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Economics
| Department Information |
Department of Economics
College of Business and Economics
Office: Music and Business Bldg. 2583
Phone: (510) 885-3339
Professor Emeritus: Jay L. Tontz
Professors: James C. W. Ahiakpor, Charles W. Baird (Co-Chair), Alexander E. Cassuto, Gregory B. Christainsen, Leo Kahane, Shyam J. Kamath, Anthony K. Lima, Jane E. Lopus, Nan L. Maxwell (Co-Chair), Lynn C. Paringer, Stephen Shmanske, David J. St. Clair,
Lecturer: M. David Yaar
Please consult the 2005-2006 online catalog for any changes that may occur.
| Program Description |
The Economics major prepares the student for a broad variety of careers including those in law, journalism, banking and insurance, government, teaching, and research. In addition, the study of economics has become essential in today's dynamic and complex business environment.
An economics education provides the student with a logical way of approaching various problems and issues and provides qualitative skills valued highly by employers. The student learns techniques for analyzing contemporary economic problems and develops the ability to exercise sound judgement in evaluating public policy issues. Many of these skills are useful in daily decision-making irrespective of career choice. The broad background developed with the Economics major encourages the student to become an interested, understanding observer of the events of today's and tomorrow's world.
| Career Opportunities |
Analyst • Business Executive • Economist • Employment Researcher/Planner • Financial Consultant • Foreign Service Officer • Financial Analyst • Management Analyst • Market Research Analyst • Policy Analyst • Professor/Teacher • Public Policy Analyst • Securities Analyst • Statistical Analyst • Statistician • Stockbroker
| Features |
The weekly Workshop in Economics Research (ECON 4895) provides a forum for presenting and debating faculty research and for inviting U.S. and international specialists in economics and management to discuss their research and published work. Some of the visiting speakers are sponsored by the Smith Center for Private Enterprise Studies which was started with a donation of more than $1,000,000 from Owen and Erma Smith of Castro Valley. (The Smith Center also awards scholarships to selected Cal State Hayward economics majors who wish to pursue Ph.D. studies in economics.) Undergraduate Economics students are required to attend the workshop for three quarters for credit, usually in the senior year.
| Preparation |
For Advanced Placement course equivalencies, see Registration chapter.
| Major Requirements (B.A.) |
Please consult an advisor in your major department for clarification and interpretation of your major requirements. The major consists of 60-101 units; the B.A. degree requires a total of 180 units. Students receiving a B.A. degree major in Economics from this university must complete one of the following four options: Accounting, General Economics, Social Science Economics, or Statistical Economics.
Accounting Option (100-101 units)
The Accounting option provides students with general exposure to the operation of the external environment to the firm (the economy) while also providing them with the accounting tools necessary to operate in a wide variety of private organizations and to obtain a C.P.A.
Note: Academic Renewal is allowed only once per Accounting option course for students pursuing the Accounting option.
| I. | Lower Division Core (25 units) | ||||
| PC proficiency test ACCT 2251 Financial Reporting and Analysis I (4) ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) MATH 1810, 1820 Mathematics for Business and Social Sciences I, II or MATH 1304, 1305 Calculus I, II (8) STAT 2010 Elements of Statistics for Business and Economics (5) | |||||
| [a CAN STAT 2 course and STAT 2011 (1) will substitute for STAT 2010] | |||||
| II. | Upper Division Core (48 units) | ||||
| Note: Students must complete MKTG 3495 no later than the beginning of their Senior year (135 units) as a prerequisite to taking any upper division core courses and/or elective courses in the Accounting option. | |||||
ACCT 3170 Information Technology in Business (4) or ACCT 4704 Financial Reporting Systems: Design and Implementation (4) ACCT 3211 Intermediate Financial Accounting I (4) ACCT 3212 Intermediate Financial Accounting II (4) ACCT 3200 Accounting for Management Decision-Making (4) or ACCT 3230 Cost Management (4)  ACCT 3220 Tax Accounting: Fundamentals and Individuals (4) or ACCT 4220 Tax Accounting: Corporate Tax (4)  ECON 3000 Micro-Economic Theory (4) ECON 3005 Macro-Economic Theory (4) ECON 3310 Money, Banking, and Financial Intermediaries (4) ECON 3370 Public Sector Economics (4) ECON 4000 Seminar in Micro-Economic Theory (4) ECON 4400 Introduction to Econometrics (4) ECON 4700 International Trade (4) or ECON 4705 International Finance (4) | |||||
| III. | Electives (27-28 units) | ||||
