College of Social & Behavioral Sciences
Department of Economics
150 Morris Hall
Phone: 507-389-2969
Website: Department of Economics
Chair: Ved Sharma
Ashok Chowdhury, Atrayee Ghosh Roy, Saleheen Khan, Phillip Miller, Donald Renner, Richard Schiming, Robert Simonson, Michael Spencer, Kwang Woo Park
Economics aims to provide the student with the basic materials and tools of analysis used to understand our present economic system, and to organize data for decision-making purposes in both short and long-range planning. It is designed to help those contemplating business or other careers as well as those who are preparing to teach in the social studies.
Students enrolling in 300-400 level courses must be admitted to the program. Admission is granted by the department. Minimum university admission requirements are:
Contact the department for application procedures.
ECON xxx ECON xxx ECON xxx ECON xxx
Required Minor: Yes. Any.
ECON xxx ECON xxx ECON xxx
Required Minor: None.
The following areas of emphasis are sets of recommended courses that students may find useful in loaning for future careers. It is not necessary to complete any of these areas of emphasis to major in economics. Nor is it necessary to complete all the recommended courses in any area below. Students may consider the suggested economics courses in these areas of emphasis for their required electives in the economics major.
Labor economics provides a useful and necessary focus leading toward employment in a variety of occupations such as personnel specialist manpower analyst, contract compliance specialist and labor-management relations.
A background useful in securing positions in many federal, state and city government departments. In addition, many large corporations have full-time staff employees to handle areas of public interest.
An emphasis useful in the pursuit of careers in financial institutions and government agencies. Banks and other financial intermediaries hire economics majors for various roles. Internships can often be arranged.
Students who are considering graduate school in economics should note that the following courses in mathematics are typically required for admission to graduate school in economics:
The following courses are recommended as well:
Students who may be interested in applying to graduate school are advised to contact a member of the department as soon as possible for further guidance and information.
ECON xxx ECON xxx ECON xxx ECON xxx
P/N Grading Policy. Up to six credit hours of electives in the major may be taken as P/N grading. ECON 481 and ECON 498 must be taken as P/N grading.
GPA Policy. A minimum cumulative grade point average of 2.0 is required for all courses taken in the major and minor.
Center for Economic Education Dr. Ashok Chowdhury, Director. The Center for Economic Education seeks to improve the teaching of economics in elementary and secondary schools. Working in close cooperation with the Minnesota Council on Economic Education and the National Council on Economic Education, the center provides teacher instruction, research, library lending and other services to area schools. Begun in 1964, the Center conducts an annual Economics Challenge in which teams of high school students compete to demonstrate their understanding of economics.
ECON 100 (3) An Introduction to the U.S. Economy
Brief description of the operation of the US economic system illustrated by a discussion of current economic policies, issues, and problems. No credit toward a major, minor, or area with economics as a core, or if credit has been earned in ECON 201 and/or 202, or equivalent.
F,S
GE-5
ECON 199 (1) CLEP Economics
ECON 201 (3) Principles of Macroeconomics
Emphasis on forces influencing employment and inflation. Current problems of the economy are stressed along with tools government has to cope with them.
F,S
GE-5
ECON 202 (3) Principles of Microeconomics
Examines decision making by the individual firm, the determination of prices and wages, and current problems facing business firms.
F,S
GE-5
ECON 207 (4) Business Statistics
Basic statistical methods including measures of central tendency and dispersion, probability, probability distributions, sampling, problems of estimation and hypothesis testing in the case of one and two sample means and proportions. Chi-Square, one-way analysis of variance, simple regression and correlation analysis, and brief introduction to multiple regression analysis. Use of computer statistical packages required.
Pre: MATH 112 or equivalent F,S
ECON 305 (3) Money and Banking
A descriptive and analytical study of the basic principles of money, banking, and finance as they are related to business and public policy.
Pre: ECON 201 and 202 F,S
ECON 314W (3) Current Economic Issues
Elementary economic background and analysis of housing, medical care, inflation, unemployment dilemma, pollution, poverty and affluence, balance between public and private sectors, transportation, urban problems, and other issues will be covered in this course.
F
GE-1C, 5, 8 CD-Related
ECON 355 (3) Intermediate Microeconomics
A survey of imperfect competition, multiple-product firms, multiple-plant firms, and interest theory, designed to develop a system of economic thought.
Pre: ECON 201 and 202 F,S
ECON 356 (3) Intermediate Macroeconomics
Study of factors determining aggregate level of production, employment, inflation, and implications of monetary and fiscal policies.
Pre: ECON 201 and 202 F,S
ECON 403 (3) Labor Economics
Employment, wages, and economic security. The structure and impact of labor organizations and labor legislation.
