Department of Economics

Chair: Vacant
Professors: Benson, Hill, Stegner, Tokle
Visiting Assistant Professor: Yik
Emeritus Faculty: Hofman

 Faculty Information    
 Department Web Page   
 Departmental Information    
 Bachelor's Degrees    
 Options within the degree    
 Minor   
 Courses   

Program Goals
The goal of the Department of Economics is to help students prepare for a career requiring a bachelor’s degree in economics and for graduate study.  In order for a student to be successful in these pursuits, the following skills must be obtained:

1. Learn how economists interpret and apply economic data to understand and predict economic events.
2. Develop an ability to objectively and critically identify and analyze economic issues.
3. Acquire an understanding of the theory and technical analysis required for graduate study.

One way or another, economic forces affect every individual, and thus an understanding of economics helps individuals cope with and adapt to the rapidly changing global marketplace. Most issues discussed at local, domestic, and international centers have an economic component. As our society moves into the twenty-first century, issues such as the role and the size of the government, to what extent a nation's borders remain open to the foreign sector, the trade-off between the quality of the environment and the quantity of production, and the distribution of a country's income between labor and other resources will continue to dominate the national agenda. Indeed, the technological advances of the past century, which could have alleviated problems of scarcity and the need to make difficult decisions, seem only to have exacerbated the trade-offs nations face and the competing uses for the world's limited resources.

While it is true that to be hired with the title of economist generally requires graduate study, there are ample employment opportunities for those who achieve a baccalaureate degree. An economics degree is an excellent background for careers in banking, real estate, litigation analysis, planning, government, bond trading, financial analysis, teaching and a host of other employment opportunities. An economics background is also excellent preparation for graduate study in economics, law, business and international relations.

Bachelor of Arts or Bachelor of Science in Economics

The following courses are required in addition to the General Education Requirements for the B.A. or B.S. degree. (Recommended electives for economics majors are political science, finance, or mathematics depending upon the student's specific interests.)  

The Economics Department offers programs leading to Bachelor of Arts and Bachelor of Science degrees. A student may choose an option in Economic Theory, Applied Economics, or Law and Economics. 

Economic Theory

This option provides a broad-based background to the many specialties within the realm of economics. It provides a comprehensive overview to those who plan to pursue graduate study in Economics. It is also appropriate as a terminal degree for those who seek a diverse background in Economics.

Applied Economics

This option is designed for students wishing to major in business economics, pre-law, political economy, or any other applied area approved by the student's departmental advisor.

Law and Economics

Economics is widely viewed as a very good major for students planning to attend law school. This option provides a clearly specific path for those planning to puruse a career in the legal professions.

Option 1—Economic Theory

ECON 2201, 2202 Principles of Macro-
		  and Microeconomics                  6 cr
ECON 3301       Macroeconomic Theory                  3 cr
ECON 3302       Microeconomic Theory                  3 cr
ECON 3306       History of Economic Doctrines         3 cr
ECON 3384       Mathematics for Economics             3 cr
ECON 4474       Current Economic Problems             3 cr
ECON 4485       Econometrics                          3 cr
MATH 1170       Calculus I                            4 cr
MATH 1153       Introduction to Statistics            3 cr

Plus 12 additional hours of upper-division courses in economics 
and 6 additional hours in advisor approved courses.

Option 2—Applied Economics

ECON 2201-2202  Principles of Macro- and    
                  Microeconomics                      6 cr
ECON 3301       Macroeconomic Theory                  3 cr
ECON 3302       Microeconomic Theory                  3 cr
ECON 4474       Current Economic Problems             3 cr
ECON 4485       Econometrics                          3 cr
MATH 1160       Applied Calculus                      3 cr
           OR 
MATH 1170       Calculus I                            4 cr
MATH 1153       Introduction to Statistics            3 cr

Plus 12 additional upper-division economics credits* and an approved area of emphasis in an outside field.

*All electives shall be selected by the student with prior 
approval from a Department of Economics faculty member.

Option 3—Law and Economics

Students choosing this option must obtain a B.A. rather than a B.S., 
and must satisfy Goal 8 with PHIL 1103.
						
