Economics

2019-2020 Catalogue

An economics student will be equipped with the necessary analytical tools to understand contemporary economic issues and to take reasoned positions in debates about economic and social policy. She will be in a position to apply these tools in a multitude of areas in her future career. Many of the world's most pressing problems -unemployment, inflation, poverty, inequality, discrimination, underdevelopment, environmental destruction - are economic in nature.

The Department of Business and Economics offers several programs that provide special opportunities for students who are interested in careers in business and related fields. The programs in business benefit from endowments by the estate and family of the late D. Abbott Turner who was a prominent leader in business and civic affairs in Georgia and a trustee of Wesleyan. These endowments help provide Wesleyan students with instruction, equipment, and special activities that add an important dimension to the educational process.

The department sponsors lectures, conferences, seminars, and research which promote entrepreneurship and business career opportunities for women. These activities provide students with the opportunity to discuss significant issues and experiences with successful women from the business community. A lecture series offers topical special lectures and convocations with prominent leaders in business and government.
 

Minor Requirements: Economics. A minor in economics consists of a minimum of 18 hours distributed as follows:

ECO 102 Issues in Macroeconomics 3 hours
ECO 104 Issues in Microeconomics 3 hours
Four additional ECO courses 12 hours
ECO 202, 204, and 205 require certain mathematics courses as prerequisites.


Minor Requirements: Finance. A minor in finance consists of a minimum of 18 hours distributed as follows:

ACC 201 Financial Accounting: Concepts and Applications 3 hours
ECO 102 Issues in Macroeconomics
or
ECO 104 Issues in Microeconomics 3 hours
ECO 205 Principles of Finance 3 hours
MAT 220 Statistical Methods 3 hours
Choose 6 hours from the following
BUS 320 Investment Analysis 3 hours
ECO 300 Money and Banking 3 hours
ECO 330 Econometrics 3 hours
 

Postgraduate Opportunities. The economics or finance minor prepares students for a wide variety of careers. Most graduates go directly into a Masters or Ph.D. program in finance, economic development, or public policy. Recent graduates are attending graduate school at Columbia University, Johns Hopkins, Carnegie Mellon, Vanderbilt, Ohio State University, Boston College, University of Georgia and Georgia State University. Following graduate school, our students work in global companies such as IBM, as well as nonprofit organizations such as UNESCAP.

Economic (ECO) Course Descriptions

ECO 102: Issues in Macroeconomics.
Goal: To acquaint students with the structural framework and principles involved in the determination of the level of aggregate economic activity: national income, output, employment, and price levels.
Content: Functioning of the economy from the national policy perspective through the study of national income and output, interest rates, money supply, price level, federal budget deficits, and international trade deficits.
Taught: Fall, Spring.
Prerequisite: MAT 130 or higher.
Credit: 3 hours.

ECO 104: Issues in Microeconomics.
Goal: To acquaint students with theory relating to decision-making by consumers and firms in product markets.
Content: Study of choice in the face of scarce resources; the analysis of the consumer trying to maximize satisfaction and of the firm trying to maximize profits under varying market structures.
Taught: Fall, Spring.
Prerequisite: MAT 130 or higher.
Credit: 3 hours.
 
ECO 202: Intermediate Macroeconomic Theory.
Goal: To examine the economy-wide consequences of the choices we make, individually and collectively. A defining feature of
macroeconomic events is interaction and interdependence, reflecting the linkages among decision-makers and among various segments of the economy that extend even to events and policies taking place in distant parts of the world.
Content: This course is a continuation of the study of the structural framework and principles involved in the determination of the level of aggregate economic activity. Primary emphasis is placed upon the development of models which explain the behavior of national income, output, employment, price levels and interest rates.
Taught: Spring.
Prerequisite: ECO 102, 104, and MAT 205.
Credit: 3 hours.

ECO 204: Intermediate Microeconomic Theory.
Goal: To explore in greater detail the incentives which determine individual and firm behavior. We will do this by practicing the application of the microeconomic way of thinking. Introductory courses rely primarily on intuition and logic as the basis for theory; Intermediate courses develop theory from a more mathematical perspective.
Content: This course is a continuation of the study of the nature of decision making in markets. Primary emphasis is placed upon the development of models which explain the behavior of consumers and producers, the importance of market structures, and the appropriate role of the government.
Taught: Fall.
Prerequisite: ECO 102, 104, and MAT 205.
Credit: 3 hours.

ECO 205: Principles of Finance.
Goal: To acquaint students with the principles and institutions of financial and capital markets, and with the financial operations of a business firm.
Content: Study of basic financial principles with an emphasis on interest rate determination in competitive market economies, the capital asset pricing model and operation of securities markets.
Taught: Fall, Spring, Summer.
Prerequisite: ACC 201, ECO 102 or 104, MAT 220, and BUS 128.
Credit: 3 hours; cross-listed as ACC 205.
 
