111, 112, 268, 278, 288, three other economics electives, and a senior economics seminar are required for the major. At least two of the economics electives must be at the 300-level or above. In addition, majors are required to complete a calculus course (MATH 170) and a statistics course (MATH 121 or MATH 225 or INBM 220 [for INBM majors only]). INBM 220, Managerial Economics, can be used as a 200-level elective for both the major and minor in Economics. INBM 200, Global Economy, can only be used as a 200-level elective for the minor.
Six economics courses including 111 and 112 and four other economics electives at the 200-level or above. INBM 200 and INBM 220 both count towards the minor
Suggested curricular flow through the major
The following suggested four-year program provides guidelines to help pace your progress through the major. While no specific course must be taken in any given semester, the vertical structure of the program requires that you successfully complete prerequisites for admission to intermediate and higher level classes in a timely manner. Do not delay fulfilling your mathematics and intermediate level requirements for the major. The statistics requirement and prerequisite for economics 268 can be met by taking ECON 214 (Statistical Methods in Economics), MATH 121 (Elementary Statistics), MATH 225 (Probability and Statistics I; for math majors or minors), or INBM 220 (Managerial Decision Making; for INBM majors only). MATH 170 (Single Variable Calculus) or a more advanced calculus class is required for ECON 268 and ECON 278. ECON 268 and ECON 278 are prerequisites for upper level electives and the senior seminar. You need at least three economics electives to complete the major; at least two of these must be at the 300 level or above.
: ECON 111
: ECON 111 or ECON 112 and MATH 170 or a statistics course (see above).
: ECON 111 or 112 or 268, 278, or 288, and MATH 170 or a statistics course.
: A 200 level economics elective and 268, 278, or 288.
: ECON 268, 278, or 288, or an economics elective
: ECON 268, 278, or 288, or an economics elective
Note: There should be enough scheduling flexibility for study abroad in the third year. If you are planning to study abroad make sure you discuss your plans well in advance with your faculty advisor.
: An economics elective
: Senior Seminar and an economics elective
Independent study and independent research
Each faculty member has special fields of study and will usually be available for advice in that area. No more than two independent study or tutorial study enrollments may be counted toward the major and they must conform to the appropriate level within the major.
Any student with a 3.50 overall grade point average may undertake a two-course independent research project and oral defense of the research project. Honors in the major will be awarded if the two courses are over and above the nine required courses, if a grade of A or A- is earned on the project, and if the departmental oral examination on the project is successfully completed. For detailed information, go to the department web site.
111 Introduction to Microeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon consumer demand and upon the output and pricing decisions of business firms. The implications of actions taken by these decision-makers, operating within various market structures, upon the allocation of resources and the distribution of income are examined. Special attention is given to the sociopolitical environment within which economic decisions are made.
This course fulfills the Social Sciences (Division II) distribution requirement and QR graduation requirement.
112 Introduction to Macroeconomics
A study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon national output, employment, and price levels. The monetary and financial system is explored together with problems of economic stability. Monetary and fiscal policy procedures are analyzed and evaluated in light of the current economic climate. Special attention is given to the historical development of major economic institutions.
Prerequisite: 111.This course fulfills the DIV II social sciences distribution requirement and QR graduation requirement.
214 Special Topics
An economic topic requiring some exposure to introductory economic concepts. Past topics have included Middle Eastern Economies, Feminist Economics, Network Industries, and the Economic Analysis of Policy. Specific topics will be described in each semester's registration materials.
Prerequisites: 111 and/or 112 depending upon the topic.
222 Environmental Economics
A study of human production and consumption activities as they affect the natural and human environmental systems and as they are affected by those systems. The economic behavioral patterns associated with the market economy are scrutinized in order to reveal the biases in the decision-making process which may contribute to the deterioration of the resource base and of the quality of life in general. External costs and benefits, technological impacts, limits to economic growth, and issues of income and wealth distribution are examined. A range of potential policy measures, some consistent with our life style and some not, are evaluated.
223 American Capitalism and Social Justice
This course introduces students to the practice of Political Economy, which engages in a critical examination of the economic and social underpinnings of a capitalist society and their political and cultural effects. The course will analyze the U.S. economy within a global context and examine such issues as the social relations of production and distribution, markets, the labor process, cycles of growth and accumulation, and economic crises. Attention will be given to asymmetries of power and influence in government, media, and other institutions that shape American culture. Questions of the sustainability of capitalism and the viability of alternatives that could improve social and economic justice will be discussed.
Prerequisite: One course in ECON, AMST or SOCI.
228 Economic Analysis of Policy
This course introduces the basic economic techniques used in the analysis of public policy and applies these techniques to a variety of social problems and policies. The economic techniques taught include the analysis of market failure, benefit-cost analysis, and economic impact analysis. Applied topics vary, but are likely to include education and job training, public assistance, transportation policy, and environmental protection.
Prerequisite: 111 or permission of the instructor. This course fulfills the Social Sciences (Division II) distribution requirement and QR graduation requirement.
