Professors Carilli, Dempster, Isaacs, Thornton, Townsend; Assistant Professors Khurana, Lea; Visiting Assistant Professor Levkoff
Chair: Kenneth N. Townsend
Students may choose from one of three majors: Economics, Economics and Business, and Mathematical Economics. The requirements for all students majoring in Economics or Economics and Business are 30 hours in the Economics and Business Department, to include Economics 101, 103, 301, and 303, and, in addition, Mathematics 121 (or a higher level Statistics course) and 140 (or a higher level Calculus course). Students are expected to take the two required Mathematics courses prior to the junior year and to complete Economics 301 and 303 during the junior year.
Beyond these specific courses, the Economics major requires the student to take Economics 401 and 402, and the Economics and Business major requires Business 222, 231, 233, 241, 421, and 422. The Mathematical Economics major requires 21 hours in Economics to include Economics 101, 103, 301, 303, 306, 308, and 402, and, in addition, Mathematics 121, 141, 142, 231, and 242, and Computer Science 261.
No more than six hours of courses at the 100-level in the Economics and Business Department may be applied toward any degree in the department. No more than three hours of Business courses (courses labeled BUSN) may be applied to the Economics major.
The Mathematical Economics major was created jointly by the Departments of Economics and Business and Mathematics and Computer Science. This joint participation from a department in the Social Sciences Division and a department in the Natural Sciences and Mathematics Division gives majors in Mathematical Economics the option of electing either a Bachelor of Arts or a Bachelor of Science degree at graduation.
Interdisciplinary majors within the social sciences may be developed and pursued with the approval of the departments concerned.
ECONOMICS 101. (3)
INTRODUCTION TO ECONOMICS. A survey of the basic concepts used to analyze economic questions. Prerequisite: none. Offered: each semester.
ECONOMICS 103. (3)
MONEY AND BANKING. Analysis of the fractional reserve banking system and its place in financial markets and the American economy. The Federal Reserve System and its relation to the banking system are analyzed. Monetary and fiscal policies are examined in the light of Macroeconomic theory. Prerequisite: Economics 101. May not be taken by a student who has had Economics 303, except with permission of the instructor. Offered: each semester.
ECONOMICS 201. (3)
COMPARATIVE ECONOMIC SYSTEMS. An examination of the major economic systems with emphasis on implications for resource allocation, income distribution, and economic growth. Prerequisite: Economics 101.
ECONOMICS 202. (3)
HEALTH ECONOMICS AND POLICY. An economic analysis of markets for health care and the participants in those markets (e.g., government, insurers, health care providers, and patients). The course uses economic analysis to examine some of the unique characteristics of markets for health care, including high levels of uncertainty, asymmetric information, externalities, and the government's unusually large presence in the market. Prerequisite: Economics 101.
ECONOMICS 203. (3)
GENERAL ECONOMIC HISTORY. Study of the historical origins and subsequent spread of modern economic growth in Western Europe and North America, with an emphasis on 18th and 19th century experience. Prerequisite: Economics 101.
ECONOMICS 204. (3)
TOPICS IN ECONOMIC HISTORY. This course explores historical events of economic significance and examines them using the tools of economic analysis. Potential topics include, but are not limited to, the 20th century U.S. economy; the rise and fall of communism; the history of financial markets; and the role of the entrepreneur in economic development. Prerequisite: Economics 101.
ECONOMICS 205. (3)
HISTORY OF ECONOMIC THOUGHT. A survey of the development of economics from Plato and Xenophon through marginalism. Emphasis is on the works of the central figures in the evolution of the discipline, including Smith, Ricardo, Mill, Marx, and Marshall. Prerequisite: Economics 101. Offered: fall semester.
ECONOMICS 206. (3)
TOPICS IN THE HISTORY OF ECONOMIC THOUGHT. This course explores methodological subjects in the history of economic thought, focusing on important economic thinkers and the context in which their ideas developed and evolved. Potential topics include, but are not limited to, capitalism and Marxism; classical and Keynesian economic thought; and theories of growth and development. Prerequisite: Economics 101.
