2017-18 Academic Catalog

Economics

Major Advisor: Travis Wiseman, Ph. D.
Office: 210 McCool Hall

Economics is the scientific study of how people and institutions make choices concerning the use of society’s scarce resources. It is a broad social science that shares common interests with both the behavioral sciences (e.g. sociology and psychology) and the decision sciences (e.g. finance and management). The importance of economic analysis is recognized by being the only social science in which a Nobel Prize is awarded. Economics students receive training in the methods and uses of economic analysis as applied to households, businesses, and governments.

The study of economics offers students many career options. Economics majors are found pursuing careers in industry, trade, finance, law, government, and education. An economics major or minor also helps prepare the student for graduate professional training in business, public administration, and law. The flexibility of the economics major is reflected in relatively high starting salaries and lifetime earnings of economists. Undergraduates at Mississippi State may pursue an economics major through either the College of Arts & Sciences (B.A. degree) as described below or through the College of Business and Industry (B.B.A. degree). The business program in economics is described later in this Bulletin.

Economics Major

Students seeking the B.A. with a major in economics are required to complete all College of Arts & Sciences core and University general education requirements. Majors must also complete the program of study on this page, including 12 hours of advanced electives. Elective courses should be chosen with the advisor’s approval and used to enhance the student’s overall program. Although not required, economics majors may elect to pursue a minor in another discipline with the advisor’s approval. Only grades of C or higher will be accepted for EC courses that are counted toward the major.

Economics Minor

A minor in economics is attained by selecting, in consultation with the economics minor advisor, at least 15 hours of economics course work. Three hours of courses from finance (FIN) or agricultural economics (AEC) may be applied to the economics minor with approval from the advisor. All economics minors must register with the economics minor advisor in the Department of Finance and Economics, 312 McCool Hall. Students with majors in business, engineering, agriculture, the social sciences, mathematics, and pre-law are especially encouraged to consider the economics minor. Only grades of C or higher will be accepted for courses to counted toward the minor.

Advising and Honors Organization

Academic advising and career counseling are available from the economics faculty for both majors and minors. Students interested in the study of economics should contact the Department of Finance and Economics, 312 McCool Hall. Any student who completes 12 credit hours of economics with at least a 3.0 GPA and has an overall GPA of 3.0 or higher is eligible for membership in Omicron Delta Epsilon, the international honor society in economics.

General Education and College Requirements

English Composition
EN 1103English Composition I3
or EN 1163 Accelerated Composition I
EN 1113English Composition II3
or EN 1173 Accelerated Composition II
Foreign Language
3 semesters - one Foreign Language (see advisor)9
Humanities
Literature - see General Education courses3
History - see General Education courses3
Humanities Elective 19
Philosophy Elective - see General Education courses3
Math
MA 1613Calculus for Business and Life Sciences I3
ST 2113Introduction to Statistics3
Fine Arts
See A&S Core Requirements3
Natural Sciences
Physical Science w/Lab 23-4
Biological Science w/Lab 33-4
Natural Science Elective 43-4
Social Sciences 5
Met in major requirement3
PS 1113American Government3
AN 1103Introduction to Anthropology3
PSY 1013General Psychology3
PS 1513Comparative Government3
SO 1003Introduction to Sociology3
Major Core
EC 2113Principles of Macroeconomics3
EC 2123Principles of Microeconomics3
EC 3113Intermediate Macroeconomics3
EC 3123Intermediate Microeconomics3
EC 4643Economic Forecasting and Analysis3
EC Upper Division Electives12
Oral Communication Requirement
CO 1003Fundamentals of Public Speaking3
Writing Requirement
EC 3113Intermediate Macroeconomics3
EC 4643Economic Forecasting and Analysis3
Computer Literacy
BIS 1012Introduction to Business Information Systems2
or TKT 1273 Computer Applications
General Electives
General Electives - See advisor20
Total Hours124

(31 hours must be A&S 3000/4000 work)

1

Must be selected from 2 different areas. Not required to be selected from core listing; may have to be taken at Upper Division level to meet 32 hours A&S UD requirement.

2

CH, GG, or PH; see General Education courses.

3

BIO, EPP, or PO; see General Education courses.

4

Consult advisor.

5

Must be from 2 different areas and must cross 4 disciplines over the 18 hours. Only one Economics allowed. See advisor.


Courses

EC 1001 First Year Seminar: 1 hour.

