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Department of Economics
462 Bryan Building

IntroductionEconomics Major (BA)Economics Major (BS)Financial Economics ConcentrationEconomics as a Second MajorEconomics MinorTeacher Licensure in Social StudiesAccelerated ProgramsEconomics Courses

 
Stuart D. Allen, Professor and Head of Department
Professors Caldwell, Link, Neufeld, Ruhm; Associate Professors Layson, Leyden, McCrickard (Associate Dean), Snowden; Assistant Professors Brod, Shivakumar; Lecturer Redmond

 

Mission Statement

The mission of the Department of Economics supports the teaching, research and service mission of the University and the Bryan School of Business and Economics. We strive to offer professional business and liberal arts education that prepares students to enter the competitive global job market, to enhance their careers, and to earn graduate and professional degrees; to provide quality teaching in our mutually supportive undergraduate and graduate programs; to gain national recognition for our scholarship and our graduate programs; and to use our expertise and service to encourage economic understanding among North Carolina citizens and to foster economic development within the Triad and the state.

 

Introduction

The Department of Economics provides students with an understanding of economic principles, concepts, and institutions and the ability to analyze economic problems and public policy issues. Economics is a social science concerned with public policy issues such as pollution and the environment, the health system, central bank policy and inflation, unemployment and the productivity of the labor force, economic growth, and international trade and finance.

The Economics Department offers two undergraduate degrees: a liberal arts Bachelor of Arts and a Bachelor of Science through the Bryan School of Business and Economics. Requirements for the BS degree include a core of courses common to all professional degree programs in the Bryan School: nine hours of economics and thirty-three hours in accounting, finance, management, and information systems and operations management, and at least twenty-one additional hours of economics. The Department also offers a BS degree in economics with a concentration in financial economics that substitutes four elective courses in economics with three finance electives plus the second statistics course (ECO 351).

The BA degree allows a student to earn a liberal arts degree and to have the flexibility to double major. A major in economics can be combined with a major in areas such as international business studies, geography, political science, history, English, mathematics, and the sciences. Interdisciplinary work in the areas of the environment, regional development, public policy, health or gerontology can be taken by the enterprising student who seeks out appropriate coursework in a variety of departments. A degree in economics provides the student with enhanced access to the job market and to graduate and professional schools. Additional statistical and quantitative coursework allows a student to develop research skills and computer expertise that are very important for the job market and for entry into graduate programs.

The Economics Department offers a thirty-hour Master of Arts degree in economics and a thirty-six hour Master of Arts degree in applied economics that provide the student with the theoretical and empirical training to enter the job market as an economic researcher employable by economic consulting firms including the Research Triangle Institute, state and federal government agencies including the Bureau of Labor Statistics and the Federal Reserve System, and nationally-recognized companies in manufacturing, financial services, electric utilities, telecommunications, and health care.

The Economics Department also offers qualified students the opportunity to accelerate their study of economics by taking MA courses for graduate credit during their senior year. This accelerated program of study is especially attractive to students who enter the University with advanced placement credit or who earn additional credit hours during summer. The program enables students the opportunity to earn the MA degree in one additional year of study.

Teacher licensure is also available for economics majors (see Part 7).

Economics Major (Bachelor of Arts)

Required: 122 semester hours

  1. Formal admission to the Department of Economics, including the following:
    a. Successful completion of ECO 101 or 201, 202, 250; ISM 110; and MAT 120 or 191
    b. Grade of C- or better in ECO 301
    c. A cumulative GPA of at least 2.0
  2. At least 50 percent of the major hours must be earned at UNCG

 

All-University Liberal Education Requirements (AULER) (45 hours required)

Specific area AULER requirements are indicated below:

  1. Analytic and Evaluative Studies (AE), 3 sh
  2. British or American Literature (BL), 3 sh
  3. Fine Arts (FA), 3 sh
  4. Historical Perspectives on Western Culture (HP), 3 sh
  5. Mathematics (MT), 3 sh
    Required: MAT 120 or 191
  6. Natural Science (NS), 6 sh
  7. Non-Western Studies (NW), 3 sh
  8. Reasoning and Discourse (RD), 6 sh
    Required: ENG 101 or FMS 103 or RCO 101, and one other RD course
  9. Social and Behavioral Sciences (SB), 6 sh
    Required: two SB courses outside Bryan School
  10. World Literature (WL), 3 sh
  11. AULER Electives (EL), 6 sh

See complete AULER area requirements and courses meeting those requirements.

