Class Schedules

Accounting is the language of business. One of the objectives of this course is to learn that "language." The emphasis will be on understanding financial statements both for profit and non-profit organizations. International accounting, ethics and investment decisions are also covered. This course is designed for students who desire an understanding of the elements of accounting as a component of a liberal arts education as well as for those who would like to study further in accounting or business. This course counts as a Group B elective.

General Education Requirements:

Distribution Requirements:

Course Materials

Accounting is the language of business. One of the objectives of this course is to learn that "language." The emphasis will be on understanding financial statements both for profit and non-profit organizations. International accounting, ethics and investment decisions are also covered. This course is designed for students who desire an understanding of the elements of accounting as a component of a liberal arts education as well as for those who would like to study further in accounting or business. This course counts as a Group B elective.

General Education Requirements:

Distribution Requirements:

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Writing WP
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Writing WP
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

This course presents a broad overview of world economic history. It uses concepts and models developed in Principles of Economics to explore how the interplay between geography, institutions, and technology has influenced material living standards from the Stone Age to the present. In particular, we will study the causes and consequences of long-term structural forces such as the agriculture, industrial and informational revolutions, the Malthusian trap and demographic transition, slavery, globalization, and the rise of government. We will also explore more cyclical phenomena such as wars, financial crises, economic depressions and hyper-inflations. Students will learn how economic historians use evidence to make sense of the past and the role economic history plays in guiding current policy debates. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:
Internationalism

Distribution Requirements:
Social science

Course Materials

This course will primarily focus on equity securities analysis (stocks) from the perspective of institutional (Wall Street) investors. Topics will include industry analysis and forecasting, financial statement analysis, fundamental company analysis and valuation methods. Students will form industry groups and will each research a company in that industry. Students will build complete historical and projected financial statement models in Excel. The end product of the course will be a company report written by each student. This course counts as a Group B elective. Prerequisite(s): ECON 113

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

The structure, operation, regulation and economic role of financial markets and institutions; fundamental security analysis and present-value techniques; forecasts of earnings and analysis of yields on stocks and bonds; the portfolio theory and characteristic lines, betas and mutual-fund ratings; futures and options markets. This course counts as a Group E elective. Prerequisite(s): ECON 113 and ECON 119. C- or higher required for all prerequisites.

General Education Requirements:
Writing WP

Distribution Requirements:
Social science

Course Materials

Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis; market failure. This course counts as a Group E elective. Prerequisite(s): MATH 135 or MATH 137, and one 200-level Economics course from Group E electives. Not open to first-year students except by permission of the instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course investigates the methods economists use to test theories and conduct economic forecasts. This course will provide the student with the ability to design, conduct, and evaluate empirical work in economics and other social sciences. The primary focus of the course is on the final project that consists of a research paper that will integrate library research, economic theory, and econometric analysis. The course will take a "hands on" approach as much as possible with weekly use of the microcomputer in class. This course counts as a Group E elective. Prerequisite(s): ECON 361 and STAT 155.  C- or higher required for all prerequisites.

General Education Requirements:
Writing WA

Distribution Requirements:
Social science

Course Materials

This course investigates the methods economists use to test theories and conduct economic forecasts. This course will provide the student with the ability to design, conduct, and evaluate empirical work in economics and other social sciences. The primary focus of the course is on the final project that consists of a research paper that will integrate library research, economic theory, and econometric analysis. The course will take a "hands on" approach as much as possible with weekly use of the microcomputer in class. This course counts as a Group E elective. Prerequisite(s): ECON 361 and STAT 155.  C- or higher required for all prerequisites.

General Education Requirements:
Writing WA

Distribution Requirements:
Social science

Course Materials

This course will apply the tools of economic analysis to gain an understanding of economic development problems and their solutions. Patterns of economic development in an historical and dynamic context will be examined. The central role of agriculture and the problem of technological change in agriculture will also be examined. Other topics will include neo-classical growth models, domestic and international economic policies, international trade, foreign aid, external debt, technology transfer, rural-urban migration and income distribution. This course counts as a Group E elective. It is a capstone course. Prerequisite(s): ECON 361, ECON 371, and ECON 381. C- or higher required for all prerequisites.