One hour lecture. First-year seminars explore a diverse arrary of topics that provide students with an opportunity to learn about a specific discipline from skilled faculty members

EC 1033 Economics of Social Issues: 3 hours.

Three hours lecture. Basic economic principles introduced and developed through the study of important social issues such as unemployment, health care, poverty, crime, pollution, inflation, and government debt. (Not open to students with prior credit in Principles of Economics)

EC 2113 Principles of Macroeconomics: 3 hours.

(Prerequisite: Sophomore standing.) Three hours lecture. Introduction to macroeconomics: free enterprise principles, policies, institutions; national income, employment, output, inflation, money, credit, business cycles, and government finances

EC 2123 Principles of Microeconomics: 3 hours.

(Prerequisite: Sophomore standing.) Three hours lecture. Introduction to microeconomics: emphasizes American industrial structure, demand and supply, pricing and output, income distribution, factor pricing, international trade

EC 2990 Special Topics in Economics: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

EC 3113 Intermediate Macroeconomics: 3 hours.

(Prerequisites: EC 2113 and EC 2123). Measurement and determination of national income, employment, and output; economic significance of consumption, saving, investment, foreign trade, money and prices, fiscal and monetary policy

EC 3123 Intermediate Microeconomics: 3 hours.

(Prerequisites: EC 2113 and EC 2123). Theory and application of microeconomics; demand, supply, optimal consumer choice, production, cost, profit-maximizing pricing and output decisions, employment of resources, externalities, efficiency and welfare

EC 3333 Managerial Economics: 3 hours.

(Prerequisites: EC 2113 and EC 2123). Three hours lecture. The application and use of economic models in analyzing and solving selected problems of the firm such as product pricing, product mix, demand forecasting, market analysis

EC 3423 Economics of Regulation and Antitrust: 3 hours.

(Perquisites: EC 2113 and EC 2123). Three hours lecture. Examination of the evolution and composition of the economic relationship between government and business in the U.S., focusing on regulation and antitrust

EC 3513 Comparative Economic Policy: 3 hours.

(Perquisites: EC 2113 and EC 2123 or consent of instructor). Three hours lecture. Comparative analysis of major government policies, economic structure, institutions around the world, emphasis on the organization o production and distribution of good and resources

EC 4000 Directed Individual Study in Economics: 1-6 hours.

Hours and credits to be arranged

EC 4043 Survey of Economics: 3 hours.

(Prerequisite: Senior or Graduate standing). Three hours lecture. Introduction to macro and microeconomics, national income accounts, monetary system, macroeconomic policy, international trade, supply and demand, distribution of income, markets, pricing,and output. (Not open to BACC or BBA Business majors )

EC 4183 U.S. Economic History: 3 hours.

(Prerequisite: Completion of any 1000-level history course). Three hours lecture. An intensive study of economic change in the United States and its impact on political and social development. (Same as HI 4183/6183)

EC 4213 Personnel Economics: 3 hours.

(Prerequisites: EC 2113 and EC 2123). Three hours lecture. Economic analysis of human resource issues within business organizations. Theoretical examination of hiring standards, productivity, compensation schemes, training, teamwork, incentives, benefits, worker empowerment, and evaluation

EC 4223 Labor Law and Employment Policy: 3 hours.

(Prerequisites: Three hours credit of economics or consent of instructor). Three hours lecture. Examination of the legal and regulatory environment of the employment relation- ship in today's American economy; including, unionization, equal employment opportunity, occupational health and safety

EC 4233 Labor Economics: 3 hours.

(Perquisites: EC 2113, EC 2123, and EC 3123). Three hours lecture. Labor Market behavior of households and firms. Emphasizes wage determination, optimal employment decision, income distributions, unionization, human capital, and discrimination

EC 4303 International Economic Development: 3 hours.

(Perquisites: EC 2113 and EC 2123). Three hours lecture. An analysis of problems facing developing economies and polices designed to promote economic growth with an emphasis on income distribution, trade, agriculture, industry, and technology

EC 4323 International Economics: 3 hours.

(Prerequisite: EC 2113 and EC 2123).Three hours lecture. The nature of international trade.International theory. Economic analysis of the movement of goods,resources, and financial assets across national borders

EC 4423 Public Finance: 3 hours.

(Perquisites: EC 2113,EC 2123 and EC 3123). Three hours lecture. Economics of the public sector. Analysis of government’s influence on distribution, allocation, and stabilization functions. Emphasis on public goods, externalities, social insurance, and taxation

EC 4433 State and Local Finance: 3 hours.

