JOHN S. AKIN, Chair
John S. Akin, Gary A. Biglaiser, Stanley W. Black, Patrick J. Conway, Alfred J. Field Jr., Richard T. Froyen, Eric Ghysels, David K. Guilkey, Thomas A. Mroz, James L. Murphy, Edward Norton, Eric Renault, Steven S. Rosefielde, Michael K. Salemi, John F. Stewart, Helen V. Tauchen.
Rita Balaban, Burton Goldstein, Stephen Lich-Tyler.
Richard Bilsborrow, Ralph Byrns, Peter Coclanis, Jennifer Conrad, Barry Popkin, Frank Sloan.
Donna B. Gilleskie, Peter Norman, William Parke, Boone A. Turchi.
James Anton, Scott Baker, Robert Connolly, Sally Stearns, Rachel A. Willis.
Sandra Campo, Neville Francis, Thomas Geraghty, Vijay Krishna, Oksana Leukhina, Sergio Parreiras, Xiadong Wu.
Dennis Appleyard, Arthur Benavie, James Friedman, A. Ronald Gallant, James Ingram, David McFarland, Thomas Orsagh, Ralph Pfouts, Vincent Tarascio, Roger Waud, James Wilde.
Economics is commonly defined as the study of how society allocates scarce resources to satisfy unlimited wants. In other words, economics focuses upon the fact that we wish to maximize our satisfaction through the consumption of goods and services (including leisure time); however, the resources available for production are limited. Hence, decisions must be made regarding what to produce, how to produce it most efficiently, and how to distribute the output among the various members of the society. Economics analyzes the market framework for making such choices.
At the microeconomic or "individual unit" level, economics examines the behavior of consumers, business firms, workers and individual markets. At the macroeconomic or "aggregate" level, attention is given to the national and international problems of unemployment, inflation, balance of payments, and economic growth. The role of government with respect to these issues is also considered because the market cannot properly allocate all goods and services without allowances for non-competitive forces, external effects such as pollution, and concern over the distribution of income. Additionally, non-market or "command" economies are compared with market economies.
In recent years, many students have chosen to double major in economics and another academic discipline. Combinations of economics with majors such as mathematics, international studies, foreign language, and political science can be useful to students contemplating private employment, government employment, or graduate work in economics, planning, law, or business administration.
The courses leading to a B.A. degree with a major in economics comprise a large area of inquiry into the problems and structure of the economic segment of society. The curriculum provides the opportunity to achieve one or more of the following objectives:
Program Restrictions
ECON 101 or equivalent is a prerequisite to all courses numbered above the 100 level. In addition, University graduation credit will be given for only one in each of the following sets of courses:
ECON 310 and 410
ECON 320 and 420
ECON 320 and 423
ECON 330 and 430
ECON 340 and 440
ECON 345 and 445
ECON 380 and 480
The degree offered is bachelor of arts in economics. A minor in entrepreneurship is offered.
Students must complete all General Education requirements, including at least one calculus course (MATH 231 or STOR 112 is recommended; MATH 116 is not acceptable) and ECON 101, with a grade of C or better. ECON 101 will satisfy the SS requirement, and the calculus course, the QR requirement. ECON 400 may be taken after completion of a calculus course.
To complete the B.A. in economics in the College of Arts and Sciences, a minimum of 40 courses, or 120 semester hours, must be completed in accordance with the following distribution:
At least seven courses in economics, in addition to ECON 101, are required. They must include ECON 400, 410, and 420. The remaining four economics courses must be at the 400, 500, or 600 level, and include at least one course above the 400 level. Note that 200 and 300 level courses do not count toward the major. A grade of C must be attained in at least six of the seven major courses numbered above 101. (Note: One exception to this course requirement is that the completion of STOR 155, BUSI 410, and 411 will substitute for ECON 400. If this substitution is made, another major-level economics course must be taken in its place so there are seven economics courses in addition to ECON 101.)
For majors in the department's Honors Program, the minimum is eight economics courses rather than seven courses, in addition to ECON 101. The same provisions apply except that ECON 691H and 692H must constitute two of the eight courses.
Maximum number of economics courses: An economics major may take as many as 15 courses in economics, or 45 hours, toward the B.A. degree.
