Brigham Young University
Back Economics

  

Farrell E. Jensen, Chair
130 FOB, PO Box 22363, (801) 378-4057

College of Family, Home, and Social Sciences Advisement Center
2254 SFLC, PO Box 26797, (801) 378-3541

Admission to Degree Program

All degree programs in the Department of Economics are open enrollment. However, special limitations apply for teaching majors.

The Discipline

Economics examines how societies choose to allocate scarce resources among competing uses. A broad range of contemporary policy issues are studied in fields such as: food, agriculture, and natural resource economics; economic development and growth, international trade and finance, economic history, the organization of industries, the development and efficiency of law, business cycles, labor markets, and public and private finance.

Career Opportunities

Professional economists basically work in three fields. Some work in business, others in government, and some choose academic careers. The lifestyles of these groups vary greatly, making the decision of which career to adopt an important one.

Business economists forecast and analyze various aspects of the economy for their employers. They often work for banks, insurance companies, investment firms, and large manufacturing firms. The career of business economics is increasingly recognized as one of the routes to top management (National Association of Business Economists, 1989).

Government economists accumulate, interpret, and analyze national and international statistics in order to suggest proper policy. They work for agencies such as the State Department, the Treasury, the Bureau of Labor Statistics, and the Department of Commerce. The jobs available in government are numerous and varied.

Academic economists teach and conduct research at colleges and universities around the world.

Graduation Requirements

To receive a bachelor's degree a student must fill three groups of requirements: (1) general education requirements, (2) university requirements, and (3) major requirements.

General Education Requirements

Please see your college advisement center for information about general education courses you should take to dovetail with your major program.

Languages of Learning

Precollege Math (none to three courses)
(or Math ACT score of at least 22) 		0-3.0 hours
First-Year Writing (one course) 3.0
Advanced Writing (one to four courses) 3-8.0
Advanced Languages/Math/Music
(one to four courses) 		3-20.0

Liberal Arts Core

Biological Science (one to two courses) 3-6.0
Physical Science (one to two courses) 3-7.0
American Heritage (one to two courses) 3-6.0
Wellness (one to three courses) 1.5-3.0
History of Civilization (two courses) 6.0

Arts and Sciences Electives

Arts and Letters (one course) 3.0
Natural Sciences (one course) 3-4.0
Social and Behavioral Sciences (one course) 3.0

Note 1: For a complete list of courses that will fill each GE category, see the General Education section of the current class schedule.

Note 2: Additional information about general education requirements can be found in the General Education section of the current class schedule or this catalog.

Minimum University Requirements

Religion 14.0
Upper-division hours 40.0
Residency 30.0
Total hours 128.0

Cumulative GPA must be at least 2.0.

Note: See the Graduation section of this catalog for more information.

Major Requirements

Complete the major requirements listed for one of the folowing undergraduate degree programs.

Undergraduate Programs and Degrees

BA Economics
BA Economics Teaching
BA Honors in Economics and University Honors
BS Economics

Emphasis (optional):
Agricultural Economics

Minors Economics
Economics Teaching

For help or information on the undergraduate programs, please see your college advisement center.


BA Economics (40-57 hours*)


Major Requirements

  1. No more than 3 hours of D credit are allowed in major courses.
  2. Minimum residence requirement is 21 hours in the major.
  3. Major courses: complete the following:
    Econ 110, 378, 380, 381, 382, 388.
  4. Supporting courses: complete the following:
    Math 112.
    Note: Math 113 is strongly recommended for students contemplating graduate work in economics.
  5. Complete GE Foreign Language or 7 hours of mathematics in addition to Math 112.
  6. Select 15 hours from the following (at least 12 hours must be from courses 410-588):
    Econ 210, 211, 215, 230, 235, 240, 253, 257, 260, 273, 274, 275, 410, 413R, 415, 421, 430, 440, 450, 453, 458, 459, 460, 463, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.

*Hours include courses that may fulfill GE or university requirements.


BA Economics Teaching (83-89 hours,* including certification hours)


Major Requirements

  1. No more than 3 hours of D credit are allowed in major courses.
  2. Minimum residence requirement is 21 hours in the major.
  3. Complete an approved teaching minor (approximately 16-21 hours).
  4. Complete the following:
    Econ 110, 378, 380, 381, 382, 388.
    Math 112.
  5. Select 15 hours from the following (at least 12 hours must be from 413R-588):
    Econ 210, 211, 213R, 215, 230, 235, 240, 241, 253, 257, 260, 273, 274, 275, 410, 413R, 415, 421, 430, 440, 450, 453, 458, 459, 460, 463, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.
  6. Complete the Professional Education Component (30-31 hours): see the Secondary Education section of this catalog for certification requirements.

*Hours include courses that may fulfill GE or university requirements.