General Education Requirements:
Internationalism

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

Is business a force for good? What is happening with capitalism in the United States? As we observe innovation in business models (e.g. Public benefit corporations, B-Corp certifications) and major foundations begin to re-evaluate their investment strategy to align closer with their missions and find ways to invest in “social” businesses, are these early indicators of something new afoot? Or are these edge cases that won’t be adopted into mainstream thinking? How do those who focus their work in building BIPOC, female and immigrant businesses think about business as a force for good? While we will explore these larger concepts, we will also look at the Twin Cities to understand the context of today. In particular, we will focus on understanding how Covid and the uprising in response to the killing of George Floyd challenge, reinforce and complicate our ideas about business. This class will be focused on bringing in Macalester alumni and people in the Twin Cities grappling with these questions through their own work to explore these issues with us. Professor Reiling will be teaching remotely but students who would like to attend class in-person will be able to gather frequently in-person in the classroom for discussions and workshops. This course is an ECON B elective.

General Education Requirements:

Distribution Requirements:

Course Materials

This course presents a broad overview of world economic history. It uses concepts and models developed in Principles of Economics to explore how the interplay between geography, institutions, and technology has influenced material living standards from the Stone Age to the present. In particular, we will study the causes and consequences of long-term structural forces such as the agriculture, industrial and informational revolutions, the Malthusian trap and demographic transition, slavery, globalization, and the rise of government. We will also explore more cyclical phenomena such as wars, financial crises, economic depressions and hyper-inflations. Students will learn how economic historians use evidence to make sense of the past and the role economic history plays in guiding current policy debates. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:
Internationalism

Distribution Requirements:
Social science

Course Materials

Combustion of fossil fuels produces carbon dioxide, which traps energy near Earth's surface and leads to warmer average global temperatures. Combustion of fossil fuels also forms the backbone of the modern economy. This team-taught course provides a framework in which to consider the costs and benefits of fossil fuel consumption in the present and over the coming decades and centuries. We use concepts from climate science and environmental economics to evaluate existing and proposed policy interventions designed to reduce fossil fuel consumption, and consider possible technological solutions to slow or reverse climate change. Among our main approaches are state-of-the-art Integrated Assessment Models; students will be exposed to several of the most commonly used models and to research from their critics. This course counts as a Group E elective. Students signing up for the course as Economics will get credit toward the social sciences general distribution requirement; those signing up for the course as Environmental Studies will get credit toward the natural sciences and mathematics general distribution requirement. Prerequisite(s): ECON 119 .

General Education Requirements:
Quantitative Thinking Q3

Distribution Requirements:
Social science

Course Materials

Planning is the key to business success. How do firms plan for the future? Setting objectives and budgets. Evaluating and rewarding employee performance. Controlling inventory, cash budgeting, and capital budgeting. Extensive use of case studies and group work. This course counts as a Group B elective. Prerequisite(s): ECON 113 (earned with C- or higher) or permission of instructor.

General Education Requirements:

Distribution Requirements:

Course Materials

Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis; market failure. This course counts as a Group E elective. Prerequisite(s): MATH 135 or MATH 137, and one 200-level Economics course from Group E electives. Not open to first-year students except by permission of the instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course develops in detail theories of the determination of national income, employment and the price level. The foundations and mechanics of neo-classical and Keynesian models of the aggregate economy are studied and modern syntheses of these approaches are explored. Considerable attention will be paid to current behavior of the national economy. This course counts as a Group E elective. Prerequisite(s): ECON 361 or permission of instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course develops in detail theories of the determination of national income, employment and the price level. The foundations and mechanics of neo-classical and Keynesian models of the aggregate economy are studied and modern syntheses of these approaches are explored. Considerable attention will be paid to current behavior of the national economy. This course counts as a Group E elective. Prerequisite(s): ECON 361 or permission of instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

An honors seminar to enhance the senior capstone requirement. This course counts as a Group E elective. It is a capstone course. Prerequisite(s): Permission of instructor required.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course concentrates on developing and applying economic principles to the decision making process of the firm. Typically the course is taught from the viewpoint of the financial manager of a firm (profit or non-profit). Traditional corporate finance topics will be covered, including: cash flow management, sources of capital, capital budgeting, cost of capital, and financial structure. Recent theoretical developments in the capital asset pricing model and portfolio theory also will be examined. Actual case studies of financial decision making often are included in the course.  This course counts as a Group E elective. Prerequisite(s): ECON 113, ECON 361 and ECON 381. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course will combine a theoretical background with hands-on experience that will permit a student to begin their career-long development of their leadership talent. The traditional model of a great leader was one that was tough, visionary and determined. Today scholars of leadership have argued that a great leader is self-aware, motivated, empathetic and skilled socially. Which model is right? Are there factors common to all great leaders? We will learn from Aristotle, Winston Churchill, Steve Jobs, Ernest Shackelton's ill-fated trip to the South Pole, and the latest scholarly research. Extensive use will be made of case studies from the Harvard MBA program and guest speakers. This course counts as a Group B elective.

