Economics

Schneider Social Science 476
715-836-5743
Department Website

What is Economics?

Economics is a study of people in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requirements for wellbeing. Thus it is on one side a study of material wealth; and on the other, and more important side, a part of the study of people. The Department of Economics believes that understanding economics requires both learning economic theory and applying that theory. To this end, the department encourages internships, student/faculty collaborative research activities, small-group learning, and applied projects.

To aid our graduates in the transition to employment or further education, the department sponsors trips to area graduate schools and visits by individuals employed in economics-related occupations and it maintains a file of alumni mentors.

Honor Societies and Student Organizations

Omicron Delta Epsilon (Economics Honors Society) and Student Economics Association. 
For more information on either organization, see the Department Chair.
Departmental Honors Program in Economics

Entrance Requirements:

  1. Majors who have completed at least the two introductory economics courses with a GPA in economics courses of 3.50 or higher, and resident and total GPAs of 3.35 or higher,
  2. and submit a written application before the beginning of the senior year for approval by the Economics Department faculty.
  3. Requirements for Continued Participation: If at any time a student’s resident and total GPAs fall below 3.35, or a student’s GPA in economics courses falls below 3.20, that student will no longer be eligible to participate in the program.

Graduation Requirements:

  1. Complete the requirements for an economics major, including ECON 316.
  2. Complete at least six credits in the department’s Honors Seminars taught by graduate faculty. If unable to schedule six credits of seminar, the student can petition the department to replace three credits of Honors Seminar with three credits of Honors Independent Study.
  3. Satisfactory completion of an Honors paper under the direction of a department member of the graduate faculty.
  4. Satisfactory completion of an oral examination, conducted by at least three faculty members, on economic theory (ECON 303 and ECON 304) and on the student’s Honors Paper.
  5. Resident and total GPAs of 3.50 or higher at graduation for all courses and in Economics Department courses. For more information, see the Department Chair.

Faculty

Thomas Kemp, Chair

Rose-Marie Avin
Wayne Carroll

Maria DaCosta
Eric Jamelske
Yan Li

David Schaffer

David Wolf

ECON 100 Economic Analysis of Contemporary Issues (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Nature of selected contemporary issues and method of evaluating alternative solutions.

N

Attributes: GE IIIB Social Science-Economics

ECON 103 Principles of Microeconomics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^In the context of contemporary economic issues, product and resource markets are analyzed with respect to pricing decisions, efficiency, and equity.

N

Attributes: GE IIIB Social Science-Economics, LE-K2 Social Sciences

Grading Basis: Grade of C or above in MATH 20 or suitable score on math placement test.

ECON 104 Principles of Macroeconomics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Theory of aggregate income determination in the American economy with consideration of the international economy and other related problems, policies, and institutions.

N

Attributes: GE IIIB Social Science-Economics, LE-K2 Social Sciences

Grading Basis: Grade of C or above in MATH 20 or suitable score on math placement test.

ECON 201 Introduction to Political Economy (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of economic analysis to problems confronted in many social science disciplines. Concentrates on macroeconomic issues. Develops basic microeconomic concepts that serve as the foundation for macroeconomic issues. Includes market structures and cooperatives.

N

Attributes: Cultural Diversity 1 cr., GE IIIB Social Science-Economics

Grading Basis: No credit if taken after ECON 103 or ECON 104.

ECON 268 Environmental Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of economic analysis to national and international environmental issues and policies, highlighting the connections between the economic way of thinking and other disciplines.

N

Attributes: GE IIIB Social Science-Economics

ECON 280 Health Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of economic analysis to national and international health care issues including insurance and financing mechanisms, chronic disease, prescription drugs, government policy and lifestyle choices.

N

Attributes: GE IIIB Social Science-Economics

ECON 303 Intermediate Microeconomic Theory (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of economic analysis to consumer behavior, production decisions, and resource pricing.

N

Attributes: Undergraduate/Graduate Offering

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 304 Intermediate Macroeconomic Theory (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Examination of alternative theories of national income, employment, and the general price level.

N

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 308 Essentials of Managerial Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of economic principles to management problem formulation, problem-solving, and decision-making.

N

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 311 History of Economic Thought (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Study of the development of economic analysis from the works of the physiocrats to contemporary models.

