Economics

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College of Arts and Sciences

The Faculty of Social Sciences

420 Normal Street

570-422-3148......www.esu.edu/econ

Academic Opportunities

Economic students have the opportunity to write for the E-News, a well established and respected newsletter that has been published since 1997 and is staffed exclusively by student editors. Students are guided by faculty to research and publish articles on international, national and regional economic trends as well as topics related to finance, investment and business issues. Each year the Economics faculty supervise and help interested and qualified students research, prepare and present papers at the annual undergraduate research conference at Ursinus College.

Omicron Delta Epsilon, the International Honor Society in Economics, confers distinction for high scholarly achievement in Economics. The Alpha Xi Chapter at ESU has proudly inducted more than 275 students into ODE since its inception.

The faculty is actively involved in research projects both individually and through the Business Economics Research Group of ESU (BERG), and enjoy great success in procuring funded research projects from both government and private sources. Students benefit by serving as research assistants and contributors under the guidance of experienced faculty researchers.

About the Program

The Bachelor of Arts Degree in Economics provides students with the opportunity to obtain a foundation in traditional economic theory and real life applications that are the basis for analytical thinking and sound managerial decision making. Economics students may choose to specialize in any one of three areas: Quantitative Economics, Global Markets or Finance.

The program is designed to teach students how to frame questions for economic analysis, to determine which principles, tools and data apply to the problem under consideration, and how to analyze unexpected results when they occur.

With its focus on economic theory and strong research skills, the Economics degree program at ESU prepares students for careers in management, finance and administration in business and the public sector. Students who enter the work force report that they are involved in successful careers at greater than average starting salaries.

Students majoring in Economics are also well-prepared for higher education in business, economics, public administration, banking and law. Graduates who appy to prestigious MBA, law and graduate schools have found that the analytical skills inherent in the economics program are sought after and respected by the best graduate schools.

Mission

To provide an excellent undergraduate economics education so that students can critically analyze issues related to the domestic and global economy, business and governmental policy, and to prepare them for a successful career or to pursue graduate studies in economics, business management, law and related fields.

The department is characterized by great cultural and programmatic diversity. Students are exposed to a number of traditional business and economics courses from experienced faculty whose combined professional interests and expertise cover all of the following areas:

  • Economic Theory and Applications
  • Quantitative Business Economics
  • Finance and Accounting
  • Regional Economics
  • Labor Economics
  • Money and Banking

Did You Know?

  • Economics majors are paid one of the highest salaries of all majors?
  • Economics majors receive one of the highest scores on the LSAT?
  • Richard Silverman, admissions director for the Yale School of Management, said: "The best people are more frequently taking economics as their major. . . It shows they have the intellectual fire in the belly to perform well in an MBA program."

Is Economics a career path for me?

Career Settings

The Bachelor of Arts Economics degree prepares students for either graduate studies or careers in:

  • International Trade and Global Markets
  • Management and Quantitative Economics
  • Finance and Accounting
  • Operations Research
  • Labor Economics
  • Money and Banking
  • Government and Politics
  • Forecasting and Actuarial Work

More detailed career information is available from the department.

Bachelor of Arts in Economics

    • Required courses: ECON 111, 112, 311, 312, 495 MGT 250 or MATH 110, one of: MGT 201;MATH 130, 131, 135, MGT 306, ECON 321. one "Analytical and Research Elective": ECON 332, 415; MGT 350, 451
    • An additional 9 professional elective credit from a combination of the following groups (at least one of the professional elective course must be a 300 level course and at least one must be 400 level course):
    • Please see the university requirements.
    • Note: Economics majors must (1) complete at least five courses at ESU with rubrics that begin with either MGT or ECON and (2) attain a QPA of 2.25 or better in all Economics courses taken at ESU. The quantitative requirements should be completed as early as possible.

  • Program Curriculum Plan

    • (Subject to change by the university without notice)

      I. Required Courses:

      ECON 111: Principles of Macroeconomics

      ECON 112: Principles of Microeconomics

      ECON 311: Intermediate Macroeconomics

      ECON 312: Intermediate Microeconomics

      ECON 321: History of Economic Thought

      ECON 495: Senior Seminar

      EMGT 250: Quantitative Business Analysis I

      EMGT 201: Decision Science

      EMGT 306: Financial Management I

      II. 12 Additional Credits in Economics –

      Students are required to select four additional courses from the following areas:

