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The Department of Economics offers programs leading to two degrees, the B.A. in Economics and the B.S. in Mathematical Economics. We also offer a minor in economics.
Our twelve faculty members are dedicated to undergraduate instruction and scholarship. We do not have a graduate program. The courses we offer and the primary interests of individual professors span a broad spectrum, ranging from relatively technical mathematical and statistical treatments of economic theory to public policy evaluation and to intellectual history. We take pride in the quality of our teaching and in the intellectual growth and accomplishments of our students.
The great English economist Alfred Marshall (1842-1924) defined economics as "a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing." Though increasing numbers of students have the opportunity of studying economics in high school, most students know very little about the discipline when they enroll in the introductory college course. There they learn not just the nuts and bolts of economic theory, but more importantly the usefulness of economic theory in managing their personal affairs and dealing with social and political problems. The "economic way of thinking" is indeed a powerful tool for students to take with them through the rest of their lives.
Former Wake Forest economics and mathematical economics majors are in a wide variety of professions. Our programs are excellent preparation for graduate study in law or business as well as economics and public policy. Many of our alumni go on to graduate school in these and other fields. Others move directly into professions from our undergraduate programs. Banking, financial and management consulting, medical services and pharmaceuticals, real estate and consumer products are only a few of the market areas in which alumni take jobs. Numerous other opportunities for our majors are in the non-profit and public sectors, in areas such as education, fine arts, and public administration.
Highly qualified majors have the opportunity to participate in the Department's Honors Program. This involves completing a research paper under the guidance of a faculty committee. Wake Forest has a chapter of Omicron Delta Epsilon, the international honor society in economics. Each year we recognize our most accomplished majors at the local chapter's induction dinner. We also award the Prize in Economics to the oustanding student of the graduating class during Commencement weekend each spring.
The major in economics consists of twenty-seven hours in economics, including Economics 150, 205, 206, 207, and 208. The remaining economics courses are selected by the student and his or her adviser. A minimum grade of C is required in Economics 150, 205, and 207, and an overall 2.0 average in economics courses. The student also must obtain a C or better in either Mathematics 106 or 111 (calculus) and Mathematics 109 (probability and statistics). (It is possible to substitute a similar course in statistics for Math 109, with permission of the department chair.)
The minor in economics consists of eighteen hours, including Economics 150, 205, and 207. The mathematics and minimum grade requirements for the minor are the same as for the major.
Economics majors are encouraged to take complementary courses in mathematics, the humanities, or other social sciences to sharpen their analytical skills and to acquire a broader understanding of important issues. The faculty adviser will assist each student in determining the particular combination of courses that satisfies his or her needs.
Economics majors with a grade point average of at least 3.0 overall, and 3.3 in economics, may graduate with "Honors in Economics" by satisfying the research requirement of Economics 298. It is helpful to take the 1.5-hour "Preparing for Economic Research" course (297) in the fall of your senior year. This helps one to "hit the ground running" in the spring term. Otherwise you may lose time trying to find a good topic.
The main benefit from doing honors is that it is independent research, done in conjunction with faculty advice. By getting out of the routine course format, you will discover an entirely new way of learning and also learn alot about yourself (e.g., Do I have the drive and sense of direction to design and carry out independent work?).
The Department of Economics and the Department of Mathematics offer a joint major leading to a bachelor of science degree in mathematical economics. This interdisciplinary program, consisting of no more than forty-five hours, affords the student an opportunity to apply mathematical methods to the development of economic theory, models, and quantitative analysis. The major consists of the following course requirements: Economics 150, 205, 207, 210, 211, 215, 218; Mathematics 111, 112, 113, 121, 254, 255; and three additional courses chosen with the approval of the program advisers. Recommended courses are Economics 206, 208, 212, 222, 223, 231, 232, 235, 248, 251, 252, and Mathematics 253, 256, 311, 312, 348, 352, 353, 357, and 358. Students electing the joint major must receive permission from both the Department of Economics and the Department of Mathematics. A minimum grade average of C in all courses attempted for the mathematical economics joint major is required for graduation.
Qualified majors are encouraged to apply for admission to the honors program in the joint major. To be graduated with the designation "Honors in Mathematical Economics," a student must satisfy the requirements of Economics 298 or Mathematics 381 by successfully completing a senior research project. Consult the program advisers for additional information.
The department policy on Advanced Placement credit is that you must have taken both the micro and macro economics tests and made a total score of at least eight. This will earn credit for ECN 150.
