Economics
Program Overview
College of Arts and Sciences, Department of Economics
O'Shaughnessy Education Center (OEC) Fourth Floor, (651) 962-5675
Hartmann (chair), Aliakbari, Bedsworth, Kim, Kreitzer, Langan, L., Langan, T., Papagapitos, Rho, Saavedra, Schipper, Walrath, Wilson, Wisniewski, Wu
The economics program develops a logical, consistent and rigorous method of thinking about the world and its problems. The economic way of thinking can be applied to a wide variety of topics including inflation, unemployment, financial markets, international trade, poverty, income inequality, currency depreciation, monopoly power, bank failures, sports, budget deficits and health-care costs.
The Department of Economics offers two majors and a minor in economics. All three programs are designed to provide excellent career-entry skills and those skills providing preparation for possible career shifts.
Whether a major or minor in economics is pursued, students are strongly encouraged to complement their studies with work in other fields. In recent years, for example, graduates have done complementary coursework in such fields as mathematics, foreign languages, business, environmental studies, computer science, international studies and English.
The choice of major and of a complementary field depends upon the path the student wishes to pursue. For example, students pursuing a liberal arts major, wishing to double major, or who are interested in continuing studies in professions other than economics would likely find the Bachelor of Arts (B.A.) best suited to their needs. Students wishing to engage the discipline at a deeper level would find the Bachelor of Science (B.S.) a better alternative.
Students graduating with a major in economics will be able to integrate the tools and concepts of the discipline in the analysis of an economic issue. The background provided by this major should equip the student with sound preparation for career advancement.
The core for each degree consists of five economics courses and two allied requirements. The B.A. requires three additional electives of the student's choosing. The B.S. has four possible paths. Each path requires three specified electives, two additional electives of the student's choosing, and additional allied requirements suitable to the different paths.
Students wishing to pursue graduate study in economics should consider the path in Mathematical Economics. Students interested in international affairs should consider the path in International Economics. Students seeking an economics degree supplemented with additional technical skills and an introduction to the business field or who are looking towards an eventual MBA degree should consider the Business Economics path. Finally, students wishing to pursue careers in the government sector or graduate study in public policy should consider the path in Public Policy Economics.
Majors must complete a minimum of twenty credits in economics at St. Thomas. Minors must complete a minimum of twelve credits in economics at St. Thomas.
Economics Honor Society
Omicron Delta Epsilon, the international fraternity in economics, was organized at St. Thomas in 1967. Candidates must have completed at least sixteen credits in economics and have an average of 3.40 or better in both economics and their overall work.
Economics Honors Program
Candidates for honors in economics must complete an honors thesis under the supervision of an economics faculty member. A committee composed of the faculty supervisor and two other faculty members chosen by the student will read each thesis. Each member of the committee will determine if the thesis is suitable for the honors requirement, with a majority rule determining honors designation. Candidates must achieve a grade-point average of 3.75 or higher in the major and 3.5 or higher overall. To be eligible, students must complete a minimum of 32 non-research credits in Economics.
Teacher Education
Elementary Education with a Specialty in Social Studies (5-8)
Co-major in Social Studies (5-12) and a Co-major in Secondary Education
See Education
Major in Economics (B.A.)
B.A. in Economics - Major Field Guide
- ECON 251 Principles of Macroeconomics (4 credits)
- ECON 252 Principles of Microeconomics (4 credits)
- ECON 315 Introduction to Econometrics (4 credits)
- ECON 351 Macroeconomic Theory (4 credits)
- ECON 352 Microeconomic Theory (4 credits)
Plus:
- Twelve credits in courses numbered 300 and above.
Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year.
Allied Requirements
Four credits from the following:
- MATH 109 Calculus with Review II (4 credits)
- MATH 111 Calculus for Business and Social Science (4 credits)
- MATH 113 Calculus I (4 credits)
Note: While all of these options will provide students with the necessary preparation for the major, students interested in data analysis‐intensive careers or an advanced degree in Economics are advised to complete additional math courses beyond what is needed for the major. For these students, the MATH 109 or MATH 113 options provide a more direct path to additional mathematics courses.
Plus a C- or higher in one of the following:
- DASC 120 (or DASC 111 and 112) Introduction to Computational Statistics (4 credits)
- STAT 303 Statistics for the Applied Sciences (4 credits)
- STAT 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)
Major in Economics (B.S.)
