Economics

http://www.as.wvu.edu/econ.html

Degree Offered

  • Bachelor of Arts

Nature of Program

The Department of Economics offers two majors in economics: one through the College of Business and Economics and the other through the Eberly College of Arts and Sciences.  The College of Business and Economics grants a bachelor of science in economics and the Eberly College of Arts and Sciences grants a bachelor of arts with a major in economics.

The program leading to the B.A. degree is designed for students who wish to combine fundamental training in economics with a liberal arts education.  In addition to the general education and related requirements, students have in excess of forty credit hours of unrestricted electives.

Economics students are taught to identify the costs and the benefits of a decision, which are sometimes not obvious.  The economist has the skill to identify the real consequences of a decision.  That skill is valued highly.  Economics is a useful major for anyone interested in a career in politics, business, law, Foreign Service, government, banking, or any other field in which the ability to make or analyze policy decisions is important.  The demand for people with degrees in economics, both at the graduate and undergraduate levels, is high.

Economics deals with some of today’s most pressing issues: global warming, poverty, international trade, unemployment, the income distribution, education, the deficit, the emerging economies, and national defense.

Students who earn a degree in the Eberly College of Arts and Sciences must complete the University requirements, the College requirements for their specific degree program, and their major requirements.

Minors

All students have the possibility of earning one or more minors; for more information, please consult the list of all available minors and their requirements.  Please note that students may not earn a minor in their major field.

Certificate of Global Engagement

Students in the Eberly College, regardless of their major, can earn a Certificate of Global Engagement. Completion of the Certificate demonstrates the student’s knowledge of diverse cultures, as well as the ability to communicate and interact effectively with people of different cultural backgrounds.  Students will be required to apply their knowledge of contemporary issues and global social contexts to their course work and their broader citizenship.  For details regarding Certificate requirements, please visit the Eberly College page.

 

Admission Requirements

All students are admitted directly to the Economics major.

Benchmarks Expectations

  • By the end of the 3rd semester in the major, students should have successfully completed ECON 201 and 202 with a minimum 2.5 GPA across those two courses, and MATH 126 with a C or higher.
  • By the end of the 4th semester in the major, students should have completed calculus with a C or higher and have completed ENGL 101 and 102.
  • All majors must meet with ECON department adviser each semester.  Students who do not meet their benchmarks may be removed from their major.

Click here to view the Suggested Plan of Study

General Education FOUNDATIONS

Please use this link to view a list of courses that meet each GEF requirement.

NOTE: Some major requirements will fulfill specific GEF requirements. Please see the curriculum requirements listed below for details on which GEFs you will need to select.

General Education Foundations
F1 - Composition & Rhetoric3-6
Introduction to Composition and Rhetoric
and Composition, Rhetoric, and Research
Accelerated Academic Writing
F2A/F2B - Science & Technology4-6
F3 - Math & Quantitative Skills3-4
F4 - Society & Connections3
F5 - Human Inquiry & the Past3
F6 - The Arts & Creativity3
F7 - Global Studies & Diversity3
F8 - Focus (may be satisfied by completion of a minor, double major, or dual degree)9
Total Hours31-37

Please note that not all of the GEF courses are offered at all campuses. Students should consult with their advisor or academic department regarding the GEF course offerings available at their campus.

Degree Requirements

Students must complete WVU General Education Foundations requirements, College B.A. requirements, major requirements, and electives to total a minimum of 120 hours. For complete details on these requirements, visit the B.A. Degrees tab on the Eberly College of Arts and Sciences page.

Departmental Requirements for the B.A. in Economics

Students must earn a minimum of 24 semester hours of upper-division coursework in economics. Additional recommended courses can be determined in consultation with an economics adviser.  More calculus and linear algebra are typically recommended for students.

  • Calculation of the GPA in the Major: Economics majors must maintain a grade point average of 2.0 for all economics courses and earn a grade of C- or better in ECON 301 and ECON 302. If a course is repeated, all attempts are included in the calculation of the GPA, unless the course is eligible for the D/F repeat policy.
     
  • Residence Requirement: Economics majors may take a maximum of nine of their thirty-three credit hours of economics courses out of residence.  Transfer students must take a minimum of fifteen credit hours of upper-division economics courses in residence.

