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Economics
Chair of the Department of Economics: Roy J. Rotheim
Professors: Roy J. Rotheim, Quadracci
Professor of Social Responsibility; Sandy Baum
Associate Professors: Robert J. Jones, Mehmet
Odekon
Assistant Professors: Ngina S. Chiteji, Lynda D. Vargha
Visiting Assistant Professors: Sven Larson, Melinda Kane, Yahya Madra
Students majoring in economics learn
analytical skills and methods of the field, including deductive
reasoning, decision-making techniques, quantitative analysis,
and modeling principles, and apply these skills in analysis
of the ways in which economic forces affect national and international
policies and issues. In keeping with the liberal arts tradition
and goals of the College, the economics major supports the
students' growth in critical thinking, problem solving, global
understanding and appreciation, and communication skills.
In core courses, students learn analytical and quantitative
skills. In upper-level courses, students apply these analytical,
quantitative, and writing skills, focus on a variety of domestic
and international policy-oriented issues, and engage in independent
research.
THE ECONOMICS MAJOR: Requirements
for a major in economics are: EC103,
104,
235,
236,
237,
375,
and at least twelve additional credit hours in economics.
HONORS: To be considered for honors
in economics, students must meet the college requirements
of a grade point average of 3.0 overall and 3.5 in the major.
They must receive a grade of at least A- on an independent-study
paper, which they must defend orally before the department.
INTERDEPARTMENTAL MAJORS: In conjunction
with relevant departments, the Economics Department offers
majors in business-economics, political economy, economics-French,
economics-German, economics-Spanish, economics-mathematics,
economics-philosophy, and economics-sociology. See Interdepartmental
Majors. The department participates in the International Affairs,
Environmental Studies, Law and Society, Women's Studies, and
Asian Studies Programs.
THE ECONOMICS MINOR: The department
offers a minor in economics that consists of the following:
EC103,
104,
235
or 236
and at least six additional credit hours at the 300 level.
OMICRON DELTA EPSILON, ALPHA ZETA CHAPTER:
Omicron Delta Epsilon is an economics honor society that was
initially formed in 1915 and became an international honor
society in 1969. Omicron honors academic achievement in economics
and encourages devotion and advancement in the field. The
eligibility requirements include: (1) a strong interest in
economics, (2) completion of at least four economics courses
and a 3.40 or higher average in economics, and (3) a GPA of
3.40 or higher in all college courses taken.
EC 100. INEQUALITY,
RACE, AND GENDER 3
Designed for nonmajors, this course uses political-economic
principles to analyze social issues. Using a variety of theoretical
perspectives, the course addresses the gender, race, and class
inequalities that characterize the United States economy.
Other topics may include the economics of the environment,
the implications of increasing economic interdependence, the
relationship between capitalism and democracy. Does not count
toward the major. The Department EC 103. INTRODUCTION
TO MACROECONOMICS 4
An introduction to national income analysis, money and banking,
and balance of payments. The course deals with theory and
policies of a mixed economyusing the United States as a prime
example. Emphasis is placed upon the determination of public
policies to solve the problems of unemployment, inflation,
and stable economic growth. Prerequisite: QR1. (Fulfills
QR2 and social sciences requirements.)
The Department EC 104. INTRODUCTION
TO MICROECONOMICS 4
An introduction to the study of markets. The course develops
the basic economic model of supply and demand to illustrate
how choices regarding the production and distribution of goods
and services are made by firms and households in a market
economy. The course also examines the possibility of market
failure and the appropriate government response. Policy topics
may include poverty and homelessness, health care, the environment,
antitrust, discrimination, international trade, unions, and
minimum wage laws. Prerequisite: QR1. (Fulfills QR2
and social sciences requirements.)
The Department EC 235. MACROECONOMIC
THEORY 4
A study of the forces determining the levels of national income
and employment, with emphasis upon public policy to attain
basic economic goals such as economic growth, stable prices,
and full employment. The course also addresses issues concerning
international macroeconomic relations Prerequisites:
EC103
and 104.
The Department EC 236. MICROECONOMIC
THEORY 4
Develops the basic models of behavior that economists use
to study market relations. Discussion of how consumer choices
determine demand and how profit-maximizing firms, operating
in different market structures, determine supply. Within this
framework, the course considers a variety of real-world problems,
which may include job market discrimination, business pricing
policy, minimum wages, taxation, antitrust policy, international
trade, and environmental and safety regulation. Prerequisites:
EC103
and 104.
