Economics

Chair: Brenda Wyss
Department home page: http://www.wheatoncollege.edu/Acad/Economics/

The Economics Department offers a variety of courses that encompass the study of economic theories, history, institutions and quantitative techniques. Courses cover both domestic and international aspects of economics. They include principles and methods of economic research and analysis of issues that apply both to the private and public sectors of an economy. Course work at Wheaton may be augmented by participation in the Washington, D.C. Economic Policy Seminar, a one-semester academic program and internship during the junior year administered by American University.

Major

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The economics major consists of at least 11 semester courses. These include Econ 101, Econ 102 or Econ 112, Math 102 or another math course subject to departmental approval, Math 141, Econ 201, Econ 202 and five other economics courses, at least two of which must be at the 300 level and one at the 400 level. Economics courses used to fulfill major requirements may not be taken pass/fail either at Wheaton or elsewhere. An overall average of C in all courses is necessary for completion of the major.

Double majors and interdepartmental majors in art, development studies, English, history, mathematics, philosophy, political science, psychology, Russian studies, sociology and Hispanic studies have been developed. Students with particular interests can design an interdepartmental major with the approval of the departments involved, the dean of academic advising and the provost.

Independent study and honors work are encouraged. Majors who are considering graduate work in economics are strongly encouraged to take an extensive number of mathematics courses. See the department chair to determine the most appropriate choices.

Minors

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The following minor concentrations are offered in economics: the American Economy, the International Economy and Economic Theory.

The American Economy

The minor concentration in the American economy provides students with a focus on the institutions, issues and policies of the American economy. The introductory economics courses give an overview of economic analysis and its application to the U.S. economy. The upper-level courses in the minor develop in greater depth the study of specific areas of the American economy.

Five of the following courses (or their equivalents), including Econ 101 and Econ 102 and at least one 300-level course, are required.
Econ 101 Introduction to Macroeconomics
Econ 102 Introduction to Microeconomics
Econ 213 Money and Banking
Econ 222 Economics of Race and Racism
Econ 241 Women in U.S. Economy
Econ 252 Urban Economics
Econ 255 Corporate Finance
Econ 303 Public Finance
Econ 309 Labor Economics and Industrial Relations
Econ 360 Economics of Regulation
Econ 361 Industrial Organization and Public Policy

The International Economy

The minor concentration in the international economy provides students with a focus on international economic issues. The introductory economics courses give students a general perspective from which they can begin to analyze economic problems, while the remaining courses take up specific concerns. These range from problems faced by Third World countries in their struggle for development to the international trade and balance of payments concerns of industrialized capitalist countries to the transitions of the formerly centrally-planned economies.

Five of the following courses (or their equivalents), including Econ 101 and Econ 102 and at least one 300-level course, are required.
Econ 101 Introduction to Macroeconomics
Econ 102 Introduction to Microeconomics
Econ 232 Economic Development
Econ 233 Sweatshops in the World Economy
Econ 305 International Finance
Econ 306 International Trade

Economic Theory

The minor in economic theory provides students with a study of the analytical methods used by economists. The introductory courses give a basic development of the methodologies which economists use to address the subject matter of their discipline. Their introduction is pursued in greater depth through the intermediate analysis courses, Foundations of Political Economy and Mathematical Economics. The History of Economic Thought examines the historical development of contemporary economic theory.

Five of the following courses (or their equivalents), including Econ 101 and Econ 102 and at least one 300-level course, are required.
Econ 101 Introduction to Macroeconomics
Econ 102 Introduction to Microeconomics
Econ 201 Macroeconomic Theory
Econ 202 Microeconomic Theory
Econ 288 Foundations of Political Economy
Econ 311 History of Economic Thought
Econ 336 Mathematical Economics

Courses

101. Introduction to Macroeconomics

Macroeconomics covers the economic functioning and problems of society. Major topics include national income and growth, unemployment, inflation and stabilization policies, federal revenues, expenditures and the deficit and money and banking.
(John Alexander Gildea, John Miller, Russell Williams)

102. Introduction to Microeconomics

Microeconomics explains economic behavior of decision makers in the economy--consumers, business firms, resource owners and governments. Major topics include pricing and the operation of markets for goods and services and for resources, the behavior of firms and industries in different market settings, income distribution and public policy.
(Department)

Connections:
Conx 20004 The Calculus of Microeconomics

112. Introduction to Microeconomics

Connections:
Conx 20004 The Calculus of Microeconomics
Conx 20026 Biopharma

150. Principles of Financial Accounting

The principles of accounting used by economic organizations, including the preparation and interpretation of financial statements. (This course does not count toward the economics major.)
(Maryann Buck)

201. Macroeconomic Theory

Economic aggregates and their theoretical relationships. Topics include national income analysis, economic fluctuations, stabilization policies, inflation, unemployment, theory of aggregate demand and supply, and economic growth. General equilibrium, Neoclassical, Monetarist, Keynesian, New Classical and Post Keynesian theoretical frameworks are considered.
(John Miller)

202. Microeconomic Theory

The theory of the economic behavior of the individual household, firm and market. Topics include the allocation of consumer income, cost and production functions, the determination of price and output under perfect and imperfect competition, the pricing and optimal allocation of resources and welfare economics.
(Department)

213. Money and Banking

This course studies the nature of money and credit in a modern economy; the operations of banks, the Federal Reserve System and financial markets; the impact of the money supply on prices, income and employment; United States monetary policy and its relationship to other forms of stabilization policy; and current domestic and international monetary problems.

