ECONOMICS

Professors: Richard Adelstein, William J. Barber (Emeritus), John P. Bonin, Michael J. Brennan (Emeritus), Peter Kilby, Stanley Lebergott (Emeritus), Michael C. Lovell (Chair), Richard A. Miller, Basil J. Moore, Thomson M. Whitin (Emeritus), Gary W. Yohe

Associate Professor: Wendy L. Rayack

Assistant Professors: Richard S. Grossman, Joyce Jacobsen, David D. Selover, Gilbert Skillman

The study of economics provides a solid background for understanding issues in the social sciences. The introductory survey courses and the electives apply the analysis to a broad range of problems in our society and in the world. Topics include inflation, unemployment, growth, global economic issues like the U.S. trade deficit, corporate power, poverty and the standard of living, periodic famine in low-income countries, and reforms in socialist countries. Some electives extend the core methodology in an interdisciplinary direction, e.g., Marxian economics, economic history, the history of economic thought, environmental economics, and antitrust. The economics major is a solid preparation for students who are interested in careers in business, law, and the public sector.

The Economics Department offers four categories of courses:

1. Introductory. The introductory courses are of three types. The first type consists of the two-semester survey course, Economics 111 and 112, and the one-semester course for students with a calculus background, Economics 105. Any of these provides a general introduction to economic methodology and the background needed for all upper-level courses. The second type are general education courses intended for students who wish to learn about the economist's way of looking at the world but who do not intend to pursue upper-level economics courses. For example, a general education course may focus on a set of contemporary issues (e.g., Economics 107) or take a particular institutional or country perspective (e.g., Economics 160). The third type are limited-enrollment courses designed exclusively for first-year students. Topics will vary from year to year. Current examples include Economics 104: Order and Planning and Economics 148: From Dictatorship to Democracy--A New Economic Order? Economics 105 is typically offered every year as a limited-enrollment introductory course primarily for first-year students. Each of these courses places emphasis on the development of the student's quantitative and/or writing skills. The small size of the class provides for more individual attention to improving one or both of these skills. With the exception of Economics 105, single first-year courses do not have as an objective the mastery of a set of principles and techniques sufficient to provide the complete background necessary to pursue further study in economics. Hence, a student who wishes to continue to work in economics at Wesleyan is required to complete either Economics 105 or the usual Economics 111-112 introductory sequence.

2. Core. These tool courses in quantitative methods (Economics 270), microeconomic analysis (Economics 271), and macroeconomic analysis (Economics 272) are designed to develop further the analytical methods and techniques used by economists to analyze and understand real-world problems.

3. Electives. Some electives focus on the application of the economic methodology studied at the introductory level to topical areas such as industrial economics; anti-trust policy; government finance; environmental and resource management; financial accounting and decision making; human resources; wealth and poverty; education; innovation; entrepreneurship; gender, race, and ethnicity; labor markets; international trade; the stock market; money and banking; economic development; and socialist economies. Others take an interdisciplinary approach, e.g., economic history, history of economic thought, Marxian economics, economics and the law, political economy of cities, politics of international relations, American economic history, and political economy in the age of concentration. A third subset of the electives are designed for students with a strong enough mathematical background to facilitate the study of the more quantitative areas of economics, e.g., mathematical economics, management science, and econometrics.

4. Post-Core Seminars. These advanced seminars are designed to strengthen and apply the theories and techniques taught in the core courses. Each seminar has some or all of the core courses as prerequisites. Students in these courses are expected to complete a significant research project. These courses provide an excellent foundation for honors thesis research and would complement well a one-semester individual thesis tutorial for students who wish to stand for honors in economics.

The Introductory Program. For the student who wants a broad coverage of current topics as part of the liberal education, Economics 111 and 112 is the appropriate choice. This yearlong survey is designed with both the non-major and the prospective major in mind. Although no previous work in economics is presumed, this course sequence is taught at a level above that usually found in secondary school courses in economics. Consequently, it is the appropriate place for most students to begin the study of economics at Wesleyan. If a student has a strong background in calculus (either from the secondary school economics curriculum or from taking Mathematics 117 or higher-level mathematics courses at Wesleyan), Economics 105 is the appropriate one-semester alternative to the yearlong sequence. Occasionally, a student will take Economics 104, Economics 107, or another first-year course and decide to continue the study of economics. The only options available then are to take the two-semester sequence (Economics 111 and 112) or the one-semester introduction for students with a calculus background (Economics 105).

