Walton College of Business Administration

Walton College of Business Administration Front Page

ECONOMICS (ECON)

Joseph Ziegler, Department Chair
402 B.A. Building
575-ECON

*PHILLIPS PETROLEUM COMPANY CHAIR OF INTERNATIONAL BUSINESS AND ECONOMICS DISTINGUISHED PROFESSOR MURRAY
*PROFESSORS BRITTON, CURINGTON, DIXON, GAY, McKINNON, ZIEGLER
*ADJUNCT PROFESSOR MILLAR
*ASSOCIATE PROFESSORS FERRIER, HOROWITZ, SCHULMAN, SONSTEGAARD
*ASSISTANT PROFESSORS BARNETT, DURHAM, LINVILL

The Department of Economics offers two concentrations within the Business Economics major: (1) Business Economics, and (2) International Economics and Business.

The concentration in business economics is intended for those students who are interested primarily in business, but, at the same time, have a desire to understand the more advanced tools of economic analysis. Such a background is excellent preparation for careers in corporate research and planning, as well as careers with government and regulatory agencies, for graduate study in business and economics, and for law school. Students who want to pursue an advanced degree in business economics can, with appropriate planning, complete an M.A. degree at the University of Arkansas within 12 months after receiving a B.S.B.A. degree. Please see the Economics Department chair for more information.

The international economics and business concentration is intended for students who wish to learn more about the international aspects of economics and business. It provides preparation for a broad range of careers in business, including management, marketing, and finance.

It is strongly recommended that economics majors who plan to continue their studies at the graduate level take two semesters of Calculus (MATH 2554 and MATH 2564) and Linear Algebra (MATH 3083). These courses will substitute for the math courses required within the Walton College of Business Administration core (MATH 2043 and MATH 2053).

Business Economics

The courses required for the business economics concentration include those required in the Walton College of Business Admin-istration and the Fulbright College of Arts and Sciences. In addition, 15 hours of specified courses (listed below) are required:

Business Economics Concentration
Complete the requirements for a B.S.B.A. .

Total General Education 63

Core Requirements of the Walton 33

College of Business Administration Course Requirements in the Concentration

ECON 3033, Microeconomic Theory
ECON 3133, Macroeconomic Theory
ECON 4033, Hist of Economic Thought.
ECON 4333, Managerial Economics
ECON 4743, Intro to Econometrics

Junior/Senior electives within Walton College of Business Administration
(Only six hours are permitted within major field of economics)

Total Walton College of Business Administration Requirements

Free Electives 3

Total Degree Requirements 126

Recommended Course Sequence in Business Economics
(Follow freshman/sophomore sequence on page 181.)

Junior Year

First Semester
3 CISQ 3333, Info Systems Mgmt
3 MKTT 3433, Principles of Marketing
3 FINN 3043, Fin Mgmt Theory/Practice
3 ECON 3033, Microeconomic Theory
3 MGMT 3563, Mgmt Concepts/Orgn Behav
15 semester hours

Second Semester
3 CISQ 3603, Production & Ops Mgmt
3 ECON 3133, Macroeconomic Theory
6 Junior/senior business elective
3 Free elective
2 General education elective
17 semester hours

Senior Year

First Semester
3 ECON 4333, Managerial Economics
3 Junior/senior economics elective
6 Junior/senior business elective
5 General education electives
17 semester hours

Second Semester
3 MGMT 4833, Strategic Management
3 ECON 4033, History of Economic Thought
3 ECON 4743, Introduction to Econometrics
6 General education electives
15 semester hours

International Economics and Business

The courses required for the international economics and business concentration include those required in the Walton College of Business Administration and the Fulbright College of Arts and Sciences. In addition, 18 hours of economics and business courses, 9 hours of upper-division courses in the Fulbright College of Arts and Sciences, and 6 hours of a single foreign language at the intermediate level or above, and 3 hours at the upper division level in business communications, or equivalent, in the same foreign language are specified. Any student whose minimum 6-hour requirement includes an upper division course may choose to include business communications among the 6 hours of required university course work in the foreign language.

