Economics Curriculum

In Economics, you'll study the exchange of and competition for goods and services that influences everything from small-scale community decisions to global geopolitics. Both of the majors we offer—the BA in Economics and the BS in Mathematical Economics, will challenge you with an engaging, rigorous, and contemporary field of study that explains how the world around you works.

Curriculum

The Economics curriculum is designed to examine economics in both historical and contemporary contexts and to communicate economic theories focused on individual decisions and economic aggregates. You'll explore how economic forces contribute to contemporary social problems and solutions, and develop critical thinking by learning how to gather, analyze, and synthesize information.

With a degree in Economics, you’ll build a foundation for success in a wide range of corporate, nonprofit, and public sector careers, and be well prepared for graduate work in economics, management, business, law, and other fields.

First Year Advising and Registration recommendations

Students who major in economics have two degree options: they may choose the Economics major for the Bachelor of Arts degree or the Mathematical Economics major for the Bachelor of Science degree. We strongly encourage students who wish to pursue graduate study in Economics to choose the Bachelor of Science degree option.

Prospective majors in Economics should take Economics 103 and Economics 104 in the first year, in any order. Students looking primarily to understand nation-level issues of growth, employment, and prices should take Economics 104 (macroeconomics); students looking primarily to understand individual-level decision-making, economic incentives and the role of the marketplace in society should take Economics 103 (microeconomics). These courses meet the social sciences multiple inquiries requirement, and are prerequisites for 200 level courses in regional economic issues (e.g. Asia, Latin America, Africa) that meet some of the diversity curriculum goals.

Students with AP or transfer credit in Introductory Microeconomics receive credit for Economics 103 and so should first choose Economics 104, and similarly students with AP or transfer credit in Introductory Macroeconomics should first choose Economics 103. Students are also encouraged to take Econ 241 (Statistics) as early as possible. In addition, majors are required to demonstrate achievement in Mathematics by taking Math 111. It is important to satisfy this Math requirement early since it is a prerequisite for admission to some sophomore courses in the department. The Economics Department strongly recommends Math 111. For advising help, contact Prof. Linus Nyiwul (lnyiwul@gettysburg.edu) or Sue Holz (sholz@gettysburg.edu).

Economics Majors

Economics Major, BA

Twelve courses are required for the Economics major, Bachelor of Arts.

Course Guidelines

Economics 350 is a core course and cannot also count as one of the required 300-level courses in the major.
All courses above the 100-level require the completion of 103 and 104.
Some 200-level courses are recommended for some 300-level courses and required by others.
All 400-level courses require the completion of all core requirements plus at least two 300-level courses. However, a student may petition the instructor of a course for waiver of course prerequisites. Further, the student must also demonstrate achievement in mathematics equivalent to one semester of college-level calculus. This may be demonstrated by successful completion of Mathematics 105-106 or 111. Students may not take core courses off-campus.

Economics Major Requirements
Requirement Area	Courses and Details
Introduction to Economics	ECON 103: Principles of Microeconomics ECON 104: Principles of Macroeconomics
Math Preparation	MATH 111: Calculus I
Five Core Courses	ECON 241: Introductory Economic & Business Statistics Students should not take if they have completed MGT 235, MATH 107, PSYCH 205, or BIO 260. ECON 243: Intermediate Macroeconomic Theory ECON 245: Intermediate Microeconomic Theory ECON 249: History of Economic Thought ECON 350: Econometrics
Three Economics Electives	Three courses from ECON 250–399 At least two must be at the 300–399 level
Capstone Experience	ECON 401: Advanced Topics – History of Economic Thought ECON 402: Advanced Topics in Theoretical and Applied Macro and Monetary Economics ECON 403: Advanced Topics in Theoretical and Applied Microeconomics

Mathematical Economics Major, BS

The bachelor of science major in mathematical economics comprises at least 11 economics courses plus six specific courses in mathematics and computer science, permitting a deeper engagement with the discipline than the bachelor of arts economics major and providing enhanced preparation for graduate study.

Contemporary economics is intertwined with mathematics.

