Missouri State University

Office of the Registrar

2013-2014 Undergraduate Catalog

Preliminary Edition
published April 2013

Department of Economics

Strong Hall, Room 351, Phone: (417) 836-5516, Fax: (417) 836-4236
Email: Economics@missouristate.edu
Website: http://www.missouristate.edu/econ/
Department Head: Professor Ardeshir J. Dalal, Ph.D.

Faculty (as of July 12, 2012)

Professors:  Mahua Barari Mitra, Ph.D.; Reed N. Olsen, Ph.D.

Associate Professors: Terrel A. Gallaway, Ph.D.; David M. Mitchell, Ph.D.; Sharmistha Self, Ph.D.

Assistant Professor: Christina Robinson, Ph.D.

Senior Instructor: Julie H. Gallaway, Ph.D.

Instructors: Scott E. Bloom, M.A.; Per Norander, M.A.

Emeritus Professors: Joe A. Bell, Ph.D.; Larry G. Cox, M.A.; John Hoftyzer, Ph.D.; R. Brad Hoppes, Ph.D.; Doris Sheets, Ph.D.; Allan D. Stone, Ph.D.; Elizabeth E. Topping, Ph.D.; E. Dale Wasson, Ph.D.; Thomas L. Wyrick, Ph.D.

Credit by Examination

Credit by Examination is available. Refer to the Credit by Examination policy in the Academic Regulations section of the catalog.

Majors

Economics (Non-Comprehensive)

Bachelor of Arts
  1. General Education Requirements - see General Education Program and Requirements section of catalog
  2. Major Requirements
    1. ECO 155(3), 165(3), 365(3), 385(3), 409(3), 590(3)
    2. One of the following statistics courses: AGR 330(3), MTH 340(3), PSY 200(3), QBA 237(3), REC 328(3), or SOC 302(3)
    3. Minimum of nine additional credit hours in Economics
  3. Minor Required (or second major)
  4. Specific Requirements for Bachelor of Arts Degree - see Specific Bachelor of Arts Degree Requirements section of catalog
  5. General Baccalaureate Degree Requirements - see General Baccalaureate Degree Requirements section of catalog

Economics (Non-Comprehensive)

Bachelor of Science
  1. General Education Requirements - see General Education Program and Requirements section of catalog
  2. Major Requirements
    1. ECO 155(3), 165(3), 365(3), 385(3), 409(3), 590(3)
    2. One of the following statistics courses: AGR 330(3), MTH 340(3), PSY 200(3), QBA 237(3), REC 328(3), or SOC 302(3)
    3. Minimum of 15 additional credit hours in Economics
  3. Minor Required (or second major)
  4. General Baccalaureate Degree Requirements - see General Baccalaureate Degree Requirements section of catalog

Economics (Comprehensive)

Bachelor of Science
  1. General Education Requirements - see General Education Program and Requirements section of catalog
  2. Major Requirements
    1. ECO 155(3), 165(3), 365(3), 385(3), 409(3), 590(3)
    2. One of the following statistics courses: AGR 330(3), MTH 340(3), PSY 200(3), QBA 237(3), REC 328(3), or SOC 302(3)
    3. Minimum of 15 additional credit hours in Economics
    4. Minimum of 18 hours in satisfaction of Plan A or B:
      Plan A: Concentration of at least 18 hours in any discipline in which a major is offered
      Plan B: Concentration of at least nine hours in each of two disciplines in which a major is offered
  3. General Baccalaureate Degree Requirements - see General Baccalaureate Degree Requirements section of catalog

All majors wishing to pursue careers in either Business or Public Administration/Government, or wishing to pursue Graduate Study in Economics or attend Law School are encouraged (but not required) to choose electives from the following relevant set of courses:

Business Orientation Track. Courses are: ECO 305(3), 310(3), 425(3), 450(3), 475(3), 565(3); ACC 201(3); BUS 135(3); FIN 380(3); LAW 231(3); MGT 286(3), MGT 320(3) or MGT 340(3); MKT 150(3) or MKT 350(3)

Public Administration/Government Orientation Track. Courses are: ACC 201(3); ECO 310(3), 425(3), 450(3), 504(3), 515(3), 540(3); PLN 371(3), PLS 255(3), PLS 573(3), PLS 576(3)

Graduate School Orientation Track. Courses are: ECO 305(3), 425(3), 473(3), 515(3), 565(3), 585(3); MTH 261(5), 280(5), 302(3), 315(3)

