Senate Document Number   1399S

Date of Senate Approval    1/28/99

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Statement of Faculty Senate Action:

APC Document #5: 

Deleting Econ 410, Changes in Finance Concentration, changing ECON 450 and 360, Adding 316.

Effective Date: Fall 1999

A. Delete: on page 104, the course title and description for

410 Seminar in Monetary Economics (3)

Impact: Only concentrations in economics are affected. As a result some minor modifications must be made to three economics concentrations. In addition enrollment in 450 Seminar in Economics will increase slightly.

Rationale: This course has had a history of low enrollment. The curricular role it fills will largely be satisfied by ECON 450 Readings in Economics.

B. Delete: on page 100, under Program in Economics, 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.

Replace with: the following:

I. Required courses in the major--34 hours, including: ECON 101, 102, 301, 302, 365, 450, 490; 12 additional hours in Economics, at least six of which must be at the 300 or 400 level.

Delete: on page 100, under Program in Economics, 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 ECON 490.

Replace with: the following:

III. Other departmental requirements--Senior demonstration of competency is met by successful completion of ECON 450, and 490 with a grade of C or higher. Oral competency is satisfied through ECON 490.

Impact: It is expected that students will quickly adjust to the somewhat reduced flexibility of the program. The department will work with students in those rare instances where student progress might be slowed.

Rationale: This adjustment is necessitated by the deletion of ECON 410. Some simplification of concentration description was introduced.

I. Required courses in the major--34 hours, including: ECON 101, 102, 301, 302, 365, 410 or 450, 490; 12 additional hours in Economics, at least six of which must be at the 300 or 400 level.

Replace with: the following:

I. Required courses in the major--34 hours, including; ECON 101, 102, 301, 302, 365, 450, 490; 12 additional hours in Economics, at least six of which must be at the 300 or 400 level.

Delete: on page 101, under Program in Economics with Teacher Licensure, the following:

III. Other departmental requirements--Senior demonstration of competency is met by successful completion of ECON 410 or 450 in addition to ECON 490, with grades of C or higher. Oral competency is satisfied through ECON 490.

Replace with: the following:

III. Other departmental requirements--Senior demonstration of competency is met by successful completion of ECON 450, and 490 with a grade of C or higher. Oral competency is satisfied through ECON 490.

Impact: It is expected that students will quickly adjust to the somewhat reduced flexibility of the program. The department will work with students in those rare instances where student progress might be slowed.

Rationale: This adjustment is necessitated by the deletion of ECON 410.

I. Required courses in the major--34 hours, including: ECON 101, 102, 210, 215, 301, 302, 365, 490 and either 406 or 410; two courses from ECON 305, 306, 310 or 350.

Replace with: the following:

I. Required courses in the major--34 hours, including: ECON 101, 102, 215, 301, 302, 306, 365, 490 and either 406 or 450; two courses from ECON 210, 305, 310 or 350.

Delete: on page 101, under Program in Monetary Economics and Finance, the following:

III. Other departmental requirements--Senior demonstration of competency met by successful completion of ECON 406 or 410, and 490 with a grade of C or higher. Oral competency is part of ECON 490.

Replace with: the following:

III. Other departmental requirements--Senior demonstration of competency is met by successful completion of ECON 406 or 450, and 490 with a grade of C or higher. Oral competency is satisfied through ECON 490.

Impact: ECON 210 is deleted from the required course list and 306 is added to it, and 450 is substituted for 410 as an option at the senior level. There is likely to be a reduction in enrollment in 210 and increased aggregate enrollment in 305, 306, 310, 350, and 450.

Rationale: This adjustment is necessitated by the deletion of ECON 410. 450 is a viable replacement for 410 since it will frequently deal with monetary doctrine from a historical perspective. By including 306 in the list of required courses for the program, every student in the program is ensured of having one course each in monetary economics (215) and finance (306) at the sophomore-junior level.

Replace with: the following:

A critical examination of primary works that have figured in the development of economic theory and policy. May be taken once or repeated with variable content for a total of six hours. Prerequisite: ECON 301 or 302. Fall.

Impact: Enrollment in 450 may increase slightly.

Rationale: The content of the course will tend to vary from year to year. When it does, students should be able to take it again for credit.

Prerequisites: ECON 101 and 102; MATH 191. Spring.

Replace with : the following:

Prerequisites: ECON 101 and 102; pre- or corequisite MATH 191. Even years Fall.

Impact: Enrollment should increase slightly when the course is offered.

Rationale: This course principally serves students who are bound for graduate school. These students should continue to be well served, even though the frequency of the class offering is reduced. Experience shows that student success in the course can be expected if students are simultaneously enrolled in MATH 191.

316 Transaction Cost Economics (3)

An examination of the role played by transaction costs in the design and evolution of human institutions. Applications drawn from economics, environmental science, management, political science, and sociology show that many aspects of economic, political, and social institutions can be understood as outcomes of transaction cost economizing. Relies heavily on readings from original sources. Prerequisite: ECON 101 or 102. Spring.

Impact: The course is a pure elective. As such it will expand the educational opportunities of all, but it is not expected to have a significant effect on any other course or major.

Rationale: This course has been offered seven times in the context of ECON 450. It is interdisciplinary in nature, directly addresses five of the six learning objectives of the department's Plan to Improve Student Learning, and should be useful and relevant for a broader range of students than economics majors. The reduction of its previous prerequisite from ECON 301 or 302 to ECON 101 or 102 is being undertaken because the course will no longer serve its previous function as the capstone for the Concentration in Economics and to make the course accessible to more students.