Major and Related Area Requirements

  1. ECO 101 or 201, 202, 250, 301, 327, 346
  2. Economics electives: 12-19 hours

Electives

Electives sufficient to complete 122 total semester hours required for degree.

 

Economics Major (Bachelor of Science)

Required: 122 semester hours

  1. Formal admission to the Department of Economics, including the following:
    a. Successful completion of ACC 201, 202; ECO 201, 202, 250; ISM 110; and MAT 120 or 191
    b. Grade of C- or better in ECO 301
    c. A cumulative GPA of at least 2.0
  2. At least 50 percent of the business credit hours required for the degree must be earned at UNCG

All-University Liberal Education Requirements (AULER) (45 hours required)

Specific area AULER requirements are indicated below:

  1. Analytic and Evaluative Studies (AE), 3 sh
  2. British or American Literature (BL), 3 sh
  3. Fine Arts (FA), 3 sh
  4. Historical Perspectives on Western Culture (HP), 3 sh
  5. Mathematics (MT), 3 sh
    Required: MAT 120 or 191
  6. Natural Science (NS), 6 sh
  7. Non-Western Studies (NW), 3 sh
  8. Reasoning and Discourse (RD), 6 sh
    Required: ENG 101 or FMS 103 or RCO 101, and CST 341
  9. Social and Behavioral Sciences (SB), 6 sh
    Required: ECO 201, 202
  10. World Literature (WL), 3 sh
  11. AULER Electives (EL), 6 sh

See complete AULER area requirements and courses meeting those requirements.

Major and Related Area Requirements

  1. ECO 201, 202, 250, 301, 327, 346
  2. Economics electives: 12-19 hours
  3. Related areas: ACC 201, 202; FIN 315; ISM 110, 280, 360; MGT 309, 312, 330, 491; MKT 320
  4. At least 50 percent of the major hours must be earned at UNCG

Electives

Electives sufficient to complete 122 total semester hours required for degree. At least 13 hours of free electives must be taken in courses outside business and economics.

 

Honors in Economics

Requirements

Six semester hours to consist of:

  • 3 hours of HSS 330 (Independent Study) or ECO 493 (Honors Work)
  • 3 hours of HSS 490 (Senior Project)

Qualifications

  • Enrollment in and successful completion of the University Honors Program
  • A declared Economics Major
  • Maintenance of at least a 3.3 overall GPA

Recognition

The designation "Honors in Economics" will be printed on the student's official transcript.

 

Concentration in Financial Economics

A student can earn a BS degree in Economics with a concentration in financial economics by taking the courses required for a BS degree plus ECO 351 and a minimum of three finance electives in lieu of three economics electives. A maximum of two additional economics and finance electives may be taken. ECO 101 and FIN 300 cannot count as electives. FIN 330 may be substituted for ECO 327.

 

Economics as a Second Major

Completion of a second major in economics is a good choice for students in other social sciences, mathematics, and other professional areas. The double major can usually be fitted into a normal four-year liberal arts course of study. In highly structured professional programs, additional hours beyond the minimum required for graduation are necessary. Students who double major in economics and another field must complete all major requirements in both areas as well as the general requirements for the degree which they are seeking.

 

Economics Minor

ECO 101 or 201 and fifteen semester hours of economics are required to complete a minor. An economics minor is especially appropriate for students whose majors are geography, history, mathematics, political science, sociology, or for students doing interdisciplinary study in the social sciences.

 

Teacher Licensure in Social Studies

Students seeking teacher licensure should see "Teacher Education Programs", Part 7. Licensure in social studies is available for economics majors.

 

Accelerated Masters Program for Undergraduates:
BA in Economics and MA in Economics

The accelerated program in Economics provides the opportunity for a student to complete a BA in Economics (122 hours) within a four-year period and to shorten the time required to finish the Master of Arts degree.

Interested students should:

· have Summer School credit or Advanced Placement credit in order to reduce the number of undergraduate hours necessary to be taken during the senior year. See AP credit courses .

· identify themselves as potential accelerated candidates early in their academic careers in order to receive appropriate advising. Although formal admission to an accelerated program usually occurs in the junior year, careful selection of undergraduate courses beginning in the freshman year is essential. Interested students should talk with an advisor in the Department of Economics as early as possible.

  • earn a minimum GPA of 3.5 in economics courses and 3.0 in the University.
  • take ECO 301, 319 and 351 (required for accelerated students) by the end of their junior year.
  • take ECO 554 as either undergraduate or graduate credit depending on the undergraduate credit needs of the student.
  • receive provisional admission to the MA program in order to take 600 level courses for graduate credit while enrolled as an undergraduate.
  • take the GRE in the fall of the senior year.
  • seek admission to the Graduate School in the fall of the senior year.

