Economics is the inquiry into how societies organize themselves to provide for the material needs and wants of their members. Throughout most of human history, societies provided for the material needs of their members by hunting and gathering. The modern market economy is a relatively new development.
Studies in Economics at CMU focus on assessing the strengths and weaknesses of the modern market economy to provide for the material needs and wants of the world, and also inquire how Christians should participate in that economy. Studies in economics prepare students for careers in business, financial services, government, and international organizations.
ECON-1000/3 Introduction to Macro-economics: An analysis of contemporary economic institutions and the application of macro-economic theory to current economic problems. The course will consider economic theories of the determination of national income, governmental monetary and fiscal policy, the role of money and the banking system, international trade and the determination of foreign exchange rates.
ECON-1010/3 Introduction to Micro-economics: An analysis of contemporary economic institutions and the application of micro-economic theory to current economic problems. The course will consider economic theories of production, consumption and exchange, price determination and the role of competition.
ECON/IDS-2010/3 Economics of Development: This course introduces neoclassical and alternative economic theories relevant to understanding various aspects of development: (i) national aspects, including theories of growth, inequality, labour, and the role of the state; (ii) international aspects, including theories of finance, international financial institutions, trade and globalization; and (iii) sub-national aspects of development, including theories of growth linkages, micro-credit and community economic development. Prerequisites: IDS-1020/3 or former IDS-1100/6 or both ECON-1000/3 and 1010/3.
ECON-2400/3 History of Economic Thought—Macroeconomics: An examination of the development of economic theory from ancient times until the present. This course will deal with theories of money, interest, and banking, focusing on the period from the mid-eighteenth to the early twentieth century. Prerequisite: ECON-1000/3 or permission of the instructor.
ECON-2410/3 History of Economic Thought—Microeconomics: An examination of the development of economic theory from ancient times until the present. This course will deal with theories of private property, exchange, value, and distribution, focusing on the period from the mideighteenth to the early twentieth century. Prerequisite: ECON- 1010/3 or permission of the instructor.
ECON-2950/3 Topics in Economics: The content of this course will vary from year to year, depending on the needs of students and the interests and availability of instructors. Prerequisite: ECON-1000/3 or 1010/3.
BUSI/ECON-3500/3 International Business and Economics: This course examines economic theory and its application to business in an international context. The course will address social, environmental, ethical and economic issues associated with international business, including the interaction between government and business. Prerequisites: Two of ECON-1000/3, ECON-1010/3, or BUSI-1000/3.
ECON-4940/3 Independent Study in Economics: A study in a specific area of Economics under the direction of a faculty member. Prerequisites: ECON-1000/3 and 1010/3; an additional nine credit hours in Economics, and a minimum of 60 credit hours of university-level studies.