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Academic Bulletin Department of Economics - 2014-15

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Department of Economics

Faculty in the Department of Economics: Joyce Burnette (chair), Christie Byun, Edward Hensley, Suting Hong, Frank Howland, Peter Mikek, Daniel Diaz Vidal, and Kealoha Widdows***.            

***On leave, full year

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 related to the topic of the Senior Seminar.

Requirements for the Major: Economics majors must complete at least nine course credits in Economics which must include ECO 291, 292, 251 (1/2 credit), DV3 252* (or its equivalent), ECO 253, and 401. *Please note that DV3 252 does not count toward the nine required economics credits. Also note that ECO 262 does not count toward the major in economics. In addition, the major must include at least two courses with a prerequisite of ECO 291 or ECO 292 (not including ECO 401). A course in statistics, either DV3 252 or a full-credit Mathematics Department Statistics course above the 100-level must be taken before enrolling in ECO 253. In addition, MAT 110 or 111, or an equivalent, is required for the major in economics. MAT 111 is best taken in the freshman year; students placed into MAT 010 should enroll in ECO 101 their freshman year and take MAT 010 the fall semester of their sophomore year, and MAT 110 in the spring semester of their sophomore 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, 291, and 292) during the sophomore year, electives during the junior year, and, finally, Senior Seminar (ECO 401) and electives during the senior year. It is recommended, but not required, that students take ECO 291 before 292.

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. 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 and 291 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 and take ECO 253 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. ECO 262 counts toward the minor, but not toward the major (DV3 252 does not count toward the minor.)

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

Requirements for the Financial Economics Major: Majors in Financial Economics must complete the following nine course credits in the Economics and Math Departments: ECO 101, 251, 253, 291, 292, 361, 362, MAT 251, 252, 253, 254, 353 (ECO 251 and all of the math classes are half-credit courses). MAT 111 and 112 are pre-requisites for the math courses. Students taking a Financial Economics major may have a minor or second major in Mathematics, but may not count MAT 251, 252, 253, 254, or 353 toward that major or minor. Students taking a Financial Economics major may NOT have a major or minor in Economics.

Secondary Licensure Program: The Department of Education Studies offers a minor in Education Studies, and an additional licensure preparation program for students interested in becoming licensed to teach at the secondary level (middle and high school grades 5-12). With a major in this department and a minor in Education Studies, students may also choose to complete the licensure preparation program by applying in the spring of the junior year. For more information about the licensure program, students are advised to meet with faculty in the Department of Education Studies. Requirements for the minor and licensure preparation program are outlined in the Department of Education Studies section of the Academic Bulletin.