General Education Foundations Requirements

UNIVERSITY REQUIREMENTS25
First Year Seminar
GEF: number may vary depending on overlap
COLLEGE REQUIREMENT12
Foreign Language
Fine Arts Requirement
Global Studies & Diversity Requirement
DEPARTMENTAL REQUIREMENTS
Mathematics Requirement:3
Select one:
Applied Calculus
Calculus 1a with Precalculus
and Calculus 1b with Precalculus
Calculus 1
Core Economics Courses15
Principles of Microeconomics
Principles of Macroeconomics
Elementary Business and Economics Statistics
Intermediate Micro-Economic Theory
Intermediate Macro-Economic Theory
Economics Electives15
Select 15 hours of Economics at the 300 or 400 level
Capstone Requirement3
American Economic History
GENERAL ELECTIVES47
Number of electives may vary depending on overlap
Total Hours120

Suggested Plan of Study

First Year
FallHoursSpringHours
WVUE 1911ENGL 101 (GEF 1)3
Foreign Language 1013GEF 23
GEF 23Foreign Language 1023
MATH 150 (GEF 3)3ECON 225 (GEF 8)3
General Elective2General Elective3
General Elective3 
 15 15
Second Year
FallHoursSpringHours
ENGL 102 (GEF 1)3ECAS Fine Arts Requirement (GEF 6)3
GEF 53ECAS Global Studies & Diversity Requirement (GEF 7)3
Foreign Language 2033Foreign Language 2043
ECON 201 (GEF 8)3ECON 202 (GEF 8)3
GEF 43General Elective3
 15 15
Third Year
FallHoursSpringHours
ECON 3013ECON 3023
ECON Elective 13ECON Elective 23
General Elective3ECON Elective 33
General Elective3General Elective3
General Elective3General Elective3
 15 15
Fourth Year
FallHoursSpringHours
ECON Elective 43ECON 481 (Capstone)3
ECON Elective 53General Elective3
General Elective3General Elective3
General Elective3General Elective3
General Elective3General Elective3
 15 15
Total credit hours: 120

Major Learning Goals

economics

Upon successful completion of the B.A. degree, Economics majors will demonstrate:

  1. Ability to use supply and demand to analyze how world events affect market equilibrium prices and quantities.
  2. Understanding of the theory of the firm and its implications for prices and production under different market structures.
  3. Understanding of the role of prices and profits and losses in coordinating economic activity.
  4. Ability to evaluate the efficiency of competitive market outcomes relative to alternative arrangements.
  5. Ability to explain how GDP, the unemployment rate, inflation, interest rates, and economic growth are measured, to distinguish between real and nominal variables, and to explain the significance of these measures.
  6. Understanding of and ability to analyze the determinants of long-run variations in national economic growth rates, wealth, and income.
  7. Understanding of and ability to analyze the determinants of short-run fluctuations of economic variables over the business cycle.
  8. Understanding of the goals and tools of monetary and fiscal policy.

Economics Minor

Minor Code - U003

To earn a minor in economics, a student must complete the following courses with a grade point average of 2.0 or better:

Core Economics Courses: 12
Principles of Microeconomics
Principles of Macroeconomics
Intermediate Micro-Economic Theory
Intermediate Macro-Economic Theory
Economics Electives: 6
Select any two economics courses at the 300-level or above.
Total Hours18

ECON 201. Principles of Microeconomics. 3 Hours.

PR: Sophomore standing. Introductory microeconomics analysis. Competitive behavior of firms, price determination, efficiency in production and equity in distribution. Pre-requisite(s) and/or co-requisite(s) may differ on regional campuses.

ECON 202. Principles of Macroeconomics. 3 Hours.

PR: ECON 201 or ARE 150. Introductory macroeconomics analysis, prerequisites are not enforced at WVUIT and Potomac State campuses. Aggregate demand and supply, saving, investment, the level of employment and national income determination, monetary and fiscal policy.

ECON 225. Elementary Business and Economics Statistics. 3 Hours.

PR: Sophomore standing and MATH 123 with a grade of C- or better or MATH 126 with a grade of C- or better or MATH 129 with a grade of C- or better or MATH 153 with a grade of C- or better or MATH 154 with a grade of C- or better or MATH 150 or MATH 155 or MATH 156. Basic concepts of statistical models, distributions, probability, random variables, tests of hypotheses, confidence intervals, regression and correlation with emphasis on business and economics examples. (Equivalent to STAT 211.).