International Economics and Business Concentration

Complete the requirements for a B.S.B.A. degree as listed on page181.

(Students who need elementary-level language course work may apply ECON 2013 and 2023 in the social science area of the University Core, and the elementary language credits will apply to the general education or free elective area.)

General Education Electives 4
Area Study: specifically required upper-division courses in

Fulbright College of Arts and Sciences 9

(Students must select, with the consent of their academic adviser, 9 hours of upper-division course work studying in an area of the world (country or region) that is related to the foreign language. This course work could include additional courses in the same foreign language. To be included as an area study upper division language, courses should emphasize literature or other cultural topics.)

Walton College of Business Administration Core Requirements

Course Requirements in the Concentration
ECON 3033, Microeconomic Theory 3
ECON 3133,Macroeconomic Theory 3
ECON 4633, International Trade Policy
ECON 4643, International Monetary Policy
International bus & ECON electives 6

Junior/Senior electives within Walton 6

College of Business Administration
(Only 3 hours are permitted within major field of economics)

Total Walton College of Business 57

Administration Requirements

Free Electives 6

Total Degree Requirements 126

Recommended Course Sequence in International Economics and Business

Freshman Year

First Semester
3 ENGL 1013, Composition I
3 MATH 2053, Finite Mathematics
3 COMM 1313, Fundamentals of Comm
1 CISQ 1121L, Intro to Computer Information Systems Lab
3 University core
3 Foreign language
16 semester hours

Second Semester
3 ENGL 1023, Composition II
3 MATH 2043, Survey of Calculus
7 University core (lab science & another course)
3 Foreign language
16 semester hours

Sophomore Year

First Semester
3 ACCT 2013, Intro to Accounting Info. I
3 BLAW 2013, Legal Environment of Business
3 ECON 2013, Principles of Macroeconomics
2 CISQ 2232, Business Info. Systems
3 University core
3 Free elective
17 semester hours

Second Semester
3 ACCT 2023, Intro to Accounting Info II
3 ECON 2023, Principles of Microeconomics
3 CISQ 2013, Business Statistics
4 University core (lab science)
3 Free elective
16 semester hours

Junior Year

Second Semester
3 CISQ 3603, Production & Ops Mgmt
3 ECON 3133, Macroeconomic Theory
3 ECON 4633, International Trade Policy
3 Area study
3 University core
15 semester hours

Senior Year

First Semester
3 ECON 4643, International Monetary Policy
3 Junior/senior economics elective
3 Junior/senior business elective
3 Area study
3 International economics and business elective
15 semester hours

Second Semester
3 MGMT 4833, Strategic Management
3 Area study
3 Junior/senior business elective
3 International economics and business elective
4 General education electives
16 semester hours

NOTE: This suggested sequence of courses assumes that: (1) ECON 2013 and 2023 are taken to fulfill part of the social science bloc requirements, and (2) area studies and foreign language fulfill part of the general education requirements.

ECONOMICS (ECON) COURSES

ECON1123 Economic Development of the United States (FA, SP, SU) Development of American economic institutions from Colonial times to present. Present-day economic institutions and problems. (Credit not granted to students who have already completed ECON 2013 and ECON 2023.)

ECON2013 Principles of Macroeconomics (FA, SP, SU) Macroeconomic analysis, including aggregate employment, income, fiscal and monetary policy, growth and business cycles. Prerequisite: (MATH 1203 or higher)or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher). UNIVERSITY CORE COURSE

ECON2023 Principle of Microeconomics (FA, SP, SU) Microeconomic analysis, including market structures, supply and demand, production costs, price and output, international economics. Prerequisite: (MATH 1203 or higher) or (MATH ACT of 25 or higher) or (MATH SAT of 580 or higher). UNIVERSITY CORE COURSE

ECON2143 Basic Economics-Theory and Practice (FA, SP, SU) Surveys basic micro, macro principles and analytical tools needed to study contemporary economic problems such as inflation, unemployment, poverty, pollution. Not open to students majoring in Economics or Business Administration. UNIVERSITY CORE COURSE

ECON2143H Honors Basic Economics-Theory and Practice (IR) Surveys basic micro, macro principles and analytical tools needed to study contemporary economic problems such as inflation, unemployment, poverty, pollution. Not open to students majoring in Economics or Business Administration. UNIVERSITY CORE COURSE

The following courses are not open to Business Administration students until they have com-pleted the Pre-Business program requirements.