N

Attributes: GE IIIB Social Science-Economics, LE-I1 Integration, LE-K2 Social Sciences

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 315 Elements of Mathematical Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Applications of differential calculus and matrix algebra in microeconomic and macroeconomic theory.

N

Grading Basis: ECON 303, and MATH 111 or MATH 114. Minimum sophomore standing.

ECON 316 Econometrics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Application of statistical techniques for the purpose of testing and explaining economic relationships; integration of economic theory with observed economic phenomena. Useful for economic and business forecasting.

N

Grading Basis: ECON 103, ECON 104; MATH 246, MATH 345, or MATH 347. Minimum sophomore standing.

ECON 318 Business Fluctuations and Forecasting (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Measuring economic activity; time series analysis; theories of business fluctuations; the experience of the 1930s; forecasting economic activity.

N

Grading Basis: ECON 104. Minimum sophomore standing.

ECON 321 Money and Banking (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Analysis of the impact of money and banking on a modern economy. Banking, regulatory and management problems are also studied.

N

Attributes: GE IIIB Social Science-Economics

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 322 Investments (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^ ^Relationships between investments and the economy, risks, characteristics of securities, securities markets.

N

Attributes: Undergraduate/Graduate Offering

Grading Basis: ECON 104. Minimum sophomore standing.

ECON 325 Public Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^ ^Revenues and expenditures of different units of government and public debt.

N

Attributes: Undergraduate/Graduate Offering

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 329 Lifetime Investing Principles and Strategies (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Strategies to build financial security over a lifetime with a focus on investing, taxes, inflation, life expectancy and insurance in order to maintain appropriate purchasing power through time.

N

Grading Basis: No credit if taken after ECON 322 or FIN 322.

ECON 330 Economics of American Minorities (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Major issues and problems confronting American minorities; possible approaches to deal with such issues; government policy toward such issues.

N

Attributes: Cultural Diversity 3 cr., GE IIIB Social Science-Economics

ECON 331 Government and Business (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^ ^Market structures and institutions influencing relations between business and government.

N

Attributes: GE IIIB Social Science-Economics, Undergraduate/Graduate Offering

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 335 Labor Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Wage theories, the labor market, employment and training policy, the unemployment problem, the economic effect of collective bargaining, the labor movement, and labor law.

N

Attributes: GE IIIB Social Science-Economics, Undergraduate/Graduate Offering

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 337 Women and the Labor Market (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Credit may not be earned in both ECON 337 and WGSS 337.^^Examination of theories of economic discrimination, recent experiences of women in labor markets in various countries, effects of governments and international agencies on earnings and employment, and the future role of women in modern economies.

N

Attributes: Cultural Diversity 1 cr., GE IIIB Social Science-Economics

ECON 351 International Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Study of international trade and international monetary theory and policies influencing the industrialized and developing nations.

N

Grading Basis: ECON 103 and ECON 104, or consent of instructor. Minimum sophomore standing.

ECON 353 Economics of Pacific Asia (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^An economic analysis of the successes, problems, and policies of Pacific Asia. Examines the economies of Japan, China, Taiwan, Hong Kong, South Korea, and the Association of Southeast Asian Nations.

N

Attributes: Foreign Culture

Grading Basis: ECON 103 and ECON 104, or consent of instructor.

ECON 355 Economic Development (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Focuses on the economies of Africa, Asia, and Latin America. Helps develop an historical, institutional, and economic framework for critically understanding social and economic realities in these regions.

N

Attributes: Foreign Culture, LE-R2 Global Perspectives, Undergraduate/Graduate Offering

Grading Basis: ECON 103

ECON 356 Economic Development of Latin America (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Credit may not be earned in both ECON 356 and LAS 356. ^^Analysis of the process of the economic and social development of Latin America. Topics include: nature of economic development, obstacles to economic development, evaluation of economic policies, and the role of women in economic development.

N

Attributes: Foreign Culture, GE IIIB Social Science-Economics, LE-I1 Integration

ECON 357 Women and Economic Development (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Credit may not be earned in both ECON 357 and WGSS 357. No credit if taken after WMNS 480 in Summer of 2001. ^ ^Provides economic, institutional, and feminist frameworks for understanding socio-economic realities of women in Asia, Africa, Latin America, and the Middle East. Topics analyzed include changing roles of women in economy and household during the process of economic development.

