problems that can occur within the democratic process because the incentives given to public servants do not always match society’s best interests. Policies and institutions that can improve such problems will be explored. U.S. elections and campaigns will provide many of the applications for the class. Prerequisite: ECON 110 or 111, or consent of instructor. Alternate years.

330

INTERMEDIATE MICROECONOMICS

An advanced analysis of contemporary theory regarding consumer demand, production costs and theory, profit maximization, market structures, and the determinants of returns to the factors of production. Prerequisite: ECON 110 . Alternate years.m

331

INTERMEDIATE MACROECONOMICS

An advanced analysis of contemporary theory and practice with regard to business fluctuation, national income accounting, the determination of income and employment levels, and the use of monetary and fiscal policy. Prerequisite: ECON 110. Alternate years.

332

GOVERNMENT AND THE ECONOMY

An analytical survey of government’s efforts to maintain competition through antitrust legislation to supervise acceptable cases of private monopoly, through public utility regulation and via means of regulatory commissions, and to encourage or restrain various types of private economic activities. Prerequisites: ECON 110 and 111, or consent of instructor.

335

LABOR PROBLEMS

The history of organized labor in the United States, including the structure of unions, employers’ opposition to unions, the role of government in labor-management relations and the economic impact of unions. Alternate years. Prerequisite: ECON 110 or 111, or consent of instructor.

337

PUBLIC FINANCE

An analysis of the fiscal economics of the public sector, including the development, concepts, and theories of public expenditures, taxation, and debt at all levels of American government. Also includes the use of fiscal policy as an economic control device. Prerequisites: ECON 110 and 111, or consent of instructor. Alternate years.

343

INTERNATIONAL TRADE

A study of the principles, theories, development, and policies concerning international economic relations, with particular reference to the United States. Subjects covered include: U.S. commercial policy and its development, international trade theory, tariffs and other protectionist devices, international monetary system and its problems, balance of payments issues. Alternate years. Prerequisites: ECON 110 and 111.

349

MANAGEMENT PRACTICUM

An apprentice-level work experience for junior or senior economics majors jointly sponsored by the department and a public or private agency (or a subdivision of the college itself) designed to better integrate classroom theory and workplace practice. In addition to attendance at a weekly seminar, students will spend 10-12 hours per week at the sponsoring agency per unit of credit. At least one-half of the effort expended will consist of academic work related to agency activities.

440

HISTORY OF ECONOMIC THOUGHT

A discussion of the origins, development, and significance of the economic ideas embodied in the works of Smith, Marx, Schumpeter, Keynes, and others. Prerequisite: ECON 110 or consent of instructor. Alternate years.

441

MANAGERIAL ECONOMICS

The application of economic theory and methodology to the solution of business problems. Subjects include: optimizing techniques, risk analysis, demand theory, production theory, cost theory, linear programming, capital budgeting, market structures, and the theory of pricing. Prerequisites: ECON 110 and 111.

470-479

INTERNSHIP (See index)

Typically off-campus in business, banking, or government, supervised by assigned employee of sponsoring organization.

N80-N89

INDEPENDENT STUDY (See index)

Superior students may select independent study in various courses, particularly in preparation for graduate school.

490-491

INDEPENDENT STUDY FOR DEPARTMENTAL HONORS (See index)