201 - Principles of Economics-Micro
The emphasis is primarily micro. Topics covered include elasticity of supply and
demand, market structures, price and output determination, price and employment
determination, comparative advantage, balance of payments, issues in international
trade and finance, and comparative economic systems. This course, coupled with ECON
202 or 215, will satisfy the social science requirement. Three hours. Staff.
202 - Principles of Economics-Macro
An introductory treatment of the basic concepts, methodology, and analytical tools
that relate to the operation of a modern economic system. The emphasis is primarily
macro. Topics covered include supply and demand analysis, economic activities of
government, national income accounting, employment theory, commercial banking, monetary
and fiscal policy, and economic growth. Prerequisite: ECON 201 or 203. Three hours.
203 - Principles of Economics-Micro-Environmental Issues
This course introduces the basic concepts of microeconomics and applies them to
environmental problems. The focus is on the analysis of different types of product
and resource markets, the notion of economic efficiency, and the conditions under
which market outcomes are either efficient or inefficient. The rationale for government
intervention in markets, public policies which promote efficiency, and the limitations
of such policies will be covered. This course, coupled with ECON 202 or 215, will
satisfy the social science requirement. It may be substituted for ECON 201 as part
of the economics and business major or the economics major/minor. It is also a required
course for the environmental studies major. Three hours. Mr. Lang.
215 - Elementary International Trade and Finance
This course introduces the theory of international trade and finance at an elementary
level. The tools necessary for the analysis beyond the principles of economics are
presented as an integral part of the course. This course is designed primarily for
non-majors; it does not count as a part of the major program in economics or economics-business.
It may be combined with ECON 201 or 203 to satisfy the collegiate requirement in
the social sciences. (Note: A student may not take this course after having taken
ECON 380 or BUSN 370.) Prerequisite: ECON 201 or 203. Three hours. Staff.
312 - Advanced Statistics for Economics and Business
A course that deals with the statistical techniques used to analyze economic and
business data. It serves as a background for the study of econometrics and for graduate
study. Emphasis is placed on parametric and non-parametric tests of hypotheses,
regression analysis, and time-series analysis. Index numbers and decision theory
will be covered if time permits. Computer applications are an integral part of the
course. Prerequisites: ECON 201-202 or 203-202, MATH 111 or 113. Three hours. Mr.
323 - Intermediate Microeconomic Theory
A study of traditional price theory. The course emphasizes the development and use
of tools that permit analysis of several different types of product and resource
markets. A major theme is efficiency in resource allocation and major topics include
demand theory, indifference curve analysis, derivation of costs, pricing behavior,
resource employment and prices, and welfare economics. The course also integrates
simple mathematical techniques with economic analysis. Prerequisite: ECON 201 or
203. Four hours. Mr. Pfitzner, Mr. Brat.
324 - Intermediate Macroeconomic Theory
A study of the economic forces that determine the major macroeconomic variables
for the economy as a whole - output, employment, interest rates, and the overall
price level. An analysis is made of classical, Keynesian, new classical, and monetarist
economics as well as the implications of these alternative hypotheses. Prerequi-site:
ECON 201-202 or 203-202. Three hours. Mr. Lang, Mr. Schmidt.
340 - Urban Economics
This course applies the analytical tools of microeconomics to model the spatial
and economic organization of cities and metropolitan areas. The model is then used
to study issues facing cities such as urban transportation, housing, poverty and
segregation, and urban public finance. Prerequisite: ECON 201-202 or 203-202, 323.
Offered alternate years. Three hours. Mr. Lang.
350 - Environmental Economics
This course studies the relationships between the environment and our economic and
political systems. Economics can assist in identifying circumstances that give rise
to environmental problems, in discovering causes of these problems, and in searching
for solutions. The notion of intertemporal economic efficiency and the effect that
property rights, externalities, and regulation have on efficiency will be covered.
In addition, specific environmental problems, such as population growth, natural
resource allocation, pollution control, and sustainable development, will be examined
with a strong emphasis on policy analysis. Prerequisite: ECON 201 or 203. Offered
alternate years. Three hours. Mr. Lang.
357 - Public Finance
A study of the economic behavior of the public sector with reference to taxing,
spending, borrowing, and managing the public debt. Students are expected to be able
to analyze the effects of government taxes and expenditures on resource allocation,
stabilization, and distribution. Additional topics include an analysis of government
regulation, externalities, and benefit-cost analysis. Prerequisites: ECON 201-202
or 203-202, 323. Offered every three years. Three hours. Mr. Brat.
361 - Money and Banking
A course that examines the role played by money, commercial banks, and other financial
intermediaries in our economic system. It encompasses institutional description,
model building, and monetary theory and policy. Attention is also placed on different
financial instruments and markets and on the differences in various schools of thought
with respect to the role of the Federal Reserve System. Prerequisites: ECON 201-202
or 203-202. Three hours. Mr. Schmidt.
