Economics

Economics


Changes effective Fall Term 2014

Balak Chen Kozel Kypraios Peng
Reinauer Rock Sen Skelley Taylor
Vidovic Voicu

The required core curriculum provides economics majors with a foundation to pursue either economic theory or applied economics. Students must take core courses in the Arts and Sciences Program at Rollins, although transfer students may transfer core equivalents at time of enrollment.

Potential majors and minors should take a 100-level course in the first year. Some 100-level courses fulfill requirements only if taken prior to ECO 202.

Since most economics courses have prerequisites, students should contact a member of the Department of Economics for academic advice in the first year to plan their course of study.

MAJOR REQUIREMENTS

Twelve (12) courses are required: eight (8) core courses, including a capstone course to be chosen from among three (3) 400-level electives, and four (4) electives.

CORE COURSES

  • ECO 202 Introduction to Economics in Historical Perspective
  • ECO 203 Principles of Micro- and Macroeconomics
  • ECO 204 Alternative Economic Perspectives
  • ECO 221 Statistics for Economics
  • ECO 303 Intermediate Microeconomics
  • ECO 304 Intermediate Macroeconomics
  • ECO 442 History of Economic Thought OR ECO 448 Alternative Economic Theories OR ECO 404 Senior Seminar in Economics
  • MAT 110 Applied Calculus OR MAT 111 Calculus I

ELECTIVES

Four (4) courses in economics are required, three (3) of which must be at the 300-400 level and only one (1) of which may be at the 100 level. An economics RCC counts as a 200-level elective. Overseas programs and independent study may count for elective credit with the pre-approval of the department chair. Students finished with the core may develop a one-course independent study to explore special interests or to earn honors in the major.

N O T E

The department recommends the following courses for students preparing for graduate programs in economics:

  • ECO 381 Introduction to Econometrics
  • ECO 403 Applied Microeconomics
  • ECO 411 Introduction to Mathematical Economics
  • MAT 111 / 112 / 211 Calculus I, Calculus II, and Calculus III
  • MAT 140 Introduction to Discrete Mathematics
  • MAT 219 Probability and Statistics
  • MAT 230 Linear Algebra

MINOR REQUIREMENTS

Six (6) courses are required.

  • ECO 202 Introduction to Economics in Historical Perspective
  • ECO 203 Principles of Micro- and Macroeconomics
  • ECO 204 Alternative Economic Perspectives
  • ECO 221 Statistics for Economics
  • Two (2) electives, which must be at the 300-400 level. A course from an overseas or special program may substitute for one elective with pre-approval of the department chair.

Course of Study


ECO 121 Economics of Contemporary Issues
: Applies elementary tools of economic analysis to issues of national and social importance. Not open to students who are enrolled in or have completed ECO 202. Suitable for all majors.

ECO 126 Economics and Public Policy: Examines U.S.. macroeconomic policies and effects on inflation, unemployment, rate of growth of GDP, budget deficit, and other current policy questions. Not open to students who are enrolled in or have completed ECO 202. Suitable for all majors.

ECO 130 Democracy and Economics: Assesses difficulties, successes, and potentials of economic institutions with democratic rules. Evaluates nature of democratic control both for economic efficiency and alternative criteria. Highlights traditional analysis based on property rights. Suitable for all majors.

ECO 135 The Global Economy: Explores multilateral and bilateral political economy relationships. Touches upon historical development of global economic integration, global economic geography, major institutional features of contemporary international economic relations, current conflicts of interest, and likely future evolution of world system. Not open to students who are enrolled in or have completed ECO 202. Suitable for all majors.

ECO 140 Nonprofit Economics: Analysis of the "Third Sector:" Analyzes organizations neither government nor privately controlled for profit of owners, including charities, foundations, membership associations, cooperatives, mutuals, and other third-sector entities. Requires volunteer work at local third-sector organization.

ECO 142 Political Economy of the Media: Dissects print, film, broadcast, cable, and new electronic media in U.S.. today. Questions economic structure of media institutions, differing viewpoints of media sources, and role of media in resolving current political/economic issues. Reviews journalistic and academic works, as well as video and audio recordings (including international short-wave news and program broadcasts), newspapers, magazines, and publications of citizen and government groups.

ECO 202 Introduction to Economics in Historical Perspective: Introduces students to economics as a social science in which ideas and issues grow out of a historical context. Examines the evolution of the relationships among societies and institutions in different economic systems. Principles and tools will be developed and applied for understanding historical and contemporary economic and social issues. Suitable for nonmajors. Prerequisite: second semester first-year student standing.

