2019-2020 Undergraduate Academic Catalogue [ARCHIVED CATALOG]
Economics - Arts and Sciences
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Office: Sellinger Hall, Room 318
Telephone: 410‑617‑2357
Website: www.loyola.edu/sellinger
Chair: Andrew Samuel, Associate Professor
Professors: John D. Burger; Frederick W. Derrick (emeritus); Thomas J. DiLorenzo; Fabio Mendez; John C. Larson (emeritus); Charles E. Scott (emeritus); Norman H. Sedgley; Stephen J. K. Walters (emeritus)
Associate Professors: Arleigh T. Bell, Jr. (emeritus); Francis G. Hilton, (emeritus); John M. Jordan (emeritus); Srikanth Ramamurthy; Andrew Samuel; Jeremy Schwartz; Kerria M. Tan; Nancy A. Williams (emerita)
Assistant Professors: Nune Hovhannisyan; John P. Dougherty
Instructors and Affiliate Faculty: Lynne C. Elkes; Sean P. Keehan
Economics is a social science that studies choices made by consumers, owners of physical resources, workers, entrepreneurs, corporations, nonprofit institutions, voters, politicians, and bureaucrats. The economic way of thinking is a powerful tool that illuminates real-world problems and processes. It provides consumers and those in business, government, and nonprofit enterprise with ways to wisely use scarce resources. Economics also provides the basis for the analysis of many social issues such as poverty, unemployment, environmental decay, and alternative economic systems. Because economics stresses the application of logic and reason to the analysis of contemporary and historical aspects of human behavior, economics is an important part of a liberal arts education.
Learning Aims
- Students will demonstrate knowledge of the major concepts, historical and theoretical perspectives, and empirical findings in microeconomics and macroeconomics.
- Students will demonstrate ability to apply economic principles and theories to a range of economic and social problems and issues.
- Students will understand and apply basic research methods in economics, including data analysis and reporting.
- Students will use critical and creative thinking skills and hone communication skills.
Major in Economics
The Bachelor of Arts (BA) in Economics provides students with a versatile, powerful set of analytic tools for studying the social sciences. Students majoring in economics take five foundation courses and complete a concentration in either general or quantitative economics. The required courses are as follows:
General Concentration: This program is appropriate for those who intend to enter professional programs (such as law or public policy schools) or pursue careers as managers or economic analysts in government or business. Students may create interdisciplinary programs combining studies in economics with other areas in the arts and sciences, subject to the approval of the department chair. Requirements for the concentration are as follows:
- Seven upper-level economics courses, four of which may be taken at the 300- or 400-level and three which must be taken at the 400-level. At the discretion of the department chair, certain courses offered by other departments may qualify toward the upper-level requirement.
- Applied Calculus (MA 151 ) or Calculus I (MA 251 ). Students who have taken calculus in high school or have a strong background are encouraged to take MA 251 . This provides students the option of taking additional mathematics courses and/or completing a mathematics minor.
Quantitative Concentration: This program is appropriate for those who plan to pursue master's or doctoral work in economics and prepare for careers in research and/or teaching. This path is also appropriate for students interested in analytical careers in economics or finance. Requirements for the concentration are as follows:
Ordinary Differential Equations (MA 304 ), Calculus III (MA 351 ), and Analysis I (MA 421 ) are recommended electives for graduate school prospects.
Students who wish a broad, business-oriented program may elect to pursue the Bachelor of Business Administration (BBA) with a concentration in business economics. The BBA is described under the Sellinger School of Business and Management .
Students are encouraged to talk with an economics advisor early on about which concentration best serves their career objectives.
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