Economics
Major and minor offered

Economics is broadly defined as the study of the allocation of scarce resources among alternative uses. It studies the behavior of individual economic decision-makers (namely consumers, firms, workers and government policy-makers) and how they respond to changing incentives. It also examines nations’ overall economic condition — their output, price level, level of employment and economic growth — and the interactions, exchanges and relationships of nations in the world economy. Economics evaluates the efficiency and equity of economic outcomes and studies the role of government in the economy and people’s lives. The economics curriculum is designed to familiarize the student with economic theory, to provide knowledge about economic institutions, to foster the development of skills in applying economic analysis to contemporary issues, and to create a foundation for intelligent citizenship.

Many students combine their interest in economics with another discipline. They may double major by satisfying the requirements in economics and another department; they may elect a combined major with African studies, Canadian studies or environmental studies; or they may pursue the interdisciplinary major in economics-mathematics (see page 95).

Economics majors find many opportunities for careers in business, law, teaching and government. Upon graduation, students who have majored in economics generally pursue one of two paths: some enter directly into employment, while others enter graduate programs in economics, law, business or public administration.

Major Requirements

A major in economics consists of nine to 12 units in economics, including Economics 100, 200, 251 and 252. Majors must take a minimum of four economics electives at the 200 level or higher (at least three must be at the 300 level). Also required is one unit from the department's Senior Year Experience offerings: Economics 450 (Senior Seminar), 489/490 (Senior Independent Project) or 495/498/499 (Senior Honors Project). Majors must maintain a grade point average in economics of at least 2.0 and must earn a grade of at least 2.0 in both Economics 251 and 252.

Students interested in majoring in economics should take Economics 100 (Introduction to Economics) as early as possible, preferably during their first year. Credit for Economics 100 will be granted to students who earn a grade of 4 or 5 on the College Board's Advanced Placement Examinations in microeconomics or macroeconomics.

Economics 200 (Quantitative Methods in Economics) is a research methods course required of all majors. It is recommended that this course be taken as early as possible, preferably before Economics 251 and 252. Students who are less confident in their mathematical skills should take Mathematics 113 (Applied Statistics) prior to Economics 200. Students who have taken Mathematics 113 and either Mathematics 135 or 136 and earned at least a 3.0 in both or who have completed Mathematics 213 may choose an additional economics elective (at the 200 or higher level) in lieu of Economics 200.

Economics 251 (Intermediate Microeconomic Theory) and Economics 252 (Intermediate Macroeconomic Theory) are economic theory courses required of all majors. Every 300- and 400-level course in economics has either Economics 251 or Economics 252 as a prerequisite. Potential majors are advised to take Economics 251 and Economics 252 during the sophomore year. First-year students can register for Economics 251 and Economics 252 by permission only.

It is expected that Economics 251 and 252 be taken at St. Lawrence. Exceptions to this policy are granted only to transfer students in special cases. Courses taken at other universities or as part of off-campus study programs do not normally satisfy the 300-level requirement.

Although Accounting 203 and 204 do not count toward the major in economics, it is strongly recommended that economics majors take one or both of these courses at some point during their time at St. Lawrence. Students should work closely with their academic advisors to select courses for the major and those interested in graduate programs should plan accordingly.

Students interested in graduate study in economics are advised to pursue the economics-mathematics interdisciplinary major or to take as many courses in that major as possible. Students interested in graduate work in business are advised to take Accounting 203 and 204, Computer Science 140 (Introduction to Computer Programming), Mathematics 135 (Calculus I) and Economics 313 (Financial Economics).

Minor Requirements

A minor in economics consists of at least six courses in economics including Economics 100, 200, 251 and 252. Students may substitute an additional economics elective for Economics 200 if they have taken Mathematics 113 or Psychology 205. Minors must maintain a grade point average in economics of at least 2.0.

Certification to Teach Social Studies

Students seeking initial certification as a 7-12 ­social studies teacher in New York can major in economics. In addition to completing the certification minor in education, students majoring in economics must also take one government course (Government 103, Introduction to American Politics is recommended if no other government course is taken); History 101 (The Rise of Europe), 102 (The 20th-Century World), 103 (Development of the United States, 1607 to 1877) and 104 (Development of the United States, 1878 to present); Global Studies 102 (Introduction to GS II: Race, Culture and Identity); and at least one course in the major that illuminates U.S. and/or world history and geography. Students are also encouraged to take courses in other social sciences and area studies to round out their preparation for teaching social studies.

Economics majors intending to complete student teaching in the University’s Post-Baccalaureate Teacher Certification Program after graduation must complete the educational studies -minor in education (or its equivalent) as undergraduates and all the social science requirements listed above (or their equivalents). -Consult the Education section of this Catalog and/or speak to the coordinator of the teacher -education program in the education department as early as possible.

Honors

Department honors are awarded to students who have, upon graduation, at least a 3.5 average in economics courses and have successfully completed an honors project. Students who expect to pursue an honors project should consult with the department chair in the last semester of their junior year.

Professors

Robert Allen Blewett, B.S., California State Polytechnic; M.A., Ph.D., Virginia Polytechnic
Professor of Economics

Steven G. Horwitz, A.B., Michigan; M.A., Ph.D., George Mason
Professor of Economics and Associate Dean of the First-Year

Jeffrey Thomas Young, B.A., Maine; Ph.D., Colorado
Hepburn Professor of Economics

Brian Eugene Chezum, B.A., Coe; Ph.D., Kentucky
Associate Professor of Economics and Chair of Department

Alison F. Del Rossi, B.A., Delaware; Ph.D., Pennsylvania
Associate Professor of Economics

Peter Winfield FitzRandolph, B.A., Rochester; M.A., Ph.D., Tufts
Associate Professor of Economics

Michael Allan Jenkins, B.S., Bridgewater College; M.A., Ph.D., Pennsylvania State
Eggleston Associate Professor of Economics

Catherine Boulatoff, M.S., University Catholique de L’Ouest; Ph.D., Utah
Assistant Professor of Economics

Natalia Ovchinnikova, Ph.D., University of Nebraska-Lincoln; Ph.D., Moscow State
Assistant Professor of Economics