Economics
(ECON) Professors: Winston H. Griffith, Peter Karl Kresl, Jean A. Shackelford Associate Professors: Wei Ge, Thomas C. Kinnaman, Janet T. Knoedler (Chair), Gregory A. Krohn, Christopher S. P. Magee, Michael Moohr, Geoffrey E. Schneider, Nancy E. White, Amy M. Wolaver Assistant Professors: Nina E. Banks, David Kristjanson-Gural, Ranga S. Murthy (visiting), Fatma G. Unal (visiting) The study of economics, as with the other social sciences, attempts to explain various types of human behavior and the impact that society’s institutions have in determining that behavior. Of particular interest are the forces that determine an economy’s production, employment, distribution of income, poverty, and international economic relationships. Economics at Bucknell is also an integral part of the liberal arts. The department’s primary goal is to cultivate patterns of inquiry that produce economic literacy, independent thinking, and a commitment to lifelong learning and a socially responsible life. A major in economics offers a background for careers in law, journalism, finance and consulting, government and international affairs, teaching, industrial relations, public service, and many others. The major also provides the essential first stage for students interested in graduate work in economics, and a solid foundation for the graduate study of business and the law. The major in economics consists of a minimum of eight courses in economics, in addition to one semester of calculus (such as MATH 192 or MATH 201) and one semester of statistics (such as MATH 216). ECON 103 is required along with two courses in neo-classical economics (ECON 256 and ECON 257) and ECON 258 Intermediate Political Economy. Students also are required to take a minimum of two economics courses above the 200 level. CAPS courses offered by the department also may qualify for 200-level economics credit. The department chair will determine whether economics AP credit will count toward the major and minor. Selection of the remaining economics courses needed to fulfill the major requirement will be planned with the assistance of a departmental adviser. ECON 100 does not count toward the economics major. No more than two course credits earned off campus may be used to meet the economics requirements. This restriction does not apply to transfer students; in addition, all economics courses taught by, or sponsored by Bucknell faculty members in the Bucknell en Espana, Bucknell en France, Bucknell in Barbados, or Bucknell in London programs will count toward the major and the minor. With the exception of these Bucknell-sponsored programs, courses taken off-campus normally may not substitute for one of the core course requirements or for one of the two 300-level courses. The department chair may allow an exception if provided with clear information about the character and quality of off-campus courses, and if these courses adequately substitute for material that would be taught on-campus. Each academic year, the department will solicit applications from all potential majors. When the number of applications reaches above the threshold of 100, criteria for acceptance to the program will emphasize academic achievement. Students interested in pursuing postgraduate work in economics upon graduation from Bucknell are strongly encouraged to take the following mathematics courses: MATH 201 Calculus I, MATH 202 Calculus II, MATH 211 Calculus III, MATH 216 Statistics I, MATH 303 Probability, and MATH 304 Mathematical Statistics. Other mathematics courses (for example, MATH 213 Elementary Linear Algebra; MATH 212 Differential Equations) are also be helpful. In addition, students preparing for graduate study in economics should strongly consider taking ECON 341 Econometrics and ECON 335 Mathematical Economics. Please see the economics department graduate school adviser as early in your degree program as possible for additional information and guidance. The minor in economics consists of ECON 103 plus four elective economics courses at the 200 level or above. Students in other off-campus programs may count one off-campus course toward the minor. No particular combination of courses is required and students may wish to consult individual faculty members about course selection. 100. Economics Transfer Credit
Course credit in certain cases involving AP credit or transfer courses. The department
chairperson assigns this credit when appropriate. 103. Economic Principles and Problems (I and II; 3, 0)
General introduction to both macroeconomics and microeconomics, along with an introduction to economic history, international economics, and political economy. The course also examines the origin of economic ideas in the works of Adam Smith, John Maynard Keynes, Karl Marx, and others. 104. Topics in Economics (II; R; 3, 0)
Specific economic problem areas will be discussed in depth. 201. Independent Study (I or II; R; 3, 0)