222. Economics of Race and Racism

Explores the interaction of race and racism with economic dynamics in society. The focus is on the United States although many topics covered are applicable to other countries. Topics include theories of racism, housing issues, education, employment discrimination, business formation and economic history.
(Russell Williams)

232. Economic Development

Studies economic problems of less developed countries and policies to promote development. Topics include theories of development and underdevelopment, the role of the agricultural and international sectors, specific problems of unemployment, income distribution and malnutrition.
(Brenda Wyss)

233. Sweatshops in the World Economy

This course engages students in the controversy regarding sweatshops and their role in the global economy. We ask why sweatshops have returned to the United States, the richest economy in the world. We also ask what role the spread of sweatshops in the developing world played in the alleviation and perpetuation of poverty.
(John Miller)

241. Women in U.S. Economy

Theories and empirical analysis of women's work in the United States. Topics include the influence of feminist thought on economics, a multicultural history of women's work, labor force participation, occupational distribution and wages, the gender division of labor in household production (housework and child rearing) and related policy issues.
(Brenda Wyss)

Connections:
Conx 23005 Women in the United States

242. Economics of Education

This course introduces economic theory related to education and engages students in critical analysis of education data and of actual and proposed eduction policies. Topics include the relationship of education to the economy, school funding mechanisms and the economics of education reform initiatives in the United States and selected other countries.
(Russell Williams)

252. Urban Economics

The identification, description and analysis of problems that are basically urban in nature. Topics include the urbanization process, urban poverty, transport, housing, urban renewal, the problems of metropolitan government, the design of urban environments and city planning.
(Russell Williams)

255. Corporate Finance

The economics of corporate finance. Topics include capital budgeting, financial structure and the cost of capital, sources and forms of long- and short-term financing, the operations of the capital market, corporate taxes and the control of corporations.
(John Alexander Gildea)

288. Foundations of Political Economy

A radical view of the dynamics of a capitalist economy and of the dimensions of the current economic crises in the United States. Topics include the elements of Marxist theory (e.g., historical materialism, alienation, labor theory of value) and problems of modern capitalism (e.g., imperialism, sexism, racism).
(Brenda Wyss)

298. Experimental Course

303. Public Finance

Analysis of the revenue and expenditure policies of the public sector in light of the allocation, distribution and stabilization functions of government. Topics include the proper role of government, industrial policy, the management of externalities, the budget deficit, public expenditures, and the nature and incidence of the U.S. tax system.
(John Miller)

305. International Finance

This course examines international financial relations among nations. Topics covered include the balance of payment accounts, foreign exchange rate determination, monetary and fiscal policies in an open economy, global financial liberalization, financial and currency crises, debt crises, the debate on fixed versus flexible exchange rate regimes, including "dollarization," currency unions and monetary unions.
(James Freeman)

306. International Trade

This course examines the effects of international trade on economic growth, income distribution, and labor and environmental standards. The topics covered include theories of trade, welfare effects of trade restrictions, U.S. and E.U. trade policies, trade issues of developing nations, multilateral trade negotiations under GATT and WTO, preferential trade agreements and multinational enterprises in the world trading system.
(James Freeman)

309. Labor Economics and Industrial Relations

Economics of labor markets, labor unions and collective bargaining. Topics include labor force participation; employment and unemployment; wage rates; education and training; labor market discrimination; issues, techniques and outcomes of collective bargaining, and public policies affecting workers and labor unions. Neoclassical, institutionalist and radical theoretical frameworks are considered.
(James Freeman)

311. History of Economic Thought

The development of economic thought from the mercantilist period to the present with primary emphasis on the classical economists, Marx, the Marginalists and Keynes. Topics investigated are the relationship between economic theory and its historical milieu, the role of paradigms in the development of economic ideas and the historical antecedents to current schools of economic thought.
(John Miller)

330. Applied Econometrics

Applications of regression analysis, a versatile statistical tool frequently used in empirical economic studies as well as in other social and natural sciences. The primary emphasis will be on developing a sound understanding of the ordinary least squares method, thus enabling students to read, understand and evaluate studies using this technique. Students will use the computer to run their own regressions.
(James Freeman)

336. Mathematical Economics

Introduction to the application of mathematical tools and techniques to economic analysis. Topics include solving linear economic models using matrix algebra, comparative static analysis, multivariable optimization with and without constraints, and linear programming.
(John Alexander Gildea)

360. Economics of Regulation

Analysis of government regulation and its impact on society. Three major areas are covered: economic regulation, social regulation and anti-trust policy. Topics include environmental regulation, merger policy, business pricing and marketing practices, regulation of public utilities, health and safety regulation and deregulation.

361. Industrial Organization and Public Policy

The role of the large business corporation in the United States economy. The competitive structure of American industry and problems of monopolistic behavior and performance. Policies to promote better market performance.
(Department)

Connections:
Conx 20038 Top Secret

399. Selected Topics

A course for advanced students, the content of which is determined according to the interests of the students and the instructor. This course is offered at the discretion of the department.

401. Seminar: Topics in Law and Economics

Economic analysis of legal rules and institutions. Topics include the common law doctrines of property, contracts and torts. Crime and the legal process.

402. Seminar: Current Economic Issues

A discussion of problems and controversies facing today's policy makers and an economic analysis of the costs and benefits associated with various policy solutions. Topics chosen for discussion will depend upon class interest, recent research and current events.
(John Alexander Gildea)

403. Global Economic Controversies

This seminar will highlight a series of current international debates. Students will study competing perspectives and will develop their own positions on each topic, both in writing and in classroom discussions. The debates chosen for discussion each semester will depend on timeliness, class interests and recent research. Potential topics include globalization of environmental protection, trade liberalization, international labor standards and immigration.
(Brenda Wyss)

(Brenda Wyss)