Law School Orientation Track. Courses are: ECO 425(3), 435(3), 473(3), 515(3), 540(3), 565(3); ENG 310(3); HST 517(3); LAW 231(3); PHI 305(3); PLS 515(3), 517(3)

Minors

Economics

Bachelor of Arts
Bachelor of Science
Bachelor of Science in Education
(Non-Certifiable)

  1. Minor must include ECO 155(3), 165(3)

  2. Additional hours in economics to total at least 18 hours. One of the following statistics courses may be used toward this minor: AGR 330(3), MTH 340(3), PSY 200(3), QBA 237(3), REC 328(3), or SOC 302(3)

Economics Courses

ECO 101 Economics of Social Issues

This course focuses on understanding and analyzing major contemporary social issues such as globalization, pollution, poverty, income distribution, taxes, social security, the appropriate role of government, etc. Students will be introduced to the basic tools of economics so that they can develop a general framework within which a variety of political, social and economic issues can be analyzed. Issues will be discussed from a national, regional and local perspective. 3(3-0) D

ECO 155 Principles of Macroeconomics

General Education Course (Culture and Society/Social Sciences Perspective). This course prepares the student to understand the economic structure of the United States and its place in the world economy, to interpret common economic measures, to understand the processes of governmental fiscal and monetary policies, and to evaluate individual decision-making from an economic perspective. 3(3-0) F,S

ECO 165 Principles of Microeconomics

Basic principles of economics with a particular emphasis on the nature and application of those bearing on decision making within a household, firm or industry; including consideration of problems respecting the composition and pricing of the national output, distribution of income, pricing and output of factors of production and foreign trade. 3(3-0) F,S

ECO 197 Topics in Economics

A variable content course designed to explore one or more current issues in the field of economics. Students should consult the class schedule to determine the topic(s) to be covered in any given semester. The course can be repeated to a maximum of 6 credit hours, as course topics change. 1-3 D

ECO 200 Personal Economics

An examination of topics designed to provide the student with skills aimed at promoting personal financial responsibility. Topics include budgeting, purchasing decisions, consumer credit, compound interest, savings and investments, home ownership, insurance, retirement and estate planning. 2(2-0) D

ECO 300 Service Learning In Economics

Prerequisite: 30 hours, concurrent registration in an Economics course designated as a service learning offering. This service component for an existing course incorporates community service with classroom instruction in Economics to provide an integrative learning experience that addresses the practice of citizenship and promotes an awareness of and participation in public affairs. Includes 40 hours of service that benefits an external community organization, agency, or public service provider. Approved service placements and assignments will vary depending on the specific course topic and learning objectives; a list of approved placements and assignments is available from the instructor and the Citizenship and Service Learning Office. May be repeated. 1 D

ECO 302 Economic Analysis for Investors

Prerequisite: ECO 155 or ECO 165, and completion of mathematics general education requirement. This course examines economic principles used by investors and financial reporters. Concepts are drawn from several fields of economics including microeconomics, macroeconomics, money and banking, labor economics, and international economics. Students will participate in a stock market game, make in-class presentations and conduct internet research. 3(3-0) D

ECO 305 Money and Banking

Prerequisite: ECO 155. Nature and functions of money, a survey of the operation and development of the banking system in the U.S.; introduction to monetary theory and policy. 3(3-0) D

ECO 310 Labor Economics

Prerequisite: ECO 155 and ECO 165. Factors determining the market for labor; examination of the economic effects of trade unions; recent trends in the labor force and the labor share of national income. 3(3-0) D

ECO 315 The Economics of Gender

Prerequisite: ECO 165. This course teaches students to analyze the economic decisions made by both males and females in two main areas: the labor market and the household. Specific areas of inquiry include the following: the family as an economic unit, gender differences in labor force participation, occupational gender segregation, explanations for gender earnings differentials and efforts to reduce such differentials, gender earnings discrimination, and international gender issues. Identical with GST 315. Cannot receive credit for both ECO 315 and GST 315. 3(3-0) D

ECO 316 Sports and Entertainment Economics

Prerequisite: ECO 165. Microeconomic tools used to examine a wide variety of topics pertaining to the sports and entertainment industry such as monopoly and monopsony market structure, labor market issues including free agency and salary caps, and public policy concerns involving the impacts of sports and entertainment on the economy. Also includes an examination of the economics of various forms of media and entertainment including movies, cable, music, amusement parks, and casinos. 3(3-0) D