The math skills required for Economics 111 and 112 are those learned in secondary school courses in algebra and geometry. If a student is concerned about a deficiency in these skills (or if such a deficiency is discerned by the placement test administered by the Mathematics Department), Mathematics 107 provides an appropriate review of the necessary techniques.

Major Program. The major program provides the analytical tools and techniques to understand society's economic problems in the core courses and offers a menu of applications in the elective courses. The prerequisite for the economics major is Economics 111 and 112 with an average grade of C+ or better. In the case of students with a mathematical background, either Economics 105 (with a grade of C+ or better) or Economics 108 (with a grade of A- or better) is sufficient. A student whose average grade in Economics 111 and 112 is lower than C+ may attempt to raise the average to this threshold by including the grades received in Economics 270, 271, and 272, as these courses are taken by the student. When the student's average grade in Economics 111, 112 (or Economics 105) and those of the core courses he/she has taken rises to C+, the student will be admitted to the major. The University requires each student to be admitted to a major program by the end of the sophomore year. Therefore, any student who does not meet the Economics Department requirement at that time should select an alternate major until he/she qualifies for admittance. In addition, Mathematics 117 (Calculus) or its equivalent is required for the core courses and the major.

Students majoring in economics must complete a minimum of eight courses numbered 200 or above, excluding Economics 491 and 492 (the teaching apprenticeship tutorials). Of these eight, the core courses Economics 270, Economics 271, and Economics 272, and at least three electives must be taken at Wesleyan. Students who wish to transfer courses taken elsewhere for credit toward the major should plan their schedules accordingly. University policy states that no more than twelve (12) courses numbered 200 or above in any department including the teaching apprenticeships may count toward the 34 credits required for graduation. For students pursuing honors in a department, the University regulations allow up to two additional credits toward the graduation requirement for the honors thesis tutorial (i.e., 14 courses numbered 200 or above). Department policy limits students to only two teaching apprenticeship credits (inclusive of any earned in other departments).

If possible, the core courses should be completed by the end of the junior year. This enables the student to take full advantage of the post-core seminars and to work effectively toward honors in economics. Satisfactory standing in the economics major is conditional on competent performance in Economics 271 and Economics 272. A grade of C+ or better in each of these courses suffices to demonstrate competent performance. Students who have initially fallen short of that level of achievement may petition to be restored to satisfactory standing in the major by reexamination, normally by taking the final examination in the appropriate course in a subsequent semester. When offered, Economics 261 may be substituted for Economics 271. The following two-course cluster, Mathematics 231 and Economics 264 (with permission of the instructor), may be substituted for Economics 270.

Students majoring in economics are advised to choose their electives to reflect the diversity of course offerings in the department, e.g., micro-macro, institutional-theoretical, contemporary-historical, American-international, and developed-Third World.

Limited Enrollment. If it becomes necessary to limit enrollment in economics courses, priority will be given to economics majors with first priorities to upper-class students. With the exception of one unlimited enrollment section of Economics 111 and Economics 112 in each semester and Economics 107, which is also an unlimited enrollment course, enrollment will normally not exceed 50 students in the limited sections of the introductory courses and 50 in Economics 105. Other courses designed for first-year students will be limited to 15 or 20. In courses numbered 200 and above, enrollment will normally be limited to 40.

Advanced Placement Policy.

1. Students receiving a score of 4 or 5 on the Microeconomics Advanced Placement Exam will be eligible for a prerequisite override for courses requiring Economics 111. These students will receive 1 unit of University credit upon completion of Economics 271 with a grade of C+ or better.

2. Students receiving a score of 4 or 5 on the Macroeconomics Advanced Placement Exam will be eligible for a prerequisite override for courses requiring Economics 112. These students will receive 1 unit of University credit upon completion of Economics 272 with a grade of C+ or better.

