2013 - 2014
Undergraduate Catalogue

Economics

Office: Sellinger Hall, Room 318

Telephone: 410-617-2357

Website: www.loyola.edu/sellinger

FACULTY

Chair: Marianne Ward-Peradoza, Associate Professor

Professors: John D. Burger; Frederick W. Derrick; Thomas J. DiLorenzo; John C. Larson (emeritus); Charles E. Scott; Norman H. Sedgley; Stephen J. K. Walters

Associate Professors: Arleigh T. Bell, Jr. (emeritus); Francis G. Hilton, S.J. (emeritus); John M. Jordan (emeritus); Marianne Ward-Peradoza; Nancy A. Williams

Assistant Professors: James J. Kelly, S.J.; Dennis C. McCornac (visiting); Srikanth Ramamurthy; Andrew Samuel; Jeremy Schwartz; Kerria M. Tan

Affiliate Faculty: R. Andrew Bauer; Mark J. Bock; G. Edward Dickey; Lynne C. Elkes; Sean P. Keehan; Paul Lande; Paul Leroy


Economics is a social science that studies choices made by consumers, owners of physical resources, workers, entrepreneurs, corporations, nonprofit institutions, voters, politicians, and bureaucrats. The economic way of thinking is a powerful tool that illuminates real-world problems and processes. It provides consumers and those in business, government, and nonprofit enterprise with ways to wisely use scarce resources. Economics also provides the basis for the analysis of many social issues such as poverty, unemployment, environmental decay, and alternative economic systems. Because economics stresses the application of logic and reason to the analysis of contemporary and historical aspects of human behavior, economics is an important part of a liberal arts education.

LEARNING AIMS

  • Students will demonstrate knowledge of the major concepts, historical and theoretical perspectives, and empirical findings in microeconomics and macroeconomics.
  • Students will demonstrate ability to apply economic principles and theories to a range of economic and social problems and issues.
  • Students will understand and apply basic research methods in economics, including data analysis and reporting.
  • Students will use critical and creative thinking skills and hone communication skills.

MAJOR IN ECONOMICS

The Bachelor of Arts (B.A.) in Economics provides students with a versatile, powerful set of analytic tools for studying the social sciences. Students majoring in economics take five foundation courses and complete a concentration in either general or quantitative economics. The required courses are as follows:

  • EC102 Microeconomic Principles
  • EC103 Macroeconomic Principles
  • EC220 Business Statistics
  • EC301 Intermediate Macroeconomics
  • EC302 Intermediate Microeconomics

General Concentration: This program is appropriate for those who intend to enter professional programs (such as law or public policy schools) or pursue careers as managers or economic analysts in government or business. Students may create interdisciplinary programs combining studies in economics with other areas in the arts and sciences, subject to the approval of the department chair. Requirements for the concentration are as follows:

  • Seven upper-level economics courses, four of which may be taken at the 300- or 400-level and three which must be taken at the 400-level. At the discretion of the department chair, certain courses offered by other departments may qualify toward the upper-level requirement.
  • Applied Calculus (MA151) or Calculus I (MA251). Students who have taken calculus in high school or have a strong background are encouraged to take MA251.

Quantitative Economics Concentration: This program is appropriate for those who plan to pursue master's or doctoral work in economics and prepare for careers in research and/or teaching. This path is also appropriate for students interested in analytical careers in economics or finance. Requirements for the concentration are as follows:

  • EC305 Mathematical Economics
  • EC420 Econometrics
  • EC405 Game Theory and the Economics of Information or
  • EC425 Applied Econometric Forecasting
  • Three EC Electives (one of which must be 400-level)
  • MA251 Calculus I (fulfills math/science core)
  • MA252 Calculus II (fulfills math/science core)
  • MA301 Introduction to Linear Algebra

Ordinary Differential Equations (MA304), Calculus III (MA351), and Analysis I (MA421) are recommended electives for graduate school prospects.

Students who wish a broad, business-oriented program may elect to pursue the Bachelor of Business Administration (B.B.A.) with a concentration in business economics. The B.B.A. is described under the Sellinger School of Business and Management.

Students are encouraged to talk with an economics advisor early on about which concentration best serves their career objectives.

