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Economics has been described as the study of the issues arising from the allocation of limited resources to meet unlimited human needs. A major in economics provides the first stage for those interested in graduate work in economics or business. It also offers a 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 the Economics Department website. Advanced Placement. The department does not give advanced placement credit. Students who believe they have covered the material in Economics 101 (Introduction to Political Economy) must meet with the department chair to obtain permission to bypass this course and take more advanced courses. Entry-Level Course Sequence Suggestions. Economics 101--Introduction to Political Economy 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 second-level applied course (numbered 201-250) and Mathematics 133 (Calculus I) by the end of their sophomore year. Economics 251, 253, and 255 should be taken no later than the end of the junior year. Note: Mathematics 133 and 113 are prerequisites for Economics 255. Students planning graduate work in economics or business are strongly encouraged to take as much work in mathematics as can reasonably fit into their schedules. Mathematics 133, 134, and 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 a calculus sequence and linear algebra (Mathematics 133, 134, 231, and 232). In addition, training in mathematical statistics and probability is quite common (Mathematics 335 and 336). Those students considering graduate study in economics are advised to take at least one of the advanced Economic Theory and Methods courses (351, 353, or 355). Major. A major in economics is defined as follows: 1. A minimum of 24 hours in economics including Economics 101, 251, 253, one 300-level course, and one 400-level, upper-class seminar; 2. Economics 255 and/or Mathematics 231; and 3. A minimum of 12 hours in other social sciences and mathematics including statistics (Mathematics 113 or 114) and calculus (Mathematics 133 or equivalent). 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 following three courses: Economics 251, 253, and 255. Minor. The minor in Economics consists of at least 15 hours in economics, including Economics 101; at least two of Economics 251, 253, or 255; and one 300-level applied course. 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 Economics 251 and 253 before the senior year. In addition, candidates for honors must take Economics 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 transfer credit is at the discretion of the department chair. Two of the following--Economics 251, 253, and 255 must be taken at Oberlin. Students must obtain preliminary approval of transfer credit 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 research and lab assistants for the Social Science Data Lab (SSDL). The SSDL serves the departments of Anthropology, Economics, History, Politics, and Sociology. SSDL student assistants act as software and data consultants for the Windows NT computer lab located in King 137, obtain, install, and maintain data sets for research use by faculty and students, and serve as research assistants for social science faculty. Interested students should contact the Director of the SSDL. For more information visit the SSDL web page at www.oberlin.edu/ssdl. Economics majors are also eligible to work as Albert Rees research assistants and 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.
ECON 101 is the general introductory course and serves as a prerequisite for all applied and intermediate courses. FYSP 148. Experimental Economics of Human Behavior 3 hours 3SS Second Semester. For description, please see "First-Year Seminar Program" in this catalog. Enrollment Limit: 14. Mr. Piron 101. Introduction to Political Economy 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, government, and sociology. Enrollment Limit: 50. Mr. Kasper, Ms. Craig, Mr. Piron, Ms. Gaudin, Mr. Zinser, Staff 102. Introduction to Political Economy 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. Staff 150. Computer Spreadsheets for Economists 2 hours 2SS Second Semester. This is an introduction to the use of spreadsheet software to analyze economic data and calculate economic models. Topics will include: creating, organizing and editing a spreadsheet, finding and importing data off of the Internet, using a spreadsheet to analyze a database, to visually analyze data, to perform financial and other economic analysis, and to create tables and graphs for inclusion into a document. Microsoft Excel 2000 is the software package used in the course. No previous programming experience is assumed. Familiarity with Microsoft Windows NT/2000/XP will be helpful. Note: CR/NE grading. Enrollment Limit: 20. Mr. Fernandez
Courses with only ECON 101 as a prerequisite. 206. Financial Management 4 hours 4SS, QPf First 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, WR Next offered 2004-2005. 211. Money, Credit and Banking 3 hours 3SS, QPh First Semester and Second Semester. A detailed study of money in modern economics. Topics include the historical development of the demand for money and credit; the role of depository institutions as well as central banks in determining the supply of money and credit; and money's influence on national and international macroeconomic variables. Prerequisite: ECON 101. Enrollment Limit: 40. Ms. Liu, Staff 213. The Economy of China 2 hours 2SS First Semester. First Module. This course studies the Chinese economy from historical, cultural, institutional and theoretical perspectives. It covers historical background, economic reform since 1978, and current issues. Macro- and microeconomic analyses will be applied to different sectors of the economy, industrial and financial, and foreign trade and investment. Education and legal systems will be studied. Prerequisite: ECON 101. Enrollment Limit: 40. Mr. Chow 217. Antitrust Economics 3 hours 3SS, QPh Next offered 2004-2005. 219. Labor-Management Relations 3 hours 3SS, QPh, WR Next offered 2004-2005. 223. Education and Welfare 3 hours 3SS, QPh Second Semester. This course focuses on two distinct, but related issues: the reasons for and consequences of welfare assistance in the U.S.; and the determinants of school achievement and its economic rate of return. The relation between employment, individual aspirations, and family structure is examined, especially as they relate to poverty and fertility. Enrollment Limit: 40. Mr. Kasper 224. Law and Economics 3 hours 3SS, QPh, WR Next offered 2004-2005. 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. Mr. Cleeton 231. Environmental Economics 3 hours 3SS, QPh First Semester. The course is an introduction to the theory and practice of environmental economics. The emphasis is 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. Illustration topics (air/water pollution, ozone depletion/global warming, solid waste management, etc.) are used throughout the course. Other topics include benefit cost analysis, voluntary action by firms, and the economics of sustainable development. Prerequisite: ECON 101. Identical to ENVS 231. Enrollment Limit: 40. Ms. Gaudin
