Thomas M. Power, Chairman
The department considers its teaching goals to be three fold:
(1) To present to students the basic theoretical tools of economic
analysis, relevant facts and institutional material, which will
assist them as civic leaders. (2) To introduce students majoring
in economics to the various special fields of study within economics.
This training along with extensive work in the other liberal
arts and sciences, is intended to instill breadth of intellectual
interest, critical habits of thought, a problem solving attitude
and facility of expression. (3) To help meet, through graduate
work, the increasing demands for competent professional economists
in industry, commerce, government and education.
Courses cover general economic theory, environmental economics,
monetary theory, international economics, public finance, labor
economics, regional economics, economic development, comparative
economic systems, econometrics, and economic philosophy.
Students may major in economics leading to a Bachelor of Arts
degree. Graduate work leads to a Master of Arts degree in economics
(see Graduate School catalog).
Special Degree Requirements
Refer to graduation requirements listed previously in the catalog.
See index.
Thirty three credits in economics must be earned. Within the
33 credits the student must include ECON 111S 112S; 311 and
313; 460, 491; and fourteen elective economics credits numbered
300 or above. Three credits of ECON 100S may be counted toward
the additional fourteen credits of upper division economics
courses if taken before attaining junior status. A maximum of
four credits of ECON 494 and none of the ECON 398 credits may
count toward the 33 credit requirement. The following courses
may be counted as part of the 33 economics credits required
for the undergraduate degree: GEOG 315, PSC 365, FOR 320, FOR
520.
The student should take ECON 311 and 313 before the senior year.
Non economics courses required for the undergraduate degree
are: MATH 117 and MATH 150 or both MATH 152 and 153; MATH 241
(or equivalent). The student must pass ENEX 101 with a grade
of "C" or above. MATH 117 150 should be taken in the
freshman year. Students planning graduate study in economics
should take ECON 560 and MATH 152 153 and consider MATH 221,
MATH 305 and ECON 511 and 513.
The Upper-division Writing Expectation must be met by successfully
completing an upper-division writing course from the approved
list in the Academic Policies and Procedures section of this
catalog. See index.
Teacher Preparation in Economics
Major Teaching Field of Economics: For an endorsement in the
major teaching field of economics, a student must complete the
requirements for a B.A. with a major in economics. Students
must also complete C&I 428, gain admission to Teacher Education
and Student Teaching and meet the requirements for certification
as a secondary teacher (see the School of Education section
of this catalog).
Students are advised that the demand in Montana high schools
for teaching of courses in this field is limited. Student should
complete another endorsement (major or minor) in a field other
than drama, geography, journalism, psychology or sociology.
Minor Teaching Field of Economics: For an endorsement in the
minor teaching field of Economics, a student must complete ECON
111S, 112S, 304, 311, 313, 317 and 323. Students also must complete
C&I 428, gain admission to Teacher Education and Student
Teaching and meet the requirements for certification as a secondary
teacher (see the School of Education section of this catalog).
Suggested Course of Study
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First Year
ECON 111S, 112S Introduction to Economics
ENEX 101 Composition
MATH 117 Probability and Linear Math
MATH 150 Applied Calculus
Required non economics courses
Electives and General Education
Total....................................................................................................................
Second Year
ECON 311 Intermediate Microeconomics I
ECON 313 Intermediate Macroeconomics
MATH 241 Statistics I
Required non economics courses
Elective economics course
Electives and General Education
Total....................................................................................................................
Third Year
ECON 460 Econometrics
Upper division economics electives
Electives & General Education
Total...................................................................................................................
Fourth Year
ECON 491 Advanced Seminar
Upper-division economics elective
Electives & General Education
Total...................................................................................................................
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Requirements for a Minor
To earn a minor in economics the student must complete ECON
111S, 112S, 311, 313, and six additional credits of economics
classes numbered 300 or above, only three of which may be in
ECON 494.
Courses
U = for undergraduate credit only, UG = for undergraduate or
graduate credit, G = for graduate credit. R after the credit
indicates the course may be repeated for credit to the maximum
indicated after the R.
U 100S Introduction to Political Economy 3 cr. Offered
autumn and spring. A critical examination of the market mechanism
as a social decision making device to guide the use of a nation's
resources. The limitations of these processes in the light of
current economic problems such as the rise of the large corporation,
monopoly, environmental degradation, economic discrimination
and the increasing role of the government.
U 111S Introduction to Microeconomics 3 cr. Offered every
term. The nature of a market economy, economic decisions of
the household and firm, competition and monopoly, value and
price determination, distribution of income and applied microeconomic
topics.