N

Attributes: Foreign Culture, GE IIIB Social Science-Economics, LE-I1 Integration, LE-R2 Global Perspectives, Undergraduate/Graduate Offering

ECON 366 Behavioral Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Questions addressed in this course include: Do people act rationally, or is our thinking biased and emotional? Are individuals always selfish, or do they value fairness and altruism? What makes people happy? How does ideology affect choices and society?

N

Grading Basis: ECON 103

ECON 371 Current Economic Problems (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Utilization of economic theory to study current economic problems and solutions to problems.

N

Grading Basis: ECON 103 and ECON 104, or consent of instructor.

ECON 373 Economics of Urban Issues (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^This course provides an introduction to fundamental economic concepts, which are then applied to analyze urban issues such as housing, transportation, urban congestion, crime, and local government finance.

Consent: A-F Grades Only

N

Attributes: GE IIIB Social Science-Economics, LE-K2 Social Sciences, BPS Flat Rate Tuition

Grading Basis: Limited to organizational leadership and communication comprehensive major, Bachelor of Professional Studies degree.

ECON 375 Urban Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^An examination of the economic performance of urban economies, including theory, problems and policies. Includes the application of economics to the intricacies of such urban problems as poverty, housing, transportation, pollution and the urban environment.

N

Attributes: Cultural Diversity 1 cr., GE IIIB Social Science-Economics

Grading Basis: ECON 103 or consent of instructor. Minimum sophomore standing.

ECON 390 Global Economics Immersion Experience (1-3 crs)

Prerequisite: This course provides an introduction to fundamental economic concepts, which are then used to analyze important economic and social issues at an international site.

Consent: A-F Grades Only

N

Attributes: Foreign Culture, GE IIIB Social Science-Economics, Field Trip(s) Required

Repeat: Course may be repeated for a maximum of 6 credits

ECON 399 Independent Study - Juniors (1-3 crs)

Prerequisite: Individual project under the direction of a faculty member.

N

Repeat: Course may be repeated

Grading Basis: Minimum junior standing.

ECON 491 Special Topics (1-3 crs)

Prerequisite: Topics will vary, depending on interest of students and faculty. Topics may be specific themes or areas of economics.

N

ECON 492 Honors Seminar (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Individualized study of special topics in economics. Exact topics will differ depending on interests of the students and faculty members.

N

Repeat: Course may be repeated for a maximum of 6 credits

Grading Basis: ECON 304, minimum 3.20 GPA in ECON courses. Minimum resident and total GPA of 3.35. Admission to Department Honors Program.

ECON 494 Academic Internship (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Supervised application of classroom-acquired economics skills and knowledge in an academic setting related to the student's area of interest. To help prepare the student for graduate education.

N

Attributes: Internship

Grading Basis: Twelve credits in economics. Limited to economics majors and minors. Credit cannot be earned in both ECON 494 and ECON 498.

ECON 495 Directed Studies (1-3 crs)

Prerequisite: Course projects will be structured to fit the needs, interests, and goals of the participants.

N

Attributes: Undergraduate/Graduate Offering

Repeat: Course may be repeated

Grading Basis: ECON 103 and ECON 104, or consent of instructor.

ECON 496 Honors Independent Study (1-3 crs)

Prerequisite: Supervised agenda of reading and research with regular conferences between student and faculty member resulting in a high quality research paper.

N

Repeat: Course may be repeated for a maximum of 6 credits

Grading Basis: ECON 304. Minimum 3.20 GPA in ECON courses. Minimum resident and total GPA of 3.35. Admission to Department Honors Program.

ECON 498 Professional Internship (3 crs)

Prerequisite: Supervised application of classroom-acquired economics skills and knowledge in a professional setting related to the student's area of interest.

N

Attributes: LE-I1 Integration, Service-Learning, Full 30 Hours, Internship

Grading Basis: Twelve credits in economics. Limited to economics majors and minors. Credit cannot be earned in both ECON 494 and ECON 498.

ECON 499 Independent Study - Seniors (1-3 crs)

Prerequisite: Individual project under the direction of a faculty member.

N

Repeat: Course may be repeated

Grading Basis: Minimum senior standing.

ECON 503 Intermediate Microeconomic Theory (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 303. Credit may not be earned in both courses.^ ^Application of economic analysis to consumer behavior, production decisions, and resource pricing.

