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Department of Economics

Douglas Dalenberg, 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–six credits in economics must be earned. Within the 36 credits the student must include ECON 111S, 112S, 311, 313, 460, 487, 488, 489; 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 486 and none of the ECON 398 credits may count toward the 36–credit requirement. The following courses may be counted as part of the 36 economics credits required for the undergraduate degree: GEOG 315,  PSC 365, FOR 320, FOR 520.

Non–economics courses required for the undergraduate degree are: MATH 117 and  MATH 150 or MATH 152 and 153; MATH 241 (or equivalent). The student must pass ENEX 101 with a grade of "C" or above. MATH 117and MATH 150 should be taken in the freshman year. Students planning graduate study in economics should take MATH 152–153 and consider MATH 221, MATH 305 and  ECON 511, 513, and 560.

The Upper–division Writing Expectation must be met by successfully completing the Senior Economics Thesis (ECON 487–489).

Teacher Preparation in Economics

Students who want to be licensed to teach economics at the high school level must complete the BA degree requirements in economics.  They also must complete a teaching minor in a second field of their choice and the professional licensure program in the School of Education.  Students may also earn a teaching minor in economics.  See the Department of Curriculum & Instruction for information about admission to the Teacher Education Program and completion of these licensure programs.

Suggested Course of Study

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 486.

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. Credits beyond this maximum do not count toward a degree.

Economics (ECON)

• 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.  Prereq., ECON 111S.  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 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.
• 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 intermittently.  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 inefficient outcomes. Topics include cost escalations, role of medical insurance, and problems of an aging population.
•  UG 323 Labor Economics 3 cr. Offered intermittently.  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 intermittently.  Prereq., ECON 111S, 112S. Theory and practice of collective bargaining in contemporary American labor markets. Emphasis on case studies.
• U 336 U.S. Asian Economics 3 cr. Offered intermittently. 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 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.
• 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.
• U 396 Independent Study Variable cr. (R–9) Offered intermittently.  Prereq., six credits in economics and consent of instr.
• UG 398 Internship Variable cr. (R–6) 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 Internship Services office. The department has determined that credit for this course cannot count in the 36 credit minimum requirement for the major. A maximum of 6 credits of Internship (198, 298, 398, 498) may count toward graduation.
• UG 431 International Trade 3 cr. Offered intermittently.  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 intermittently.  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 450 Advanced Topics in Economic Development 3cr. Offered intermittently.  Prereq., ECON 111S, ECON 350, or permission of instructor.  Advanced treatment of the processes of economic growth and development in the less developed world.
• UG 460 Econometrics 4 cr. Offered autumn.  Prereq., an introductory statistics course. Quantitative methods in economics with emphasis on regression analysis.
• UG 486 Economic Research Seminar  Variable cr. (R–15) Offered autumn and spring.  Prereq., consent of instr.
• UG 487 Senior Seminar in Economics 2 cr.  Offered spring.  Prereq., ECON 311, 313; six additional credits at the upper–division level; senior standing in economics. Capstone course for economics majors .  Advanced topics in economic methodology, theory and/or public affairs.
• U 488 Research Methods and Thesis Design  2 cr. Offered autumn.  Prereq., senior standing, economics major. Development of senior thesis proposal; presentation of research topics and methods by economics faculty and seminar participants.
• U 489 Senior Thesis  2 cr.  Offered spring. Prereq., senior standing, economics major.  Completion of senior thesis; presentation of results by seminar participants.
• 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 596 Independent Study Variable cr.   (R–9) Offered intermittently.
•  G 598 Internship 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 Internship Services office.
•  G 599 Thesis Variable cr. (R–9) Offered every term.

Faculty

Professors

• Douglas Dalenberg, Chair, Ph.D., University of Oregon, 1987
• John W. Duffield, Research Professor, Ph.D., Yale University, 1974
• Richard D. Erb, Ph.D., Stanford University, 1967
• Thomas M. Power, Ph.D., Princeton, 1971 (Chairman)
• Kay Unger, Ph.D., Johns Hopkins Uni­versity, 1974

Associate Professor

• Michael H. Kupilik, Ph.D., University of Colorado, 1976

Assistant Professors

• Jeffrey T. Bookwalter, Ph.D., University of Utah, 1999
• Amanda Dawsey, Ph.D., University of Maryland at College Park, 2001
• Derek K. Kellenberg, Ph.D., University of Colorado, 2004
• Ranjan Shrestha, Ph.D., Ohio State University, 2007

Emeritus Professors

• Richard N. Barrett, Ph.D., University of Wisconsin, Madison, 1972
• Ronald A. Dulaney, Ph.D., Columbia University, 1973
• George B. Heliker, Ph.D., University of Michigan, 1954
• John W. Duffield, Ph.D., Yale, 1973
• Dennis J. O'Donnell, Ph.D., Pennsylvania State University, 1974
• John G. Photiades, Ph.D., University of Illinois, 1972
• John H. Wicks, Ph.D., University of Illinois, 1962