ECON 293. Special Topics. 1-6 Hours.

PR: Consent. Investigation of topics not covered in regularly scheduled courses.

ECON 301. Intermediate Micro-Economic Theory. 3 Hours.

PR: ECON 201 with a minimum grade of C-. Consumer choice and demand; price and output determination of the firm, and resource allocation, under different market structures; welfare economics, externalities, public goods, and market failure; general equilibrium; other topics.

ECON 302. Intermediate Macro-Economic Theory. 3 Hours.

PR: ECON 201 and ECON 202 with a minimum grade of C- in each. Forces which determine the level of income, employment, output, the inflation rate, and the balance of trade. Particular attention to consumer behavior, investment determination, and government fiscal and monetary policy.

ECON 306. History of Economic Thought. 3 Hours.

PR: ECON 201 and ECON 202. Economic ideas in perspective of historic development.

ECON 331. Money and Banking. 3 Hours.

PR: ECON 201 and ECON 202. The U.S. monetary and banking system and its functional relationship to the economic system; monetary theory and policy.

ECON 411. Moral Foundations of Capitalism. 3 Hours.

PR: ECON 201 and ECON 202. Introduction to the moral foundations of capitalism. Compare and contrast alternative ethical systems using economic analysis when relevant.

ECON 421. Introduction to Mathematical Economics. 3 Hours.

PR: ECON 201 and ECON 202 and (MATH 150 or MATH 155 or MATH 156). Principal mathematical techniques including set operation, matrix algebra, differential and integral calculus employed in economic analysis. Particular attention given to static (or equilibrium) analysis, comparative-static analysis and optimization problems in economics.

ECON 425. Introductory Econometrics. 3 Hours.

PR: ECON 201 and ECON 202 and (ECON 225 or STAT 211). Analysis of economic models using basic econometric methods. Specification, computation, and interpretation of linear regression.

ECON 441. Public Economics. 3 Hours.

PR: ECON 202. Economic roles of the public sector. Particular attention to market failure, redistributing income, the financing of public sector activities, relationships between federal, state, and local governments, and public choice.

ECON 445. Government and Business. 3 Hours.

PR: ECON 201 and ECON 202. Examination of market structure, conduct, and performance. Analysis of market regulation including antitrust laws and regulation of monopolies.

ECON 451. International Economics. 3 Hours.

PR: ECON 201 and ECON 202. Development of trade among nations; theories of trade; policies, physical factors, trends, barriers to trade. Determination of exchange rates. Open economy macroeconomics.

ECON 453. Economic Transition in Europe. 3 Hours.

PR: ECON 201 and ECON 202. Socialism and transition from socialism to capitalism. The experiences of the European transitional economies. Requires travel to one of the transitional economies at the student's expense.

ECON 454. Comparative Economic Systems. 3 Hours.

PR: ECON 201 and ECON 202. Structure and processes of existing economic systems including capitalism, planned socialism, and market socialism. Problems encountered by economies in transition from planned socialism to capitalism.

ECON 455. Economic Development. 3 Hours.

PR: ECON 202. The problems, changes, and principal policy issues faced by non-industrialized countries.

ECON 461. Regional Economics. 3 Hours.

PR: ECON 201 and ECON 202. Analysis of the regional economy's spatial dimension, emphasizing interregional capital and labor mobility, the role of cities, objectives and issues of regional policy, lagging regions and Appalachia, growth poles, and regional growth and income distribution.

ECON 462. Urban Economics. 3 Hours.

PR: ECON 201 and ECON 202. Analyzes growth, decline, and socioeconomic problems of cities. Topics include the development of cities, urban spatial structure and land-use patterns, poverty and discrimination, housing, urban transportation and congestion, local government structure, and urban fiscal problems.

ECON 465. Health Economics. 3 Hours.

PR: ECON 201 and (ECON 225 or STAT 211). Health economics applies the tools of economics and econometrics to issues of the organization, delivery and financing of health care.

ECON 471. Labor Economics. 3 Hours.

PR: ECON 201 and ECON 202. Labor market analysis. Topics include wage and employment determination, human capital theory, discrimination, unemployment, migration, effects of unions and government regulation, and life-cycle patterns of work.

ECON 481. American Economic History. 3 Hours.