Required Courses 
ECON 2201	Principles of Macroeconomics	      3 cr
ECON 2202	Principles of Microeconomics	      3 cr
ECON 3301	Macroeconomic Theory	              3 cr
ECON 3302	Microeconomic Theory	              3 cr
ECON 4474	Current Economic Problems 	      3 cr
ECON 4482	Internship*	                    1-9 cr
ECON 4485	Econometrics	                      3 cr
ENGL 4401	Advanced Composition	              3 cr
PHIL 2201	Introduction to Logic 	              3 cr
MATH 1160       Applied Calculus                      3 cr
	        OR
MATH 1170	Calculus I	                      4 cr
MATH 1153	Introduction to Statistics	      3 cr

Plus 18 credits chosen from the following:
ANTH 4478	Federal Indian Law	              3 cr
ANTH 4479	Tribal Governments	              3 cr
ENGL 4410	Writing Internship 
	          (max 3 credits)	              3 cr
HCA 3375	Health Law and Bioethics	      3 cr
MC 4440	        Media Law and Ethics	              3 cr	
MGT 4461	Business Law	                      3 cr
MGT 4480	Labor and Employment Law	      3 cr
PHIL 4450	Ethical Theory	                      3 cr
POLS 3342	American Legal Systems	              3 cr
POLS 3345	Jurisprudence and Legal
	          Systems	                      3 cr
POLS 4442	Constitutional Law	              3 cr
POLS 4443	Constitutional Law	              3 cr
PSYC 4463	Clinical Psychology 
	          and the Law	                      3 cr
Plus 12 additional hours of upper division economics courses (excluding additional ECON 4482 credits)
* Internship must be with a member of the legal profession.

Minor in Economics

Required Courses:

ECON 2201-2202  Principle of Macro- and
                  Microeconomics                      6 cr
ECON 3301       Macroeconomic Theory                  3 cr
ECON 3302       Microeconomic Theory                  3 cr

Plus 9 additional upper-division economics credits.*
                                              TOTAL: 21 cr
*All electives shall be selected by the student with prior 
approval from a Department of Economics faculty member.

Economics Courses

The following courses satisfy Goal 11 of the General Education Requirements: ECON 1100, ECON 2201, ECON 2202.

ECON 1100 Economic Issues 3 credits. Introduction to current economic problems as they affect such matters as inflation, unemployment, discrimination, war, peace, taxes, retirement, welfare, education, profits, poverty, pollution, and the quality of life. This course may not be taken if both ECON 2201 and 2202 have been taken. Satisfies Goal 11 of the General Education Requirements. F, S, Su

ECON 2201 Principles of Macroeconomics 3 credits. Introduction to the U.S. economy.  Includes analysis of demand and supply as well as the topics of national output, unemployment and inflation.  Examines the roles of governmental spending and taxation and monetary policy conducted by the Federal Reserve. Satisfies goal 11 of the General Education Requirements.  F, S, Su

ECON 2202 Principles of Microeconomics 3 credits. Introduction to demand and supply with applications to elasticity, consumer behavior, the cost structure of firms, the behavior of firms in industries that range from having monopoly power to being competitive, and the role of government in a market economy.  Satisfies goal 11 of the General Education Requirements.  F, S, Su

ECON 3301 Macroeconomic Theory 3 credits. Examines and analyzes aggregate economic activity as measured by the unemployment rate, inflation rate, and total output.  Monetary and fiscal policy are explored and evaluated for stabilization purposes; economic growth is explained. PREREQ: ECON 2201. F

ECON 3302 Microeconomic Theory 3 credits. Examines and analyzes how rational buyers make optimal choices given their budgetary constraints and preferences.  Examines and analyzes how sellers make profit maximizing decisions under different market structures.  Explains how these individual choices are coordinated into outcomes which result in an efficient allocation of limited resources. PREREQ: ECON 2202. S

ECON 3303 Economics of Health Care 3 credits. Introduction to the economics of health and health care. Explores the health care sector and health policy issues from an economic perspective, and discusses how economic principles can be used to analyze health care issues and explain the behavior of patients, medical care providers, third-party payers, and employers in health care markets.  Examines the nature and causes of the problems of medical care spending, access, and outcomes, as well as past and potential future actions to solve them.  PREREQ: ECON 2202. F

ECON 3306 History of Economic Doctrines 3 credits. Overview of the academic and philosophical development of economic thought since its inception to modern times.  Readings will come from original sources including Aristotle, Aquinas, Smith, Malthus, Ricardo, Marx, Mill, Marshall, Veblen, and Keynes. D

ECON 3323 Economic History 3 credits. Qualitative and quantitative analysis of how society has dealt with the ever-changing landscape of structural change and economic growth. How institutions evolve in response to the conflict of perpetuating the status quo and anticipating new technology reveals insights attainable only with an economics perspective. D

ECON 3331 Money and Banking 3 credits. The study of financial instruments, money, interest rates, the banking industry, and the structure and monetary policies of the Federal Reserve Bank.  An examination of past and present monetary policy. PREREQ: ECON 2201. F

