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2003-2004 CLA Catalog


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Willamette University

900 State Street
Salem, Oregon 97301

503-370-6300 voice

Course Listings

Economics

ECON 122 (US) Principles of Microeconomics (1)

This course is a basic introduction to microeconomic analysis and its applications for public policy. Tools, concepts and models of economic analysis will be developed and applied to public policy issues. The course will explore the philosophy and values inherent in economic analysis and examine empirical methods to test the validity of economic models. Topics include: consumer and producer behavior, pricing and the forces of supply and demand, market allocation of scarce resources, the distribution of wealth and market failure.

Mode of Inquiry: Understanding Society

  • Offering: Every semester
  • Instructor: Staff

ECON 123 Principles of Macroeconomics (1)

This course is an introduction to macroeconomics analysis and its public policy applications. Macroeconomics develops the analytical tools for examining how such aggregate economic variables as national output, the unemployment rate, the price level, inflation, interest rates, exchange rates, budget deficits, the money supply and economic growth are determined. The models developed will be applied to consider how international trade and fiscal and monetary policy influence economic activity.

Prerequisite: ECON 122 recommended

  • Offering: Every semester
  • Instructor: Staff

ECON 230 (QA*) Economic Statistics (1)

This course is an introduction to the statistical techniques used in economics. It covers descriptive statistics, probability, statistical estimation and inference, hypothesis testing, analysis of variance, and simple and multiple regression. ECON 230 counts for only one half credit if the student has completed MATH 138 or similar Statistics courses.

General Education Requirement Fulfillment: Quantitative and Analytical Reasoning (*)

  • Offering: Every semester
  • Instructor: Gray, Negri

ECON 235 Principles of Accounting (BE) (1)

This course covers the theory of accounting and procedures as a basis for financial reporting and for the planning and administration of business organizations and public enterprises. This course does not count toward the Economics major or minor.

  • Instructor: Staff

ECON 331 Corporate Finance (1)

This course examines financial decision making and business and corporate finance and investments as related to the business structure and the institution. It examines corporate financial policies and structure, the capital markets and the mechanisms of investment.

Prerequisite: ECON 122

  • Offering: Annually
  • Instructor: Frew

ECON 332 Money and Banking (1)

This course examines the banking system and the relationship between financial intermediaries, the Federal Reserve System, depositor behavior and monetary policy. Specific topics include the determination and structure of interest rates, banking regulation, money supply creation and macroeconomic policy.

Prerequisite: ECON 122

  • Offering: Fall
  • Instructor: Whiting

ECON 338 Business Law (BE) (1)

This course covers the laws governing business contracts, agency, sales, commercial paper, property, negotiable instruments, business organization, insurance, suretyship and torts. This course does not count toward the Economics major or minor.

  • Instructor: Staff

ECON 340 Labor Economics (1)

This course examines competing views concerning the fundamental determinants of labor market outcomes. The course explores the role of the labor market and other institutional factors in determining wages, employment and the distribution of income. Special consideration will be devoted to topics of poverty, underemployment and labor market discrimination.

Prerequisite: ECON 122

  • Offering: Spring
  • Instructor: Gray

ECON 345 Environmental Economics (1)

The economic paradigm can make important contributions to understanding and alleviating environmental problems. This course examines the shortcomings of the market mechanism for allocating environmental resources and of public policies for mitigating environmental degradation. Topics include externalities, common property resources, public goods, property rights and cost-benefit analysis. Special consideration will be given to several contemporary environmental problems.

Prerequisite: ECON 122

  • Offering: Fall
  • Instructor: Negri, Beaton, Sivers-Boyce

ECON 346 Regional Economics and the Economy of Oregon (1)

This course will cover regional economic theory, including location theory, interregional trade and methods of regional economic base analysis. The Oregon economy will be extensively analyzed as a regional case study. Past and current socioeconomic information will be employed to generate probable future economic trends and issues in Oregon and in the Pacific Northwest.

Prerequisite: ECON 122

  • Offering: Alternate years
  • Instructor: Staff

ECON 347 Public Finance (1)

The course focuses on government provision of goods and services. Economic analysis is used to explore why governments provide goods and services, how governments select particular projects and programs, and why various taxes, user fees, debt and intergovernmental transfers are used to finance government expenditures. Generally offered when the Oregon Legislature is in session, this course draws on current issues and personnel from state government to clarify and illustrate abstract concepts.

