Economics

Introduction

What Is Economics?

The basis of economics is the study of how markets organize the production and distribution of goods and services, and how other institutions may act to modify the outcomes of markets. A common theme in many applications of economics is the debate over the proper role of the private and public sectors in dealing with societal well-being. Topics to which economic analysis may be applied include international trade, the economic aspects of the changing world order, environmental policy, issues of wealth and poverty, and the behavior of government, corporations and financial institutions. These issues are studied through a wide variety of methods, including mathematical reasoning, statistical inference, and historical study. In this regard economics differs from other social sciences primarily in its more frequent emphasis on mathematical reasoning. The goal of economics is not only to better understand the world in which we live, but also to contribute to the development of sound private and public sector policy.

Uniqueness of Our Program. The Dickinson College economics program is unique and well suited to the liberal arts. We believe that the study of economics is most fruitful when approached from contending and comparative perspectives. In addition to the usual education in mainstream economics, our students are exposed to other schools of thought such as Austrian, institutional, post-Keynesian, radical, feminist, and ecological economics. Methodologically, they range from highly mathematical to qualitative methods. Some emphasize market forces while others emphasize power relationships or institutional structures. Our emphasis on educational breadth also applies to the international and historical dimensions. On the international dimension, our students may study international trade and finance, comparative economic systems, and more specific courses dealing with the economies of Central America.  Along the historical dimension students may study the evolution of our economic system and the evolution of economic ideas.

As a result of this unusual breadth and depth, economics majors learn to think creatively and deeply about some of the most important economics concerns facing the world today.  They learn to apply a variety of traditional and non-traditional theoretical perspectives to issues of economic efficiency, economics growth, globalism, social justice, power, individual freedom, discrimination, cultural values, and environmental concerns.  The extraordinary breadth of knowledge arising from such an approach blends well with the analytical rigor of mainstream economics to produce students capable of competing in top graduate programs as well as providing students with the critical and analytical skills needed for careers in business, government, law and public service.

Who Should Major in Economics: The decision to major in Economics should be based on a genuine interest in the discipline. Students should be anxious to study in depth the economic dimension of society. They should have a strong interest in contemporary economic issues such as unemployment, inflation, efficiency, deficit spending, poverty, discrimination, world hunger, corporate power, environmental pollution, the foreign challenge to the U.S. economy, unions, and other economic issues of our time. If a student has such interests and if after testing the study of economics in an introductory economics course he or she is excited about further study, then the major is right for that person.

How To Get Started in the Major

ECON 111, Intro to Microeconomics is the preferred entry-level course for the major or minor and should be taken during the first year or no later than fall semester sophomore year. The introductory sequence including ECON 112 should be completed by the end of the sophomore year. Caution: The economics major is a four-year program and students who enter the program late may find it difficult to complete the major in time to graduate.

Acceptance as a Major

Students must have completed ECON 111 before declaring their major. If your are thinking about majoring in Economics speak with your ECON 111 instructor prior to pre-registration for the following semester. Students with less than a C in ECON 111 or 112 will probably have difficulty with subsequent economics courses.

Requirements:

Major: Economics 111, 112, 268, 278, 288, three other economics electives, and a senior economics seminar are required for the major. At least two electives must be at the 300 level or above. In addition, majors are required to take Math 161 (or Math 151/152) and Math 121 ( or IB&M 220). IB&M 220 Managerial Economics can be used as a 200-level elective for both the minor and major in Economics. IB&M 200 Global Economy can only be used as a 200-level elective for the minor.

Minor: Six economics courses including 111 and 112 and four other economics electives at the 200-level or above. IB&M 200 and IB&M 220 both count towards the minor.

Math Requirements

MATH 121 (or IB&M220) and MATH 161 ( or MATH 151/152) should be taken early and completed by the end of the sophomore year. Students with AP calculus test scores of 4 or better can waive the requirement for MATH 161. Students with a strong background in calculus but who did not take the AP calculus exam may petition the Economics Department to waive MATH 161 if they can demonstrate an understanding of differential calculus. Such a case would be strengthened if students had exhibited prowess in other calculus-based courses. Petitions must be submitted no later than the fall semester of a students junior year.

Transfer Credit: No limit is placed on transfer credit allowable toward the major.

Introductory Courses that fulfill Distribution Requirements and Requirements of Other Majors:

Division II:  ECON 100 Contemporary Economics or ECON 111 Intro to Microeconomics.

ECON 100, Contemporary Economics is a one-semester general introduction to economics and does not count towards the major. ECON 100 satisfies the prerequisite requirement in Environmental Studies and Policy Studies. This course may not be taken for credit after taking ECON 111 or 112.

ECON 111 Intro to Microeconomics is the preferred economics requirement for Policy Studies and will also satisfy the prerequisite requirement in Environmental Studies.

ECON 111 and ECON 112 are both requirements for Environmental Studies as well as International Studies and International Business and Management.

Other Courses

Given the vertical structuring within Economics, non-majors have limited access to many economics courses unless they can meet the prerequisites. Students should consult the College Bulletin and plan accordingly.

Course descriptions: see www.dickinson.edu/bulletin/econ.html

Economics and Careers. The economics major graduates with a wide range of opportunities. Based on the experience of our graduates, the general analytical skills of economics seem to be valued in certain areas of business, such as finance, consulting, economic forecasting, and general management. Economic analysis is also valued in the public sector, which employs many economists as policy analysts and economic forecasters. Thus, although business uses economics and although economics studies the behavior of business, it does not follow that the economics major is fully prepared for or limited to a career in business. Other desirable careers frequently pursued by economics majors include law and academics. The study of economics provides both the analytical ability and breadth of understanding to permit the student's development into an informed and effective human being regardless of one's career goals. For more complete information about economics and careers, go to the Career Center Web page at http://www.dickinson.edu/career/student/economics.html

For More Information Go to the Economics Department homepage at:

http://www.dickinson.edu/departments/econ

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Updated June 20, 2005