Department of Economics

Dr. T. Windsor Fields, Head

Professors

Carrier, Fields, Horn, Kipps, Kohen, B. Rosser, Varghese, W. Wood

Associate Professors

Ahmed, Jerome, Kreutzer, Milliman, M. Rosser, V. Smith

Assistant Professors

Brunton, Doyle, Elwood

Course Descriptions: Economics

The Department of Economics offers degree programs leading to the Bachelor of Arts, Bachelor of Science and Bachelor of Business Administration degrees in economics. The department also offers a concentration in financial economics within each of its three degree programs. A minor in economics is also offered. Economics is a science which examines many of society's most fundamental and controversial issues. Among these are the strengths and the limitations of market-based systems of production and distribution, the creation and distribution of wealth, the appropriate role of government in the economy, the incidence and alleviation of poverty, methods of preserving environmental quality, and the determinants of economic growth, business cycles, inflation and unemployment. It should be recognized, however, that economics is not a body of fixed conclusions and policy prescriptions. Rather, economics is a method, or a technique for thinking, which helps one to draw sound inferences about difficult and often confusing problems. Because economics emphasizes analytical and critical thinking, students majoring in this discipline enjoy a wide variety of potential career paths in both the private and public sectors. A degree in economics is also good preparation for graduate studies in related areas such as law, business administration, public policy and international relations.

Major in Economics (B.A. Degree)

The minimum requirement for a B.A. degree in economics is 30 credit hours of economics including 12 credit hours of required courses and 18 credit hours of electives.

Credit
Required Courses Hours
ECON 201. Principles of Economics (Micro) 3
ECON 202. Principles of Economics (Macro) 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 385. Econometrics 3
Economics electives (at least six credits 15
must be at the 400 level, not including
ECON 490 or ECON 499)
30

For a B.A. degree in economics students must complete the foreign language and philosophy requirements found on page 41. Also, all students must complete the liberal studies program described on pages 45-49.

First Two Years

During the first two years, students should complete most of the liberal studies program and the following courses in economics:

ECON 201. Principles of Economics (Micro)
ECON 202. Principles of Economics (Macro)

Other course work that should be completed during the freshman or sophomore years includes

Choose one of the following:
MATH 205. Introductory Calculus I
MATH 235. Analytic Geometry and Calculus I
IDS 104. Microcomputer Applications
IDS 191. Business and Economic Statistics
IDS 204. Computer Information Systems

Three credit hours of the liberal studies social science requirement must be fulfilled with courses outside the Department of Economics.

Third and Fourth Years

Bachelor of Arts economics majors should complete ECON 331, Intermediate Microeconomic Theory, and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. While most majors will complete the 400-level requirement in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.

Freshman Year Credit
First Semester Hours
ECON 201. Principles of Economics (Micro) 3
Choose one of the following: 3-4
MATH 205. Introductory Calculus I (three credits)
MATH 235. Analytic Geometry and Calculus I
(four credits)
Liberal studies courses, free electives and 9
special degree requirements 1
15
Credit
Second Semester Hours
ECON 202. Principles of Economics (Macro) 3
IDS 104. Microcomputer Applications 1
Liberal studies courses, free electives and 11
special degree requirements 1
15
Sophomore Year Credit
First Semester Hours
IDS 191. Business and Economic Statistics 3
IDS 204. Computer Information Systems 2
Choose one of the following: 3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
Liberal studies courses, economics elective, free 7
electives and special degree requirements 1
15
Credit
Second Semester Hours
Choose from the following: 3-6
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
Liberal studies courses, economics elective, free 9-12
electives and special degree requirements 1
15
Junior Year Credit
First Semester Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
Economics electives 3-6
Liberal studies courses, free electives and 9
special degree requirements 1
15
Credit
Second Semester Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
Economics electives 3-6
Liberal studies courses, free electives and 9
special degree requirements 1
15
Senior Year Credit
First Semester Hours
Economics electives (400 level) 3-6
Liberal studies courses, free electives 9-12
and special degree requirements 1
15
Credit
Second Semester Hours
Economics electives (400 level) 3-6
Liberal studies courses, free electives 9-12
and special degree requirements 1
15

Major in Economics (B.S. Degree)

The minimum requirement for a B.S. degree in economics is 30 credit hours of economics including 15 credit hours of required courses and 15 credit hours of electives.

Credit
Required Courses Hours
ECON 201. Principles of Economics (Micro) 3
ECON 202. Principles of Economics (Macro) 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 385. Econometrics 3
Economics electives (at least six credits must be 15
at the 400 level, not including ECON 490
or ECON 499)
30

For a B.S. degree in economics students must complete six credit hours of math and an additional three to four credit hours of course work in either the social or natural sciences. Information on these degree requirements is found on page 41. Students must also complete the liberal studies program requirements described on page 45.

