Economics

Director: Kevin Henrickson
Erwin Graue Chair in Economics: K. Henrickson
Professors: C. Barnes, J. Beck, R. Bennett, K. Henrickson, E. Johnson
Associate Professors: R. Herzog, A. Voy
Assistant Professor:
M. Tackett

The department offers two degrees, one major and one minor:

Bachelor of Science, Economics major
Bachelor of Arts, Economics major
Minor in Economics 

The mission of the Economics program is to give students a broad background and knowledge of domestic and international economic systems that are essential for people in today’s competitive global economy. To this end, two Economics majors are offered. The B.S. Major in Economics includes extensive coursework in mathematics as well as economics in preparation for graduate study in economics and careers requiring strong quantitative skills. The B.A. Major in Economics is offered for students who want an extensive background in economics in preparation for careers in business or government as well as for those pursuing advanced study in law or business. A minor in Economics is also offered for students with other majors who need less extensive knowledge of economics. Regardless of the chosen degree, graduates can apply economic theory to problems relating to market structures, resource markets, employment, and fiscal and monetary policies. Students expecting to go into a business field are encouraged to take courses in accounting and may want to consider the general business minor or the minor in analytical finance offered by the School of Business Administration.

While Economics courses are taught by faculty of the School of Business Administration, students pursuing the B.A. and B.S. majors are enrolled in the College of Arts and Sciences and must the College of Arts and Sciences common curriculum. ECON 200 may be taken by students who are not Business or Economics majors to satisfy the Social & Behavioral Science requirement of the University Core. Most 300-level courses require only ECON 201 as a prerequisite. Students considering an Economics major or minor should note that ECON 302 has a prerequisite of ECON 202 with a grade of B- or better, and ECON 301 has a prerequisite of ECON 201 with a grade of B- or better. All majors should try to take the comprehensive examination (ECON 499) in the semester before they plan on graduating. Economics majors should complete both ECON 301 and ECON 302 before or concurrent with taking ECON 499.

B.S. Major in Economics: 45 Credits

Lower Division
ECON 201 Microeconomics 3 credits
ECON 202 Macroeconomics 3 credits
MATH 157, MATH 258 and MATH 259 Calculus 12 credits
Upper Division
ECON 301 Intermediate Microeconomics 3 credits
ECON 302 Intermediate Macroeconomics 3 credits
ECON 320-340 Applied Microeconomics courses 6 credits
ECON 355 Regression Analysis  3 credits 
ECON 451 Econometrics  3 credits 
One elective chosen from the following courses:
3 credits
MATH 328 Operations Research

MATH 421 Probability Theory

MATH 422 Mathematical Statistics

any upper division ECON elective

ECON 499 Senior Comprehensive Exam 0 credit
MATH 321 Statistics  3 credits 
MATH 339 Linear Algebra  3 credits 

B.A. Major in Economics: 33 Credits

Lower Division
ECON 201 Microeconomics 3 credits
ECON 202 Macroeconomics 3 credits
One of the following three courses: 3-4 credits
MATH 114 Mathematical Analysis-Business 

MATH 148 Survey of Calculus

MATH 157 Calculus-Analytic Geometry I

One of the following three courses: 3 credits
BUSN 230 Business Statistics

MATH 321 Statistics for Experimentalist

MATH 121 Introductory Statistics

Upper Division
ECON 301 Intermediate Microeconomics 3 credits
ECON 302 Intermediate Macroeconomics 3 credits
ECON 320-340 Applied Microeconomics courses 6 credits
One of the following two courses:
3 credits
ECON 401 Adam Smith and Karl Marx

ECON 402 Currents in 20th Century Economics

ECON 355 Regression Analysis 3 credits
One upper division ECON elective 3 credits
ECON 499 Senior Comprehensive Exam 0 credit

Minor in Economics: 18 Credits

Lower Division
ECON 201 Microeconomics 3 credits
ECON 202 Macroeconomics 3 credits
Upper Division
ECON 302 Intermediate Macroeconomics 3 credits

Two of the following courses:

6 credits
ECON 301 Intermediate Microeconomics

ECON 320-340 Applied Microeconomics courses

any upper division ECON elective 3 credits
Lower Division
ECON 193 FYS:
3.00 credits
The First-Year Seminar (FYS) introduces new Gonzaga students to the University, the Core Curriculum, and Gonzaga’s Jesuit mission and heritage. While the seminars will be taught by faculty with expertise in particular disciplines, topics will be addressed in a way that illustrates approaches and methods of different academic disciplines. The seminar format of the course highlights the participatory character of university life, emphasizing that learning is an active, collegial process.
ECON 200 Economic Analysis
3.00 credits
A one-semester economics course for General Business minors and others interested in a one-semester survey course. Key microeconomic and macroeconomic models which are critical to the development of modern economics are explored. Analysis includes theories of supply and demand, theory of the firm, pricing, employment, monetary and fiscal policy, and international trade and finance. Fall and Spring.
ECON 201 Microeconomics
3.00 credits
Economics of the firm and the consumer. Principles underlying supply and demand; analysis of competition, monopoly, and other market structures; labor and other resource markets; international trade; taxation. Fall and Spring.
Equivalent:
MBUS 500 - Successful completion
ECON 202 Macroeconomics
3.00 credits
The structure and functioning of the national economy. Particular attention is given to determinants of national income, employment and the price level, fiscal and monetary policies, international trade, exchange rates, and trade restrictions. Fall and Spring.
ECON 270H Honors Economics
3.00 credits
The fundamental concepts and approaches used in economics for analyzing problems involving the use of scarce resources to satisfy wants. The roles and limitations of both markets and government-directed forms of resource allocation are studied. Modern economic theories are discussed in the context of the historical development of the study of economics. May be substituted for ECON 201 Microeconomics. Upon sufficient demand.
Prerequisite:
HONS 190 Minimum Grade: D or ENTR 201 Minimum Grade: D or ENTR 101 Minimum Grade: D
ECON 289 Special Topics
.00- 3.00 credits
Topic to be determined by instructor.
ECON 290 Directed Study
1.00- 3.00 credits
Lower division topic to be determined in consultation with the faculty. Directed study requires completion of a form and permission from Department Chair. Zagweb registration is not available. Summer.
Upper Division
ECON 301 Intermediate Microeconomics
3.00 credits
The focus of this course is economic decision-making in consumer and producer theory. Topics include: consumer's budget constraints and utility maximization, producer's profit maximization and cost minimization, comparison of decisions under perfect competition and monopoly, and externalities. Fall.
Prerequisite:
(ECON 201 Minimum Grade: B- or ECON 270H Minimum Grade: B-) and (MATH 114 Minimum Grade: D or MATH 148 Minimum Grade: D or MATH 157 Minimum Grade: D)
ECON 302 Intermediate Macroeconomics
3.00 credits
Analysis of the determinants of the levels of national output and prices and the effects of monetary and fiscal policies. Spring.
Prerequisite:
ECON 202 Minimum Grade: B- and (MATH 114 Minimum Grade: D or MATH 148 Minimum Grade: D or MATH 157 Minimum Grade: D)
ECON 303 Game Theory & Econ Appl
3.00 credits
Game theory is a study of strategic decision-making. Participants in games make decisions that are not only in their best interests but also anticipate and incorporate the fact that their decisions (and subsequent actions) have an impact on others and vice versa. This course includes a variety of economic applications of game theory in fields such as industrial organization and public economics. Upon sufficient demand.
Prerequisite:
(ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D) and (MATH 114 Minimum Grade: D or MATH 148 Minimum Grade: D or MATH 157 Minimum Grade: D)
ECON 311 Global Economic Issues
3.00 credits
This course is a presentation of a broad range of global issues relevant to a number of disciplines including economics, political science, and international studies, focusing primarily on developing regions of the world. Topics include: economic growth and inequality, international trade, diseases/healthcare, education, and foreign aid. Fall, Spring, and Summer.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D or ECON 200 Minimum Grade: D or ECON 200 Minimum Grade: D
Equivalent:
INST 343 - OK if taken since Fall 1996
ECON 320 Economics of Sports
3.00 credits
Explores the economic incentives present in both professional and amateur sports. Topics analyzed include league structure, advertising, ticket pricing, team decision making, labor relations, incentive structures, stadium financing and Title IX. Summer.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
ECON 321 International Economics
3.00 credits
The focus of this course is on international trade theory and macroeconomic issues related to international finance. Topics include: economic analysis of the basis for international specialization and trade; gains from trade; the balance of international payments; tariffs; international monetary problems; exchange rate adjustments; capital movements; and international economic organizations. Upon sufficient demand.
Prerequisite:
ECON 301 Minimum Grade: D or ECON 351 Minimum Grade: D
ECON 322 Work, Wages, and Inequality
3.00 credits
An economic perspective on labor market issues. Explores recent controversial topics such as inequality in earnings, race and sex discrimination in labor markets, immigration, minimum wage laws and labor unions, health and safety regulations in the work-place. Spring.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
Equivalent:
SOSJ 320 - OK if taken since Fall 2016
ECON 324 Econ of Environmental Protectn
3.00 credits