ECONOMICS 208. (3)
PUBLIC FINANCE. An analysis of the process of government decision-making and of the effects of governmental budgetary decisions, particularly tax decisions, on individual and business choices. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 209. (3)
TOPICS IN POLITICAL ECONOMY. This course adapts and applies the tools of economics to what are often considered non-economic questions and employs economic analysis to explore related public-policy problems. Potential topics include, but are not limited to, war, peace, and conflict resolution; poverty; crime and punishment; and democracy and voting systems. Prerequisite: Economics 101.
ECONOMICS 210. (3)
ECONOMIC DEVELOPMENT. A study of fact, theory, and policy in underdeveloped economies. Problems of capital formation, population, agriculture, international trade, foreign aid, etc. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 211. (3)
LABOR ECONOMICS AND LABOR RELATIONS. The course examines outcomes in the labor market and their causes. Topics covered vary from year to year, but are selected from the following: wage determination; labor supply decisions; firms' employment decisions; the impact of education and human capital investment, migration and immigration, unemployment, welfare programs, theories of workplace discrimination, and the employment-at-will doctrine; and the impact of government regulation of labor markets. Prerequisite: Economics 101.
ECONOMICS 212. (3)
ENVIRONMENTAL ECONOMICS. This course examines the economic determinants of environmental change and analyzes the principal remedies proposed for the problems of pollution, resource exploitation, and overpopulation. Case studies are used to illustrate, and require use of, the concepts of public goods, externalities, benefit-cost analysis, and government regulation. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 213. (3)
ECONOMICS OF THE LAW. Application of economic analysis to the civil law, with primary emphasis upon the common law of property, torts, and contracts. Examination of the effects of legal institutions and precedents on economic choices and study of the economic logic of law. Prerequisite: Economics 101. Offered: fall semester.
ECONOMICS 214. (3)
INTRODUCTION TO INDUSTRIAL ORGANIZATION AND THE ECONOMICS OF ANTI-TRUST. An examination of the structure, conduct, and performance of different industries, and an analysis of government anti-trust policies designed to alter or maintain existing market structures. Prerequisite: Economics 101. Offered: fall semester.
ECONOMICS 215. (3)
URBAN AND REGIONAL ECONOMICS. Economic analysis of the location and growth of urban and regional areas with emphasis on public-policy issues. Discussion of land-use patterns, measurement and change in regional economic activity, and urban problems, such as transportation, housing, poverty, and crime. Special attention is placed on local fiscal behavior, overlapping jurisdictions and the provision of local public goods, and intergovernmental fiscal relations. Prerequisite: Economics 101.
ECONOMICS 216. (3)
AUSTRIAN ECONOMICS. This course develops the methodological foundations of the Austrian school. From these foundations the course investigates the Austrian view on value theory and social costs and benefits, entrepreneurship, competition and monopoly, the socialist calculation debate, capital and interest, money and monetary institutions, business cycle theory, and wages and unemployment. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 217. (3)
ECONOMICS OF SPORTS. Economic analysis of individual, team, and league sports. This course focuses not only on the market structure and industrial organization of sports leagues, but also addresses the public finance issues of municipal stadium construction and the labor issues involved with free agency and salary caps. Prerequisite: Economics 101.
ECONOMICS 218. (3)
DISEQUILIBRIUM, MONEY, AND MACROECONOMICS. This course provides an overview of macroeconomic theories and policies based on (the concept of) disequilibrium in markets for money and capital. Attention will be paid to both seminal literature and recent advances in the field. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 219. (3)
GAME THEORY. This course introduces a game theoretical framework to analyze strategies adopted by consumers, firms, or governments when there are competing interests or ends and the outcomes depend on the actions chosen by all of the participants. Topics include simultaneous move, sequential move, perfect information, imperfect information, and bargaining games. Class sessions often involve experiments. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 261. (3)
INTERNATIONAL TRADE. This course examines theories of trade pattern, trade-related policies in competitive and non-competitive markets, the effects of trade liberalization and economic integration, trade policies by developed and developing nations, and international factor movements. Prerequisite: Economics 101. Offered: spring semester.
