Professor: R. Nesiba
Associate Professors: B. Eggleston, D. Sorenson

Economics is a social science which focuses on the broad questions of how societies produce, distribute and consume goods and services. The study of economics involves theoretical analysis, statistical inference and the study of economic history and institutions. As one thinks about improving the quality of life–from the local to the global level–it is virtually impossible to avoid contact with “the economic way of thinking.”

The Economics program is designed to serve the general student as well as majors and minors. The Department’s goals are threefold: 1) acquaint students with economic aspects of society; 2) familiarize students with models and techniques for analyzing economic problems; and 3) enable students to develop critical skills for evaluating economic policy and institutions. Economics majors find employment in diverse areas of the economy (e.g. banking, finance, management, teaching, government). Some majors pursue graduate training in economics while others pursue MBA, law or other advanced professional degrees.

Augustana has a chapter of Omicron Delta Epsilon, the international economics honor society, which encourages student-faculty interaction and recognizes scholastic attainment in economics.

Economics Major:

35-36 credit hours
Required Courses: 25 credit hours
ECON 120 — Principles of Economics I (3 cr)
ECON 121 — Principles of Economics II (3 cr)
ECON 270 — Statistics (4 cr)
ECON 320 — Intermediate Microeconomics (3 cr)
ECON 321 — Intermediate Macroeconomics (3 cr)
ECON 337 — History of Economic Thought and Methodology (3 cr)
ECON — Elective courses (6 cr)

Required Supportive Courses: 10-11 credit hours
ACCT 207 — Understanding the Numbers (3 cr)
-or- ACCT 210 — Principles of Accounting I (4 cr)
MATH 151 — Calculus (4 cr)
GOVT 120 — Politics in a Diverse World (3 cr)
–or– HIST 111 — Western Civilization II
–or– PHIL 230 — Our Philosophical Heritage II

Economics Minor:

15 credit hours
ECON 120 — Principles of Economics I (3 cr)
ECON 121 — Principles of Economics II (3 cr)
ECON 320 — Intermediate Microeconomics (3 cr)
ECON 321 — Intermediate Macroeconomics (3 cr)
ECON — Elective course (3 cr)

Economics Courses:


ECON 120 — Principles of Economics I (Area 3.3) (3 credits)
A study of the historical evolution of economic thought and economic systems with major emphasis on the “market system” (capitalism). Topics include scarcity, economic systems, supply and demand, competition, monopoly power, income distribution and the role of government in the economy. Offered Every Semester.

ECON 121 — Principles of Economics II (3 credits)
A study of the aggregate economy (including the international economy). Topics include national income accounting, economic indicators, business cycles, economic growth, the role of money in the economy, and monetary and fiscal policies. Alternative schools of economic thought are also presented. Prerequisite: ECON 120; Offered Every Semester.

ECON 270 — Statistics (4 credits)
The basic course in statistical inference oriented toward the elements of description, estimation, and the testing of hypotheses. Topics include probability distributions, confidence intervals, tests of means, proportions, and differences, correlation and regression, analysis of variance, and chi-square tests of qualitative data. Principles are applicable to both social and physical sciences. Cross-Listed with PSYC 270; Recommended Prerequisite: MATH Course; Offered Every Semester.

ECON 301 — Money, Banking and Financial Institutions (W - A2.1B) (3 credits)
Development of the monetary and financial system: nature and functions of money, organization and operation of commercial banks and the Federal Reserve System and an introduction to monetary theory and policy. Prerequisite: ECON 121 and A MATH Course; Offered Occasionally.

ECON 320 — Intermediate Microeconomics (3 credits)
Intermediate Microeconomics applies economic analysis to the process of managerial decision making. Topics include consumer theory, production theory, supply and demand, elasticity, and managerial decision making under various market structures. Additional topics may include regression analysis, alternative explanations of wage rate determination, income inequality, and discrimination. Prerequisite: ECON 121 and 270; Offered Most Years.

ECON 321 — Intermediate Macroeconomics (3 credits)
An analysis of aggregate production, employment, income, and price level from different theoretical perspectives. Prerequisite: ECON 121 and 270 and a College MATH Course; Offered Every Other Year.

ECON 333 — International Political Economy (3 credits)
Analysis of the historical and theoretical basis for international trade and the politico-economic institutions that facilitate and impede it. Critical survey of themes associated with economic “globalism.” Prerequisite: ECON 121; Offered Occasionally.

ECON 337 — History of Economic Thought and Methodology (3 credits)
The study of economic concepts and doctrines within the social context of the past and their impact on the development of economic theory and methodology. Cross-Listed with HIST 337; Prerequisite ECON 121; Offered Every Other Year.

ECON 350 — Social Science Research Methods (W – Area 2.1B) (4 credits)
An interdisciplinary approach to basic social science research methods. The course introduces students to the several research methodologies used within the social sciences. Students participate in all stages of a research project. Cross-Listed with SOCI 350, GOVT 350, and PSYC 350; Offered Every Semester.

ECON 373 — ECONOMETRICS (3 credits)
Ordinary least squares regression, including underlying assumptions and inference in both simple and multiple regression models, is discussed, as are dummy variables, model structure, and functional form. Methods designed to detect and correct for the violations of the standard assumptions are examined. The effects of individual observations and of correlation among independent variables are also discussed. Additional topics include simultaneous equations, time series, limited dependent variable, and panel data models. Prerequisite: ECON 120, 121 & either ECON 270 or MATH 315; Offered Every other Year

ECON 490 — Senior Seminar (W - Area 2.1B) (4 credits)
An overview of various economic concepts and approaches to current problems; seminar setting with both faculty and students convening the sessions; synthesizing reports. Prerequisites: ECON 121 and Three Advanced ECON Courses; Offered Occasionally.

ECON 495 — Internship in Economic Analysis (3-4 credits)
An internship permits an individual to explore and obtain practical experience in a professional area of interest. Consult a department member for available opportunities. Plans for an internship must be made well in advance of the term in which the internship is to be carried out. Prerequisite: Consent of the Department Chair; Offered as Needed.

ECON 197, 297, 397, 497 — Topics in Economics (2-4 credits)

ECON 199, 299, 399, 499 — Independent Study (1-4 credits)