ECO 203 Principles of Micro- and Macroeconomics: Introduces mainstream theories of consumer and firm behavior. Covers utility, cost and production, market structure, and the allocation of resources. Also examines aggregate economic behavior, including determination of national income, sources of inflation and unemployment, the banking system and money supply process, fiscal and monetary policy, economic growth, and international economic issues. Suitable for nonmajors. Prerequisite: ECO 202.

ECO 204 Alternative Economic Perspectives: Considers and applies alternative economic approaches to economic policy issues and problems. Compares the values, theories, methods, analysis, and policies of these different economic approaches. Prerequisites: ECO 202 and ECO 203.

ECO 221 Statistics for Economics: Presents descriptive statistics and probability, emphasizing inferential statistics. Also looks into measures of central tendency, dispersion, skewness, probability distributions, interval estimation, hypothesis tests, correlation, and regression. Computer projects required. Prerequisites: ECO 202 and sophomore standing.

ECO 239 Women and Work: Deals with effects of increasing numbers of working women on households and employment policies, earnings differentials, company and government policies, comparison of women's work issues with those of minorities, and valuation of household work. Suitable for nonmajors. Prerequisite: sophomore standing or consent.

ECO 242 Economics, Media, and Propaganda: Examines how rhetoric in the media is shaping popular understanding of political-economic issues and public policy. Consider the following quote: "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists." (Joan Robinson, 1955).

ECO 250 The Great Recession in China and the U.S.. Provides comparative analysis of the Great Recession in China and the U.S.. Examines the causes and consequences of the economic and financial crisis and comments on various measures deployed by the Chinese and the U.S.. governments to contain it.

ECO 254 The Latin American Economies: Stresses post-WWII economic issues of growth, inflation, unemployment, income and wealth distribution, and economic development, as well as connection between economic events and politics. Suitable for nonmajors.

ECO 256 Limits to Growth. Studies the critical limits placed upon economic expansion by our planet's energy, materials, and environmental resources -- i.e., peak oil, climate change, and economic decline -- and the implications for human life.

ECO 263 Pressing Issues in Chinese Reforms: Surveys critical issues that are emerging from and shaping China's ongoing economic reforms. Emphasis is placed on the sources, processes, outcomes, and implications of public policy changes.

ECO 277 Economics and Cinema: Focuses on how movies employ cinematographic artistry to address economic issues. Students create and present movie proposals including a narrative synopsis, economic context, and an analysis of social-economic issues. Production of short pilot movies highly encouraged.

ECO 285 Introduction to Health Economics. Provides students with an understanding of the microeconomic approach to resource allocation specifically in relation to the health sector. Introduces students to the use of economic tools in the analysis of the 'market' for health care, in terms of efficiency and equity. Provides an analytical framework for assessment of the U.S. health care system, and health policy generally, from an economic perspective.

ECO 303 Intermediate Microeconomics: Continues with mainstream theories of consumer and firm behavior, using mathematical as well as graphical techniques. Prerequisites: ECO 202, ECO 203, ECO 204, andMAT 110. (ECO 204 may be taken concurrently with ECO 303.)

ECO 304 Intermediate Macroeconomics: Uses mathematical and graphical techniques to analyze behavior and relationships among broad aggregates of economic activity. Topics include discussion of economic policy, policy alternatives, and alternative economic models of macroeconomy. Prerequisites:ECO 202, ECO 203, andECO 204. (ECO 204 may be taken concurrently with ECO 304.)

ECO 306 Monetary Economics: Examines financial markets and institutions, monetary theory, and macroeconomic implications. Charts relationship between Federal Reserve and depository institutions, as well as effects of monetary and fiscal policies on economic performance.Prerequisites: ECO 202 and ECO 203.

ECO 307 International Economics: Focuses on theory and practice of international trade: comparative advantage, economies of scale, trade policy, international labor and capital movements, and economic integration.Prerequisites: ECO 202 and ECO 203.

ECO 308 European Emerging Markets: Analyzes economic developments within Central East Europe (CEE) from a historical perspective. Covers the communist period (1950-1989) and post-communist years (1990-present). Analyzes the CEEs transition and answers what best explains economic status today.Prerequisites: ECO 202 and ECO 203.

ECO 310 International Finance: Considers balance-of-payments adjustment mechanisms and impacts on domestic economies. Examines exchange rate regimes, international capital flows, and the objectives and effects of international monetary standards. Prerequisites: ECO 202 and ECO 203.