This sequence of courses ECON 251, ECON 253, and ECON 255 is designed to provide students with a solid foundation in economic theory and analysis. ECON 251 and ECON 253 may be taken in either order. 251. Intermediate Macroeconomics 3 hours 3SS, QPh First and Second Semester. Intermediate macroeconomic theory with special attention to the roles of monetary and fiscal policies in stabilizing the price level, fostering high levels of employment and promoting economic growth. Prerequisites: ECON 101 and sophomore standing or a 200-level course in economics. Enrollment Limit: 30. Ms. Lui, Staff 253. Intermediate Microeconomics 3-4 hours 3SS, QPh (4SS, QPf for second semester) 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 or equivalent for second semester.) Enrollment Limit: 30. Mr. Piron, Mr. Cleeton 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. Mr. Fernandez
Courses requiring intermediate theory as a prerequisite. 313. Games and Strategy in Economics 3 hours 3SS, QPh First Semester. This course is an introduction to the use of non-cooperative game theory in economic analysis. Non-cooperative game theory was invented in 1945 by John von Neumann to study poker, but has since been applied to the study of the military strategy of mutual assured destruction, the mating rituals of penguins, price and output in markets that are neither monopolized nor perfectly competitive, Congressional voting, and the decisions of the Federal Reserve. 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 317. Industrial Organization 3 hours 3SS, QPh, WR Second Semester. Analysis of modern theory and review of empirical evidence about the organization of firms and industries: why firms and markets are organized as they are and how their organization affects the way they operate. Topics include the relationship between market structure and firm behavior--pricing, advertising, patent races, strategic adoption of new technologies, and collusion--and the effects of government regulation and antitrust policy. Prerequisites: ECON 253 and MATH 133. Mr. Zinser 320. Labor Economics 3 hours 3SS, QPh, WR Next offered 2004-2005. 321. Poverty and Affluence 3 hours 3SS, QPh, WR First Semester. This course describes alternative theories of the functional distribution of income and examines the empirical evidence. It emphasizes the determinants of the personal distribution of income, and presents measures of income inequality to understand the causes and consequences of inequality. Factors of inequality such as schooling, labor force behavior, and discrimination are considered separately. It presents a thorough discussion and analysis of the roles of state-federal income maintenance programs to assist the poor, including the effects of the 1996 U.S. welfare reforms. The distribution of personal wealth is also examined. Includes discussion of income equalities across countries. Prerequisites: ECON 253 and MATH 133. Mr. Kasper 326. International Trade 3 hours 3SS, QPh Next offered 2004-2005. 327. International Finance 3 hours 3SS, QPh Second 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 or equivalent and MATH 133. Staff 331. Natural Resource Economics 3 hours 3SS, QPh Second Semester. The course applies microeconomic analysis to the allocation and management of natural resources. Economic modeling is used to analyze the optimal use of specific resources such as land, water, fossil fuel and mineral resources, fisheries, and forests. 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. Simplest models using a static (or steady state) framework are presented first but when dynamics add important policy dimensions to the problem, a more realistic dynamic setting is explored. In all cases, the influence of property right regimes and market structure are considered as a central part of the economic analysis. Much of this course is inherently mathematical. It will be assumed that all students are willing to stretch their basic knowledge of calculus. 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 First Semester. Advanced theory of the design and impact of monetary policy and formal theories of the role of money, credit and banking in market economies. Prerequisites: ECON 251, ECON 253, and ECON 255. Staff
Advanced
Economic Theory and Methods
Students register for three courses for a total of seven credit hours over the seven-week program. The first course (ECON 901) is required for all students. The participants will then choose one of two tracks: (i) Transatlantic Relations at the University of Bonn (ECON 902) or (ii) European Union (EU) Business at the Vienna University of Business and Economics. Topical choices will be available for the core (ECON 903) and optional (ECON 904) European business courses in Vienna. More complete details on the program can be found on the program web site located at: www.oberlin.edu/~oeurope. 901. The Political Economy of the European Union 3 hours 3SS Summer 2003.The course is comprised of three topics: intercultural communication within organizations; the economic and regulatory role of the European Union with special reference to US-EU relations; and an introduction to EU financial market regulation and integration. The course work will be integrated into a series of visits to major international business and finance centers in Belgium, France, Germany, and The Netherlands. Taught on site at the University of Maastricht, The Netherlands. Mr. Cleeton 902. Managing Divergence in Transatlantic Relations 4 hours 4SS Summer 2003. The political, economic, legal, and cultural aspects of the transformation of Europe, globalization of the world, and new security risks will be discussed; the issues will be addressed from an interdisciplinary perspective. The course consists of a series of lectures, panel discussions, and briefings. Lectures focus on specific issues in the areas of politics, economics, law, history, or culture. Excursions are a central pillar of the program and include meetings with officials from the Council of Europe, the European Parliament, the EU Commission, NATO, and the German government. Taught on site at the University of Bonn, Germany. Staff 903. Core European Business Course 3 hours 3SS Summer 2003. This serves as the designation for the core courses taught at the Vienna University of Business and Economics. Last summer the alternatives were: Logistic and Supply Chain Management or Organizational Behavior. The course contains a non-graded German language component. Final course options will be posted on the program web site. Taught on site at the Vienna University of Business and Economics, Austria. Staff 904. Optional European Business Course 1 hour 1SS Summer 2003. This serves as the designation for the short optional courses taught at the Vienna University of Business and Economics. Last summer the alternatives were: Business and Management Communications, The Economy and Enlargement of the EU, or Mergers and Acquisitions. Final course options will be posted on the program web site. Taught on site at the Vienna University of Business and Economics, Austria. Staff |
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