| Upper Division Accounting (16 units) Select four ACCT 3000-4000 level accounting courses beyond those listed as required (excluding ACCT 3228, 3898, 4226, 4227, 4900, 4915). Upper Division Economics (11-12 units) Select three upper division economics courses, excluding ECON 3551, but including 3 units of ECON 4895 as one course. | |||||
| I. | Lower Division Core (21 units) | ||||
| ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) MATH 1810, 1820 Mathematics for Business and Social Sciences I, II or MATH 1304, 1305 Calculus I, II (8) STAT 2010 Elements of Statistics for Business and Economics (5) | |||||
| [a CAN STAT 2 course and STAT 2011 (1) will substitute for STAT 2010] | |||||
| II. | Upper Division Core (28 units) | ||||
| Complete the following courses as soon as possible after the lower division core has been satisfied. | |||||
| ECON 3000 Micro-Economic Theory (4) ECON 3005 Macro-Economic Theory (4) ECON 3170 History of Economic Thought (4) ECON 3310 Money, Banking, and Financial Intermediaries (4) ECON 4000 Seminar in Micro-Economic Theory (4) ECON 4400 Introduction to Econometrics (4) MKTG 3495 Business Communication (4) | |||||
| Note: Students completing a double major in Economics and Business Administration may substitute ECON 3551 for ECON 3000 and an additional upper division Economics elective for ECON 4000. | |||||
| III. | Electives (23-24 units) | ||||
| Select 23-24 additional units to include: | |||||
| ECON 4895 Workshop in Economic Research (1) (Must be taken 3 times, preferably during Senior year) Five upper division Economics courses, excluding ECON 3551. | |||||
The Social Science Economics option provides an avenue for students interested in the social science aspects of economics and provides a rigorous and well-rounded economics program that emphasizes its social science underpinnings.
| I. | Lower Division Core (17 units) | ||||
| ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) MATH 1130 College Algebra (4) STAT 1000 Elements of Probability and Statistics (5) | |||||
| II. | Upper Division Core (24 units) | ||||
| ECON 3000 Microeconomic Theory (4) ECON 3005 Macroeconomic Theory (4) ECON 3170 History of Economic Thought (4) ECON 3310 Money, Banking, and Financial Intermediaries (4) SOC 4111 and 4112 Methods of Sociological Research I and II (4, 4) or HIST 3010 Historical Writing (4) and POSC 3300 Voting and Public Opinion (4) | |||||
| Note: SOC 4111 has a prerequisite of SOC 1000 (4) and HIST 3010 has a prerequisite of HIST 1000 (4) | |||||
| III. | Electives (19-20 units) | ||||
| Upper Division Economics (11-12 units) | |||||
| Select three upper division economics courses, excluding ECON 3551, 3898, and 4900. May include 3 units of ECON 4895 as one course. | |||||
| Upper Division Social Science (8 units) | |||||
| Select two courses from the following: | |||||
| HIST 3017 The Twentieth Century (4) POSC 3521 Politics of the Global Economy (4) POSC 3704 Marxism in Theory and Practice (4) POSC 3800 Public Policy Analysis (4) SOC 3880 Work and Professions (4) SOC 3890 Sociology of Organizations (4) | |||||
| Any upper division ethnic studies, history, political science, or sociology course with consent of advisor. | |||||
The Statistical Economics option is intended for students who wish to pursue graduate studies in economics. It will also appeal to students who are interested in statistics, but want a more applied focus to their degree.
| I. | Lower Division Core (16 units) | ||||
| ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) MATH 1304, 1305 Calculus I, II (8) | |||||
| II. | Upper Division Core (32 units) | ||||
| ECON 3000 Micro-Economic Theory (4) ECON 3005 Macro-Economic Theory (4) ECON 3310 Money, Banking, and Financial Intermediaries (4) ECON 4000 Seminar: Micro-Economic Theory (4) ECON 4400 Introduction to Econometrics (4) or STAT 4601 Regression (4) STAT/MATH 3401 Introduction to Probability Theory I (4) STAT/MATH 3502 Statistical Inference I (4) STAT 3900 Data Analysis using Statistical Packages (4) or STAT 4950 Advance Statistical Packages for Data Analysis (4) Notes: | |||||
| STAT 3401 and 3502 can replace STAT 2010 as a prerequisite to ECON 4400. [a CAN STAT 2 course and STAT 2011 (1) will also substitute for STAT 2010] STAT 4601 has two prerequisites: STAT 3503 (4) and STAT 4000 (4). | |||||
| III. | Electives | ||||
| Upper Division Economics (11-12 units) | |||||
| Select three upper division economics courses, excluding ECON 3551, 3898, and 4900. May include 3 units of ECON 4895 as one course. | |||||
| Statistics (8 units) | |||||
| Select two courses from the following: | |||||
| STAT/MATH 3402 Introduction to Probability Theory II (4) STAT/MATH 3503 Statistical Inference II (4) STAT 4860-4869 Undergraduate Seminar (4) | |||||
| Degree Requirements |
In addition to major requirements, every student must also complete the University requirements for graduation which are described in the Baccalaureate Degree Requirements chapter in the front of this catalog. These include the General Education-Breadth requirements; the U.S. history, U.S. Constitution, and California state and local government requirement; the University Writing Skills requirement; and the residence, unit, and grade point average requirements.
