| Table of Contents Academic Life Academic Regulations The Academic Programs International and Off-Campus Studies Special Programs Admissions and Financial Aid Life Outside the Classroom People Facts and Figures College Calendar |
Economics http://www.stolaf.edu/depts/economics/ Chair, 2000-01: William L. Carlson, statistics, econometrics, information systems Faculty, 2000-01: Anthony Becker, microeconomics, public policy; Kathy Gardner Chadwick, marketing, management; Bruce R. Dalgaard, macroeconomics, Japanese economy; E. David Emery, microeconomics, health care; Mary Ann Emery, accounting; Richard M. Goedde, finance, accounting; Rebecca Judge, environment, public policy; Mark Pernecky, macroeconomics, economic justice; Xun Z. Pomponio, international economics, Chinese economy; David Schodt, microeconomics, economic development; Steven Soderlind, urban and regional economics; Paul Wojick, macroeconomics, economic philosophy The Department of Economics seeks to create a teaching and learning community that provides students with varied opportunities for acquiring the necessary knowledge, analytical skills and judgment to prepare them for personal and professional growth, and for confident and responsible leadership in a rapidly changing world. The department encourages students: (1) to learn about the economic, commercial and governmental institutions that serve the American and international communities, (2) to be competent in economic and statistical analysis and (3) to be cognizant of historical, global, and moral perspectives on economic and business issues. OVERVIEW OF THE ECONOMICS PROGRAM Economics is a social science concerned primarily with the production, distribution, and valuation of products and services. Topics of special interest include rational decision making, market mechanics, government regulation, taxation and expenditure, employment, management, productivity, monetary control, environmental quality, and expanding global trade. The economics curriculum at St. Olaf includes theory, applications, institutional studies and quantitative analysis. Where appropriate, economics courses also pursue historical and ethical concerns. The department offers Areas of Emphasis for its majors who desire more focused study in finance, management, international economics, and policy analysis. The department also supports Interdisciplinary Concentrations in Management and Financial Management, which are available to students regardless of major. Economics majors can take advantage of many travel and internship opportunities. The Economics major serves as excellent preparation for careers in a wide variety of fields, including banking, accounting, health administration, finance, insurance, retailing, consulting, business management, teaching and international affairs. The major also provides a solid foundation for students wishing to pursue graduate studies in economics, business, public policy, and law. REQUIREMENTS OF THE MAJOR Economics at St. Olaf is a contract major. Students wishing to contract for the major must meet with a department faculty member to design their major curriculum. Normally, students will contract for the major before the beginning of their junior year. Contracts may be amended at any time, subject to consultation with and approval by a member of the department. Majors in Economics must meet the following minimum requirements: two courses in Mathematics Background, one of Mathematics 119, 120, 122, or equivalent, and one of Math 126, 128, 214, 220, 222, or Economics 233; Economics 261 and 262; Statistics 263, or Mathematics 312 plus Economics 385; and at least four courses in Economic Analysis. The Economics major requires four courses in economic analysis with a minimum of one at Level II and two at Level III unless the student completes an Area of Emphasis. Majors who also complete an Area of Emphasis within the department must complete three courses in economic analysis, at least one of which must be at Level III. In the course of their studies economics majors should also gain working knowledge of a statistical computing package, a text processor and an electronic spreadsheet. Students considering graduate work in economics are advised to take additional courses in economic analysis (including Economics 385) and mathematics (Mathematics 126 or 128, 220, 226 or 228, and 244). DISTINCTION Information about the criteria considered in conferring distinction is available in the Economics Department. SPECIAL PROGRAMS Areas of Emphasis Concentrations and Interdepartmental Programs COURSES INTRODUCTORY COURSES 110-120 Gateways to Economics These classes introduce first-year students to principles of economics through special topics. Each course emphasizes the application of economic concepts to topics of general interest, capitalizing on the special interests and expertise of the faculty. A list of topics and course descriptions will be included with registration materials each semester. These courses are open only to first-year students. GE: HBS. 113 Capitalism: The Struggle of Economic Ideas in History This course examines the major schools in the history of economic thought in their historical context: those that defend, condemn, or amend capitalism. GE: HWC, HBS. Offered many Interims. 