ECONOMICS 262. (3)
INTERNATIONAL FINANCE. This course examines international financial theory and policy. Topics include foreign exchange markets; fixed and flexible exchange-rate regimes; the international monetary system and the IMF; international capital flows and capital controls; macroeconomic analysis of prices, output, and interest rates in an open economy; international coordination of macroeconomic policy; balance of payment accounts and the macroeconomic effects of capital or current account surpluses or deficits; and immigration. Prerequisite: Economics 103. Offered: fall semester.
ECONOMICS 301. (3)
INTERMEDIATE MICROECONOMIC THEORY. A study of the theory of consumer behavior, production, and pricing; and comparison of resource allocation in competitive and non-competitive markets. Prerequisites: Economics 101, Mathematics 140 or higher, and junior standing. Offered: each semester.
ECONOMICS 303. (3)
INTERMEDIATE MACROECONOMIC THEORY. Analysis of theories applied to the problems of income determination, unemployment, and inflation in modern industrial economies. Prerequisites: Economics 101 and junior standing. Offered: each semester.
ECONOMICS 306. (3)
ECONOMETRICS. A study of the application of statistical analysis to economic problems with a review of basic statistical techniques followed by extensive empirical econometric work. Prerequisites: Economics 101 and Mathematics 121. Offered: fall semester.
ECONOMICS 308. (3)
MATHEMATICAL ECONOMICS. Exposition of the mathematical structure of economic theories with particular attention to static and comparative static analysis, game theory, and unconstrained and constrained optimization models. Prerequisites: Economics 301 and Mathematics 141. Offered: spring semester.
ECONOMICS 311. (1)
ECONOMICS RESEARCH AND WRITING I. This course is part of a two-semester sequence to introduce students to the methods and practice of producing scholarly research in economics. The first semester, students are required to read and discuss published research in the field of economics. Discussion focuses on choosing research questions, making effective arguments, and establishing support for an argument. Prerequisite: Economics major, or Economics 101 and permission of the instructor. Offered: fall semester.
ECONOMICS 312. (1)
ECONOMICS RESEARCH AND WRITING II. This course is part of a two-semester sequence to introduce students to the methods and practice of producing scholarly research in economics. The second semester, students are required to read and discuss published research in the field of economics as well as present their own ongoing research and review peer work. Prerequisite: Economics 311. Offered: spring semester.
ECONOMICS 395. (1, 2, or 3)
INTERNSHIP. Internship opportunities are made available to qualified students in the belief that learning which involves both the classroom and the larger world is especially valuable for the student. Combines work (normally done in the summer before the student's senior year) with ongoing course work and the production of a substantial research paper on a related issue. This paper, a daily journal, and the worksite supervisor's evaluation serve as the basis for the internship grade. However, the granting of credit for an internship remains at the discretion of the sponsoring faculty member. To qualify, a student must have a grade-point average of at least 2.7 at the time of application and must have taken at least nine hours of Hampden-Sydney Economics and Business courses or the equivalent before the internship begins. May not be included in the 30 hours required for the major.
ECONOMICS 401. (3)
SEMINAR IN ECONOMIC FORECASTING. A capstone course primarily for those seniors specializing in general economics, this seminar combines economic theory and econometric technique for the task of modeling and forecasting trends in both industry-level and aggregate economic activity. Prerequisites: Economics 301 and 303. Offered: fall semester.
ECONOMICS 402. (3)
SEMINAR IN PUBLIC-POLICY ANALYSIS. A capstone course primarily for those seniors specializing in general economics, this seminar explores the application of economic analysis to a variety of public-policy issues. Prerequisite: Economics 401, or permission of the instructor. Offered: spring semester.
BUSINESS 222. (3)
NATURE, MANAGEMENT, AND ENVIRONMENT OF BUSINESS. An introductory survey of the organization and management of the business enterprise, with an emphasis on the functional areas. Prerequisites: Economics 101 and sophomore standing. Offered: each semester.