BA Honors in Economics and University Honors


For more information on this degree program, see your college advisement center.

See also the University Honors Education section of this catalog.


BS Economics (37 hours*)


Major Requirements

  1. No more than 3 hours of D credit are allowed in major courses.
  2. Minimum residence requirement is 21 hours in the major.
  3. Major courses: complete the following:
    Econ 110, 378, 380, 381, 382, 388.
  4. Supporting courses: complete the following:
    Math 112.
    Note: Math 113 is strongly recommended for students contemplating graduate work in economics.
  5. Select 15 hours from the following (at least 12 hours must be from courses 410-588):
    Econ 210, 211, 213R, 215, 230, 235, 240, 241, 253, 257, 260, 273, 274, 275, 410, 413R, 415, 421, 430, 440, 450, 453, 458, 459, 460, 463, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.

*Hours include courses that may fulfill GE or university requirements.


BS Economics: Agricultural Economics Emphasis (37 hours*)


Major Requirements

  1. No more than 3 hours of D credit are allowed in major courses.
  2. Minimum residence requirement is 21 hours in the major.
  3. Major courses: complete the following:
    Econ 110, 378, 380, 381, 382, 388.
  4. Supporting courses: complete the following:
    Math 112.
    Note: Math 113 is strongly recommended in addition to Math 112 for students contemplating graduate work in economics.
  5. Complete the following:
    Econ 410, 440, 460.
  6. Select 6 hours from the following (at least 3 hours must be from courses 413R-588) (Choose only one in each of the following sets: Econ 230 or 430; 257 or 458; 240 or 440):
    Econ 210, 211, 215, 230, 235, 240, 253, 257, 260, 273, 274, 275, 413R, 415, 421, 430, 440, 450, 453, 458, 459, 460, 463, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.
  7. Students interested in management careers are encouraged to also enroll in the agribusiness management minor.

*Hours include courses that may fulfill GE or university requirements.


Minor Economics (18 hours*)


  1. Complete the following:
    Econ 110, 381.
  2. Select one course from the following:
    Econ 280, 380.
  3. Select 9 additional hours in economics courses.
  4. No more than 3 hours of D credit are allowed in courses used to fulfill minor requirements.

*Hours include courses that may fulfill GE or university requirements.


Minor Economics Teaching (18 hours*)


  1. Complete the following:
    Econ 110, 381.
  2. Select one course from the following:
    Econ 280, 380.
  3. Complete 9 additional hours in economics.

*Hours include courses that may fulfill GE or university requirements.

Economics (Econ)

Class Schedule Major Academic Plan (MAP)

Undergraduate Courses

110. Economic Principles and Problems. (3:3:0) Honors and Independent Study also.

Strengths and weaknesses of markets and governments for solving problems of social organization or conflict, including policy response to inflation, unemployment, pollution, poverty, growth, etc.

199R. Cooperative Education. (1-3:Arr.:Arr. ea.) Prerequisite: faculty advisor's and department chair's prior written consent.

Not counted toward required major or minor hours.

210. Introduction to Agricultural Markets. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economic principles, policies, practices, and problems in marketing agricultural products.

211. Economics of Agricultural Production. (3:3:0) Prerequisite: Econ 110 or equivalent.

Application of economics to the operation of agricultural production systems, including planning, decision making, and adjustments for uncertainty.

213R. Topics in Economic Analysis. (1-3:Arr.:Arr. ea.) Prerequisite: Econ 110 or equivalent.

215. History of Economic Thought. (3:3:0) Prerequisite: Econ 110 or equivalent.

Development of economic doctrines from preclassical through contemporary economics. Contributions of individual writers and schools of thought.

230. Economic Development. (3:3:0) Prerequisite: Econ 110 or equivalent.

Problems and processes of economic growth and development, emphasizing less-developed nations.

235. Economics of World Food Policy. (3:3:0) Prerequisite: Econ 110.

Economic principles applied to world food markets; trade theory and policy; impact of international food policies on markets, hunger, comparative advantage, efficiency.

240. Introduction to Natural Resource and Environmental Economics. (3:3:0) Prerequisite: Econ 110 or equivalent.

Applying basic economic principles to the proper allocation of natural resources; our relationship to the environment.

241. Comparative Economic Systems. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economic models and principles; analysis and comparison of capitalist, market socialist, and centrally planned economic systems.

253. Money and Banking. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economic principles applied to monetary analysis and policy and the banking structure.

257. International Trade and Finance. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economic analysis of the mechanisms, problems, institutions, and policies of trade among countries. Financial and monetary arrangements that facilitate trade.

260. Introduction to U.S. Food Policy. (3:3:0) Prerequisite: Econ 110 or equivalent.

Analysis of policies affecting agricultural efficiency and distribution.