ECO 311 Economic Journalism: Examines current economic writing for general and specialized audiences. Applies economic knowledge to descriptive writing about contemporary issues and problems. Explores ideologies and their influence on economic topics selected by media and other writers. Required experiential component. Prerequisites: ECO 202, ECO 203, and completion of "Q" requirement.

ECO 313 Economic and Political Development in Eastern Europe: Analyzes economic and political development within Eastern Europe. Explores the Cold War legacy. Includes field study of Hungary, Czech Republic, Poland, Slovakia, and Romania. Complements POL 358 and ECO 305D. Prerequisites: ECO 202, ECO 203, and POL 130 or POL 100.

ECO 315 Radical Political Economics: Outlines economic analysis of capitalism given by Karl Marx and other modern socialist theorists. Covers evolutionary rise of capitalism, alienation and other behavioral traits of people living in capitalist system, labor theory of value, concentration of capital, causes of capitalist economic crises, capitalist imperialism, and socialism as alternative economic system. Prerequisites: ECO 202 andECO 203.

ECO 321 Labor Economics: Highlights trends in employment, problems of unemployment, relevance of markets for labor services, and issues of wages, hours, and working conditions. Also covers labor unions, labor disputes and methods of settlement, and theory and practice of collective bargaining. Prerequisites: ECO 202 and ECO 203.

ECO 323 Political Economy of Chinese Development: Examines contemporary Chinese economic development in historical and global contexts, with an emphasis on the role of class relations and state policies in shaping economic changes. Prerequisites: ECO 202 & 203. Prerequisites: ECO 202 and ECO 203.

ECO 325 Distribution of Income and Wealth: Studies distribution of income and wealth among families and individuals by race, sex, age, occupation, and class in U.S.. and other countries. Offers alternative theories and views on how best to achieve desirable distribution with public policy tools. Prerequisites: ECO 202 and ECO 203.

ECO 327 Comparative Economic Systems: Examines similarities and differences among ideal types of economic systems: capitalist, centrally planned socialist, decentralized market socialist, and communist. Undertakes case studies of individual countries (Japan, Sweden, Russia, China, and Yugoslavia) to compare and contrast real vs. ideal. Prerequisites: ECO 202 and ECO 203.

ECO 330 Rationality and Economic Behavior: Explores various conceptions of rationality as related to economic behavior and the efficacy of market allocation. Engages student in class experiments analogous to formal economic experiments to deepen understanding of rationality concepts and resulting economic behaviors, both expected and anomalous. Prerequisites: junior/senior standing and ECO 202, ECO 203, and ECO 221.

ECO 331 Globalization and Gender: Investigates how globalization interrelates with gender norms and socioeconomic outcomes. Considers economic, political, and cultural processes of globalization while exploring topics such as the effects of globalization on labor markets, migration, inequality, and international finance from a gender-based perspective. Examines the social and economic impact of increasingly-mobile capital and culture on different groups of men, women, and households. Prerequisites: ECO 202 and ECO 203.

ECO 332 Industrial Organization: Probes problems in control of industry performance in mixed economy. Surveys microeconomic theory and economic research on industry structure, conduct and performance; and antitrust litigation. Prerequisites: ECO 202 and ECO 203.

ECO 335 Gender Issues in Latin American Economic Development. Examines gender and economic development in Latin America. Considers the role played by gender in globalization and development, poverty, inequality, land and labor markets and the conomics of the household. Prerequisites: ECO 202 and ECO 203.

ECO 340 Classic Works in Economics: Focuses on works that helped shape modern economics. Draws upon such primary sources as Adam Smith's The Wealth of Nations; David Ricardo's Principles of Political Economy and Taxation; John Stuart Mill's Principles of Political Economy; Karl Marx's Das Kapital; Alfred Marshall's Principles of Economics; and J. M. Keynes's The General Theory of Employment, Interest and Money. Prerequisites: ECO 202 and ECO 203 or consent.

ECO 347 International Trade and Finance: Surveys theory and practice of international trade and finance. Topics include: comparative advantage, economies of scale and other explanations for trade, international factor movements, trade policy, exchange rate determination, international macroeconomic adjustment, and economic integration. Student essays and oral presentations based on current international events. Prerequisites: ECO 202 and ECO 203.

ECO 351 Economic Development: Traces evolution in attitudes, institutions, and policies that accompany and define permanent economic change within countries. Assesses current economic conditions and future prospects in less-developed countries through theoretical models and actual data. Prerequisites: ECO 202 andECO 203.

