Economics and Business (ECB)
Christopher Conrad, A'amer Farooqi, Santhi Hejeebu, Todd Knoop (chair, 1st semester), Jerome Savitsky (chair, 2nd semester)
Major: A minimum of 11 course credits, including the following core courses: ECB 101, 102, 151, 301, 302, and INT 201 (Statistical Methods I) or MAT 348 (Mathematical Statistics II); at least one 200-level ECB course from the following list of quantitative literacy courses, to be taken by Term Four of the junior year: ECB 225, 253, 254, 257, or 258; and at least two of the following seminar courses: ECB 311, 320, 321, 323, 352, 355, or 356.
Teaching Major: The same as above. In addition to the foregoing requirements, prospective teachers must also apply for admission to the Teacher Education Program (preferably at the start of their sophomore year) and complete coursework leading to secondary certification described under Education. Prospective teachers should request a current list of the specific course requirements from the Education Office.
Second Teaching Area in Economics: The following program in conjunction with a teaching major in Anthropology (individualized major), History, Psychology, or Sociology will enable the student to apply for certification to teach both the major subject and Economics: ECB 101, 102, and any two of the following courses: ECB 223, 225, 245, 301, or 302.
Concentrations: A combination of courses from several disciplines may be used as a basis for advanced training in law, government service, and a number of other professional programs. The Department will assist students in selecting interdisciplinary programs for special purposes, e.g., with the other social sciences and natural sciences for environmental studies, and with history and politics for international studies. Students interested in business may design a curriculum to develop the broadly transferable skills needed in management, especially analysis, writing, and quantitative methods; and an understanding of the government policies which affect business. In addition to ECB 151 and 352, which meet requirements for the major, students may select courses from among ECB 243, 253, 320, 340, 341, 351, and 380.
Quantitative Skills: For basic skills, majors should take CSC 131 (Computing Practice and Perspectives) and MAT 121 (Calculus of a Single Variable). For strong graduate school preparation in either economics or business, students should take CSC 140 (Foundations of Computer Science), MAT 121 (Calculus of a Single Variable), 122 (Calculus of Several Variables), 221 (Linear Algebra), and possibly 347 and 348 (Mathematical Statistics I & II).
101. Macroeconomics
Basic macroeconomic theory. Analytical evaluation of the determinants of national output, inflation, and unemployment. Examination of fiscal and monetary policies and issues in international trade and payments. Introduction of tools necessary to analyze economic models. (Social Science)
102. Microeconomics
Basic microeconomic analysis of consumer choice, the business firm, and resource markets in labor, capital, and land. Analysis and critique of government policy in problem areas such as monopoly power and government regulations and expenditures. Prerequisite: two years of algebra in high school. (Social Science)
151. Financial Accounting
Accounting concepts and principles. Asset and liability valuation, income determination, financial statement presentation and analysis, and the use of accounting information for business decision-making. Objectives of accounting rather than bookkeeping techniques.
213. Economic Development
Economic development problems and policies of Third World countries. Profiles and historical records of developing countries. General theories of development, and the role of agricultural strategy, international trade and finance, population growth, income distribution, and savings and capital formation. Prerequisite: ECB 101. Offered subject to availability of faculty. (Social Science) FAROOQI
223. International Economics
Survey of international trade and finance with a theoretical emphasis. Why nations trade, the theory of protection, and commercial policy. Balance of payments, theories of exchange rate determination, and international macroeconomic theory and policy. Prerequisites: ECB 101 and 102. Offered two out of every three years. (Social Science) FAROOQI
225. Money and Banking
The role of financial institutions and financial assets in macroeconomic activity. The stock market, money markets, monetary policy, money supply and demand, interest rates, inflation, international financial markets, and the International Monetary Fund. Prerequisites: ECB 101 and either INT 201 or MAT 348. (Social Science) KNOOP
243. Investments
Investment alternatives from the investor's perspective. Stock market indices, trading procedures, evaluation techniques, and investment strategies. Dow, valuation, portfolio, and efficient stock theories. Government regulation of securities markets. Prerequisites: ECB 102 and 151. Alternate years. (Social Science) CONRAD
253. Managerial Accounting
Continuation of ECB 151. Application of accounting data to management decisions. Prerequisites: ECB 102, 151, and either INT 201 or MAT 348.