(Perquisites: EC 2113 and EC 2123). Three hours lecture. Fiscal and economic effects of state and local budgets; alternative tax and expenditure models; fiscal administration and budgeting with emphasis on local economic development

EC 4443 Economics of Education: 3 hours.

(Prerequisites: EC 2123 or instructor consent). Three hours lecture. Examines provision of education using economic theory. Topics include research methods, education production functions, school finance, labor market outcomes, economic growth, teacher quality, school accountability, equity, and access to higher education

EC 4523 History of Economic Thought: 3 hours.

(Prerequisites: EC 2113 and EC 2123 or consent of instructor). Three hours lecture. Survey of economic ideas from Ancient Greece to present, emphasizing the changing foci and methodologies of economics relative to economic problems perceived at the time

EC 4643 Economic Forecasting and Analysis: 3 hours.

(Prerequisites: EC 2113,EC 2123, and BQA 2113 (or equivalent) or consent of the instructor). Three hours lecture. Forecasting tools and econometric estimation techniques utilizing regression,exponential smoothing, decomposition, frontier analysis, etc. Real-world data, business applications, and model building are emphasized

EC 4713 Industrial Organization: 3 hours.

(Perquisites: EC 2113,EC 2123 and EC 3123). Three hours lecture. Behavior of firms in imperfectly competitive market. Analysis of market structure, strategic interaction, price and non-price competition with emphasis on the implication for public policy

EC 4990 Special Topics in Economics: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

EC 6183 U.S. Economic History: 3 hours.

(Prerequisite: Completion of any 1000-level history course). Three hours lecture. An intensive study of economic change in the United States and its impact on political and social development. (Same as HI 4183/6183)

EC 6213 Personnel Economics: 3 hours.

(Prerequisites: EC 2113 and EC 2123). Three hours lecture. Economic analysis of human resource issues within business organizations. Theoretical examination of hiring standards, productivity, compensation schemes, training, teamwork, incentives, benefits, worker empowerment, and evaluation

EC 6223 Labor Law and Employment Policy: 3 hours.

(Prerequisites: Three hours credit of economics or consent of instructor). Three hours lecture. Examination of the legal and regulatory environment of the employment relation- ship in today's American economy; including, unionization, equal employment opportunity, occupational health and safety

EC 6303 International Economic Development: 3 hours.

(Perquisites: EC 2113 and EC 2123). Three hours lecture. An analysis of problems facing developing economies and polices designed to promote economic growth with an emphasis on income distribution, trade, agriculture, industry, and technology

EC 6323 International Economics: 3 hours.

(Prerequisite: EC 2113 and EC 2123).Three hours lecture. The nature of international trade.International theory. Economic analysis of the movement of goods,resources, and financial assets across national borders

EC 6423 Public Finance: 3 hours.

(Perquisites: EC 2113,EC 2123 and EC 3123). Three hours lecture. Economics of the public sector. Analysis of government’s influence on distribution, allocation, and stabilization functions. Emphasis on public goods, externalities, social insurance, and taxation

EC 6433 State and Local Finance: 3 hours.

(Perquisites: EC 2113 and EC 2123). Three hours lecture. Fiscal and economic effects of state and local budgets; alternative tax and expenditure models; fiscal administration and budgeting with emphasis on local economic development

EC 6443 Economics of Education: 3 hours.

(Prerequisites: EC 2123 or instructor consent). Three hours lecture. Examines provision of education using economic theory. Topics include research methods, education production functions, school finance, labor market outcomes, economic growth, teacher quality, school accountability, equity, and access to higher education

EC 6523 History of Economic Thought: 3 hours.

(Prerequisites: EC 2113 and EC 2123 or consent of instructor). Three hours lecture. Survey of economic ideas from Ancient Greece to present, emphasizing the changing foci and methodologies of economics relative to economic problems perceived at the time

EC 6643 Economic Forecasting and Analysis: 3 hours.

(Prerequisites: EC 2113,EC 2123, and BQA 2113 (or equivalent) or consent of the instructor). Three hours lecture. Forecasting tools and econometric estimation techniques utilizing regression,exponential smoothing, decomposition, frontier analysis, etc. Real-world data, business applications, and model building are emphasized

EC 6990 Special Topics in Economics: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

EC 7000 Directed Individual Study in Economics: 1-6 hours.

