Economics
Division of Social Sciences
At its heart, economics is a social science that seeks to explain human behavior. Far from being limited to questions of unemployment, interest rates, and the demand for goods and services, economics seeks to answer questions spanning a wide range of issues. These include poverty, discrimination, crime, pollution, education, international trade, international finance, taxation, natural resources, and many other areas. Unlike the study of business management that focuses on improvements for a single firm or industry, economics takes a societal view that examines the impact of decisions or policies on individuals, households, businesses, taxpayers, the environment, and the country as a whole.
In order to examine the impacts of policies from a societal view, economic analysis relies on a highly analytical method that requires knowledge of micro- and macroeconomic theories, mathematical modeling, and logic. Graduates who have mastered the "economic way of thinking" are prepared to move on into successful careers. Our majors have gone on to jobs in law, business, finance, foreign service, government, consulting, education, and research. Employers praise economics graduates for the rigorous, yet flexible, curriculum they have covered. For those wishing to pursue graduate school, economics majors tend to score very well on entrance exams for graduate school, law school, and business school, and our graduates have gone on to study all of these things. Nationwide, economics graduates tend to score better on the graduate record examination (GRE), law school admission test (LSAT), and the graduate management admission test (GMAT) than majors from business management, political science, international studies, psychology, and virtually every other field of study.
Students planning to major in economics must take Economics 111, 112, 211, 212, either Economics 215 or Mathematics 109, and six upper-level economics courses that are at the 200 level or above. Economics 215 may count as one of the six upper-level economics courses if Math 109 is also taken.
Senior Capstone Experience
The Senior Capstone Experience is counted as one of the six upper-level courses and is fulfilled by writing a thesis or passing comprehensive exams.
The department encourages activities outside the classroom by helping interested individuals find suitable projects and programs whether they be independent studies, cooperative research projects, study abroad, or internships. In many cases, upper-level academic credit may be earned through these activities.
Economics majors may earn a secondary teaching certificate in social studies. Students interested in a secondary teaching certificate should inform the chairs of both the Economics and Education Departments as early as possible in their college careers.
Students who wish to minor in economics must complete Economics 111, 112, and four upper-level courses in the department excepting Economics 215.
Students who elect to use economics to fulfill their social science distribution requirement should take Economics 111 and 112 or Economics 111 or 112 and one of the following: Economics 117, 218, or 219.
Course Descriptions
111. Introduction to Macroeconomics
An introduction to principles of economic analysis, economic institutions, and issues of economic policy. The course examines factors determining national income, price, and employment levels as well as the international position in the U.S. economy.
112. Introduction to Microeconomics
An introduction to the principles of economic analysis, economic institutions, and issues of economic policy. Principal topics covered include commodity and factor price determination under various market structures, and resource allocation and income distribution through a pricing system.
117. Introduction to Environmental and Natural Resource Economics
Environmental and natural resource economics focuses on the economic sources of environmental problems and natural resource use in a market economy and the evaluation of the alternative policies for dealing with these problems. This analysis extends to the examination of regional issues (local air and water pollution, recycling programs, and fisheries) and global issues (climate change and waste disposal). The course is intended for students not planning to major in Economics. The course may be applied to the Chesapeake Regional Studies concentration.
211. Intermediate Macroeconomics
The course reviews the measurement of national income and examines modern and classical theories explaining the determination of national income, employment, price, and growth levels. Prerequisite: Economics 111.
212. Intermediate Microeconomics
The course examines modern and classical theories of demand and supply, and analyzes market equilibrium, general equilibrium, and criteria for welfare maximization. Prerequisite: Economics 112.
215. Data Analysis
An introduction to applied statistical methods, including descriptive statistics, hypothesis testing, analysis of variance, and linear regression, applied to finance, business, and economics. Students may also study questionnaire design, sample selection, and data analysis techniques using SPSS or other software packages. Students may design their own on-line survey and analyze the results.
218. Economic Development
Economic development examines issues related to poverty in the third world. These include income distribution, population, education, agriculture, the environment, trade policies, external debt, and macroeconomic stability. The course also examines the role of government and market incentives in the development process. Prerequisite: Economics 111 or 112.
219. Human Resources Economics
An examination of the supply and demand for labor, wage determination, gender and race discrimination, unionization, and regulations affecting earnings and hours of work. Prerequisite: Economics 111 or 112.