Requirements for Combined Accelerated BA in Economics/MA in Economics

A. AULER Component (36 hours max)

Special AULER area requirements for this program:
 Hrs Red
 Hrs
Mathematics (MT) required: MAT 120 or 191 x
3
Reasoning and Discourse (RD) required: ENG 101, FMS 103 or RCO 101, and one other RD course  x
6
Social and Behavioral Sciences (SB) required ECO 201, 202 (See B below)
-6
6
See additional AULER area requirements and available AP credit. x
30
 Total hours
 x
45
 Total Hours (reduced)
-6
39

B. Economics Major Requirements (30-37 hours)

NOTE: see p. 243 for admission requirements to the Department of Economics. A 3.50 GPA in economics is required for admission to the accelerated program

x
 Hrs
ECO 101 or 201 and 202 (also meet AULER SB requirement), 250, 301, 327, 346
18
ECO electives
12-19
 Total Hours
30-37

C. Electives 46-53

Total Undergraduate Semester Hours

 122

D. Requirements for MA in Economics (30-33 hours)

Fall of Senior Year (minimum 6 hours)
 Hrs
ECO 619 (graduate credit)
3
ECO 554 (undergraduate or graduate credit)
3
ECO 654 (graduate credit)
3

Spring of Senior year and/or 5th Year (24-27 hours)
ECO 645A (Fall)
3
ECO 645B (Spring)
2
ECO 646 (Fall)
2
Either ECO 647 (Spring) Or ECO 648 (Spring)
4
ECO 694 and 695, or ECO 694 and 696
6
Sufficient Electives
7-13

Total Semester Hours for MA in Economics

(requires 694 and 695)

 30

OR

Total Semester Hours for MA in Applied Economics

(requires 694 and 696)

 36

 

 

Accelerated Masters Program for Undergraduates:
BA in Economics and MPA in Public Affairs

The accelerated program in Economics/Public Affairs provides the opportunity for a student to complete a BA in Economics (122 hours) within a four-year period and to shorten the time required to finish the Master of Public Affairs degree.

Interested students should:

  • have Summer School credit or Advanced Placement credit in order to reduce the number of required hours necessary to be taken during the senior year. See AP credit courses.
  • identify themselves as potential accelerated candidates early in their academic careers in order to receive appropriate advising. Although formal admission to an accelerated program usually occurs in the junior year, careful selection of undergraduate courses beginning in the freshman year is essential. Interested students should talk with an advisor in the department of Economics as early as possible.
  • take the GRE in the spring of the junior year.
  • seek admission to the Graduate School in the fall of the senior year.

Requirements for Combined Accelerated BA in Economics/MPA in Public Affairs

A. AULER Component (36 hours max)

Special AULER area requirements for this program:
 Hrs Red
 Hrs
Mathematics (MT) required: MAT 120 or 191 x
3
Reasoning and Discourse (RD) required: ENG 101, FMS 103 or RCO 101, and one other RD course  x
6
Social and Behavioral Sciences (SB) required ECO 201, 202 (See B below)
-6
6
See additional AULER area requirements and available AP credit. x
30
 Total hours
 x
45
 Total Hours (reduced)
-6
39

B. Economics Major Requirements (30-37 hours)

NOTE: a grade of C- in ECO 301 and a minimum GPA of 2.0 is required for admission to the Department of Economics

x
 Hrs
ECO 201 and 202 (also meet AULER SB requirement), 250, 301, 327, 346
18
ECO electives
12-19
 Total Hours
30-37

C. Electives 46-53

x
 Hrs
Recommended in PSC: PSC 210, 310
6
Other recommended electives: ACC 201, 202, MGT 312, 320, 330
15
Other electives
25-32
 Total Hours
46-53

Total Undergraduate Semester Hours

 122

D. Related Requirements for MPA in Public Affairs (42 hours)

Senior Year (14 hours)
 Hrs
PSC 600, 602, 511C (Fall)
7
PSC 601, 603, 511B (Spring)
7

Summer following Senior year (6 hours)

 x
PSC 695, 696 (internship)
6

Graduate or 5th Year (19 hours)

 x
PSC 511J, 604, two PSC electives, Comps I (Fall)
10
PSC 612, two PSC electives, Comps II (Spring)
9

Summer following 5th year (3 hours)

 x
One 3-hour PSC elective
3

Total MPA Semester Hours

 42

 

Economics Courses (ECO)

Courses For Undergraduates

101 Introduction to Economics (3:3).

  • Open to freshmen.
  • Not open to persons with credit for 201, 202, or equivalent.

