ECONOMICS (ECON)

College of Arts and Sciences, Department of Economics
O’Shaughnessy Education Center (OEC) 427, (651) 962-5675
Riley (chair), Fairchild, Hartmann, Hendrickson, Kim, Marcott, Papagapitos, Rho, Saavedra, Schipper, Vincent, Walrath, Wilson, Wisniewski, Wu

Department Website: http://www.stthomas.edu/economics/

The economics program develops a logical, consistent and rigorous method of thinking about the world and its problems. The economic way of thinking can be applied to a wide variety of topics including inflation, unemployment, financial markets, international trade, poverty, income inequality, currency depreciation, monopoly power, bank failures, sports, budget deficits and health-care costs.

The Department of Economics offers two majors and a minor in economics. All three programs are designed to provide excellent career-entry skills and those skills providing preparation for possible career shifts.

Whether a major or minor in economics is pursued, students are strongly encouraged to complement their studies with work in other fields. In recent years, for example, graduates have done complementary coursework in such fields as mathematics, foreign languages, business, environmental studies, computer science, international studies and English.

The choice of major and of a complementary field depends upon the path the student wishes to pursue. For example, students pursuing a liberal arts major, wishing to double major, or who are interested in continuing studies in professions other than economics would likely find the Bachelor of Arts (B.A.) best suited to their needs. Students wishing to engage the discipline at a deeper level would find the Bachelor of Science (B.S.) a better alternative.

Students graduating with a major in economics will be able to integrate the tools and concepts of the discipline in the analysis of an economic issue. The background provided by this major should equip the student with sound preparation for career advancement.

The core for each degree consists of five economics courses and two allied requirements. The B.A. requires three additional electives of the student’s choosing. The B.S. has four possible paths. Each path requires three specified electives, two additional electives of the student’s choosing, and additional allied requirements suitable to the different paths.

Students wishing to pursue graduate study in economics should consider the path in Mathematical Economics. Students interested in international affairs should consider the path in International Economics. Students seeking an economics degree supplemented with additional technical skills and an introduction to the business field or who are looking towards an eventual MBA degree should consider the Business Economics path.  Finally, students wishing to pursue careers in the government sector or graduate study in public policy should consider the path in Public Policy Economics.

Majors must complete a minimum of twenty credits in economics at St. Thomas. Minors must complete a minimum of twelve credits in economics at St. Thomas.

Economics Honor Society

Omicron Delta Epsilon, the international fraternity in economics, was organized at St. Thomas in 1967. Candidates must have completed at least sixteen credits in economics and have an average of 3.40 or better in both economics and their overall work.

Economics Honors Program

Candidates for honors in economics must complete a research paper and an additional four credits in economics chosen in consultation with the department chair. The research papers of honors candidates are to be read by a committee of three faculty, appointed by the department chair. Each will determine if the paper is suitable for the honors requirement, with a majority rule determining honors designation. Candidates must achieve a grade-point average of 3.50 or higher in the major and 3.25 or higher overall.

Major in Economics (B.A.)

Economics (B.A.) - Major Field Guide

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • ECON 315 Introduction to Econometrics (4 credits)
  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits)

Plus:

  • Twelve credits in courses numbered 300 and above.

Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year.  

Allied requirements

Four credits from the following:

  • MATH 109 Calculus with Review II (4 credits)
  • MATH 111 Calculus for Business and Social Science (4 credits)
  • MATH 113 Calculus I (4 credits)

Plus either:

  • STAT 220 Statistics I (4 credits) or MATH 303 Statistics for the Applied Sciences (4 credits)

or

  • MATH 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)

Major in Economics (B.S.)

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)
  • ECON 315 Introduction to Econometrics (4 credits)
  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits)

Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year. 

Plus:

  • A set of courses in one of the four paths below: Business, International, Public Policy, or Mathematical.

Allied requirements

Four credits from the following:

  • MATH 109 Calculus with Review II (4 credits)
  • MATH 111 Calculus for Business and Social Science (4 credits)
  • MATH 113 Calculus I (4 credits)

Plus either:

  • STAT 220 Statistics I (4 credits) or MATH 303 Statistics for the Applied Sciences (4 credits)

or

  • MATH 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)

Business Economics

Business Economics Path (B.S.) - Major Field Guide

A path which emphasizes additional tools for analyzing business situations as well as incorporating a basic foundation in the field of business.

