ECONOMICS (ECON)
College of Arts and Sciences, Department of Economics
O’Shaughnessy Education Center (OEC) Fourth Floor, (651) 962-5667
Wu (chair), Arafat, Bedsworth, Hartmann, Kim, Kreitzer, Langan, Papagapitos, Rho, Saavedra, Schipper, Sorensen, Walrath, Wilson, Wisniewski
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 an honors thesis under the supervision of an economics faculty member. A committee composed of the faculty supervisor and two other faculty members chosen by the student will read each thesis. Each member of the committee will determine if the thesis is suitable for the honors requirement, with a majority rule determining honors designation. Candidates must achieve a grade-point average of 3.75 or higher in the major and 3.5 or higher overall. To be eligible, students must complete a minimum of 32 non-research credits in Economics.
Major in Economics (B.A.)
Economics BA Course GuideEconomics BA Course Guide- 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 a C- or higher in one of the following:
- STAT 220 Introductory Statistics (4 credits)
- STAT 201 Introductory Statistics II (2 credits) and STAT 206 Introductory Statistics I (2-4 credits)
- MATH 303 Statistics for the Applied Sciences (4 credits)
- 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 a C- or higher in one of the following:
- STAT 220 Introductory Statistics (4 credits)
- STAT 201 Introductory Statistics II (2 credits) and STAT 206 Introductory Statistics I (2-4 credits)
- MATH 303 Statistics for the Applied Sciences (4 credits)
- MATH 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)
Business Economics
ECON Business Course GuideECON Business Course Guide- 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 100 Principles of Accounting I (4 credits)
- ACCT 200 Principles of Accounting II (2 credits)
- FINC 310 Core Financial Management (2 credits)
Plus:
- Four additional credits at the 200 level or higher within the following Business Administration areas: ACCT, BETH, BLAW, ENTR, FINC, MGMT, MKTG, OPMT, and REAL. These four credits will be chosen in consultation with the student’s economics advisor.
International Economics
ECON International Course Guide - 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 Open Economy Macroeconomics (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
Mathematical Economics
ECON Math Course Guide - 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 311
Students applying to graduate school are advised to complete MATH 240 prior to submitting their application.
Public Policy Economics
ECON Public Policy Course Guide - Major Field Guide
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 324 Health Economics (4 credits)
- 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 Citizen Participation and Public Policy (4 credits)
Plus:
- Four credits in elective political science courses numbered 300 through 319
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.
Economics Undergraduate Courses
Course Number | Title | Credits | |
---|---|---|---|
ECON 110 | Explore Econ with Data Viz | 2 | |
Description of course Explore Econ with Data Viz : | The purpose of this course is to explore economic topics by using and creating data visualizations. In this course, students will learn fundamentals of data visualization, including how to make clear and informative tables and graphs and when different types of visualizations are most appropriate. These skills are valued in a variety of settings, including in business, international organizations, government agencies, or nonprofits, and can help students use big data to promote the common good. This course is appropriate for students new to economics, but also for students experienced in economics but who wish to gain a deeper understanding of data visualizations. Among the anticipated data visualization course offerings will focus on economics and social problems, sports, international trade, and managerial economics. | ||
ECON 120 | Data Mgmt for Econ Analysis | 2 | |
Description of course Data Mgmt for Econ Analysis : | In this course, students will explore how data can be used to examine a range of topics in economic research (e.g., health care, education, poverty, immigration, finance, international trade). In doing so, students will acquire skills in data management (e.g., acquisition, preparation, transformation) that support effective economic analysis. Students will also gain economic insights from working with real-world data, which could apply to a wide range of disciplines and organizational settings that utilize economic-based decision making (e.g., government, business, non-profit, policy research). | ||
ECON 130 | Quantitative Data Literacy | 2 | |