The Department EC 237. STATISTICAL
METHODS 4
An introduction to summarizing and interpreting quantitative
information: central tendency and dispersion, probability,
significance tests, regression and correlation, time series
analysis, and the use of index numbers. An introduction to
the use of the computer as a tool for handling large amounts
of data. Prerequisites: QR1, EC103,
104,
or permission of the instructor; prerequisites may be waived
for interdepartmental business majors by permission of the
instructor. (Fulfills QR2 requirement.)
R. Jones, M. Taber EC 261. INTERMEDIATE
TOPICS IN ECONOMICS 3
This course will give students an opportunity to study one
or a few related current topics in economics at an intermediate
level. While the topic(s), instructor, and specific prerequisites
will vary each time the course is offered, there will be at
least one 100-level course required. May be repeated once
with permission of department chair. Prerequisite:
EC103
and/or 104.
The Department EC 314. INTERNATIONAL
ECONOMICS 3
An analysis of international economic relations with an emphasis
on policy issues. Topics include: commodity composition and
direction of trade, tariffs, U.S. commercial policy, international
and regional trade agreements, and international financial
relations. Prerequisites: EC103
and 104.
The Department EC 315. OPEN ECONOMY
MACROECONOMICS 3
Integration of closed economy macroeconomics with foreign
trade and payments balances. Topics include: exchange rate
systems, asset markets, price and income effects, and monetary
and fiscal policies for internal and external balance. Prerequisite:
EC235
or permission of instructor. M. Odekon
EC 316. ECONOMICS
OF DEVELOPMENT 3
The theory and practice of economic development in the third
world. Topics include: analysis of world income distribution
and causes of world income inequalities; the contribution
of social change, politics, economics and economic planning
to the process of development; means of improving the quantity
and quality of domestic and international economic resources;
methods for improving sectoral output and productivity; policies
for redistribution and basic needs and for combating the equity-efficiency
trade-off in development strategies. Prerequisites:
EC103
and 104,
or permission of instructor. M. Odekon
EC 319. ECONOMICS
OF INCOME DISTRIBUTION AND POVERTY
3
The definition and measurement of economic inequality and
poverty and the investigation of economic factors determining
the distribution of income and wealth. On the macro level,
the course examines the dynamics of input markets, including
productivity and technological change. The micro level focuses
on the personal distribution of income and poverty in the
United States. Alternative theories are examined. Other topics
include the role of the government through policies such as
taxes, transfers, and public education. Prerequisites:EC103
and 104
or permission of instructor. M. Odekon
EC 320. LAW AND
ECONOMICS 3
Students will analyze the law from an economic perspective
and will examine the effects of various aspects of law on
the economy. Topics of discussion may include economic analysis
of criminal behavior; determining optimal punishments; the
costs and benefits of alternative law enforcement strategies;
the pros and cons of legalizing drugs and prostitution; labor
law; immigration law; utility regulation; and rent control
laws. Prerequisite: EC104,
or permission of instructor. The Department
EC 321. LABOR
ECONOMICS 3
Analysis of labor as a human activity and an economic resource.
Critical examination of the structure and functioning of the
American labor market. Topics include determinants of labor
force participation, the level and structure of wages, and
the allocation and utilization of workers; the roles of labor
unions and collective bargaining; and the changing situations
of women and minorities in the labor market. Prerequisites:
EC236,
237. N. Chiteji EC 334. INTERNATIONAL
POLITICAL ECONOMY
3
An examination of the interplay of international economics
and politics. The course contrasts mainstream theories of
international trade and investment with theories highlighting
class relations, power, and market imperfections. Among the
subjects to be addressed are: multinational corporations,
capital flight, theories of imperialism, and the prospects
for national economic policy. Prerequisites: EC235
or permission of instructor. L. Vargha EC 335. ADVANCED
MACROECONOMIC THEORY AND POLICY 3
Domestic monetary and fiscal policies of advanced capitalist
economies with emphasis on the United States' historical experience.
Topics include: business cycle theories; Neoclassical, Keynesian,
and post-Keynesian theories of money and the state; industrial
policy, monetary and fiscal intervention considered theoretically
and historically. Prerequisite: EC235.
