EconomicsJames F. Ragan, Head
Professors Babcock, Cassou, Nafziger, Ragan, Thomas, and Weisman; Associate Professors Akkina, Blankenau, Chang, Gormely, and Oldfather; Assistant Professors Bachmeier, Chi, Gayle, Li, and Turner; Instructor Trenary.
Economics studies the principles guiding the best use of resources. Important topics in economics include production; consumer choice; the distribution of income; and the causes of economic growth, recessions, and inflation.
Many economists analyze data to determine underlying relationships and trends, to predict the consequences of government policy, or to develop forecasts of future activity. Such work involves mathematics or statistics and often deals with current issues.
Students may pursue specialized study in economic theory, money and banking, public finance, labor economics, international trade, economic development, transportation, econometrics, regional economics, industrial organization, and economic systems.
A student majoring in economics may earn either the bachelor of arts or the bachelor of science degree.
Accelerated undergraduate and graduate programs
Each student, in consultation with a faculty advisor, will plan an individualized program of study that meets requirements for the B.A. or B.S. and the M.A. degrees. Features of the program include participation in research as an undergraduate and enrollment in graduate-level courses in the senior year. Students participating in the program will be considered for financial assistance in the form of scholarships, fellowships, research assistantships, and part-time work.
ECON 110. Principles of Macroeconomics. (3) I, II, S. Basic facts, principles, and problems of economics; determination of the level of employment, output, and the price level; the monetary and banking system; problems and policies of economic instability, inflation, and growth; principles of economic development; other economic systems. Pr.: Probability of a grade of C or higher (PROB >= C) of at least 40 percent according to the economics component of the ACT Student Profile, a score of 18 or higher on the Math Placement Exam, or a grade of B or higher in MATH 010.
ECON 120. Principles of Microeconomics. (3) I, II, S. Basic facts, principles, and problems of economics including study of the determination of prices; the determination of wages, rent, interest, and profit; theory of the firm; monopoly and government regulation; international economic relations. Pr.: Probability of a grade of C or higher (PROB >= C) of at least 40 percent according to the economics component of the ACT Student Profile, a score of 18 or higher on the Math Placement Exam, or a grade of B or higher in MATH 010.
ECON 399. Honors Seminar in Economics. (3). For sophomores in honors programscheduled irregularly. Readings and discussions. Open to students in the honors program not majoring in economics.
ECON 401. Sophomore/Junior Seminar in Economics. (1). Some I. An introduction to economics as a science and a profession. The course introduces students to the skills and tools that make economics an attractive and enjoyable field as well as an overview of economic data and current debates. Open only to economics majors and those con- templating an economics major. Pr.: ECON 110 and ECON 120.
ECON 499. Seniors Honors Thesis. (2) I, II, S. Open only to seniors in the arts and sciences honors program.
ECON 505. South Asian Civilizations. (3) I, in even years. Interdisciplinary survey of the development of civilizations in India, Pakistan, Sir Lanka, Bangladesh, Nepal, Bhutan, and Afghanistan, including geography, philosophy, social, economic, political institutions, and historical movements. Pr.: 3 hours of social science or junior standing. Same as GEOG 505, HIST 505, POLSC 505, SOCIO 506, ANTH 505.
ECON 507. The Japanese Economy. (3) Analyzes Japan's growth, productivity change, income distribution, government policies, agriculture, industrial structure, labor relations, education and technology, and international trade and finance. Emphases will be on U.S.-Japanese competition and comparisons. Pr.: ECON 110.
ECON 510. Intermediate Macroeconomics. (3) I, II, S. An examination of the behavior of the economy as a whole, including an analysis of the national income account, consumption, investment, money, interest, the price level, the level of employment, monetary and fiscal policy, and economic growth. Pr.: ECON 110; ECON 120 or AGEC 120.
ECON 520. Intermediate Microeconomics. (3) I, II, S. An examination of the theories of consumer behavior and demand, and the theories of production, cost, and supply. The determination of product prices and output in various market structures, and an analysis of factor pricing. Introduction to welfare economics. (Students cannot receive credit for both ECON 520 and ECON 521.) Pr.: ECON 120.
ECON 521. Intermediate Microeconomic Theory. (3) A mathematical approach to intermediate microeconomics. Emphasis is placed on the use of optimization techniques to examine consumer demand, production and cost, behavior of the firm, market structure and welfare. Pr.: ECON 120; MATH 205 or 220.
ECON 523. Human Resource Economics. (3) II. An introduction to the economic forces influencing wage and employment determination, income differentials, unemployment, and the production and acquisition of human capital. Emphasis on public policy, labor unions, and other relevant institutions. Pr.: ECON 120. May not be counted toward economics major.
ECON 527. Environmental Economics. (3) II. Economics of environmental market failure and the efficient use of exhaustible and renewable resources. Topics include the application of markets and government policies to greenhouse warming, air and water pollution, and recycling. Pr.: ECON 120.
