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Academic Bulletin Economics - 2007-08

Currently viewing 2007-08 bulletin

Faculty: F. Howland (chair), H. Barreto, J. Burnette, C. Byun, P. Mikek, S. Richardson#, K. Widdows***
*** Sabbatical leave, spring semester

The Department of Economics is dedicated to providing a rigorous, challenging curriculum that emphasizes economic theory and focuses on how economists view the world. Students master a wide variety of philosophical, technical, logical, computer, and quantitative skills. The Wabash College Economics major is taught to evaluate arguments and policies, analyze empirical data, and present his views, rationales, and results.

Senior Comprehensive Exams: The Written Comprehensive Exam in Economics is spread over two days and designed to evaluate the student's understanding of both core concepts and the wide variety of applications of economic theory. The first day consists of an objective, standardized test that contains questions from every economics course offered at Wabash. The second day consists of an essay exam on a found article. 

Requirements for the Major: Economics majors must complete at least nine course credits in Economics which must include Economics 291, 292, 251 (1/2 credit), Division III 252* (or its equivalent), Economics 253, and 401. *Please note that Division III 252 does not count toward the nine required economics credits. In addition, the major must include at least two courses with a prerequisite of Economics 291 or Economics 292 (not including Economics 401).

A course in statistics is required for Economics 253 but does not count toward the major. Division III 252 or a Mathematics Department Statistics course must be taken before enrolling in Economics 253. In addition, Mathematics 111 or its equivalent is required for the major in economics. Mathematics 111 is best taken in the freshman year.

Recommended Sequence of Courses: The “typical” economics major takes Principles of Economics (ECO 101) in the second semester of his freshman year, the theory/empirical sequence (ECO 251, DV3 252, ECO 253, ECO 291, and ECO 292) during the sophomore year, electives during the junior year, and, finally, Senior Seminar (ECO 401) and electives during the senior year we recommend that the student opt to distribute the workload more evenly by taking Eco 292 in the Fall of his junior year.

Although the above sequence is preferred, there can be flexibility in this basic pattern. The well-prepared first-year student might want to begin the study of economics in the first semester of the freshman year, while “late contractors” (students who decide to major in economics during their sophomore or even junior years) may choose a more tightly packed junior/senior year combination of economics courses.

The prospective economics major should be careful in planning the theory/empirical sequence year. Although the order of ECO 291 and 292 does not matter, the sequence of DV3 252 in the FALL and ECO 253 in the SPRING is crucial. ECO 251 should be taken by the time the other courses in the theory/empirical sequence are completed. It is most convenient to take ECO 251 along with DV3 252 in the fall. Thus, if the economics major is planning to study off-campus as a second semester junior, it is absolutely imperative that he begin the empirical sequence as a sophomore.

Contact any member of the Economics Department if you have questions, need help in making course decisions, or want advice concerning the study of economics at Wabash and beyond.

Requirements for the Minor: Five course credits in economics including either Economics 291 or 292.

The department does not award credit for internships or business classes taken off campus.

Curriculum Map/Path

  Quantitative Economic Theory Only Principles or consent of instructor required
Principles of Economics
All college courses
Economic Approach w/ Excel
(1/2 semester; Fall)
Statistics in Social Science
(1/2 semester; Fall)

Intermediate Micro
Intermediate Macro
History of Economic Thought
Financial Institutions and Markets* (Does not count towards the major in economics for students entering in the fall of 2007 and after) 
U.S. Economic History
European Economic History
Comparative Economic Systems

Law and Economics  


Topics in Econometrics
Public Finance
Industrial Organization


Corporate Finance

Money & Banking
International Finance

Independent Study Courses
Special Topics Courses

Senior Seminar:
Advanced Micro
Advanced Macro

An Area of Concentration and High School Teaching licensure in this discipline is awarded by the Teacher Education Program. For licensure information please see the Indiana Teacher Licensing Requirements for Adolescent and Young Adult License section and for information on this specific discipline see the Content Area Course Requirements for Teaching at the Adolescent and Young Adult Licensure Level section.


Course Title Credits Prerequisites
ECO 101 Principles of Economics 1  
ECO 205 Development of Economic Thought (HIS 236) 1  
ECO 214 Topics in Economic History: European (HIS 235) 1 Prerequisite: Economics 101 or consent of the instructor. 
ECO 222 Comparative Economic Systems 1 Prerequisite: Economics 101 or consent of the instructor. 
ECO 224 Economic and Political Development (PSC 324) 1 Prerequisite: Economics 101 or consent of the instructor. 
ECO 251 The Economic Approach with Microsoft Excel 1/2 Prerequisites: Mathematics 111, concurrent registration in Mathematics 111, or consent of the instructors. 
ECO 262 Financial Institutions and Markets 1 Prerequisite: Economics 101. 
ECO 291 Intermediate Microeconomic Theory 1 Prerequisites: Economics 101 and Math 111, or consent of the department chair. 
ECO 292 Intermediate Macroeconomic 1 Prerequisites: Economics 101 and Math 111, or consent of the department chair. 
ECO 321 International Trade 1 Prerequisites: Economics 251, Economics 253, Economics 291, or consent of the instructor. 
ECO 322 International Finance 1 Prerequisites: Economics 292, and Economics 253 or the consent of instructor. 
ECO 331 Economics of the Public Sector 1 Prerequisites: Economics 291 and Economics 253 or consent of instructor. 
ECO 332 Labor Economics 1 Prerequisites: Economics 291 and Economics 253, or consent of the instructor. 
ECO 333 Industrial Organization and Control 1 Prerequisites: Economics 291 and Economics 251, Economics 253 or consent of the instructor. 
ECO 353 Topics in Econometrics 1 Prerequisites: Economics 291, 253, 251, or consent of instructor. Mathematics 223 (Linear Algebra) recommended. 
ECO 361 Corporate Finance 1 Prerequisites: Economics 251, 253, 291, or consent of instructor. 
ECO 362 Money and Banking 1 Prerequisites: Economics 292 and 253 or consent of instructor.  
ECO 363 Topics in Macroeconomics 1 Prerequisites: Economics 292, 253, and 251. 
ECO 364 Case Studies in Macroeconomics 1 Prerequisites: Economics 292, 253, and 251. 
ECO 377 Special Topics 1 Prerequisites: Economics 101, Economics 253, Economics 291 or 292, or consent of the instructor. 
ECO 387 Independent Study 1/2  
ECO 401 Senior Seminar 1 Prerequisites: Economics 291, 292, 253, and 251. 
ECO 491 Advanced Microeconomic 1 Prerequisites: Economics 291 and two semesters of calculus or consent of the instructor. 
ECO 492 Advanced Macroeconomics 1 Prerequisites: Economics 292 and Mathematics 111.