2022-2023 Undergraduate Academic Catalogue 
    May 18, 2024  
2022-2023 Undergraduate Academic Catalogue [ARCHIVED CATALOG]

Economics - Business and Management

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Office: Sellinger Hall, Room 318
Telephone: 410‑617‑2357
Fax: 410-617-2118
Website: https://www.loyola.edu/sellinger-business/academics/departments/economics

Chair: Jeremy Schwartz, Professor

Professors: John D. Burger; Frederick W. Derrick (emeritus); John C. Larson (emeritus); Fabio Mendez; Andrew Samuel; Jeremy Schwartz; 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; Kerria M. Tan; Nancy A. Williams (emerita)
Assistant Professors: John P. Dougherty; Nune Hovhannisyan
Executive in Residence: Sean P. Keehan
Instructors: Lynne C. Elkes (visiting)

General Information

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.

The economics department at Loyola has a long history, dating back to its founding over 50 years ago. It consists of 11 full time faculty who are deeply committed to teaching and mentoring students and who are active in research and consulting. The department has an active student-run club, the Adam Smith Society, which sponsors speakers and social activities for students, faculty, and alumni. Outstanding students are eligible for selection to Omicron Delta Epsilon, the international economics honor society.  The department has produced many successful alumni who actively mentor current students through regular networking opportunities hosted by the department.

The department offers two majors: A Bachelor of Arts (B.A.) in Economics through Loyola College and a Bachelor of Business Administration in Business Economics (B.B.A. - Business Economics) through the Sellinger School. A quantitative economics specialization is available to both B.A. and B.B.A. majors.

The Business Economics major applies the analytical and quantitative tools of economics to the study of business problems. The major provides students with a foundation in business along with strong analytical and quantitative skills applicable to a broad range of business concerns such as pricing and production strategy, empirical supply and demand models, and macroeconomic forecasting. Students interested in deepening their quantitative skills should also consider the Quantitative track specialization within the Business Economics major.

Students in the department of economics receive individualized attention from a faculty experienced in business and government applications of economics. Internships in economics allow students to integrate their classroom education with exposure to real-world problems and practices in a variety of fields. In the classroom, students develop problem-solving skills useful in business and government policymaking, learn computational programs and quantitative methods which have applications in economic and financial consulting, and take part in intensive discussion and analysis of contemporary issues.

The Business Economics major in the Sellinger School of Business prepares students for careers in areas such as consulting and quantitative financial and business analysis. It is especially useful in preparing for top ranked graduate business (M.B.A.) programs. Students whose career goals pertain to law or public policy are encouraged to major in economics (B.A.) in Loyola College of Arts and Sciences.

Learning Aims

Learning Aim 1: Students will demonstrate knowledge of the major concepts, analytical and mathematical tools, and empirical findings in microeconomic and macroeconomic theory.

Learning Aim 2: Students will understand and apply basic research methods in economics, including data analysis and be able to effectively communicate and report that analysis.

Learning Aim 3: Students will demonstrate the ability to apply the analytical and mathematical tools and research methods to a range of economic and social problems and issues.




      Economics/Business Economics

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