Both ECON 400 and 570, appropriate for majors, satisfy the QI requirement.
Either the Distributive or Integrative option for B.A.-level arts and sciences majors is required.
Sufficient free elective courses to reach the 120 credit hours are required for graduation.
This minor is designed for students wishing to remain in another discipline, but who have an interest in the process of entrepreneurship. There are two tracks in the minor. One track is for students who have an interest in business entrepreneurship, and the other is for students with an interest in social entrepreneurship. Entrepreneurship is the mechanism by which new products, services, and organizational processes are identified, refined, and ultimately realized as a sustainable part of the society. There is a common process for the realization of both new commercial and social ventures. The minor will provide the student with the background to undertake entrepreneurial activity in either the business or social realm. An internship opportunity is a key component of the minor.
The minor is not open to undergraduate business majors. ECON 325 and 328 cannot be counted toward an economics major.
The minor consists of a prerequisite of ECON 101 and four courses.
Prerequisite: ECON 101 Principles of Economics
ECON 325 Introduction to Entrepreneurship
PLCY 326 Social Ventures or ECON 327 Business Venturing Workshop
ECON 328 Internship in Entrepreneurship
One elective chosen from BUSI 100; SOCI 131, 410, 412, 415, 427; COMM 325; PHIL 164; ECON 330, 430, 345, 445, 460, 465; HIST 364, 625; JOMC 130, 170, 175.
The Department of Economics Honors Program offers outstanding economics students the opportunity to work closely with an individual faculty member on a specialized research topic of the student's choice during the senior year. Generally, students with a 3.5 grade point average in economics courses and in all University course work are invited to participate in this two-course program (ECON 691H and 692H).
In the first semester (ECON 691H), students become familiar with the recent literature on topics of major interest. Each candidate formulates an honors thesis proposal and initiates work on the project. In ECON 692H, the thesis work is conducted under the supervision of a faculty advisor who is a specialist in the general topic area of the research.
Near the end of second semester (ECON 692H), the student submits to an oral examination on the thesis. Upon successful completion of the program, the student receives the bachelor of arts degree with honors or with highest honors. Students in the honors program are also required to complete at least an eight-course major rather than the minimum seven courses, including ECON 691H and 692H.
Departmental Involvement
Undergraduates in economics recently organized an active club (the Carolina Economics Club). Seminars, social activities, and greater interaction among students and with faculty have resulted from the formation of this on-going organization. The club has also helped the Department of Economics conduct an annual job fair. All majors are invited to participate in this organization's activities. In addition, the local chapter of Omicron Delta Epsilon, the national economics honor society, annually extends membership to those outstanding junior and senior economics majors who have demonstrated strong academic performance both overall and in their economics courses.
Undergraduate Awards
Each spring the Chancellor awards the Undergraduate Prize in Economics to the undergraduate student majoring in economics who has been judged the most outstanding on the basis of major and related course performances.
Economics students in recent years have frequently pursued graduate work in law and business administration, as well as the Ph.D. degree in economics. Others have entered international affairs/international studies programs. Students planning to pursue graduate work in economics should continue to take mathematics courses beyond the required level, and a minor or second major in mathematics is recommended.
Most students have accepted employment with commercial and investment banks, accounting and insurance firms, and a variety of other corporations. The economics major competes well with other majors (including business administration) in the job market. Employment surveys of recent graduates by UNC-Chapel Hill's University Career Services indicate a relatively high ranking for economics majors in terms of employment rates and starting salaries. Note: Recent majors have found that job possibilities are enhanced if at least one accounting course has been completed at the undergraduate level.
John Stewart, Professor of Economics, (919) 966-2383, John_stewart@unc.edu; or Buck Goldstein, University Entrepreneur in Residence, (919) 843-3294, Buck_goldstein@unc.edu.
ECON
050 [006E] First-Year Seminar: Future Shock: Global Economic Trends and Prospects (3). The Asian and Russia economic crises of 1998 suggest that we may be entering a turbulent economic era. Are we heading for global depression and an intensification of international conflict as in the 1930s? Or are we on the threshold of a golden age of peace and prosperity? This course will use the tools of economics and international security analysis to examine the probable directions of that change.
