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Economics has been described as the study of the issues arising from the allocation of limited resources to meet society's unlimited human wants. A major in economics provides the first stage for those interested in graduate work in economics or business. It also offers a rounded background for careers in law, journalism, government and international affairs, teaching, industrial relations, business and business economics, and public service. For up-to-date information on department faculty, the major, course offerings, visiting lecturers and special events, point your web browser to www.oberlin.edu/economic. Advanced Placement. The department does not give advanced placement credit. Students who have scored 4 or 5 on both AP microeconomics and macroeconomics or who believe they have covered the material in Economics 101 (Principles of Economics) through an International Baccalaureate program, may obtain permission from the department chair, to bypass Economics 101 to take more advanced courses. Entry-Level Course Sequence Suggestions. Principles of Economics (Economics 101) is a prerequisite for all further study in the department. Although it is possible to complete the major requirements even if Economics 101 is taken as late as the second semester of the sophomore year, we recommend that potential majors take Economics 101 in their first year, and a 200-level applied course (numbered Economics 201-250) and Calculus I (Mathematics 133, or its equivalent), by the end of their sophomore year. Core courses in intermediate theory and methodology (Economics 251, 253, and 255) should be completed no later than the end of the junior year. Note: Statistics (Mathematics 113) is a prerequisite for Economics 255, and Calculus I (Mathematics 133) is a prerequisite for many economics courses numbered 251 or higher. Students planning graduate work in economics, public policy or business are strongly encouraged to take as much work in mathematics as can reasonably fit into their schedules. A one year sequence in Calculus (Mathematics 133 and 134 ) and Econometrics (Economics 255) should be considered minimal preparation for graduate study in business. Students who plan to enter business directly after graduation also will find these courses desirable. Most students admitted to graduate programs in economics have backgrounds that include Calculus through Multivariable Calculus (Mathematics 231) and Linear Algebra (Mathematics 232). Training in Probability and Statistics (Mathematics 335 and 336) is also recommended. In addition, those students considering graduate study in economics are advised to take at least one of the more advanced economic theory and methods courses (Economics 351, 353, or 355). Major. Major. A major in economics is defined as follows. I. A minimum of 24 hours in economics including: A. Principles of Economics (ECON 101 or 102);II. A minimum of 12 hours in other social sciences and mathematics including Statistics (MATH 113 or 114) and Calculus (MATH 133, or its equivalent). Mathematical Economics Concentration. An economics major with a concentration in mathematics is defined as follows. I. A minimum of 24 hours in economics including: A. Principles of Economics (ECON 101 or 102);II. A minimum of 12 hours in mathematics including: A. Multivariable Calculus (MATH 231);At least 15 of the minimum 24 hours in economics required for majors must be taken at Oberlin and must include at least two of the core courses in intermediate theory and methodology (ECON 251, 253, and 255). Courses in which a student has earned a letter grade lower than C– cannot be used to fulfill the requirements of the major. Minor. The minor in Economics consists of at least 15 hours in economics, including Economics 101 or 102; at least two of the three core courses Economics 251, 253, or 255; and one 300-level applied course. Note that most 300-level courses have a Calculus prerequisite. Honors. The department puts special emphasis on its Honors Program and ordinarily invites up to a quarter of its senior majors to participate. Invitations are extended toward the end of the junior year on the basis of general academic standing and work in the department up to that time. Interested students should consult with a member of the department. Students wishing to qualify for admission to the Honors Program must take core theory courses Economics 251 and 253 before the senior year. In addition, candidates for Honors must take Econometrics (255) by the fall of their senior year and are strongly urged to take it no later than their junior year. Transfer of Credit. The awarding of credit is at the discretion of the department chair. Two of the following—Economics 251, 253, and 255—must be taken at Oberlin, if they are to be counted toward the major or minor. Students must obtain preliminary approval of transfer credit in economics from the department chair prior to taking economics courses elsewhere. Winter Term. Members of the Economics Department will be available as sponsors of both on-campus and off campus projects. Internships are available for economics majors at a number of government agencies and private firms. Research opportunities. Economics majors are eligible to work as Albert Rees research assistants for permanent and visiting faculty members in the Economics Department. Majors are also invited as juniors or seniors to apply for the Albert Rees Policy Fellowship. Recent Albert Rees Fellows have worked during Winter Term at the President's Council of Economic Advisors in Washington, DC. Interested students should contact the department chair.