Students who score 6 or 7 on the International Baccalaureate in Economics will be given credit for ECN 150.
Transfer students who have taken a two-semester sequence of Micro and Macro Principles at a four-year college will be given credit for ECN 150, plus 4 other general credits in Economics (not applicable towards the Major).
In order to receive credit for courses taken elsewhere while enrolled at Wake, a student must have prior approval from the department's chairperson. Normally, the student should provide a description of the other college's courses.
Modern economics, at the professional level, is highly mathematical. Someone planning to go on to grad school in economics is well advised to take the joint major in math-econ. Otherwise, combine economics with as much additional quantitative work as possible. Faculty will be glad to advise on courses. Also plan to take the Graduate Record Exam (GRE) early in the fall of your senior year. Most important: make your interest known to faculty as soon as possible; their advice will be helpful.
Although graduate study in the professions (e.g., law, medicine, management, etc.) is often costly, almost all well-qualified students who enroll for the PhD in economics will find that fellowships, assistantships, waivers of tuition, etc., reduce the cost substantially and in most cases provide a small, but living income during the period of graduate studies. In short, do not assume that a PhD will cost you or your parents a bundle; it probably will be essentially free, except for opportunity cost.
The Career Center advises us that more and more jobs are being found through student summer internships. Often these result in good prospects before the senior year.
Majors should be aware that any job interview that says "for business majors only" automatically includes economics majors (according to the career center staff). So do not hesitate to sign up.
Most employers do not specifically ask for economists. However, there are some that do -- government agencies in particular. You may need to dig these out, but there are some.
For the BA in economics the following schedule is typical:
First Year |
Sophomore |
Junior* |
Senior |
|---|---|---|---|
Lower Division requirements |
Econ 150; Math 106 or 111; Math 109 |
Econ 205, 206; Econ 207, 208 |
Four electives in economics |
*It is expected that economics majors will complete the intermediate theory sequences in their junior year.
For the BS in mathematical economics the following schedule is typical:
First Year |
Sophomore |
Junior |
Senior |
|---|---|---|---|
Math 111, 112; Lower Division requirements |
Econ 150; Math 113, 121 |
Econ 205, 207; Econ 210, 211; Econ 215; Math 254, 255 |
Econ 218; Three electives in economics and/or mathematics |
[For descriptions of the Mathematics courses mentioned above click here.]
150. Introduction to Economics. (3h)
A survey of micro and macroeconomic principles. Introduction to basic concepts, characteristic data and trends, and some analytic techniques. Preference in enrollment will be given to students with sophomore or upperclass standing.
168. The Political Economy of Environmental Policy. (1.5h)
Develops a set of core economic principles essential for understanding and evaluating environmental policy issues. (Required for environmental studies minor. Does not count towards economics major and minor requirements unless Economics 248 also is successfully completed).
205. Intermediate Microeconomics I. (3h)
Development of demand and supply analysis, neoclassical theory of household and firm behavior, and alternative market structures. P--Economics 150.
206. Intermediate Microeconomics II. (3h)
More advanced theory of maximizing behavior of economic agents with discussion of risk, uncertainty, and economic dynamics. Theory employed in assessment of policy issues. P--Economics 205.
207. Intermediate Macroeconomics I. (3h)
Development of macroeconomic concepts of national income, circular flow, income determination, IS-LM analysis, and Phillips curves. Emphasizes contributions of Keynes and the Keynesian tradition, including some attention to primary literature. P--Economics 150.
208. Intermediate Macroeconomics II. (3h)
Considers extensions of Keynesian theory, such as the post-Keynesians, and alternatives to Keynesian theory, such as monetarism, traditional classical, and new classical theories. More advanced tools of macroeconomic analysis may be introduced, for instance large forecasting models or dynamics. P--Economics 207.
210. Microeconomic Models. (1.5h)
Development of formal models of consumer behavior, choice under risk, the firm, and demand and supply. Static and dynamic properties of the models are explored. P--Economics 205 and Mathematics 111.
211. Macroeconomic Models. (1.5h)
Development of formal Keynesian, post-Keynesian, monetarist, and new classical macro models. Static and dynamic properties of the models are explored. P--Economics 207 and Mathematics 111.
212. Economic Forecasting. (3h)
A computer-oriented application of modern econometric and time series methods for forecasting economic variables. P--Economics 150. C--Economics 207.
