Undergraduate Course Catalog 2012-2013
Whittemore School of Business and Economics
» http://wsbe.unh.edu
Economics (ECON)
» http://wsbe2.unh.edu/department-economics
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Chairperson: Neil B. Niman
Professor: Karen Smith Conway, Bruce T. Elmslie, Richard W. England, Michael D. Goldberg, Ju-Chin Huang, Evangelos O. Simos, James R. Wible, Robert S. Woodward
Associate Professor: Reagan A. Baughman, Marc W. Herold, Andrew James Houtenville, Robert D. Mohr, Neil B. Niman, Torsten Schmidt
Assistant Professor: Mostafa Beshkar, Le Wang
Economics is the study of how societies organize themselves to produce goods and services and to distribute those products among the members of society. In the modern world, a combination of market forces, public policies, and social customs perform these basic economic tasks. Economists use concepts, models, and data to analyze efficiency of resource use, fairness of economic outcomes, and development of global and national economies. The economics programs are designed to introduce students to the tools of economic analysis and to show students how they can use those tools to analyze and better understand real-world situations.
Undergraduate training in economics is an excellent background for a variety of careers, including banking and financial services, journalism, international business, public service, the diplomatic corps, entrepreneurial ventures, and government administration. An undergraduate major in economics is also excellent preparation for those interested in graduate work in law, business administration, and international relations.
Graduate work in economics can lead to careers in college teaching, research in public and private agencies, and business consulting. Those interested in studying economics at the graduate level should ask their economics professors what undergraduate coursework is appropriate and which graduate schools would be suitable.
Courses in economics are open to nonmajors on a space-available basis. Students majoring in other programs have found that certain economics courses are useful supplements to their own majors and a help in gaining employment. For example, political science majors can profit from studying public economics, economic development, and international economics. Mathematics and engineering students might elect to study econometrics and intermediate microeconomics. Environmental conservation majors could choose to study ecological or energy economics. For more information on economics electives, please consult the Whittemore School Undergraduate Programs Office (McConnell 120) or the chairperson of the economics department.
The department offers the choice of a B.A. degree or a B.S. degree in economics. The B.A. degree is designed to offer students maximum flexibility in designing a program of study. Students are encouraged to take a wide variety of courses, double major, and take advantage of study abroad programs. The B.S. degree differs from the B.A. degree in that it requires more quantitative and data analysis courses but does not require a foreign language. It provides more structure and direction than the B.A. degree and is more professionally focused. Students earning either the B.A. or the B.S. degree in economics may not use any of ECON 401, ECON 402, EREC 411, ECN 411, or ECN 412 to satisfy Discovery Program requirements.
B.A. economics majors must complete eight courses in economics plus ADMN 420 with a grade of at least C- (1.67) in each course and an average grade of 2.0 or better in the major courses. These courses must include ECON 401, ECON 402, ECON 605, and ECON 611. In addition, majors must complete either MATH 420 or 424A. Coursework in accounting is recommended but not required. In addition to the eight economics courses, B.A. economics students must also satisfy the B.A. economics capstone requirement to earn their degree and to satisfy the capstone requirement of the University Discovery Program. B.A. economics majors may choose to focus their major electives to satisfy the requirements of one of the three options defined by the Department of Economics.
B.S. economics majors must complete nine courses in economics with a grade of at least C- (1.67) in each course and an average grade of 2.3 or better in the major courses. These courses must include ECON 401, ECON 402, ECON 605, 611, 726, and 775. In addition, majors must complete MATH 424A and ADMN 403, 410, 420, 502, and 503. ECON 775, Applied Research Skills for Economists, is the capstone course for the B.S. major and satisfies the capstone requirement of the University Discovery Program.
Major credit toward ECON 605 and/or 611 will be awarded to transfer students only if equivalent courses have been taken at the junior level or above. Transfer students must take at least five of their economics courses at UNH. All economics-related courses taken at other institutions must be approved by the economics department in order for them to count toward the major.
Students may petition to substitute one business administration course for an economics elective if the course is at the 600 level or above and if a grade of C- or better is earned. Students may earn no more than 16 credits in internships, independent studies, field experience, and supervised student teaching experience. All economics majors must satisfy the bachelor of arts or bachelor of science degree requirements, and all Discovery Program requirements. Students satisfy the Inquiry requirement of the Discovery Program before the end of their sophomore year by completing an Inquiry or Inquiry-attribute course within the Whittemore School, or another course offered by another college at the University.
The economics department offers three specialized options within the B.A. degree. By selecting economics electives from an approved list, a student majoring in economics within the B.A. degree can graduate with an option in money and financial markets, global trade and finance, or public policy and sustainability.
The Option in Money and Financial Markets (B.A. degree) explores the complex and interdependent nature of money and financial markets. Students will develop institutional knowledge and analytical skills to understand the role of the financial system in society, fluctuations, and risk in asset markets, including those for bonds, stocks and currency, and how financial derivatives, such as futures, options, and swaps contracts, can be used to hedge risk.
Students will also study the conduct and implications of monetary policy, exploring the merits of quantitative easing, macroprudential policy aimed at reducing systemic risk, and other key issues involving the role of the state in the financial system. By training one’s mind to identify and think through problems, the economics B.A. degree provides a powerful platform for launching careers in almost all walks of life. However, the option is designed for students wanting careers in the financial services sector, including commercial and investment banking, financial trading, security analysis, portfolio management, and financial advising, and in the government sector, especially at the Federal Reserve System, Securities and Exchange Commission (SEC), and the U.S. departments of Treasury, Commerce, and State. The option is also recommended for students considering graduate education in finance, economics, and law.
