Economics

Major

Due to University Updates, Course Numbers for all Departments have Changed. Please reference the Courses Tab for new Course Numbers.

Requirements for the Major (44 Credits)

I. Required Courses (24 credits)

• ECON 5/Economic Principles: Microeconomics (4)
• ECON 6/Economic Principles: Macroeconomics (4)
• ECON 102/Intermediate Microeconomic Theory (4)
• ECON 103/Intermediate Macroeconomic Analysis (4)
• ECON 104/Economic Statistics and Introductory Econometrics (4)
• MATH 3/Introductory Statistics (4)

Students must pass ECON 102, ECON 103 and ECON 104 with a grade of C- or better in order for these courses to satisfy requirements for the Economics major.

II. Electives (20 credits)

All majors must take an additional five 4-credit courses, at least two of which must be at the upper or advanced level and one in the area of critical or historical perspectives.
All majors must take one of the following four courses in the area of critical and historical perspectives which can count as an elective:

• ECON 112/History of Economic Thought (4)
• ECON 117/Contemporary Political Economy (4)
• ECON 134/American Economic Development (4)
• ECON 136/Political Economy of Race, Class, and Gender (4)
• ECON 129/Selected Topics in Economics (4)-as appropriate and with the approval of the department chair)

III.  Capstone (2 credits)

Minor

Due to University Updates, Course Numbers for all Departments have Changed. Please reference the Courses Tab for new Course Numbers.

Requirements for the Minor (24 Credits)

I. Required Courses (12 credits)

• ECON 5/Economic Principles: Microeconomics (4)
• ECON 6/Economic Principles: Macroeconomics (4)
• ECON 102/Intermediate Microeconomic Theory (4) OR ECON 103/Intermediate Macroeconomic Analysis (4)
• (ECON 102 or ECON 103 must be passed with a grade of C- or better to satisfy the requirements for the Economics minor.)

II. Three additional economics courses, at least one at the upper level (12 credits).

Faculty

Faculty

• Professors:  Fred Curtis
• Associate Professors: Jennifer Olmsted (chair), Bernard Smith, Marc Tomljanovich
• Assistant Professors: Jennifer Kohn, Giandomenico Sarolli, Maliha Safri, Miao Chi.

Courses

Courses Offered

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ECON 101 - Formerly 5 - Economic Principles: Microeconomics (4)

An introduction to basic microeconomic analysis and institutions, with special emphasis on the roles markets play in an economy and the ways in which government can alter market activity. Includes such topics as consumer and firm behavior, competition and monopoly, poverty and justice, the environment, health care, and international trade.
Offered every semester.
Fulfills: BSS

ECON 102 - Formerly 6 - Economic Principles: Macroeconomics (4)

An introduction to basic macroeconomic analysis with special emphasis on problems of unemployment, inflation, and economic growth. Topics include national income determination; money, financial markets, and monetary policy; fiscal policy and the economic role of government; the United States and the world economy.
Offered every semester.
Fulfills: BSS

ECON 250 - Formerly 29 - Selected Topics in Economics (2-4)

Recent topics have included the economics of food and nutrition, the economics of corporate downsizing, and the economics of financial market integration and comparative central banking.
May be repeated for credit as topic changes. Prerequisite: ECON 101 - Formerly 5 - (and ECON 102 - Formerly 6 - when topic merits it; see course listings each semester) Offering to be determined.

ECON 230 - Formerly 30 - The Economics of Health and Health Care (4)

This is an applied microeconomics class in the field of health and health care. It explores why individuals make decisions that affect their health including healthy and unhealthy behaviors and their demand for medical care. It also explores the supply of medical care from physicians, hospitals and technology development (both pharmaceutical and medical devices.) The class will use economic frameworks and econometric analysis to gain insights into the pressing public policy issues of health insurance coverage and access to medical care, medical care inflation, obesity and smoking, infections diseases (particularly AIDS in developing nations) and incentives for further research and development in medical care.

Fulfills: BSS

ECON 238 - Formerly 38 - Economics of Labor and Trade Unions (4)

An analysis of labor markets, including determination of wage levels, compensation and working conditions, the impact of international trade and foreign investment, investment in human capital, differential wages, labor migration and unions, strikes and collective bargaining. Examines current issues facing employees and unions.
Prerequisite: ECON 101 - Formerly 5 - Offered spring semester.

ECON 240 - Formerly 40 - Economics of the Third World (4)

Seeks to examine the different approaches to economic development (both theoretical and policy); particular development issues (e.g., population, food, industrialization, foreign investment, debt and environmental damage); and actual development experiences in Africa, Asia, the Caribbean, and Latin America to show the interconnections of the Third World to the developed industrial world.
Prerequisite: ECON 101 - Formerly 5 - or permission of instructor Offered fall semester.

