Economics

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Professors

Steven B. Caudill. 2009. Robert D. McCallum Professor of Economics. B.A., Ohio Wesleyan University; M.A., Ph.D., University of Florida. (Applied econometrics.)
John E. Murray. 2011. Joseph R. Hyde III Professor of Political Economy. B.A., Oberlin College; M.S., University of Cincinnati; M.A., Ph.D., The Ohio State University. (Economic history.)

Associate Professors

Marshall K. Gramm. 2000. Chair. B.A., Rice University; Ph.D., Texas A & M University. (Applied microeconomics.)
Teresa Beckham Gramm. 1999. B.A., Agnes Scott College; Ph.D., University of North Carolina-Chapel Hill. (International economics.)
C. Nicholas McKinney. 2003. B.A., B.S., Centenary College of Louisiana; Ph.D., Texas A & M University. (Experimental economics, applied microeconomics.)

Assistant Professors

Courtney A. Collins. 2013. B.A., Rhodes College; Ph.D., Texas A&M University. (Applied economics.)

Visiting Professors

Erin Kaplan. 2013. B.A., University of Kansas; Ph.D., University of California at Santa Barbara. ( Labor and health economics.)

Staff

Linda Gibson. 2006. Departmental Assistant. B.A., Vanderbilt University; M.L.S., George Peabody College.

The Department of Economics offers a major in Economics. In addition, interdisciplinary majors are offered in:

  • Economics/Commerce and Business.
  • Economics and International Studies.
  • Mathematics and Economics.
  • Political Economy (an interdisciplinary program.)

Requirements for a Major in Economics

A total of forty-eight (48) credits as follows:

  1. Economics 100, 201, 202, 290, 420, 486.
  2. Twenty credits from Economics 250, 265, 305, 310, 311, 312, 317, 318, 323, 331, 339, 345, 349, 360, 407; Math 342.
  3. Mathematics 115 or 121. (For graduate study, Math 121 and 122 should be considered.)
  4. Recommended: Mathematics 121, 122. Students planning on attending graduate school should consider the Mathematics and Economics interdisciplinary major.

Requirements for a Minor in Economics

A total of twenty (20) credits in Economics as follows:

  1. Economics 100, 201, 202.
  2. Eight credits from Economics 250, 265, 290, 305, 310, 311, 312, 317, 318, 323, 331, 339, 345, 349, 360, 407, 420.

Honors in Economics

  1. Requirements for a major in Economics.
  2. Economics 495-496 (instead of Economics 486).
  3. A substantial research paper in an area of special interest to the candidate.
  4. An oral examination on the research paper.

All honors students must meet eligibility criteria established for the Honors Program.

Course Offerings

100. Introduction to Economics.

Fall, Spring. Credits: 4.

Degree Requirements: F2 (some sections), F8.

A survey of economic analysis and institutions combining economic theory with a discussion of applications to the U. S. economic system for majors and non-majors. The course will include an introduction to both microeconomics and macroeconomics. Microeconomics: Study of the behavior of consumers and firms in competitive and noncompetitive markets, and the consequences of this behavior for resource allocation and income distribution. Consideration of government’s role in competitive and noncompetitive markets. Macroeconomics: Study of the determination of the domestic levels of income, output, employment and prices; study of international trade and finance. Consideration of economic growth and international trade.

201. Intermediate Microeconomics.

Fall, Spring. Credits: 4.

Development and practical application of tools of supply, demand, cost, capital, and profit analysis, including quantitative models, to decision-making in a business enterprise. Additionally, a study of the problems of economic measurement and forecasting methods, business planning, product strategy, and location analysis.

Prerequisite: Economics 100.

202. Intermediate Macroeconomics.

Fall, Spring. Credits: 4.

A study of the determinants of national income, its fluctuation and growth. Contemporary fiscal and monetary theories are analyzed in connection with the causes and control of economic growth and fluctuations.

Prerequisite: Economics 100.

250. Readings in Economics.

Fall, Spring. Credits: 1-2.

Content of the course varies with instructor. The course may be repeated for credit as long as topics covered are different.

Prerequisites: Economics 100 and permission of the instructor.

265. Topics in Economics.

Fall, Spring. Credits: 1-4.

Content of the course varies with instructor. The course may be repeated for credit as long as topics covered are different.