ECON 3334 International Economics 3 credits. Study of the principles and practices of international trade including the historical and economic background of foreign trade tariffs, foreign exchange, international finance, international balance of payments, and contemporary problems and policies in the field of foreign trade. PREREQ: ECON 2201 and ECON 2202. S

ECON 3338 Public Finance 3 credits. Study of government revenues, expenditures, and debt management, including an analysis of the effects of these governmental activities on the American economy. PREREQ: ECON 2201 and ECON 2202. F

ECON 3341 Contemporary Labor Economics 3 credits.  Apply economic theories to issues affecting workers in the 21st century.  These include labor’s supply and demand, wages, human capital, unemployment, collective bargaining, fringe benefits, and government legislation. PREREQ: ECON 2202. D

ECON 3352 Environmental Economics 3 credits. Analysis of the interaction between the natural environment and the economy, including how our decisions, values and institutions affect the quality of the environment.  Examine the conditions required for a market allocation to be efficient, the reasons why a market economy could fail to provide an efficient allocation of environmental resources, how this market failure results in environmental degradation, and the economics of various environmental policies.  PREREQ: ECON 2202. S

ECON 3362 Theory of Interest 3 credits. Interest rate concepts applied to solving time value of money problems such as: valuation of bonds and annuities (level, arithmetic increasing/decreasing, geometric increasing/decreasing), loan amortization, capital budgeting, portfolio returns (dollar-weighted and time-weighted) and portfolio management (immunization).  Introduction to financial instruments, including derivatives, and the no-arbitrage concept. Suitable for students pursuing a career in actuary, insurance or risk management. PREREQ: ECON 2201, ECON 2202; MATH 1160 or MATH 1170; and MATH 1153 or MGT 2216. F

ECON 3384 Mathematics for Economics 3 credits.  Introductory study of mathematical methods that are frequently used in economics. Includes their application to basic economic theory. PREREQ: ECON 2201 and ECON 2202 or permission of instructor. S

ECON 4404 Games, Conflicts, Cooperation and Strategy 3 credits. Use game theory to model conflicts, cooperation and strategy, with applications in economics, business, political science, psychology, sociology, anthropology and biology. Equilibrium concepts, information structures, static and multi-period games will be discussed. PREREQ: ECON 2201 and ECON 2202, or permission of instructor. D 

ECON 4409 Industrial Organization 3 credits. Industrial organization extends the theory of the firm to examine firms' strategic behavior, including methods to differentiate products and aggressive pricing schemes, and the government's response to these activities. PREREQ: ECON 2201 and ECON 2202. D

ECON 4411 Political Economy 3 credits. A critical introduction to the relationship between economic institutions and social analysis. The social implications of different views on economic concepts, such as the division of labor, capital, and value, are investigated from a classical, neoclassical and an institutional perspective. PREREQ: ECON 2201 and ECON 2202. D

ECON 4433 Economic Development 3 credits. A study primarily focused on differences between affluent areas of the world and developing nations and how this knowledge can be used to improve economic performance globally. In addition, a portion of the course will examine regional economic development models. PREREQ: ECON 2201 and ECON 2202. D

ECON 4439 State and Local Finance 3 credits. Study of taxation, borrowing and spending by state, city, county and other local governments. Taxing and spending patterns are evaluated and compared by states. PREREQ: ECON 2201 and ECON 2202. D

ECON 4474 Senior Seminar 3 credits. Discussion-driven capstone class that integrates selected topics in economics. Students will be required to do economic research, and write on and discuss current economic issues. PREREQ: At least senior standing. S

ECON 4481 Independent Studies 1-3 credits. Individuals will be assigned independent problems for research under the supervision of a departmental faculty member. May be repeated for up to 6 credits. F, S, Su

ECON 4482 Internship 1-9 credits. Directed student internship in economic organizations and businesses involving supervised work experience. The internship must be approved by the chair of the department. May be repeated for up to 9 credits. F, S, Su

ECON 4485 Econometrics 3 credits. Overview of the practice of econometrics, which combines economic theory, analytical reasoning and statistical techniques to better understand and interpret economic, social science and experimental data.  The primary purposes of econometrics are the estimation of equation coefficients, hypothesis testing, and forecasting. PREREQ: ECON 2201, ECON 2202 and MATH 1153. F

ECON 4491 Seminar 1-3 credits. Topics in economics. F

ECON 4492 Seminar 1-3 credits. Topics in economics. S 

ECON 4497 Workshop 1-2 credits. Workshops aimed at the development and improvement of skills. Does not satisfy requirements for a major or a minor. May be repeated. Graded S/U. D 

IDAHO STATE UNIVERSITY Academic Information  Contact: webmaster@isu.edu Revised: March 2012