ECON 241 - Formerly 41 - Global Economy (4)

An examination of the global economy focusing on economic geography, international trade in primary commodities, manufactures and services, foreign investment and transnational corporations, and the impact of regional economic blocs (such as the North American Free Trade Area) and treaties (such as the General Agreement on Trade and Tariffs). The course covers theory and institutions of international economic activity and current issues of economic globalization.
Prerequisite: ECON 101 - Formerly 5 - or permission of instructor Offered alternate years.

ECON 242 - Formerly 42 - International Business (4)

An introduction to international business and economics for students who are interested in applying their skills as an economist to the business world. Examines the decision-making process confronting businesses operating on an international level. Explores international trade and investment along with economic development as related to business. Also focuses on international agencies (government and private) that affect international business along with the international monetary systems within which business operates.
Prerequisite: ECON 101 - Formerly 5 - and 6 or permission of instructor Offered alternate years.

ECON 245 - Formerly 45 - Environmental Economics (4)

Economic analyses of environmental and ecological issues, focusing on both applied microeconomic analysis and ecological economics. Topics include the "polluter pays" principle, the valuation of natural resources, the role of the market and regulation in dealing with environmental issues, sustainable development, the environmental impact of international trade, and issues of renewable and nonrenewable resources.
Prerequisite: ECON 101 - Formerly 5 - Offered alternate years.
Fulfills: BI

ECON 247 - Formerly 47 - Economics of Business and Sustainability (4)

This course considers the environmental challenges facing business. It will examine business responses to environmental regulation, competitive advantages of "green" business, consumer demand for green products, product life cycle analysis, industrial ecology, environmental partnerships between business and non-governmental organizations, natural capitalism, and business education. Environmental decision-making of both large corporations and small businesses will be included in the course. The course will include case studies, outside speakers from the business community and student presentations.
Prerequisite: ECON 101 - Formerly 5 - Offered alternate years.

ECON 262 - Formerly 62 - Poverty and Policy (4)

This course discusses the causes and consequences of poverty in an otherwise affluent society. It examines the historical pattern of the inequality of income in the last half century in the U.S., and identifies the groups who remain poor in spite of economic growth. It discusses how to measure poverty and shows how changes in the structure of the economy-technological change and globalization-have affected the demand for the labor in different categories. Economic policy towards poverty and the recent national changes in welfare policy are examined and assessed. Various state welfare to work plans will be compared. Different political and philosophical approaches to the poor implied by different policy approaches will be discussed.
Prerequisite: ECON 101 - Formerly 5 - Offered alternate years.

ECON 301 - Formerly 102 - Intermediate Microeconomic Theory (4)

A theoretical analysis of resource allocation in a market economy. Topics include the theory of consumer behavior, production, and costs; decision making under various market conditions; general equilibrium and welfare economics.
Student must earn a grade of C or better in this course to satisfy the major requirements. Recommended: MATH 2 or 7 or 8 or 16 Prerequisite: ECON 101 - Formerly 5 - or equivalent Every semester.
Fulfills: Q

ECON 302 - Formerly 103 - Intermediate Macroeconomic Analysis (4)

A study of the determinants of the level of income, employment, and prices as seen in competing theoretical frameworks. Includes an analysis of inflation and unemployment, their causes, costs, and policy options; the sources of instability in a market economy; debates on policy activism; prospects for the control of aggregate demand.
Student must earn a C or better in this course to satisfy the major requirements. Recommended: MATH 2 or 7 or 8 or 16 Prerequisite: ECON 102 - Formerly 6 - or equivalent. Every semester.

ECON 303 - Formerly 104 - Economic Methodology And Introductory Econometrics (4)

This course studies empirical economic research, especially focused on the classical linear regression model and how to proceed with econometric analysis when some assumptions of the classical model do not hold. It examines sampling, statistical theory and hypothesis testing. This course also examines criticisms of and alternatives to common econometric methodologies.
Students are expected to take this course in their second or third year. Prerequisite: ECON 101 - Formerly 5 - , 6, and MATH 117 - Formerly 3 - or 129. Spring Semester.

ECON 311 - Formerly 111 - Public Finance Economics (4)

A consideration of the role of the public sector in the U.S. economy. Topics include the use of public expenditure analysis to assess specific federal programs; the theories of market failure and public goods; analysis of externalities; public choice economics; the incidence of major types of taxes; prospects for tax reform; and problems of deficit finance.
Prerequisite: ECON 301 - Formerly 102 - or equivalent. Offered annually.

ECON 316 - Formerly 112 - History of Economic Thought (4)

A consideration of the philosophical basis, historical context, and development of economic thinking. Focuses on pre-20th-century economists-the Mercantilists, the Physiocrats, Adam Smith, David Ricardo, Karl Marx, and early neoclassical economists. Some attention given to later economists and schools of thought as continuations and modifications of earlier ideas in economics.
Prerequisite: Sophomore or higher standing and one course in economics Offered alternate years.