121 Principles of Economics This course takes an analytical approach to economic reasoning and contemporary issues. Offered each semester, the course introduces microeconomic and macroeconomic theories with applications to relevant issues, such as employment, growth, environmental protection, affirmative action, exchange rate fluctuations, taxes, and welfare reform. Students explore economics as an intelligent approach to understanding our daily lives as citizens, workers, managers, and consumers. GE: HBS. 122 Analytical Principles of Economics This course covers much the same material as Economics 121, but employs analytic geometry, set theory, calculus, and computer software to portray economic perspectives. Prerequisite: Mathematics 119 or 120 or 122. GE: HBS. Offered annually. 218 Economic Progress in China This international travel course tracks economic development in China with emphasis on Shanghai. The course examines the emergence and evolution of markets in rural, urban, commercial, and financial centers and how the changes affect culture, attitudes, customs, and life of the people. Shanghai will be compared with other Chinese cities, including Nanjing, Suzhou, Hangzhou, and Hong Kong. The role of Hong Kong in China's reform and its integration since 1997 is also discussed. GE: MCS-G, HBS. Offered many Interims. 233 Economic Methods This course develops the methodological framework which guides economic inquiry, while it reviews mathematical fundamentals and develops quantitative skills used in core courses of the major. Students learn to apply mathematical optimization to economic problems. This course may substitute for the second required math course if taken prior to the core courses; it does not count toward the major. Prerequisites: one of Economics 110-122 and Math 110, 120, or 122. Offered each semester. CORE COURSES 261 Intermediate Macroeconomic Theory This course addresses the economic institutions and forces that determine levels of income, output, employment, and prices in our society. Questions related to employment prospects and standard of living provide an important focus. Classical and Keynesian perspectives are employed in attempting to understand these matters, the macroeconomics problems in market economies, and the policies that economists prescribe as remedies for these problems. Prerequisites: Calculus I and one of Economics 110-122, or consent of the instructor. Offered each semester. 262 Intermediate Microeconomic Theory Microeconomics is the study of the resource allocation decisions by households, producers, and firms, and the resources allocation process in various types of market structures. Students are trained in the use of economic models and optimizing techniques to address a variety of real-world problems, including case studies from business and public policy. Prerequisites: Calculus I and one of Economics 110-122, or consent of the instructor. Offered each semester. Statistics 263 Statistical Problem Solving This course emphasizes skills necessary to understand and analyze data. Topics include descriptive statistics, probability, and random variables, sampling theory, estimation, and classical hypothesis testing, practical and theoretical understanding of simple and multiple regression analysis. Applications to economics and business problems use real data, realistic applications, and Minitab for Windows. Written reports link statistical theory and practice with communication of results. Prerequisite: Mathematics 119, 120, 122 and one of Economics 110-122, or consent of the instructor. Offered each semester. ECONOMIC ANALYSIS COURSES, LEVEL II 238 Economic Development in Japan This course provides an overview and analysis of Japan's economic development, beginning with a review of the foundations for growth in the 19th century and focusing on the era of rapid growth in the post WWII period. Students investigate the interaction of culture and the economy, Japan's corporate capitalism, the "economic miracle," Japan-U.S. relations, and prospects for future growth. Prerequisite: one of Economics 110-122 or consent of instructor. Offered annually. 240 Economics and Law Legal rules and institutions influence behavior. By setting acceptable levels of pollution, structuring guidelines for contract negotiations, determining punishment for crimes, and deciding who should pay for accidents, legislatures and courts create ince ntives. How do economic considerations factor into legal rules, and how do laws affect economic output and distribution? In this class students use court cases, experiments and current legal controversies to explore such issues. Prerequisite: one of Economics 110-122 or consent of instructor. Offered alternate years. 