A profile of the Economics Department
Take a look at what past grads from Witt have done with their majors – internships, grad school programs, and first jobs after graduation. It’s not always as cut and dried as you think; a Liberal Arts degree has a lot of flexibility!
Wittenberg's Economics Department offers two majors, an Economics major and a Financial Economics major. Both majors teach analytical thinking as a way to investigate the use of scarce resources to satisfy human needs, providing the breadth of a liberal arts education along with sufficient depth to prepare students for a wide range of careers in finance, banking, government policy, international business, and nonprofit enterprises. The Economicas major provides a solid foundation in core economic theory, supplemented by application in such areas as money, banking, international trade, the role of governmenr in the economy, economic history and labor economics. Financial Economics is an interdisciplinary major that is quantitative in nature and combines a core of finance-oriented economics courses with accounting and finance courses from the Management Department, emphasizing the areas of interconnection between the two disciplines. Internship and study abroad options complement classroom instruction on economic decision-making.
Major: Economics, Financial Economics
Requirements for Major
Required in Economics
Economics 190, 205, 300, 310, 311, 400, and four additional courses, at least two of which must be at the 300-level or higher.
Required in Related Department
Management 210 or its equivalent and Mathematics 131 or Mathematics 201 or their equivalent.
Recommended in Related Departments
The student planning graduate study in economics is strongly advised to take Mathematics 201, 202, 205, 210, and 212.
Requiurements for Financial Economics Major
Economics 190, 205, 300, 280, or 310, 301, 400, Management 210, 225, 330, 430 or 350, and two of the following three additional course: Economics elective, Management elective, or internship.
The student planning graduate study in financial economics or finance is strongly advised to take Mathematics 201, 202, 205, 210, and 212.
Requirements for Minor
Economics 190 and 205, plus four upper-level courses, at least two of which must be at the 300-level or higher.
110. Economics Issues. 2-4 Hours.
This course introduces students to economic principles through the exploration of
one or more current economic issues. Specific issues will be determined by each
instructor. This course does not count toward the requirements for either the
major or minor in economics. Some sections may have a MATH level 22
prerequisite. ECON 110 may not be repeated for credit. Students who have
already completed ECON 190S may take ECON 110 only with permission of the
190S. Principles of Economics. 4 semester hours.
Introduction to basic principles of economics. Topics covered include supply and demand, marginal analysis, perfect competition, profit maximization, aggregate demand and supply, the level of employment, inflation, fiscal policy, monetary policy, and international trade. Prerequisite: Appropriate score on the Math Placement Exam. Every year.
205. Macroeconomic Stabilization Policy. 2 Hours
Macroeconomics Stabilization Policy is a two semester hour course building on the fundamentals learned in Economics 190. The course is intended to elevate the understanding of economics, financial economics, and management majors to a level that allows them to understand the macroeconomic environment in which institutions operate and to easily transition to upper level economics courses that employ macroeconomic analysis. Economics 205 also covers the relationship between foreign exchange rate systems and the domestic economy. The course will be of interest to any student desiring further study of how central banks and governments respond to the problems of inflation and unemployment using monetary and fiscal policy. Prerequisite: Economics 190. Every year.
220C. Economics of Developing Areas. 4 semester hours.
Introduction to the concepts, measures, theories, and strategies of modern economic growth and development relevant to the low-income nations of Asia, Africa, and Latin America. The course builds on the theories and models introduced in Economics 190, explores the inter-relationships between human development and economic growth, and allows each student to investigate the development experience of a particular nation. Writing intensive. Prerequisite: Economics 190. Alternate years.
231. European Economic History. 4 semester hours.
Examination of the evolution of capitalism in Europe from the 15th century to the present, the impact of European capitalism on economies and societies in the Middle East, Africa, Asia and the Americas, the rise and demise of centrally planned state socialist economies in Russian and the Eastern European countries, and the prospects for European economic integration. Topics presented in this course emphasize the use of principles of economics to understand historical change and the methods of empirical analysis that are commonly used by economic historians. Writing intensive. Prerequisite: Economics 190. Alternate years.