Individual study or project supervised by a member of the economics department typically resulting in the production of a long research paper. Prerequisites: ECON 103 and permission of the instructor. 221. Money and Banking (II; 3, 0)
An examination of the role of money and the financial system in our economy, including the impact of Federal Reserve monetary policy. Prerequisite: ECON 103. Not open to students who have taken or plan to take ECON 328. Normally not open to student who have taken ECON 257. 222. Economic Topics (I or II; R; 3, 0)
Selected issues in economic theory or policy. Prerequisite: ECON 103 or permission of the instructor. 227. International Economics (I; 3, 0)
An examination of international economic relations today and of the theory used to analyze those trade and financial relations. Attention is given to the problems of government policy with respect to international issues. Prerequisite: ECON 103 or permission of the instructor. Not open to economics majors, who are advised to enroll in ECON 327, or students who have taken ECON 327. 231. Resources and the Environment (I; 3, 0)
This course will develop economic concepts to explain why well-intentioned individuals so often choose to abuse their own environment and stock of natural resources and suggest and evaluate policies designed to remedy the situation. Prerequisite: ECON 103 or permission of the instructor. 235. African Economic Development (I; 3, 0)
A historical, institutional analysis of Sub-Saharan African economic, social, and political development. Primary emphasis will be on the analysis of the economic crisis facing the subcontinent since the late ’70s and the structural adjustment programs that have been instituted to deal with the crisis. Prerequisite: ECON 103. 236. Unemployment and Poverty (I or II; 3, 0)
A study of the causes of unemployment and poverty in the United States and policies to generate full employment and eliminate poverty. Prerequisite: ECON 103 and/or permission of the instructor. 237. Health Politics and Health Policy (I; 3, 0)
History of health care delivery and financing in the United States and introduction to and evaluation of current topics in health policy. Prerequisite: ECON 103 or permission of the instructor. First-or second-year standing, others by permission. 238. Urban Economics (I or II; 3, 0)
Study of household and business location decisions and public policies aimed at congestion, pollution, and crime. Prerequisite: ECON 103. First- and second-year standing, others by permission.
240. Economics and Technology (I or II; 3, 0)
This course examines the causes and consequences of technological change on the economy, both in sweeping historical terms and in the specific context of some new technologies, with particular emphasis on the great theoreticians of economics and technology, on the path-dependent nature of technological change, and on some of the technological issues – both microeconomic and macroeconomic – that confront us as we enter the next century. 252. Political Economy of Global Resources (I or II; 3, 0)
A study of environmental and energy economics in the context of global resources and politics. The theme of sustainable development will be linked to the new realities of international relations. Prerequisite: ECON 103. Crosslisted as IREL 252 and UNIV 252. 256. Intermediate Microeconomics (II; 3, 0)
Intermediate economic theory of the consumer, the firm, market structures, and resource allocation. Prerequisite: ECON 103. 257. Intermediate Macroeconomics (I; 3, 0)
The study of national income, employment, inflation, interest rates, and the impact of monetary and fiscal policy on the economy. Prerequisite: ECON 103. 258. Intermediate Political Economy (I or II; 3, 0)
Intermediate study of Marxist and institutionalist political economy. The ideas of Marx and Veblen applied to such matters as the distribution of income and power, the environment, working conditions, consumerism, and race and gender issues. Prerequisite: ECON 103. 266. Political Economy of the Caribbean (II; 3, 0)
The development of the Caribbean from colonial times to the present. A look at the social, political, and economic development of the Caribbean as a whole rather than as independent aspects of development. 271. The British Economy: Structures and Policies (I or II; 3, 0)
Offered as an option for Bucknell in London students. This course will treat a distinct topic relating to British economic affairs. 275. Canadian-American Economic Relations (I; 3, 0)
A study of the trade, investment, social, and cultural linkages between the industrial world’s most closely related societies. Is this relationship liberal internationalism or dependency? Prerequisite: ECON 103 or permission of the instructor. 276. Latin American Economic Development (II; 3, 0)