Description of course Quantitative Data Literacy : | How are quantitative claims misunderstood and misrepresented? Every day, we are exposed to quantitative claims from a variety of sources, including advertising, politics, and the media. However, these claims vary in their degree of validity, accuracy, and even honesty. The ability to critically evaluate quantitative data is an essential skill for people in a variety of roles—as students, professionals, and members of society. Therefore, the purpose of this seminar is to encourage and equip students—from all fields and disciplines—to be both good consumers and producers of quantitative data analysis by learning how to better detect, understand, refute, and avoid generating invalid, inaccurate, or dishonest quantitative claims. Prerequisites: STAT 201, STAT 220, STAT 314, or MATH 303 | ||
ECON 211 | Current Economic Issues | 4 | |
Description of course Current Economic Issues : | Poverty, health care, tax reform, international trade, crime, income inequality, inflation, and business mergers are some of the contemporary topics that raise interesting questions for public policy and economic analysis. This course will focus on a series of these macroeconomic and microeconomic topics. The goal is to develop economic concepts and analytical tools within a context of direct application to economic issues. Consideration of equity or fairness will be included in discussions of public policy. Student preferences will be considered in selecting many of the issues. Not open to students who have completed ECON 251 or 252. | ||
ECON 243 | Individual Study | 2 OR 4 | |
Description of course Individual Study : | No description is available. | ||
ECON 251 | Prin of Macroeconomics | 4 | |
Description of course Prin of Macroeconomics : | An introduction to macroeconomics: national income analysis, unemployment, price stability, and growth; monetary and fiscal policies; international trade and finance; application of economic theory to current problems. Students who enroll in this course are expected to be able to use high-school algebra. | ||
ECON 252 | Prin of Microeconomics | 4 | |
Description of course Prin of Microeconomics : | An introduction to microeconomics: theory of household (consumer) behavior, theory of the firm, market structures, market failures, economic efficiency, factor markets, and income distribution. Students who enroll in this course are expected to be able to use high-school algebra. | ||
ECON 269 | Research | 2 OR 4 | |
Description of course Research : | No description is available. | ||
ECON 295 | Topics | 2 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 296 | Topics | 2 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 297 | Topics | 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 298 | Topics | 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 301 | Hist of Economic Thought | 4 | |
Description of course Hist of Economic Thought : | A survey of the content and method of economics and an analysis of the theories of the great economists from the ancient Greeks to the present; mercantilism, physiocracy, the classical school and its critics, particularly Marx; the marginalist school; Alfred Marshall and Keynes, recent developments in economic thought. Prerequisites: ECON 251 and 252 | ||
ECON 311 | Forecasting | 4 | |
Description of course Forecasting : | An introduction to techniques used in forecasting with emphasis on analyzing economic and business data. The emphasis is on timeseries data, although cross-sectional analysis is also covered. Techniques presented include variants of moving averages, variants of exponential smoothing, regression and ARIMA processes. Prerequisites: ECON 251 and 252 and a grade of C- or higher in STAT 220, 201, MATH 303, or STAT 314. | ||
ECON 315 | Introduction to Econometrics | 4 | |
Description of course Introduction to Econometrics : | An introduction to the application of statistical models and methods to economic problems; simple and multiple linear regression models; generalized least-squares; model building and related topics. Emphasis is on use of econometric software to analyze data and to test hypotheses. Prerequisites: Eight credits of ECON at the 300- or 400-level, and MATH 109, 111, or 113, and a grade of C- or higher in one of the following: STAT 220, STAT 201, MATH 303, or STAT 314. | ||
ECON 321 | Law and Economics | 4 | |
Description of course Law and Economics : | The relationship between legal and economic aspects of selected issues: property rights, liability laws, product-safety legislation, discrimination, crime control, and related topics. Prerequisites: ECON 251and 252 or permission of instructor | ||
ECON 324 | Health Economics | 4 | |
Description of course Health Economics : | This course provides an application of economic principles to the health care system and health policy topics with the focus on the critical economic issues in producing, delivering and financing health care. The course focuses on the U.S. health care sector but will also feature discussion of other developed and developing countries. Prerequisite: ECON 252 | ||
ECON 326 | Industry Studies | 4 | |
Description of course Industry Studies : | This course provides an analysis of a particular industry or sector of the U.S. economy. Among the topics included in the analysis will be: identification and description of the industry in question, past and present performance of the industry, the importance of the industry within the national and global economy, the level of competition present in the industry, and the role of government in this industry. Among the anticipated course offerings are Agricultural Economics, Economics of the Arts, and Transportation Economics. Prerequisites: ECON 251 and 252 | ||
