Economics
Department Chair: Parker Wheatley (Fall 2022); Dan Finn (Spring 2023)
Faculty: Daniel Finn, Louis Johnston, Samrat Kunwar, Sucharita Mukherjee, Parker Wheatley, Ana K. Negrete and Shawn Osell.
Economics is the study of individual and social choices that lead to the production, distribution, and consumption of goods and services through private markets and non-market activities. The goal of economic analysis is to understand and evaluate how societies, businesses, organizations, and individuals’ access, produce, and distribute resources. Key applications of economic analysis include the following: critical evaluation of public policy to promote individual and social well-being, examination of individual-decision making to shape private sector actions and public policy, analysis of key sectors of the economy such as labor markets and financial markets, and investigation of the overall economy to promote understanding of growth and business cycles.
The Department of Economics prepares students to understand economic activity, to engage in critical analysis of economic, business, financial, social, and policy matters as articulate and engaged citizens committed to the common good, and to become leaders in the private sector, non-profit sector, government, and academia.
In support of this mission, the Department commits itself to the following:
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- We will strengthen student our students’ abilities in the following areas: critical thinking; quantitative and qualitative analysis; writing, speaking, and other communication skills; and analyzing the interaction of human values and economic life.
- We will support student learning and intellectual growth through both collaborative research opportunities and through class-based and senior research experiences.
- We will support and advise students as they seek internships, leadership experiences, and experiential opportunities as they prepare for their futures.
- We will challenge students to consider the intersection of economic thought and our community values of service, sustainability, and justice.
The economics curriculum is structured in three tiers:
- Tier I consists of one 4-credit course, ECON 111 (Introduction to Economics), which introduces the subject of economics by examining fundamental economic principles as well as issues and problems examined by economists.
- Tier II courses (numbered between 300 and 349) build on the Tier I foundation to address in greater depth particular areas of economic theory and application. Some Tier II courses (numbered 300-329) are electives while ECON 332 (Microeconomic Theory), 333 (Macroeconomic Theory) and 334 (Introductory Econometric Analysis) form the set of core courses which all majors are required to complete.
- Tier III courses (numbered 350-399) are advanced courses in analysis and applications and are primarily intended for economics majors and minors. All Tier III 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 also go 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 Department also offers a minor that can be matched with many different majors as preparation and support for a variety of career opportunities.
Assessment
The Department of Economics conducts assessment of student learning 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 or 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
The Department of Economics offers a general major along with concentrations in data analytics, finance, and policy.
Economics Major (44 credits)
Required Courses:
- ECON 111, 332, 333, 334, and 384
- MATH 118 or MATH 119
- MATH 124 or MATH 345
Elective courses:
- One ECON 300-329 (Tier II) or One ECON 350+ (Tier III)
- Three ECON 350+ (Tier III)
Economics Major with a Concentration in Data Analytics (52 credits)
Required Courses:
- ECON 111, 332, 333, 334, 350, and 384
- MATH 118 or MATH 119
- MATH 124 or MATH 345
- DATA 162 and 272
- CSCI 150
Elective courses:
- One ECON 300-329 (Tier II) or One ECON 350+ (Tier III)
- Two ECON 350+
Economics Major with a Concentration in Finance (56 credits)
Required Courses:
- ECON 111, 332, 333, 334, and 384
- MATH 118 or MATH 119
- MATH 124 or MATH 345
- ACFN 111, 310, and 315
Elective courses:
- One ECON 350+ (Tier III) OR one of the following: ACFN 360, ACFN 361, OR ACFN 362
- One ECON 300-329 (Tier II) or One ECON 350+
- Two ECON 350+
Economics Major with a Concentration in Policy (53 credits)
Required Courses:
- ECON 111, 332, 333, 334, and 384
- MATH 118 or MATH 119
- MATH 124 or MATH 345
- POLS 114
- POLS 222 OR POLS 224
Elective courses:
- One non-ECON elective (see list of approved courses on department website)
- One ECON 300-329 (Tier II) or One ECON 350+
- One ECON 350+ (Tier III) OR one non-ECON elective (see list of approved courses on department website)
- Two ECON 350+ (Tier III)
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 (Topics in Econometrics and Data Analysis) should be included among the economics courses taken for the major.
Minor (24 credits)
Required Courses:
- 111, 332, 333, and two additional 300-level courses;
- MATH 119.
Course Tiers:
Tier I
111 Introduction to Economics. (4)
202 Readings in Economics. (0-1)
271 Individual Learning Project. (1-4)
Tier II
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 Introductory Econometric Analysis. (4)
Tier III
350 Topics in Econometrics and Data Analysis. (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)