ECON 530. Money and Banking. (3) I, II, S. Nature, principles, and functions of money; development and operation of financial institutions in the American monetary system, with emphasis on processes, problems, and policies of commercial banks in the United States. Pr.: ECON 110.
ECON 532. Fiscal Operation of State and Local Government. (3) Designed for students who plan careers related to state or local government. Selected topics in state and local taxation and expenditure. Pr.: ECON 110 and permission of instructor.
ECON 536. Comparative Economics. (3) The transition by Russia, Ukraine, Eastern and Central Europe, and Central Asia to market economics; economic reform in China, India, and other countries; and Marxian critiques of capitalism. Pr.: ECON 110 or 120
ECON 540. Managerial Economics. (3) I, II, some S. Microeconomic topics applicable to understanding and analyzing firm behavior: optimization, demand, estimation, production, and cost theory. Applications to business problems. Pr.: ECON 120, an introductory-level statistics course, and MATH 205.
ECON 580. Senior Seminar in Economics. (3) I. Topics for class discussion include history of economic thought, research methods in economics, and current economic issues. Students will prepare and present papers written with faculty guidance. Required of all economics majors; open to others with permission of instructor. Pr.: ECON 510 and ECON 520; STAT 351, 511, or 705 or concurrent enrollment in one of the three.
ECON 595. Problems in Economics. (Var.) I, II, S. Individual study is offered in international trade, labor relations, money and banking, public finance, transportation, general economics.
ECON 599. Topics in Economics. (1-3) On sufficient demand. Courses on special topics to be taught on demand. Pr.: To be set for each topics course.
ECON 620. Labor Economics. (3) I, some S. Economics of the labor markettheory and empirical evidence. Labor force composition and trends, labor supply, labor demand, human capital, wage differentials, migration, trade unions, and current issues. Pr.: ECON 520.
ECON 627. Contemporary Labor Problems. (3) Some II. Emphasis on current research and public policies dealing with such matters as full employment, poverty, discrimination, social security, unemployment insurance, health care, minimum wages, training, and education. Pr.: ECON 620 or consent of instructor.
ECON 630. Introduction to Econometrics. (3) I. An introduction to the analytical and quantitative methods used in economics. Applications to specific problems with an emphasis on computer analyses. Pr.: ECON 120; MATH 205 or 220; STAT 351, 511, or 705.
ECON 631. Principles of Transportation. (3) I, II. Examines the transportation market from the shippers' point of view by examining the impact of transportation on business firm decisions such as location, markets, and prices. Also covers the costs, prices, and service characteristics of railroads, motor carriers, water carriers, oil pipelines and airlines. The role and impact of government in the transportation market is examined from both a promotion and regulation perspective. Pr.: ECON 120 or AGEC 120.
ECON 633. Public Finance. (3) II. Course seeks answers to questions such as: Which goods should be provided by the private sector and which by the public sector (government)? With what criteria are public expenditures evaluated? What is an equitable and efficient tax system? Who bears the tax burden? What aspects of existing taxes need reform? Pr.: ECON 110; ECON 120 or AGEC 120.
ECON 640. Industrial Organization and Public Policy. (3) Some II. An examination of measures and determinants of industrial concentration, and an analysis of market structure, conduct, and performance, and policies related to performance. Pr.: ECON 120.
ECON 681. International Economics. (3) I, II, some S. Principles of international trade and finance, including production, exchange, commercial policy, resource movements, balance of payments, foreign currency markets, and policies for internal and external balance. Pr.: ECON 110; ECON 120 or AGEC 120.
ECON 682. Development Economics. (3) I, II, some S. Factors affecting the economic modernization of the less-developed countries. Emphasis on capital formation, human capital, investment allocation, technological progress, income distribution, population growth, and the international economics of development. Pr.: ECON 110.
ECON 686. Business Fluctuations and Forecasting. (3) Some I. Types of business fluctuations; measurement of business cycles; theories of the causes of business cycles; proposals for stabilizing business activity; techniques of forecasting business activity. Pr.: ECON 110; ECON 120 or AGEC 120.
ECON 690. Monetary, Credit, and Fiscal Policies. (3) Some II. Goals of aggregative economic policy, conflicts among goals, and measures to resolve conflicts; money markets; targets of central bank control; the relative strength of monetary and fiscal policies; rational expectations hypothesis and policy ineffectiveness debate; term structure of interest rates. Pr.: ECON 530.
ECON 720. Microeconomic Theory. (3) I. Demand, cost, and production theories; price and output determination in different market structures; the theory of factor market pricing; an introduction to general equilibrium and welfare analysis. Pr.: ECON 520; MATH 205 or MATH 220.
ECON 735. Mathematical Economics. (3) I. Application of mathematical tools of concrete problems in micro- and macro-economics; mathematical treatment of models of consumption, production, market equilibrium, and aggregate growth. Pr.: ECON 520, MATH 205 or 220, or consent of instructor.