Economics, B.A. Requirements

Department Chairperson:Akira Motomura

Office: Duffy Academic Center 290

Phone: 508-565-1149
amotomura@stonehill.edu

The major in Economics requires the completion of twelve courses.

Complete Five Required Courses

Code Course Credits

ECO 176

Microeconomic Principles

Offered: Fall and Spring Semesters

Economic analysis of product and resource markets. The consumption behavior of households, the price and output decisions of firms under various forms of market structure, the distribution of income.

Equivalent to ECO 110. May not take both.

3

ECO 178

Macroeconomic Principles

Offered: Fall and Spring Semesters

Descriptive, historical and theoretical treatment of the overall level of economic activity, prices and employment within the framework of American capitalism. Contributions of Smith, Ricardo, Keynes, and others.

3

ECO 241

Economic Statistics

Offered: Fall Semester

Descriptive statistics; probability; probability distributions; expected values; the binomial distribution; the normal distribution; sampling and sampling distributions; statistical inference - estimation and hypothesis testing; index numbers.

3
MTH 396 - Probability and Statistics II

ECO 301

Intermediate Microeconomics

Offered: Fall Semester

Theory of consumer behavior, the firm, product and factor markets, with emphasis on application of theory to real world problems.

3

ECO 303

Intermediate Macroeconomics

Offered: Fall and Spring Semesters

Theory of income, employment, and output; economic fluctuations, inflation, interest rates, growth, and stabilization policy.

3

Complete Six of the Following Courses at the 200-Level or Above

Code Course Credits

ECO 205

Economics of Social Issues and Public Policy

Offered: Fall Semester

Economic analysis of issues often neglected in traditional economics courses, emphasizing policies that may alleviate social problems. Topics include healthcare, education, crime, substance abuse, cigarette smoking, gambling, housing, and family issues.

Course may be applied to the American Studies program.

3

ECO 206

United States Economic History

Offered: Alternate Years: Fall Semester 2018, 2020

Basic economic analysis is used to study important aspects of the economic history of the United States. Concentration is on the period from 1830 to 1945, when the U.S. became a major industrial power. Emphasized are the development of big business, the effect of race and gender on markets, opportunities and incomes, and government policy.

Not open to first semester students.Course may be applied to the American Studies program.

3

ECO 211

Economics of Labor Unions

Offered: Not Offered 2016-2017

Examines the historical and current role of organized labor in the U.S. and its impact on employment, wages, prices, and trade. Additional topics include collective bargaining, labor market discrimination, and the globalization of production.

Course may be applied to the American Studies program.

3

ECO 217

Economic History of the 20th Century American Family

Offered: Not Offered 2016-2017

The course traces the socioeconomic progress of a variety of American families over the century. Changes in real income, employment conditions, labor force participation, education, residence, and family life are examined within the context of larger economic, political, and social events such as immigration, war, depression, the labor movement, civil rights, and women's rights.

Course may be applied to the American Studies program.

3

ECO 219

History of World Economic Development

Offered: Alternate Years: Fall 2017 and 2019

The world has experienced an extraordinary but unevenly distributed increase in material living standards over the last 250 years. This course examines major developments, issues, and controversies related to long run economic development and change. Themes include the causes of technological leadership, the connection between technological change and business structure, and the spread of industry.

Considered a World History. Course may be applied to the Asian Studies, Anthropology, and Middle Eastern Studies programs. May also be applied to the Latin American Studies programs with permission of the Program Director.

3

ECO 230

Development Economics

Offered: Spring Semester

Why are some countries rich and others poor? What can be done to improve living standards for the billion people living on less than $2 a day? Students will study major questions and theories of economic development, and controversies over appropriate policies and programs. Topics include poverty and inequality, education, health, foreign aid and others. Focus of the course is on empirical examination of these topics with emphasis on the latest evidence from developing countries.

Course may be applied to the Asian Studies minor.

3

ECO 242

Econometrics (WID)     1

Offered: Spring Semester

Is secondary smoke harmful? Learn econometrics to appropriately answer questions like this. The theory and application of multivariate regression analysis. We concentrate on problems of estimation and hypothesis testing of the direction and magnitude of possible causal relationships among variables. We use STATA econometrics software.

