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 and urban 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).
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; one of the following: Econ 406, 411, or 413; Econ 460; and fourteen elective economics credits numbered 300 or above. A maximum of four credits of Econ 495 and none of the Econ 100S and 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, Hist 374, PSc 365, For 320, For 520.
The student should take Econ 311 and 313 before the senior year; Econ 314 should be taken before any 400-level courses are taken. Non-economics courses required for the undergraduate degree are: Math 117 and Math 150 or 152-153; Math 241 (or equivalent); CS 170 (or equivalent); and four courses from the following fields (but no more than two from within any one field): anthropology, sociology, political science, American history and logic (Phil 210). The student must pass Enex 101 with a grade of "C" or above, or pass an economics department composition examination before he or she has completed 100 credits.Math 117-150 should be taken in the freshman year. Students planning graduate study in economics should take Econ 406, 411, 413, and 460 as well as Math 152-153 and either Math 344-345 or Math 381-382.
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).
First Year
Second Year
Third Year
Fourth Year
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 495.
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. 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. 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. 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 170 The Japanese Economy 3 cr. An introduction to the economy of Japan with emphasis on Japan's post-war development and role in the world economy.
U 195 Special Topics Variable cr. (R-6) Experimental offerings of visiting professors, experimental offerings of new courses, or one-time offerings of current topics.
UG 302S The Montana Economy 3 cr. 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. 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. Prereq., Econ 111S and 112S. Tax incidence; economic effects of alternative tax policies at the federal, state, and local levels.
UG 311 Intermediate Microeconomics 3 cr. Prereq., Econ 111S and Math 150 or equiv. Analysis of consumer behavior, production, factor pricing, and income distribution under assumptions of perfect competition.
UG 313 Intermediate Macroeconomics 3 cr. 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 314 Applications of Mathematics in Economics 3 cr. Prereq., Econ 111S, 112S and Math 150. Applications of basic mathematical techniques to both macro and microeconomic theory.
UG 315 History of Economic Thought 3 cr. Prereq., Econ 111S, 112S. Offered alternate years. A survey of economic ideas from antiquity through the present.
UG 317 Monetary Economics and Institutions 3 cr. 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 323 Labor Economics 3 cr. 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. Prereq., Econ 111S, 112S. Offered alternate years. Theory and practice of collective bargaining in contemporary American labor markets. Emphasis on case studies.
UG 331 International Trade 3 cr. Prereq., Econ 311 or consent of instr. Offered alternate years. International trade; theory, policy, institutions, and issues.Analysis of comparative advantage and trade restrictions, negotiations, and agreements.
UG 332 International Economic Relations 3 cr. Prereq., Econ 111S, 112S.Offered alternate years. 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 alternate years. 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 340 Environmental Economics 3 cr. Prereq., Econ 111S, 112S. Same as Evst 340. 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 345S The Economics of Wildland Preservation 3 cr. 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 lso developed.
UG 350 Economic Development 3 cr. Prereq., Econ 111S, 112S. Offered alternate years. Study of the processes of economic growth and development in the less developed world.
UG 374 Comparative Economic Systems 3 cr. Prereq., Econ 111S, 112S. Offered alternate years. 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. Prereq., Econ 111S.Offered alternate years.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. Prereq., Econ 111S, 112S. Offered alternate years. Stud 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) Independent work under the University omnibus option. See index.
U 395 Special Topics Variable cr. (R-9) 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) Prereq., six credits in economics and consent of instr.
UG 398 Cooperative Education Experience Variable cr. (R-12) 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 Cooperative Education Office. The department has determined that credit for this course cannot count in the 50 credit minimum requirement for the major.
UG 406 Monetary Economics 3 cr. Prereq., Econ. 313. Offered alternate years.
UG 411 Advanced Microeconomics 3 cr. Prereq., Econ 311. Offered alternate years. Price, welfare and general equilibrium theory at a level above intermediate analysis.
UG 413 Advanced Macroeconomics 3 cr. Prereq., Econ 313. Offered alternate years. Production, income and employment at a level above intermediate analysis.
UG 420 Forest Resource Valuation 3 cr. Prereq., For 320 or Econ 311 or Econ 340. Same as Evst 420 and For 420. Evaluation of economic trade-offs in the use of the forest resource.Valuation of non-commodity and amenity service from the forest. Examination of the role of markets and of government in the allocation of the forest resource in conflicting uses.
UG 455 Issues in Economics and Philosophy Variable cr. (R-9) Prereq., consent of instr. Same as Phil 455. Topic variable. May include Private Property and the Public Interest, Methodological Issues in Economics, Justice and Efficiency, Public Choice Theory.
UG 460 Econometrics 4 cr. Prereq., an introductory statistics course. Quantitative methods in economics with emphasis on regression analysis.
UG 494 Seminar in Economics Variable cr. (R-15) Prereq., consent of instr.
UG 495 Special Topics Variable cr. (R-9) 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) Prereq., 12 credits in economics and consent of instr.
G 501 Graduate Research Variable cr. (R-6)
G 503 Economic Analysis 3 cr. Offered only for M.A.S. program. A review of basic micro and macroeconomic theory for those who have not studied economic analysis recently. Basic micro economic concepts are developed and applied to both business and public policy problems. National macroeconomic policies to control inflation, income, and employment are analyzed using basic macroeconomic theory.
G 511 Microeconomic Theory 3 cr. Prereq., Econ 313. Advanced theoretical treatment of consumer and producer behavior.
G 513 Macroeconomic Theory 3 cr. Prereq., Econ 313. Advanced theoretical treatment of national income determination, unemployement and inflation.
G 560 Advanced Econometrics 4 cr. Prereq., Econ 460. Advanced quantitative methods in econometrics. Coverage of probit-logit regression models, simultaneous equation system, principle components, ridge regression, and other specialized techniques.
G 569 Empirical Research Design Variable cr. (R-6) Role and scope of empirical research. Planning and conduct of a research project.
G 595 Special Topics Variable cr. (R-9) 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) 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 Cooperative Education Office.
G 599 Thesis Variable cr. (R-9)