Economics

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.

Why study Economics at CMU?

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.

 

Courses

ECON-1000 Introduction to Macro-economics: (3.0 credit hours) 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.  Prerequisite: ECON-1010.

ECON-1010 Introduction to Micro-economics:  (3.0 credit hours) 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 Economics of Development: (3.0 credit hours) 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-1110 or both ECON-1000 and 1010.

ECON-2400 History of Economic Thought—Macroeconomics: (3.0 credit hours) 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 or permission of the instructor.

ECON-2410 History of Economic Thought—Microeconomics: (3.0 credit hours) 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 mid-eighteenth to the early twentieth century. Prerequisite: ECON-1010 or permission of the instructor.

ECON/IDS/POLS-2420 Economics of Social Change: (3.0 credit hours) Processes of social change (related to poverty reduction, peace-building, environmental sustainability, economic development) can be supported or inhibited by economic forces. This course will examine and apply (in a non-technical manner) key economic principles that impact efforts to create social change. It also examines the assumptions of economic approaches, and the role of economics in the social sciences. Prerequisites: 30 credit hours of university-level studies or permission of the instructor.

ECON-2950 Topics in Economics: (3.0 credit hours) 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 or 1010.

ECON-4940 Independent Study in Economics: (3.0 credit hours) A study in a specific area of Economics under the direction of a faculty member. Prerequisites: ECON-1000 and 1010; an additional nine credit hours in Economics, and a minimum of 60 credit hours of university-level studies.

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