A historical analysis of Latin America’s economic and political development. Primary emphasis on the experiences of Argentina, Brazil, Chile, Mexico, and Central America. Prerequisite: ECON 103. 277. The French Economy: Structures and Policies (II; 3, 0)
Analysis of government planning since 1945. The conflict of liberal and socialist ideologies today. Prerequisite: Bucknell en France students only. 278. Asian Economic Development (I; 3, 0)
Analysis of contemporary economic development in Asia, focusing on the role of public policy, international trade and investment, and on prospects for future growth. Crosslisted as EAST 278. Prerequisite: ECON 103. 279. Economics of Transition (II; 3, 0)
A study of the economies transitioning from centrally planned to market-based. Focus on the comparative experience and performance of China, USSR/Russia, and Eastern European countries. Prerequisite: ECON 103. 280. Political Economy of Media and Advertising (I or II; 3, 0)
Examines the interrelationship of cultural, political, and economic aspects of media content and advertising from the perspective of institutional and Marxian political economy. Prerequisite: ECON 103 or permission of the instructor. 299. Teaching Assistant in ECON 103 (I or II; 3, 0)
This course can only be taken by economics majors who have permission. Prerequisites: ECON 256, 257, and 258 and permission of the instructor. 301. Independent Study (I or II; R)
Individual study or project, supervised by instructor. Prerequisites: ECON 256, 257, or 258 and permission of the instructor. 302. Honors Thesis in Economics (I; R; 3, 0)
Individual research, leading to an honors thesis in economics, undertaken by qualified students, and supervised by an instructor in the department of economics. This course may be repeated for credit for a second semester for those students completing the honors thesis in economics. Prerequisites: ECON 256, 257, 258, and permission of the instructor and University Honors Council. 305. Comparative Economic Systems (I or II; 3, 0)
A critical analysis of the organization of economic systems. The characteristics of selected capitalist and socialist economics studied and assessed from both mainstream and Marxian analytical perspectives. Prerequisite: ECON 258 or permission of the instructor. 311. Labor Economics (I or II; 3, 0)
An examination of economic models related to labor markets, current labor market trends, and the influence of related government policies. Prerequisites: ECON 256 and one semester of statistics. 312. Health Economics (II; 3, 0)
Theoretical and empirical examinations of issues in health economics. Course includes semester-long research project on a health topic. Prerequisites: ECON 256 and one semester of statistics or permission of the instructor. 313. Public Finance (II; 3, 0)
An analysis of the government’s role in the economy. Topics include the economic rationale for government, expenditure analysis, and the allocative and distributive consequences of taxation. Prerequisites: ECON 256. It is strongly recommended that students have one semester of statistics 317. Economic Integration in Western Europe (I and II; 3, 0)
Study of the European community/union: its policies regarding the integration process, its possible expansion, and the experiences of its member nations. Prerequisites: ECON 227 or 327 and permission of the instructor. 318. American Economic History (I and II; 3, 0)
An examination of the development and influence of American economic institutions from colonial to current times. Prerequisites: ECON 256 and 257, or permission of the instructor. 319. Economic History of Women in the United States (I; 3, 0)
Examination of the history of women in the U.S. economy, with particular attention to racial-ethnic and class differences among women. Both neoclassical economics and political economy are utilized to analyze the economic status of women. Prerequisites: ECON 256 or 257, or 258, and permission of the instructor. 324. European Economic History (I; 3, 0)
Development of the market economy and its major institutions. The changing place of the economy in society. Prerequisites: ECON 256, 257, 258, and/or permission of theinstructor. 326. History of Economic Thought (I; 3, 0)
Discussion of original sources of economic ideas. Readings in Smith, Malthus, Ricardo, Mill, Marx, Jevons, Keynes, and others. Prerequisites: ECON 256 and 257, and/or permission of the instructor. Not open to students who have taken or plan to take ECON 407 The Idea of Capitalism in Economic Thought. 327. International Economic Theory (I; 3, 0)
Theoretical principles underlying international trade, investment, commercial policy, economic integration, adjustment mechanisms, and balance of payments policy will be examined with an application of these principles to current national and international policies. Prerequisites: ECON 256 and 257, or concurrent enrollment. Not open to students who have taken ECON 227. 328. Money and Financial Institutions (II; R; 3, 0)