| Minor Requirements |
The minor consists of 37 units. Please note: A student cannot have both a Managerial Economics option under the Business Administration major and an Economics minor.
| I. | Lower Division (17 units) | ||||
| MATH 1130 College Algebra (4) ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) STAT 1000 Elements of Probability and Statistics (5) | |||||
| II. | Upper Division (20 units) | ||||
| Complete the following courses as soon as possible after the lower division requirements have been satisfied: | |||||
| ECON 3000 Micro-Economic Theory or ECON 3551 Managerial Economics and Business Strategy (4) ECON 3005 Macro-Economic Theory (4) ECON 3310 Money, Banking, and Financial Intermediaries (4) Two elective courses in Economics (ENGR 3140 may be substituted for one) (8) | |||||
| Business Economics Option |
An option in Business Economics is provided in the Business Administration major for business students with an interest in economics. (See Business Administration.)
| Economics Option: Liberal Studies |
| Area I (8 units) | |||||
| ECON 2301 Principles of Microeconomics (4) ECON 2302 Principles of Macroeconomics (4) | |||||
| Area VII Credential Track or Area VI General Track (24 units) | |||||
| ECON 3000 Micro-Economic Theory (4) ECON 3005 Macro-Economic Theory (4) Four additional upper division Economics courses (excluding ECON 3551) (16) | |||||
| Undergraduate Courses |
| The course prefix for the following courses is ECON. | |
| 1000 | Economics of Public Issues (4) Examination of selected current public issues; e.g., shortages of food and fuel, pollution, slums, airline fares, stagflation, income distribution, and the function of property rights. Designed for non-economics majors and not open to students who have taken ECON 2301. (F, W, Sp) |
| 1180 | Income, Wealth, and Poverty (4) Broad-based examination of theories that are used to explain how income is generated and distributed. Theories of income determination within market-based economies to explain income differentials, inequalities, wealth, and poverty at both the individual and country levels. |
| 1190 | Philosophy, Law, and Economics (4) Introduction to the many interdependencies among philosophy, law, and economics; the role of property rights in a market economy; social problems arising from defective legal concepts; historical development of thinking on law and economics from Ancient Rome to the present. |
| 2301 | Principles of Microeconomics (4) [CAN ECON 4] Basic micro-economic concepts; introductory analysis of the determination of prices and output in different market situations; public policy. Prerequisites: sophomore standing and either credit for intermediate algebra or satisfactory score on the Entry-Level Math (ELM) Test. (A) |
| 2302 | Principles of Macroeconomics (4) [CAN ECON 2] Basic macro-economic concepts; introductory analysis of the determination of national income and employment; money and banking; fiscal policy in a global context. Prerequisite: either credit for intermediate algebra or satisfactory score on the Entry-Level Math (ELM) Test. (A) |
| 3000 | Micro-Economic Theory (4) Analysis of supply and demand; production and costs; price and output determination; factor pricing and income distribution; optimum resource allocation. Prerequisites: MATH 1130 and ECON 2301 with grade not lower than a "C". (W) |
| 3005 | Macro-Economic Theory (4) Measurement and analysis of the determination of national income and employment; general price level; stabilization and growth. Prerequisites: ECON 2301, 2302, with grade not lower than a "C" in 2302. (A) |
| 3140 | Engineering Economy (4) (See ENGR 3140 for course description.) |
| 3150 | Economic History of the United States (4) The development of the American economy and economic institutions; emphasis on factors affecting economic growth, problems, and policies. |
| 3170 | History of Economic Thought (4) The key theories and individuals in the history of economic thought including Adam Smith, David Ricardo, and Karl Marx. Prerequisites: ECON 2301 and 2302. |
| 3190 | Market Processes: Theory and Applications (4) Austrian School analysis of socio-economic phenomena including methodology of the social sciences, theory of subjective value, entrepreneurship, competition as a discovery procedure, spontaneous orders, the division of knowledge, the capital structure, and trade cycles. Historical applications used throughout. Prerequisites: ECON 2301, 2302 or consent of instructor. |
| 3200 | Comparative Economic Systems (4) Comparative study of different economic systems proposed or used to deal with the economic organization of society. Prerequisite: ECON 2301. |
| 3310 | Money, Banking, and Financial Intermediaries (4) Essentials of commercial and central banking; financial intermediaries; monetary policy. Prerequisite: ECON 3005 or consent of instructor. (A) |
| 3370 | Public Sector Economics (4) Public sector economics; taxation, welfare economics, public goods, the rationale of government activity and collective choice. Prerequisites: ECON 2301 and 2302. |