The New Keynesian Model uses differential equations and partial derivatives to model how market equilibrium is achieved even when buyers’ demand and desired production levels do not match.
Microeconomics models how price changes for one good affect demand for another, using multivariable calculus that students should master prior to the intermediate theory course.
Econometrics employs linear algebra to analyze data and estimate the marginal impacts of numerous variables on a particular phenomenon.

Mathematical Economics Major (Bachelor of Science) Requirements
Category	Courses and Details
Introduction to Economics	ECON 103: Principles of Microeconomics ECON 104: Principles of Macroeconomics
Six Economics Core Courses	ECON 241: Introductory Economic & Business Statistics Note: Students should not take this course if they have completed MGT 235, MATH 107, PSYCH 205, or BIO 260. ECON 243: Intermediate Macroeconomic Theory ECON 245: Intermediate Microeconomic Theory ECON 249: History of Economic Thought ECON 350: Econometrics ECON 352: Advanced Econometrics
Two Economics Electives	Select two courses from ECON 250–399, with at least one from the 300–399 level.
Four Math Core Courses	MATH 111: Calculus I MATH 112: Calculus II MATH 211: Multivariable Calculus MATH 212: Linear Algebra
Two Math or Computer Science Electives	Choose two from the following options: MATH 225: Differential Equations MATH 321: Real Analysis MATH 353: Probability and Statistics Any other 300-level Mathematics course CS 216: Data Structures and Algorithms One from: CS 107: Introduction to Scientific Computation CS 111: Introduction to Computer Science DS 256: Introduction to Data Science
Capstone Experience	ECON 404: Capstone Seminar in Mathematical Economics

Economics Minor

Six courses are required for the Economics minor. Courses taken under the S/U grading option do not count toward the minor.

Requirements

Economics 103 and 104
Two courses from among Economics 241, 243, 245, 249, 350
Two additional courses from among those numbered 250 and above.

Economics Minor Requirements
Requirement Area	Courses and Details
Introduction to Economics	ECON 103: Principles of Microeconomics ECON 104: Principles of Macroeconomics
Core Courses	ECON 241: Introductory Economic & Business Statistics Students should not take ECON 241 if they have taken MGT 235, MATH 107, PSYCH 205, or BIO 260. ECON 243: Intermediate Macroeconomic Theory ECON 245: Intermediate Microeconomic Theory ECON 249: History of Economic Thought ECON 350: Econometrics
Economics Electives	Two courses from ECON 250 and above

Courses

This list is a sampling of the kinds of courses offered through the Economics department curriculum. Not all courses shown here will be offered every semester. For a complete list of currently available courses, students may log into their account on Student Center.

Jump to level: 100 • 200 • 300 • 400

Fundamentals of economics for citizens, businesses, nonprofits, and policymakers, through the lens of social issues. Microeconomics topics include making optimal production and consumption decisions with limited resources, gains from specialization and trade, price coordination, market competition versus market power, consequences of imperfect markets, and common remedies. Macroeconomics topics focus on measurement and determinants of headline statistics like GDP growth, unemployment, and inflation, interest rates, government deficits and debt, and effects of government spending, taxation, and income redistribution. Students that have received credit for ECON 103 cannot receive credit for ECON 105.