ECO 320 American Economic History

Prerequisite: ECO 155 or ECO 165; HST 121 or HST 122. An examination of economic conditions and policies in America's past. Selected events are analyzed using principles drawn from economic theory, including: U.S. economic development, the origins of antitrust policy, and the New Deal. 3(3-0) D

ECO 345 Asian Economies

This course addresses the rise to significance of the Asia-Pacific region in the world economy. This region of the world is typified by a delicate balance between governments and business interests, which accounts for their diverse development trajectories. This course will study how these countries have transformed themselves from peasant societies into industrial powerhouses and how they have continued to achieve growth rates several times higher than the advanced nations of the West over a period of time. 3(3-0) D

ECO 346 International Economic Development

Prerequisite: ECO 155 and ECO 165. Theory of economic growth and development, with emphasis on developing economies and the techniques for understanding and promoting development. 3(3-0) F

ECO 365 Intermediate Microeconomics

Prerequisite: ECO 165 and completion of mathematics general education requirement. Maximizing behavior of households and firms; theory of price and output determination under various market structures; distribution theory; introduction to general equilibrium analysis. 3(3-0) F

ECO 385 Intermediate Macroeconomics

Prerequisite: ECO 155 and completion of mathematics general education requirement. The study of macroeconomic theory and policy. Models are developed which provide a framework for the discussion of macroeconomic issues and the policy choices decision makers face. 3(3-0) S

ECO 396 Directed Readings in Economics

Prerequisite: QBA 237 or equivalent; and ECO 365 and ECO 385; and 75 hours. Readings and written reports in the area of particular interest to the student with the consent and guidance of the instructor. 1-3 D

ECO 397 Studies in Economics

Specific subject matter will change from semester to semester, depending on the interests of professors and students. May be repeated as topics change to a maximum of 6 credit hours. Variable content course. 1-3 D

ECO 399 Cooperative Education in Economics

Prerequisite: acceptance into the Cooperative Education Program, 12 hours of economics and permission of the department head. To enable qualified students to apply theoretical constructs and analytical techniques in a supervised work environment. This course cannot be credited toward a major in economics if the student has completed a total of three or more credits in either ECO 396, or cooperative education in another discipline. 1-3 D

ECO 409 Applied Econometrics

Prerequisite: QBA 237 or equivalent. Students will learn simple regression and multiple regression analysis. Additional topics include model building, cross sectional and time series analysis, as well as related topics. May be taught concurrently with ECO 609. Students cannot receive credit for both ECO 409 and ECO 609. Supplemental course fee. 3(3-0) F

ECO 425 Industrial Organization

Prerequisite: ECO 165 and completion of mathematics general education requirement. Theory and public policy concerning the structure, conduct and performance of U.S. industries. Primary emphasis is on oligopolies and monopolies. 3(3-0) D

ECO 435 The Economic Analysis of Law

Prerequisite: ECO 165. Microeconomic theory is used to analyze the law and legal procedures. Although one purpose of the law is to resolve disputes between individuals, this course will focus on analyzing the incentives that the law gives rational individuals. Economic models are applied to four basic areas of law: property, contract, tort (accident), and criminal law. In addition, economic models are applied to the formation of the law and to legal institutions. 3(3-0) D

ECO 450 Urban and Regional Economics

Prerequisite: ECO 155 and ECO 165. Study of economic forces determining the location of businesses and consumers, and the size, shape, and changes in market areas/cities/land use. Also application of techniques of economic impact analysis to location decisions. 3(3-0) F

ECO 456 Comparative Economic Systems

Prerequisite: ECO 155. Study of the basic principles and institutions of national economies with an emphasis on capitalist, socialist, and mixed economic systems. A comparison of economic systems in various nations and of economies in transition to an increasingly globalized environment. 3(3-0) D

ECO 473 Mathematical Methods for Economics I

Prerequisite: ECO 155 and ECO 165. Recommended Prerequisite: ECO 365; and MTH 261 or MTH 285 or equivalent. Development and application of mathematical techniques to economics. 3(3-0) D

ECO 475 Managerial Economics

Prerequisite: ECO 155 and ECO 165. Application of economic analysis to decision making in business management. 3(3-0) F

ECO 500 Fundamentals of Economics

Prerequisite: College of Business majors and minors must receive permission from a director of a College of Business graduate program. An accelerated course dealing with the fundamentals of micro- and macroeconomic theory, designed for graduate students who have not completed undergraduate principles of economics. This course will not be counted in the hours required for a College of Business undergraduate or graduate degree. This course will not be counted in the hours required for an Economics undergraduate major or minor. May be taught concurrently with ECO 600. Cannot receive credit for both ECO 600 and ECO 500. 3(3-0) D