U 112S Introduction to Macroeconomics 3 cr. Offered every
term. The determination of the level of national economic activity,
inflation, economic instability, the role of money and financial
institutions, and selected topics in public economic policy.
U 195 Special Topics Variable cr. (R 6) Offered intermittently.
Experimental offerings of visiting professors, experimental
offerings of new courses, or one time offerings of current topics.
UG 302S The Montana Economy 3 cr. Offered spring. An
introduction to various ways of analyzing state and local economies
using Montana and its regions as a case study. The Montana economy
is analyzed by region and major industrial sector.
UG 304 Public Finance: Expenditures 3 cr. Offered autumn.
Prereq., ECON 111S and 112S. Rationale for governmental expenditure;
public goods; public choice. Analysis of expenditure policy.
Intergovernmental relations.
UG 305 Public Finance: Taxation 3 cr. Offered spring.
Prereq., ECON 111S and 112S. Tax incidence; economic effects
of alternative tax policies at the federal, state, and local
levels.
UG 310S Contemporary Issues in Political Economy 3 cr.
Offered spring. Prereq., ECON 100S, 111S or 112S. Analysis of
alternative approaches to contemporary economic problems to
develop more informed and logically consistent personal perspectives
on current economics issues and to form a more tolerant view
of other such perspectives.
UG 311 Intermediate Microeconomics 3 cr. Offered spring
and autumn. Prereq., ECON 111S and MATH 150 or equiv. Analysis
of consumer behavior, production, factor pricing, externalities
and public goods.
UG 313 Intermediate Macroeconomics 3 cr. Offered autumn
and spring. Prereq., ECON 112S and MATH 150. Analysis of national
income determination, unemployment, and inflation with emphasis
on the role of fiscal and monetary policy.
UG 315 History of Economic Thought 3 cr. Offered intermittently.
Prereq., ECON 111S, 112S. A survey of economic ideas from antiquity
through the present.
UG 317 Money and Banking 3 cr. Offered intermittently. Prereq.,
ECON 111S, 112S. Definition and role of money; banks and other
financial institutions as suppliers of money; the federal reserve
system as a regulator of money; monetary theories, history,
and policy.
UG 320 Health Economics 3 cr. Offered autumn. Prereq.,
economics course. Survey of market forces that govern the production
and consumption of medical care in the U.S. market; uncertainty,
asymmetric information, and concentrations of market power resulting
in inefficent outcomes. Topics include cost escalations, role
of medical insurance, and problems of an aging population.
UG 323 Labor Economics 3 cr. Offered autumn. Prereq.,
ECON 111S, 112S. Economic analysis of labor markets. Theories
of wage determination, discrimination and poverty with implications
for manpower policy.
UG 324 Industrial Relations 3 cr. Offered spring. Prereq.,
ECON 111S, 112S. Theory and practice of collective bargaining
in contemporary American labor markets. Emphasis on case studies.
UG 332 International Economic Relations 3 cr. Offered intermittently.
Prereq., ECON 111S, 112S. International finance; theory, policy,
institutions and issues. Analysis of balance of payments, exchange
rate determination, exchange rate regimes, and international
financial agreement.
U 336 U.S. Asian Economics 3 cr. Offered autumn. The
study of Asian economies and their impact on the U.S. and world
economies through a study of international trade and economic
development in Asia.
UG 345S The Economics of Wildland Preservation 3 cr. Offered
autumn. An economic analysis of the costs and benefits associated
with preserving natural areas. The extension of economic tools
to analyze the value of non commercial resources, goods, and
services is one focus. A critique of the limits and dangers
associated with that extension is also developed.
UG 350 Economic Development 3 cr. Offered intermittently.
Prereq., ECON 111S, 112S. Study of the processes of economic
growth and development in the less developed world.
UG 374 Comparative Economic Systems 3 cr. Offered intermittently.
Prereq., ECON 111S, 112S. Comparative analysis of alternative
ideal types of economic organization stressing the assumptions
and values used in their critique and defense. Capitalism, Socialism,
Communism, Fascism.
UG 376 Monopoly and Public Policy 3 cr. Offered intermittently.
Prereq., ECON 111S. The theoretical basis for public policy
solutions to market power. Emphasis on case studies in matters
of antitrust, regulation of public utilities, and public ownership
of business enterprises.
UG 380 Regional and Urban Economics 3 cr. Offered intermittently.
Prereq., ECON 111S, 112S. Study of the role of spatial relationships
on the economy. Analysis of the locational patterns of people
and industry. Economic characteristics of urban land markets,
city growth, structure, and land use.