BUSINESS 223. (3)
ENTREPRENEURIAL THINKING. This course is about learning to think and act entrepreneurially in order to create value through new products, new solutions, new firms, new business units, new distribution channels, new business models, new technologies, and business transformation. The emphasis is on the art and science of "creating something new from little." The orientation in the course is to challenge students to think about how they can create, finance, and build or change a productive business organization with commonly available resources (e.g., intelligence, insight, energy, initiative, and personal relationships). Students learn to use this orientation wherever new venture creation may occur, namely, through the actions of an independent entrepreneur or in a large, established firm. Prerequisite: Economics 101 or permission of the instructor.
BUSINESS 231. (3)
FINANCIAL ACCOUNTING AND ANALYSIS. A comprehensive introduction to the fundamental principles and procedures of financial accounting. Emphasis is placed on the description, derivation, and interpretation of the primary financial statements. Prerequisite: Economics 101. Offered: each semester.
BUSINESS 233. (3)
MANAGERIAL ACCOUNTING AND ANALYSIS. Study of the sources, organization, and uses of data generated by double-entry accounting. Emphasis is placed on managerial accounting techniques. Prerequisite: Business 231. Offered: each semester.
BUSINESS 241. (3)
CORPORATE FINANCE. The financial organization and management of a business corporation. The course includes a study of methods of obtaining capital, financial policy, asset valuation, derivatives, and international applications. Prerequisite: Economics 103; Business 231 (or equivalent) is recommended but not required. Offered: each semester.
BUSINESS 242. (3)
INVESTMENT BANKING. This course is an introduction to advanced topics in investment banking, private equity, and venture capital. A case study method of instruction is used, and issues of valuation relating to small and medium enterprises are emphasized. Prerequisite: Business 241 or permission of instructor.
BUSINESS 263. (3)
THE INTERNATIONAL BUSINESS ENVIRONMENT. This course is a survey of international business issues and strategies. Subject areas include issues related to the economic, political, and human environments of international business. In addition, the functional operation of global firms is examined. Prerequisite: Economics 101.
BUSINESS 331. (3)
FINANCIAL STATEMENT ANALYSIS. This course covers issues associated with the analysis and interpretation of financial statements, with particular emphasis placed upon understanding the economic characteristics of a firm's business, the strategies the firm selects to compete in each of its businesses, and the accounting procedures and principles underlying the financial statements. Prerequisite: Business 231. Business 241 is strongly recommended. Offered: spring semester.
BUSINESS 341. (3)
FINANCIAL MARKETS AND INVESTMENT ANALYSIS. This course begins with a detailed examination of the securities market and basic portfolio theory. Additional topics include index models of portfolio selection, market equilibrium analysis and efficiency, stock valuation, and performance evaluation. Prerequisite: Business 241.
BUSINESS 342. (3)
FINANCIAL MODELING AND SIMULATION. This course introduces the techniques of financial modeling and their application to concepts such as financial forecasting, efficient portfolios, capital asset pricing, default-adjusted bond returns, bond duration, and derivative pricing (including option contracts and the Black-Scholes Pricing Model). The coursework is centered on the completion of extensive Excel-based projects that require both theoretical and practical knowledge of the financial concepts involved. Prerequisite: Business 241.
BUSINESS 343. (3)
STUDENT-MANAGED INVESTMENT FUND. In this course participants in Tigerfund act as managers of an actual equity investment fund using money contributed for this purpose by the College. They are required to carry out and document trades, file weekly reports, and prepare and present an annual report summarizing their investment activities. Prerequisites: Business 241 and participation in Tigerfund in the preceding summer and fall semester. Corequisite: Business 341 or 342. Offered: spring semester.
BUSINESS 421. (3)
MANAGERIAL ECONOMICS AND DECISION MAKING. Application of microeconomic decision tools to managerial problems of the firm. The class time is divided between a discussion of tools to be used and application of those tools. Prerequisite: Economics 301. Offered: fall semester.
BUSINESS 422. (3)
SEMINAR IN BUSINESS ISSUES. The purpose of this course is to integrate the student's knowledge of the business system. Discussion of problems, independent investigation, and communication of conclusions by the student are emphasized. Prerequisites: Business 222, 231, 241, and senior standing, or permission of the instructor. Offered: spring semester.