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St. Mary's Economics Faculty
Economics Department Faculty Spring 2011
Program Overview
Major Requirements | Minor Requirements | Course Catalogs
Economics is the study of the process through which individuals and societies solve a particular human problem. How to ensure that limited resources are put to their highest and best use. Economists research a variety of subjects related to this particular problem, including unemployment, technological change, poverty, environmental quality and international trade.Two trends in the modern economy are given special emphasis in the economics major. First, for the last two centuries there has been a trend in the global economy toward the use of individual choice through markets as the process for dealing with this basic human problem of resource use. Second, there is an increasing economic integration among the world’s economies as global trade in international markets becomes extensive.
The 21st century will see a continuation of the spread of markets as the organizing mechanism of economic activity throughout the world. The economics major focuses on how markets serve this function and analyzes what policies are needed for them to serve it effectively. With this focus, the economics major is structured to assist students in gaining a systematic introduction to the theoretical and empirical techniques of economics. Since many areas of economics have broad social implications, the major also provides the opportunity to study economics as a social science and to discover the interrelationships which economics has with other disciplines
A major in economics provides a suitable basis for careers in business, government, and international agencies, law, teaching, public service, and journalism. It also offers the introductory stages for students interested in graduate work in economics or business. As the economy of the 21st century will require knowledgeable workers who can function in information-based organizations, courses in the economics major stress the use and application of information technology.
Members of the economics faculty will advise each student on the composition of an appropriate program, given the individuals interest's and objectives. Any student considering a major in economics is urged to consult with a member of the economics faculty as early as possible. Members of the economics faculty are committed to mentoring students in the development of their own ideas in the initiation and realization of St. Mary's Projects.
Graduate School Preparation
Students who are considering graduate study in economics are strongly advised to take course work in mathematics and statistics beyond those required for the major. Economics 425, Math 151, 152 and 255 are essential for graduate study; Mathematics 256 and 312 are recommended as well.
Degree Requirements for the Economics Major
To earn a bachelor of arts degree with a major in economics, a student must satisfy the following minimum requirements:
1. General College Requirements.
2. Fourty semester hours of economics credit and distributed as follows:
a. Theory core: twelve credits consisting of:
ECON 101: Intermediate Economics
ECON 251: Intermediate Macroeconomics
ECON 252: Intermediate Microeconomics
b. Analytical skills: four credits consisting of ECON 253: Economic Statistics
c. Twenty-four semester hours of economics credit at the 300 level with at least one chosen from each of the following options:
Economic and Social Policy: courses in this option have a common theme of public policy research applications of economics.
ECON 316: Economics of Race and Gender
ECON 325: Urban Economics and Urban Issues
ECON 350: Environmental Economics
ECON 354: Natural Resource Economics
ECON 355: Labor Economics
Economic Theory and Application: courses in this option use advanced techniques in economic theory and are recommended for graduate study in economics
ECON 356: International Economics
ECON 359: Public Sector Economics
ECON 363: Political Economy
Global Economic Issues: courses in this option provide an international and comparative perspective of economic analysis
ECON 318: International Finance
ECON: 360: Comparative Economic Systems
ECON 372: Economics of Developing Countries
ECON 373: East Asian Economics
Business Economics: courses in this option apply the economic approach to business
ECON 333: Management and Science
ECON 342: Analysis of Financial Data
ECON 351: Industrial Organizations and Regulation
ECON 353: Corporate Finance
ECON 357: Money and Banking
Students with an interest in business economics are urged to take:
ECON 209: Business Law
ECON 230: Marketing
ECON 240: Principles of Management
ECON 250: Principles of Accounting
3.Senior Experience: The objectives of the courses in this requirement are to give students a way to build on the theory and methods of economics learned during the first three years, to allow students to gain expertise in the area they choose to study, and to improve their research and writing skills. Students must choose at least one of the following courses (students coming under catalog years 1999-2000 and 2000-2001 may not use the course chosen to fulfill this requirement to satisfy requirement 2c.):
ECON 400: Introduction to Mathematical Economics
ECON 405: History of Economic Thought
ECON 412: U.S. Economic and Business History
ECON 425: Econometrics
ECON 459: Senior Seminar in Economics
ECON 493/494:(An 8-semester-hour St. Mary’s Project in economics or other major may fulfill the senior experience with the permission of the chair of the Economics Department)
4. The 44-48 (48 if pursuing the St. Mary’s Project option) semester-hours of major requirements may include field experience and independent study approved by the department chair.
5. Student must earn a minimum grade of C- in all required economics courses and maintain and overall GPA of 2.0 or better in these courses.
Degree Requirements for the Economics Minor
To earn a minor in economics a student must satisfy the following requirements:
1. Completion of Core Curriculum requirements.
2. At least 24 semester-hours in economics
a. Required courses (12 credits)
ECON 101: Intermediate Economics
ECON 251: Intermediate Macroeconomics
ECON 252: Intermediate Microeconomics
b. Elective courses (12 credits) Three other 4 credit economics courses, two of which must be at the 300 or 400 level.
3. A grade of C- or better must be received in each course of the minor, and the cumulative grade-point average of courses used to satisfy the minor must be at least 2.0.
