Why Study Economics?

Some students are attracted to economics through public policy or a desire to understand how the world works. Students who are unsure of a concentration or major will benefit from this program, since their future options are more flexible with an Economics degree. Many graduates use Economics as a stepping stone in preparation for graduate school in Law, Business, and Public Administration, since that it develops one’s ability to think analytically.

Why Study Image

Economics is a social science that develops models for organizing facts, enhances critical and creative thinking, and prepares students to be interested, alert, and competent observers of current events. A degree in economics empowers a student to make well-reasoned decisions about personal matters, business problems, and public policy.

The discipline is divided into two branches: Macro-economics and Micro-economics. Macro deals with the economy as a whole, including such topics as inflation, unemployment, economic growth, productivity, debt and deficits, and balance of payments with other nations.

Micro deals with the allocation of scarce resources to meet the goals of people and businesses, buyers and sellers in product, labor, and credit markets. Special topics include urban economics and headline issues such as poverty, crime, health, education, the environment, and energy.

The Bachelor of Arts in Economics degree includes:
  • The General-Education component,
  • The B.A. Distribution Requirements
  • The Economics core, and
  • Elective courses.

The General-Education Component

The general-education component is intended to foster a well-rounded education. See guidelines for satisfying General Education.
Contact a School of Business academic advisor for guidance on the selection of specific courses within the general education lists that are prerequisites for required courses in the Economics degree plan.

The B.A. Distribution Requirements

Bachelor of Arts (B.A.) degrees have additional requirements beyond General Education (foreign language, historical investigation, etc.). Contact a School of Business academic advisor for guidance on the selection of courses that will meet these requirements.

The Economics Core

All Bachelor of Arts in Economics students must complete a core set of required courses within economics. 

Elective Courses

In addition to the general-education, B.A. distribution, and economics core components, students may need to complete additional elective courses to achieve the total number of 1) credit hours and 2) 300- and 400-level credit hours required for degree completion. These elective courses may be carefully selected in pursuit of a minor, second major, or internship.

ECON–E 150 Introduction to Economics (3 cr.)
First course in a two-semester sequence, including both macro- and microeconomics, and an emphasis on intuition and concepts. Explains macroeconomics issues such as economic growth and government efforts to regulate the business cycle. Explains microeconomic concepts such as demand/supply and market structures. Will cover topics such as pollution, education, poverty, health, and
international trade/finance.

ECON–E 200 Fundamentals of Economics (3 cr.)
Second-semester combined course in macroeconomics and microeconomic, with an emphasis on the more graphical and theoretical aspects of principles of economics. Explains macroeconomic issues such as economic growth and the benefits and costs of government activism in trying to regulate the business cycle. Further explains the microeconomic topics such as demand/supply and market structures. Will also cover international business and a variety of policy applications.

ECON–E 280 Applied Statistics for Business and Economics I (3 cr.)
Summary measures of central tendency and variability. Basic concepts in probability and important probability distributions. Sampling, sampling distributions and basic estimation concepts such as confidence interval estimation and hypothesis testing. B.S. in Business students must complete ECON-E 280 and ECON-E 281 in first 80 hours of course work.

ECON–E 281 Applied Statistics for Business and Economics II (3 cr.)
C: MATH-M 119 may be taken concurrently if student earned a grade of B in MATH-M 122. Balanced coverage of statistical concepts and methods, along with practical advice on their effective application to real-world problems. Topics include simple and multiple linear regression, time-series analysis, statistical process control and decision making. Use of Excel in statistical applications required. B.S. in Business students must complete ECON-E 281 in first 80 hours of course work.

ECON–E 321 Intermediate Microeconomic Theory (3 cr.)
Consumer and producer theory; pricing under conditions of competition and monopoly; allocation and pricing of resources; partial and general equilibrium theory and welfare economics.

ECON–E 322 Intermediate Macroeconomic Theory (3 cr.)
Theory of income, employment, and the price level. Study of counter-cyclical and other public policy measures. National income accounting.

ECON–E 323 Urban Economics (3 cr.)
Introduction to basic concepts and techniques of urban economic analysis to facilitate understanding of urban problems; urban growth and structure, poverty, housing, transportation, and public provision of urban services.

ECON–E 333 International Economics (3 cr.)
Forces determining international trade, finance, and commercial policy under changing world conditions; theory of international trade, monetary standards, tariff policy, trade controls.

ECON–E 338 Business & Economic Applications of Geographical Information Systems (3 cr.)
The use of Geographic Information Systems (GIS) has become a standard feature amongst government and corporate agencies either for resource management or planning. In the corporate world, GIS is heavily used in locating businesses or retail outlets, food industries, transportation networks, etc. In this course students will be exposed to various applications of GIS with a primary focus on business and economic issues. This course does not cover GIS programming and development of application programs.

ECON–E 340 Introduction to Labor Economics (3 cr.)
Economic analysis of labor markets, including market structure and labor market policies. Topics include minimum wage, mandated benefits, labor unions, discrimination, welfare policy.

ECON–E 350 Money and Banking (3 cr.)
Monetary and banking system of the United States; problems of money and prices, of proper organization and functioning of commercial banking and Federal Reserve systems, of monetary standards, and of credit control; recent monetary and banking trends.

ECON–E 470 Econometric Theory and Practice (3 cr.)
The purpose of this course is to teach students to model and estimate economic problems effectively. Classical regression analysis and its most important exceptions (special cases) will be addressed. Understanding the intuition behind modeling the system and the subsequent results will also be heavily emphasized.

Training in Economics is broader than most fields, thus career paths are unusually varied. Career fields include business, finance, banking, journalism, teaching, politics, and government.

  

Resident

Faculty Bio Thumbnail
Janardhanan A. (Johnny) Alse
Professor of Economics
Director, Center for Economic Education
jalse@ius.edu
Phone: (812) 941-2520
Office Location: HH 219 B
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Kathleen G. Arano
Assistant Professor of Economics
karano@ius.edu
Phone: (812) 941-2536
Office Location: HH 028
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David Baird
Lecturer in Economics
dmbaird@ius.edu
Phone: (812) 941-2362
Office Location: HH 002
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Jon Bingham
Senior Lecturer in Economics
jebingha@ius.edu
Phone: (812) 941-2364
Office Location: HH 119
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D. Eric Schansberg
Professor of Economics
Coordinator of Economics, Finance, and Statistics
dschansb@ius.edu
Phone: (812) 941-2527
Office Location: HH 018
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Arun K. Srinivasan
Assistant Professor of Economics
asriniva@ius.edu
Phone: (812) 941-2067
Office Location: HH 216 M
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