4

ECO 244

The Economics of Sports

Offered: Spring Semester

The course analyzes the industry of sports, particularly professional and big-time college sports, using and developing tools of economic analysis, mainly microeconomics. Topics include the salary structure of professional team sports and the effects of free agency; the factors affecting sports attendance; the value of sports programming to broadcasters and the effect of television revenue; issues in college sports like conference realignment, television contracts, and eligibility rules; the economic effects of professional sports franchises and stadia; and factors affecting competitive balance.

Course may be applied to the American Studies and Sports, Science & Society programs.

3

ECO 246

Forensic Economics

Offered: Not Offered 2016-2017

Forensic Economics is the study of the contributions made by economists in providing expert opinions related to the measurement of economic damages in a vast array of legal dilemmas and circumstances. Such circumstances include the wrongful death associated with medical malpractice, discrimination and wrongful termination, catastrophic personal injuries, and others. This course provides students with an opportunity to "do economics" by incorporating active learning techniques associated with the functions of the forensic economist.

3

ECO 305

Public Sector Economics

Offered: Fall Semester

Theoretical and empirical microeconomic analysis of government policy with respect to the efficient allocation of resources and the equitable distribution of income. Learn how appropriately chosen government policy enhances (rather than hinders) efficiency and equity in our society.

Course may be applied to the American Studies program.

3

ECO 309

Money and Banking

Offered: Fall Semester

Analysis of the operation of financial markets and financial institutions focusing on financial intermediaries including commercial banks, investment banks and the central bank. Examines the structure and performance of the bond and stock markets, derivatives, and other financial instruments. Extensive use current market information prepares students with the real-world knowledge and experience necessary for careers in the financial world.

Course may be applied to the American Studies program.

4

ECO 311

International Economics

Offered: Spring Semester

This course covers the major themes of the theory of international trade. The gains from trade, tariff and non-tariff barriers to trade, the theories of international trade such as the theory of absolute and comparative advantage and the Heckscher-Ohlin theory will be studied. The justifications for trade protection, its effects on the economy, historical and contemporary U.S. trade policy and the economics of regional trade agreements will also be discussed.

Course may be applied to the Asian Studies and Middle Eastern Studies programs. Course may be applied to the Latin American Studies program with permission of the Program Director.

3

ECO 319

Urban and Regional Economics

Offered: Not Offered 2016-2017

Economic analysis of urban and regional dynamics, especially changing population and business location factors. Examines the problems of modern cities, e.g., housing, transportation, education, crime, and the cost of providing municipal services.

Course may be applied to the American Studies program.

3

ECO 321

Economics of Healthcare

Offered: Spring Semester

Economic analysis of healthcare delivery markets, physician and nurse shortages, insurance industry distortions, models of hospital behavior, demand and supply considerations, impact of market failure.

3

ECO 323

Labor Economics and Manpower Policy

Offered: Not Offered 2016-2017

Economic analysis of labor markets, supply and demand considerations, labor force participation, wage determination models, discrimination theories, unemployment, manpower planning programs, and other public policies.

Course may be applied to the American Studies program.

3

ECO 327

Environmental Economics

Offered: Not Offered 2016-2017

Topics in natural resource and energy economics and environmental regulation, include the allocation, development, conservation, and scarcity of natural resources. We study pollution control through taxes, quotas and standards using cost-benefit models as a policy guide. Types of energy resources, substitutability, conversion and the relevance of energy to economic growth is discussed.

3

ECO 329

Industrial Organization

Offered: Spring Semester

Analysis of industries with varying degrees of monopoly power and influence: monopolies, cartels, oligopolies, monopolistic competition, and dominant firms. Firm strategies and likely outcomes, under both collusive arrangements and competitive pressures. Policy implications like antitrust and regulation. Effects of asymmetrically held information - how parties with information try to use it, those lacking information respond.

3

ECO 337

Mathematics for Economists

Offered: Not Offered 2016-2017

Development of mathematical skills and techniques applied to problem solving in microeconomics and macroeconomics. Mathematical concepts will be explored that enhance understanding of economic theories and their applications to policy making. Of particular interest to students interested in graduate studies in economics, public policy, finance, and related fields.