051 [006E] First-Year Seminar: Current Economic Problems: The Economics of North Carolina (3). Basic concepts of economics through the study of basic economic issues facing the residents of North Carolina. Topics will include hog farming, the Carolina Panthers, the outsourcing of manufacturing jobs, the proliferation of Wal-Marts, and more.
052 [006E] First-Year Seminar: The Root of All Evil? Money as a Cultural, Economic, and Social Institution (3). It is amazing that over time people have developed the willingness to exchange valuable goods for useless pieces of paper called money. In this course, students study money as a social, economic, historical, and cultural institution.
053 [006E] First-Year Seminar: The Costs and Benefits of the Drug War (3). The basic question examined in this course will be the costs and benefits of the U.S. policy of drug prohibition. As a seminar the class will consist of discussions and debates.
054 First-Year Seminar: The Entrepreneurial Imagination: Turning Ideas Into Reality (3). What are the skills and competencies that great entrepreneurs have in common and how might first-year students begin to acquire such skills? This course will answer the question by combining a study of the writings of leading scholars on innovation and entrepreneurship with analytical case studies on successful entrepreneurs.
055 Economics of Sports (3). This course uses a variety of economic tools to analyze selected topics and issues related to professional and collegiate athletics.
100 [009] Economic Principles (3). Discussion of economic topics of current interest for students with little or no background in economics.
101 [010] Introduction to Economics (3). Introduction to fundamental issues in economics including competition, scarcity, opportunity cost, resource allocation, unemployment, inflation, and the determination of prices.
231 [036] Economic History of Western Europe (3). Main features of the emergence and expansion of capitalism since 1500.
234 [059] Survey of the History of Economic Thought (3). Introduction to the development of economic thought from the Mercantilists, through Smith and the Classicists, Marx, the Neoclassicists to Keynes.
267 [067] Comparative Economic Systems (3). A survey of the principles and performance of capitalist, communist, socialist, corporatist, and transitional systems.
285 Access to Work (AMST 285) (3). Focus on systemic and individual factors affecting access to work including gender, race, age, disability, transportation, international competition, technological progress, change in labor markets, educational institutions, and public policy.
310 [100] Microeconomics Theory and Applications (MNGT 310) (3). Analysis of the ways in which consumers and business firms interact in a market economy. Students may not receive credit for both ECON 310 and 410.
320 [130] Macroeconomics: Theory and Policy (3). Analysis of economic theory and government policy as they relate to such national economic variables as output, income, employment, inflation, investment, and budget and trade deficits. Students may not receive credit for both ECON 320 and 420 or both ECON 320 and 423.
325 [080] Introduction to Entrepreneurship (3). Prerequisites, ECON 101 and permission of instructor. A historical overview of the role and importance of entrepreneurship in the economy and society, and a survey of the critical competencies all entrepreneurs (commercial, social, or artistic) must possess.
326 [081] Social Venture Creation (PLAN 326) (3). Prerequisite, ECON 325. Continues training in marketing, finance, strategy, operations, public/community relations. Focuses on entrepreneurial enterprises, programs, or sustainable projects intended to create social value and promote positive social change.
327 Business Venturing Workshop (3). Prerequisites, ECON 325 and permission of instructor. A comprehensive survey of commercial venturing throughout the lifecycle of a venture from initial conception to execution and exit. Outlines strategies of entrepreneurs to develop ventures in different commercial markets.
328 [083] Internship in Entrepreneurship (3). Prerequisites, BUSI 599 (special section), permission of instructor. Students spend a minimum of eight weeks in an entrepreneurial environment taking on significant responsibilities and working on a specific project that results in a rigorous agreed-upon deliverable.
330 [135] Economic History of the United States (MNGT 330) (3). Main features of the American economy: colonial times to the present.
340 [140] Introduction to Public Finance (3). Principles and practices of the budgetary activities of American governments - federal, state, and local. Students may not receive credit for both ECON 340 and 440.
345 [145] Public Policy Toward Business (MNGT 345) (3). Prerequisite, ECON 310 or 410. Industry structure and its relation to performance; market imperfections; description and analysis of antitrust and regulation. Students may not receive credit for both ECON 345 and 445.