Explores the economic dimensions of environmental topics such as air and water pollution, deforestation, non-renewable resource depletion, recycling, global warming. The course studies the extent of environmental problems and alternative solutions. Fall.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D or ECON 200 Minimum Grade: D
Equivalent:
ENVS 320 - Successful completion
ECON 325 Public Finance
3.00 credits
Develops economic tools used to analyze government expenditures and taxation. Discussion of public policy issues such as welfare reform, Social Security, and tax reform. Spring.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
ECON 330 Antitrust Policy & Regulation
3.00 credits
Examines the rationale for and effects of various government policies toward business. Analyzes the economic consequences of market power. Emphasis is placed on antitrust policy as a response to market power. Fall.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
ECON 333 Health Economics
3.00 credits
Consideration of microeconomic theory to the specialized area of health care. Topics include what makes health care distinctive as an economic good, the supply and demand for health and healthcare in theory and practice, and economic proposals to overcome market failure in the health care industry. Spring.
ECON 334 Behavioral Economics
3.00 credits
This course focuses on the insights gained from incorporating psychology into economic and financial modeling, an approach that leads to a better understanding of economic incentives, behavior and how individuals make decisions. By examining human behavior in this way, we are able to address and better design policies that improve decision-making in a variety of settings. As such, this class will examine how individuals make decisions in risky scenarios, nudges to alter decision-making and many other tools that can be used to influence choices. Upon sufficient demand.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
ECON 351 Managerial Economics
3.00 credits
Applications of economic theory to business decisions. Topics include: demand analysis, economic forecasting; market structure; competition; pricing decisions; and price discrimination. Spring.
Prerequisite:
ECON 201 Minimum Grade: D and (BUSN 230 Minimum Grade: D or MATH 121 Minimum Grade: D or MATH 321 Minimum Grade: D)
ECON 352 Money and Banking
3.00 credits
This course will focus on the principles of money, credit, banking, and financial markets. It will explore the roles of the Federal Reserve and the banking system in stabilizing the financial system, employment, and prices. The course will also look at the international financial system. Fall.
Prerequisite:
ECON 202 Minimum Grade: D
ECON 355 Regression Analysis
3.00 credits
Introduction to the construction and use of regression models and data analysis. Topics include estimation and inferential techniques in Simple and Multiple Regression. Emphasis on interpreting and understanding regression results. Other data topics as applicable. Spring.
Prerequisite:
(ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D or ECON 200 Minimum Grade: D) and ECON 202 Minimum Grade: D and (BUSN 230 Minimum Grade: D or MATH 121 Minimum Grade: D or MATH 321 Minimum Grade: D)
ECON 390 Directed Study
1.00- 4.00 credits
Topic to be determined by instructor.
ECON 401 Adam Smith and Karl Marx
3.00 credits
A course focused on reading and discussing the works of two opposite but highly influential economic thinkers, Smith and Marx. Supplemented with material on other important economic thinkers from 1500 to 1870. Fall, odd-numbered years.
Prerequisite:
ECON 202 Minimum Grade: D
ECON 402 Currents in 20th Cent Econ
3.00 credits
Emphasis on the works of Institutionalist, neoclassical, Austrian, Keynesian, post-Keynesian and Chicago School economists. Fall, even-numbered years
Prerequisite:
ECON 202 Minimum Grade: D
ECON 404 Economic Integr-European Comm
3.00 credits
A survey of the origins and development of the European Community; its relation to GATT (General Agreement on Trade and Tariffs); monetary coordination; monopoly, competition, and the balances of payments. Florence campus only.
ECON 432 CIS:
3.00 credits
The Core Integration Seminar (CIS) engages the Year Four Question: “Imagining the possible: What is our role in the world?” by offering students a culminating seminar experience in which students integrate the principles of Jesuit education, prior components of the Core, and their disciplinary expertise. Each section of the course will focus on a problem or issue raised by the contemporary world that encourages integration, collaboration, and problem solving. The topic for each section of the course will be proposed and developed by each faculty member in a way that clearly connects to the Jesuit Mission, to multiple disciplinary perspectives, and to our students’ future role in the world.
ECON 451 Econometrics
3.00 credits
Mathematical and statistical techniques applied to economic and business research and forecasting. Students will undertake a research project. Fall.
Prerequisite:
ECON 201 Minimum Grade: D and ECON 202 Minimum Grade: D and (BUSN 230 Minimum Grade: D or MATH 121 Minimum Grade: D or MATH 321 Minimum Grade: D) and (MATH 114 Minimum Grade: D or MATH 148 Minimum Grade: D or MATH 157 Minimum Grade: D)
ECON 487 Special Topics
1.00- 3.00 credits
Topics and credit by arrangement.
ECON 489 Special Topic Seminar
1.00- 3.00 credits
Topics and credit by arrangement.
Prerequisite:
ECON 201 Minimum Grade: D or ECON 270H Minimum Grade: D
ECON 491 Directed Study
.00- 3.00 credits
Individually-designed course at the upper division level appropriate to the student's major. Directed Study requires completion of a form and permission from the Department Chair. Zagweb registration is not available. Summer only.
ECON 497 Internship
.00- 3.00 credits
Work experience directly related to the student's major area of study. Internship requires completion of an application form, a 3.00 GPA and permission from the department. Zagweb registration is not available. Fall, Spring, and Summer.
ECON 499 Sr Comprehensive Examination
.00 credits
Required of all College of Arts and Sciences Economics majors. Students should take ECON 499 in the semester before they plan to graduate. Fall and Spring.
 