Prerequisites: Economics 100 and permission of the instructor.

290. Statistical Analysis for Economics and Business.

Fall, Spring. Credits: 4.

Degree Requirements: F6.

Drawing conclusions from limited information is a common characteristic of decision making in economics and business. Although this course is designed to introduce the student to basic concepts of probability and statistics as applied to topics in Economics and Business, emphasis will be placed on the use of statistical inference to reduce the impact of limited information or uncertainty in decision-making. Topics will include descriptive statistical measures, probability, random variables, probability distributions, sampling distributions, point and interval estimation, hypothesis testing, time series analysis, regression and the use of index numbers.

305. Public Economics.

Spring. Credits: 4.

This course examines the role of the public sector in the economy. Students will learn about the theoretical motivations for and effects of government involvement in the economy as well as the empirical evidence regarding the consequences of such intervention. Students of economics should expect that rational economic agents will respond predictably to changes in incentives. This course will explore the incentive structure implied by government involvement in the economy and the predicted behavioral responses of individuals and firms. The structure of the major revenue raising (i.e., taxation) and expenditure operations of the government will be analyzed using microeconomic tools to determine their allocative and distributive effects.

Prerequisite: Economics 201.

310. International Trade and Policy.

Fall. Credits: 4.

The study of the determinants of comparative advantage and international trade. The course will include analysis of the winners and losers from trade and the resulting trade policies such as protectionism or export promotion. The course will also cover the movement of factors across borders, specifically immigration and international investment, and the policy restricting and promoting factor flows.

Prerequisite: Economics 100.

311. International Financial Economics.

Spring. Credits: 2.

This course will study balance of payment flows and exchange rate determination, with an introduction to international financial markets and instruments. It will cover economic policy under fixed and flexible exchange rates, in addition to exchange rate regime choice, balance of payments crises, and speculative attacks.

Prerequisite: Economics 100.

312. Economic Development.

Spring. Credits: 4.

Degree Requirements: F9.

This course addresses the scope and causes of international inequality, particularly the nature of the economic problems facing the world’s poorer countries, with emphasis on the African, South American, and Asian continents. Theories of growth and inequality, uneven development, and the roles of schooling, foreign trade, agriculture, manufacturing, fertility, migration, finance, and the environment in the development process will be considered. The goals of the course are to teach students how to model and use the models to formulate policy in the unique contexts of developing economies.

Prerequisite: Economics 100.

317. Money and Banking.

Fall. Credits: 2.

An analysis of the relationship between money and economic activity with an emphasis on monetary theory, commercial banking, financial markets and interest rates. Special attention is given to international financial markets. The interface of monetary policy, fiscal policy and debt management is also considered. (Course offered in alternate years.)

Prerequisite: Economics 100.

318. Economics of Crime and Corruption

Credits: 2

This course explores the contributions of economics to the understanding of crime and corruption. The perspectives and quantitative analytical techniques of economics are used to examine important issues concerning crime and corruption. Topics may include: rational-choice criminology; development and corruption; measuring the costs of crime and corruption; organized crime, white-collar crime; environmental crime; illicit drugs; human trafficking; gender and race issues concerning crime, and special topics selected by the instructor. (Course offered in alternate years.)

Prerequisite: Economics 100.

323. Classical and Marxian Political Economy.

Spring. Credits: 4.

Degree Requirements: F2, F3.

The writings of Adam Smith and of Karl Marx had a profound and lasting influence on the way people think about the world. The Industrial Revolution that took place in the interim between the publications of the works of these two thinkers literally changed the world. This course focuses on the most important works of Smith and Marx and on the economic events taking place in eighteenth and nineteenth century England that continue to affect the way we think and live. The works of other Classical Economists are also examined. (Course offered in alternate years.)

Prerequisites: Economics 201 or 201.

331. Labor Economics.

Fall. Credits: 4.

This course covers standard labor economic theory. Topics include market equilibria, the demand for and supply of labor (including human fertility, human capital, hours of work, and labor force participation), wage levels and differences (including discrimination) and unions and government as labor market forces. (Course offered in alternate years.)

Prerequisite: Economics 100.

339. Economic History.

Credits: 4.

Degree Requirements: F2, F3.