An examination of the economic history of the United States from the colonial era to the present. Topics include the evolution of economic and political institutions and their impact on growth of the U.S. economy, the economics of slavery and the economic status of blacks in America after slavery, changes in technology from the industrial revolution to the internet, labor unions and the structure of businesses, changes in the distribution of income, central banking and monetary systems, the U.S. in the global economy, and the business cycle. Econ 104 (Principles of Macroeconomics) is a prerequisite, Econ 103 (Principles of Microeconomics) is strongly recommended.
Intensive examination of East Asia, using the framework of economic analysis and political economy to consider economic history, growth, and development. Economic theory provides the primary paradigm within which this region is studied, but consideration is also given to historical events that conditioned the economic outcomes. Reviews the pertinent theory and focuses on application of that theory to specific historical events. Prerequisites: Economics 104.
Intensive examination of Latin America, using the framework of economic analysis and political economy to consider economic history, growth, and development. Economic theory provides the primary paradigm within which this region is studied, but consideration is also given to historical events that conditioned the economic outcomes. Reviews the pertinent theory and focuses on application of that theory to specific historical events. Prerequisites: Economics 103 or 104.
Topics include nomenclature of descriptive statistics; probabilities using the normal, binomial, and Poisson distributions; Chi-square; sampling; estimation of parameters; hypothesis testing; linear regression; and correlation. A student may not receive credit for both this course and MGT 235, Mathematics 107, Psychology 205, or Biology 260. Prerequisites: Econ 103 and 104, Math 111 or equivalent; or permission of the Economics department. Math 111 can be taken concurrently as a co-requisite.
Examination of classical, neoclassical, Keynesian, monetarist, new classical, and post-Keynesian economics, with particular focus on various theories and policies that relate to the determination of national (aggregate) income and price level, the determination and role of interest rates, and the part played by monetary and fiscal authorities in stabilizing the economy. Prerequisites: Econ 103 and 104, and Math 111 or the equivalent; or permission of the Econ department.
Study of the development of economic ideas and policies in relation to the evolution of economics as a discipline from its roots in philosophical discourse to its modern form. Schools of economic thought from Physiocrats to neoclassical economics are examined. Emphasis is placed on the ideas of major contributors to economic thought from Plato to Keynes. Prerequisites: Econ 103 and 104. Recommended Econ 243 and 245.
Examination of economic and noneconomic factors accounting for economic growth and development in less developed areas of the world. Various theories of economic growth and development are analyzed and major policy issues discussed. Primary focus is on the study of the development experience in the Third World and the roles of international trade, aid, multinational corporations, as well as the World Bank and the International Monetary Fund, in the formation and application of Third World strategies for economic development. Satisfies distribution requirement in non-Western culture. Prerequisites: Econ 103 and 104.
Introduction to the history and development of international commerce and its relation to the rise of the capitalist system. Fundamentals of international trade and finance are also elaborated, and these tools are applied to such issues as international business cycles, global competition and technical change, balance of payments and trade deficits, and the international debt crisis. Prerequisites: Econ 103 and 104.
Application of economic theory and empirical analysis to gender and LGBT issues, focusing on the US economy. Course explores how changes in family structures, gendered social norms, and macroeconomic conditions affect labor force participation, considers evidence regarding discrimination by identity and related differences in earnings, and evaluates how intersections of gender identity with race and ethnicity, sexual orientation, and social class impact individuals’ economic choices and the effects of public policies. Prerequisite: ECON 103, or ECON 105. ECON 252 and WGS 252 are cross-listed.
Study of economic issues in professional, collegiate, and other amateur sports. The course examines the history and development of the economics of sports. Central themes of the study include public policy, the economic organization of the sports industry, the roles of women and people of color, labor relations, and monopoly and monopsony power. Prerequisites: Economics 103. Recommended: Math 111 or equivalent
Introduction to issues, terminology, and methods in global health research, with particular emphasis on Latin America. The course focuses on the critical impact of poverty and inequality on health outcomes, due to differential exposure to causes of disease and injury, differential vulnerability in the face of health risks, and differential consequences of exposure and resultant disease and injury. Instruction, discussion, and reading materials will be in Spanish. Prerequisites: Econ 103, and Span 301 or proficiency in Spanish.
In this course, we explore the economic history and development of Africa, focusing on theories, methods, empirical analysis and key debates. We examine the external and internal, institutional and resource-based explanations of the region's development from pre-colonial period to the modern economy. We will consider the role of development practitioners such as international financial and trade institutions, nongovernmental bodies, and global governance institutions. Africa is a large and diverse continent, better understood through an appreciation of individual country development experiences – many countries on the continent remain underdeveloped while others have achieved emerging status. As such, we will make use of country case studies and current events to better understand the differences and similarities of the effects of both policy responses, resource and institutional constraints. Prerequisite: ECON 103 and 104; ECON 241 recommended. AFS 256 and ECON 256 are cross-listed.
Energy fundamentals and security issues. Course covers technological, economic and political aspects of energy production originating from oil, coal, conventional gas, shale gas, nuclear power, hydropower and other renewable sources. It examines how energy resources affect the national security and shape the domestic as well as global political economy. Topics include national oil companies, government control and regulation, OPEC dynamics, oil reserves, pipeline politics, LNG international trade, water-energy nexus, climate change, critical energy infrastructure, terrorism, energy diplomacy. Prerequisites: Economics 103 or 105 (or equivalent); or permission of instructor. ECON 258 and PP 258 are cross-listed.
This course examines the conduct of monetary policy in the United States and other countries. Students learn about the objectives of monetary policy, the way monetary policy affects the macro economy over the course of the business cycle, and the tools that central banks use. Special attention is paid to the economic challenges currently facing the United States and world economies. Students participate in the Fed Challenge, a competition sponsored by the Federal Reserve System. Prerequisites: Econ 103 and 104
Regulation of financial markets and institutions. The course examines risk-taking by financial market participants and attempts by government to regulate in the interests of financial stability. Special attention to the 2007 world financial crisis, the Dodd-Frank regulatory reform act of 2010, and current regulatory reform proposals. Taught from the perspectives of public policy, economics, and business management. Prerequisite: ECON 103, and 104 or ECON/BUS 267. Cross-listed as PP 265, ECON 265, and BUS 360.
Introduction to economic analysis of health care markets and health policy. In this course, we use economic analysis to understand individuals' demand for medical care and their role in health production, socioeconomic disparities in health outcomes, uncertainty and the role of insurance, adverse selection and moral hazard problems, the roles of physicians and hospitals as suppliers, pharmaceutical innovation and medical technologies, and the role of government programs in the US and internationally. Prerequisite: ECON 103 or ECON 105. ECON 270 and PP 270 are cross-listed.
In the transition to a low-carbon world, Green Finance has become an essential focus for education. It plays a crucial role in addressing climate change and mobilizing investments for sustainable growth. This course will concentrate on climate-related risks in finance and investment decisions while integrating Environmental, Social, and Governance (ESG) criteria into those decisions. Students will learn how investing in socially responsible businesses can enhance financial performance and contribute to the development of resilient organizations. Prerequisite: ECON/MGT 267. ECON 280 and MGT 380 are cross-listed.