Prerequisite: ECON 122

  • Offering: Alternate years
  • Instructor: Staff

ECON 351 Comparative Economic Systems (1)

This course examines the nature and performance of different economic systems in theory and practice. Included are capitalist market economies, centrally planned economies, socialist market economies and the economic systems utilized in various utopian writings and experimental communities. The challenges of reforming the economies of the People's Republic of China, East European countries and the republics of the former Soviet Union serve as a contemporary theme for this course.

Prerequisite: ECON 122

  • Offering: Alternate years
  • Instructor: Staff

ECON 352 The Economics of Developing Countries (1)

This course examines the structural characteristics of developing countries and major theories of economic development. Specific topics will include land reform, agriculture and industrialization, population and employment policies, the role of money and capital markets in development, trade and development, the impact of aid and foreign investment, and strategies for development planning.

Prerequisite: ECON 122

  • Offering: Alternate years
  • Instructor: Hanson

ECON 353 International Economics (1)

This course examines the workings of the international economy with an emphasis on current policy issues. Economic theory will be used to study the effects of trade among nations, the factors which influence trading patterns and the effects of trade restrictions such as tariffs. Financial relationships among nations and the functioning of the international monetary system will also be explored. Other topics include the role of trade in economic growth and development and the impact of foreign investment and the multinational corporation in both advanced and developing nations.

Prerequisite: ECON 122 required; ECON 123 preferred

  • Offering: Every fall
  • Instructor: Hanson

ECON 354 The Economics of Hostile Takeovers and Leveraged Buyouts (1)

This course will examine hostile takeovers and leveraged buyouts within the context of economic theory. Students will analyze the rationale for laissez faire and consider alternative policy proposals. Emphasis will be on the “mega-deals” of the 1980s, with inclusion of more recent events. Some specific topics include efficiency in resource allocation, junk-bond financing, changes in corporate debt-equity structure, and effects of takeovers and LBOs on corporate resource allocation and on shareholders, employees and other corporate constituents.

Prerequisite: ECON 122

  • Offering: Spring
  • Instructor: Whiting

ECON 357 Intermediate Microeconomics (1)

This course explores modern theories of the behavior of households and business firms in determining prices, the mix of goods and services produced in the economy, the allocation of scarce resources and the distribution of income and wealth among the participants in a market economy. The successes and failures of different types of markets are considered along with public policies aimed at improving the performance of markets.

Prerequisite: ECON 122, MATH 139 or 141 or equivalent

  • Offering: Every semester
  • Instructor: Frew, Whiting

ECON 358 Intermediate Macroeconomics (1)

This course examines theories of how consumption, investment and government spending behavior influence the total level of economic activity in an economic system and the impact of foreign trade on the national economy. Also explored are the ways in which government spending, taxation and monetary policies influence unemployment, inflation and the rate of economic growth.

Prerequisite: ECON 123

  • Offering: Every semester
  • Instructor: Hanson

ECON 362 Health Care Economics (1)

This course examines the supply and demand for health care services and the technology used in health care production. It examines social insurance, HMOs, health care reform and advertising about health care. It also looks at labor markets and professional training in health care.

Prerequisite: ECON 122

  • Offering: Alternate years
  • Instructor: Frew

ECON 368 Principles of Investments (1)

This course examines both the individual investor and the firm perspective. The investment decision will be studied in the context of the economic theory of the firm. Analysis of decision-making with respect to investment mechanisms and vehicles as well as the investment process within firms.

Prerequisite: ECON 357

  • Offering: Annually
  • Instructor: Staff

ECON 394-395 Major Program Internship (1 or 2)

Supervised interns apply and extend principles developed in the Economics majors in public and private sector placements. Students accepted for this course will normally have second-semester Junior or Senior standing and will have completed most of the courses required for the Economics major. Interns work 10-12 hours a week at the internship site, complete an analytical paper based on a project under the guidance of the instructor and the off-campus internship supervisor, and attend periodic class meetings with other interns. Two credits are granted only in exceptional circumstances.

