Economics Major and Minor Requirements
Developing a student's ability to "think like an economist" may be taken as the primary purpose of an undergraduate economics education. This involves a number of distinctive elements: using deductive reasoning in conjunction with simplified models to understand economic phenomena; identifying trade-offs in the context of constraints; distinguishing positive (what is) from normative (what should be) analysis; tracing the implications of possible changes in economic institutions or policies; critically examining data to evaluate and refine our understanding of the economy; and creatively framing economic problems and policy questions in ways that suggest novel approaches to their resolution.
These cognitive abilities and modes of thought are enriched by breadth and depth of knowledge, and by the general forms of knowledge that cut across disciplines. Economic reasoning contains not only logic and facts, but also analogies, stories, and value premises. Context-political, historical, and cultural-is important. In formulating economic arguments, students learn to make important connections between economics and other realms of human understanding. In the economics major, we share with other disciplines the desire to empower students with a self-sustaining capacity to think and learn.
At Carthage, the major is rooted in two introductory courses designed to engage students in economic thinking and to demonstrate its applicability to a variety of issues in microeconomics and macroeconomics. The basic principles introduced here are reinforced and refined in the trunk of the major consisting of the intermediate-level theory courses and quantitative methods.
Breadth in the major, the various branches of the tree, is achieved through offering a select number of upper level electives, each of which emphasizes contextual inquiry and active learning, and draw upon a broad array of source materials. Elective work will often include student internships in economics and foreign study tours offered by departmental faculty. As the capstone to their work in the major, students are asked to complete the economic seminar course, which includes a survey of the history of economic thought, and to complete a Senior Thesis approved by a faculty advisor and presented to departmental faculty and students.
Economics Major
1st or 2nd year:
| ECON 101 | Principles of Microeconomics |
| ECON 102 | Principles of Macroeconomics |
| or | |
| ECON 103 | Issues in Economics |
2nd or 3rd year:
| ECON 251 | Intermediate Microeconomics |
| ECON 252 | Intermediate Macroeconomics |
| BUSA/ECON 333 | Applied Statistics for Economics & Management |
3rd or 4th year:
Three (3) or four (4) electives in economics from courses 250 or above. Note: Students who have taken ECON 101 and ECON 102 may meet this diversity requirement by taking only three elective courses; students who have taken only ECON 103 are required to take four elective courses.
4th year:
| ECON 440 | Seminar & History of Economic Thought |
| | Senior Thesis |
Economics Minor
| ECON 101 | Principles of Microeconomics |
| ECON 102 | Principles of Macroeconomics |
| or | |
| ECON 103 | Issues in Economics |
| BUSA/ECON 333 | Applied Statistics for Economics & Management |
| ECON 251 | Intermediate Microeconomics |
| and/or | |
| ECON 252 | Intermediate Macroeconomics |
Note: Students who have taken ECON 101 and ECON 102 may take only one of the intermediate level courses; students who have taken only ECON 103 are required to take both intermediate level courses. Two (2) field electives in economics from courses 250 or above.
Honors in the Major
Please see department chair for details. Basic requirements are listed under All College Programs in the catalog.
INTERNATIONAL POLITICAL ECONOMY
The major and program in International Political Economy at Carthage is designed for students who wish to focus their work in economics, political science, and management on the evolving web of global relationships, and the public policy decisions that help shape and direct today's global economy. Because the major is broadly cross-disciplinary and rooted in both historical and philosophical traditions, students entering the program should be able to show a strong record of achievement in their general education coursework. Additionally, the major asks that students have an ability to engage in abstract and theoretical thought, a desire to engage in written and oral debate, and a broad interest in contemporary world affairs and a genuine concern for its peoples.
The major consists of 48 credits:
| ECON 103 | Issues in Economics |
| ECON 328 | International Trade and Finance |
| ECON 403 | International Political Economy |
| ECON/POLS 405 | Seminar in International Political Economy |
| POLS 105 | Introduction to International Relations |
| POLS 205 | Philosophical Foundations of Political Economy |
| MGMT 371 | International Management |
Choice of one:
| ECON 251 | Intermediate Microeconomics |
| ECON 252 | Intermediate Macroeconomics |
Choice of three:
| ECON 271/471 | Topics in Economics |
| ECON 330 | Law and Economics |
| POLS 271/471 | Topics in Political Science |
| MGMT 373 | The International Legal Environment of Business |
| ACCT 375 | International Accounting and Finance |
| GEOG 206 | The Human Landscape |
| GEOG 215 | Economic Geography |
| GEOG 349 | Transportation Geography and Business Logistics |
| FREN 308 | The French-Speaking World |
| or | |
| GERM 308 | The German-Speaking World |
| or | |
| SPAN 308 | The Spanish-Speaking World |
Choice of one:
| ECON/BUSA 333 | Applied Statistics for Economics and Management |
| SOCS 233 | Behavioral Research Statistics |