273. European Economic History. (3:3:0) Prerequisite: Econ 110 or equivalent.

Origins and development of major economic institutions in Europe from medieval era to present time.

274. American Economic History. (3:3:0) Prerequisite: Econ 110 or equivalent.

Impact on households, firms, and government of America's transformation from a rural, agricultural colony to a major industrial nation.

275. Public Finance. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economics of decision making in the public sector; cost-benefit analysis and efficiency-equity issues of taxation and expenditure policies.

280. Introduction to Economic Analysis and Reasoning. (3:3:0) Prerequisite: Econ 110 or equivalent. Not for majors or major credit.

Maximizing self-interest model of behavior and the environment, and constraints within which business and household decisions are made.

378. Statistics for Economists. (3:3:0) Prerequisite: Econ 110, Math 112.

Introduction to matrix algebra and statistics concluding with simple regression analysis. Other topics include: probability, random variables, density and distribution functions, estimation, hypothesis testing.

380. Intermediate Price Theory 1. (3:3:0) Prerequisite: Econ 110; Math 112 or concurrent registration.

Producer, consumer, and equilibrium theories; mathematical techniques of unconstrained and constrained optimization introduced and applied extensively.

381. Intermediate Macroeconomics. (3:3:0) Prerequisite: Econ 110; Math 112 or concurrent registration.

Intermediate macroeconomic theory, emphasizing income, unemployment, and price-level analysis.

382. Intermediate Price Theory 2. (3:3:0) Prerequisite: Econ 380.

Welfare theory, imperfect information, imperfect competition, uncertainty, externalities, and public goods.

388. Introduction to Econometrics. (3:3:0) Prerequisite: Econ 378, 380.

Mathematical and statistical techniques used in estimating, predicting, and testing hypotheses associated with quantifiable economic relationships.

410. Agricultural Markets. (3:3:0) Prerequisite: Econ 378, 380.

Application of supply and demand concepts to price determination and analysis in agricultural markets.

413R. Topics in Economic Theory. (1-5:Arr.:Arr. ea.) Prerequisite: Econ 380 and/or 381, depending on topic.

415. History of Economic Thought. (3:3:0) Prerequisite: Econ 380, 381.

421. Law and Economics. (3:3:0) Prerequisite: Econ 378, 380.

Common law allocative mechanisms (contract, tort, and property law) as alternatives to collective intervention when markets fail; consideration of economic logic of law.

430. Economic Development. (3:3:0) Prerequisite: Econ 380, 381.

440. Economics and Natural Resources. (3:3:0) Prerequisite: Econ 378, 380.

Economic theory applied to issues in natural resource development and use. Rent, common property situations, time and resource conversion and depletion, market failure, public choice theory, and rudimentary benefit/cost analysis.

450. Economics of Financial Markets. (3:3:0) Prerequisite: Econ 378, 380, 382.

Theory of financial economics emphasizing capital markets, investment decisions, choice, capital asset pricing model, futures and options markets, efficient markets, and capital structures.

453. Theory of Money and Banking. (3:3:0) Prerequisite: Econ 380, 381.

458. International Trade Theory and Applications. (3:3:0) Prerequisite: Econ 380, 381.

Analysis of the theory of exchange, specialization, and trade, focusing on nature of the allocational problem when distinct economies interact.

459. International Monetary Theory. (3:3:0) Prerequisite: Econ 378, 380, 381.

Monetary and macroeconomic aspects of international relations dealing primarily with short-run balance-of-payments disequilibrium and adjustments.

460. Economics of U.S. Food Policy. (3:3:0) Prerequisite: Econ 380, 382.

Analysis of public programs, policies, issues, external forces, and institutions that affect the agricultural industry.

463. Economics of the Labor Market. (3:3:0) Prerequisite: Econ 378, 380.

468. Urban Economics. (3:3:0) Prerequisite: Econ 378, 380.

Economic models relating to spatial location of economic activities and development of cities. Application of economic theory to problems and policies associated with housing, urban transportation, congestion, local government finance, and other urban problems.

474. Topics in Economic History. (3:3:0) Prerequisite: Econ 378, 380.

475. Theory of Public Finance. (3:3:0) Prerequisite: Econ 378, 380.

476. Industrial Organization. (3:3:0) Prerequisite: Econ 378, 380, 382.

478. Game Theory and Economics. (3:3:0) Prerequisite: Econ 378, 380.

Application of game theory to study strategic interaction between individuals and organizations. Applications include imperfect competition, insurance markets, and bargaining.

486. Mathematical Economics. (3:3:0) Prerequisite: Econ 378, 380.

Further development of optimization and comparative statics. Differential equations and dynamic analysis.