Prerequisite: Consent of instructor

  • Offering: Every semester
  • Instructor: Staff

ECON 444 (W) Urban Economics (1)

Economic theory is used to determine land valuation and site location and to explain the creation of real estate. This course will also explore transportation routes and urban amenities, as well as zoning laws, congestion and pollution.

General Education Requirement Fulfillment: Writing centered

Prerequisite: ECON 357

  • Offering: Annually
  • Instructor: Frew

ECON 448 History of Economic Thought (1)

This course will trace the development of economic thought from the decline of feudalism to the present, investigating Classical, Marxist, Neoclassical, Keynesian and Modern Heterodox theories. The goal will be to understand the various theories as well as the historical context in which they became important.

Prerequisite: ECON 122 and ECON 123

  • Offering: Alternate years
  • Instructor: Staff

ECON 451 Economic Simulation (BE) (.5)

Students enrolled in this course participate in the International Business Policy Competition. This course provides students with a hands-on understanding of economic analysis and business management through business simulation models. Students in this course will manage a business in a computer-simulated industry. Participation in the course requires that students put into practice the tools of economic analysis they have acquired in other courses. This course does not count toward the Economics major or minor.

Prerequisite: ECON 357 and consent of instructor.

  • Offering: Spring
  • Instructor: Negri

ECON 452 (QA) Introduction to Econometrics and Forecasting (1)

This course examines advanced statistical methods used to quantify economic and business phenomena. Topics include regression, regression specification and functional form, multicolinearity, serial correlation, heteroskedasticity, exponential smoothing, seasonal adjustment and simultaneous equations. Skill in combining economic theory and available data to produce estimates using computer statistical routines will be developed.

General Education Requirement Fulfillment: Quantitative and Analytical Reasoning

Prerequisite: ECON 122, ECON 123 and ECON 230, MATH 141 or equivalent.

  • Offering: Spring
  • Instructor: Frew, Negri, Sivers-Boyce

ECON 458 Mathematical Economics (.5)

This course is designed to explore the ways in which formal mathematical models can be used to analyze and interpret microeconomic and macroeconomic relationships and phenomena.

Prerequisite: ECON 357

  • Offering: Alternate years
  • Instructor: Staff

ECON 459 Business, Government and Society (1)

This course examines the various ways in which business policies and practices affect society and ways in which the changing social environment creates challenges and opportunities for business. The formulation and implementation of public or government policy in these areas will also be explored, along with the role of business in shaping or influencing such public policy. Specific topics will include anti-trust policy and government regulation of concentrated industries, environmental regulations, consumer protection, worker safety and job security, and the general issue of corporate social responsibility.

Prerequisite: ECON 357

  • Instructor: Hanson, Whiting

ECON 470 (W) Advanced Topics in Economics (1)

This course examines an economic theme or topic using the analytical and empirical skills developed at the intermediate theory level. The course culminates in a project proposal for the Economics Senior Seminar course and in a major paper which develops core components of the proposal. Assignments include written and oral evaluation of the work of both peers and professionals, multiple drafts of the research paper and classroom presentation of principal methods and conclusions.

General Education Requirement Fulfillment: Writing centered

Prerequisite: ECON 230, ECON 357 or ECON 358 (determined by instructor) and MATH 139, 141 or equivalent

  • Offering: Every semester
  • Instructor: Staff

ECON 490 Independent Study (.5 or 1)

This offering is designed to enable a qualified student to engage in supervised study in topics not covered in other departmental courses.

Prerequisite: Approval of instructor

  • Offering: On demand
  • Instructor: Staff

ECON 496 (W) Senior Research Seminar (1)

Each student completes a research paper that builds on analytical methods from the required courses in the major. Other activities include written and oral evaluation of the work of both peers and professionals, development and presentation of a research paper and presentation of principal methods and conclusions.

General Education Requirement Fulfillment: Writing centered

Prerequisite: ECON 357, ECON 358 and ECON 470

  • Offering: Every semester
  • Instructor: Staff

ECON 497 Energy Economics (.5)

This course employs economic tools and analysis to examine U.S. and world energy issues. Included are energy demand patterns, current and future energy source alternatives and energy policy options facing society at local, national and international levels. The student is responsible for a research project applying economic analysis to an energy issue.

Prerequisite: ECON 122 and 123

  • Offering: Alternate years
  • Instructor: Beaton, Staff