360 [096] Survey of International and Development Economics (INTS 360) (3). An introduction to basic economic concepts critical to understanding issues of economic development and international economics, particularly as they relate to contemporary policy issues facing both developing and industrialized countries.
380 [190] The Economics of Labor Relations (MNGT 380) (3). Prerequisite, ECON 310 or 410. An economic analysis of workplace issues, including worker quits, layoffs and unemployment, discrimination and affirmative action, and the setting of pay, fringe benefits, and working conditions. Students may not receive credit for both ECON 380 and 480.
384 [084] Introduction to Philosophy, Politics, and Economics (PHIL 384, POLI 384) (3). See PHIL 384 description.
385 Women and Economics (AMST 385, WMST 385) (3). Survey of women's time allocation patterns, labor force participation trends, earnings, occupational selection, and economic history.
390 [092] Current Economic Problems (3). Analysis and discussion of current policy issue using an economic framework Topics such as tax reform, environmental controls, announced prior to each offering.
395 Research Course (1-3). Topic varies from semester to semester.
396 Independent Study (1-3). Topic varies from semester to semester.
399 Experimental Course (1-3). Topic varies from semester to semester.
400 Elementary Statistics (3). Sources and collection of data, tabular and graphic presentation, averages, dispersion, time-series, correlation, index numbers, reliability of statistics, and tests of significance. A student may not receive credit for this course after receiving credit for BUSI 024.
410 [101] Intermediate Theory: Price and Distribution (3). Prerequisite, MATH 152 or equivalent. The determination of prices and the distribution of income in a market system. Students may not receive credit for both ECON 310 and 410.
420 [132] Intermediate Theory: Money, Income, and Employment (3). An introduction to contemporary macroeconomic concepts and analysis. Topics include the level, fluctuations, and growth of national income, and monetary and fiscal policies designed to achieve economic goals. Students may not receive credit for both ECON 320 and 420.
423 [185] Financial Markets and Economic Fluctuations (3). Prerequisite, ECON 420. An examination of financial institutions and markets, their role in economic conditions, and the use of macroeconomic policies in affecting those conditions. Students may not receive credit for both ECON 320 and 423.
430 [138] Economic Development of the United States (3). Prerequisites, ECON 410 and 420. Students may receive credit for either ECON 330 or 430 but not for both. This course parallels ECON 330 but is designed for students with a higher level of theoretical preparation.
433 [193] History of the Labor Movement (MNGT 433) (3). A history of the labor movement in the United States, with special reference to its economic significance.
434 [159] History of Economic Doctrines (3). A survey of the fundamental forms of economic thought from the scholastics through Keynes.
440 [141] Analysis of Public Finance (3). Prerequisite, ECON 410. Application of economic analysis to the taxing and spending functions of government. Students may not receive credit for both ECON 340 and 440.
445 [147] Industrial Organization (3). Prerequisite, ECON 410. Theoretical and empirical development of structure-conduct-performance relationships in the industrial sector; description and analysis of U.S. industry. Students may not receive credit for both ECON 345 and 445.
450 [158] Health Economics: Problems and Policy (3). Prerequisite, ECON 310 or 410. Economic analysis applied to problems and public policy in health care.
454 [165] Economics of Population (3). Prerequisite, ECON 310 or ECON 410 or permission of instructor. Analysis of economic-demographic interrelations including demographic analysis, population and economic growth and development, economic models of fertility and migration, and population policy.
460 [161] International Economics (PWAD 460) (3). Prerequisite, ECON 310 or 410. An introduction to international trade, the balance of payments, and related issues of foreign economic policy.
461 [160] European Economic Integration (3). Prerequisite, ECON 310 or ECON 410 or permission of instructor. Economic and political aspects of European economic integration, the EC customs union, barriers to integration, convergence vs. divergence of inflation rates and income levels, enlargement of the EC.
463 [164] International Economics from the Participant's Perspective (INTS 463) (3). Prerequisite, ECON 360 or permission of instructor. This course examines the fundamental principles of international economics from the perspective of the private business firm. Rather than begin with abstract theory, the course will work with case studies of individual firms as they choose to (or are forced to) compete in an international marketplace.
