Economics
Faculty
Dr. Dennis Farley, Visiting Professor of Economics (program chair)
Dr. A. Cristina Parsons, Associate Professor of Economics
Description
The Economics program at Trinity combines the traditional cornerstones of economics with the distinct emphases of Trinity’s mission. The curriculum provides all students with the opportunity to become familiar with the macroeconomic and microeconomic paradigm, as well as to develop facility with economic applications in various policy areas. Consistent with the interdisciplinarity of Trinity’s curriculum and its focus on gender, race, and diversity, the courses offered by the Economics program invite students to study the discipline from a variety of perspectives and to understand the historical and institutional context in which both private and public decisions are made. In addition, the Economics program follows the mission of Trinity by providing both breath and depth of study and by encouraging students to develop an ability to abstract, handle data, and critically analyze existing work, both theoretical and applied.
The Economics program supports a minor in the College of Arts and Sciences.
Minor Requirements
The minor in Economics requires 18 total credits.
Required Courses (12 credits)
ECON 101 Microeconomics ITeaches how to think like an economist and make more informed decisions. Builds models of economic activity that provide a framework for understanding the real world. Explores the supply-demand model of competitive markets, followed by other models that show how markets operate when they aren't purely competitive. Assesses the proper role of government in the marketplace and how government can improve welfare when markets fail to be efficient. ECON 101 is a prerequisite for all higher-level economics courses and fulfills the Social Science General Education requirement.
3 credits
ECON 102 Macroeconomics IPresents key variables that summarize an economy. Uses economic analysis to explain why economies grow over time but also exhibit repeated cycles of boom and bust. Explores government-level policies that affect an economy as a whole, and models for analyzing their effects. Fulfills the Civic Knowledge General Education requirement and is required for upper level economics courses.
3 credits
Prerequisites: ECON 101 is preferred, but students may take ECON 102 first.
ECON 311 or ECON 321 Microeconomics II: Managerial EconomicsPresents and develops theories of consumer and industry behavior from the perspective of management. Analyzes economic environments in which firms make decisions and factors that impact decision-making about profits and operations. Studies advanced pricing techniques that firms can use to optimize in various market structures.
3 credits
Prerequisites: ECON 101 and ECON 102; or Permission of Instructor
ECON 312 or ECON 322 Macroeconomics IIExplores the current macroeconomic paradigm in detail and assesses its strengths and weaknesses. Uses macro theory to evaluate public policies and their likely effects. Focuses on the important distinction between the long run and the short run in macroeconomics, as well as major macroeconomic questions that remain controversial and essentially unresolved.
3 credits
Prerequisites: ECON 101 and ECON 102, or permission of instructor
Elective Courses (6 credits)
TWO additional upper-level (200- or 300-level) courses in economics.
Program Policies
Advanced Placement:
Advanced Placement scores of 4 or 5 will be accepted for credit by the Economics program to satisfy ECON 101 and ECON 102.
CLEP Policy:
Standard scores and above are accepted in the CLEP examination only in consultation with program faculty.
Grades in Minor Courses:
Minors must maintain a minimum cumulative GPA of 2.0 in their minor. Minors must receive a grade of “C” or better in required courses.
Pass/No Pass:
With the exception of internships, courses fulfilling a minor requirement may not be taken pass/no pass.
Transfer Credits:
Transferring students who wish to minor in economics must take at least three economics courses at Trinity. Acceptance of transfer courses is dependent upon program review and approval.
Course Descriptions
ECON 101 Microeconomics ITeaches how to think like an economist and make more informed decisions. Builds models of economic activity that provide a framework for understanding the real world. Explores the supply-demand model of competitive markets, followed by other models that show how markets operate when they aren't purely competitive. Assesses the proper role of government in the marketplace and how government can improve welfare when markets fail to be efficient. ECON 101 is a prerequisite for all higher-level economics courses and fulfills the Social Science General Education requirement.
3 credits
ECON 102 Macroeconomics IPresents key variables that summarize an economy. Uses economic analysis to explain why economies grow over time but also exhibit repeated cycles of boom and bust. Explores government-level policies that affect an economy as a whole, and models for analyzing their effects. Fulfills the Civic Knowledge General Education requirement and is required for upper level economics courses.
3 credits
Prerequisites: ECON 101 is preferred, but students may take ECON 102 first.