Introduction to basic economic concepts and public policy issues with application to the contemporary American economy. [SB, CSB].

201 Principles of Microeconomics (3:3).

Introduction to microeconomic principles and analysis. Topics include: the market economy, supply and demand, shortages and surpluses, competition and monopoly, international trade, and public policy issues. [SB, CSB].

202 Principles of Macroeconomics (3:3). Pr. 101 or 201 or consent of instructor.

Introduction to macroeconomic principles and analysis. Topics include the national income, the monetary system, inflation, business cycles, fiscal policy, the national debt, exchange rates, balance of payments, and economic growth. [SB, CSB].

203 The International Economy (3:3). Pr. 101 or 201 and 202, or permission of instructor.

Examines the history, structure, and institutional foundations of the international trading system. Analyzes the impact of trade on economic growth, employment and living standards with a focus on contemporary issues.

250 Economic and Business Statistics I (3:3). Pr. MAT 120 or 191, ECO 101 or 201, and ISM 110, or permission of instructor.

Introduction to statistical methods with applications in economics and business. Topics include descriptive statistics, probability, statistical inference, correlation, and regression. Emphasis on problem solving with microcomputer applications.

260 Current Issues in Economics (3:3). Pr. 101 or 201 and 202, or permission of instructor.

Economic analysis of current issues. Topics vary. Issues include trade policy, macroeconomic policy, environment and energy, discrimination, Social Security, regulation, education, health care, tax policy, agriculture, stock market. (Occ)

301 Intermediate Microeconomic Theory (3:3). Pr. 101 or 201, MAT 120 or 191.

Intermediate level analysis of consumer theory and theory of the firm. Other topics include market failure, savings and investment, risk and uncertainty, wage determination and income distribution.

310 The U.S. in the Global Economy: 1700-2000 (3:3). Pr. 101, or 201 and 202 or permission of instructor.

Examination of the history of the United States in the international economy. Examines trade policy, technological and industrial leadership, immigration, the depression, and American post-WWII dominance.

311 Managerial Economics (3:3). Pr. 250.

Economic analysis of management and firm behavior. Topics include: the nature of the firm, managerial decision-making, demand, market structures, competitive strategies, finance, costs, supply, pricing, R&D, and mergers. (Occ)

312 Productivity and Technological Change (3:3). Pr. 101 or 201.

Economic analysis of technological change. Topics include sources of productivity, inventive activity, entrepreneurship, innovation strategy, R&D management, patenting, and technology assessment. (FA/SP)

319 Quantitative Analysis I (3:3). Pr. MAT 120 or 191 and ECO 201.

Introduction to mathematical methods in economics. Includes applications of mathematics to consumer and production theory, equilibrium analysis, input-output models, and optimization. (SP)

323 Public Finance (3:3). Pr. 101 or 201.

The analysis of taxes and expenditures. Topics include: rationale for government (public goods, externalities), expenditure analysis (including income redistribution), tax analysis (including income, sales, and property taxes). (FA)

327 Money and Economic Activity (3:3). Pr. 202.

Emphasis on legal, institutional, and economic forces which mutually interact to determine supply of money. Elementary monetary theory and monetary flows, institutions, policies, and problems analyzed. International as well as domestic monetary analysis. (FA/SP)

346 Intermediate Macroeconomic Theory (3:3). Pr. 301, 327, admission to Department of Economics or other approved program.

Intermediate level analysis of national income and employment with attention to fiscal and monetary policy, theories of business fluctuations, and economic growth. (SP)

351 Economic and Business Statistics II (3:3). Pr. 250.

Continuation of 250. Multiple regression, time series analysis, simple forecasting, basic econometric models applied to case studies in business, economics, and finance. Use of statistical programs. (FA,SP)

360 International Monetary Economics I (3:3). Pr. 202.

Analysis of balance of payments and international monetary systems. Monetary and fiscal policies under the gold standard, fixed exchange, and flexible exchange systems. Breakdown of the Bretton Woods system and the current exchange rate policies of central banks. (SP)

363 European Economic History (3:3). Pr. 101 or 201.

Study of evolution of European economics from early modern times to the twentieth century. Emphasis on sources of growth: trade, migration, industry, technical change, labor, and capital. (Same as HIS 363.)