3

ECO 343

International Finance

Offered: Not Offered 2016-2017

Different aspects of the international financial markets, international trade, and balance of payments are studied by using analytical models of an open economy. This course examines the structure and the performance of the foreign exchange market through an extensive use of the Bloomberg technology. Using Bloomberg, students learn the interactions between economic news, global financial markets and exchange rates. Particular emphasis is placed on current issues related to the global financial crisis, international monetary system, the European Union and The European Bank. Other topics include money and financial management for international corporations, interest and commodity arbitrage, spot and forward currency markets. Bloomberg Financial Terminals and Bridge Telerate are used in the course in order to give students a more hands-on knowledge of the international financial markets.

Course may be applied to the Asian Studies minor and Middle Eastern Studies minor.

3

ECO 420

Fixed Income Analysis

Offered: Not Offered 2016-2017

This course covers valuation and portfolio management techniques for fixed income securities. Major topics include: the term of structure or interest rates; the measurement and management of price volatility using duration and immunization; credit risk embedded options and option-adjusted spreads; mortgages and prepayments risk; and international bond portfolios.

3

ECO 449

Economics Honors Thesis I

Offered: Offered As Needed

Thesis-writing seniors in the economics Honor Program, consult with a faculty advisor and to begin research for a thesis. This requires a minimum of a well-developed topic, comprehensive review of the literature and evidence that sufficient data is available to conduct empirical work, as demonstrated in writing and through an oral presentation to the economics faculty, Consult "Departmental Honors Program" section for more detail.

3

ECO 450

Economics Honors Thesis II

Offered: Offered As Needed

Thesis-writing seniors in the Economics Honors Program are required to complete a thesis paper and will make an oral presentation to the economics faculty in accordance with Department's timetable. Consult "Department Honors Program" section for more detail.

3

ECO 475

Internship in Economic Research     3, 5

Offered: Fall and Spring Semesters

Students work at a business, government or not-for profit organization (sponsor) under the supervision of both a faculty member and the sponsor. The field of study and sponsoring organization is specific to the student's interest. In the past, students have worked in a wide variety of fields, including brokerage firms, state and local government agencies, private banks, consulting organizations and policy research institutes. The student's main academic requirement is to successfully complete a detailed paper describing the connection between their internship responsibilities and economic theory and quantitative techniques.

Must complete the "U.S. Internship Request for Approval" process found under the myPlans tab in myHill to register for this Internship.

3

ECO 490

Directed Study

Offered: Fall and Spring Semesters

Investigation in some field for which the student has special interest not covered by a normally-scheduled course. Student must present plans in advance of pre-registration to some full-time faculty member who will agree to direct and evaluate the project.

3

MTH 125

Calculus I     2

Offered: Fall and Spring Semesters

Calculus of a single variable: functions, limits, derivatives, differentiation rules, applications of derivatives, integrals, techniques of integration, applications of integration, infinite sequences and series, first and second order differential equations. May not receive credit for both MTH 125 and MTH 119.

4

MTH 126

Calculus II     2

Offered: Fall and Spring Semesters

Calculus of a single variable: functions, limits, derivatives, differentiation rules, applications of derivatives, integrals, techniques of integration, applications of integration, infinite sequences and series, first and second order differential equations.

4

MTH 261

Multivariable Calculus     2

Offered: Fall Semester

Continuation of the sequence begun in Calculus I and II. Functions of several variables, analytic geometry, vectors, partial derivatives, multiple integration.

4

Complete a Capstone in Economics

Code Course Credits

ECO 421

Capstone Seminar in Economic Research

Offered: Fall Semester

Students gain experience in reading and doing economic research. Students write a major research paper, provide each other and receive intermediate feedback, and present their research to the department.

This course fulfills the Capstone requirement in Economics.