ECON 103
ECON 104
ECON 221 Environmental EconomicsAnalyzes the principles of environmental economics to illuminate the field?s perspective on the natural environment. Topics include the demand for and valuation of environmental goods, aspects of environmental goods that distinguish them from other types of goods, pollution control, etc. Explores both public and private solutions to the challenges of preserving and improving the environment.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of the instructor
ECON 223 Women in the EconomyApplies theories of the household and of investment in human capital to issues relevant to women as they participate in the economy. Topics include female labor force participation, marriage, family formation, sex discrimination, women's educational choices, and government policies affecting the economic status of women.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of the instructor
ECON 224 Public FinanceExplores how governments at all levels fund the provision of government services. Focuses on the financing of government expenditures through taxation and borrowing. Investigates key issues such as public goods, externalities, the use of cost-benefit analysis, and the structure of tax systems. Studies how expenditure programs and their financing affect the economic behavior of households and businesses.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of the instructor
ECON 226 Labor EconomicsExplores economic theory of labor market processes, including wage and employment determination, the organization and role of labor unions, labor market structure, discrimination in employment, and the macroeconomic implications of labor market behavior.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of the instructor
ECON 241 Money and BankingReveals how the world of finance relates to the real economy of goods and services. Investigates how the financial system channels funds from savers to borrower, and explores a wide variety of financial assets, their place in the financial system, and how financial markets price these assets. Examines the role of the central bank as regulator of the financial system and as conductor of monetary policy.
3 credits.
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 252 Comparative Capitalist SystemsTraces the development of capitalism - which dominates the global economic landscape, for good or ill - from past economic systems. Examines alternatives to capitalism that have been tried, and discusses why they failed. Explores how history and culture have shaped societies? attempts to solve some of capitalism's problems, and continue to shape citizen preferences for government involvement in the economy.
3 credits
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 253 Economic DevelopmentExplores why some countries are rich and others are poor, and how countries make the transition from less developed to developed. Goes beyond standard theories of GDP and income growth to consider other dimensions of economic development, such as population growth, health, education, poverty, and internal migration. Examines how governments can choose a development strategy and conduct development-friendly macro policies.
3 credits.
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 299 Honors Seminar: Special Topics in EconomicsAnalyzes economic issues in the United States.
3 credits
Prerequisites: Admission to the Honors Program or permission of the instructor
FLC Area V
ECON 311
ECON 312
ECON 321 Microeconomics II: Managerial EconomicsPresents and develops theories of consumer and industry behavior from the perspective of management. Analyzes economic environments in which firms make decisions and factors that impact decision-making about profits and operations. Studies advanced pricing techniques that firms can use to optimize in various market structures.
3 credits
Prerequisites: ECON 101 and ECON 102; or Permission of Instructor
ECON 322 Macroeconomics IIExplores the current macroeconomic paradigm in detail and assesses its strengths and weaknesses. Uses macro theory to evaluate public policies and their likely effects. Focuses on the important distinction between the long run and the short run in macroeconomics, as well as major macroeconomic questions that remain controversial and essentially unresolved.
3 credits
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 351 International TradeExamines the economic theory of trade between nations. Observes that since World War II, there has been a trend toward increasing economic integration through trade; asks whether that trend will continue, and if it should continue. Investigates why countries engage in trade, what tools they use to conduct trade policy, and why they sometimes impose trade restrictions. Traces the development of multilateral efforts to lower trade barriers and the recent rise of regional trading blocs.
3 credits
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 353 International FinanceInvestigates the current international financial architecture, necessary for a world in which countries trade using money (rather than barter), and explains how it determines exchange rates and influences trade balances and capital flows. Assesses now macro policies that affect output levels, price levels, and interest rates influence international financial flows. Compares current international monetary arrangements with those of the past.
3 credits
Prerequisites: ECON 101 and ECON 102, or permission of instructor
ECON 361
ECON 371
ECON 399 Seminar: Special Topics in EconomicsSpecial topics for advanced students, particularly those who wish to continue beyond the ECON minor.
3 credits
Prerequisites: Junior or senior status, Econ 101 and 102 and at least one course at the 200+ level in Econ
ECON 491 InternshipAllows students to pursue an internship for credit. Economics majors may be employed in meaningful work in government, business, labor, research, and finance. Eligibility for internship requires at least second semester junior status. Forty hours are required for each credit; no more than three credits can be earned for a single internship. No more than two internships are eligible for credit. Supervision includes weekly consultation with the internship advisor and constant supervision by the onsite internship supervisor. Two evaluations are required: one by the onsite supervisor and one by the student. Pass/no pass grading system is used. Formerly ECO 488 Internship.
Credits arranged
Prerequisites: ECON 101 and ECON 102 or permission of instructor
ECON 498 Independent StudyAllows students to pursue an independent avenue of study under the direction of a faculty member.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of instructor
ECON 499 Senior Seminar in EconomicsDevelops and applies advanced macroeconomic and microeconomic theory to current issues; major research paper required. Formerly ECO 480 Senior Seminar in Economics.
3 credits
Prerequisites: ECON 101 and ECON 102 or permission of instructor.