      A. Quantitative

      ECON 322: Labor Economics

      ECON 332: Forecasting Methods

      ECON 413: Managerial Economics

      ECON 415: Econometrics

      EMGT 350: Quantitative Business Analysis II

      EMGT 451: Management Science

      B. Global/International

      ECON 313: International Trade

      ECON 314: International Finance

      ECON 432: Economic Growth/Development

      ECON 442: Comparative Economic Systems

      EMGT 362: Globalization and International Management

      C. Financial and Monetary Economics

      ECON 236: Money and Capital Markets

      ECON 411: Public Finance

      ECON 412: Money and Banking

      EMGT 307: Financial Management II

      EMGT 342: Investment Analysis

      For more information, contact the department by calling 570-422-3148 or visit www.esu.edu/econ

Economics Minor

    • Required courses: Six Economics courses (18) credits including ECON 111 and 112 and ECON 311 or 312, and any three additional ECON courses. A minimum of three courses must be 300 or 400 level.
    • Additional requirements: At least three of the six required courses for the Minor in Economics must be completed at ESU.

Economics and Management Interdisciplinary Minor

    • Required courses: Four Economics courses including ECON 111, 112 and any two additional ECON courses. Three Management courses including EMGT 200 and any two additional EMGT courses. A minimum of three courses (9) credits of the minor's total of seven courses must be 300 or 400 level.
    • Additional requirements: At least four of the seven required courses for the Minor must be completed at ESU. This minor is NOT available to Economics or Management majors.

Faculty

Course Descriptions

  • ECON 111 GE: Principles of Macroeconomics (3)

    • This course is an introduction to the theory of income determination. It covers the topics of national income accounting, inflation, unemployment, fiscal policy, and monetary policy. A survey of consumption, investment, and multiplier theory is also provided.

  • ECON 112 GE: Principles of Microeconomics (3)

    • This course is an introduction to price theory, including theory of consumer behavior, production theory, and cost analysis; the study of commodity pricing under conditions of perfect competition, monopoly and imperfect competition; a survey of distribution theory, factor pricing, and international trade and finance.

  • ECON 121 GE: Consumer Education (3)

    • This course consists of an analysis of human wants in the process of maximizing satisfactions; consumption and patterns of family life cycle are explored. Emphasis is on the individual and the principles and techniques which govern successful consumer behavior in the areas of budget planning, consumption expenditures, and credit transactions. Recent changes in consumerism are explored.

  • ECON 122 GE: Personal Finance (3)

    • This course applies the theoretical tools of microeconomics and business management techniques to the problems of consumer choice. Emphasis is placed on formulating and managing an investment portfolio. This course includes a review of elementary accounting principles and an introduction to federal income tax preparation techniques as well as retirement and estate planning.

  • ECON 221 GE: Contemporary Economic Problems (3)

    • This course is a survey of selected problems in the production, exchange, and distribution of wealth; i.e. attempts to quantify the empirical dimensions, assumptions and value judgments associated with each problem. Economic theory and analytical techniques are applied to current problems.

  • ECON 236 Money and Capital Markets (3)

    • A comprehensive analysis of capital markets is presented via the flow of funds from saver-lender to borrower-spender. The development of financial markets, their present structure and operations techniques, and the merits of the innovative investments they have created are examined in detail. Topics covered include money and credit instruments; risk analysis; determination of interest rates; structure and operations of money, debt, capital and Euro markets; government regulations of financial markets; behavior of depository, contractual and investment intermediaries; and an evaluation of the changing roles of financial institutions.

  • ECON 290 Special Topics (Semester hours arranged)

    • These courses are designed to meet specific needs of groups of students or are offered on a trial basis in order to determine the demand for and value of introducing them as part of the curriculum.

  • ECON 311 GE: Intermediate Macroeconomics (3)

    • Reviews and extends the theory of income determination, surveys consumption theories, and analyzes problems of inflation and unemployment. It includes critical evaluations of fiscal, monetary, and income policies, as well as a brief introduction to modern theories of growth. Prerequisite: ECON 111.

  • ECON 312 GE: Intermediate Microeconomics (3)

    • This course reviews and extends the analysis of value and distribution: it covers traditional price theory techniques in production, exchange, and distribution for firms in markets of perfect and imperfect competition. It includes an introduction to general equilibrium analysis, linear programming, and welfare economics. Prerequisite: ECON 112.

  • ECON 313 GE: International Trade (3)

    • This course examines the development of international trade and finance; it includes a survey of classical, neoclassical, and modern theories and analyzes balance-of-payments techniques and principles. It includes critical evaluation of the arguments for protection, the economic effects of tariffs and quotas, U.S. trade policy, international financial institutions, and international liquidity. Prerequisites: ECON 111, 112.