R. Rotheim EC 336. INDUSTRIAL
ORGANIZATION AND PERFORMANCE OF ECONOMY
3
A study of changing market structures in the United States
economy and their impact on its performance. The specific
topics covered in this course include the determinants of
market structure and oligopolistic behaviors of large corporations
in such areas as pricing, profits, and technological innovations.
Also considered are public policies concerning monopolistic
and oligopolistic business enterprises. Prerequisite:
EC236.
The Department EC 339. APPLIED
ECONOMETRICS 3
Theory and practice of econometrics applied to economic models.
Topics include: econometric techniques for analyzing economic
relationships, methods for handling economic data, empirical
testing of theoretical models, and techniques for developing
testable models. Prerequisites: EC235
or 236;
237.
R. Jones EC 343. ENVIRONMENTAL
AND RESOURCE ECONOMICS 3 Analysis of contemporary environmental
and resource problems (e.g., air, water, noise and aesthetic
pollution, extinction of animal and plant species) through
the use of economic theories and techniques of evaluation.
Environmental policies dealing with these problems will also
be considered. Prerequisite: EC104
or consent of instructor. L. Vargha, M. Kane EC 344. PUBLIC
FINANCE 3
Study of government expenditures and taxation policies from
both institutional and theoretical perspectives. The course
will focus on the economic roles of federal, state, and local
governments in implementing decisions about defense spending,
social programs, income, sales, property, and Social Security
taxes. Prerequisite: EC236.
The Department EC 345. MONETARY
THEORY AND POLICY 3
Foundations of money, financial markets, and central banking
within a capitalist framework. Theoretical emphasis will be
placed on monetarist and post Keynesian explanations for money,
interest, employment, and prices. Policy discussions will
focus on the relationship between money market instruments
and central bank policies in the context of the above theoretical
frameworks. A major term paper, which compares the recent
monetary policies of the Federal Reserve System with those
of another central bank, is expected of all students. Prerequisites:
EC103
and 104.
Open only to juniors and seniors.
R. Rotheim, N. Chiteji EC 351. WOMEN
IN THE ECONOMY 3
This course examines the ways in which the economic experiences
of women in the United States differ from those of men. Topics
include labor markets and wages, discrimination, poverty,
the economics of the household, and the economics of reproduction.
The particular situations of various ethnic groups and occupational
groups are discussed. The economic experiences of women are
analyzed in their social, political, and historical context.
Prerequisite:EC104.
The Department EC 355. HISTORY
OF ECONOMIC THOUGHT 3
The development of Western economic thinking from Adam Smith
to the present, stressing in its historical context the conflict
between the mainstream of economic thought and important alternatives
such as the Marxist, institutional, and anarchist traditions.
Emphasis is on the works of a few major writers. Prerequisites:
EC235
and 236,
or permission of instructor. R. Rotheim
EC 361. ADVANCED
TOPICS IN ECONOMICS 3
This course will give students an opportunity to study one
or a few related current topics in economics at an advanced
level. While the topic(s), instructor, and specific prerequisites
will vary each time the course is offered, there will be at
least one 200-level course required. May be repeated with
permission of department chair. The
Department EC 371, 372.
INDEPENDENT STUDY 3, 3
An opportunity for qualified students to engage in in-depth
reading and research in any field of economics. Project should
be based on work in a 300-level course the student has taken.
Each student works closely with a faculty advisor and participates
in a weekly independent study seminar. Prerequisite: permission
of the department. The Department
EC 375 SENIOR
SEMINAR 3
A capstone experience for senior economics majors, this course
builds on the theoretical framework developed in other economics
courses to analyze current economic-policy issues. Specific
topics differ from year to year. Representative topics include
inequality in the U.S., the Social Security debate, unemployment
and public policy, the economics of higher education, and
economic and political reforms in Mexico.
The Department EC 376. SENIOR
THESIS 3
Advanced research paper in economics. Open to all seniors
with departmental approval. All completed theses must be defended
before the economics faculty. The
Department EC 399. INTERNSHIP
IN ECONOMICS 3
Professional experience at an advanced level for juniors and
seniors with substantial academic experience in economics.
With faculty sponsorship and department approval, students
may extend their educational experience into areas such as
economic research and consulting, forecasting, regulation,
and policy analysis. Work will be supplemented by appropriate
written assignments. Only three semester-hour credits may
count toward the requirements for the major, and none toward
the minor. Prerequisites: two of the following: EC235,
236,
237,
and at least two 300-level economics courses.