ECON 327 | Sports Economics | 4 | |
Description of course Sports Economics : | The application of industrial organization, public finance, labor economics, and economic history to the sports entertainment industry with a view toward better understanding the many economic issues in sports, such as Major League Baseball's antitrust exemption, the deontological and consequentialist bases for the public subsidation of sports stadiums, and the underpayment of salaries to professional athletes in North America. Prerequisite: ECON 252. | ||
ECON 331 | Economic Inequality | 4 | |
Description of course Economic Inequality : | Economic Inequality focuses on two types of inequality often studied by economists: income and wealth inequality. The course will illustrate how inequality in the U.S. has evolved over time, and how it compares to other countries. It puts particular emphasis on using data and modeling to explain the origins of inequality and explore the impacts of policies aimed to address it. The course highlights how inequality relates to demographics such as race, gender, and education. Finally, it explores hard questions about whether inequality is unavoidable, whether it matters, and what can be done about it. Prerequisites: ECON 251 and ECON 252 | ||
ECON 332 | Industrial Organization | 4 | |
Description of course Industrial Organization : | Relationship between market structure, behavior and performance of business enterprises; government intervention and regulation; antitrust and other public-policy issues. Prerequisites: ECON 251 and 252 | ||
ECON 333 | Regional & Urban Economics | 4 | |
Description of course Regional & Urban Economics : | Principles underlying the location of economic activity; land-use patterns; transfer cost; location and structure of urban areas; growth of cities and regions; urban and regional problems and policies. Prerequisite: ECON 252 | ||
ECON 335 | Money,Fin Market,Economy | 4 | |
Description of course Money,Fin Market,Economy : | The nature, evolution, and functions of money; the role of depository financial institutions; structure of financial markets; principles of central banking; monetary theory and monetary policy; introduction to international banking and finance. Prerequisites: ECON 251 and 252 | ||
ECON 337 | Econ of the Public Sector | 4 | |
Description of course Econ of the Public Sector : | This course examines the role of government in a modern economy. It develops a set of concepts that will allow students to evaluate policy alternatives. The following are among the particular topics likely to be addressed: externalities and environmental protection, education, the redistribution of income, health care, social insurance, taxation and tax reform, cost-benefit analysis, fiscal federalism, and state and local government finance. In each case, the focus is on whether intervention by government is appropriate, what the most effective form of any such intervention is, and how alternative policy interventions affect the private decisions made by citizens and business firms. Prerequisite: ECON 252 | ||
ECON 339 | Labor Economics | 4 | |
Description of course Labor Economics : | Labor supply and demand; determinants of the wage structure; education and training decisions; the role of labor unions; mobility and migration, discrimination; public policies in labor markets. Prerequisite: ECON 252 | ||
ECON 341 | International Monetary Systems | 4 | |
Description of course International Monetary Systems : | This course presents the framework necessary to understand international financial flows and open-economy macroeconomics. Upon completion of the course, students are expected to have a solid understanding of the workings of foreign exchange markets, balance of payments, exchange rate determination and regimes, optimum currency areas and policy coordination in an open economy. Prerequisites: ECON 251 and 252. | ||
ECON 342 | International Trade | 4 | |
Description of course International Trade : | This course examines the economics of International trade and trade policy. Topics include: theories of why countries trade and their implications for income distribution and gains from trade; implications of national trade policies; strategic trade policy; regional agreements (including multilateral trade agreements, free trade areas, customs unions, common markets and economic unions); international factor movements; trade issues related to developing countries, the environment of economic growth. Prerequisites: ECON 251 and 252 | ||
ECON 345 | Economic Development/Growth | 4 | |
Description of course Economic Development/Growth : | Nature and measures of economic growth and development; theories of growth; developed and less-developed nations; economic planning; selection and financing of projects for economic growth and human development; environment, resources, and limits to growth. Prerequisites: ECON 251 and 252 | ||