FYSP 148. Experimental Economics and Human Behavior: Free Riders and Hollywood Handshakes 4 hours, 4SS First Semester. For description, please see "First-Year Seminar Program" in this catalog. Enrollment Limit: 14. Mr. Piron 101. Principles of Economics 3 hours, 3SS, QPh First and Second Semester. This course introduces the student to the economic problems of unemployment, inflation, the distribution of income and wealth, and the allocation of resources. The basic tools of analysis for studying these problems are developed and the role of public policy in securing economic objectives is explored. The course is designed to serve as a foundation for further work in economics and as a desirable complement to study in history, politics, and sociology. Enrollment Limit: 50. Mr. Fernandez, Ms. Gaudin, Mr. Piron, Mr. Zinser 102. Principles of Economics 3 hours, 3SS, QPf First Semester. This course is equivalent to ECON 101. It covers the same substantive material but introduces students to the application of mathematical tools in economics. Prerequisite: MATH 133. Enrollment Limit: 50. Ms. Craig 150. Computer Spreadsheets for Economists 2 hours, 2SS Next offered 2006-2007.
Courses with only ECON 101 as a prerequisite. 206. Financial Management 4 hours, 4SS, QPf Second Semester. This course provides a thorough foundation in financial economics and applications to the financial management of business enterprises. Coverage includes capital budgeting; financial statement analysis; interest and risk calculations; principles of market valuation; financial funding decisions; dividend and cash flow analysis; and taxation. Prerequisite: ECON 101. Enrollment Limit: 40. Mr. Cleeton 209. Economic Development 3 hours, 3SS, CD, QPh Second Semester. Survey of the problems that have constrained economic progress of both the developing economies in Africa, Asia, and Latin America and the newly industrializing economies of Eastern Europe. Review of specific economic policy experiences. The course considers general issues of economic growth, poverty and the distribution of income, population growth and population policies, agriculture and land reform, migration, education and human capital development, financial markets, international trade and finance, and privatization. Prerequisites: ECON 101 or equivalent. Note: Taught in alternate years. Enrollment Limit: 40. Mr. Zinser 210. Economic Development in Latin America 3 hours, 3SS, CD, QPh Next offered 2006-2007. 211. Money, the Financial System, and the Economy 3 hours, 3SS, QPh Second Semester. The course deals with the linkages between financial markets, financial institutions, monetary policy and the economy. Topics will include the function of money in the economy, the determination of interest rates and exchange rates, the origin and evolution of financial intermediation, and the role of the financial system in the transmission of monetary policy. Prerequisite: ECON 101 or equivalent. Enrollment Limit: 40. Mr. Kuttner 217. Antitrust Economics 3 hours, 3SS, QPh First Semester. Economic analysis of the impact of antitrust laws in the United States and other economies on the performance of firms and markets. Critical review of antitrust litigation in terms of its impact on market structure, prices, research and development, and social welfare. Comparative economic analysis of competing schools of thought with respect to antitrust policy. Prerequisite: ECON 101 or equivalent. Enrollment Limit: 40. Mr. Zinser 219. Labor-Management Relations 3 hours, 3SS, QPh, WR Next offered 2006-2007. 224. Law and Economics 3 hours, 3SS, QPh, WR Next offered 2006-2007. 225. Political Economy of the European Integration 3 hours, 3SS, QPh First Semester. The course provides analysis of the economic rationale for the European Union, evidence on the development of trade and growth in the EU, details of the Single Market program, analysis of convergence and disparities within the EU and the recent EU enlargement integrating Central European economies. Focus will be on integration theory and measurement and analysis of EU policy making illustrated with current issues such as Economic and Monetary Union and employment and trade policies. Prerequisite: ECON 101 or equivalent. Mr. Cleeton 227. International Trade and Finance 3 hours, 3SS, QPh Second Semester. An introduction to international economics with an emphasis on the economic analysis of international transactions, financial interdependence, and current trade conflicts, as well as discussions of the historical development and contemporary role of international institutions. Prerequisite: ECON 101 or equivalent. Enrollment Limit: 40. Ms. Craig 231. Environmental Economics 3 hours, 3SS, QPh First Semester. The course is an introduction to the theory and practice of environmental economics. Emphasis is placed on understanding how the basic tools of economic analysis are used to identify sources of environmental problems, value environmental resources, and design environmental policy within the framework of a market based economic system. Prerequisite: ECON 101 or equivalent. Identical to ENVS 231. Enrollment Limit: 40. Ms. Gaudin 245. Economics of Health Care 3 hours, 3SS, QPh First Semester. Health care economics is the study of how resources are allocated to the production of health care and the distribution of that care. The course will look at the conflict between the provision of high-quality, universal health care and health care cost containment; the pros and cons of using markets to distribute health care; and the institutional features of the markets for health insurance, medical education, hospitals, ethical drugs, and medical innovation and technology. Prerequisite: ECON 101 or equivalent. Enrollment Limit: 40. Mr. Fernandez