General Education Requirements:

Distribution Requirements:

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course explores the theoretical foundations and empirical realities of international trade flows, commercial policies (tariffs, quotas, etc.) and international finance. The course emphasizes the welfare implications of international trade and commercial policies and links these to discussion of disputes over international trade agreements. The international finance portion of the course covers the foreign exchange market, balance of payments analysis and an introduction to open economy macroeconomics. Recommended for students majoring in international studies. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course explores the theoretical foundations and empirical realities of international trade flows, commercial policies (tariffs, quotas, etc.) and international finance. The course emphasizes the welfare implications of international trade and commercial policies and links these to discussion of disputes over international trade agreements. The international finance portion of the course covers the foreign exchange market, balance of payments analysis and an introduction to open economy macroeconomics. Recommended for students majoring in international studies. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course will provide a one semester overview of investment banks. The role of equity capital markets, debt capital markets, research, sales and trading, and investment banking will be covered. Basic corporate finance techniques will be introduced. Current financial issues in the business world will be reviewed. Classroom work, case studies, and outside speakers will be utilized. The key objectives of this course are for students to obtain a solid understanding of the various disciplines within the investment banking field and to prepare themselves for interviews and internships. The course is well suited for students who are contemplating a career in investment banking, banking, or corporate finance. This course counts as a Group B elective. Prerequisite(s): ECON 113 and ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:

Course Materials

Varies by semester. Consult the department or class schedule for current listing.

General Education Requirements:

Distribution Requirements:

Course Materials

Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis; market failure. This course counts as a Group E elective. Prerequisite(s): MATH 135 or MATH 137, and one 200-level Economics course from Group E electives. Not open to first-year students except by permission of the instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

Methodology of economic science; theory of consumer behavior; theory of the firm; market structure and price determination; factor markets and income distribution; general equilibrium analysis; market failure. This course counts as a Group E elective. Prerequisite(s): MATH 135 or MATH 137, and one 200-level Economics course from Group E electives. Not open to first-year students except by permission of the instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course develops in detail theories of the determination of national income, employment and the price level. The foundations and mechanics of neo-classical and Keynesian models of the aggregate economy are studied and modern syntheses of these approaches are explored. Considerable attention will be paid to current behavior of the national economy. This course counts as a Group E elective. Prerequisite(s): ECON 361 or permission of instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course investigates the methods economists use to test theories and conduct economic forecasts. This course will provide the student with the ability to design, conduct, and evaluate empirical work in economics and other social sciences. The primary focus of the course is on the final project that consists of a research paper that will integrate library research, economic theory, and econometric analysis. The course will take a "hands on" approach as much as possible with weekly use of the microcomputer in class. This course counts as a Group E elective. Prerequisite(s): ECON 361 and STAT 155.  C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

By taking this course, students will learn to interpret and conduct technical economic analysis of public policies. Students will apply their knowledge of micro- and macroeconomic theory and econometrics to study the economics of controversial and important policies. Sample policy areas might include climate change, illegal drugs, health care, anti-poverty programs, affirmative action, income inequality, income redistribution via the tax system, public transit, immigration, education, gun control, and minimum or living-wage laws. While the course usually focuses on examples from the United States, it presents tools and frameworks that are applicable in any context. The course grade will be based on group and individual presentations and policy briefs relating to specific policies, at least one exam, homework sets, and a capstone-level research project. The project consists of a policy, econometric, or theoretical analysis of a public policy chosen by the student. This course counts as a Group E elective. It is a capstone course. Prerequisite(s): ECON 361, ECON 371, and ECON 381. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course surveys recent developments in behavioral economics and considers applications in labor economics, macroeconomics, finance, public finance, consumer choice, and other areas. Our goal is to draw on recent work in cognitive and evolutionary psychology to better understand human behavior and incorporate these insights into neoclassical reasoning and modeling. This course counts towards the capstone.  This course counts as a Group E elective. Prerequisite(s): ECON 361 and ECON 371. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

Accounting is the language of business. One of the objectives of this course is to learn that "language." The emphasis will be on understanding financial statements both for profit and non-profit organizations. International accounting, ethics and investment decisions are also covered. This course is designed for students who desire an understanding of the elements of accounting as a component of a liberal arts education as well as for those who would like to study further in accounting or business. This course counts as a Group B elective.