ECON 346 | Country & Area Studies | 0 TO 4 | |
Description of course Country & Area Studies : | An analysis of the economic system(s) of a particular country or region of the world. Among the topics included in the analysis will be: functioning of key sectors of the system; the role of government in the economy; the resource base; the income distribution; trade and financial relations with other countries; contemporary economic issues and policies; past and present economic performance. Course offerings are anticipated for Japan, Russia, European Union, Latin America, China and Australia. Students may take this course more than once provided the specific country/region is not duplicated. Prerequisites: ECON 251 and 252 | ||
ECON 351 | Macroeconomic Theory | 4 | |
Description of course Macroeconomic Theory : | Theories of money, interest, income and expenditure, employment, and inflation; monetary and fiscal policies; introduction to the theory of growth. Prerequisites: ECON 251 and 252 | ||
ECON 352 | Microeconomic Theory | 4 | |
Description of course Microeconomic Theory : | Analysis of consumer behavior and demand theory; theory of production and costs; analysis of the firm and industry under various market structures; factor pricing; general equilibrium. Selected additional topics such as market failure, economics of information, welfare economics, income distribution. Prerequisites: ECON 251, 252 and MATH 109 or 111 or 113 or equivalent. | ||
ECON 355 | Game Theory | 4 | |
Description of course Game Theory : | Game theory seeks to explain how rational people make decisions when outcomes are mutually interdependent. This course introduces the methods of game theory from a historical perspective with primary emphasis on applications to economics. Applications to the other social sciences, business and biology are also considered. Topics covered include: normal and extensive forms of games, strict and weak dominance, sub-game perfections, pure and mixed strategies, Nash equilibrium, bargaining, oligopoly, New Keynesian and Classical Economics, trade policy, environmental economics and conflict resolution. Prerequisites: ECON 251 and 252, plus completion of the core curriculum mathematics requirement. | ||
ECON 370 | Envr & Nat Resource Econ | 4 | |
Description of course Envr & Nat Resource Econ : | This course employs economic principles to analyze the problems of environmental pollution and natural-resource depletion. Economic systems, such as the private-market mechanism, are evaluated with respect to their effectiveness in the management of natural resources and the environment. Domestic and international environmental policies are examined and critiqued. Prerequisite: ECON 252 | ||
ECON 389 | Research | 2 OR 4 | |
Description of course Research : | No description is available. | ||
ECON 393 | Individual Study | 2 OR 4 | |
Description of course Individual Study : | No description is available. | ||
ECON 395 | Topics | 2 OR 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 396 | Topics | 2 OR 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 397 | Topics | 2 OR 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 398 | Topics | 2 OR 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 401 | Managerial Decision Making | 4 | |
Description of course Managerial Decision Making : | Microeconomic theory applied to business decision making. Emphasis on quantitative techniques applied to business decision making under uncertainty, demand and cost estimation, linear production models, pricing decisions, capital budgeting, inventory problems, and group decision making. Quantitative tools include linear regression, statistical decision analysis and linear programming. Prerequisites: ECON 352 and a grade of C- or higher in one of the following: STAT 220, STAT 201, MATH 303, or STAT 314; or permission of the instructor. | ||
ECON 418 | Mathematical Economics | 4 | |
Description of course Mathematical Economics : | Introduction to a mathematical treatment of models of economic behavior; economic content includes consumer theory, theory of the firm and selected topics in macroeconomics. Prerequisites: ECON 352, and MATH 200 or MATH 114 with permission of instructor | ||
ECON 476 | Experiential Learning | 1 TO 4 | |
Description of course Experiential Learning : | No description is available. | ||
ECON 483 | Seminar | 2 | |
Description of course Seminar : | No description is available. | ||
ECON 484 | Seminar | 2 | |
Description of course Seminar : | No description is available. | ||
ECON 487 | Topics | 2 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 488 | Topics | 2 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 490 | Topics | 4 | |
Description of course Topics : | The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule | ||
ECON 491 | Research | 2 OR 4 | |
Description of course Research : | No description is available. | ||
ECON 495 | Individual Study | 2 OR 4 | |
Description of course Individual Study : | No description is available. |