UNDERGRADUATE CATALOG 1999–2000
 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 work in three basic areas: business, government, and academics. Undergraduates generally pursue training beyond their BS/BA in economics if they wish to become professional economists.

Those in business forecast and analyze various aspects of the economy or of particular markets and most often work for banks, insurance companies, large manufacturing firms, brokerage firms, and business or economic consulting firms.
Those in government accumulate, interpret, and analyze national and international data in support of policy development and work for agencies such as the U.S. State Department, Treasury Department, Bureau of Labor Statistics, and Office of the Trade Representative; for state planning bodies and regulatory commissions; or for international bodies like the Work Bank or IMF.
Academic economists teach and conduct research at colleges and universities. Entry into these positions requires training at least as far as the master's level; for the most part, the professional degree is the PhD.
Undergraduates who are not interested in postundergraduate study in economics generally pursue one of three options: graduate training in a profession (e.g., the MBA, MPA, JD, or MD); employment with a business consulting, economic consulting, brokerage, or other specialized service provider that relies to a substantial degree on economic analysis; or employment with a government agency or entity that relies on economic analysis and data. In the latter two areas, those with BAs typically gather and analyze data and provide research support under the direction of professional staff economists. A BA/BS in economics is also very good preparation for those interested in foreign service careers or work with organizations in economic development, international finance, or actuarial licensing. Many undergraduates pursue business careers, including those of finance, marketing, sales, and production.

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

Students should contact their college advisement center for information about general education courses that will also fill major requirements.

Languages of Learning

Precollege Math (zero to one course)
(or Math ACT score of at least 22)
0–3.0 hours
First-Year Writing (one course) 3.0
Advanced Writing (one course) 3.0
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) 1.5–2.0
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
Hours needed to graduate 120.0

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 following undergraduate degree programs.

Undergraduate Programs and Degrees

BA Economics
BS Economics
Emphasis (optional):
Agricultural Economics
Minor Economics

Students should see their college advisement center for help or information concerning the undergraduate programs.



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, 240, 253, 257, 260, 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.

      Note: Students should not take both a 200-level and a 400-level course with the same last number (e.g., Econ 274 and 474), although they are encouraged to take the 300- and 500-level theory classes (e.g., Econ 380 and 580).

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



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, 240, 253, 257, 260, 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.

      Note: Students should not take both a 200-level and a 400-level course with the same last number (e.g., Econ 274 and 474), although they are encouraged to take the 300- and 500-level theory classes (e.g., Econ 380 and 580).

*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; 240 or 440; 257 or 458):
      Econ 210, 211, 215, 230, 240, 253, 257, 260, 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*)

Minor Requirements

  1. No more than 3 hours of D credit are allowed in courses used to fulfill minor requirements.

  2. Complete the following:
    Econ 110, 381.

  3. Select one course from the following:
    Econ 280, 380.

  4. Select 9 additional hours in economics courses.

*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. Academic Internship. (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.

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.

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.

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.

NEW COURSE (effective for Fall 1999)
420. Economics of Antitrust Law and Regulation. (3:3:0) Prerequisite: Econ 380. Recommended: Econ 382.

Economic analysis of reasons for, and effects of, antitrust laws and regulation in selected areas including utilities, telecommunications, transportation, energy, health, safety, and the environment.

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

Economic theory applied to allocation of natural resources and environmental amenities. Issues relating to externalities, common property resources, public goods, allocation of depletable natural resources over time, economic factors of environmental polarization, and others.

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. Academic Internship: 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 1999–2000 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.

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

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

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.

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

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

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.

Assistant Professors

Bradford, Scott C. (1998) BA, Brigham Young U., 1987; MPA, Princeton U., 1991; PhD, Harvard U., 1998.

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.

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.

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






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