ECON3033 Microeconomic Theory (FA, SP, SU) Nature, scope, purpose of economic analysis; theories of demand, production, cost, firm behavior, allocation of resources, etc., in a market-oriented system. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3053 Economics for Elementary Teachers (FA, SP, SU) For students who plan to become teachers in elementary schools. Acquaints students with basic concepts, functioning of the American economic system. Not open to students majoring in Economics or Business Administration.

ECON3133 Macroeconomic Theory (FA, SP, SU) Theoretical determinations of national aggregate employment, income, consumption, investment, price level, etc. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3333 Public Finance (FA, SP, SU) Governmental functions, revenues; tax shifting, incidence; public expenditures, their effects; fiscal policy. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3533 Labor Economics (FA, SP, SU) Economic analysis of labor markets. Topics include analysis of labor demand and supply; human capital investment; wage differentials; discrimination; economic effects of labor unions and collective bargaining; public sector labor markets; unemployment; and labor market effects on inflation. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3733 Experimental Economics (SP) Introduction to the use of experimental economics with applications to monopoly, bilateral bargaining, competitive markets under various exchange rules, speculation, and public goods. Exposes students to a broad range of research and the methodological connections between theory and data. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3833 International Trade (FA, SP) Problems of the international economy, their significance to U.S. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3843 Economic Development (FA) Principles and theories that apply to development of countries. Particularly useful in the Latin American Studies Program. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON3923H Honors Colloquium (IR) Covers a special topic or issue, offered as part of honors program (primarily for Arts and Sciences students). Prerequisite: honors candidacy (not restricted to candidacy in the department offering the colloquium).

ECON399VH Honors Course (1-3) (IR) Primarily for students participating in Honors program. May be repeated for 6 hours.

ECON4033 History of Economic Thought (SP) Historical, critical analysis of economic theories relative to their instructional background. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON410V Special Topics in Economics (1-6) (IR) Covers special topics in economics not available in other courses. May be repeated for 6 hours. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4233 Current Economic Problems (FA, SP, SU) Analyzes current economic problems, appraises alternative solutions. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4333 Managerial Economics (FA) Applied theory of firm; emphasizes marginalism, cost, price policy, executive decision, of resources. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4343 Government in Business (FA, SP, SU) The tools of economic analysis applied to the structure, conduct and performance of American industry with particular emphasis on the development of regulatory policy. Various ideologies and policy alternatives are considered. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON450V Independent Study (1-3) (IR) Permits students on individual basis to explore selected topics in economics.

ECON4533 Comparative Economic Systems (FA) Studies foundations of the market system, socialist economics and other forms of economics; a comparative evaluation of the performance of contemporary systems of economics. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4633 International Trade Policy (FA, SP, SU) Problems of the international economy from a microeconomic perspective. Topics include analysis of the pattern and content of trade; trade in factors of production; and the applications of trade theory to the study of trade barriers such as tariffs and quotas. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4643 International Monetary Policy (FA, SP, SU) Problems of the international economy from a macroeconomic perspective. Topics include national income accounting and the balance of payments; exchange rates and the foreign exchange markets; exchange rate policy; macroeconomic policy coordination; developing countries and the problem of 3rd world debt; and the global capital market. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4653 Economics of Multinational Enterprise (FA, SP, SU) The tools of economic analysis applied to the operations of multinational enterprise. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON468V International Economics and Business Seminar (1-6) (FA, SP, SU) Offered primarily in conjunction with international study abroad programs with an emphasis on international economics and business. May be repeated for 6 hours. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4733 Quantitative Economic Analysis (FA) The use of mathematics to formulate and derive economic relationships. Prerequisite: (ECON 2013 and ECON 2023) or ECON 2143.