ECO 355 Environmental Economics: Approaches resource use and particularly pollution from economic standpoint. Examines economic impact of pollution and alternative proposals to deal with problems. Presents externalities, public goods, private and public property rights, and cost-benefit analysis. Prerequisites: ECO 202 and ECO 203.

ECO 361 Urban Economics: Stresses location theory and application of microeconomic theory to analysis of urban policy issues. May cover land-use controls, housing, urban poverty, transportation, and urban public finances. Prerequisites: ECO 202 and ECO 203.

ECO 365 Economic Democracy and Economic Theory: Contrasts alternatively structured organizations -- especially those based on one person/one vote -- with traditional capitalistic firm of West, which bases control on property ownership with primary goal of profit maximization. Examines democratic worker-managed firms, nonprofit and volunteer organizations, consumer or producer-controlled cooperatives, and publicly controlled enterprises or financial institutions. Prerequisites: ECO 202 and ECO 203.

ECO 370 The Economics of Piracy: From the high seas to digital video discs (DVDs), piracy surrounds us. Piracy evolves with changing technology and legal innovations. Explores economic implications of, and rationale for, piracy in detail. Prerequisites: ECO 202 and ECO 203.

ECO 371 International Economic History: Traces the evolution of economic institutions from antiquity to the present. Applies diverse approaches to understand historical processes and structures, concentrating on those relevant to current debates. Prerequisites: ECO 202 and ECO 203.

ECO 377 Economics and Cinema: Focuses on how movies employ cinematographic artistry to address economic issues. Students create and present movie proposals including a narrative synopsis, economic context, and an analysis of social-economic issues. Production of short pilot movies highly encouraged. Prerequisites: ECO 202 and ECO 203.

ECO 381 Introduction to Econometrics: Presents regression theory, multiple regression, simultaneous equations, identification problems, time-series problems, selected estimating techniques, and basic econometric models. Prerequisites: economics major, ECO 202, ECO 203, andECO 221.

ECO 385 Economics of Health. Uses economic concepts and tools to examine production, delivery and cost, access and utilization of heathcare services in the United States. includes demand for health care, the market for health providers and health insurance, and the role of government in the health care market. Discusses the relative merits of national reform efforts and current individual state reform efforts. Prerequisites: ECO 202 and ECO 203.

ECO 403 Applied Microeconomics: Synthesizes microeconomic theory and methodology for decision making. Emphasizes problem formulation, analysis, and solution. Prerequisites: ECO 202, ECO 203, and ECO 303.

ECO 404 Senior Seminar in Economics: Probes theoretical, applied, or policy economics, as well as issues in historical, institutional, or critical economics studies. May be repeated for credit with consent of department chair. Prerequisites: ECO 221, ECO 303, and ECO 304, or consent.

ECO 407 International Finance: Considers balance-of-payments adjustment mechanisms and impact on national economies. Looks at alternative exchange-rate regimes, international movements of capital, foreign-exchange intervention, impact of exchange-rate variations, and objectives and effects of international monetary standards and financial institutions. Prerequisite:ECO 304 or ECO 306.

ECO 411 Introduction to Mathematical Economics: Uses mathematical tools from linear algebra, calculus, and difference equations to analyze economic theories and problems. Looks into consumer choice, production, partial and general equilibrium, economic growth, and macroeconomic models.Prerequisites: ECO 303 and ECO 304.

ECO 435 Public Economics: Applies microeconomic theory to analysis of government spending in market economy. Touches upon theory of welfare economics and market failure, principles of expenditure analysis, benefit-cost analysis, government and distribution of income, and public-choice theory. Prerequisites: ECO 202, ECO 203, ECO 303, and working knowledge of indifference curve analysis.

ECO 438 The Economics of Taxation: Examines principles of tax analysis and U.S.. tax system, especially effects of taxes on economic efficiency and distribution of income. Ranges from Federal individual and corporate income taxes to local property and sales taxes. Prerequisite: ECO 303.

ECO 442 History of Economic Thought: Chronicles economic theories from ancient to modern times -- particularly from the mercantilist period (circa A.D. 1650) -- and links them to contemporary social and political systems. Prerequisites: ECO 221, ECO 303, and ECO 304.

ECO 448 Alternative Economic Theories: Surveys Marxism, Austrianism, Post-Keynesianism, institutionalism, feminism, bioeconomism. Contrasts methodology, analysis, and policy prescriptions with those of classical and Keynesian theories that guide economic orthodoxy. Prerequisites:ECO 221, ECO 303, and ECO 304.