2 42 Environmental Economics The powerful insights of microeconomic analysis inform this consideration of environmental policy and regulation. Coursework emphasizes issues germane to setting and attaining specific environmental objectives - how much pollution to allow, how much to encourage preservation, how much cutting to permit. By considering whether and how to assign monetary values to goods like species diversity and climatic stability, students gain practical experience applying benefit-cost analysis to environmental decisions. Prerequisite: one of Economics 110-122 or consent of instructor. Offered annually. 243 Economic Development Students in this course learn and apply economic analysis, tempered by an appreciation for the political and institutional contexts of the less developed countries, to gain an understanding of these countries' economies. Using cases involving both written and oral analysis, students explore topics such as economic growth in Brazil, trade strategies in Singapore, poverty and income distribution in Taiwan, or macroeconomic performance in Mexico. Prerequisite: one of Economics 110-122 or consent of instructor. GE: MCS-G. Offered annually. 244 Business, Government, and the Marketplace Students in this course gain a critical understanding of several forms of government regulation by studying antitrust, old-style regulation, and issues in consumer and workplace safety. Students examine such intervention from both historical and economic perspectives, by participating in oral and written cases arguing opposing sides on historical and modern issues ranging from Standard Oil (1911) to the regulation of nuclear power. Prerequisite: one of Economics 110-122 or consent of the instructor. Offered annually. 245 Economics of Health Care The health care sector in the U.S. is undergoing rapid change which affects patients, providers, and payers. Managed care and managed competition are restructuring the delivery of health care services and reducing costs, while frustrating physicians and p atients. The course examines the economic factors leading to the changes, current issues and controversies, and federal health policies. Students from nursing, pre-med, and the sciences are encouraged to enroll. Prerequisites: one of Economics 110-122 or consent of instructor. Offered annually. 247 History of Economic Thought Many aspects of our lives and our society are influenced by the ideas (or the theories) of economists. This course explores where economic ideas have come from, how they have changed over time, and the extent to which they are compelling. While the ideas of many important figures are covered, economists such as Smith, Ricardo, Marx, Marshall, and Keynes receive particular attention. Prerequisite: one of Economics 110-122 or consent of instructor. GE: HWC. Offered annually. 249 Urban Economics This class applies economic principles to issues of urban development. Topics include urban economic history, location analysis, policy analysis (especially concerning poverty, housing, transportation, and education), land use controls, and macroeconomic forecasting. Prerequisites: one of Economics 110-122 or consent of instructor. Offered annually. 293 Economic Justice Economics includes a rich ethical tradition. Four major paradigms of normative ethics underlie much of the history of economic thought, as well as current public policy questions: Utilitarian, Liberal (including both Libertarian and Welfare State Liberalism), Marxist, and Christian. This course examines these ethical frameworks in addressing historical and contemporary issues. Student evaluation is based on written assignments, oral communication, and exams. Prerequisites: BST-T Course. GE: EIN. Offered annually. ECONOMIC ANALYSIS COURSES, LEVEL III 371 Economics of Public Policy Government action affects us all. We pay taxes; we use public roads, schools, and parks. Some prices we pay are lower due to government subsidies; others are higher due to taxes. Government actions influence both the efficiency of our economy and the equity and equality within our society. Students learn valuable analytical tools for evaluating public projects, tax policies, entitlement programs, and voting behavior. Prerequisite: Economics 262 or consent of instructor. Offered annually. 374 Money and Banking This course addresses the institutions that comprise modern monetary systems and the influence that these systems have on levels of income, output, employment and prices in market economies. Monetary theory and monetary policy, including both the nature of our central bank and the role that it plays in our monetary system, are also addressed in some detail. Prerequisite: Economics 261 and Statistics 263 or Mathematics 312, or consent of instructor. Offered annually. 376 Labor Economics and Employment Relations What do workers want from work? What do employers want from workers? Pressing policy issues exist for workers competing in the global economy. Unions, unemployment insurance, welfare, and the minimum wage enhance the prospects of many, while leaving others even worse off. This course utilizes microeconomic theory, statistics, and institutional analysis to understand labor markets. Prerequisites: Economics 262 and Statistics 263 or Mathematics 312, or consent of instructor. Offered annually. 