Economics (EC)

Professors: T. J. Zlatoper, W. O. Simmons (Associate Dean); Associate Professors: L. N. Calkins, A. M. Welki (Chair), S. K. Kahai; Assistant Professor: S. Lim; Executives-in-Residence: A. Aveni, J. Kleinhenz

Economics is the study of scarcity, choice, and efficiency. As British economist Alfred Marshal wrote, “Economics is a study of mankind in the ordinary business of life.” As such it draws on history, philosophy, and mathematics to address such diverse topics as product and resource pricing, inflation, unemployment, interest-rate determination, environmental issues, and federal government expenditure and taxation policies. In addition, the theories and models of economics have been applied to non-traditional areas, including marriage, child-rearing, criminal behavior, discrimination, and ethics.

The primary goal of the economics faculty is to provide its students, the University, and the community with an understanding of economic theory and practice through quality teaching and advising, significant research, and appropriate community involvement.

The Economics program has been designated by NABE, the National Association of Business Economists, as a pathway to a CBE (Certified Business Economist) certification. The Economics program incorporates at least 70% of the CBE Body of Knowledge and positions students well to sit for the CBE examination.

Major and Minor

Economics is considered one of the most flexible of all the potential fields of undergraduate study because students can choose to major in economics either through the College of Arts and Sciences (Bachelor of Arts), or through the Boler College of Business (Bachelor of Science in Economics). Moreover, a major in economics provides a comprehensive background for a variety of academic and professional fields. It is an ideal preparation for careers in business and for many graduate programs. Economics majors find employment in banking and other financial institutions, sales, consulting firms, government service, and teaching. In addition, many graduate programs—most notably law, business administration, and economics—regard the study of economics to be particularly beneficial because of its logical, ordered approach to problem solving.

The study of economics—the only social science honored by its own Nobel Prize—is intellectually challenging and rewarding. Economists use the scientific method to develop and test hypotheses and with their findings address vital current issues.

Students who choose to major in economics through the College of Arts and Sciences may apply to the department after completing EC 201-202. Acceptance as a major requires a 2.0 cumulative grade-point average and a 2.0 grade-point average in previous course work in economics.

Program Learning Goals in Economics.

Students will acquire:

  1. Knowledge of microeconomic theory, macroeconomic theory, and market failure, and the ability to apply them to domestic and global economic issues.
  2. The skills necessary to identify and analyze the economic dimensions of individual, firm, and social problems.
  3. The ability to use an economic way of thinking to identify solutions to problems that are unfamiliar.
  4. The ability to recognize the limitations of proposed solutions to individual, firm, and social problems and situations.