Economics

Thomas L. Davidson, Assistant Professor

Karl G. Hellman, Associate Professor

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 and will be considered only in cases of exceptional academic opportunity.

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 Education

The curricular and co-curricular programs at Principia College are designed for students to be lifelong learners, thinkers, and problem-solvers, to draw out spiritual and moral qualities indispensable to growth in Christian Science, and to cultivate an understanding of service to the Cause of Christian Science in meeting the global needs of the 21st century. To accomplish this, the College has established the following outcomes for its graduates. Students graduating from Principia College will:

  1. Demonstrate a depth and breadth of knowledge.
  2. Demonstrate critical and generative thinking.
  3. Demonstrate the ability to communicate effectively.
  4. Be intentional learners.
  5. Be effective members of communities.
  6. Act on the basis of Principle.

ECON 203Principles of Microeconomics3.0 SH[  ]

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 204Principles of Macroeconomics3.0 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 231Comparative Economic Systems3.0 SH[GESS]

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

ECON 271Environmental Economics3.0 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.
Class Level Restriction: Sophomore and Junior and Senior only.

ECON 303Intermed Microeconomic Theory3.0 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 304Intermed Macroeconomic Theory3.0 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 316Economic Development3.0 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 and monetary). The course examines economies in Africa, Asia, and Latin America to communicate the enormity and complexity of the task of economic development.
Class Level Restriction: Junior and Senior only.

ECON 321Money and Banking3.0 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 331International Economics3.0 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 431Evolution of Economic Thought3.0 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.