ECO 504 Health Care Economics

Prerequisite: ECO 165. A basic study of the economics of the health care market. Microeconomic theory is applied to the analysis of health care issues. Attention will be given to empirical studies of health care economics. Identical with HCM 504. Cannot receive credit for both ECO 504 and HCM 504. May be taught concurrently with ECO 604. Cannot receive credit for both ECO 604 and ECO 504. 3(3-0) F

ECO 508 Intermediate Econometrics

Prerequisite: ECO 409. Examination of the principles of economic model construction and the econometric techniques used in estimation of behavioral relationships. May be taught concurrently with ECO 711. Cannot receive credit for both ECO 711 and ECO 508. 3(3-0) D

ECO 515 Public Sector Economics

Prerequisite: ECO 155, ECO 165, and completion of mathematics general education requirement. Allocation and distribution functions of the public sector of the economy; theories of taxation and public expenditure; shifting and incidences of taxes, local-state federal finance. May be taught concurrently with ECO 615. Cannot receive credit for both ECO 615 and ECO 515. 3(3-0) D

ECO 520 History of Economic Thought

Prerequisite: ECO 155 and ECO 165. Development of economic theory. May be taught concurrently with ECO 620. Cannot receive credit for both ECO 620 and ECO 520. 3(3-0) D

ECO 540 Economics of the Environment

Prerequisite: ECO 165. The course applies economic concepts and analysis to environmental issues such as pollution and natural resource management. Economic concepts and analysis used in the course will include supply and demand, cost benefit analysis, and the role of incentives. May be taught concurrently with ECO 640. Cannot receive credit for both ECO 640 and ECO 540. 3(3-0) F

ECO 565 International Economics

Prerequisite: ECO 155 and ECO 165. Recommended Prerequisite: QBA 237 or equivalent. Introduction to the key concepts of international trade and finance with a focus on the fundamental theories of international economics. Topics include the gains from and the patterns of international trade, protectionism, exchange rate determination and government policy intervention. May be taught concurrently with ECO 665. Cannot receive credit for both ECO 665 and ECO 565. 3(3-0) S

ECO 585 Mathematical Methods for Economics II

Prerequisite: ECO 365 and ECO 473; and 60 hours (ECO 473 may be waived if familiarity with calculus-based optimization techniques can be established). Unconstrained and constrained optimization; applications of the envelope theorem and duality to standard economic models, including utility maximization, profit maximization and expenditure/cost minimization. May be taught concurrently with ECO 685. Cannot receive credit for both ECO 685 and ECO 585. 3(3-0) D

ECO 586 Business Cycles and Forecasting

Prerequisite: ECO 385. Fluctuations in the level of economic activity; an examination of the basic principles and techniques of economic forecasting. May be taught concurrently with ECO 686. Cannot receive credit for both ECO 686 and ECO 586. 3(3-0) D

ECO 590 Senior Research Seminar

Prerequisite: ECO 365 and ECO 385 and ECO 409; and 90 hours. A seminar course requiring the completion of assignments which develop and refine economic research skills. A combination of papers and class presentations will be used to assess student achievement. Primarily for economics students in their final year of study. Graduating seniors are given enrollment priority. May be taught concurrently with ECO 790. Students cannot receive credit for both ECO 590 and ECO 790. 3(3-0) S

ECO 599 Directed Research in Economics

Prerequisite: ECO 365; and ECO 385 or ECO 610; and ECO 409. The student is expected to conduct research in a selected topic in economics and to produce a written report. May be taught concurrently with ECO 699. Cannot receive credit for both ECO 699 and ECO 599. 1-3 D

ECO 600 Fundamentals of Economics

Prerequisite: College of Business majors must receive permission from a director of a College of Business graduate program. An accelerated course dealing with the fundamentals of micro- and macroeconomic theory, designed for graduate students who have not completed undergraduate principles of economics. This course will not be counted in the hours required for a College of Business graduate degree. May be taught concurrently with ECO 500. Cannot receive credit for both ECO 500 and ECO 600. 3(3-0) D

ECO 604 Health Care Economics

Recommended Prerequisite: ECO 165. A basic study of the economics of the health care market. Microeconomic theory is applied to the analysis of health care issues. Attention will be given to empirical studies of health care economics. Identical with HCM 604. Cannot receive credit for both ECO 604 and HCM 604. May be taught concurrently with ECO 504. Cannot receive credit for both ECO 504 and ECO 604. 3(3-0) F

