Associate Professors: Gidas, Gottschall (coordinator), Liberatore
Assistant Professors: L. Dunn, R. Dunn, Gopalan, Wang
Economics pertains to the interaction amongst individuals as they use scarce means toward the attainment of their goals. The objective of the economics major is to promote in students an understanding of these interactions and thus provide them a foundation for rational and effective participation in society. Specifically, students receive the education necessary to begin careers in business, finance, government, and education or to pursue graduate degrees in such fields as business administration, economics, and law. The major strives to foster intellectual curiosity about social process and eagerness to use analytical techniques in solving social problems.
MAJOR REQUIREMENTS: ECN 101 , 102 , 201 , 202 , 440 , 498 , MTH 131 or 151 , and 225 . Students should elect three courses from the 300-level economics courses and one course from the 400-level economics courses.
The Department of Economics requires that the following courses be completed at Washington & Jefferson College by all students majoring in economics: ECN 101, 102, 201, and 202, MTH 131 (or MTH 151), and MTH 225. When these courses are required as prerequisites for other departmental courses a grade of C or better is required to satisfy the prerequisite. A student admitted to the College after having completed these courses at another college or university must petition the chair of the department for special consideration in order to waive this requirement and transfer any of the required courses to his or her major at W&J. While not required, the department encourages the students to complete an internship in economics.
NOTE: Students majoring in Economics may not double major in Business Administration, Accounting, or Financial Economics.
AP Policy: Students scoring a 5 on ECON-Macroeconomics AP test will receive credit for ECN 102. Students scoring a 4 on ECON-Macroeconomics AP test will receive credit for ECN 102 upon successful completion of ECN-202. The Prerequisite for ECN-202 is waived. Students scoring a 5 on ECON-Microeconomics AP test will receive credit for ECN 101. Students scoring a 4 on ECON-Microeconomics AP test will receive credit for ECN 101 upon successful completion of ECN-201. The Prerequisite for ECN-201 is waived.
EMPHASIS IN FINANCIAL ECONOMICS: The financial economics emphasis is for students who are economics majors and would like to focus their strength on financial economics. Students completing the emphasis will be prepared for both future employment and graduate study in this field. Courses within the emphasis will cover three major areas of financial economics, including financial markets and institutions, investment, and corporate finance. They discuss topics such as the analysis of financial statements, financial structure of a firm, capital budgeting and structure, asset valuation, investment instruments, portfolio management, hedging, insurance, risk management, exchange rates, money supply and demand, monetary policy, interest rates, financial markets and regulation, and the operation of financial institutions. Financial economics, like other economics fields, is a highly quantitative subject that requires skills in calculus, probability and statistics, and spreadsheet packages such as Excel.
REQUIREMENTS: To complete the Financial Economics Emphasis a student must satisfactorily complete (C or better) BUS 202 and ECN 341, and any three from ECN 303, ECN 342, ECN 422, and BUS 302.
NOTE: Students considering doing graduate work in economics are strongly encouraged to complete the following courses while at Washington & Jefferson College: MTH 152, 208, 217, 308, 415, and ECN 401.