This course uses the tools of economic analysis to explore the long-run determinants of economic growth and the implications for policymaking today. Focus is on long-run economic change and the development of the American economy. Specific topics include the history and development of economic institutions, the American colonial experience, early American industrialization, slavery, the Progressive Era, the Great Depression, and the Southern economy. (Course offered in alternate years.)

Prerequisites: Economics 100.

345. Economics of Sports.

Credits: 4.

This applied economics course explores various aspects of the economics of sports and sports leagues, with a major focus on empirical analysis. We will consider a number of topics, including: 1) the business and economics of professional team sports and sports broadcasting, 2) analysis of leagues’ competitive balance policies, 3) player relations issues including analysis of the determinants of players’ salaries, 4) the public finance aspects of professional sports teams and stadium financing, and relevant issues in collegiate sports. (Course offered in alternate years; scheduled for 2014-2015.)

Prerequisite: Economics 100.

349. Environmental and Natural Resource Economics.

Credits: 4.

This course applies economic theory to environmental issues and policy. This course analyzes the operation (and failure) of markets for resources and environmental goods, and the policies governments use to intervene in such markets. (Course offered in alternate years.)

Prerequisite: Economics 100.

360. Urban Economics.

Credits: 4.

Why do cities exist? How do firms decide their locations? Neoclassical economic theory is applied to the examination and critical analysis of the economic efficiency, spatial structure, and contemporary issues of urban areas. A wide range of topics such as growth of cities, poverty, crime, urban transportation, positive and negative externalities, land use theory, housing and local government finance are included. (Course offered in alternate years.)

Prerequisite: Economics 100.

407. Game Theory.

Fall. Credits: 4.

The issues of strategic interaction and information asymmetry have come to the forefront of virtually every functional field in economics and business. This course represents an introduction to how game theory is used as a tool to model and to solve questions of strategy as they arise in a variety of economic situations and events in the world. Modeling topics to be covered are strategic and extensive form games, Bayesian decision-making, and evolutionary stability. Possible applications include bargaining, international collective action, the credibility of macroeconomic policy, learning, and signaling.

Prerequisites: Economics 201 and Math 115 or 121.

420. Econometrics.

Fall, Spring. Credits: 4.

Economic theory is mainly concerned with relations among variables. Econometrics is concerned with testing the theoretical propositions embodied in these relations to show how the economy operates, and with making predictions about the future. Topics covered in this course include the general linear model, qualitative variables and time series analysis.

Prerequisites: Economics 290 and Math 115 or 121.

460. Internship.

Fall, Spring. Credits: 1-4.

Degree Requirements: F11.

Directed internship in law, business, government, economic consulting, or the non-profit sector. To enroll, students must be approved in advance by the instructor and the Office of Career Services. No more than 8 internship credits may be allowed to count toward the credits required for graduation. Student interns are expected to keep a regular log of their activities and write two papers reflecting on their experience. Does not fulfill the requirements of the major or minor. Taken pass-fail only.

Prerequisites or Corequisites: Economics 100, 201, 202 and 290; or completion of the requirements for a minor in Economics. With permission of the instructor, a maximum of one Prerequisite may be taken as a Co-requisite.

461. Internships.

Fall, Spring, Summer. Credits: 1.

Directed internship in law, business, government, or the non-profit sector. To enroll, students must be approved in advance by the instructor and the Office of Career Services. (Does not fulfill the requirements of the major or minor. Taken pass-fail only.)

465. Advanced Topics in Economics.

Fall, Spring. Credits: 1-4

Content of the course varies with instructor. The course may be repeated for credit as long as topics covered are different.

Prerequisites: Economics 100 and permission of the instructor.

486. Senior Seminar in Economics.

Fall, Spring. Credits: 4.

Senior Seminar offers students the opportunity to integrate and extend their understanding of the various areas of economic theory and policy studied as an Economic Major. The focus of the seminar is development of the ability to critically appraise analytical models’ appropriateness and usefulness. Students will discuss, present and defend economic policy and research.

Prerequisites: Economics 201, 202, and 420 or permission of the instructor; senior status.

495-496. Honors Tutorial.

Fall, Spring. Credits: 4-4.

Open to candidates for Honors in Economics.

Prerequisites: Departmental permission.




PLEASE NOTE: This document reflects information as it was published in the 2014-15 Rhodes Catalogue. You may find more current information elsewhere on rhodes.edu.