General Education Requirements:

Distribution Requirements:

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

A one-semester introduction to the basic tools of micro- and macroeconomic analysis. Microeconomics deals with consumers, firms, markets and income distribution. Macroeconomics deals with national income, employment, inflation and money. This course counts as a Group E elective.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course examines the workings of economic systems from the perspective of the incentives facing the firm and consumer. The course provides an introduction to the economics of information and organization which is used to evaluate resource allocation under the specific institutional environment of different economic systems. Our understanding of the incentive system is then used to evaluate the overall economic system. The focus of the course is primarily on the U.S. economy, Japan and the former Soviet Union/Russia. As time permits the course may examine China, Germany and Central Europe. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course studies the economics of public policy toward the environment. We begin by examining the problem of market failure in the presence of externalities and public goods. Then, we consider public policy responses to these market failures, including command-and-control regulations, tax and subsidy incentives, marketable pollution permits, voluntary programs, and information as regulation. We consider these policies in contexts such as local pollution, climate change, threats to biodiversity, environmental justice, international trade, and development. In addition, we learn how to measure the costs and benefits of pollution control.  By the end of the semester, you will learn how economists think about environmental problems, understand the advantages and disadvantages of a range of environmental policies, be able to conduct a cost-benefit analysis, and have a complete economic analysis of an environmental problem. This course counts as a Group E elective. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course focuses on theories and applications of Entrepreneurship to identify opportunities and solve problems around the world. Students will learn contemporary methodologies used in startup companies and early stage organizations including: Lean Startup and Human Centered Design methodologies and the Business Model Canvas framework. Students spend the semester working in teams to apply the methodologies to identify a problem and develop a solution. For their final project students will prepare a plan for their solution and present it to an external audience. This course is open to those who are interested in social entrepreneurship as well. This course counts as a Group B elective. Note: Not available to students who took Social Entrepreneurship during the fall 2016 semester. Prerequisite(s): ECON 119. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course develops in detail theories of the determination of national income, employment and the price level. The foundations and mechanics of neo-classical and Keynesian models of the aggregate economy are studied and modern syntheses of these approaches are explored. Considerable attention will be paid to current behavior of the national economy. This course counts as a Group E elective. Prerequisite(s): ECON 361 or permission of instructor. C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course investigates the methods economists use to test theories and conduct economic forecasts. This course will provide the student with the ability to design, conduct, and evaluate empirical work in economics and other social sciences. The primary focus of the course is on the final project that consists of a research paper that will integrate library research, economic theory, and econometric analysis. The course will take a "hands on" approach as much as possible with weekly use of the microcomputer in class. This course counts as a Group E elective. Prerequisite(s): ECON 361 and STAT 155.  C- or higher required for all prerequisites.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials

This course gives you a taste of what it's like to be an applied theoretical macroeconomist: we'll learn how to work with, solve, and parametrize dynamic stochastic general equilibrium (DSGE) models. These are the profession's workhorses and pretty much every macro paper published in a respectable journal has a DSGE model as a backbone. But we won't be doing theory for theory's sake; we'll build bridges between models and the real world so we can judge whether the models we use are accurate descriptions of reality. Once the tools are laid out, we'll survey papers written in the last years so that you know what researchers are writing about. This course counts as a Group E elective. It is a capstone course. Prerequisite(s): ECON 371 and ECON 381 (or permission of the instructor). C- or higher required for all prerequisites. [COURSE Q&A] Q: How is this course different from ECON 472? A: This course covers roughly 50% of the material in Advanced Macro. The goal is to give you the bare minimum tools to write a great macro paper; more specialized topics (e.g., Bayesian econometrics) can wait. Q: If we won't be doing Bayesian econometrics, why do you ask for ECON 381? A: Because Econometrics teaches you how to write a paper. Experience has shown me that it's pretty hard to learn (a) this course's macro toolkit and (b) how to write a research paper at the same time.

General Education Requirements:

Distribution Requirements:
Social science

Course Materials