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Faculty

Chair: Professor Richard Kujawa
Professors: Herbert Kessel, M. Reza Ramazani
Associate Professors: Tara Natarajan, Patrick M. Walsh
Assistant Professor: Laura Stroup

The economics major provides an understanding of economic theory and institutions and prepares the student to apply this knowledge to the analysis of a wide range of economic problems and policies.

Students majoring in economics have a broad range of interests. Some seek training for careers in business or industry; others seek preparation for graduate school in economics, business, or law; some simply have an interest in the social sciences and are particularly intrigued by economic problems. Others hope to use their knowledge of economics to better society through their work in government and non-profit agencies. The economics program is designed to accommodate this diversity.

The major consists of a core of principles of economics, macroeconomic and microeconomic theory, and skills courses in statistics and mathematics. Beyond this, each economics major works closely with a departmental advisor to plan a sequence of economics electives consistent with that student’s interest. All students complete a two-semester Senior Seminar in economics, which enables them to pursue research on topics of their own choice and to discuss their results with peers and their professor in weekly seminar meetings.

Note that students should generally have completed Economics 101 or 103 prior to enrolling in other economics courses.

Students in good standing have an opportunity to apply for internships in economics. These are taken during the junior or senior year. Except in unusual circumstances, internships are not a substitute for a regular elective. The department also encourages students to study abroad.

Economics Learning Outcomes:

Achieving a comfort level with formal economic models and an ability to analyze questions from a quantitative perspective

Common statistical procedures ranging from simple hypothesis testing to a range of multiple regression techniques

Familiarity with using formal models to describe and predict human behavior

Familiarity with holistic frameworks that identify both the limitations of traditional models and the need to conduct inclusive analysis that fully  describe human behavior in a variety of institutional contexts

An understanding of key economic concepts, including opportunity cost, comparative advantage, competition, the role of prices and profits, markets and market failures, productivity, Gross Domestic Product accounting, human development index, well-being and progress, sustainable development, business cycles, fiscal and monetary policy, human development, income inequality, externalities, and international trade

Second, the recipient of a B.A. in Economics must have experience applying these “tools” to real- life circumstances, and be able to communicate the insights of economics to laypersons. These applications include:

Recognizing economic basis for phenomena in everyday life

Understanding the dynamics of fluctuations in the U.S. macro economy, as they happen

Understanding the dynamics of movements in prices and profits in particular industries or occupations, as they happen

Understanding the economics of wealth, poverty and inequalities at different levels of aggregation; the role of social institutions, political economy of power and the reproduction of personal and functional distribution in different economic systems

Understanding trends in long term economic growth and development

Predicting the economic consequences, intended or otherwise, of both public policies and global trends (such as climate change or aging)

Constructing convincing arguments, in formal and informal settings, that are based upon an economic perspective
 

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