Second Language Competency

Competency in a second language (classical or modern) at the intermediate level (courses numbered 201) is required for students continuing in the study of a language. Students beginning study in a language they have not previously studied can fulfill the requirement by completing one year at the beginning level (courses numbered 101-102). Non-native speakers of English who have completed the required English core credits at Gonzaga may petition the Associate Dean of Arts and Sciences for a waiver of this requirement.

Additional information on this requirement can be found at

Language Requirement Information

 

In addition to their major and minor areas of study, all undergraduate students follow a common program designed to complete their education in those areas that the University considers essential for a Catholic, Jesuit, liberal, and humanistic education. The University Core Curriculum consists of forty-five credits of course work, with additional designation requirements that can be met through core, major, or elective courses.

The University Core Curriculum is a four-year program, organized around one overarching question, which is progressively addressed through yearly themes and questions. Hence, core courses are best taken within the year for which they are designated. First year core courses encourage intellectual engagement and provide a broad foundation of fundamental skills. Second and third year courses examine central issues and questions in philosophy and religious studies. The fourth year course, the Core Integration Seminar, offers a culminating core experience. Taken at any time throughout the four years, broadening courses intersect with the core themes and extend students’ appreciation for the humanities, arts, and social and behavioral sciences. Finally, the designation requirements (writing enriched, global studies, and social justice) reflect important values and reinforce students’ knowledge and competencies.

Overarching Core Question: As students of a Catholic, Jesuit, and Humanistic University, how do we educate ourselves to become women and men for a more just and humane global community?
Year 1 Theme and Question: Understanding and Creating: How do we pursue knowledge and cultivate understanding?

  • The First-Year Seminar (DEPT 193, 3 credits): The First-Year Seminar (FYS), taken in the fall or spring of the first year, is designed to promote an intellectual shift in students as they transition to college academic life. Each small seminar is organized around an engaging topic, which students explore from multiple perspectives. The FYS is offered by many departments across the University (click here [PDF] for list of FYS courses).  
  • Writing (ENGL 101, 3 credits) and Reasoning (PHIL 101, 3 credits): The Writing and Reasoning courses are designed to help students develop the foundational skills of critical reading, thinking, analysis, and writing. They may be taken as linked sections. Writing (ENGL 101) carries one of the three required writing-enriched designations (see below).
  • Communication & Speech (COMM 100, 3 credits): This course introduces students to interpersonal and small group communication and requires the application of critical thinking, reasoning, and research skills necessary to organize, write, and present several speeches.
  • Scientific Inquiry (BIOL 104/104L, CHEM 104/104L, or PHYS 104/104L, 3 credits): This course explores the scientific process in the natural world through evidence-based logic and includes significant laboratory experience. Students pursuing majors that require science courses will satisfy this requirement through their major.
  • Mathematics (above Math 100, 3 credits): Mathematics courses promote thinking according to the modes of the discipline—abstractly, symbolically, logically, and computationally. One course in mathematics, above Math 100, including any math course required for a major or minor, will fulfill this requirement. MATH 100 (College Algebra) and courses without the MATH prefix do not fulfill this requirement.

