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EconomicsFull Time Faculty: Liang Ding, T. Jeffery Evans, J. Peter Ferderer, Gary Krueger (Chair), Karine Moe, Raymond Robertson, Vasant Sukhatme, Sarah West Part Time Faculty: Paul Aslanian, Karl Egge, Brad England Managing Editor, The Journal of Economic Perspectives: Timothy Taylor The purpose of the department of economics is to develop basic analytical skills which contribute toward the understanding of our own and other economic systems, which serve as a valuable foundation for advanced studies in the fields of economics, business and law, and which are necessary for making sound decisions in business or government careers. Career Paths The curriculum is designed both to meet the needs of those students who are preparing for advanced study in graduate and professional schools as well as those who, upon graduation, intend to start a career, nationally or internationally, in business, government or public service. The optimal choice of electives, both in the department and outside of it, will differ depending on the direction in which the student is aiming. The department publishes a brochure (Career Paths) designed to help students make this choice. Students are urged to consult this brochure and discuss it with their departmental advisor before deciding on their major plan. Program in Agricultural Economics and Economic Development In 1977, with the help of a grant from Cargill Inc., the department established a program designed to introduce students to the economics of agriculture and development. The main vehicle for this is an elective course in the department's curriculum. The program also sponsors student internships as well as visits of distinguished academicians, public policy makers and business persons working in the field of agricultural economics and economic development. Internship Program The department actively collaborates with the Internship Office in creating off-campus internships, mostly with Twin Cities business firms. In some internships students receive payment for their work as well as academic credit. The Bureau of Economic Studies The Bureau provides support for faculty and student research. It sponsors visiting speakers and provides various means of contact between the college and the Twin Cities business community. It publishes a series of occasional papers and sponsors a student-run and student-edited Journal of Economics. Honor Society Outstanding academic achievement makes students in economics eligible for membership in Omicron Delta Epsilon, a national honor society in economics. The Macalester Investment Group (MIG) The Macalester Investment Group manages the "Tartan Fund," which is comprised of Economics Department alumni donations. This student run fund currently valued at over $25,000 was launched in 2001. MIG also conducts tutorials and seminars in order to introduce students to the world of investing. MIG typically meets weekly and is open to everyone. Study Abroad The department actively collaborates with the International Center in creating opportunities for study abroad. Economics Laboratory A computer laboratory adjacent to department offices, one of the first on campus, is used for econometrics and other economics courses as well as by students working on individual projects. The lab is equipped with 22 iMac computers with specialized spreadsheet and statistical software; computers are connected to the campus information network, through which students may also make use of internet resources. The Journal of Economic Perspectives The Journal of Economic Perspectives is published quarterly by the American Economic Association. The journal's mission is to communicate recent developments across the many specialized fields of economics. The journal has a worldwide circulation of 20,000 individual economists and 5,000 library and institutional subscriptions, making it the most widely circulated journal in academic economics. General Distribution RequirementAll courses in the economics department count toward the general distribution requirement in social science with the exception of Economics 108 (which counts toward the math/natural science distribution requirement), and internships, independents, preceptorships and courses in investments and accounting (110, 113, 353). General Education RequirementsCourses that meet the general education requirements in writing, quantitative thinking, internationalism and multiculturalism will be posted on the Registrar's web page in advance of registration for each semester. Additional information regarding the general distribution requirement and the general education requirements can be found in the graduation requirements section of this catalog. Major ConcentrationThe major concentration in economics requires a minimum of eight courses within the department plus the department's capstone experience and two required courses in mathematics. Required courses for the major are Economics 113, 119, 361, 371, and 381. In addition, the major requires a minimum of three elective courses: one course at the 200 level plus two courses above that level, at least one of which must be numbered above 400. Math courses required for an economics major are Math 135 (Applied Calculus)or Math 137 (Single Variable Calculus) and either Math 153 (Data Analysis and Statistics) or 154 (Elementary Statistics) or 155 (Introduction to Statistical Modeling); neither of these may be taken on a S/D/NC ("Pass/Fail") basis. The department encourages students who intend to major in economics to take Math 155 (Introduction to Statistical Modeling). Topics Courses Topics courses, which by college convention carry the number 194, 294, 394, or 494, may be taught at all levels of difficulty. Those topics courses for which only Economics 119 is prerequisite are the equivalent of 200 level courses for purposes of fulfilling the major requirements. Those for which a 200 level course is prerequisite are the equivalent of 300 level courses. Those for which Economics 361, 371, and/or 381 are prerequisite are generally classified as the equivalent of 400 level courses. Information on these classifications is included in Topics course descriptions or may be obtained from the department chairperson. Capstone Experience The capstone experience requirement in economics may be satisfied by any one of the following: (a) an approved course in the 400s; (b) an approved topics course; (c) an independent project that includes a major paper; or (d) an honors thesis. (This capstone experience is in addition to the eight courses within the department required for the major and is to be undertaken during the senior year.) Minor ConcentrationThe minor concentration in economics requires a minimum of six courses within the department and Math 135 (Applied Calculus). Math 135 may not be taken on an S/D/NC ("Pass/Fail") basis. The following three courses within the department are required: 119, 361, 371. The minimal number of three electives is subject to the following constraints: a) one must be in the 200s; b) neither of the other two may have a number below 300 and only one of them may have a number in the 600s. Course Numbering The logic behind the departmental numbering of courses is as follows: courses in the 100s have no prerequisite; courses in the 200s have Economics 119 as the sole prerequisite; courses in the 300s and 400s have prerequisites other than 119 (and sometimes 119 as well). The 300 level courses that are required for both a minor and major in economics are Economics 361 (Intermediate Microeconomic Analysis), Economics 371 (Intermediate Macroeconomic Analysis) and Economics 381 (Introduction to Econometrics). Some or all of these courses are required for the 400 level courses. Some of the intermediate level electives (e.g., Economics 342, Economics of Poverty in the US) require Economics 119 and a 200-level course, but not all do. The category of 600s is reserved for independent projects, internships and preceptorships. Honors ProgramThe economics department participates in the Honors Program. Eligibility requirements, application procedures and specific project expectations for the economics department are available from either the department office or the Dean of Academic Programs. Topics courses194, 294, 394, 494 Topics courses offered in recent years have included: Economics for the Citizen; Economics and the Law; Economic Inequality; and Ethics and Public Policy. Information on topics courses to be offered in 2007–2008 may be obtained from the Registrar or the department office prior to registration. (4 credits)
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