PR: ECON 202. Central issues in the development of the American economy.

ECON 490. Teaching Practicum. 1-3 Hours.

PR: Consent. Teaching practice as a tutor or assistant.

ECON 491. Professional Field Experience. 1-18 Hours.

PR:Consent. (May be repeated up to a maximum of 6 hours.) Prearranged experiential learning program, to be planned, supervised, and evaluated for credit by faculty and field supervisors. Involves temporary placement with public or private enterprise for professional competence development.

ECON 493. Special Topics. 1-6 Hours.

PR: Consent. Investigation of topics not covered in regularly scheduled courses.

ECON 494. Seminar. 1-3 Hours.

PR: Consent. Presentation and discussion of topics of mutual concern to students and faculty.

ECON 495. Independent Study. 1-6 Hours.

Faculty supervised study of topics not available through regular course offerings.

ECON 496. Senior Thesis. 1-3 Hours.

PR: Consent.

ECON 498. Honors. 1-3 Hours.

PR: Students in Honors Program and consent by the honors director. Independent reading, study or research.


Faculty

Chair

  • Clifford B. Hawley - Ph.D. (Duke University)

Professors

  • Roger Congleton - Ph.D. (Virginia Polytechnic Institute and State University)
  • Clifford B. Hawley - Ph.D. (Duke University)
  • Brad Humphreys - Ph.D. (Johns Hopkins University)
    Sports Economics, Economics of Gambling

Associate Professors

  • Arabinda Basistha - Ph.D. (University of Washington)
    Empirical Macroeconomics
  • Brian J. Cushing - Ph.D. (University of Maryland)
    Population Migration & Poverty
  • John Deskins - Ph.D. (University of Tennessee)
    Director Bureau of Business & Economic Research
  • Stratford M. Douglas - Ph.D. (University of North Carolina)
    Energy Economics & Applied Econometrics
  • Joshua Hall - Ph.D. (West Virginia University)
    Applied Microeconomics
  • Shuichiro Nishioka - Ph.D. (University of Colorado at Boulder)
    International Trade & Economic Development
  • Jane Ruseski - Ph.D. (Johns Hopkins University)
    Associate Director Bureau of Business & Economic Research
  • Feng Yao - Ph.D. (Oregon State Univ)
    Theoretical and Applied Econometrics

Assistant Professors

  • Gregory DeAngelo - Ph.D. (University of California at Santa Barbara)
    Applied Microeconomics
  • Daniel Grossman - Ph.D. (Cornell University)
    Health Economics & Public Economics
  • Bryan McCannon - Ph.D.
  • Adam Nowak - Ph.D. (Arizona State University)
    Econometrics, Financial Economics
  • Eric Olson - Ph.D. (University of Alabama)
    Macroeconomics, Monetary Policy & Financial Economics

Professors emeriti

  • Robert D. Britt
    Emeritus
  • Ming-jeng Hwang - Ph.D. (Texas A&M University)
    Emeritus
  • Kern Kymn
    Emeritus
  • Patrick C. Mann - Ph.D. (Indiana University)
    Emeritus
  • Tom S. Witt - Ph.D. (Washington University)
    Econometrics, Energy Economics, Regional Economics
  • William Reece - Ph.D. (Washington University)

Adjunct professors

  • Victor Chow - Ph.D. (University of Alabama)
    Business Finance, Security Analysis & Portfolio Management
  • Randall Jackson - Ph.D. (University of Illinois at Urbana-Champaign)
    Regional Economic Development
  • David Martinelli - Ph.D. (University of Maryland)
  • Timothy Phipps - Ph.D. (University of California)
    Applied Econometrics
  • Peter Schaeffer - Ph.D. ( University of Southern California)
    Economic Policy & Regional & Rural Economics & Development

Adjunct associate professors

  • Ashok Abbott - Ph.D. (Virginia Tech)
  • Paul Speaker - Ph.D. (Purdue University)
    Economic Modeling

Visiting Assistant Professor

  • Judge (Earl) Glock - Ph.D. (Rutgers University)
    American Economic History, History of Centeral Banking and Money
  • Umair Khalil - Ph.D. (University of Rochester)
    Applied Microeconomics
  • Michael Sacks - Ph.D. (University of California, Irvine)
    Economics of Innovation, Industrial Organization, Public/Club Theory, Game Theory