Pre: ECON 201 and 202 F,S
ECON 404 (3) Economics of Human Resources
Quantitative and qualitative aspects of human resources; human capital; changing population structures; economic decisions within the household; intergenerational transfers; earnings differentials by race and gender; pensions and social security; public policy towards human resources.
Pre: ECON 201 and 202
ECON 405 (3) Central Banking
A detailed examination of the Federal Reserve System and monetary policy. The topics will include a history of the Federal Reserve and its monetary tools and strategies: Monetarism, the demand for money, the money supply process, and the impact of financial deregulation on federal policy.
Pre: ECON 305 S
ECON 406 (3) Collective Bargaining
Emphasis on philosophy, structure, process of negotiation, grievances, arbitrations, important developments and trends, and economic impact of collective bargaining.
Pre: ECON 201 and 202 S
ECON 407 (3) Forecasting Techniques in Economics and Business
Students will learn different forecasting techniques commonly used in business and economics. A forecasting computer software package will be used to do statistical analyses and prepare forecasts. The topics covered in the course are Moving Averages, Exponential Smoothing, Preliminaries of Differential Calculus, Regression Methods, Time-Series Decomposition, Box-Jenkins (ARIMA) Type Forecasting Models.
Pre: ECON 201, 202, & 207.
ECON 408 (3) Government Regulation of Labor Relations
A historical review of the past public policy concerning labor organizations, an analysis of the economic causes and effects of the negotiations of labor, current economic problems in labor legislation, and the role of federal and state governments in the industrial relations.
Pre: ECON 201 and 202 F
ECON 410 (3) Quantitative Analysis in Economics
This course will introduce the student to the use of mathematics in economic analysis. Topics include equilibrium analysis, metric algebra and linear models, comparative statistics and derivatives, optimization, dynamics and integration, and first-order differential equations.
Pre: ECON 201, 202, 207, 355, 356, and MATH 112 Variable
ECON 411 (3) Urban Economics
Economic forces which account for the development of cities and application of principles to some of the major problems of the modern urban community.
Pre: ECON 201 and 202 V
ECON 412 (3) Resource and Environmental Economics
Concepts and techniques for evaluating the alternative uses, management and development of natural resources.
Pre: ECON 201 and 202 F
ECON 416 (3) Sports Economics
This course examines the economics of professional and collegiate sports and sports institutions. Students examine the market for sports competitions, the labor market for player talent, and the role government plays in the business of sports.
Pre: ECON 202 S
ECON 420 (3) International Economics
The economic rationale for interregional trade: emphasis on current problems.
Pre: ECON 201 and 202 F,S
ECON 425 (3) Social Control of Economic Activity
Considers the role of government in the implementation of social values such as freedom, equality, efficiency and justice in those areas where markets are imperfect or fail. Theoretical, historical and philosophical treatment of these issues as manifested in the development of the antitrust laws and economic and social regulation.
Pre: ECON 201 and 202
ECON 429 (3) Economic Education
Fundamental ideas and structure of economics with emphasis on the application of such ideas in the K-12 school curriculum.
Variable
ECON 440 (3) Public Finance
Public expenditures, taxes and other revenues, debts and financial administration at federal, state, and local levels.
Pre: ECON 201 and 202 F
ECON 445 (3) Survey of Economic Ideas
A survey and analysis of the development of economic ideas treated in historical perspective.
Pre: ECON 201 and 202 F
ECON 446 (3) American Economic Development
An examination of major trends and events of US history from colonial times to the present, using tools of economic analysis. Major topics include role of transportation, economic impact of the Civil War, role of government in the economy, trends in money and banking, and the Great Depression.
Pre: ECON 201 and 202 Variable
ECON 450 (3) Economic Development
Economic underdevelopment and the relationships between mature economies and developing nations.
Pre: ECON 201 and 202 F
ECON 462 (3) Econometrics
The study of methods and techniques for building econometric models with the goal of forecasting and measurement of the economic relationships by integrating economic theory and statistics in it.
Pre: ECON 201, 202, and 207
ECON 471 (3) Economics, Ethics, and Society
Analysis of theoretical constructs of society and economics. Specific attention will be given to economic questions which have a specific relationship to policy questions and the discrimination of values.
Pre: ECON 201 and 202 S
ECON 480 (1-3) Seminar in Economics
Pre: ECON 201 and 202 Variable
ECON 481 (1-3) Readings in Economics
F,S
ECON 482 (3) Senior Seminar
This course will be required of all economics majors and is intended to facilitate the synthesis of the economics concepts learned in other courses. Students will undertake a research and writing assignment as a course requirement.
Pre: ECON 355 and 356 and senior standing. F,S
ECON 491 (1-3) In-Service
ECON 498 (3) Internship
Pre: ECON 201 and 202 F,S
ECON 499 (1-3) Individual Study
Pre: ECON 201 and 202 F,S