Bachelor of Arts

Requirements for the major and an example of a typical program of courses for each concentration are as follows:

General Concentration

Freshman Year

Fall Term

    EC102 Microeconomic Principles*
    MA151 Applied Calculus* or
    MA251 Calculus I*
    WR100 Effective Writing**
    Language Core
    Elective

Spring Term

    EC103 Macroeconomic Principles*
    HS101 Europe and the World Since 1500**
    Language Core or
    Elective
    Math/Science Core
    Elective

Sophomore Year

Fall Term

    EC220 Business Statistics*
    EN101 Understanding Literature
    PL201 Foundations of Philosophy
    TH201 Introduction to Theology** or
    Elective
    History Core**

Spring Term

    EC301 Intermediate Macroeconomics*/** or
    EC302 Intermediate Microeconomics
    PL200-Level Philosophical Perspectives Course
    English Core
    Math/Science Core
    Theology Core** or
    Elective

Junior Year

Fall Term

    EC301 Intermediate Macroeconomics*/** or
    EC302 Microeconomics*
    TH201 Introduction to Theology** or
    Elective
    Fine Arts Core
    Economics Elective*
    Elective

Spring Term

    Theology Core** or
    Elective
    Economics Elective*
    Economics Elective*
    Nondepartmental Elective
    Elective

Senior Year

Fall Term

    Ethics Core
    Economics Elective*
    Economics Elective*
    Nondepartmental Elective
    Elective

Spring Term

    Economics Elective*
    Economics Elective*
    Nondepartmental Elective
    Elective
    Elective

* Required for major.

** Terms may be interchanged.

  1. Students who plan to spend all or part of junior year abroad must take EC301 and/or EC302 in the sophomore year. Students will not be allowed to take EC301 or EC302 abroad.
  2. Candidates for the B.A. in Economics may substitute Introduction to Statistics (ST210) for Business Statistics (EC220) if and only if the student also successfully completes Calculus II (MA252) or Econometrics (EC420).
  3. Students must complete the diversity core requirement through a designated diversity core, major, or elective course (see Diversity Core Requirement under Curriculum and Policies).

Quantitative Economics Concentration

Freshman Year

Fall Term

    EC102 Microeconomic Principles*
    MA251 Calculus I*
    WR100 Effective Writing**
    Language Core
    Elective

Spring Term

    EC103 Macroeconomic Principles*
    HS101 Europe and the World Since 1500**
    MA252 Calculus II
    Language Core or
    Elective
    Natural Science Core

Sophomore Year

Fall Term

    EC301 Intermediate Macroeconomics*/** or
    EC302 Intermediate Microeconomics
    EN101 Understanding Literature
    MA351 Calculus III or
    Elective
    PL201 Foundations of Philosophy
    TH201 Introduction to Theology** or
    Elective

Spring Term

    EC220 Business Statistics* or
    ST210 Introduction to Statistics
    EC301 Intermediate Macroeconomics*/** or
    EC302 Intermediate Microeconomics
    EC305 Mathematical Economics*
    PL200-Level Philosophical Perspectives Course
    Theology Core** or
    Elective

Junior Year

Fall Term

    EC420 Econometrics*
    TH201 Introduction to Theology** or
    Elective
    English Core** or
    Elective
    Fine Arts Core
    Nondepartmental Elective

Spring Term

    MA301 Introduction to Linear Algebra*
    English Core** or
    Elective
    History Core
    Theology Core** or
    Elective
    Economics Elective*
    Elective

Senior Year

Fall Term

    EC405 Game Theory and the Economics of Information* or
    Economics Elective
    Ethics Core
    Economics Elective* (400-level)
    Nondepartmental Elective
    Elective

Spring Term

    EC425 Applied Economic Forecasting* or
    Economics Elective
    MA304 Ordinary Differential Equations or
    Elective
    Nondepartmental Elective
    Elective
    Elective

* Required for major.

** Terms may be interchanged.

  1. Students who plan to spend all or part of junior year abroad must take EC301 and/or EC302 in the sophomore year. Students will not be allowed to take EC301 or EC302 abroad.
  2. Candidates for the B.A. in Economics may substitute Introduction to Statistics (ST210) for Business Statistics (EC220) if and only if the student also successfully completes Calculus II (MA252) or Econometrics (EC420).
  3. Students must complete the diversity core requirement through a designated diversity core, major, or elective course (see Diversity Core Requirement under Curriculum and Policies).

MINOR IN ECONOMICS

The following courses are required the minor:

  • EC102 Microeconomic Principles
  • EC103 Macroeconomic Principles
  • EC301 Intermediate Macroeconomics or
  • EC302 Intermediate Microeconomics
  • Four EC Electives, one of which must be taken at the 400-level. EC220 approved only if EC420 is completed.

To plan the set of courses that is most appropriate to the student's needs, the student should consult the economics department chair or minor advisor. This minor is not available to B.B.A. students in business economics.

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