An analysis of the role of the financial system in the U.S. economy. Topics include determinants of asset prices, risk management, and financial regulations. Prerequisites: ECON 256 and ECON 257 or concurrent enrollment and one semester of statistics. Not open to students who have taken ECON 221. 330. Law and Economics (II; 3, 0)
This course examines several areas of law from the "Law and Economics" perspective and analyzes the assumptions that underlie this approach to law. Property rights law, contract law, and tort law will be covered. Prerequisite: ECON 256. 331. Industrial Organization Economics (I; 3, 0)
Topics include market structure, industrial concentration, firm conduct, mergers, advertising, market performance, examined in the context of U.S. antitrust policy. Prerequisite: ECON 256. 333. Seminar in Economic Topics (I or II; R; 3, 0)
Guided discussion of economic issues. Topics to be announced at time of preregistration. Prerequisite: permission of the instructor. 335. Mathematical Economics (II; 3, 0)
Introduction to mathematical tools, such as differential calculus and matrix algebra, necessary to develop and comprehend modern economic models. Prerequisites: ECON 256 and one semester of calculus. In addition, students with ECON 103 and MATH 202 or its equivalent may be admitted with permission of the instructor. 336. Macroeconomic Policy (I; 3, 0)
A study of the effects of fiscal and monetary policies on economic stability and growth. Current and proposed policies will be analyzed. Prerequisites: ECON 257 and one semester of statistics. 337. International Monetary and Financial Economics (II; 3, 0)
The course covers balance of payments, foreign exchange markets, international monetary systems, the adjustment mechanism, macroeconomic policy in an open economy and monetary integration. Prerequisites: ECON 256 and ECON 257 and ECON 327 or permission of the instructor. 338. Seminar in International Economics (II; R; 3, 0)
This course will examine some of the modern controversies in international economics. We will look at trade and environmental disputes within the World Trade Organization, the effect of international trade on inequality, whether regional trade agreements such as NAFTA are good or bad for the economies involved and for the world economy, the politics behind U.S. trade policies, the IMF and its role in world financial crises, and currency unions or fixed exchange rate regimes as opposed to flexible exchange rates. Students in the class will write papers on these topics and then defend their positions in class debates. Prerequisites ECON 257 or 258.
339. China and the World Economy (I; 3, 0)
An analysis of economic transition and development in China, with emphasis on its role in the Asia-Pacific and world economies. Prerequisites: ECON 256 and ECON 257 or permission of the instructor. Crosslisted as EAST 339. 340. Comparative Pacific Basin Economies (II; 3, 0)
Contemporary developmental issues facing selected Pacific Basin economies, emphasizing international trade, foreign investment, and public policies. Prerequisites: ECON 256 and ECON 257, or permission of the instructor. Crosslisted as EAST 340. 341. Econometrics (II; 3, 0)
The application of statistical methods to quantify and test economic theories, analyze government policies, and forecast economic variables. Prerequisites: ECON 256 and 257, and one semester of statistics or permission of the instructor. 357. Economic Development (I; 3, 0)
The main theories of development; economic and social dualism; agricultural, industrial, and trade strategies; the use of monetary and fiscal policies in promoting economic development; and the role of less developed countries in the emerging global economy. Prerequisites: ECON 256 and ECON 257 or permission of the instructor. 358. Marxian Economics (I or II; 3, 0)
Examines the implications of class struggle on microeconomic competition, the distribution of value within and between firms, and macroeconomic instability accumulation and crises at the national and international level. Prerequisite: ECON 258 or CAPS 407/411. 407. The Idea of Capitalism in Economic Thought (II; 3, 0)
The rich intellectual thought contributing to the idea of capitalism forms the basis of study for this course. This tradition includes work by economic theorists, policymakers and commentators; historians; poets, novelists, playwrights, and artists observing the emergence and adaptation and adoption of these ideas. These works will provide the basic texts for study and discussion. Not open to students who have taken or plan to take ECON 326. GEOG 209 Economic Geography is acceptable for credit as an economics course. Courses offered occasionally: 223 Approaches to Labor Economics, 274 The Greater Chinese Economy, 334 The Theory of Environmental Policy
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