| 3375 | Public Choice: The Economics of Politics (4) Economic theory applied to political institutions and decision-making within governments. Allocations under various property right systems; coalitions and voting behavior; theory of constitutions; theory of bureaucracy; political economy of income redistribution, crime, violence, discrimination, federalism, nationalism, anarchy. Prerequisite: ECON 2301. |
| 3500 | Regional and Urban Economics: Survey (4) Economic analysis as applied to urban and regional economic problems and policies. Prerequisite: ECON 2301. (W) |
| 3551 | Managerial Economics and Business Strategy (4) The actions and reactions of business firms and consumers in a variety of market environments, emphasizing their strategies for optimization. Prerequisites: ECON 2301, and STAT 2010 (or CAN STAT 2 and STAT 2011). Prerequisite or concurrent: MATH 1820 or 1305. Course not recommended for Economics majors. |
| 3680 | Labor Economics (4) Theory of the operation of labor markets, with the application of this theory to current manpower problems and the level of employment. Prerequisite: ECON 2301. |
| 3685 | Law and Economics of Labor Institutions (4) Development of the labor sector in the American economy with emphasis on labor institutions, labor legislation, and public policy toward labor organizations. Prerequisite: ECON 2301. |
| 3898 | Cooperative Education (1-4) Supervised work experience in which student completes academic assignments integrated with off-campus paid or volunteer activities within the quarter enrolled. May be repeated for up to 8 units. No units may be counted toward the Economics major or minor. Prerequisites: At least 2.0 GPA: departmental approval of activity. Credit/No Credit grading only. (A) |
| 3999 | Issues in Economics (4) Readings, discussion, and research on contemporary and/or significant issues in economics. May be repeated for credit when content varies. |
| 4000 | Seminar in Micro-Economic Theory (4) Readings and discussion of advanced topics in analysis of market behavior, factor pricing and income distribution, general equilibrium, capital and interest, and property rights. Prerequisite: ECON 3000. (Sp) |
| 4306 | Environmental Economics (4) Readings, reports and discussion on economic aspects of environmental problems and alternative proposed solutions: pollution, congestion, population. Prerequisite: ECON 2301. (Sp) |
| 4315 | Monetary Theory (4) Review of current literature on the demand for and supply of money; effects of monetary policy on inflation, unemployment, interest rates, and balance of payments. Prerequisite: ECON 3310. |
| 4400 | Introduction to Econometrics (4) Applications of statistical techniques to obtain quantitative estimates of relationships suggested by economic analysis. Prerequisites: ECON 2301, 2302, STAT 2010. |
| 4520 | Industrial Organization and Public Policy (4) Factors determining industrial organization and economic behavior; operation of antitrust laws; public regulation. Prerequisite: ECON 3000 or 3551. |
| 4590 | Selected Topics in Economic Analysis (4) Application of economic analysis to past/contemporary economic issues. With department permission, may be repeated once for credit with a different instructor or different topics. Prerequisites: ECON 2301 and 2302 or consent of instructor. |
| 4700 | International Trade (4) Comprehensive coverage of the modern theory of international trade, foreign investment, the nature and effects of protection, multinational enterprise, world economic growth and international trading systems. Prerequisites: ECON 2301, 2302. |
| 4705 | International Finance (4) Comprehensive coverage of the organization, operation and theory of foreign exchange markets, Eurocurrency and offshore financial markets, balance of payments and international adjustment, international capital flows and different types of international monetary systems. Prerequisites: ECON 2301, 2302. (formerly ECON 4105) |
| 4710 | International Economic Development (4) The factors and theories underlying international economic development with a focus on the nature and causes of development in specific areas and nations in Africa, Asia, Europe, North America and South America. Prerequisite: ECON 2301. (formerly ECON 4110) |
| 4895 | Workshop in Economic Research (1) Workshop activity in the preparation, presentation, and evaluation of student and faculty research projects. Content varies. May be repeated each quarter for credit. Prerequisite: at least junior standing. (F, W, Sp) |
| 4900 | Independent Study (1-4) |
| Footnotes |
| | If ACCT 3170 is selected as a required course, ACCT 4704 may be selected as an elective. If ACCT 4704 is selected as a required course, ACCT 3170 may be selected as an elective. | |
| | If ACCT 3200 is selected as a required course, ACCT 3230 may be selected as an elective. | |
| | If ACCT 3220 is selected as a required course, ACCT 4220 may be selected as an elective. If ACCT 4220 is selected as a required course, ACCT 3220 may be selected as an elective. | |
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© 2004 The California State University
Last Updated: April 16, 2004