Requirements (Note: Some courses may have prerequisites that are not part of the option.)
- ECON 635, Money and Banking, and ACFI 703, International Financial Management
- One course from among ECON 736, ECON 746, ACFI 702, ACFI 705
- One other 600-level or 700-level course
*Satisfies the requirement of the option, but does not count toward the four-elective requirement of the economics B.A. degree.
The Option in Global Trade and Finance (B.A. degree) studies the global trade and financial systems and their importance for understanding macroeconomics and business activity, foreign direct investments and other international capital flows, globalization, economic growth and development, international financial markets, and currency fluctuations and risk. Students will learn about the role of the World Trade Organization (WTO), the International Monetary Fund (IMF), and other institutions undergirding the global economy. Students will develop institutional knowledge and analytical skills to study some of the most hotly debated issues of our day, including free trade policies such as the North American Free Trade Agreement (NAFTA) and WTO, global financial crises, Basel III and other financial reforms, European monetary union, and international policy coordination. By training one’s mind to identify and think through problems, the economics B.A. degree provides a powerful platform for launching careers in almost all walks of life. However, the option is designed for students wanting careers at international organizations such as the IMF, WTO, World Bank, and Organization for Economic Cooperation and Development (OECD). This option also prepares students for careers in the financial services sector, including commercial and investment banking, financial trading, security analysis, portfolio management, and financial advising, and in the government sector, especially at the Federal Reserve System, U.S. Trade Administration, and U.S. State Department. The option is also recommended for students considering graduate education in economics, business, and law.
Requirements (Note: Some courses may have prerequisites that are not part of the option)
1. ECON 645, International Economics
2. One of the following: ECON 745, International Trade, ECON 746 International Finance
3. One course from among ECON 635, ECON 736, ECON 745, ECON 746, ECON 747, ECON 768, ACFI 703*, POLT 546*, POLT 553*, POLT 561*, POLT 780*, GEOG 582*
4. One other 600-level or 700-level course
*Satisfies the requirement of the option, but does not count toward the four-elective requirement of the economics B.A. degree.
The Option in Public Policy and Sustainability (B.A. degree) examines the factors that influence economic, social, and environmental outcomes, such as unemployment, poverty, economic inequality, health disparities, technological innovation, and pollution. Students will develop the institutional knowledge and theoretical perspective to understand the impact that decisions of individuals, firms, communities and governments have on such outcomes. Students will analyze the impact of specific government policies and potential reforms, theoretically and empirically. By training one’s mind to identify and think through problems, the economics B.A. degree provides a powerful platform for launching careers in almost all walks of life. However, this option is designed for students seeking careers in policy analysis and research positions at government agencies, think tanks such as RAND Corporation, Urban Institute, and Mathematica Policy Research, consulting firms such as Abt Associates, and non-governmental organizations. The option is recommended for students considering education in policy analysis and management.
Requirements (Note: Some courses may have prerequisites that are not part of the option)
- Two of the following: ECON 641, Public Economics, ECON 656, Labor Economics, ECON 707,
Economic Growth and Environmental Quality, EREC 708, Environmental Economics* - One course from among ECON 641, ECON 642, ECON 656, ECON 707, EREC 572*, EREC 606*, EREC 627*, ECON 680*, EREC 708*, EREC 756*, GEOG 582*, HMP 746*, HMP 748*, POLT 553*, POLT 780*
- One other 600-level or 700-level course
*Satisfies the requirement of the option, but does not count toward the four-elective requirement of the economics B.A. degree.
A suggested plan of study for B.A. economics majors follows:
Freshman Year
ECON 401, Principles of Economics (Macro)
ECON 402, Principles of Economics (Micro)
MATH 420 or MATH 424A
ADMN 403, Computing Essentials for Business (1 credit, credit/fail grading)
ADMN 405, Freshman Academic Experience I (1 credit, credit/fail grading)
ADMN 406, Freshman Academic Experience II (1 credit, credit/fail grading)
Sophomore Year
ADMN 420, Business Statistics
ECON 605, Intermediate Microeconomic Analysis
ECON 611, Intermediate Macroeconomic Analysis
Junior and Senior Years
Economics electives (at least 4)
B.A. economics capstone requirement (ECON 774, Senior Economics Seminar, under development), or another alternative approved by the Economics Department. The capstone must be completed during the senior year.
A suggested plan of study for B.S. economics majors follows:
Freshman Year
ECON 401, Principles of Economics (Macro)
ECON 402, Principles of Economics (Micro)
MATH 424A
ADMN 403, Computer Essentials for Business (1 credit, credit/fail grading)
ADMN 405, Freshman Academic Experience I (1 credit, credit/fail grading)
ADMN 406, Freshman Academic Experience II (1 credit, credit/fail grading)
ADMN 410, Management Information Systems
Sophomore Year
ADMN 420, Business Statistics
ADMN 502, Introductory Financial Accounting
ADMN 503, Managerial Accounting
ECON 605, Intermediate Microeconomic Analysis
ECON 611, Intermediate Macroeconomic Analysis
Junior and Senior Years (Students may focus these to satisfy the requirements of one of the options.)
ECON 726, Introduction to Econometrics
ECON 775, Applied Research Skills for Economists (this is the capstone course for the B.S. Economics program, and satisfies the capstone requirement of the Discovery Program). This course must be taken in the senior year.
Economics electives (at least three)
A minor in economics consisting of five courses is also available. At least three of these courses must be taken at UNH. For more on the minor and options within the major, consult the Whittemore School Undergraduate Programs Office.
