Economics

Portia W. Benson, Assistant Professor

Matthew A. Cocks, Assistant Professor

Faculty from other disciplines also support this program. 

Economics is taught at Principia from the standpoint of concepts and principles. Learning these principles involves an integrated approach to the study of individual choice, markets of every kind, the physical environment, and the impact of governmental policies on these. Upon completion of this major, the student will be able to determine the appropriate response to a broad range of economic issues at the household, firm, national, and international levels. The student will also be able to appreciate and appraise alternative perspectives on key economic issues.

Students are encouraged to declare their major before the end of their sophomore year. Any student declaring the economics major after earning 60 semester hours must petition the department for approval of a graduation plan.

A cumulative GPA of 2.000 or above in the eleven major-required courses is necessary to complete the major. Similarly, a cumulative GPA of 2.000 or above is necessary to complete the minor.

Economics projects and independent study may be available by arrangement with economics faculty.

ECON 431 Evolution of Economic Thought must be taken at Principia College.

The application of transfer course credit to the major or minor is considered on an individual basis.

  1. For transfer students who have not yet attended Principia College: 
    For a major, transfer students must take at least five classroom courses (15 semester hours) from Principia economics departmental faculty. For a minor, transfer students must take at least three classroom courses (9 semester hours) from Principia economics departmental faculty.
  2. For students who are currently enrolled or were once enrolled at Principia College:
    Students are expected to complete remaining major/minor courses at Principia. Exceptions must be pre-approved according to Principia's transfer policy

Departmental Learning Outcomes

  1. Illustrate and explain principle economic theories.
  2. Correctly apply principle economic theories in a broad range of circumstances.
  3. Appraise alternative perspectives on key economic issues.
  4. Create effective written and oral communications.

College Wide Student Learning Outcomes of Principia College: Defining a Liberal Arts Education

The curricular and co-curricular programs at Principia College are designed for students to be lifelong learners, thinkers, and problem-solvers. To accomplish this, the College has established the following outcomes for its graduates.

Guided by Principle, Principia College students will demonstrate:

  1. Depth and breadth of knowledge
  2. Critical and creative thinking
  3. Effective communication
  4. Intellectual inquiry and engagement
  5. Active commitment to community and global citizenship

Major

Minor

ECON 030 Internship - No Credit 0.0 SH [  ]

Professional internship in a 3rd-party economics-related setting. Prepares students for an economics career. Position may be in any area of macroeconomics, international economics, economic development, urban economics, econometrics or relevant academia/research, but must provide a professional, career-based experience. Supports the Economics major by providing context and experience relative to the concepts taught within the major. May be taken twice.

ECON 203 Principles of Microeconomics 3.0 SH [GESS]

An introduction to economics with special emphasis on microeconomic concepts. These focus on decision-making by individuals and organizations such as firms, government departments, and supranational organizations. Students develop economic perspectives on a wide variety of topics; examples include the minimum wage, environmental legislation, Social Welfare policy, and entrepreneurship. First course in the economics and in the business administration majors' sequence.

ECON 204 Principles of Macroeconomics 3.0 SH [  ]

Continues the study of economic theory and analysis begun in ECON 203. Major topics include aggregate demand and supply, money, employment, economic growth, monetary and fiscal stabilization policy, national income and product accounts, inflation, and international economics. The assumptions of Keynesian, neoclassical, monetarist, and "supply-side" programs are also explored.
Prerequisite: ECON 203.

ECON 225 Topics in Economics 1.0-3.0 SH [  ]

An economics seminar intended for lower division students on a topic of economic interest. The title will be extended to describe the current topic. May be taken four times provided the topics differ.

ECON 231 Comparative Economic Systems 3.0 SH [GESS]

Examines resource allocation systems of various nations; stresses comparison of free market, social democratic, market socialist, and centrally planned economies.

ECON 271 Environmental Economics 3.0 SH [  ]

This course provides an economic perspective on natural resource and environmental issues. Topics such as sustainability, pollution, allocation of non-renewable resources, ecosystem management, and global climate change are examined using two different approaches: traditional economic theory; and ecological economics, which considers economic activity in the context of the biological and physical systems in which it occurs.
Prerequisite: ECON 203.
Class Level Restriction: Sophomore and Junior and Senior only.

ECON 301 Internship 1.0-3.0 SH [  ]

Professional internship in a 3rd-party economics-related setting. Prepares students for an economics career. Position may be in any area of macroeconomics, international economics, economic development, urban economics, econometrics or relevant academia/research, but must provide a professional, career-based experience. Supports the Economics major by providing context and experience relative to the concepts taught within the major. May be taken twice.

ECON 303 Intermed Microeconomic Theory 3.0 SH [  ]

Builds on principles studied in ECON 203. Emphasis is on understanding the primary economic determinants of a firm's profitability: the elasticity of its demand curve, its cost structure, and the structure of the industry/market the firm is in. Students will develop their understanding of these concepts through individual and team research on real companies and through guest lectures.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 304 Intermed Macroeconomic Theory 3.0 SH [  ]

Builds on the principles studied in ECON 204. Focus is on the use of the long-run Classical and short-run fixed price analyses to explore the alternative policy options available to government in its attempts to promote economic welfare.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 313 Introduction to Econometrics 3.0 SH [  ]

This course covers the statistical tools needed to understand empirical economic research and to plan and execute independent research projects. Topics include statistical inference, regression, generalized least squares, instrumental variables, simultaneous equations models, and evaluation of government policies and programs.
Prerequisite: BUAD 161.
Class Level Restriction: Junior and Senior only.

ECON 316 Economic Development 3.0 SH [  ]

This course focuses on the economic factors and processes that can contribute to economic growth and development. Topics covered include: the role of population growth, free markets vs. market controls, the role of education, sources of capital for development (domestic saving vs. foreign investment) and the impact of government economic policies (fiscal, monetary, and trade).
Prerequisite: ECON 203.
Class Level Restriction: Junior and Senior only.

ECON 321 Money and Banking 3.0 SH [  ]

Principles of money and the monetary system; commercial bank and thrift operations; central banking and monetary management.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 325 Urban Economics 3.0 SH [  ]

Considers the relationship between the economy, land, and property. The course includes a particular focus on the city, including a case study of St. Louis. Students will learn how land relates to the economy as the site for economic activity and as an economic asset, as well as how urban areas change and evolve as a result of economic transformation.
Class Level Restriction: Junior and Senior only.

ECON 331 International Economics 3.0 SH [  ]

Studies the influence on economic activity of free international trade, tariffs, trade blocs, exchange rate systems, and immigration policies. Examines international institutions such as cartels, multinational corporations, and common market systems.
Prerequisite: ECON 203.
Class Level Restriction: Junior and Senior only.

ECON 425 Advanced Topics in Economics 1.0-3.0 SH [  ]

An economics seminar intended for upper division students on a topic of economic interest. The title will be extended to describe the current topic. May be taken four times provided the topics differ.
Prerequisite: ECON 203 and ECON 204.
Class Level Restriction: Junior and Senior only.

ECON 431 Evolution of Economic Thought 3.0 SH [  ]

Historical development of economic thought from its origins to the present. Open only to economics majors.
Class Level Restriction: Junior and Senior only.
Field of Study Restrictions: Economics Majors only.