These core courses are designed to provide students with a solid foundation in economic theory and analysis. Intermediate Microeconomics and Intermediate Macroeconomics may be taken in either order, but both should be completed prior to taking ECON 255. 251. Intermediate Macroeconomics 3 hours, 3SS, QPh First and Second Semester. This course provides a detailed overview of the basic macroeconomic theories used to analyze aggregate spending and production, economic growth, and business cycles. Theories covered in the class will be applied to examples drawn from current events and contemporary policy debates. Prerequisites: ECON 101 and sophomore standing or a 200-level course in economics. Enrollment Limit: 30. Mr. Kuttner 253. Intermediate Microeconomics 3-4 hours, 4/3SS, QPf/QPh First and Second Semester. Intermediate price, distribution, and welfare theory, with special attention to the relation of theory to decision making by households and by business firms in markets characterized by varying degrees of competition and concentration. Prerequisites: ECON 101 and sophomore standing or a 200-level course in economics. (Calculus, MATH 133 for first semester.) Enrollment Limit: 25/40. Mr. Cleeton, Mr. Piron 255. Introduction to Econometrics 4 hours, 4SS, QPf First and Second Semester. This is an introduction to the application of statistical methods to the estimation of economic models and the testing of economic hypotheses using non-experimental data. The central statistical tool is multivariate regression analysis. Topics covered include: the Gauss-Markov theorem, testing hypotheses, and correcting for heteroskedasticity, autocorrelation, and simultaneous equation bias. In the weekly computer lab sessions econometric estimation software (Eviews) is used to analyze real-world data. Prerequisites: MATH 113 or 114, MATH 133, both ECON 251 and ECON 253, or consent of instructor. Enrollment Limit: 20. Ms. Craig, Mr. Fernandez
Courses requiring intermediate theory as a prerequisite. 313. Games and Strategy in Economics 3 hours, 3SS, QPh Second Semester. This course is an introduction to the use of non-cooperative game theory in economic analysis. The course will cover both static and dynamic games with both complete and incomplete information. Applications will be drawn from many fields of economics, including: industrial organization, labor economics, corporate finance, macroeconomics, international trade, and public choice. Prerequisites: ECON 253 and MATH 133, or consent of instructor. Enrollment Limit: 20. Mr. Fernandez 315. Financial Markets 3 hours, 3SS, QPh Next offered 2006-2007. 317. Industrial Organization 3 hours, 3SS, QPh Second Semester. Analysis of the modern theory and empirical evidence about the organization of firms and industries, why firms and industries take on particular forms, and what is the impact of that organization on performance. Specific topics include mergers and acquisitions, strategic pricing policies, advertising, joint ventures, research and development, and antitrust and governmental regulation. Prerequisites: ECON 253 and MATH 133. Enrollment Limit: 20. Mr. Zinser 321. Poverty and Affluence 3 hours, 3SS, QPh, WR Next offered 2006-2007. 325. US-EU Relations 3 hours, 3SS, CD Next offered 2006-2007. 326. International Trade 3 hours, 3SS, QPh Next offered 2006-2007. 327. International Finance 3 hours, 3SS, QPh First Semester. Advanced theory of international finance which covers exchange rate determination, the differences between fixed and flexible exchange rate regimes, official currency market intervention, and empirical tests of exchange rate theory. In addition, the course will offer an introduction to dynamic theories of international borrowing, lending, and direct investment. Prerequisites: ECON 251 and MATH 133. Note: Taught in alternate years. Ms. Craig 331. Advanced Topics in Environmental and Resource Economics 3 hours, 3SS, QPh Second Semester. This course applies microeconomic analysis to the allocation and management of natural resources and the environment. Economic modeling is used to analyze the optimal use of resources such as land, water, and fossil fuels. Issues of land use and urban sprawl, efficient pricing for water and power, species extinction, optimal extraction of a mineral over time, and the reliance on natural resources in the context of growing populations will be explored. Prerequisites: ECON 253 and MATH 133. ENVS 231 recommended. Identical to ENVS 331. Enrollment Limit: 20. Ms. Gaudin 342. Monetary Theory and Policy 3 hours, 3SS, QPh Next offered 2006-2007.
