UNDERGRADUATE CATALOG 2003-2004
 Brigham Young University
Back Economics

   

James B. McDonald, Chair
130 FOB, (801) 422-3463

College of Family, Home, and Social Sciences Advisement Center
151 SWKT, (801) 422-3541

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 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
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
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. Minimum residence requirement is 21 hours in the major.

  2. Major courses: complete the following:
    Econ 110, 378 (or equivalent), 380, 381, 382, 388.

    Note: Equivalence to Econ 378 includes Stat 321 and either Stat 322 or Math 343.

  3. Supporting courses: complete the following:
      Math 112 (Math 119 with a B+ or better may be substituted).

      Note: Math 113, 214, and 343 are strongly recommended in addition to Math 112 for students contemplating graduate work in economics.

  4. Complete GE Foreign Language or 7 hours of mathematics in addition to Math 112.

  5. Complete 15 hours from the following (at least 12 hours must be from courses 410–588):
      Econ 210, 213R, 215, 230, 240, 253, 257, 274, 275, 410, 413R, 415, 420, 421, 430, 440, 450, 453, 458, 459, 463, 465, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.

      Note 1: The 200-level field courses are intended as interim courses as a student moves from Econ 110 into the 300-level core courses. Once the student has completed Econ 380, he or she is strongly encouraged to take the 400-level rather than the 200-level field courses.

      Note 2: Students should not take both a 200-level and a 400-level course with the same last two digits (e.g., Econ 275 and 475), 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. Minimum residence requirement is 21 hours in the major.

  2. Major courses: complete the following:
    Econ 110, 378 (or equivalent), 380, 381, 382, 388.

    Note: Equivalence to Econ 378 includes Stat 321 and either Stat 322 or Math 343.

  3. Supporting courses: complete the following:
      Math 112 (Math 119 with a B+ or better may be substituted).

      Note: Math 113, 214, and 343 are strongly recommended in addition to Math 112 for students contemplating graduate work in economics.

  4. Complete 15 hours from the following (at least 12 hours must be from courses 410–588):
      Econ 210, 213R, 215, 230, 240, 253, 257, 274, 275, 410, 413R, 415, 420, 421, 430, 440, 450, 453, 458, 459, 463, 465, 468, 474, 475, 476, 478, 486, 580, 581, 582, 586, 588.

      Note 1: The 200-level field courses are intended as interim courses as a student moves from Econ 110 into the 300-level core courses. Once the student has completed Econ 380, he or she is strongly encouraged to take the 400-level rather than the 200-level field courses.

      Note 2: Students should not take both a 200-level and a 400-level course with the same last two digits (e.g., Econ 275 and 475), 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.



Minor Economics (18 hours*)

Minor Requirements

  1. Complete the following:
    Econ 110, 380, 381.

  2. Complete 9 additional hours in economics courses.

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



Economics (Econ)

Class Schedule Major Academic Plan (MAP)
Fall Class Schedule Winter Class Schedule Spring Class Schedule Summer Class Schedule

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 Economics. (3:3:0) Prerequisite: Econ 110 or equivalent.

Economic principles and policies applied to producing and allocating agricultural products.

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.

265. Introduction to Health Economics. (3:3:0) Prerequisite: Econ 110 or equivalent.

Applying economic principles to markets for health and health care.

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.

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 enrollment.

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 or equivalent, 380.

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

410. Agricultural Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 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 378 or equivalent, 380, 381, and/or 382, depending on topic.

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

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 or equivalent, 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 Growth and Development. (3:3:0) Prerequisite: Econ 380, 381.

440. Natural Resources and Environmental Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 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. Financial Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 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. Monetary Theory and Policy. (3:3:0) Prerequisite: Econ 380, 381.

Macroeconomic aspects of money demand, money supply, the monetary transmission mechanism, central bank policy, and other current issues.

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 or equivalent, 380, 381.

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

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

465. Health Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 382.

Economic models of health-care markets, including the supply and demand for health and health care, insurance, market imperfections, public-sector involvement, and regulation.

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

475. Public Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 380, 382.

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

478. Game Theory and Economics. (3:3:0) Prerequisite: Econ 378 or equivalent, 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 or equivalent, 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; or equivalents.

Individual behavior and markets.

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

Theory of determining national income, employment, inflation, and interest rates. Issues of economic fluctuations, economic growth, and monetary and fiscal policy.

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

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 equivalents.

Mathematical modeling of economic behavior.

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

Theory and practice formulating, estimating, and analyzing economic models.

599R. Academic Internship: Supervised Management and Training. (2–6:0:Arr. ea.) Prerequisite: course work pertinent to proposed experience.



Economics Faculty

Professors

Butler, Richard J. (1990) BA, U. of Utah, 1973; MA, PhD, U. of Chicago, 1979.

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

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

Jensen, Mark J. (2001) BA, Weber State U., 1988; MA, PhD, Washington U., 1989, 1994.

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.

Garner, Phillip D. (2002) BA, Brigham Young U., 1997; PhD, Brown U., 2002.

Lefgren, Lars J. (2001) BA, Brigham Young U., 1996; PhD, U. of Chicago, 2001.

Mackay, Bret P. (2001) BS, U. of Utah, 1992; MA, PhD, U. of Washington, 1996, 1999.

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

Adjunct Assistant Professor

Wilson, Sven E. (1997) BA, Brigham Young U., 1989; MA, PhD, U. of Chicago, 1992, 1997.

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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