312. Public Finance
An examination of the role of government in a competitive market economy and the effects of tax and expenditure policies at the federal, state, and local levels on the allocation of resources and the distribution of income and wealth. Prerequisite: Economics 111 or 112.
314. Money and Banking
An examination of banking institutions, techniques of money management, theories of the demand for money, and the influence of money on economic activity. Prerequisite: Economics 211.
316. Regional and Urban Economics
An examination of the economic factors influencing the growth of urban concentrations, their size, and their functions. The course studies the problems of transportation, housing, segregation and discrimination; poverty; crime; the various ecological factors affecting cities, including pollution, congestion, and urban decay; and the financing and provision of public services, including planning, zoning, and the special problems of inner cities. Prerequisite: Economics 111 and 112 or permission of the instructor.
317. Environmental Economics
This course is a survey of the application of economic analysis to environmental problems. Analysis will focus on: policy options available to lawmakers and citizens, methods for assigning value to the environment, and specifically on air and water pollution and the laws meant to control these problems. Prerequisite: Economics 112.
318. Natural Resource Economics
This course surveys the economic theory behind, and the management of, renewable and non-renewable resources including fisheries, minerals, timber, water, and biodiversity. Analysis of management options is at the local, regional, and national levels. Analysis includes trade-offs of policies and the effect of property rights regime on resource use. Prerequisite: Economics 112.
320. Econometrics
The course reviews elementary linear regression analysis, introduces the essentials of matrix algebra, and develops a general linear model in k variables. The course focuses on estimation and prediction problems in economics. Prerequisite: Economics 112.
327, 328, 329.
An integrated three-course unit for students spending a semester at the Washington Center. Students receive 16 elective credits in Economics.
327. Washington Center Internship
A full-time, semester-long internship in Washington, DC, with a federal agency, non-profit organization, or private firm. Depending upon interest and internship placement, students may attend hearings, conduct policy research, draft correspondence, monitor legislation, lobby members of Congress, or write analytical reports. Students will create an in-depth portfolio of their internship experience. 12 credits. This course is normally open only to juniors and seniors.
328. Washington Center Seminar
Washington Center Interns participate in an evening seminar selected from a variety of topics offered during the semester. Students engage in class discussion and may also research seminar topics, prepare written assignments, and take examinations. Required of and limited to students enrolled in Economics 327. Three credits.
329. Washington Center Forum
Washington Center Interns participate in lectures, site visits, small group discussions, briefings, and other required events designed to help them understand the connection between their academic and professional goals and the special educational opportunities available through living and working in Washington, DC. Evaluations of these experiences are included in the student portfolio. Required of and limited to students enrolled in Economics 327. One credit.
390. Washington Center Internship
A full-time, semester-long internship in Washington, DC, with a federal government, economic, or non-profit agency. Depending upon their interest and internship placement, students may attend hearings, conduct policy research, draft correspondence, monitor legislation, lobby members of Congress, and write analytical reports. Students will create a portfolio of their internship experience. Prerequisite: ECN 111 and 112; 2.8 cumulative GPA, permission of an instructor, and successful application to The Washington Center for Internships and Academic Seminars. This course is normally open only to juniors and seniors. Of the 12 credit hours, only 4 may be applied to the major or minor, with the remaining 8 applied to general electives. In addition, students who take ECN 327 must take ECN 328 and 329, which may be applied to the major.
410. International Trade
The principles that govern world trade and investment and the factors that determine the direction of international trade will be discussed. The gains from trade, the basis for trade, and the arguments for and against protection will be examined. The effects of various policies that obstruct the free flow of trade will be analyzed. The influence of international trade on economic development will also be studied within the contexts of both developed and developing economies. In addition, the regional and international organizations that are designed to influence or promote the orderly functioning of the international trading system will be described. Prerequisite: Economics 111 and 112.
411. International Finance
The course examines foreign exchange markets, the concept of the balance of payments, and exchange rate determination. The cases for fixed and flexible exchange rates are presented. The various mechanisms for achieving domestic and international equilibrium and stability, in terms of employment, prices, and growth, are discussed. The evolution of the international monetary system and current international economic problems are analyzed. Prerequisite: Economics 111 and 112.
415. Government and Business
An exploration of the economic, political, and legal aspects of antitrust, regulation, and public enterprise. Major topics include: monopolies, mergers, industry structure and performance, various restrictive practices such as collusion and exclusion, and the role and nature of public enterprise in the United States and abroad. Prerequisite: Economics 111 and 112.