Application of economic theory and empirical analysis to gender and LGBT issues, focusing on the US economy. Course explores how changes in family structures, gendered social norms, and macroeconomic conditions affect labor force participation, considers evidence regarding discrimination by identity and related differences in earnings, and evaluates how intersections of gender identity with race and ethnicity, sexual orientation, and social class impact individuals’ economic choices and the effects of public policies. Prerequisites: ECON 241 and ECON 245. ECON 350 recommended.
Course examines role of money, credit, and financial institutions in the determination of price and income levels. Coverage includes the commercial banking system, the Federal Reserve System, monetary theory, and the art of monetary policy. Emphasis is placed upon evaluation of current theory and practice in the American economy in the context of increased internationalization of financial activity. Prerequisite: Econ 241 and 243.
Study of economic issues in professional, collegiate, and other amateur sports. The course examines the history and development of the economics of sports. Central themes of the study include public policy, the economic organization of the sports industry, the roles of women and people of color, labor relations, and monopoly and monopsony power. Prerequisites: ECON 245. Recommended: Math 111 or equivalent
Introduction to principles, techniques, and effects of government obtaining and spending funds and managing government debt. Nature, growth, and amount of expenditures of all levels of government in the U.S. are considered, along with numerous types of taxes employed by various levels of government to finance their activities. Domestic and international implications of government debt are also considered. Prerequisite: Econ 241 and 245.
Role of innovation in the evolution of economic systems. Topics include how profit incentives affect the research and development (R&D) process, the impact of technological change on occupational structure and the distribution of income, the particular market failures that exist in the market for "new knowledge," and what government policies can be used to arrive at "optimal" growth paths. The course concludes with an empirical examination of the "most important" sources of economic growth. Prerequisite: Econ 241 and 243.
An investigation into political economic and policy problems not directly confronted by mainstream economics. The focus is on the power relations, especially on who gains and who loses in a given set of economic relationships. Examples of significant issues include: the challenge for governments caused by the power of multinational corporations in a globalized world; the implications of inequalities attributable to gender, ethnic, and class relations; the proliferation of speculative financial activities and their implications for productivity; growing poverty in both the rich and the poor countries. Prerequisite: Econ 241, 243 and 245.
Study of international financial markets and their interactions with the macroeconomy. Topics include balance of payments accounting and foreign exchange markets. A theoretical model if the macroeconomy that incorporates international trade and foreign exchange markets is used to address a number of policy issues, such as the operation of fixed exchange rate systems, exchange rate crises, the evolution of the international monetary system, economic integration, and problems in the global capital market. Prerequisite: Econ 241 and 243.
Mathematical analysis of strategic interaction and decision making. Topics include normal form games and Nash equilibrium, dynamic games of complete and perfect information and subgame perfect equilibrium, static Bayesian games and Bayesian Nash equilibrium, and dynamic games with incomplete information and perfect Bayesian equilibrium. Specific topics and applications include: prisoner’s dilemma, duopoly and oligopoly, bargaining, auctions, collective action problems, voting, and public choice. Prerequisite: Econ 241 and 245.
An exploration of advanced topics in modern macroeconomic theory. Topics include neoclassical growth theory, rational expectations, real business cycle and New Keynesian macroeconomic models, the time consistency problem in macroeconomic policy, search and matching models of the labor market. Open to all economics majors but especially recommended for Mathematical Economics majors and those planning to attend graduate programs in Economics. Prerequisites: Econ 243 and 245
Examination of economic and noneconomic factors accounting for economic growth and development in less developed areas of the world. Various theories of economic growth and development are analyzed and major policy issues discussed. Primary focus is on the study of the development experience in the Third World and the roles of international trade, aid, multinational corporations, as well as the World Bank and the International Monetary Fund, in the formation and application of Third World strategies for economic development. Prerequisite: Econ 241, and 243 or 245.
Investigation of the relationship between the economy and the environment, conditions for a mainstream theories and policies, including those based on externalities and social costs, property rights, cost-benefit analysis, and discounting, are studied in the light of conditions required for sustainability. Problems and prospects of both market controls and government regulation are considered. Special topics include renewable resources, valuation techniques, accounting for pollution and resource depletion in GDP statistics, and sustainable development. Prerequisite: Econ 245. ECON 341 and PP 341 are cross-listed.