370 Labor Economics (3:3). Pr. 201.

Examination of wage and employment determination in U.S. labor markets. Topics include labor supply and labor demand theory, investments in education and training, job search and migration, unemployment, unions, racial and sex discrimination, income inequality, and public policy. (FA/SP)

375 Government and Business (3:3). Pr. 201.

Government regulation and control of markets. Emphasis on antitrust laws and economics as well as control by regulation. (SP)

380 Environmental and Natural Resource Economics (3:3). Pr. 101 or 201 or permission of the instructor.

Examination of environmental problems in market economies. Topics include the economic theory of pollution and its control, common-property resources, renewable and other resources, endangered species, population growth, and international problems. (FA/SP)

390 Health Economics (3:3). Pr. 101 or 201 or equivalent, or permission of instructor.

Examination of supply and demand for health care, medical malpractice, health insurance, government provision of health care, international comparisons, and health care reform. (FA/SP)

493 Honors Work (3-6). See prerequisites under Honors Program, XXX 493.

499 Problems in Economics (3:3). Pr. 201 and consent of instructor.

  • May be repeated for credit with approval of Department Head.

Independent study, research, and discussion covering a topic or group of related topics of current interest in economic policy or economic theory. Topics covered vary from semester to semester.

Courses For Advanced Undergraduates and Graduate Students

505 Economics for Educators (3:3).

  • Not open to majors in economics and management.
  • Does not count toward a graduate degree in economics or business administration.

Principles of economics with application to selected problems such as economic growth, inflation, monetary and fiscal policy, international trade, and monopoly and competition. Designed for preservice and in-service teachers.

510 Law and Economics (3:3). Pr. 201.

Applies economic theory in analysis of law. Presents framework for analysis, examines legal system and various fields of law, studies public regulation, reviews economic analyses of crime, and examines alternative views of legal process.

513 Directed Studies in Economics I (1-3). Pr. 21 s.h. of economics and consent of instructor.

Individual study of economic problems of special interest to the student. Regular conferences with instructor required.

517 American Economic History: Colonial Times to 1865 (3:3). Pr. 201 or consent of instructor.

Evolution of the American economy through the Civil War. Emphasis on sources of economic growth and welfare. (Same as HIS 517)

518 American Economic History: 1865 to Present (3:3). Pr. 201 or consent of instructor.

Evolution of the American economy from the Civil War to present. Emphasis on economic performance through time measured against goals of full employment, price stability, and rapid growth. (Same as HIS 518) (SP)

523 Topics in Public Finance (3:3). Pr. 301.

Examination of market failure, public goods, economic efficiency, income distribution, and decision making in non-market sector. Economic analysis of major taxes and expenditures with emphasis on incidence and allocative effects.

530 Urban and Regional Economics (3:3). Pr. 301 or permission of instructor.

Application of analytical tools of economics to explain economic organization of cities, metropolitan areas, and larger regions and to deal with their economic problems. Problem areas analyzed include growth, poverty, housing, transportation.

540 Economic Development (3:3). Pr. 201.

Factors attending and determining economic growth of nations over long periods of time. Application of economic concepts to problems of less developed nations.

550 Comparative Economic Systems (3:3). Pr. 201.

Capitalism, socialism, communism, and fascism as economic systems and as philosophies; strength and weakness in each system.

553 Economic Forecasting (3:3). Pr. 351, 554, or permission of the instructor.

Forecasting economic trends and fluctuations. Applications for regression analysis, exponential smoothing techniques, and Box-Jenkins procedures to forecast such economic variables as gross national product and unemployment levels.

554 Econometrics I (3:3). Pr. 201, 250, or permission of the instructor.

Basic econometrics: topics include the standard linear model, classical assumption, violations of assumptions, test and corrective procedures application to economic data using TSP or other statistical software.

555 History of Economic Thought (3:3). Pr. 202.

Main currents in evolution of economic thought with emphasis on classical and neoclassical schools and developments in economic ideas during twentieth century. (FA)

560 Topics in International Economics (3:3). Pr. 301 or permission of instructor.

Mechanism and theory of international trade. Selected current problems in international economic and commercial policies.

570 Topics in Labor Economics (3:3). Pr. 301 or permission of instructor.

Advanced theory and research related to labor supply and demand theory, investments in human capital, job search theory, migration, unemployment, theories of discrimination, income distribution theory, and public policy.

575 Industrial Organization and Public Policy (3:3). Pr. 301 or permission of instructor.

Theoretical and empirical study of firms relative to their rivals, suppliers, and customers. Use of theory and industry studies to understand the nature of competition and consequences of imperfect competition.

Please refer to The Graduate School Bulletin for additional graduate level courses.

 
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