254. Enterprise and Entrepreneurship in U.S. Economic History
This course takes an economic approach to the study of America's past. We explore some of the leading personalities and organizations responsible for America's second industrial revolution, 1865-1914. The course will take students to the historic Pullman town and the Newberry Library in Chicago. Prerequisites: ECB 102 and INT 201 or MAT 348. Alternate years. (Social Science) HEJEEBU
255. Antitrust Policy and Government Regulation
The course introduces students to the economic analysis of antitrust policy and government regulation of business. We will examine how such policies affect horizontal and vertical mergers, pricing strategies, and other attempts by businesses to expand market power. Furthermore we will explore the economic rationale and consequences of federal government intervention in business operations. Prerequisite: ECB 102. Alternate years. (Social Science) HEJEEBU
257. Labor Market Issues
Exploration of a variety of current issues in labor markets from an economics perspective. Included among the questions to be addressed in this course are: Why do professional athletes, rock stars and movie stars earn so much more than the rest of us? What is the economic value of a college degree? Why do some college majors earn so much more than others? Who pays for and benefits from on-the-job training? Are workers better off when the government regulates safety in the workplace? How does discrimination in the labor market affect women, African Americans and other minorities? Why has union membership fallen so dramatically during the last 30 years? Who benefits from and who is hurt by increased international competition? Course activities will include a series of data collection/analysis/presentation projects. Prerequisites: ECB 101 or 102, and INT 201 or MAT 348. Alternate years. (Social Science) SAVITSKY
258. Economics of Sports
Economic analysis of various aspects of professional sports and intercollegiate athletics. Topics will include the relationship between on-the-field performance and economic profits, the economics of competitive balance, the market for professional franchises, public financing of stadiums and arenas, labor unions and labor relations, discrimination in the market for professional athletes, the economics of intercollegiate athletics, and the role of the NCAA in intercollegiate athletics. Course activities will include a series of data collection/analysis/presentation projects. Prerequisites: ECB 102 and INT 201 or MAT 348. Alternate years. (Social Science) SAVITSKY
260. Economies of East Asia
Examination of the East Asian "economic miracle," with an emphasis on the causes of rapid growth, impact on income distribution, the nature of government economic management and the role of international trade. The dynamics of economic change are explored through a look at the economies of Japan, South Korea, China, and Hong Kong. Alternate years. (Social Science) FAROOQI
261. Global Environmental Economics
Economic analysis of global environmental issues, with special emphasis on developing countries. Review of basic economic theory with respect to environmental issues. Policy analysis of sustainable development, population growth, deforestation, air and water pollution, ecotourism, international hazardous waste, biodiversity, and global warming. Recommended prerequisite: ECB 101 or 102. Alternate years. (Social Science) FAROOQI
265 through 275. Topics in Economics and Business
Selected topics of current interest in economics and business. See Topics Courses.
290/390. Individual Project: see Courses 290/390.