Application of microeconomic theory to the structure of industry. Course considers traditional, as well as recent and interdisciplinary theories of firm and industry behavior, with particular focus on oligopoly and game theory. Course also reviews the economic history of U.S. antitrust and regulatory policies and examines the effect of greater global interdependence. Students evaluate alternative policies for static economic efficiency, technological change, and equity. Prerequisite: Econ 241 and 245.
This course explores the key aspects of energy supply and demand covering issues in electricity, natural gas and oil sectors of the economy. It discusses the role of markets, regulation and deregulation of the industry. The course addresses market design questions related to energy generation, transmission and distribution. It also provides an overview of economic institutions designed to control pollution emissions and examines other public policies affecting energy markets. Prerequisites:Econ 241 and 245. ECON 344 and PP 343 are cross-listed.
Applications of economics and policy analysis to the scientific research enterprise, with a focus on determinants and consequences of scientific research and innovation. Topics include economic theories of knowledge, evaluating scientific productivity and social welfare effects, analyzing government interventions and incentives including research subsidies and intellectual property protection, labor markets for scientists and engineers and effects of immigration policy and efforts to broaden participation, and the roles of universities and colleges in producing science, training graduates, technology transfer, and entrepreneurship. Prerequisite: ECON 241 and ECON 245. ECON 346 and PP 346 are cross-listed
Application of advanced economic analysis to environmental problems. New media, technology and data have rapidly enhanced the economist's abilities to study problems in the environment and offer policy recommendations. Topics include national and global resource use, resource valuation, environmental justice, and economic and environmental policy through the frameworks of integrated resource policy and spatial analysis. Economic problems posed by imperfect information, uncertainty, and secondary data sources are considered. Prerequisites: Econ 245 or ES 196.
Foundations of experimental methodology in the field of economics. Course covers the major types of economics experiments that are utilized to investigate the economic decisions of individuals as well as their interactions in markets and other socio-economic environments. Students design, program and analyze laboratory experiments in order to examine the validity of alternative theories as well as performance and effectiveness of various policy solutions to economic problems. Prerequisites: ECON 241 and ECON 245.
This course examines the conduct of monetary policy in the United States and other countries. Students learn about the objectives of monetary policy, the way monetary policy affects the macro economy over the course of the business cycle, and the tools that central banks use. Special attention is paid to the economic challenges currently facing the United States and world economies. Students participate in the Fed Challenge, a competition sponsored by the Federal Reserve System. Prerequisites: Econ 103 and 104
This course is the natural extension of Econ/Bus 267 Finance. Students learn advanced skills in the area of Financial Economics. Students develop the concept of risk -adjusted returns, how financial assets price, how markets operate and Companies allocate Capital in complete mathematics. They will tackle portfolio optimization models of Modern Portfolio theory, derivatives pricing using the Black-Scholes Option Pricing Model. The course is designed as an advanced preparation for either the CFA or Actuarial exams. Each weekly lesson will incorporate problems contemporaneous with current world events and Financial news, offering excellent training in real world applications. Prerequisite: Econ 267
In Advanced Quantitative Methods for Finance, students will first learn the fundamental theories of asset pricing for a few selected asset classes and the main modeling methodologies to analyze the behavior of these asset classes (both cross-sectional and time series). Students will also learn to analyze real-life financial data with ready-to-deploy quantitative modeling techniques in Python, the prevailing programming language in financial modeling and data analysis. Prerequisites: Math 112, Economics 241 or equivalent, Economics 243 or Economics 245.
Economic analysis of health care markets and health policy. In this seminar, we use economic theory and econometric analysis to understand individuals' demand for medical care and their role in health production, socioeconomic disparities in health outcomes, uncertainty and the role of insurance, asymmetric information and agency problems, the roles of physicians and hospitals as suppliers, pharmaceutical innovation and medical technologies, and the role of government programs in the US and internationally. Prerequisites: ECON 245 and ECON 350; ECON 350 may be taken concurrently.
An introduction to real estate finance in the US. The course covers residential and commercial real estate, presenting an analytical framework for decision-making. Focus will be on financial analyses necessary for making informed decisions with regard to real assets by owners, developers, tenants, or lenders. The course provides a strong foundation for personal and professional financial decision-making for real assets. Prerequisite- ECON/MGT 267. ECON 371 and MGT 371 are cross-listed.