215. Introduction to Econometrics. (3h)
Economic analysis through quantitative methods, with emphasis on model construction and empirical research. P--Economics 150 and Mathematics 109 or 256. [class homepage]
218. Seminar in Mathematical Economics. (3h)
Calculus and matrix methods used to develop basic tools of economic analysis. P--Economics 205, 207 and Mathematics 111, 112.
The theory and practice of decision making under uncertainty. Applications and examples are drawn from realms of personal, legal, business, medical, and environmental decision making. P--Economics 150 and Mathematics 109.
An examination of the economic behavior of government. Includes principles of taxation, spending, borrowing, and debt-management. P--Economics 150. C--Economics 205. [class homepage]
222. Monetary Theory and Policy. (3h)
An investigation of the nature of money, the macroeconomic significance of money, financial markets, and monetary policy. P--Economics 207.
A study of the functions, structure, and performance of financial markets. P--Economics 205, 207.
An economic analysis of property, contracts, torts, criminal behavior, due process, and law enforcement. P--Economics 205.
Traditional tools of economic analysis are employed to explore such topics in political science as political organization, elections, coalition formation, the optimal provision of public goods, and the scope of government. P--Economics 205. [class homepage]
231. Economics of Industry. (3h)
Analysis of the link between market structure and market performance in U.S. industries from theoretical and empirical viewpoints. Examines the efficiency of different firm practices including mergers and cartels. Case studies include automobiles, steel, agriculture, computers, sports, and telecommunications. P--Economics 150. C--Economics 205. [class homepage]
232. Antitrust Economics. (1.5h,3h)
Analysis of the logic and effectiveness of public policies designed to promote competition in the United States. P--Economics 150 and Economics 205.
A theoretical and empirical survey of labor markets. Topics include: the demand and supply of labor, compensating wage differentials, education and training, discrimination, unions, public sector employment, earnings inequality, and unemployment. P--Economics 205, 207.
Theoretical and empirical study of the city as an economic entity, with attention to land-use patterns and prices, urban decay and redevelopment, suburbanization, housing, and city finance. P--Economics 150.
248. Resource Economics. (1.5h)
The economic theory of natural resource allocation and environmental quality. P--Economics 168 and 205.
251. International Trade. (3h)
Development of the theory of international trade patterns and prices and the effects of trade restrictions such as tariffs and quotas. P--Economics 205.
252. International Finance. (3h)
A study of foreign exchange and Eurocurrency markets, balance of payments, and macroeconomic policy in open economies. P--Economics 205, 207. [class homepage]
253. Economies in Transition. (3h)
A theoretical and institutional examination of historically socialist nations and the dilemmas of transition. Special reference to the former Soviet Union. P--Economics 150. [class homepage]
258. Economic Growth and Development. (3h)
A study of the problems of economic growth, with particular attention to the less developed countries of the world. P--Economics 205, 207. [class homepage]
261. American Economic Development. (3h)
The application of economic theory to historical problems and issues in the American economy. P--Economics 150.
262. History of Economic Thought. (3h)
A historical survey of the main developments in economic thought from the Biblical period to the twentieth century. P--Economics 205, 207.
265. Economic Philosophers. (1.5h,3h)
An in-depth study of the doctrines and influence of up to three major figures in economics, such as Smith, Marx, and Keynes. P--Economics 205, 207.
Historical survey of individulatistic ethical values that have accompanied the development of market economics in the West. Considers critiques of, and alternatives to, these values. P--Economics 150.
270. Current Economic Issues. (1.5h,3h)
Examines current economic issues using economic theory and empirical evidence. Topics may include recent macroeconomics trends, the distribution of income, minimum wages, immigration, Social Security, global warming, trade, regulation and deregulation, antitrust policy, health care, labor unions, tax reform, educational reform, and others. P--Economics 150.
271, 272. Selected Areas in Economics. (1h,1.5h,3h; 1h,1.5h,3h)
A survey of an important area in economics not included in the regular course offerings. The economics of housing, education, technology, and health services are examples. Students should consult the instructor to ascertain topic before enrolling. P--Economics 205, 207.
273. Economics for a Multicultural Future. (3h)
Examines the challenges and promise of the increasingly diverse U.S. economy. P--Economics 150. (CD)
290. Individual Study. (1.5h,3h)
Directed readings in a specialized area of economics. P--Permission of instructor.
297. Preparing for Economic Research. (1.5h)
Designed to assist students in selecting a research topic and beginning the study of the selected topic. P--Permission of instructor.
Development and presentation of a senior research project. Required of candidates for departmental honors. P--Permission of department.
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