An introduction to the major problems facing national economies: inflation, unemployment, growth, and poverty. The roles of fiscal, monetary, and other government policies will be examined. Considerable time will be spent presenting basic economic concepts, institutions, tools, and methodologies in order to prepare students for future economics courses. Christian perspectives on mankind’s stewardship responsibilities will be explored. Prerequisites:ECO 202, MAT 141. Three hours.
An introduction to the behavior of individual consumers and businesses. Topics include human motivation, the role of prices, perfect and imperfect competition, supply and demand, market outcomes, government intervention, and selected applications. Christian perspectives on the nature of mankind, market outcomes, the role of government, and the presuppositions of modern economic analysis will be explored. Prerequisite: MAT 141. Four hours. SS
A detailed examination of the determinants of national income, prices, unemployment, interest rates, and growth. Models are developed which enable students to explore the interaction of aggregate supply with aggregate demand, the latter consisting of expenditures by households, businesses, and governments. The impacts of monetary and fiscal policies are explored in depth. Christian perspectives on the role of government in achieving national objectives will be examined. Prerequisites: ECO 201, 202. Three hours.
An in-depth examination of the theories of consumer and producer behavior. The core of the course material provides a theoretical treatment of supply and demand and their implications for market outcomes. Topics include market efficiency, market failures, imperfect information, strategic behavior, externalities, and selected applications. A detailed analysis of the presuppositions of modern economic analysis will be explored from a Christian perspective. Prerequisites: ECO 201, 202. Three hours.
This course examines the public sector and its policy process including voting models, expenditure, insurance programs, and taxation principles. Special attention is given to taxation, government borrowing, Social Security, health care, and welfare issues. Biblical perspectives on the role of the state will be explored. Prerequisites: ECO 201, 202. Three hours.
This course provides an examination of the intellectual, philosophical, and institutional back ground of modern economic thinking beginning in the ancient world and continuing to the present. Special attention is given to the foundations of the classical school of economic thought and the subsequent mainstream of economic thinking as well as to multiple alternative voices. Different economic perspectives are examined in light of biblically reformed principles. Prerequisies:ECO 201, 202. Three hours. 'W'
Standard economic theory assumes perfect competition in which firms respond only to market signals such as price. Such markets may, however, be the exception rather than the norm. This course examines various structures of markets, the behavior of firms and the strategic interaction of participants with in markets. This course will develop and build upon a foundation of game theory. Prerequisites: ECO 201, 202. Three hours.
A course examining the basic international trade and financial relationships between countries. Topics in the trade portion of the course include: the determination of the pattern of trade, the impacts of tariffs and quotas, gains from trade, the role of imperfect competition, the structure of the international trading system. Topics in the finance portion include: exchange rate determination, the impact of exchange rates on unemployment and inflation, and the role of government monetary and fiscal policy. A Christian critique of nationalism in international economic affairs will be emphasized. Prerequisites: ECO 201, 202. Three hours.
A course examining the structure of financial institutions and their role in creating money and offering financial services. Topics include: the Federal Reserve System, the techniques of central banks, financial instruments, principles of finance, and the relationship of money and credit to key macroeconomic variables such as inflation, unemployment, and output. Biblical principles of money and finance will be explored. Prerequisites: MAT 144; ECO 201, 202. Three hours.
A course exploring the basic theories of poverty in Third World countries and examining the policies which have been pursued to alleviate that poverty. Topics covered include: the role of agriculture, the process of industrialization, physical and human capital accumulation, growth and equity, trade policies, international capital flows, the World Bank, and the role of institutions. In addition, the basic presuppositions of mainstream development efforts will be highlighted and critiqued from a Christian perspective. Prerequisites: ECO 201, 202. Three hours.
A course exploring the causes of poverty in U.S. urban centers and policies to alleviate that poverty. The impacts of technological change, discrimination, institutions, globalization, and values on poverty will be examined. The effects of welfare, educational programs, affirmative action, and other public policies will be explored. Practical tools for urban development will be presented. Particular emphasis will be placed on the presuppositions and historical experiences of government efforts to alleviate urban poverty. Prerequisites: ECO 201, 202. Three hours.
This course covers the basic issues regarding the supply and demand for labor. Topics include wage determination, the role of human capital, labor unions, discrimination, segmented labor markets, employee compensation mechanisms, U.S. labor laws, and employer-employee relations. Emphasis will be placed on laborers as imagebearers of God rather than as mere inputs into the production process. Prerequisites: ECO 201, 202. Three hours.
A course examining various methods to enable the poor to support themselves via their own work. Emphasis will be placed on holistic methods that are faith-based and/or church-centered. Topics include: microenterprise development, asset accumulation strategies, financial literacy programs, jobs-preparedness training, housing, program design and implementation. Prerequisites: ECO 201, 202; CDV 210. Three hours.
A course exploring microenterprise programs in the context of less developed countries. Students will be introduced to the complex range of economic, social, and institutional issues facing microenterprise agencies and will be instructed in the financial, organizational, and managerial dimensions of starting and operating a microenterprise program. Emphasis will be placed on implementing microenterprise programs in the context of holistic, church-based ministries. Prerequisites: ECO 202; CDV 210. Three hours.
This course examines the supply and demand for health services, the roles of different health professionals, and the relationship between health and other economic factors. Topics include the roles of insurance, professional licensure, for-profit and not-for-profit providers, regulation, government financing, and information problems in health care markets. Emphasis will be given to international comparisons of health care spending and outcomes as well as healthcare in developing countries. Prerequisite: ECO 201, 202. Three hours.
A course in the essential tools of statistical analysis which are employed by economists. The basics of bivariate and multivariate regression will be covered, and students will be taught to use computer software for data preparation and analysis. Emphasis will be placed on formulating testable economic hypotheses and on designing a research project in preparation for Econometrics II. Prerequisites: STA 251, ECO 201 and 202. Three hours.
A sequel to Econometrics I, this course introduces students to more advanced topics in statistical analysis and guides them through a major empirical research project. Topics covered will include: misspecification, hetero-skedasticity, multicollinearity, and simultaneity. Proficiency in using statistical software will be emphasized. Students will complete the research project designed in Econometrics I by writing a major, empirical research paper in which they test economic hypotheses. Prerequisite: ECO 465. Three hours.
Directed studies in economics topics for juniors and seniors. Students must develop a course proposal and obtain formal agreement from a department faculty member. Three hours.
See page 26. 'S'
Topics will be chosen by the professor. Prerequisite: open to Economics majors and minors with junior or senior standing and to others with the permission of the instructor. ECO 201, 202. Three hours.