Hours and credits to be arranged

EC 8000 Thesis Research/ Thesis in Economics: 1-13 hours.

Hours and credits to be arranged

EC 8063 Foundations of Microeconomic Theory: 3 hours.

(Prerequisite: Graduate standing.) Three hours lecture. Exposition of the theoretical foundations to microeconomic theory: market process, price mechanism, exchange and production, cost and supply, non-market decision making, and the international economy

EC 8103 Economics for Managers: 3 hours.

(Prerequisites: Graduate Standing and FIN 3123 or equivalent). Three hours lecture. Primarily for masters level candidates. Exposition of the fundamental theoretical and analytical tools of economics used by business managers engaged in decision making

EC 8113 Labor Theory and Analysis: 3 hours.

(Prerequisites: Graduate Standing). Three hours lecture. Theoretical and empirical examination of labor market processes and policy; Wage determination, resource allocation, labor mobility, human capital investment, discrimination and income distribution

EC 8123 8123 Mathematics for Economists: 3 hours.

(Prerequisite: Graduate standing.) Three hours lecture. The course covers topics in linear algebra, logic and set theory, topology, real analysis, and optimization theory

EC 8133 Econometrics I: 3 hours.

(Prerequisite: AEC 8413 or consent of instructor). Econometric theory and methods. Topics include the classical linear regression model, maximum likelihood estimation, generalized least squares, and estimation with panel data. equations

EC 8143 Econometrics II: 3 hours.

(Prerequisite: EC 8133). A continuation of EC 8133. Topics include advanced theories of simultaneous equations estimation methods, time series econometrics, and estimation with qualitative and limited dependent variables

EC 8163 Microeconomics I: 3 hours.

(Prerequisite: EC 3123 or EC 8103 or equivalent). Three hours lecture. Survey of demand analysis, production, cost, and supply relationships, analysis of pricing under competitive and noncompetitive conditions, analysis of income distribution with emphasis on input pricing

EC 8173 Macroeconomics I: 3 hours.

(Prerequisites: EC 3113, EC 3123, and one semester of calculus, or consent on instructor). Three hours lecture. Synthesis of short and long run analysis of the macroeconomy with special emphasis on the role of fiscal and monetary policy

EC 8263 Microeconomics II: 3 hours.

(Prerequisite: EC 8163 ). Three hours lecture. An exposition of general equilibrium theory, the theory of welfare economics and the economics of information

EC 8273 Macroeconomics II: 3 hours.

(Prerequisites: EC 8173 or equivalent). Three hours lecture. Examination of the modern macroeconomic synthesis. Studies in dynamic economic growth, rational expectations, monetarism, disequilibrium analysis, and open market economies

EC 8313 Regional Economic Analysis: 3 hours.

(Prerequisities:EC 4313/6313 and EC 8133 or equivalent or consent of instructor). Three hours lecture. Theories and tools. Includes economic base, recursive and simultaneous equation econometric models, input-output analysis, and mixed models

EC 8403 Game Theory: 3 hours.

(Prerequisite: AEC 8163 or EC 8163 or consent of instructor).Three hours lecture. An exploration of how agencies interact strategically. (Same as AEC 8403)

EC 8423 Public Finance: 3 hours.

(Prerequisite: Graduate standing). Three hours lecture. Foundations of public finance: the role of government, major government expenditures, optimal taxation, and applied research methods

EC 8473 Public Choice: 3 hours.

(Prerequisite: Graduate Standing). Three hours lecture. A survey of public choice, also known as political economy, rational choice theory, or the economics of politics. The goal is to provide students with a general framework within which public sector policies and decisions can be evaluated

EC 8643 Applied Economic Skills: Advanced Estimation and Diagnostics of Econometric Models: 3 hours.

(Prerequisites: EC 8133 and EC 8143 or consent of the instructor). Advanced econometric tools, diagnostics, and estimation techniques with an emphasis on applied economic model building. Application of econometric theory to real- world problems and issues

EC 8653 Microeconometrics: 3 hours.

(Prerequisite: Graduate standing.) Topics include discrete choice models, truncated and censored regression models, sample selection models, duration models, variance estimation, matching and propensity score methods, measurement error, and panel data models. The econometric concepts are illustrated using economic applications

EC 8990 Special Topics in Economics: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

EC 9000 Dissertation Research/ Dissertation in Economics: 1-13 hours.

Hours and credits to be arranged