U 393 Omnibus Variable cr. (R 9) Offered intermittently.
Independent work under the University omnibus option. See index.
U 395 Special Topics Variable cr. (R 9) Offered intermittently.
Experimental offerings of visiting professors, experimental
offerings of new courses, or one time offerings of current topics.
UG 396 Independent Study Variable cr. (R 9) Offered intermittently.
Prereq., six credits in economics and consent of instr.
UG 398 Cooperative Education Experience Variable cr.
(R 12) Offered intermittently. Extended classroom experience
which provides practical application of classroom learning during
placements within the business community. The student must complete
a learning agreement with a faculty member, relating the placement
opportunity to his or her field of study. The department will
determine the number of credits to be earned for the experience
based upon the activities outlined in the learning agreement.
Prior approval must be obtained from the faculty supervisor
and the Center for Work-Based Learning. The department has determined
that credit for this course cannot count in the 33 credit minimum
requirement for the major.
UG 431 International Trade 3 cr. Offered spring. Prereq.,
ECON 311 or consent of instr. International trade; theory, policy,
institutions, and issues. Analysis of comparative advantage
and trade restrictions, negotiations, and agreements.
UG 440 Environmental Economics 3 cr. Offered autumn.
Prereq., ECON 111S, 112S. Same as EVST440. Outlines a theoretical
framework for the analysis of environmental problems, including
concepts of market failure and externalities, materials balance
and property rights. The policy implications of this analytical
model are explored for a range of topics including pollution
and the preservation of natural environments and species.
UG 460 Econometrics 4 cr. Offered autumn. Prereq., an
introductory statistics course. Quantitative methods in economics
with emphasis on regression analysis.
UG 491 Advanced Seminar in Economics 3 cr. (R 6) Offered
spring. Prereq., ECON 311, 313; six additional credits at the
upper division level; upper division standing. Advanced topics
in economic methodology, theory and/or public affairs.
UG 494 Seminar in Economics Variable cr. (R 15) Offered
autumn and spring. Prereq., consent of instr.
UG 495 Special Topics Variable cr. (R 9) Offered intermittently.
Experimental offerings of visiting professors, experimental
offerings of new courses, or one time offerings of current topics.
UG 497 Advanced Problems Variable cr. (R 15) Offered
intermittently. Prereq., 12 credits in economics and consent
of instr.
G 501 Graduate Research Variable cr. (R 6) Offered autumn
and spring.
G 511 Microeconomic Theory 3 cr. Offered autumn. Prereq.,
ECON 311. Advanced theoretical treatment of consumer and producer
behavior.
G 513 Macroeconomic Theory 3 cr. Offered spring. Prereq.,
ECON 313. Advanced theoretical treatment of national income
determination, unemployment and inflation.
G 560 Advanced Econometrics 4 cr. Offered spring. Prereq.,
ECON 460. Advanced quantitative methods in econometrics. Coverage
of probit logit regression models, simultaneous equation system,
and other specialized techniques.
G 569 Empirical Research Design Variable cr. (R 6) Offered
every term. Role and scope of empirical research. Planning and
conduct of a research project.
G 595 Special Topics Variable cr. (R 9) Offered intermittently.
Experimental offerings of visiting professors, experimental
offerings of new courses, or one time offerings of current topics.
G 598 Cooperative Education Experience Variable cr. (R
9)Offered intermittently. Prereq., consent of department. Extended
classroom experience which provides practical application of
classroom learning during placements off campus. Prior approval
must be obtained from the faculty supervisor and the Center
for Work-Based Learning.
G 599 Thesis Variable cr. (R 9) Offered every term.
Faculty
Professors
Richard N. Barrett, Ph.D., University of Wisconsin, Madison,
1972
Douglas Dalenberg, Ph.D., University of Oregon, 1987
John W. Duffield, Ph.D., Yale, 1973
Richard D. Erb, Ph.D., Stanford University, 1967
George B. Heliker, Ph.D., University of Michigan, 1954 (Emeritus)
Robert W. McKelvey, Ph.D., University of Wisconsin, 1954
John G. Photiades, Ph.D., University of Illinois, 1972
Thomas M. Power, Ph.D., Princeton, 1971 (Chairman)
Dennis J. O'Donnell, Ph.D., Pennsylvania State University, 1974
Kay Unger, Ph.D., Johns Hopkins University, 1974
John H. Wicks, Ph.D., University of Illinois, 1962 (Emeritus)
Associate Professor
Michael H. Kupilik, Ph.D., University of Colorado, 1976
Adjunct Assistant Professor
Jeffrey T. Bookwalter, Ph.D., University of Utah, 1999
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