ECON4743 Introduction to Econometrics (SP) Introduction to the application of statistical methods to problems in economics. Prerequisite: ((ECON 2013 and ECON 2023) or ECON 2143) and (MATH 2043 or MATH 2554) and (MATH 2053 or ECON 4733) and CISQ 2013.

The following courses are restricted to students with graduate standing and require the consent of the instructor.

ECON512V Workshop in Economic Education (1-3) (IR) Overview of basic economic facts and principles with emphasis on means of employing them in the curriculum of elementary and secondary schools. Not open to majors in business and economics. Offered for degree credit in Education only. (Same as EDFD 512) May be repeated for 3 hours.

ECON5143 Applied Principles of Economic Development (IR) Theories of economic development; factors affecting economic development, including directed efforts by public, private groups. Degree credit in Education only. Not open to students with degree programs in Economics, Agricultural Economics or Business Administration. Prerequisite: six hours of economics or economic education.

ECON5163 Introduction to Economic Theory and Analysis (FA, SP, SU) Introduction to economic theory primarily for first year M.B.A. students. Surveys the analytic tools of both micro- and macroeconomics that are necessary for business decision making and study of contemporary economic and social problems such as inflation, unemployment, poverty, and international trade deficits. Prerequisite: graduate standing.

ECON5333 Managerial Economics (FA, SP, SU) Application of economic theory to business decisions. Prerequisite: ECON 5163 and CISQ 5103 and FINN 5203 and MATH 2043 and MATH 2053.

ECON5433 Macroeconomic Theory I (FA, SU) Theoretical development of macroeconomic models that include and explain the natural rate of unemployment hypothesis and rational expectations, consumer behavior, demand for money, market clearing models, investment, and fiscal policy.

ECON5533 Microeconomic Theory I (FA, SU) Introductory microeconomic theory at the graduate level. Mathematical formulation of the consumer choice, producer behavior, and market equilibrium problems at the level of introductory calculus. Discussion of monopoly, oligopoly, public goods, and externalities.

ECON5563 History of Economic Thought (FA) Seminar in development of economic ideas, theories; causes and development of schools of thought emphasized.

ECON5613 Econometrics (FA) Use of economic theory and statistical methods to estimate economic models. The single equation model are examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags. An introduction to the simultaneous systems model is presented. Two 80 min. lecture periods weekly. (Same as AGEC 5613) Prerequisite: MATH 2043 and knowledge of matrix methods, which may be acquired as a corequisite and (AGEC 1103 or ECON 2023) and an introductory statistics course.

ECON5623 Econometrics II (SP) Use of economic theory and statistical methods to develop and estimate simultaneous equation models of an economy. Emphasis given to the problem of identification and the methods of estimating systems models. Frontier topics are introduced. (Same as AGEC 5623) Prerequisite: ECON 5433 and ECON 5533 and (ECON 5613 or AGEC 5613).

ECON5853 International Economics Policy (SP) An intensive analysis of the operation of the international economy with emphasis on issues of current policy interest. Prerequisite: ECON 5163.

ECON600V Master's Thesis (1-6) (FA, SP, SU)

ECON6233 Microeconomic Theory II (SP) Advanced treatment of the central microeconomic issues using basic real analysis. Formal discussion of duality, general equilibrium, welfare economics, choice under uncertainty, and game theory.

ECON6243 Macroeconomic Theory II (FA) Further development of macroeconomic models to include uncertainty and asset pricing theory. Application of macroeconomic models to explain real world situations.

ECON636V Special Problems in Economics (1-6) (FA, SP, SU) Independent reading and investigation in economics.

ECON643V Seminar in Economic Theory and Research I (1-3) (FA)

ECON644V Seminar in Economic Theory and Research II (1-3) (SP) Independent research and group discussion.

ECON6833 Seminar in International Economics (FA) A rigorous survey of theories and empirical evidence in international economics covering the determinants of trade and investment, commercial policy, balance of payments adjustments, and the workings of the international monetary system. Prerequisite: ECON 5433 and ECON 5533.

ECON700V Doctoral Dissertation (1-18) (FA, SP, SU) Prerequisite: candidacy.