Year 2 Theme and Question: Being and Becoming: Who are we and what does it mean to be human?

  • Philosophy of Human Nature (PHIL 201, 3 credits): This course provides students with a philosophical study of key figures, theories, and intellectual traditions that contribute to understanding the human condition; the meaning and dignity of human life; and the human relationship to ultimate reality.
  • Christianity and Catholic Traditions (RELI, 3 credits). Religious Studies core courses approved for this requirement explore diverse topics including Christian scriptures, history, theology, and practices as well as major contributions from the Catholic intellectual and theological traditions (click here [PDF] for a list of approved courses) .

Year 3 Theme and Question: Caring and Doing: What principles characterize a well lived life?

  • Ethics (PHIL 301 or RELI, 3 credits): The Ethics courses are designed to help students develop their moral imagination by exploring and explaining the reasons humans should care about the needs and interests of others. This requirement is satisfied by an approved ethics course in either Philosophy (PHIL 301) or Religious Studies (click here [PDF] for a list of approved courses).
  • World/Comparative Religion (RELI, 3 credits): Religious Studies courses approved for this core requirement draw attention to the diversity that exists within and among traditions and encourage students to bring critical, analytical thinking to bear on the traditions and questions considered. These courses carries one of the required two global-studies designations (see below) (click here [PDF] for a list of approved courses).

Year 4 Theme and Question: Imagining the Possible: What is our role in the world?” 

  • Core Integration Seminar (DEPT 432, 3 credits). The Core Integration Seminar (CIS) offers students a culminating core experience in which they integrate the principles of Jesuit education, prior components of the core, and their disciplinary expertise. Some CIS courses may also count toward a student’s major or minor. The CIS is offered by several departments across the University (click here [PDF] for list of CIS courses).

The Broadening Courses

  • Fine Arts & Design (VART, MUSC, THEA, 3 credits): Arts courses explore multiple ways the human experience can be expressed through creativity, including across different cultures and societies. One approved course in fine arts, music, theatre, or dance will fulfill this requirement (click here [PDF] for a list of approved courses).
  • History (HIST, 3 credits): History courses are intended to develop students’ awareness of the historical context of both the individual and the collective human experience. One course in History (HIST 101, HIST 102, HIST 112, HIST 201, HIST 202) will fulfill this requirement.
  • Literature (3 credits): Literature courses foster reflection on how literature engages with a range of human experience. One approved course in Literature (offered by English, Classics, or Modern Languages) will fulfill this requirement (click here [PDF] for a list of approved courses).
  • Social & Behavioral Sciences (3 credits): Courses in the social and behavioral sciences engage students in studying human behavior, social systems, and social issues. One approved course offered by Criminal Justice, Economics, Political Science, Psychology, Sociology, or Women and Gender Studies will fulfill this requirement (click here [PDF] for a list of approved courses).

The Designations
Designations are embedded within already existing core, major, minor, and elective courses. Students are encouraged to meet designation requirements within elective courses as their schedule allows; however, with careful planning students should be able to complete most of the designation requirements within other core, major, or minor courses.

  • Writing Enriched (WE; 3 courses meeting this designation): Courses carrying the WE designation are designed to promote the humanistic and Jesuit pedagogical ideal of clear, effective communication. In addition to the required core course, Writing (ENGL 101), which carries one of the WE designations, students must take two other WE-designated courses (click here [PDF] for a list of approved courses).
  • Global-Studies (GS; 2 courses meeting this designation): Courses carrying the GS designation are designed to challenge students to perceive and understand human diversity by exploring diversity within a context of constantly changing global systems. In addition to the required core course, World/Comparative Religion (RELI 300-level), which carries one of the GS designations, students must take one other GS-designated course (click here [PDF] for a list of approved courses).
  • Social-Justice (SJ; 1 course meeting this designation): Courses carrying the SJ designation are designed to introduce students to one or more social justice concerns. Students must take one course that meets the SJ designation (click here [PDF] for a list of approved courses).

Major-specific adaptations to the University Core Curriculum

All Gonzaga students, regardless of their major, will complete the University Core Curriculum requirements. However some Gonzaga students will satisfy certain core requirements through major-specific programs or courses. Any major-specific adaptations to the core are described with the requirements for the majors to which they apply.