Economics
Department Chair: Sucharita Mukherjee
Faculty: Yasin Arafat, Daniel Finn, Louis Johnston, Shilpi Kumar, Samrat Kunwar, Sucharita Mukherjee, Parker Wheatley
Economics is the study of individual and social choices and decision making that leads to the production, distribution, and consumption of goods and services through private markets and non-market provisioning activities. Individual decisions regarding labor market participation and purchase of goods and services, the functioning of financial markets and understanding the role of public policy are critical components of the study of economics. The goal of economic analysis is to understand how individuals and families make decisions, how societies and individuals access and allocate resources and how standards of living evolve in economies and the across the world. The Department of Economics offers students the opportunity to explore these processes and to examine important economic issues and policies from the perspectives of various schools of economic thought.
In accord with the mission of the two colleges, the department's faculty is committed to the explicit treatment of the values implicit in economic choices and policies, to the benefits of methodological diversity in economic inquiry, and to the practice and improvement of contemporary pedagogies to engage students as active learners. The department's curriculum prepares students to be informed, critical citizens and engaged, competent professionals adept in the use of theoretical and quantitative analysis.
The economics curriculum is structured in three levels or tiers. Tier One consists of one 4-credit course, ECON 111 (Introduction to Economics), which provides an introduction to the subject of economics by examining fundamental economic principles as well as issues and problems examined by economists. The courses in Tier Two (numbered between 300 and 349) build on the Tier One foundation to address in greater depth particular areas of economic theory and application. Some Tier Two courses (numbered 300-329) are electives while ECON 332 (Microeconomic Theory), 333 (Macroeconomic Theory) and 334 (Quantitative Methods in Economics) form the set of Core courses which all majors are required to complete. Tier Three courses (numbered 350-399) are advanced courses in analysis and applications and are primarily intended for economics majors and minors. All Tier Three courses have a prerequisite of at least two of the core theory courses, ECON 332, ECON 333, and either completion or concurrent enrollment with ECON 334.
Some courses in the economics curriculum are designed to meet requirements in programs outside economics. In particular, the department contributes to the curricula in Accounting and Finance, Asian Studies, Global Business Leadership, Theology as well as the general education curriculum of the Colleges.
The economics major prepares students for employment in a variety of areas and for graduate study. Recent graduates are pursuing careers in banking, insurance, finance and brokerage, journalism, sales and marketing, and management. Others are employed as policy analysts for various agencies and branches of local, state and federal governments. Economics majors have also gone on to graduate study in economics, business, finance, law, public policy analysis, agricultural economics, environmental economics, labor relations and human resource management, health administration, sports administration, and public administration. The economics program also offers a minor that can be matched with many different majors as preparation and support for a broad variety of career opportunities.
Assessment
The Department of Economics conducts assessment of student learning in order to determine how well the department and its students are meeting the program's specified learning goals and objectives. Assessment provides the department with systematic feedback to make curricular and pedagogical improvements. While protecting confidentiality, students of economics should expect that their coursework may serve as assessment data, that they may be asked to provide other data for assessment, and that they will be invited to participate in assessment reviews.
Acceptance to Major Requirements
Course Requirements: ECON 111, MATH 118 and 119, ECON 332 or 333, ECON 300+
Minimum Grade and/or GPA for required courses: 2.0 GPA
Minimum Cumulative GPA: 2.0
Other Requirements: No more than one of these courses should be at the CD level. It is possible for a student to apply to the major with ongoing enrollment in Econ 332/333 or ongoing enrollment in Econ 300+ having completed the other requirements with a high GPA. Conditional acceptance to major: The department chair may, at their discretion, admit students to the major who do not meet the criteria for unconditional acceptance. Such students may proceed with current registration, but their subsequent continuation in the major will be contingent on meeting expectations stipulated by the department chair.
Major (44 credits)
Required Courses:
1. 111, 332, 333, 334, 384, and four additional 300-level ECON courses of which at least three must be from Tier Three courses (numbered 350 or higher);
2. One semester of calculus (either MATH 118 or 119) and one semester of statistics (either MATH 124 or 345).
Suggestions:
Students majoring in economics are advised to complete the required two MATH courses and the ECON 111, 332, 333, and 334 courses no later than the middle of their junior year. Mathematics and statistics are essential tools for graduate education and professional work in economics. The department therefore advises that students who are contemplating graduate study in economics minor in mathematics, with students taking MATH 119, 120, 239, 305, 345, and either 343 or 346. In addition, ECON 350 (Introduction to Econometrics) should be included among the economics courses taken for the major.
Minor (24 credits)
Required Courses:
1. 111, 332, 333, and two additional 300-level courses;
2. MATH 118 or 119.
Tier One
111 Introduction to Economics. (4)
202 Readings in Economics. (0-1)
271 Individual Learning Project. (1-4)
Tier Two
302 Readings in Economics. (0-1)
314 Economics of Financial Institutions and Markets. (4)
315 American Economic History. (4)
316 Asian Economies. (4)
317 International Economics. (4)
318 Natural Resource and Environmental Economics. (4)
320 Market Structures and Firm Strategy. (4)
323 Economics of the Public Sector. (4)
325 Political Economy of Gender and Race. (4)
326 History of Economic Thought. (4)
327 Economic Thought and Religious Values. (4)
328 Economics, Philosophy and Method. (4)
329 Topics in Economics. (4)
332 Microeconomic Theory. (4)
333 Macroeconomic Theory. (4)
334 Quantitative Methods in Economics. (4)
Tier Three
350 Introduction to Econometrics. (4)
353 Labor Economics and Policy Analysis. (4)
359 Advanced Topics in Economics. (4)
362 Economic Development. (4)
363 Economic Growth. (4)
364 Dynamic Macroeconomics. (4)
371 Individual Learning Project. (1-4)
373 International Theory and Policy Analysis. (4)
374 Monetary Theory and Policy Analysis. (4)
376 Industrial Organization and Public Policy. (4)
379 Welfare Economics and Public Policy Analysis. (4)
384 Advanced Research in Economics. (4)
397 Internship. (1-4)
398 Honors Senior Essay, Research or Creative Project. (4)