370 - Economic Justice
An historical examination of the major conceptions of economic justice primarily
in the western world. Major ethical schools of thought include the Socratic/Platonic/Aristotelian,
the Judeo-Christian, and the Enlightenment school of Locke, Rousseau, Kant, Mill
and Marx. Finally, contemporary moral theorists such as John Rawls and Eobert Nozick
will be used to compare/contrast this legacy of ethical thought with the orthodox
models of economic thought, as represented in the writings of economists such as
Adam Smith, John Maynard Keynes and Milton Friedman. Offered alternate years. Three
hours. Mr. Brat.
380 - International Economics
A study of international economic relationships in theory and practice. The course
emphasizes the analysis of the gains from international trade and the costs of tariff
and non-tariff barriers, as well as the effects of various methods of protection
on the domestic economy. Also included is a study of international financial arrangements,
balance of payments problems, and an analysis of exchange rates and international
capital flows. Prerequisites: ECON 201-202 or 203-202, 323. Offered alternate years.
Three hours. Mr. Pfitzner.
382 - International Economic Development
An introduction to theory and policy in the important area of economic development.
Classical and Neo-Classical models of economic growth are presented with consideration
of the policy implications of choosing a specific development path. Models and problems
specific to third-world economies are also presented as an integral part of the
course. Prerequisites: ECON 201-202 or 203-202, 323. Offered alternate years. Three
hours. Mr. Brat.
383 - Britain in the International Economy
International trade theory and finance with particular emphasis on the development
of the European Union. General theory of economic integration is examined relative
to Europe's economic development, including trade diversion and trade creation with
special reference to integrational forms such as free trade, customs unions, common
markets, and economic unions. The theory of optimal currency is explored with special
reference to the EU's movement toward the EURO. Offered at Wroxton College, the
history of the origins and structure of the EU will be taught by Wroxton staff.
Students attend debates and participate in discussions with British economists and
politicians at Parliament. Selected industry tours included. Prerequisite: ECON
201 or instructor permission. Counts on majors in economics/business, economics,
and international relations. Offered every January term. Three hours. Staff.
391-392 - Junior Independent Study
An independent study under the guidance of a member of the department. At least
a 3.25 cumulative grade point average and approval by the curriculum committee are
required. Three or six hours. Staff.
423 - The Theory of the Firm
An in-depth analysis of market structure beyond the scope of ECON 323. The emphasis
is placed on decision-making at the level of the firm, including output rate and
pricing, resource acquisition and utilization, and scale of operation. Prerequisites:
ECON 201-202 or 203-202, 323. Offered alternate years. Three hours. Mr. Brat.
440 - Contemporary Issues in Economics
A course in seminar format intended to provide further insight into economic theory
and policy. Students will be exposed to the current literature of economic analysis
through readings and oral presentations. Prerequisites: ECON 201-202 or 203-202,
323-324. Offered alternate years. Three hours. Staff.
442 - Econometrics
A course that introduces students to the application of statistical techniques in
order to derive measurements of empirical relationships in economics. The major
emphasis is on the application of regression analysis and the problems commonly
arising in an economic context. Prerequisites: ECON 201-202 or 203-202, 312. Offered
alternate years. Three hours. Mr. Pfitzner.
445 - Time Series Analysis and Forecasting
An introduction to a wide variety of modern techniques of forecasting economic and
business data that are time-related. The student will gain hands-on experience in
utilizing modern computer techniques to perform required statistical estimation
procedures. Prerequisites: ECON 201-202 or 203-202, 312. Offered alternate years.
Three hours. Mr. Pfitzner.
450-451 - Internship in Economics
Application required; see page 43. See BUSN 450-451. Offered every January term.
481-482 - Selected Topics in Economics
This course is designed to investigate a field of specialized analysis in economics.
The topics considered will change with each offering. Prerequisite: ECON 201-202
or 203-202, 323. Offered as needed. Three hours. Staff.
491-492 - Senior Independent Study
This course of study is usually based upon successful completion of the junior independent
study course or courses and is done under the guidance of a member of the department.
It should bridge the gap between undergraduate and graduate studies in economics,
although it can be of significant value for a student not going on to graduate work
who wants to know more about the discipline. At least a 3.25 cumulative grade point
average and approval by the curriculum committee are required. Prerequi-sites: Senior
standing. Offered as needed. Three or six hours. Staff.
497-498 - Senior Project
A student-selected and faculty-approved subject of independent study constitutes
the project. Frequent conferences are held with the student, and a three-person
faculty committee holds an examination upon completion of the project. The student
is expected to develop the ability to formulate a topic, perform the research, and
compose a written report. Open to seniors only each semester with departmental approval.
Three hours. Staff.