ECO 206: Economic Thought.
Goal: To familiarize students with the historical and philosophical foundations of economic thought.
Content: Students will study ethical and logistical roots of economic thought and their impact on the economic theory developed by Smith, Ricardo, Mill, Marx, Hayek and Keynes. The course will also explore the various concepts of freedom, and the extent to which capitalist and socialist economies satisfy these definitions of freedom.
Taught: Fall, Spring.
Gen. Ed. Category: Exploring; Historical Events & Phenomena; (PS).
Credit: 3 hours.

ECO 210: Women and Economic Development.
Goal: To study the impact of economic change on women by analyzing how age, sex and race hierarchies modify changes in women's roles in different societies of Asia, Africa and Latin America.
Content: This course will focus on the effects of economic growth on the socioeconomic status of women. Most importantly, students will study the means by which patriarchy has persisted in various parts of Africa, Asia and Latin America by redefining itself, even as economies have modernized.
Taught: Fall, Spring.
Gen. Ed. Category: Expanding; Women's Experiences; (PS).
Credit: 3 hours; cross-listed as BUS 210 and WST 210.

ECO 300: Money and Banking.
Goal: To analyze and understand the rapidly changing financial market, emphasizing the role of money and banking institutions in the economic system.
Content: Analyzes money in the economic organization, monetary theory, methods of stabilizing the price level, theories of bank deposits, discount policy, and the regulation of credit by central banks and the interest rates.
Taught: Spring.
Prerequisite: ECO 102 and 104.
Credit: 3 hours.

ECO 302: International Trade.
Goal: To study the theory of international trade with special emphasis on the gains from trade, the terms of trade, the balance of payments, foreign exchange rates, and international monetary systems.
Content: Examination of international economics from the standpoint of theory, with a special emphasis on several current topics: the growing economic strength of the Pacific Rim, Europe, and the rapidly changing economics of Eastern Europe and the former Soviet Union.
Taught: Offered alternate years, Spring 2018.
Prerequisite: ECO 102 and 104.
Credit: 3 hours.

ECO 325: Environmental Economics.
Goal: To analyze the causes of environmental degradation and the role that markets can play in both causing and solving pollution problems.
Content: Examination of pricing incentives versus direct control approaches to regulating water pollution, air pollution, atmospheric change, and acid rain and the disposal of solid and hazardous wastes.
Taught: Spring. Alternate years.
Prerequisite: ECO 104.
Credit: 3 hours.
 
ECO 330: Econometrics.
Goal: This course provides an introduction to methods of quantitative analysis of economic data.
Content: This course reviews basic statistical methods and probability distributions. Topics include data management using professional statistical software applications, multiple regression analysis, hypothesis testing under conditions of multicollinearity, heteroscedasticity, and serial correlation.
Taught: Spring. Alternate years.
Prerequisite: ECO 102, ECO 104, and MAT 220.
Credit: 3 hours.

ECO 396: Special Topics in Economics.
Goal: To provide an opportunity for exploration of a topic not offered as part of the curriculum.
Content: Examination of special topics, problems, or issues in economics that seem particularly relevant to student needs and interests.
Taught: Offered occasionally.
Prerequisite: Dependent on topic.
Credit: 3 hours. A student may take a maximum of six to eight semester hours (two courses) of special topics in any one field.

ECO 451: Directed Independent Study.
Goal: To provide the student with the opportunity for independent study, under careful supervision, of significant topics in economics selected in consultation with the instructor.
Content: Varies.
Taught: Fall, Spring.
Prerequisite: Permission of the program director.
Credit: 1-9 hours.

ECO 452/199: Field Study.
Goal: To provide the student with intensive, specialized work experience in the area of economics.
Content: Observation and participation in the work of economics professionals.
Taught: Fall, Spring, and Summer.
Prerequisite: Adequate course work for the placement selected and permission of the faculty advisor; approval of the Director of Career Development.
Credit: 1-12 hours.

ECO 475: Portfolio Seminar.
Goal: To provide a forum for economics majors in which students discuss analyze, critique and prepare a senior portfolio documenting their integrative experience.
Content: Students will reflect upon the interdisciplinary nature of their courses of study including the general education experiences and their relationship to their major. This course includes the formal presentation of a portfolio documenting these experiences.
Taught: Fall and Spring.
Prerequisite: Junior or senior standing.
Credit: 1 hour; cross-listed at BUS 475.

ECO 490: Senior Seminar.
Goal: To encourage senior Economics majors to apply their accumulated knowledge to critical analysis of selected issues and problems in economics.
Content: Topics vary depending on interests of the students comprising the course each year.
Taught: Spring.
Prerequisite: Senior standing.
Credit: 3 hours.

ECO 499: Honors Thesis. (Fee required).
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