382 International Economics This course offers the students an integrated approach of theory, policy, and enterprise to understand international trade and investment. The course focuses on the costs and benefits of global economic interdependence for students who plan to enter an international business career or to work for government and international organizations in activities affected by international economic relations. Prerequisite: Economics 261, 262, or consent of instructor. Offered each semester. 385 Introduction to Econometrics Ideal for students interested in applying statistical models, this course emphasizes theoretical foundations, mathematical structure, and applications of major econometric techniques, including ordinary least squares, generalized least squares, dummy variables, non-linear transformations, instrumental variables, simultaneous equation modeling and time series models. Using national data series and econometric software, students create computer-based case projects and also develop a national econometric model. Prerequisites: Economics 261 and Statistics 263, Mathematics 312, or permission of instructor. Offered annually. MANAGEMENT Management Studies 229 Arts Management This course provides an overview of the key issues which face arts administrators. Topics addressed include planning, budgeting, fund raising, marketing, and human resource management as each relates to the unique setting of the arts. Offered during Interim. GE: HBS. Management Studies 230 Computer Applications This course focuses on using Microsoft Excel to analyze common management problems and develop solutions. Microsoft PowerPoint, a presentation graphics software program, is also introduced. Offered during Interim. GE: ORC. Management Studies 231 Personal Finance This practical course provides information needed for informed decision making in major areas of personal finance, including budgeting, basic tax planning, insurance, investments, major purchases, and retirement planning. Offered during Interim. Management Studies 232 Technology and the Entrepreneurial Spirit The American technological revolution, guided by an entrepreneurial culture, is sweeping new technologies into our work and daily life. Students study the components of entrepreneurship and the characteristics of entrepreneurs and witness entrepreneurs in action at Twin Cities technology firms. Time is divided between the classroom, on-site projects with firms and coaching in oral communication skills. Emphasis on small group activities and oral presentations. Offered during Interim. GE: ORC. Management Studies 236 Management Information Systems This course examines management information systems (MIS) in business and government, including concepts of information, the use of information in decision-making, human information processors, decision-making concepts, as well as the organization, structure, and management of information systems. Students consider the role of computers, electronic information and communication, and the design, development, and management of information systems and their role as business resources. Prerequisite: one of Economics 110-122, or consent of instructor. Offered alternate years. Management Studies 250 Marketing This course introduces the key elements of marketing strategy: product development and management, pricing, promotion, and distribution decisions. Case analysis and simulation exercises provide opportunities for applying concepts addressed in class. Upon completion of the course, students should be able to write a marketing plan if they are assigned this responsibility in their future careers. The course is offered each semester. Prerequisite: one of Economics 110-122, or consent of instructor. GE: HBS. Offered each semester. Management Studies 251 Management This course familiarizes the student with the major management functions of planning, organizing, leading, and controlling. The study of management theory is linked with application exercises. Students begin to develop the management skills necessary in any organization, whether it be a for-profit or not-for-profit venture, a small business or a large corporation. This course is required for all students pursuing a Management Concentration. Prerequisite: one of Economics 110-122, or consent of instructor. Offered each semester. GE: HBS. Management Studies 256 Entrepreneurship This course examines the importance of entrepreneurship, covering both the theory and practical aspects of the subject. Discussions focus on the paradigms of creativity and innovation, the relationship of liberal arts disciplines to the entrepreneur, the role of the entrepreneur in society and history, the risks and rewards of entrepreneurship, and the elements of the entrepreneurial behavior in a variety of settings. Study concentrates on the entrepreneurial process from idea creation to ultimate