490. Senior Paper. (1:0:0) Prerequisite: instructor's consent.

498R. Readings in Economics. (1-2:Arr.:0 ea.) Prerequisite: instructor's consent.

P/F grade only; maximum of 2 credit hours; 3 hours of reading per week required for each credit hour taken. Not counted toward required major hours.

499R. Honors Thesis. (1-6:0:0 ea.) Prerequisite: instructor's consent.

500-Level Graduate Courses (available to advanced undergraduates)

580. Advanced Price Theory. (3:3:0) Prerequisite: Econ 378, 380, 382.

Individual behavior and markets.

581. Advanced Macroeconomics. (3:3:0) Prerequisite: Econ 378, 380, 381, 382.

Income, unemployment, and price-level analysis.

582. Welfare Economics. (3:3:0) Prerequisite: Econ 378, 380, 382.

General equilibrium theorems and considerations that must guide applied economic work and provide quantitative information on the effects of alternative policy measures.

586. Mathematical Economics. (3:3:0) Prerequisite: Econ 380, 381, 382, or equivalent.

Mathematical modeling of economic behavior.

588. Econometrics. (3:3:0) Prerequisite: Econ 378, 380, 381, 382, 388.

Theory and practice of economic measurement.

599R. Cooperative Education: Supervised Management and Training. (2-6:0:Arr. ea.) Prerequisite: course work pertinent to proposed experience.

Graduate Courses

For 600- and 700-level courses, See the 1997-98 BYU Graduate Catalog.

Economics Faculty

Professors

Jensen, Farrell E. (1982) BS, Utah State U., 1964; MS, PhD, Kansas State U., 1966, 1972.

Kearl, J. R., (1975) BA, Utah State U., 1971; PhD, Massachusetts Inst. of Technology, 1975.

McDonald, James B. (1972) BS, MS, Utah State U., 1964, 1967; PhD, Purdue U., 1970.

Park, William Laird (1977) BS, MS, Utah State U., 1957, 1958; PhD, Cornell U., 1963.

Pope, C. Arden, III (1984) BS, Brigham Young U., 1978; MS, PhD, Iowa State U., 1981.

Pope, Clayne L. (1970) BA, Brigham Young U., 1965; MA, PhD, U. of Chicago, 1968, 1972.

Pope, Rulon D. (1982) BS, Brigham Young U., 1971; PhD, U. of California, Berkeley, 1976.

Spencer, David E. (1986) BA, Brigham Young U., 1971; MS, PhD, Texas A&M U., 1973, 1974.

Wimmer, Larry T. (1963) BS, Brigham Young U., 1960; MA, PhD, U. of Chicago, 1962, 1968.

Associate Professors

Lambson, Val E. (1989) BA, Brigham Young U., 1979; MA, PhD, U. of Rochester, 1982, 1983.

Ransom, Michael R. (1988) BA, Brigham Young U., 1977; MA, PhD, Princeton U., 1980, 1983.

Assistant Professors

Cardon, James H. (1996) BA, Brigham Young U., 1992; MA, PhD, Princeton U., 1995, 1996.

Eide, Eric R. (1993) BS, MS, Brigham Young U., 1988, 1989; PhD, U. of California, Santa Barbara, 1993.

Phillips, Kerk L. (1992) BS, Brigham Young U., 1986; MA, PhD, U. of Rochester, 1990, 1991.

Showalter, Mark H. (1991) BA, Brigham Young U., 1986; PhD, Massachusetts Inst. of Technology, 1991.

Snow, Karl N. (1995) BA, Brigham Young U., 1985; MA, PhD, U. of Chicago, 1986, 1991.

Thurston, Norman K (1995) BA, Brigham Young U., 1990; MA, PhD, Princeton, 1993, 1995.

Timothy, Darren P. (1995) BA, Brigham Young U., 1990; PhD, Massachusetts Inst. of Technology, 1996.

Emeriti

Clark, Wayne Walter (1962) BA, Brigham Young U., 1952; PhD, Texas A&M U., 1960.

Corbridge, Ivan L. (1952) BA, Utah State U., 1946; MS, U. of Chicago, 1948; PhD, Washington State U., 1952.

Dutton, Dean S. (1968) BA, U. of Utah, 1964; MA, PhD, Michigan State U., 1966, 1968.

Gardner, B. Delworth (1986) BS, MS, U. of Wyoming, 1952, 1954; PhD, U. of Chicago, 1960.

Infanger, Carlton A. (1964) PhD, Montana State U., 1964.

James, Sydney C. (1983) BS, MS, Utah State U., 1953, 1957; PhD, Oregon State U., 1960.

Nelson, Glen T. (1955) BS, MS, Utah State U., 1942, 1948; PhD, U. of Illinois, 1950.




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Please report any errors. Updated May 20, 1997, by web_ugrad_cat@byu.edu