- ECON 251 Principles of Macroeconomics (4 credits)
- ECON 252 Principles of Microeconomics (4 credits)
- ECON 315 Introduction to Econometrics (4 credits)
- ECON 351 Macroeconomic Theory (4 credits)
- ECON 352 Microeconomic Theory (4 credits)
Note: Students are strongly encouraged to take ECON 315, 351 and 352 by the end of the junior year.
Plus:
- A set of courses in one of the four paths below: Business, International, Public Policy, or Mathematical.
Allied Requirements
Four credits from the following:
- MATH 109 Calculus with Review II (4 credits)
- MATH 111 Calculus for Business and Social Science (4 credits)
- MATH 113 Calculus I (4 credits)
Note: While all of these options will provide students with the necessary preparation for the major, students interested in data analysis‐intensive careers or an advanced degree in Economics are advised to complete additional math courses beyond what is needed for the major. For these students, the MATH 109 or MATH 113 options provide a more direct path to additional mathematics courses.
Plus a C- or higher in one of the following:
- DASC 120 (or DASC 111 and 112) Introduction to Computational Statistics (4 credits)
- STAT 303 Statistics for the Applied Sciences (4 credits)
- STAT 313 Probability (4 credits) and STAT 314 Mathematical Statistics (4 credits)
Major Path: Business Economics
Business Economics - Major Field Guide
A path which emphasizes additional tools for analyzing business situations as well as incorporating a basic foundation in the field of business.
- ECON 311 Forecasting (4 credits)
- ECON 332 Industrial Organization (4 credits)
- ECON 401 Managerial Decision Making (4 credits)
Plus:
- Eight credits in elective economics courses numbered 300 or above
Plus:
- ACCT 100 Principles of Accounting I (4 credits)
- ACCT 200 Principles of Accounting II (2 credits)
- FINC 310 Core Financial Management (2 credits)
Plus:
- Four additional credits at the 200 level or higher within the following Business Administration areas: ACCT, BETH, BLAW, ENTR, FINC, MGMT, MKTG, OPMT, and REAL. These four credits will be chosen in consultation with the student's economics advisor.
Major Path: International Economics
International Economics - Major Field Guide
A path which prepares students for careers in which an understanding of the complexities of cultural differences and international economic relationships is crucial.
Twelve credits from the following:
- ECON 345 Economics of Development and Growth (4 credits)
- ECON 346 Country and Area Studies in Economics (4 credits)
- ECON 341 Open Economy Macroeconomics (4 credits)
- ECON 342 International Trade (4 credits)
Plus:
- Eight credits in elective economics courses numbered 300 or above (ECON 346 can only be included one time in fulfillment of the path requirement, and not as one of the additional electives)
Plus:
- A minor in a foreign language or significant study abroad experience approved by the department chair
Major Path: Mathematical Economics
Mathematical Economics - Major Field Guide
A path which prepares students for the core competencies necessary for graduate study in economics.
- ECON 355 Game Theory (4 credits)
- ECON 418 Mathematical Economics (4 credits)
Plus four credits from the following:
- ECON 301 History of Economic Thought (4 credits)
- ECON 337 Economics of the Public Sector (4 credits)
- ECON 339 Labor Economics (4 credits)
Plus:
- Eight credits in elective economics courses numbered 300 or above
Plus:
- MATH 114 Calculus II (4 credits)
- MATH 200 Multi-Variable Calculus (4 credits)
- MATH 240 Linear Algebra (4 credits)
Note: STAT 333 Predictive Modeling may be substituted for ECON 311
Students applying to graduate school are advised to complete MATH 240 prior to submitting their application.
Major Path: Public Policy Economics
Public Policy Economics - Major Field Guide
A path which prepares students for careers in the government or non-profit sectors, or for graduate study in public policy.
- ECON 337 Economics of the Public Sector (4 credits)
Plus eight credits from the following:
- ECON 324 Health Economics (4 credits)
- ECON 333 Regional and Urban Economics (4 credits)
- ECON 370 Environmental and Natural Resource Economics (4 credits)
Plus:
- Eight credits in elective economics courses numbered 300 or above
Plus:
- POLS 104 American Government in Comparative Perspective (4 credits)
- POLS 205 Citizen Participation and Public Policy (4 credits)
Plus:
- Four credits in elective political science courses numbered 300 through 319
Minor in Economics
- ECON 251 Principles of Macroeconomics (4 credits)
- ECON 252 Principles of Microeconomics (4 credits)
Plus four credits from the following:
- ECON 351 Macroeconomic Theory (4 credits)
- ECON 352 Microeconomic Theory (4 credits)
Plus:
- Twelve credits in elective economics courses numbered 300 and above.