Department of Economics

Chair and Professor: Stegner
Professors: Benson, Tokle
Associate Professors: Green, Hill
Visiting Assistant Professor: Yik
Emeritus Faculty: Hofman

See Faculty Information    
See Department Web Page   
See Departmental Information    
See Bachelor's Degrees    
See Options within the degree    
See Minor   
See 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 a minor 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 economic analysis, including the structure, processes, and problems of modern economic society. Satisfies Goal 11 of the General Education Requirements. F, S, Su

ECON 2202 Principles of Microeconomics 3 credits. Introduction to economic analysis, including the structure, processes, and problems of modern economic society. Satisfies Goal 11 of the General Education Requirements. F, S, Su

ECON 3301 Macroeconomic Theory 3 credits. Techniques of measuring aggregate economic activity including theories of general equilibrium. PREREQ: ECON 2201 and ECON 2202. F

ECON 3302 Microeconomic Theory 3 credits. Theory of partial equilibrium, including economics of the firm, price theory, competition, monopoly, and linear processes. PREREQ: ECON 2201 and ECON 2202. S

ECON 3303 Economics of Health Care 3 credits. Study of the economics of the health care sector. The class will focus on the allocation of resources to health care, financing, and distribution of health care services. PREREQ: ECON 2201 and ECON 2202. F

ECON 3306 History of Economic Doctrines 3 credits. Survey of the development of economic thought from early times to the present, including doctrines developed by Aristotle, Aquinas, Smith, Malthus, Ricardo, Marx, Mill, Marshall, Veblen, and Keynes. PREREQ: ECON 2201 and ECON 2202. S

ECON 3323 Economic History 3 credits. The origin and development of modern economic institutions and the study of economic forces which have contributed to this development. PREREQ: ECON 2201 and ECON 2202. F

ECON 3331 Money and Banking 3 credits. Principles of money, credit, and government controls of monetary institutions. History and organization of the money and banking systems of the United States. PREREQ: ECON 2201 and ECON 2202. 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 Labor Economics 3 credits. History of the American labor movement and the structure and functioning of the labor market. PREREQ: ECON 2201 and ECON 2202. D

ECON 3351 Business Cycles 3 credits. Introduction to national income analysis and an analytical presentation of theories of fluctuations in general economic activity. Study of the general problems involved in forecasting economic fluctuations. PREREQ: ECON 2201 and ECON 2202. D

ECON 3352 Environmental Economics 3 credits. An introduction to the economic principles relevant to pollution control, the use of exhaustible natural resources, and conservation. Federal, state and local policy and legislation concerning the environment are examined. PREREQ: ECON 2201 and 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 Game Theory 3 credits. A mathematical modeling technique used to describe the behavior of interdependent economic agents. We define Nash equilibria in games with varying information structures: normal and extensive form games of perfect, imperfect, and incomplete information. PREREQ: ECON 2201 and ECON 2202. F

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. Theories and principles of economic development, characteristics, and problems of underdeveloped and developing countries, alternative techniques and policies for the promotion of growth and development. 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 4472 Comparative Economic Systems 3 credits. Study and comparison of the theories and practices found in various economic systems. Includes a study of both the free market and socialist planning. 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. The application of statistical and mathematical methods to the analysis of economic data, with a purpose of giving empirical content to economic theories and verifying them or refuting them. 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: July 2010