3. Neither prerequisite overrides nor credit will be offered to students with an Advanced Placement score of 3 or lower.

4. Students cannot receive University credit for Economics 112 if credit is granted for the score on the Advanced Placement Exam under provision 1, above.

Transfer of Credit Policy.

A. Toward the University's graduation requirement of at least 34 credits. To be eligible for transfer credit, an Economics course taken elsewhere must be equivalent to a Wesleyan course in that:

(l) it meets for approximately 40 contact hours,

(2) it covers the material at the college level, and

(3) it is taken at an accredited college or university.

B. Toward the requirement for a major in economics, i.e., at least eight courses numbered 200 or above (at most two courses taken elsewhere can be counted toward this requirement). To be eligible, an economics course taken elsewhere must satisfy, in addition to (1), (2), and (3) above, a fourth condition:

(4) it should be equivalent to the department's 200-level courses in that it requires at least two semesters of introductory economics as a prerequisite.

C. Application Procedure

A student enrolled in Wesleyan must submit to the department a completed transfer of credit form prior to enrolling in the course (whenever possible) along with supporting evidence to establish the eligibility of the course. Other information considered relevant to the situation by the student may be submitted in writing at that time. The Wesleyan transfer of credit form is available from the Dean's Office. The student should include either a local mailing address or a telephone number in the event that the chairperson wishes further information before making a decision.

D. A student will not be granted credit for courses taken at Wesleyan or elsewhere that the department chair judges to be close substitutes, i.e., substantially similar in coverage.

Departmental Honors.

1. Honors in economics will be awarded on the basis of completed research. This may be presented in the form of an honors thesis or a term paper for a 300-level course and may represent the work of one or two semesters. The Economics Department policy is to judge the research on its merits and not to adjust for the time period in which it is accomplished. Therefore, a research paper from a 300-level course is judged against the same standards as a thesis produced in a two-semester honors tutorial.

2. All candidates for honors should have a B+ average in their economics courses prior to their senior year and a three-year cumulative average of B or better for all courses. If a student does not meet this requirement, a petition to the department explaining the strength of the student's candidacy (signed by both the prospective tutor and the student's faculty adviser) is required by the second week of the fall term.

3. All seniors intending to stand for honors in economics must submit an application for candidacy to the department chair by October 1. The application must consist of a short (no more than two-page) summary of the theme of the research and the strategy (methodology) to be employed, a preliminary list of sources, and the tutor's name and approving signature to the department chair by October 1.

4. The following procedure must be followed by all honors candidates in economics:

(a) A research prospectus consisting of a three- to five-page detailed outline of the research, a short (two-page) summary of the topic and methodology, and a preliminary bibliography must be submitted to the department chair by December 1st.

(b) An oral presentation of "research in progress" to the faculty members in the department will be scheduled during the second week of December.

A written "interim" evaluation of the "research in progress" based on the above will be prepared by the department chair in consultation with the tutor (and other interested colleagues) and distributed to the student and the tutor before the first week of the spring term.

5. Completed honors theses or papers must be submitted on the date specified by the Honors College (sometime in mid-April). Theses or papers will be evaluated by the department based on the recommendations of a departmental committee. Each student's research will be read by a minimum of two faculty members in addition to the tutor. A candidate for honors may be awarded a pass, honors, or high honors.

6. All recipients of honors or high honors are obliged to prepare a brief summary of their work to be presented orally to the faculty and students of the department at a specially scheduled session near the end of the spring term.

Departmental Prizes. The Economics Department is fortunate to be able to award several prizes to majors based on one or more of the following criteria: an outstanding honors thesis, an outstanding research project in a 300-level course, and overall excellence in course performance in the major.

Departmental Seminar Series. Students are invited to participate in Economics Department Seminars at which outside speakers and members of the department present their current research. Some of the invited speakers will be working in areas of special interest to the students in the 300-level courses.

Graduate Work in Economics. Students contemplating graduate work in economics should obtain as strong a background in mathematics as possible. Linear algebra and multivariate calculus are used extensively in graduate courses. The more quantitative economics electives and the post-core seminars provide an excellent introduction to graduate-type courses.