Consent: No S/U Grade Option

N

Grading Basis: ECON 103 and ECON 104.

ECON 522 Investments (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 322. Credit may not be earned in both courses.^ ^Relationships between investments and the economy, risks, characteristics of securities, securities markets.

Consent: No S/U Grade Option

N

Grading Basis: ECON 104

ECON 525 Public Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 325. Credit may not be earned in both courses.^ ^Revenues and expenditures of different units of government and public debt.

Consent: No S/U Grade Option

N

Grading Basis: ECON 103 and ECON 104.

ECON 531 Government and Business (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 331. Credit may not be earned in both courses.^ ^Market structures and institutions influencing relations between business and government.

Consent: No S/U Grade Option

N

Grading Basis: ECON 103 and ECON 104.

ECON 535 Labor Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 335. Credit may not be earned in both courses.^ ^Wage theories, the labor market, employment and training policy, the unemployment problem, the economic effect of collective bargaining, the labor movement, and labor law.

Consent: No S/U Grade Option

N

Grading Basis: ECON 103 and ECON 104.

ECON 555 Economic Development (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 355. Credit may not be earned in both courses.^ ^Focuses on the economies of Africa, Asia, and Latin America. Helps develop an historical, institutional, and economic framework for critically understanding social and economic realities in these regions.

Consent: No S/U Grade Option

N

Grading Basis: ECON 103 and ECON 104.

ECON 557 Women and Economic Development (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Cross-listed with ECON 357 and WGSS 357/WGSS 557. Credit may only be earned in one of these courses. No credit if taken after WMNS 480 in summer of 2001.^^Provides economic, institutional, and feminist frameworks for understanding socio-economic realities of women in Asia, Africa, Latin America, and the Middle East. Topics analyzed include changing roles of women in economy and household during the process of economic development.

Consent: No S/U Grade Option

N

ECON 695 Directed Studies (1-3 crs)

Prerequisite: • Cross-listed with ECON 495.^^Course projects will be structured to fit the needs, interests, and goals of the participants.

Consent: No S/U Grade Option

N

Repeat: Course may be repeated

ECON 703 Microeconomics Foundation (1 cr)

Prerequisite: Lecture/Discussion Hours: 1^Lab/Studio Hours: 0^^• Not for MBA degree credit. No credit if taken after ECON 103.^^Concentrated introduction to microeconomic theory for graduate students with previous business experience. Online course offered fall and spring plus some summers.

Consent: No S/U Grade Option

N

Attributes: Higher Cost Per Credit

Grading Basis: Limited to MBA students.

ECON 704 Macroeconomics Foundation (1 cr)

Prerequisite: Lecture/Discussion Hours: 1^Lab/Studio Hours: 0^^• Not for MBA degree credit. No credit if taken after ECON 104. ^^Concentrated introduction to macroeconomic theory for graduate students with previous business experience. Online course offered fall and spring plus some summers.

Consent: No S/U Grade Option

N

Attributes: Higher Cost Per Credit

Grading Basis: Limited to MBA students.

ECON 710 Managerial Economics (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^Presentation and analysis of modern decision-making models for managerial decisions relating to economic variables.

Consent: No S/U Grade Option

N

Grading Basis: Limited to MBA students.

ECON 745 Basic Economic Principles Applied to Current Problems (3 crs)

Prerequisite: Lecture/Discussion Hours: 3^Lab/Studio Hours: 0^^• Teacher K-12^^Workshop introduces teachers to application of economic theories to current economic issues.

Consent: No S/U Grade Option

N

Attributes: Field Trip(s) Required

ECON 793 Directed Studies (1-3 crs)

Consent: No S/U Grade Option

N

Repeat: Course may be repeated

ECON 795 Research Paper (1-2 crs)

Consent: PR Only Grade Basis

N

Repeat: Course may be repeated

ECON 797 Independent Study (1-3 crs)

Prerequisite: Individual project under the direction of a faculty member.

Consent: No S/U Grade Option

N

Repeat: Course may be repeated

ECON 799 Thesis (1-6 crs)

Prerequisite: • Full-time equivalent.^^A description of acceptable topics and the precise nature of the thesis requirement is provided in the departmental program descriptions.

Consent: PR Only Grade Basis

N

Repeat: Course may be repeated for a maximum of 6 credits