236 Issues in Developing Economics
The goal of this course is to survey the economic history, issues and institutions of less developed countries generally or in a specific region. Among the topics which may be covered are colonial heritage, industrialization strategies, agricultural reforms, financial issues and policies, attempts at regional integration, and efforts to revise the role of the state.
Prerequisites: 111/112, or permission of the instructor.
247 Money and Banking
A study of the role of money and credit in the U.S. economy. The nature of money, the structure of the banking system in the context of a rapidly changing financial institutional environment, and the Federal Reserve System are examined. Various theories of money as guides to monetary policy are compared and contrasted. Neoclassical approaches will predominate, although some alternative approaches will be explored.
268 Intermediate Macroeconomic Theory
Neoclassical theories of economic behavior in the aggregate. Models will be used as a framework for analyzing the determination of the level of national output and for explaining fluctuations in employment, the price level, interest rates, productivity, and the rate of economic growth. Policy proposals will be appraised.
Prerequisite: 111 and 112; MATH 170; and MATH 121 or MATH 225 or INBM 220 (for INBM majors only).
278 Intermediate Microeconomic Theory
Neoclassical theory of relative prices of commodities and productive services under perfect and imperfect competition. The role of prices in the allocation and distribution of resources and commodities. Economic behavior of individual economic units like consumers, firms, and resource owners.
Prerequisite: 111 and MATH 170.
288 Contending Economic Perspectives
A study of major heterodox economic theories such as Marxian, institutional, feminist, post-Keynesian, or Austrian economics. Students will study these contending economic perspectives through their historical evolution, methods and theoretical structures, and/or current policy debates.
Prerequisites: 111 and 112.
314 Advanced Special Topics
Prerequisites: One or more of the core intermediate theory courses (268, 278, 288) depending on the topic.
332 Economics of Natural Resources
This course uses microeconomics to analyze the use and conservation of natural resources, including energy, minerals, fisheries, forests, and water resources, among others. Broad themes include the roles of property rights, intergenerational equity, and sustainable development in an economy based on resource exploitation.
Prerequisite: 278. For ENST, ENSC and INST majors, prerequisite is ECON 222.
344 Public Finance
Theoretical analysis of the interaction of the public and private sectors emphasizing problems of allocation and distribution. Topics include economic rationales for government, public expenditure theory, redistribution of income, collective decision making, and taxation. Neoclassical approaches predominate; however, some alternative approaches will be explored.
Prerequisite: 278 or permission of the instructor.
348 International Economics
An analysis of the determinants of international trade patterns, the causes and consequences of public policies to control trade, the operation of the international monetary system, and its effect on national economies. In addition, rich and poor country relationships, theories of imperialism, and the emerging role of multinational corporations are considered. While the neoclassical approach dominates, alternative paradigms will be explored.
Prerequisite: 268 and 278.
349 Development Economics
Introduction to the economics of less developed countries, covering their growth potential, international trade, human resources, urbanization, agriculture, income distribution, political economy, and environment. Both mainstream and heterodox approaches may be explored.
Prerequisites: 268 and 288.
350 Industrial Organization and Public Policy
A study of the relationships between market structure, conduct, and economic performance in U.S. industry. Emphasis will be on the manufacturing sector and specific industries will be examined. A brief introduction to antitrust and regulation is also covered. Debate within the main stream is examined.
353 The Economics of Labor
An analysis of labor market issues and policies. Topics covered include discrimination, anti-discrimination policy, the minimum wage, health and safety policy, and other labor market policies and institutions. While the neoclassical approach dominates, other approaches will be explored.
Prerequisite: 278 or permission of the instructor.
371 Economic History
Key events in economic history, such as the Industrial Revolution and the Great Depression, will be explored in terms of their main causes, effects, policy implications, and lessons for the modern world. Specific topics will vary, but the emphasis is on issues in 19th and 20th century British and U.S. economic history.
This course may be taught as a standard or Writing Intensive elective. Prerequisites: 268, 278 and 288.
373 History of Economic Thought
This course provides an appraisal of the origins and evolution of selected economic theories, primarily through the works of great economists of the past. Past economic works are analyzed in their theoretical and historical context.
Prerequisites: 268, 278 and 288.
Theory and applications of multiple regression analysis. The specification and estimation of econometric models, hypothesis testing, and interpretation of results. Emphasis is on practical applications from macro- and microeconomics using both cross-section and time-series data.
Prerequisites: 268, 278 and one college statistics course (MATH 121 or 225).
375 Mathematical Economics
Selected topic, to be announced prior to registration, in theoretical or applied economics, using mathematical or statistical techniques.
Prerequisites: 268 and/or 278 plus MATH 170 or permission of the instructor.
496 Economics Seminar
A reading, research, and conference course on a selected economics topic. Student seminar choices must be approved by the department.
Prerequisite: 268, 278, and 288 and permission of the instructor.