  • ECON 314: International Finance (3)

    • This course considers the monetary and financial flows between nations that results from the international trade of goods and services. Specific topics include a detailed examination of payments among nations, the foreign exchange markets, exchange rates and their determinants, government policies with respect to foreign exchange markets and the choice between fixed versus floating exchange rates. Prerequisites: ECON 111, 112.

  • ECON 321 GE: History of Economic Thought (3)

    • This course is brief survey of the life and times of the major economic thinkers. It includes a critical evaluation of the contributions of each school of thought. Emphasis is on the evolution of economic analysis and its methodology. Prerequisites: ECON 111, 112.

  • ECON 322 Labor Economics (3)

    • Labor economics applies macroeconomics and microeconomic theory, forming a critical part of the core of analytical economics. This course explores topics such as educational choice, wage determination, employment discrimination, labor law, collective bargaining, etc. with special emphasis on international labor trends. Prerequisites: ECON 111, 112.

  • ECON 332 Forecasting Methods (3)

    • Time series, multiple regression, qualitative, Box-Jenkins, and other techniques are explained and applied in the forecasting of industrial production, sales, and financial variables. Emphasis is placed on the construction, utilization, and evaluation of computer generated forecasting models. Prerequisites: ECON 112; MATH 110.

  • ECON 411 Public Finance (3)

    • This is one of the two major macro-policy oriented courses for economics majors designed to familiarize students with government budgets; i.e. the course examines the structure of expenditures and revenue, fiscal incidence, project analysis, and the problems encountered in the performance of fiscal stabilization techniques to attain given policy targets. Prerequisites: ECON 111, 112, 311.

  • ECON 412 Money and Banking (3)

    • This course deals with the development of money types and banking systems; examination of techniques and operations of the banking system of the U.S.; survey of monetary theory and policy. Prerequisites: ECON 111, 311.

  • ECON 413 Managerial Economics (3)

    • This course is a survey of mathematical techniques useful in constructing economic and managerial models, which help the student identify and systematically formulate managerial problems. The course concentrates on pricing decisions, demand theory, production and cost analysis, and the empirical problems involved in managerial decision making. Prerequisites: ECON 112; MATH 110.

  • ECON 414 Macroeconomics for Managers (3)

    • This course deals with national economic activity from a manager's perspective and with how government policies affect economical performance. The course offers practical explanation of the short-term linkages that impact the performance of the overall economy. Emphasis is placed on the empirical underpinnings and managerial implications of macroeconomics. Issues of how business managers and executives can use macroeconomics data and information to improve the performance of their businesses are addressed. Prerequisites: ECON 111, 112.

  • ECON 415 Econometrics (3)

    • This course is an introduction to the theory of econometrics and its applications. The course will concentrate on determining and measuring the relationship between economic variables. Simple regression, correlation, multiple regressions, and the nature of econometric models will be discussed. A series of applications will conclude the course. Prerequisites: ECON 112; MATH 110.

  • ECON 432 Economic Growth and Development (3)

    • Critical evaluation of the historical and theoretical development of laissez-faire, centralized planning, and mixed economies; emphasis is placed on capital accumulation, industrialization, and economic expansion in the developed and underdeveloped nations, current problems, and alternative policies. Prerequisites: ECON 111, 112.

  • ECON 442 Comparative Economic Systems (3)

    • The purpose of this course is the study of the different economic systems from the "free enterprise system" to the "command economies," with the Third World economic system in between. An attempt is made to analyze the institutional structure of each economic system and the factors underlying it. The universality of economic principles is brought out. Prerequisites: ECON 111, 112.

  • ECON 485 Independent Study (Semester hours arranged)

    • A student wishing to take independent study either on the undergraduate or graduate levels (other than under 571) should discuss the plan with a member of the department. If the faculty member agrees to sponsor the project, the proposal should be submitted to the department chair. The chair, after approving the independent study project, shall bring it to a departmental meeting for confirmation. The dean of the college gives final approval after receiving the minutes of the departmental meeting which identifies the students who were approved by the department to do independent study.

  • ECON 486 Field Experiences and Internships (Semester hours arranged)

  • ECON 495 Senior Seminar (3)

    • The course consists of a series of lectures and discussions on economic topics designed to lead senior students into current scientific literature and research methodology. Prerequisite: Permission of the department.