THE UNIVERSITY OF NORTH CAROLINA AT ASHEVILLE FACULTY SENATE Senate Document Number 0598S Date of Senate Approval 1/22/98 Statement of Faculty Senate Action: APC Document 4: Allowing 410 to Satisfy Economics Demonstration of Competency and addition of Internship and Statistical Proofs Course Effective Date: Fall 1998 a. Changes in Program in Economics Delete: In Catalog 1997-98, on page 101, under Program in Economics, the entry for I. Required courses in the major. Add: In place of the deleted entry, the following: I. Required courses in the major--34 hours, including: ECON 101, 102, 301, 302, 365, 490 and either 410 or 450; 12 additional hours in Economics, at least six of which must be at the 300 or 400 level. Delete: In Catalog 1997-98, on page 102, under Program in Economics, the entry for III. Other departmental requirements. Add: In place of the deleted entry, the following: III. Other departmental requirements--Senior demonstration of competency met by successful completion of ECON 410 or 450, and 490 with a grade of C or higher. Oral competency is part of 490. Impact: This change allows students to satisfy the seminar requirement for the program by taking ECON 410 or 450, rather than just 450. There is no impact on other departments and course offering patterns will not change. There may be some slight redistribution of enrollments from 450 to 410. Rationale: ECON 410 and 450 are symmetrical alternatives for students in the program, 410 being macroeconomically oriented and 450 traditionally being microeconomically oriented. The 410 option will enable students to better develop a course of study consistent with their interests and objectives. Additionally, since the courses are offered annually, but in different semesters, students will have increased scheduling flexibility and may be able to complete their studies sooner. b. Add ECON 367 Add: In Catalog 1997-98, on page 105, the following: 367 Statistical Proofs in Economics and Finance (1) An examination of the theoretical basis of selected statistical formulas and concepts used in economics and finance. Highly recommended for students interested in graduate school. Prerequisite: ECON 365. On demand. Impact: No impact. The course has been offered as a special topic for many years by Dr. Sulock. A formal entry in the Catalog, therefore, will preserve present practice. Rationale: Students who pursue graduate studies in either economics or finance need to understand the theoretical basis of the statistical formulas and concepts they use. A formal entry in the Catalog is now necessary due to the number of times the course has been offered as a special topic. c. Add ECON 400 Add: In Catalog 1997-98, on page 105, the following: 400 Internship (3) Semester-long internship with a participating host organization, usually in Western North Carolina. Open only to students who have declared a major or minor in economics. Prerequisites: 15 hours of economics with a minimum GPA of 2.5 in those courses. (Grading: S/U.) See department chair. Impact: No impact on other departments and limited impact on departmental staffing because we will proceed cautiously and incrementally in establishing internships. Dr. Sulock is currently serving as Interim Director of Internships. Rationale: An internship is a form of experiential learning ("learning from experience") and has at least two educational objectives. First, to expand and sharpen the skills and knowledge of the intern. For example, an internship is likely to increase the student's computer, organizational, research and writing skills. Additionally, most interns will gain knowledge of the "objective side" of a profession, i.e., the facts, concepts, rules, procedures and ethical standards of the profession. A second--and perhaps more important--objective is to expand and sharpen the "cognitive capacity" of the student. Successful internships, therefore, will enable students to think critically about their experiences. This objective could be accomplished in a number of ways. For instance, most professions have a "subjective side." That is, the professional may well have to deal with ambiguity, conflict and surprises. A detailed analysis of these possibilities would certainly require some careful reflection of the part of the intern.