ECON 317 - Formerly 117 - Contemporary Political Economy (4)

A consideration of the varying interpretations by present-day economists of the current state of the U.S. economy and of the challenges it faces in the 21st century. Topics include the historical origins and major ideas of such contemporary schools of economic thought as neo-conservatism, post-Keynesian liberalism, and ecological/humanistic economics.
Open only to students with sophomore or higher standing Prerequisite: ECON 101 - Formerly 5 - and 6 Offered annually.
Fulfills: WI

ECON 338 - Formerly 118 - Industrial Organization and Public Policy Toward Business (4)

An analysis of the present structure of industry in the United States, the theory of monopoly, oligopoly, and imperfect competition, and antitrust policy, i.e., government policies to preserve competition. Focuses on recent antitrust cases in the latter half of the course.
Prerequisite: ECON 101 - Formerly 5 - , 6, and 102. Offered alternate years.

ECON 320 - Formerly 119 - Money and Banking (4)

An introduction to the theory of money and banking. Special consideration is given to the structure and functioning of the commercial banking system and the effectiveness of monetary policy.
Prerequisite: ECON 302 - Formerly 103 - or equivalent. Offered annually.

ECON 321 - Formerly 120 - Corporate Finance (4)

A study of selected problems and issues in the field of finance. Topics include the use of financial statements, ratio analysis and the valuation of assets, especially derivatives (e.g., futures and options).
Prerequisite: ECON 301 - Formerly 102 - . Offered annually. Same as: BST 321 - Formerly BUS 120 -

ECON 324 - Formerly 124 - International Trade (4)

A study of international trade theory, including the classical works (Ricardian, Hecksher-Ohlin, specific factors model, factor-price equalization, and growth models) along with a consideration of trade restrictions, i.e., tariffs and quotas. Explores contemporary patterns of trade encompassing such issues as increasing returns, imperfect competition, technology transfer, market structures, industrial policies, and international factor movements. Analyzes these issues from the perspective of a large versus a small economy and from a developed versus a developing economy.
Prerequisite: ECON 301 - Formerly 102 - and 103. Offered alternate years.

ECON 325 - Formerly 125 - International Finance (4)

An exploration of the various theories of international finance. Includes a practical introduction to foreign exchange markets (forward markets, options, and futures)-how they work, how they are used, and how to understand published information about these markets. Explores the relationship between domestic money markets and international money markets in a theoretical context. Discusses the purchasing power parity relationship and the evolution of the contemporary international monetary system.
Prerequisite: ECON 324 - Formerly 124 - . Offered alternate years.

ECON 350 - Formerly 129 - Selected Topics in Economics (4)

Topics determined by department. Recent topics have included economics of racism, government regulation of industry, the microeconomics of macroeconomics, and workplace democracy.
May be repeated for credit as topic changes. Prerequisite: Offering to be determined.

ECON 330 - Formerly 130 - Topics in Economics and the Environment (4)

A consideration of specific topics pertaining to the relationship of economic activities and the natural environment. Generally, one major topic will be considered each time the course is offered. Possible topics include: sustainable development; global warming and peak oil; carbon trading, taxation and subsidies as environmental policies; and consumption, well-being, the economy and the environment.
May be repeated for credit with different topics. Prerequisite: ECON 101 - Formerly 5 - and one additional Economics course or one Environmental Studies course, or permission of the instructor. Fall 2008 and ,thereafter, annually. Same as: ESS 330 - Formerly 130 -
Fulfills: BI

ECON 314 - Formerly 134 - American Economic Development (4)

A topical survey of the economic history of the United States from its establishment as a collection of British Colonies to its emergence as the world's leading industrial nation. The course explores the nature, causes, and consequences of America's economic growth and development and the institutional transformations that accompanied its rise to world industrial supremacy in the middle of the 20th century. Through the study of American economic development from a variety of theoretical and multidisciplinary paradigms, students will acquire critical, comparative and historical perspectives on contemporary economic theory, issues, policies, and debates. Through exposure to, engagement with, and oral and written critical reflections on the scholarly literature in economic, business, and labor history and in historical political economy, students will develop the analytical and writing skills that will enable them to understand, produce, and present work in the field of American econom
Prerequisite: ECON 301 - Formerly 102 - or 103. Offered annually.
Fulfills: WM

ECON 315 - Formerly 136 - Political Economy of Race, Class, and Gender (4)

A study of race, class, and gender using the political economic approach to the study of economics. The course will investigate the impact of introducing the categories of race, class, and gender into political economic theory and will also undertake some empirical analyses of the roles of race, class, and gender in producing economic outcomes for minorities and majorities in the U.S.
Signature of instructor required for registration. Prerequisite: Sophomore or higher standing and one course in Economics. Offered alternate years.
Fulfills: WI, DUS

ECON 337 - Formerly 137 - Seminar in Labor Economics (4)

This course studies contemporary issues in labor markets. Students read, analyze and discuss journal articles about selected topics in labor economics. Topics, which will vary depending on current economic conditions, may include: unemployment, discrimination, welfare programs, minimum wage, Social Security, poverty.
Prerequisite: ECON 301 - Formerly 102 - and ECON 303 - Formerly 104 - . Offered in Spring 2008 and thereafter in the fall semester in odd-numbered years.