240. American Economic History. 4 semester hours.
Exploration of the record and cause of long-run economic growth and development of economic institutions as the American economy evolved from a lightly populated, colonial outpost in the 17th century to world dominance by the 20th century. Topics presented in this course emphasize the use of principles of economics to understand historical change and the methods of empirical analysis that are commonly used by economic historians. Writing intensive. Prerequisite: Economics 190. Alternate years.
250. Urban and Regional Economics. 4 semester hours.
Study of why cities exist, how they evolve and go through various stages of growth and sometimes decay, and how different economic activities are arranged within cities and regions. This course helps the student to examine critically urban economic problems such as poverty, housing, transportation, congestion, pollution and crime. Prerequisite: Economics 190. Some sections writing intensive. Every third year.
260C. East Asian Economies. 4 semester hours.
Study of specific problems and institutions of the East Asian economies. Topics include development, trade, and commercial policies as well as fiscal and monetary policies in the region. Prerequisites: Economics 190. Writing intensive. Alternate years.
265. The Economics of Sports. 4 semester hours.
This course in applied economic analysis examines the economic forces that have changed sports in recent decades. Economic models will be used to investigate such issues as why professional athletes have such large salaries, why cities use tax incentives to attract teams to their markets, and how money affects the competitive balance of sports leagues. Prerequisite: Economics 190. Alternate years.
275. Economies in Transition. 4 semester hours.
This course explores the process and results of the decisions of the nation states of East Asia, the former Soviet Union, and Eastern Europe to move from centrally planned socialist economies toward market-based capitalist economies. The central focus of the course is the examiniation of the strategies pursued and the progress made during transition in these economies at the macro and sectoral levels, the institutions that have evolved, and the human welfare consequences of the transition process. Writing intensive. Prerequisite: Economics 190. Alternate years.
280. Managerial Economics. 4 semester hours.
Focus on theoretical and empirical models of business firm behavior. Prerequisites: Economics 190 and Management 210. Alternate years. The student cannot receive credit for both 280 and 310.
290. Topics. Variable credit.
Study of some area of current interest in economics. Open to the major and the non-major. Some sections writing intensive. Prerequisite: Economics 190. This course may be repeated for credit.
300. Econometrics. 4 semester hours.
Revolves around constructing and statistically testing economic models. Lectures focus on discussing methodology in economics and learning the fundamentals of regression analysis. In addition, a large portion of the course is devoted to research projects in which students use a simple computer regression package to test economic theory against empirical evidence, analyze economic policies and forecast economic variables. Writing intensive. Prerequisites: Economics 190 and Management 210 or its equivalent. Every year.
301. Money and Banking. 4 semester hours.
Provides a basic understanding of money and financial institutions and their impact on the economy. The following are examined: the role of financial intermediaries, the role of government in financial markets, central banking, money creation, monetary policy, pricing of financial assets, interest rate determination, mortgage markets, option markets and futures markets. Prerequisites: Economics 190 and Mathematics 120. Every year.
310. Intermediate Microeconomic Theory. 4 semester hours.
Detailed study of the theories of consumer behavior, production, the distribution of income and social welfare. Prerequisites: Economics 190 and Mathematics 120 or its equivalent. Every year. The student cannot receive credit for both 280 and 310.
311. Intermediate Macroeconomic Theory. 4 semester hours.
Detailed study of the determination of output and income, employment, and the price level. Issues examined include the causes of inflation and recession and the fundamentals of economic growth. Prerequisites: Economics 190 and Mathematics 120 or its equivalent. Every year.
315. Labor Economics. 4 semester hours.
Explores the determinants of the supply of and demand for labor, wages and working conditions, and the productivity of labor. It is concerned with both the microeconomic decision making of individuals, households, and firms, and the macroeconomic outcomes of their decisions. This course will explore contemporary issues relating to labor markets, including public policy debates over discrimination, affirmative action, and government regulation. Prerequisite: Economics 190. Alternate years.