ECO 609 Applied Econometrics

Prerequisite: QBA 600 or equivalent. Students will learn simple regression and multiple regression analysis. Additional topics include model building, cross sectional and time series analysis, as well as related topics. May be taught concurrently with ECO 409. Students cannot receive credit for both ECO 609 and ECO 409. 3(3-0) F

ECO 615 Public Sector Economics

Recommended Prerequisite: ECO 155 and ECO 165; and completion of mathematics general education requirement. Allocation and distribution functions of the public sector of the economy; theories of taxation and public expenditure; shifting and incidences of taxes, local-state federal finance. May be taught concurrently with ECO 515. Cannot receive credit for both ECO 515 and ECO 615. 3(3-0) D

ECO 620 History of Economic Thought

Recommended Prerequisite: ECO 155 and ECO 165. Development of economic theory. May be taught concurrently with ECO 520. Cannot receive credit for both ECO 520 and ECO 620. 3(3-0) D

ECO 640 Economics of the Environment

Recommended Prerequisite: ECO 165. The course applies economic concepts and analysis to environmental issues such as pollution and natural resource management. Economic concepts and analysis used in the course will include supply and demand, cost benefit analysis, and the role of incentives. May be taught concurrently with ECO 540. Cannot receive credit for both ECO 540 and ECO 640. 3(3-0) F

ECO 665 International Economics

Recommended Prerequisite: QBA 237 or equivalent. Introduction to the key concepts of international trade and finance with a focus on the fundamental theories of international economics. Topics include the gains from and the patterns of international trade, protectionism, exchange rate determination and government policy intervention. May be taught concurrently with ECO 565. Cannot receive credit for both ECO 665 and ECO 565. 3(3-0) S

ECO 685 Mathematical Methods for Economics II

Recommended Prerequisite: ECO 365; and ECO 473 or familiarity with calculus-based optimization techniques. Unconstrained and constrained optimization; applications of the envelope theorem and duality to standard economic models, including utility maximization, profit maximization and expenditure/cost minimization. May be taught concurrently with ECO 585. Cannot receive credit for both ECO 585 and ECO 685. 3(3-0) D

ECO 686 Business Cycles and Forecasting

Recommended Prerequisite: ECO 385. Fluctuations in the level of economic activity; an examination of the basic principles and techniques of economic forecasting. May be taught concurrently with ECO 586. Cannot receive credit for both ECO 586 and ECO 686. 3(3-0) D

ECO 699 Directed Research in Economics

Recommended Prerequisite: ECO 365; and ECO 385 or ECO 710; and ECO 409. The student is expected to conduct research in a selected topic in economics and to produce a written report. May be taught concurrently with ECO 599. Cannot receive credit for both ECO 599 and ECO 699. 1-3 D

ECO 705 Economic Studies

Survey course; problems of government finance, fiscal policy, and resource structures; economic pressure groups. 3(3-0) D

ECO 710 Micro- and Macroeconomic Analysis

Prerequisite: ECO 600 or equivalent. An intermediate to advanced study of selected topics in microeconomic and macroeconomic analysis. 3(3-0) D

ECO 711 Intermediate Econometrics

Recommended Prerequisite: ECO 409. Examination of the principles of economic model construction and the econometric techniques used in estimation of behavioral relationships. May be taught concurrently with ECO 508. Cannot receive credit for both ECO 508 and ECO 711. 3(3-0) D

ECO 721 International Political Economy

A general introduction to the politics of international economic relations, with a special emphasis on the extent, causes, and consequences of globalization. Covers such topics as trade, investment, aid, global warming, international institutions, and the political roots of economic development. May be taught concurrently with PLS 721. Students may not receive credit for both ECO 721 and PLS 721. 3(3-0) S

ECO 730 Money and Credit Markets

Recommended Prerequisite: ECO 305. Role performed by the Federal Reserve System, financial intermediaries, non-financial businesses, the public, and the foreign sector in developing and maintaining money and credit flows. 3(3-0) D

ECO 790 Seminar in Economics

Prerequisite: ECO 709 and ECO 710. A seminar course requiring the completion of assignments which develop and refine economic research skills. A combination of papers and class presentations will be used to assess student achievement. Primarily for graduate students in their final year of study. May be taught concurrently with ECO 590. Students cannot receive credit for both ECO 790 and ECO 590. 3(3-0) D