ECON 318 - Formerly 138 - Gender and Globalization (4)

In this class we will examine how scholars have understood and made sense of how gender issues intersect with economic globalization. Two ways in which economic globalization is manifest is through changes in trade in goods and services, and migration. We will focus on these two aspects of economic globalization. As we will discover through the readings and our discussions, scholars from a range of disciplines/theoretical frameworks, (eg economics, history, cultural studies, anthropology, sociology, political science, feminist, post-colonial theory), have contributed to our understanding of economic globalization and the way in which gender and globalization intersect.
Signature of instructor required for registration. Prerequisite: ECON 101 - Formerly 5 - or WGST 101 - Formerly 12 - Offering to be determined.
Fulfills: DIT, WI

ECON 400 - Formerly 199 - Economics Capstone Seminar (2)

Description pending.

Off-Campus Programs

ECON 285 - Formerly 63 - The Economics of European Integration (4)

This course offers a study of the institutions, cases, processes, and competing theories of European economic integration in the era of the European Union. Special attention is focused on Europe's product, labor, and capital markets, as well as EU policies related to these areas and the "social market" economies of selected EU member states.
Prerequisite: ECON 101 - Formerly 5 - Offered fall semester

ECON 380 - Formerly 185 - European Research Seminar (4)

Each student designs and conducts an independent research project on a topic selected in consultation with the Resident Director of the European Semester and approved by the appropriate departmental liaison. The project will stress library research, as well as personal interviews, and may include trips to appropriate EU member states. (Students may also register as an independent study in any approved major)

EUST 381 - Formerly EURST 100 - Colloquium Research Seminar on European Society (4)

Taught by the resident director, a Drew faculty member, this course introduces students to some of the cultural, social, and political institutions that define contemporary Europe through speakers and trips to museums, historic sites, the headquarters of the European Union, and NATO. As a research seminar, this course provides a forum in which students examine one aspect of contemporary Europe in depth. The results of students' research are presented in a final paper at the end of the semester.
Offered fall semester.

Off-Campus Programs

ECON 281 - Formerly 49 - Wall Street and the Economy (4)

The operations and institutions of financial markets; their role in financing new investments, pensions, etc. ; their impact on local, national, and global economies. The economic history and ethical dimensions of Wall Street and its relation to macroeconomic policy.
Signature of instructor required for registration. Prerequisite: ECON 101 - Formerly 5 - and 6 and acceptance into the Wall Street Semester Offered spring semester.

ECON 282 - Formerly 50 - Colloquium on Wall Street: Practical Realities and Recent Issues (4)

The practical day-to-day operations of the financial markets and institutions located in New York City. Talks by guest speakers drawn from the finance industry itself, as well as from corporations, government regulatory agencies, and institutional investors, shareholder activists, academics and others. Field trips to New York City to stock brokerages, the New York Stock Exchange, the Securities and Exchange Commission, and various commodity exchanges. Speakers, field trips, and student projects explore recent issues, such as the impact of derivatives and other financial innovations. Students are required to keep a journal and make oral presentations about their experiences on Wall Street, including their meetings with prominent speakers from a wide variety of private and nonprofit institutions.
Signature of instructor required for registration. Prerequisite: ECON 101 - Formerly 5 - and 6 and acceptance into the Wall Street Semester

AP Exam

Advanced Placement (AP) Examinations

A student receiving a score of 4 or 5 on the examination in economics may exempt either ECON 5 or ECON 6, with the appropriate course for exemption selected in consultation with the department. See pages 15-16 for further information about AP credits.

Off Campus Programs

Off-Campus Programs

The Wall Street Semester

The Wall Street Semester, offered in the spring, gives students a thorough introduction to financial markets and institutions.  Students spend two days per week in New York City, attending presentations and discussions by prominent executives, government officials, institutional shareholders, economists, and other members of the financial community, and participating in a course offered by the program director, a member of the Drew faculty.  This eight-credit program focuses on the operation of the financial sector located in the Wall Street area and considers the impact of Wall Street on the U.S. economy at all levels (local, state, national, and global).  It offers students a solid background in the relationship of Wall Street to the rest of the economy, centering on finance but also including macroeconomic, historical, and ethical dimensions.  Two semesters of introductory economics are prerequisites for participation in the Wall Street Semester, which is open to students majoring in any discipline.