465 [163] Economic Development (3). Prerequisite, ECON 310 or ECON 410 or permission of instructor. An introduction to the economic characteristics and problems of the less developed countries and to the theories and policies applicable to the developing economy.
468 [168] Principles of Soviet and Post-Soviet Economic Systems (3). Prerequisite, ECON 310 or 410. Study of the principles, design, organization, and performance of state-controlled economies relying on planning or regulated markets, with an emphasis on continuity and post-communist transition.
469 [169] Western and Asian Economic Systems (ASIA 469) (3). Prerequisite, ECON 310 or 410. Policy seminar on the systemic factors distinguishing Western economies from their rivals in the former Soviet bloc and Asia, focused on conflict resolution and global integration.
480 [194] Labor Economics (3). Prerequisite, ECON 410. An introduction to the field of labor economics with emphasis on how the interactions between firms and workers influence wages, employment, unemployment, and inflation. Students may not receive credit for both ECON 380 and 480.
490 Special Topics (1-3). Topic varies from semester to semester.
495 Research Course (1-3). Topic varies from semester to semester.
496 [199] Seminar in Economics (1-3). Detailed examination of selected problems in economics and a critical analysis of pertinent theories.
499 Experimental Course (1-3). Topic varies from semester to semester.
510 [181] Advanced Microeconomic Theory (3). Prerequisite, ECON 410. A treatment of topics in microeconomic theory not normally covered in ECON 410.
511 [183] Game Theory in Economics (3). Prerequisites, ECON 410 and MATH 233 or permission of instructor. Topics in noncooperative and cooperative game theory are covered, along with a selection of applications to economics in areas such as industrial organization, international trade, public finance, and general equilibrium.
520 [182] Advanced Macroeconomic Theory (3). Prerequisite, ECON 420. This course will emphasize theoretical and empirical topics such as growth, labor search, Phillips curves, stagflation, and optimal government policy.
540 [142] Advanced Public Finance (3). Prerequisite, ECON 340 or 440. Selected topics in taxation, public expenditures, and governmental transfer programs.
545 [148] Advanced Industrial Organization and Social Control (3). Prerequisite, ECON 345 or 445. Theory of market failure and its relationship to antitrust and regulatory policy; exploration of empirical literature of industrial organization; current issues in social control.
560 [162] Advanced International Economics (3). Prerequisite, ECON 460. Analysis and interpretation of selected problems and policy issues. Content varies, but attention is given to such topics as trade barriers, trade patterns, floating exchange rates, and international monetary policy.
570 [170] Economic Applications of Statistical Analysis (3). Prerequisite, ECON 400 or equivalent. Statistical methods in the construction, estimation, testing, and application of linear economic models; computer programs and interpretation of their output in empirical analysis of common economic theories.
580 [195] Advanced Labor Economics (3). Prerequisite, ECON 480. A theoretical and empirical analysis of current social problems involving individuals and their jobs. Included are such topics as poverty, discrimination, and working conditions.
586 [180] Economics of the Family (3). Prerequisite, ECON 410 or permission of instructor. Analyzes the family with respect to the marriage market; divorce; reproductive behavior; the baby black market; intrafamily allocation of goods, time, and power; labor supply; migration; and family policy.
590 Special Topics (1-3). Topic varies from semester to semester.
595 Research Course (1-3). Topic varies from semester to semester.
596 Independent Study (1-3). Topic varies from semester to semester.
599 Experimental Course (1-3). Topic varies from semester to semester.
691H [098] Honors Course (3). Prerequisite, permission of instructor. Readings in economics and beginning of directed research on an honors thesis. Required of all candidates for graduation with honors in economics.
692H [099] Honors Course (3). Prerequisites, ECON 691 and permission of instructor. Completion of an honors thesis under the direction of a member of the faculty. Required of all candidates for graduation with honors in economics.
698 Philosophy, Politics and Economics II: Capstone Course (PHIL 698, POLI 698) (3). This capstone course advances PHIL 384, focusing on the theoretical and philosophical issues, such as the analysis of rights or distributive justice and the institutional implications of moral forms.