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2008 - 2009 Catalog
Economics
Taylor 213
541-552-6787
Linda Wilcox Young, Coordinator
Economics is part of the Social Sciences, Policy, and Culture Department. The logical, ordered way of examining problems and issues taught in the economics program benefits individuals in all lines of work. The program draws from history, psychology, mathematics, philosophy, and other disciplines to prepare individuals for responsibilities ranging from household management to business decision making. Economics courses explore how to reduce unemployment, control inflation, analyze tax policies, and confront problems as diverse as productivity and environmental decay.
Studying economics is an ideal way to prepare for work on a master of business administration degree or for entrance into law school.
Private business firms, banks, and other financial institutions employ economists to undertake specialized economic analysis and to evaluate their market positions and profit possibilities, government domestic economic policies and the implications for their business, and international economic events affecting the operation of their institutions.
Firms also employ economics graduates to perform nonspecialized work in sales and management. Economists are involved in community, state, and regional planning and various other jobs in government and nonprofit organizations. Many economists find employment in planning positions in foreign countries, where they work for the State Department, the Department of Commerce, the Treasury Department, the United Nations, the International Monetary Fund, and similar agencies. Economists are also employed as professors and administrators in colleges and universities.
Finally, economists engage in private research and act as consultants to individuals, corporations, and government agencies. The logical, encompassing approach of economics leads to a wide range of career opportunities, enabling students to analyze many diverse topics, both in a professional capacity and in their day-to-day lives.
Students may obtain a minor in economics or even a double major (e.g., economics teamed with business, political science, or international studies) with very little extra coursework, particularly if they begin planning early.
Degrees
BA or BS in Economics, with options in:
General Economics
International Economics
Economics and Finance
Applied Economics and Public Policy
Minor
Economics
Certificate
Certificate in Applied Finance and Economics (CAFE)
Accelerated Baccalaureate Degree Program
Economics majors may participate in the Accelerated Baccalaureate Degree Program. For information on this program, see page 157.
Requirements for the Major
- Fulfill baccalaureate degree requirements as stated beginning on page 21.
- Maintain a minimum overall GPA of 2.5 in all economics courses.
- Complete economics core classes:
(24 credits)
| Principles of Microeconomics (EC 201) | 4 |
| Principles of Macroeconomics (EC 202) | 4 |
| Introduction to the International Economy (EC 320) | 4 |
| Intermediate Microeconomics (EC 358) | 4 |
| Intermediate Macroeconomics (EC 376) | 4 |
| Capstone Experience (EC 494) | 4 |
- Choose and complete the requirements for one of the following options:
(32 credits)
| General Economics option | |
| International Economics option | |
| Economics and Finance option | |
| Applied Economics and Public Policy option | |
Options for the Economics Major
General Economics Option
Methods
| Exploratory Data Analysis (EC 232) | 4 |
| Quantitative Methods and Application (EC 332) | 4 |
Elective Courses
| Upper division economics | 24 |
International Economics Option
Methods
1. Choose one of the following courses:
| Exploratory Data Analysis (EC 232) | 4 |
| Applied Business Statistics (BA 282) | 4 |
| Elementary Statistics (MTH 243) | 4 |
2. Choose one of the following courses:
| Quantitative Methods and Application (EC 332) | 4 |
| Introduction to Social Research Methods (SOC 326) | 4 |
Required Field Courses
| International Trade and Finance (EC 321) | 4 |
| Economic Development (EC 379) | 4 |
Elective Courses
Choose 16 credits of additional upper division economics. ANTH 462 and IS 350 can also be taken to satisfy the requirement.
Economics and Finance Option
Methods
| Exploratory Data Analysis (EC 232) | 4 |
| Quantitative Methods and Application (EC 332) | 4 |
Required Field Courses
| Money, Banking, and Financial Institutions (EC 318) | 4 |
| Principles of Finance (BA 385) | 4 |
| Investments (BA 472) | 4 |
Elective Courses
Choose three courses from below (maximum of one business administration course).