First Two Years

During the first two years, students should complete most of the liberal studies program and the following courses in economics:

ECON 201. Principles of Economics (Micro)
ECON 202. Principles of Economics (Macro)

Other course work that should be completed during the freshman or sophomore years includes:

Choose one of the following:
MATH 205. Introductory Calculus I
MATH 235. Analytic Geometry and Calculus I
IDS 104. Microcomputer Applications
IDS 191. Business and Economic Statistics
IDS 204. Computer Information Systems

Three credit hours of the liberal studies social science requirement must be fulfilled with courses outside the Department of Economics.

Third and Fourth Years

Bachelor of Science economics majors should complete ECON 331, Intermediate Microeconomic Theory, and ECON 332, Intermediate Macroeconomic Theory, by the end of their junior year. ECON 385, Econometrics, may be taken in either the junior or senior year. While most majors will complete the 400-level requirement in economics during their senior year, students may take a 400-level course during their junior year if the prerequisite for the course has been met.

Freshman Year Credit
First Semester Hours
ECON 201. Principles of Economics (Micro) 3
Choose one of the following: 3-4
MATH 205. Introductory Calculus I
(three credits)
MATH 235. Analytic Geometry and Calculus I
(four credits)
Liberal studies courses, free electives and 9
special degree requirements 1
15
Credit
Second Semester Hours
ECON 202. Principles of Economics (Macro) 3
IDS 104. Microcomputer Applications 1
Liberal studies courses, free electives and special degree requirements 1 11
15
Sophomore Year Credit
First Semester Hours
Choose one of the following: 3
ECON 331. Intermediate Microeconomic
Theory
ECON 332. Intermediate Macroeconomic
Theory
Economics elective
IDS 191. Business and Economic Statistics 3
IDS 204. Computer Information Systems 2
Liberal studies courses, free electives and 7
special degree requirements 1
15
Credit
Second Semester Hours
Choose from the following: 3-6
ECON 331. Intermediate Microeconomic Theory
ECON 332. Intermediate Macroeconomic Theory
Economics electives
Liberal studies courses, free electives and 9-12
special degree requirements 1
15
Junior Year Credit
First Semester Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic
Theory
ECON 332. Intermediate Macroeconomic
Theory
Choose from the following: 3-6
ECON 385. Econometrics
Economics electives
Liberal studies courses, free electives and 9
special degree requirements 1
15
Credit
Second Semester Hours
Choose one of the following (if not completed): 0-3
ECON 331. Intermediate Microeconomic
Theory
ECON 332. Intermediate Macroeconomic
Theory
Choose from the following: 3-6
ECON 385. Econometrics
Economics electives
Liberal studies courses, free electives and special 9
degree requirements 1
15
Senior Year Credit
First Semester Hours
Economics electives (400 level) 3-6
Liberal studies courses, free electives and 9-12
special degree requirements 1
15
Credit
Second Semester Hours
Economics electives (400 level) 3-6
Liberal studies courses, free electives and 9-12
special degree requirements 1
15

1 The B.A. degree has foreign language and philosophy requirements. The B.S. degree has no specific foreign language or philosophy requirement but does require an additional three credit hours of math and three-four credit hours of course work in either the social or natural sciences. (Refer to page 41.)

Bachelor of Business Administration Degree Program

The minimum requirement for a B.B.A. degree in economics is 30 credit hours of economics including 21 credit hours of required courses and nine hours of electives.

Credit
Required Courses Hours
ECON 201. Principles of Economics (Micro) 3
ECON 202. Principles of Economics (Macro) 3
ECON 331. Intermediate Microeconomic Theory 3
ECON 332. Intermediate Macroeconomic Theory 3
ECON 345. Industrial Organization 3
ECON 385. Econometrics 3
Economics course (any 200 level) 3
Economics electives (at least three credits must 9
be at the 400 level, not including ECON 490
or ECON 499)
30

The other requirements for this degree conform to the structure of the B.B.A. degree programs set forth on page 124. The hour requirements for each of the components are as follows:

Credit
Hours
Core requirements -- B.B.A. 42
Liberal studies courses 44
Other courses required for the major 2 18
Free electives 7
Nonbusiness electives 9
120

2 Identified by (2) below.

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Undergraduate Catalog Contents


1996-97 Undergraduate Catalog
Last reviewed: 30 November 1996
Information Publisher: Division of Academic Affairs
James Madison University