351. Macroeconomic Theory 3 hours, 3SS, QPf First Semester. Building on the basic theory introduced in ECON 251, this course provides a more rigorous development of macroeconomic theories pertaining to long-run growth and business cycles. The roles of monetary and fiscal policies, and their macroeconomic effects, will receive special attention. Prerequisites: ECON 251, ECON 253, and MATH 133. ECON 255 is also recommended. Mr. Kuttner 353. Microeconomic Theory 3 hours, 3SS, QPf Second Semester. The course serves as a survey of microeconomic theory at a level consistent with a first-year graduate course. Topics include: the dual approach to consumer and producer theory, general equilibrium analysis, and welfare economics. Prerequisites: ECON 253, MATH 231, and MATH 232, or consent of instructor required. Mr. Cleeton 355. Topics in Advanced Econometrics 3 hours, 3SS, QPf Next offered 2006-2007. Upper-Class Seminars 410. Seminar: Economic Development in Latin America 3 hours, 3SS, WR Next offered 2006-2007. 411. Seminar: Economic Growth 3 hours, 3SS, WR First Semester. The seminar will explore theoretical models of economic growth including the current models of endogenous growth. Students will also explore existing empirical evidence concerning the factors underpinning economic growth and conduct studies of their own employing or modifying existing data sets. Prerequisites: ECON 251, ECON 253, and ECON 255. Note: Taught in alternate years. Enrollment Limit: 10. Ms. Craig 425. Seminar: The European Economy 3 hours, 3SS, WR Next offered 2006-2007. 431. Seminar: Topics in Water Resource Economics 3 hours, 3SS, WR Second Semester. The seminar will cover issues related to the economics of water use, focusing on theory and policy implications. Prerequisites: ECON 253 and ECON 255 or consent of instructor. ECON/ENVS 231 or 331 recommended. Identical to ENVS 431. Note: Taught in alternate years. Enrollment Limit: 10. Ms. Gaudin 440. Seminar: Monetary Policy 3 hours, 3SS, WR First Semester. What does monetary policy do? What should monetary policy do? This seminar addresses these questions in the context of policy at the Federal Reserve, and other major central banks. Topics will include the formulation, implementation, and transmission of policy, with an emphasis on using empirical methods and results. Prerequisites: ECON 251 and ECON 255 or consent of instructor. Note: Taught in alternate years. Enrollment Limit: 10. Mr. Kuttner 441. Seminar: Economics of Labor and Welfare Policy 3 hours, 3SS, WR Next offered 2006-2007. 445. Seminar: The Economics of Healthcare 3 hours, 3SS, WR Second Semester. This seminar will examine the reasons for the conflict between the provision of high quality universal healthcare coverage, healthcare cost containment, and the development of new health therapies and drugs. We will look at single-payer health insurance systems (Canada), nationalized health care systems (United Kingdom), and employer-provided private health insurance (U.S.). Prerequisites: ECON 245 and MATH 113 or 114. ECON 255 is recommended. Note: Taught in alternate years. Enrollment Limit: 10. Mr. Fernandez 491. Honors Program 1-7 hours, 1-7SS, WR First and Second Semester. This program is open by departmental invitation near the end of the junior year to major students whose general and departmental records indicate their ability to carry the program and the likelihood that they will profit from it. The program extends through the senior year and involves the independent preparation of a thesis, defense of the thesis, active participation with other Honors students and the department staff in a weekly seminar meeting during the second semester, and both written and oral examinations by an outside examiner. Consent of instructor required. Staff 995. Private Reading 1-3 hours, 1-3SS First and Second Semester. Projects sponsored by Mr. Cleeton, Ms. Craig, Mr. Fernandez, Ms. Gaudin, Mr. Kuttner, Mr. Piron, and Mr. Zinser. Consent of instructor required.
The European summer school, an intensive and multicultural program, offers a unique opportunity for Oberlin students to experience the social, cultural, political, and business climates of Europe while on site in France and Switzerland. Fully credited courses by Oberlin College, offered in English, explore the economics, institutions, and business practices shaping European integration today. Oberlin College is pleased to cooperate with the Ècole Supérieure de Commerce-Chambéry. Located in the dynamic Rhone-Alps region of eastern France, Chambéry is the capital of the Savoie. Within the Lyon-Grenoble-Genéve triangle, the location offers opportunities to visit international institutions such as the World Trade Organization and the World Intellectual Property Organization along with a variety of international business operations including Caterpillar, Tefal, and Poma-Otis. The program offers three courses: a course on international business, a course on international financial management, and optional non-credit instruction in French. Students register for two courses (ECON 901 and 902) for a total of six credit hours. Scheduled over six weeks during June and July, the program offers student participants opportunities to explore Europe more widely from a central location with excellent transportation links. More complete details on the program can be found on the program web site located at: www.oberlin.edu/oeurope. 901. International Business 4 hours, 4SS Summer 2005. This course is designed to cover the basic principles of international business with particular emphasis on the regulatory and business environment of the European Union. Taught on site in France with visits to international companies and organizations in France and Switzerland. Mr. Cleeton 902. International Financial Management 2 hours, 2SS Summer 2005. This course investigates financial issues and problems associated with international business transactions and explores approaches to resolving such problems. Coverage includes assessing and managing exchange risk; international financing and investment decisions; borrowing in international capital markets and export-import financing. Taught with online assignments and on site in France. Mr. Cleeton |
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