| Public Finance (EC 319) | 4 |
| International Trade and Finance (EC 321) | 4 |
| Benefit-Cost Analysis in Project Assessment (EC 364) | 4 |
| Business Cycles and Macroeconomic Forecasting (EC 478) | 4 |
| Financial Markets and Institutions (BA 470) | 4 |
| Financial Management (BA 471) | 4 |
| International Financial Management (BA 473) | 4 |
Applied Economics and Public Policy Option
Methods
1. Choose one of the following courses:
| Exploratory Data Analysis (EC 232) | 4 |
| Applied Business Statistics (BA 282) | 4 |
| Elementary Statistics (MTH 243) | 4 |
2. Choose one of the following courses:
| Quantitative Methods and Application (EC 332) | 4 |
| Public Opinion and Survey Research (PS 311) | 4 |
| Introduction to Social Research Methods (SOC 326) | 4 |
Required Field Courses
| Public Finance (EC 319) | 4 |
| Benefit-Cost Analysis in Project Assessment (EC 364) | 4 |
Elective Courses
Choose four additional courses from below:
| Environmental Economics (EC 315) | 4 |
| Money, Banking and Financial Institutions (EC 318) | 4 |
| Labor Economics (EC 325) | 4 |
| Quantitative Methods and Applications (EC 332) | 4 |
| Gender Issues in Economics (EC 340) | 4 |
| Oregon’s Future (EC 351) | 4 |
| Business Cycles and Macroeconomic Forecasting (EC 478) | 4 |
| Labor Relations (EC 482) | 4 |
Minor
(24 credits)
| Principles of Microeconomics (EC 201) | 4 |
| Principles of Macroeconomics (EC 202) | 4 |
| Intermediate Microeconomics (EC 358) | 4 |
| Intermediate Macroeconomics (EC 376) | 4 |
| Upper division economics electives | 8 |
Students working toward a minor in economics are required to register with an advisor through the departmental office. Courses satisfying economics minor requirements may not be taken P/NP.
Certificate in Applied Finance and Economics (CAFE)
The Certificate in Applied Finance and Economics (CAFE) is jointly offered by the School of Business and the Department of Economics. The program is open to all students. In size and scope, the certificate is between a minor and a major. To be awarded a CAFE, students must meet the requirements for a CAFE program, as well as for a BA or BS degree at SOU or the transfer equivalent. For more information about this program, see page 158.
Economics Courses
See Course Prerequisites PolicyLower Division Courses
| EC 199 Special Studies |
| Credits to be arranged |
| EC 201 Principles of Microeconomics |
| 4 credits |
| Introduces consumer and firm behavior and the market process. Explores the economic analysis of different market structures of perfect competition, imperfect competition, and monopoly, along with the principles of income distribution and resource allocation under a market system. Some sections approach the principles of microeconomics by focusing on a particular topic or issue. Approved for University Studies (Explorations). |
| EC 202 Principles of Macroeconomics |
| 4 credits |
| Deals with human behavior and choices as they relate to the entire economy. Covers aggregate demand and aggregate supply of goods and services; the effect of taxes and spending on the economy’s output and employment; and the Federal Reserve’s manipulation of the money supply, inflation, and economic growth. Some sections approach the principles of macroeconomics by focusing on a particular topic or issue. Approved for University Studies (Explorations). |
| EC 232 Exploratory Data Analysis |
| 4 credits |
| Explores data and applications to real-world problems. Covers time-series and cross-sectional data, analysis of skewness and outliers, methods of averaging for variables as flows or stocks, and applies naïve forecasting techniques to real-world settings. Approved for University Studies (Quantitative Reasoning). Prerequisite: MTH 95, Level II. |
Upper Division Courses
| EC 315 Environmental Economics |
| 4 credits |
| Applies economic analysis directly to environmental problems. Explores market failure, Pareto optimality, externalities, consumer surplus, and market solutions. Introduces benefit-cost analysis and addresses local problems. Prerequisite: EC 201. |
| EC 318 Money, Banking, and Financial Institutions |
| 4 credits |
| Uses money, credit, and bond market models to explain the determination of interest rates. Develops a forecasting model. Integrates models of Federal Reserve system behavior and analysis of Federal Reserve policies into the forecasting models. Prerequisites: EC 201 and 202. |
| EC 319 Public Finance |
| 4 credits |
| Examines the economic role of the government. Develops models to analyze the effects of different tax policies and the impact of government expenditures. Emphasizes the application of economic principles and improves understanding of current economic events. Prerequisites: EC 201 and 202. |
| EC 320 Introduction to the International Economy |
| 4 credits |
| Explores global economic relations in the historical and political context of current issues. Focuses on the economic interdependence of nations. Prerequisites: EC 201 and 202. |
| EC 321 International Trade and Finance |
| 4 credits |
| Examines the basis for and gains from trade, tariffs, and other barriers to trade; preferential trading agreements; exchange rate determination; and balance of payments. Prerequisite: EC 320 or IS 320. |
| EC 325 Labor Economics |
| 4 credits |
| Analyzes labor markets, employment discrimination, unemployment, trade unions, education, and distribution of income. Examines the relation of public policies to the labor market. Approved for University Studies (Integration). Prerequisites: EC 201 and 202. |
| EC 332 Quantitative Methods and Application |
| 4 credits |