business or other organizational activity. A leadership theme permeates these discussions. A variety of instructional techniques are used including group projects, guest presenters and practicing entrepreneurs attending the class. Offered Spring Semester. Management Studies 383 Management Policy and Strategy This is the capstone course for students with a Management Area of Emphasis or a Management Concentration. Students have the opportunity to further develop their planning and decision making skills through focused study of the management literature and ca se analysis exercises. Emphasis is given to identifying, analyzing, and solving organizational problems which are strategic in nature and cut across all functional areas of the organization. Prerequisite: Economics 250 or 251, junior or senior status. Offered annually. ACCOUNTING/FINANCE Management Studies 225 Principles of Accounting This course focuses on four basic financial statements: the income statement, statement of retained earnings, balance sheet, and statement of cash flows. Students learn how business events are recorded and represented on the financial statements and how to use the information to make sound economic judgments. Cases and current articles supplement the traditional textbook readings and problems. Offered each semester. Management Studies 237 Managerial and Cost Accounting This course emphasizes the use of information to make management decisions. Topics include cost and break-even analysis, budgeting and control, capital expenditures analysis, and variance analysis. Computer spreadsheets and case studies are used extensively. This course is required for students who plan to sit for the C.P.A. or C.M.A. examinations. Prerequisite: Management Studies 225. Offered annually. Management Studies 258 Tax Accounting This survey course focuses on the broad structure of U.S. income tax law and the underlying tax concepts that tend to be stable over time. Study of current rules and regulations leads to investigation of the tax consequences of various transactions, formulation of broad tax planning strategies, and discussion of tax policy issues. Offered in alternate Spring Semesters. Prerequisite: Management Studies 225. Management Studies 259 Intermediate Accounting Theory This course investigates accounting principles used to value assets, liabilities, revenue, and expenses. Case studies illustrate the effect of alternative accounting methods on financial statements and highlight the need for financial reporting standards. This course is required for students who plan to sit for the C.P.A. or C.M.A. Examinations. Prerequisite: Management Studies 225. Offered Fall Semester. Management Studies 281 Corporate Finance This course is an introduction to financial decision-making in a business environment. Topics include asset acquisition, issuance of stock vs. debt, dividend policy, planning and analysis, and working capital policy. Case discussions, combined with lectures and readings, enable students to apply finance principles in actual business situations. Computer spreadsheets are used. This is a core course in the Financial Management Concentration. Prerequisite: Management Studies 225. Offered Spring Semester. Management Studies 380 Investments This course is an introduction to making personal investment decisions and provides a foundation for students seeking a career in the investment field. Although stocks and mutual funds are the primary focus, bonds, options, and futures are also introduced . Topics include risk and return, security analysis, valuation theory, and portfolio management. Students analyze historical data using a computer database and spreadsheet. Prerequisites: Management Studies 225 and Statistics 263 or Mathematics 312. Offered Fall Semester. OTHER COURSES 253 Britain in Transition - Economic Leader to European Union This international travel course examines economic change in Britain from the Industrial Revolution to the current European Union membership. The course focuses on the process of change and how economic factors interact with values and culture. Prerequisite: one of Economics 110-122, or consent of instructor. Offered alternate Interims. 260 Japan: Its Economy and People This international travel course provides on-site investigation of the complex Japanese economy, the effect of the society on the economy, and the impact of the economy on the people of Japan. Prerequisite: one of Economics 110-122, or consent of instructor. Offered many Interims. 298 Independent Study 394 Internship 398 Independent Research 399 Seminar Selected topics to be announced. RELATED COURSE Interdisciplinary Studies 249 Mare Balticum (abroad) This international travel course explores economic and social developments along the eastern shore of the Baltic Sea. Topics of interest range from the Hanseatic League of the 13th century to the current transition from Soviet-style central planning to a Western European social market system. Prerequisite: one of Economics 110-122, or consent of instructor. GE: HWC, HBS. |