Economics

Associate Professor Barbara Wells , Chair, Division of Social Sciences

The Major in Economics is appropriate for the student interested in the functioning of the economic system and in economic policy. For most positions in the business world, students who major in economics are competitive with those who major in business. For situations with strong theoretical emphasis, the major in economics provides an important advantage. The economics major also provides a basis for graduate study in management, business, finance, law, and a variety of other fields.

The Major in Economics consists of a minimum of 44/45 hours in Economics and related fields. Required courses in Economics include 201, 221, 321, 322, 334, 351-352, Sociology 101; 9 hours chosen from Economics 251, 325, 331, 332, 349, and Social Science 301; Mathematics 222; at least 3 hours chosen from Math 125 and Business 344; and 3 hours chosen from Political Science 122, 211, 212, and 232.

The Major in Economics/History for Teacher Licensure leads to licensure in economics with a secondary emphasis in history. The track requires 38 hours. Courses required in economics are 201, 221, 321, 322, 334, 351 and 352; courses required in history are 112, 203, 243, 251, and three hours chosen from 333, 334, and 335. Additional liberal studies requirements are Psychology 101 and Sociology 271. Students pursuing this track must complete 29 credit hours of professional courses listed under Education in this catalog.

The Minor in Economics consists of 17 hours, including Economics 201, 321, 322, 334 and three hours chosen from 221, 251, 325, 331, 332, and 349.

Course Descriptions

201. Principles of Economics: 4 credit hours; Prerequisite: Statistics 120 or sophomore standing; A survey of economic principles and institutions, emphasizing the study of market economies throughout the world. Topics include the model of supply and demand, the theories of competition and monopoly, the theory of international trade, and the theories of employment, prices and money.
221. Economic Development: 3 credit hours; An inquiry into the problems of economic development and social change in less developed countries. The course focuses on issues of poverty, population, industrialization, agriculture, trade, and environmental sustainability.
251. Economic History of the United States: 3 credit hours; Survey of American economic development from colonial times to the present. Special emphasis on the economic development of the South, the industrialization of the American economy, the development of banking and the impact of international trade.
321. Macroeconomics: 4 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; Macroeconomic theory and analysis, including synthesis of classical and Keynesian models of income determination. Monetary theory, inflation, unemployment, and expectations are studied, and current economic issues are examined. A computer laboratory is included.
322. Microeconomics: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; Microeconomic theory and analysis, including consumer demand, production, the firm, and general equilibrium. Applications to problems of private choice and public policy are considered.
325. International Trade and Finance: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; An examination of the theory of trade, barriers to trade, balance of payments, exchange rates, and the adjustment process. The role of international institutions is considered, including the International Monetary Fund and multinational enterprise.
331. Public Policy Toward Business: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; An inquiry into the control of monopoly through antitrust law and promotion of the public interest through actions of regulatory commissions. Consumer protection and environmental regulation are also considered.
332. Money and Banking: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; Study of the nature and function of money, banks, and financial markets; the role of money in the economy, monetary theory and policy; the Federal Reserve System and money supply process; international monetary relationships.
334. History of Economic Thought: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; An examination of the development of economics emphasizing the emergence of economics as a social science from the late 18th century to the present.
337. Internship in Economics: 7 to 15 credit hours; Prerequisites: Junior standing and permission of the Division of Social Sciences Chair; Field experiences that provide practical applications in appropriate work settings. Internships require a time commitment equivalent to full-time employment, with credit allotted on the basis of one credit hour for each week of full-time involvement.
343. Practicum in Economics: 2 or 3 credit hours; Prerequisites: Junior standing and permission of the Division of Social Sciences Chair; Supervised experience enabling students to apply classroom knowledge in an organizational setting. Open only to economics majors. Not to be counted toward a major in economics.
349. Selected Topics in Economics: 3 credit hours; Prerequisites: Economics 201 and junior standing or permission of the instructor; Focuses on timely topics in national or international economics not covered in other department courses. Course content varies from year to year. Offered as demand warrants.
351-352. Senior Thesis: 6 credit hours; Prerequisites: FRS 140, English Proficiency Exam, and junior standing; The Senior Study requirement is fulfilled with this two-course sequence. Individual study, with the guidance of a faculty supervisor, that provides experience in independent research and the preparation of a formal paper.