416. Law and Economics
The course describes how legal rules, e.g. property rights or contract law, should be designed in order to encourage economic efficiency. The human response to the prices imposed by laws on different kinds of behavior is analyzed. Applications to land use legislation, consumer products liability, the criminal justice system, and medical malpractice are included. Prerequisite: Economics 112.
194, 294, 394, 494. Selected Topics in Economics
The topics covered by this course vary from term to term as dictated by student and faculty interest. Course topics have included the history of economic thought, American and European economic development, mathematics for economists, African economic development, and other topics not specifically covered in other economics courses. Prerequisite: Permission of the instructor.
394-11. Economics of International Energy Markets
This course features using models to understand markets for oil, gas, coal, electricity, and renewable energy resources. Models and topics include: supply and demand, market structure, transportation models, (a little) game theory, futures markets, environmental issues, energy policy, energy regulation, input/output models, and energy conservation. A primary emphasis of the course is to introduce the student to the multitude of issues that affect society with respect to energy and its use. Furthermore, some attention is given to developing appropriate models and to applying them to current issues in energy markets.
190, 290, 390, 490. Internship
195, 295, 395, 495. On-campus Research
196, 296, 396, 496. Off-campus Research
197, 297, 397, 497. Independent Study in Economics
The topics covered through independent study vary as dictated by student and faculty interest.
SCE. Senior Capstone Experience
All students are required to complete the Senior Capstone Experience. This can take the form of a senior thesis or comprehensive exams. In the case of the thesis, students are required to begin their research in the spring semester of their junior year and submit a thesis proposal in September of their senior year. Students who choose to take the comprehensive exams instead must pass the microeconomics, macroeconomics, and field exams. For both the thesis and the exams, students will receive a pass with honors, pass, or fail.
Courses Offered In The Washington College Abroad Programs
112. Microeconomics
This course examines fundamental economic concepts; comparative economic systems; demand, supply, and market equilibrium; elasticities of supply and demand; production and costs; price and output determination under competitive and monopolistic conditions; and the structure and development of the South African economy. Note: this course may not be taken with Economics 112. Offered at Rhodes University, South Africa.
212. Intermediate Microeconomics
This course examines the theory of consumer behavior; production theory and costs; theory of imperfectly competitive markets, theory of income distribution; general equilibrium and social welfare, with attention given to South Africa. Note: this course may not be taken with Economics 211. Offered at Rhodes University, South Africa. Prerequisite: Economics 112.
228. Development Economics
This course examines broadly the development problem; mainstream approaches to economic development; cumulative causation; technological constraints and unemployment; market imperfections; macroeconomic theory and policy. Note: this course may not be taken with Economics 218. Students must complete a second term (i.e., half-course) within the Economics Department to gain credit for the course. Two credits; four credits for successful completion of both terms. Offered at Rhodes University, South Africa. Prerequisite: Economics 111 or Economics 112.
238. South African Economy
A comprehensive survey of the problems and challenges facing the South African economy. Students must complete a second term (i.e., half-course) within the Economics Department to gain credit for the course. Two credits; four credits for successful completion of both terms. Offered at Rhodes University, South Africa. Prerequisite: Economics 111 and Economics 112.
322. The Making of the European Economy
Examines the process of European economic integration on a micro- and macroeconomic scale, covering both theory and policy analysis of the integration process. Includes visits to businesses and government agencies, supplementing course material with presentations of business executives, practicing economists, and financial experts. Offered in the London program only, both fall and spring semesters. Prerequisite: Economics 111 or Economics 112. Three credits.
420. Analysis of European Economic Performance
Taught in conjunction with Economics 322, but utilizes more economic theory and entails more difficult exams and a more sophisticated paper. Offered in the London program only, in the fall semester. Prerequisite: Economics 212 Intermediate Macro and one of the following: Economics 215 Data Analysis I or Economics 211 Intermediate Micro. Three credits.
422. International Economics
This course undertakes an analysis of international trade; balance of payments structure and concepts; foreign exchange markets; and the history of the international monetary system. Students must complete a second term (i.e., half-course) within the Economics Department to gain credit for the course. Two credits; four credits for successful completion of both terms. Offered at Rhodes University, South Africa. Prerequisite: Economics 111 and 112.