| Involves quantitative analysis of actual economic phenomena. Emphasizes the essential statistical tools for analyzing and solving practical business and economic problems. Topics include regression analysis of time-series and cross-sectional data, hypothesis testing, demand analysis, and forecasting. Prerequisites: EC 201 and 202. |
| EC 340 Gender Issues in Economics |
| 4 credits |
| Explores how gender influences economic participation and outcomes. Examines the differences between the impact of economic realities on women and men. Integrates theory, data, history, and policy. Topics include the household as an economic unit, women and poverty, labor market discrimination, the economics of divorce, and welfare reform. Approved for University Studies (Synthesis/Integration). Prerequisite: Completion of all lower division University Studies requirements. |
| EC 350 Alternative Versions of Capitalism |
| 4 credits |
| Examines the variants of capitalism that exist in the economies of the United States, Europe, and Asia. Explores their characteristics, institutions, and abilities to provide high levels of economic growth and employment, as well as price and social stability. |
| EC 351 Oregon’s Future |
| 4 credits |
| Presents an interdisciplinary approach to contemporary issues in Oregon, including politics and history; population demographics; educational problems and reforms; budgetary outlook, tax restructuring, and spending issues; the status of prisons and crimes; and environmental issues. |
| EC 358 Intermediate Microeconomics |
| 4 credits |
| Offers an advanced analysis of supply and demand, including consumer behavior, theory of the firm, market structure, factor markets, and general equilibrium. Prerequisite: EC 201. |
| EC 364 Benefit-Cost Analysis in Project Assessment |
| 4 credits |
| Evaluates both private and public investment projects. Analyzes the different investment criteria used to evaluate commercial and social investment projects, with emphasis on benefit-cost criteria. Includes practical application to local problems. Prerequisite: EC 201. |
| EC 373 History of Economic Thought |
| 4 credits |
| Covers the evolution of economic thought from preclassical views to the mainstream classical school, Keynesian, post-Keynesian, and neoclassical thought. Reviews the major alternative schools, including Marxist and institutionalist. Prerequisites: EC 201 and 202. |
| EC 376 Intermediate Macroeconomics |
| 4 credits |
| Develops concepts and models to explain the determinants of aggregate output, interest rates, unemployment, inflation, and other measures of macroeconomic performance. Examines both long-run and short-run considerations and the influences of external forces and policy decisions on macroeconomic outcomes. Prerequisite: EC 202. |
| EC 379 Economic Development |
| 4 credits |
| Applies theories of economic growth and development to less-developed countries. Specific consideration is given to the process of development as it applies to agriculture, industrial policy, trade, structural adjustment, and women. Prerequisites: EC 201 and 202. |
| EC 387 American Economic History |
| 4 credits |
| Covers the economic development of the U.S. and the evolution of American economic institutions from colonial times to the present. |
| EC 389 America in the Global Economy |
| 4 credits |
| Examines the transformation of the American economy since World War II and its growing interdependence with and integration into the world economy. Emphasizes current problems such as budget and trade deficits, international debt, world competitiveness, protectionism, and economic cooperation with other countries. |
| EC 399 Special Studies |
| Credits to be arranged |
| EC 401/501 Research |
| Credits to be arranged |
| EC 403/503 Thesis |
| Credits to be arranged |
| EC 405/505 Reading and Conference |
| Credits to be arranged |
| EC 407/507 Seminar |
| Credits to be arranged |
| EC 408/508 Workshop |
| Credits to be arranged |
| EC 409/509 Practicum |
| Credits to be arranged (maximum 4 credits per term, 15 credits total) |
| EC 478/578 Business Cycles and Macroeconomic Forecasting |
| 4 credits |
| Applies knowledge of macroeconomic theory, analysis of current economic conditions, and judgments of likely external and policy influences to construct and present a forecast for the United States economy. Prerequisite: EC 376. |
| EC 482/582 Labor Relations |
| 4 credits |
| Examines the laws governing employer/employee relationships, including common law, federal and state labor acts, administrative agencies, and union contracts. This legal relationship is studied within the broader context of historical trends, political policies, social expectations, and economic influences. Considers legal problems such as discrimination in employment, public employment, industrial health and safety, and minimum wages. BA 374 or EC 325 recommended. (Cross-listed with BA 482/582.) |
| EC 494 Capstone Experience |
| 4 credits |
| A culminating learning experience that applies the principles, theories, and skills of the economics major in a small class environment to challenging and sophisticated economic issues and topics. Allows students to develop critical thinking skills and to perform extensive writing. |
| EC 496/596 Economics for Teachers |
| 4 credits |
| Applies the principles of micro- and macroeconomics to the social sciences. Examines the importance of fundamental economic principles in individual, business, and bureaucratic decision making. Addresses strategies and methods for integrating economics into the K–12 social studies curriculum. Designed for secondary and elementary teachers. Also suitable for undergraduates interested in entering the elementary or secondary social studies program at SOU. Not recommended for economics majors unless they are contemplating a teaching career. |