3
ECO 423 - Capstone Seminar in Economic Policy 6

Notes

  1. Economics majors are strongly encouraged, although not required, to take ECO 242 - Econometrics to meet the Writing-in-the-Disciplines requirement.
  2. Choosing any of the Calculus sequence (MTH 125, MTH 126, or MTH 261) may fulfill up to two of the six upper-level electives.
  3. Students can apply only one three-credit internship towards one of the six upper-level electives.
  4. Students can normally apply only one study abroad course per semester to help fulfill their electives.
  5. Internships and the study abroad course(s) must be approved by the Department Chair, as well as by the internship faculty moderator selected by the student.
  6. Students must consult with the Chair of the Economics Department regarding their Capstone requirements prior to selecting their Fall senior year courses.

Economics Honors Program

Students who complete the honors requirements in Economics below will be awarded a degree with Honors in Economics.

Departmental Honors Scholars must satisfy the following criteria:

  • Minimum cumulative GPA of 3.30 in the major.
  • Completion of ECO 449 - Economics Honors Thesis I and ECO 450 - Economics Honors Thesis II

Contact Professor Akira Motomura, Economics Department Chair for more information.

Career-Specific Suggested Courses of Study

The various curricula below are suggested courses of study. They are not required. The suggestions aim to provide some general preliminary guidance for those planning for any of the four objectives defined below. There are certainly courses in disciplines not specified that may be equally appropriate depending upon each student's preferences. Faculty in the Economics Department are willing and eager to work with students on an individual basis to address particular needs.

A. Law School

Students planning for Law School are encouraged to enhance the Economics Department's course requirements by choosing several upper-level electives from the English, Philosophy, or Political Science Departments. Courses from those departments, which require writing assignments as a significant proportion of the course grade, are most strongly recommended.

Economics Department electives with content related to legal matters include:

  • ECO 206 - United States Economic History
  • ECO 211 - Economics of Labor Unions
  • ECO 244 - The Economics of Sports
  • ECO 246 - Forensic Economics
  • ECO 311 - International Economics
  • ECO 317 - Economics and the Law
  • ECO 321 - Economics of Healthcare
  • ECO 327 - Environmental Economics
  • ECO 329 - Industrial Organization
B. Graduate School in Economics or Finance

Students planning to do graduate work in Economics or Finance normally will elect additional courses after consulting with a faculty member in the department. Mainstream graduate programs rely heavily on the use of advanced mathematics, and are highly selective. As a result, students should obtain a strong background in mathematics.

Highly recommended Mathematics Department courses include:

  • MTH 125 - Calculus I
  • MTH 126 - Calculus II
  • MTH 251 - Linear Algebra
  • MTH 261 - Multivariable Calculus

Choosing to complete the Honors Program in Economics as well as ECO 242 - Econometrics (WID) before senior year are especially important for graduate school bound students.

Other strongly recommended Economics electives that rely heavily on the application of Intermediate Microeconomic or Macroeconomic Theory include:

Courses with Microeconomic foundations:

  • ECO 305 - Public Sector Economics
  • ECO 311 - International Economics
  • ECO 323 - Labor Economics and Manpower Policy
  • ECO 329 - Industrial Organization

Courses with Macroeconomic foundations:

  • ECO 309 - Money and Banking
  • ECO 343 - International Finance
  • ECO 420 - Fixed Income Analysis
C. Business School

Students planning for graduate business school for an MBA or a Master of Science in Accountancy (MSA) are encouraged to enroll in:

  • BUS 203 - Financial Accounting
  • BUS 311 - Intermediate Accounting I
  • BUS 312 - Intermediate Accounting II

Economics Department electives related to business school preparation that are strongly recommended include:

  • ECO 242 - Econometrics (WID)
  • ECO 309 - Money and Banking
  • ECO 329 - Industrial Organization
  • ECO 343 - International Finance
D. Financial Market Occupations

Many students are interested in financial market-related occupations in either the private sector (e.g. financial services and investment industry, economic consulting industry) or the public sector (e.g. The Federal Reserve Bank, The Department of Revenue, The Bureau of Labor Statistics) are encouraged to enroll in the following courses to prepare for the advanced data analysis in these occupations:

  • ECO 242 - Econometrics (WID); and

Advanced theoretical training courses include:

  • ECO 305 - Public Sector Economics
  • ECO 309 - Money and Banking
  • ECO 329 - Industrial Organization
  • ECO 343 - International Finance
  • ECO 420 - Fixed Income Analysis