320. History of Economic Thought. 4 semester hours.
Study of the ideas of great economists and the evolution of economic analysis. Prerequisites: Economics 190. Writing intensive. Alternate years.
330. International Trade and Finance. 4 semester hours.
Study of the principles governing the gains from international trade, the effects of international trade restrictions, and fluctuations in exchange rates and the impact of international trade on domestic employment and inflation. Attention will also be given to international economic institutions and their policies. Prerequisites: Economics 190 and Mathematics 120 or its equivalent. Alternate years.
340. Public Finance. 4 semester hours.
Examination of government revenue and expenditure policies and their consequences for the allocation of public goods, income distribution, employment and the price level. Prerequisite: Economics 190. Writing intensive. Every year.
350. Environmental and Natural Resource Economics. 4 semester hours.
Examines economic approaches to coping with environmental problems and natural resource scarcity. Emphasis is given to the clear definition and enforcement of property rights as a means to avoid environmental problems. Models for pricing various renewable and nonrenewable natural resources are explored. The role of population change in environmental and natural resource issues is considered. Prerequisites: Economics 190 and Mathematics 120 or its equivalent. Writing intensive. Alternate years.
360. Industrial Organization. 4 semester hours.
Study of theories of industry structure and performance in markets that do not meet the assumptions of perfect competition. Monopoly, monopolistic competition, and various models of oligopoly are covered. Prerequisites: Economics 280 or 310 or permission of the instructor. Writing intensive. Alternate years.
365. Law and Economics. 4 semester hours.
Since the early 1980s, a new field has emerged that closely connects economic analysis and legal analysis in some core areas of both the private law (property, contracts, and torts) and the public law (civil procedure and criminal law procedure), as well as constitutional law, bankruptcy law, securities regulation, and more. This course is an introduction to the scholarship associated with this new field. Prerequisite: Economics 310 or permission of the instructor. Alternate years.
370. Mathematics for Economists. 4 semester hours.
Study of certain methods from calculus and linear algebra and their use in economic analysis. A major goal of the course is to integrate the student’s understanding of mathematics and economics. Strongly recommended for the student considering graduate study in economics or finance. Prerequisites: Economics 310 and Mathematics 131 or 201. Economics 311 recommended. Alternate years.
390. Advanced Topics. Variable credit.
Study at an advanced level of some topic of current interest in economics. Prerequisites: Economics 190 and permission of instructor. Some sections writing intensive. This course may be repeated for credit.
400. Senior Seminar in Economics. 4 Semester Hours.
This capstone course for both the Economics and Financial Economics majors requires students to synthesize their knowledge of economics by applying rigorous economic analysis to contemporary policy issues of historical questions of interest. Depending on instructor and student preferences, the course may take different forms, including: A series of short papers and student presentations based on current issues in economics and political economy, a semester-long research project culminating in a thesis, or a hybrid form, with some students opting for shorter papers and others a major project. Some sections may require group work culminating in papers and presentations. In any event, students will be expected to apply economic theory and use econometrics to examine economic questions. Grades will be based on quality of papers, presentations, and class participation. Seminar format. Writing Intensive. Prerequisites: ECON 280 or 310, ECON 301 or 311, ECON 300, MATH 131 or 201, and senior standing. Every Year.
490. Independent Study. Variable credit.
Some sections writing intensive. Prerequisites vary. This course may be repeated for credit.
491. Internship. Variable credit.
Requires at least one semester of work in some capacity related to the economics profession in either the private sector or government. Over the following semester the student writes a research paper related to the work experience. Prerequisites: Economics 190, 310 and 311. Writing intensive. Every year. This course may be repeated for credit.
499. Honors Thesis/Project. Variable credit.
Prerequisite: 3.50 GPA, permission of the Department Chair.