Investigation of different perspectives in economics. Close readings of classic primary texts are used to examine issues in the history of economics and alternative approaches to understanding the contemporary economy. Topics include competition, endogenous growth, technical change, effective demand, money and credit, and economic policy. Prerequisite: Econ 241, 243, 245, 249, 350 and at least one 300-level elective Econ course.
Examination of advanced topics in macroeconomics and monetary theory and applications. Particular focus rotates, and includes such topics as the new neoclassical theory, rational expectations and post-Keynesian theory, monetary issues in international trade and economic development, econometric studies of money, regulation, and banking safety. Prerequisite: Econ 241, 243, 245, 249, 350 and at least one 300-level elective Econ course.
Examination of special topics in advanced microeconomic theory and applications. Particular focus varies, and includes such topics as new household economics, industrial organization and public policy, game theory, information costs-structure-behavior, production and cost functions, welfare economics, and micro aspects of international trade. Prerequisite: Econ 241, 243, 245, 249, 350 and at least one 300-level elective Econ course.
This course develops the language of mathematics in the context of economics. The course considers the mathematics and economic applications of equilibrium, slopes and derivatives, differentials, optimization (maximizing profits or utility and minimizing costs or expenditures), constrained optimization (e.g., maximizing utility subject to the budget constraint), and integration. Applications include problems in consumer and producer theory, general equilibrium, welfare economics, growth and discounting, oligopoly behavior, game theory, statistics, and econometrics. Prerequisite: Econ 241, 243, 245, 249, 350 and at least one 300-level elective Econ course.
Topics of an advanced nature for well qualified students. Individual reading and research, under the supervision of a faculty member. A student wishing to pursue independent study must present a proposal at least one month before the end of the semester preceding the semester in which the independent study is to be undertaken. Prerequisites: Permission of supervising faculty member and department chairperson. Offered both semesters.