  • ECON 311 Forecasting (4 credits)
  • ECON 332 Industrial Organization (4 credits)
  • ECON 401 Managerial Decision Making (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above 

Plus:

  • ACCT 210 Introduction to Financial Accounting (4 credits) 

Plus eight credits from the following:

  • ACCT 215 Managerial Accounting (4 credits)
  • FINC 300 Finance for Non-Business Majors (4 credits)
  • FINC 321 Financial Management (4 credits)
  • MGMT 305 Management and Organizational Behavior (4 credits)

International Economics

International Economics Path (B.S.) - Major Field Guide

A path which prepares students for careers in which an understanding of the complexities of cultural differences and international economic relationships is crucial.

Twelve credits from the following:

  • ECON 345 Economics of Development and Growth (4 credits)
  • ECON 346 Country and Area Studies in Economics (4 credits)
  • ECON 341 Economics of International Finance (4 credits)
  • ECON 342 International Trade (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above (ECON 346 can only be included one time in fulfillment of the path requirement, and not as one of the additional electives)

Plus:

  • A minor in a foreign language or significant study abroad experience approved by the department chair

Public Policy Economics

A path which prepares students for careers in the government or non-profit sectors, or for graduate study in public policy.

  • ECON 337 Economics of the Public Sector (4 credits)

Plus eight credits from the following:

  • ECON 326 Industry Studies (4 credits)  Note: There are several topics offered through ECON 326, however "Health" is the only topic that is eligible for this path.
  • ECON 333 Regional and Urban Economics (4 credits)
  • ECON 370 Environmental and Natural Resource Economics (4 credits)

Plus:

  • Eight credits in elective economics courses numbered 300 or above

Plus:

  • POLS 104 American Government in Comparative Perspective (4 credits)
  • POLS 205 Introduction to the American Public Policy Process (4 credits)

Plus:

  • Four credits in elective political science courses numbered 300 through 319

Mathematical Economics

Mathematical Economics Path (B.S.) - Major Field Guide

A path which prepares students for the core competencies necessary for graduate study in economics.

  • ECON 355 Game Theory (4 credits)
  • ECON 418 Mathematical Economics (4 credits)

Plus four credits from the following:

  • ECON 301 History of Economic Thought (4 credits)
  • ECON 337 Economics of the Public Sector (4 credits)
  • ECON 339 Labor Economics (4 credits) 

Plus:

  • Eight credits in elective economics courses numbered 300 or above

Plus:

  • MATH 114 Calculus II (4 credits)
  • MATH 200 Multi-Variable Calculus (4 credits)
  • MATH 240 Linear Algebra (4 credits)

Note: STAT 333 Applied Statistical Methods may be substituted for ECON 315

Students applying to graduate school are advised to complete MATH 240 prior to submitting their application.

Teacher Education

Elementary Education with a Specialty in Social Studies (5-8)
Co-major in Social Studies (5-12) and a Co-major in Secondary Education

See Education

Minor in Economics

  • ECON 251 Principles of Macroeconomics (4 credits)
  • ECON 252 Principles of Microeconomics (4 credits)

Plus four credits from the following:

  • ECON 351 Macroeconomic Theory (4 credits)
  • ECON 352 Microeconomic Theory (4 credits) 

Plus:

  • Twelve credits in elective economics courses numbered 300 and above.
Course Number Title Credits
ECON  103 Economics Gen Ed Transf Crs 4
ECON  211 Current Economic Issues 4
ECON  243 Individual Study 2 OR 4
ECON  251 Prin of Macroeconomics 4
ECON  252 Prin of Microeconomics 4
ECON  269 Research 2 OR 4
ECON  297 Topics 4
ECON  298 Topics 4
ECON  301 Hist of Economic Thought 4
ECON  311 Forecasting 4
ECON  315 Introduction to Econometrics 4
ECON  321 Law and Economics 4
ECON  324 Health Economics 4
ECON  326 Industry Studies 4
ECON  327 Sports Economics 4
ECON  332 Industrial Organization 4
ECON  333 Regional & Urban Economics 4
ECON  335 Money,Fin Market,Economy 4
ECON  337 Econ of the Public Sector 4
ECON  339 Labor Economics 4
ECON  341 International Macroeconomics 4
ECON  342 International Trade 4
ECON  345 Economic Development/Growth 4
ECON  346 Country & Area Studies 0 TO 4
ECON  351 Macroeconomic Theory 4
ECON  352 Microeconomic Theory 4
ECON  355 Game Theory 4
ECON  370 Envr & Nat Resource Econ 4
ECON  389 Research 2 OR 4
ECON  393 Individual Study 2 OR 4
ECON  401 Managerial Decision Making 4
ECON  418 Mathematical Economics 4
ECON  478 Experiential Learning 4
ECON  490 Topics 4
ECON  491 Research 2 OR 4
ECON  495 Individual Study 2 OR 4