301. Intermediate Microeconomics
Economic theory of choice in a price system. The forces that determine price and production decisions of business firms in competitive and monopolistic markets, and the allocation of resources through these markets. Economic analysis applied to decision-making in government and business firms, and to clarify social issues. Prerequisites: ECB 102 and junior standing. (Social Science) SAVITSKY or HEJEEBU
302. Intermediate Macroeconomics
Factors influencing the level of national income and employment, movement of prices, and behavior of other macroeconomic variables. Postwar economic developments and contemporary monetary and fiscal policy problems. Problems of economic growth and international trade. Prerequisites: ECB 101, 102, and junior standing. (Social Science) FAROOQI or KNOOP
311. Industrial Organization Seminar
Theories of market structure: perfect competition, perfect monopoly, oligopoly, cartels. Theories of strategic behavior, emphasizing game theoretic approaches to the study of market structures. The economics of information. Prerequisite: ECB 301. Alternate years. (Social Science) SAVITSKY
320. Women, Men, and the Labor Market Seminar
The seminar examines male/female differences in labor market outcomes. Theoretical explanations will be confronted with empirical evidence. Topics to be covered include: labor supply behavior and the allocation of time in the household, human capital investments in education and labor market experience, discrimination against women in the acquisition of human capital, labor market discrimination against women and the pay gap, and the economics of anti-discrimination laws. Prerequisites: ECB 301 and INT 201 or MAT 348. Alternate years. (Social Science) SAVITSKY
321. Macroeconomics Seminar
An investigation into why rich countries are rich and poor countries are poor. Macroeconomic growth theory will be examined in an attempt to explain why some countries have experienced growth miracles and others have been growth disasters. Prerequisite: ECB 302. (Social Science) KNOOP
323. International Economics Seminar
Theory of international specialization and world trade, the institutions and mechanisms of world trade and payments, and major policy issues of concern to both industrial and developing economies. Prerequisite: ECB 223 or 302. (Social Science) FAROOQI
337. Economics of Recessions and Depressions
Investigation into the causes and economics of recessions, depressions, and expansions. Included will be a broad review of the history of macroeconomic thought, the development of which has focused on explaining business cycles. The Great Depression will be examined in detail. An introduction to business forecasting will also be covered. Prerequisite: ECB 302. Alternate years. (Social Science) KNOOP
340. Econometrics
Introduction to the use of statistics in economics and business, employing economic theory and real-world data in order to predict future demand for a product and to forecast levels of inflation and unemployment. Statistical methods include cross-section and time series analysis, and single and multivariate regression. Prerequisites: ECB 101, 102, and INT 201 (Statistical Methods I) or MAT 348 (Mathematical Statistics II). Alternate years. KNOOP
341. Mathematical Economics
Application of mathematical techniques to economic analysis, with emphasis on the theory of demand and the theory of the firm. Constrained and unconstrained optimization. Decision-making under uncertainty. Prerequisites: ECB 102 and MAT 120 or 121. Alternate years. (Social Science) SAVITSKY
351. Financial Management
Analytic tools of economics and accounting applied to a firm's financial value. Economics of the securities and financial markets in which firms obtain capital. Prerequisite: ECB 253. (Social Science)
352. Financial Management Seminar
This course explores the emerging field of Enterprise Risk Management (ERM), which focuses on risk mitigation strategies employed by firms against the various risks they face. There is a particular emphasis on financial risk management. Prerequisite: ECB 301 or 302. (Social Science) CONRAD
354. Managerial Economics
This course aims to bridge the gap between the abstraction of economic theory and real life setting in which business decision-makers operate. We implement the broad ideas of supply, demand, elasticity, production and cost functions to specific problems of resource allocation within firms. The course is built around a series of case studies produced by the Harvard Business School. Business practitioners will be regularly invited to the class. Prerequisite: ECB 301. Alternate years. HEJEEBU
355. Multinational Corporations in Historical Perspective Seminar
This course examines the evolution of a major player in global trade: the multinational corporation. We will explore the boundary between commerce and the political roles multinational companies can play in their source and product markets. How does the multinational firm economically benefit from allegiances across states? What impacts do these firms have on their home and host economies? Prerequisite: ECB 301. Alternate years. HEJEEBU
356. Economics of Organizations Seminar
Organizational Economics offers an economic approach to the study of management. We explore the design of effective performance evaluation systems and employee compensation plans. We consider in detail the problem of assigning decision-making authority within a company. Topics covered include theories of the firm, contract theory, incentives within organizations, relational contracting, careers in organizations, etc. The course will use Harvard Business School case studies and will invite business practitioners. Prerequisite: ECB 301. Alternate years. HEJEEBU
365 through 369. Advanced Topics
Selected topics of current interest in economics and business. Check individual course description for prerequisite(s). See Topics Courses.
380. Internship in Economics and Business
Observation of and participation in activities related to Economics and Business courses and to the career goals of the student. The student works with a business, government, or other appropriate institution under the direction of the organization's leaders and a faculty supervisor. Prerequisites: junior standing; courses that adequately prepare the student for the internship; and approval by the faculty supervisor. Internships are normally for two terms. The maximum credit that may be earned in an Economics and Business internship is three term credits. A maximum of two course credits may be counted toward satisfying the requirement of nine course credits numbered in the 300s or 400s for the Bachelor of Arts degree. (CR) See Courses 280/380.