The main goal of the economics program is to train students in the “economic way of thinking” and to use economics as a tool to understand, analyze, and solve problems in all walks of life.
The economics major at Purchase College is designed to train students in the tools and language used in economics and to give them:
a rigorous understanding of economic theory and its historical development.
the ability to apply economics theory to real-world problems.
the ability to conduct interdisciplinary analysis.
the ability to combine analytical skills, critical writing skills, and quantitative skills needed to succeed in a highly competitive economy.
The economics minor at Purchase College is designed to introduce students to:
the economic way of thinking.
analytical and quantitative tools.
interdisciplinary analysis.
The economics faculty has an unusual breadth of teaching, research, and policy perspectives rarely found in liberal arts colleges. This provides students with rigorous training in neoclassical economics and an exposure to contemporary Austrian economics, cultural economics, public choice theory, law and economics, urban economics, and behavioral economics. Students have the opportunity to develop their quantitative skills. The program also exposes students to a wide range of policy issues concerning the role of government, economics and the arts, cities and culture, political economy, and international issues.
Given the specialization of the faculty at Purchase College, economics students can take courses that focus on cultural economics, quantitative economics, and political economy. These areas may be studied in regular courses and in tutorials and independent studies. Students also have the opportunity to work in depth on one area in their senior project, mentored closely by a faculty member. In every case, the faculty is dedicated to developing each student’s ability to think critically, write clearly, and conduct research.
Students majoring in economics are also encouraged to engage in related activities, such as attending economics lectures, presenting at conferences, joining reading groups in economics, and pursuing internships and study abroad programs during their four years at Purchase.
About Our Alumni
Many of our alumni pursue graduate training in economics, public policy, business or law; others want a broad-based liberal arts education in economics, but do not pursue advanced work after graduation. Alumni of the economics program have gone on to successful careers in a variety of fields, including finance, journalism, the arts, education, government, law, and entrepreneurship.
Two introductory-level theory courses (8 credits); a grade of C+ or higher is required in each: ECO 1500/Macroeconomic Theory I ECO 1510/Microeconomics I
Two intermediate-level theory courses (8 credits): ECO 3010/Macroeconomic Theory II ECO 3260/Microeconomics II
One statistics course:(4 credits)
ECO 2040/Essentials of Statistics for Decision Making or
MAT1600/Introductory Statistics or
PSY 2320/Behavioral Statistics
ECO 3070/Econometrics (4 credits) Required for students entering fall 2024 and later.
Four electives in economics* (16 credits) *Refer to the list of examples below.
The following are examples of elective courses in economics. New courses may be added to this list every year.
ECO 2085/Arts and Entertainment in Economics
ECO 2280/Environmental Economics
ECO 2300/Business Economics
ECO 2325/The Development of Modern Capitalism
ECO 2355/Gender Economics
ECO 3550/Law and Economics
ECO 3080/Game Theory
ECO 3100/Cities, Culture, and Economy
ECO 3190/Money and Banking
ECO 3195/Financial Economics
ECO 3200/The Global Economy
ECO 3330/Cultural Economics
ECO 3360/History of Economic Thought
ECO 3400/Business, Government, and Society
ECO 3440/Sports Economics
ECO 3600/Behavioral Economics
ECO 3650/Special Topics in Economics
ECO 4250/Advanced Seminar in Economics
Additional notes for economics majors:
In addition to the grade requirement in the two introductory courses, economics majors must maintain a GPA of 2.0 (C) or higher in required courses, but not necessarily in any one course (except where specified).
These requirements should, where possible, be taken in the years appropriate to their numbers: 1000-level in the freshman year, 2000-level in the sophomore year, etc. In addition to the required courses, there are many exciting opportunities for economics-related internships in the business, government, and nonprofit sectors.
It is highly recommended that the senior thesis be written in a subject area in which a student already has some knowledge through prior coursework.
Minor requirements:
A minor in economics is awarded to any student who completes at least five economics courses, as outlined below.
This great flexibility permits students to design their own program around a series of economics courses of interest to them. Students interested in the minor should submit a completed Declaration of Minor form.
Members of the economics faculty assist students in designing their individualized minor. It is recommended that students begin their minor with one or both of the two required introductory-level courses: ECO 1500 and ECO 1510.
Academic Requirements for the Minor in Economics
At least five courses, as follows:
ECO 1500/Macroeconomic Theory I
ECO 1510/Microeconomics I
At least three electives (minimum 12 credits), chosen from the following:
ECO 2040/Essentials of Statistics for Decision Making
ECO 2085/Arts and Entertainment in Economics
ECO 2280/Environmental Economics
ECO 2300/Business Economics
ECO 2325/The Development of Modern Capitalism
ECO 2355/Gender Economics
ECO 3010/Macroeconomic Theory II
ECO 3070/Econometrics
ECO 3080/Game Theory
ECO 3100/Cities, Culture, and Economy
ECO 3190/Money and Banking
ECO 3195/Financial Economics
ECO 3200/The Global Economy
ECO 3260/Microeconomics II
ECO 3330/Cultural Economics
ECO 3360/History of Economic Thought
ECO 3400/Business, Government, and Society
ECO 3430/Entrepreneurship, Public Policy, and the Law
An introductory course on modern theory of the causes of unemployment, inflation, economic growth, and a strong or weak dollar. The course treats the economy as a system and examines the ways in which its behavior can be influenced by policy (e.g., the monetary policy of the Federal Reserve Board, fiscal policies of Congress and the Administration).
Credits: 4
Department: Economics
A practical introduction to the logic of human action with applications to daily life. This course traces the implication of choice in the face of scarcity and imperfect knowledge. Topics include the nature and value of cost, the spontaneous emergence of social order, demand-supply analysis, theory of markets, and public policy.
Credits: 4
Department: Economics
An introductory course in statistics focusing on applications of descriptive and inferential statistics. Students are introduced to the meaning and role of statistics in decision making in business, economics, policy, and in the analysis of data driven information. Students learn essential statistical techniques and to manage and analyze data in Excel. Students apply statistical inference to make informed managerial decisions.
Credits: 4
Department: Economics
A survey course that reviews economic and financial aspects of the film, music, performing arts, sports, radio, and broadcasting industries.
Credits: 4
Department: Economics
Designed for students interested in the economics surrounding startups and entrepreneurship, business financing, and managing a company. This course breaks down the process of launching a business into practical steps, and students are asked to develop a business plan. In doing so, students learn many aspects of financing, managing, and developing tools of entrepreneurial decision-making.
Credits: 4
Department: Economics
Economics can help define, address, and solve many environmental problems. This course provides students with a set of conceptual tools that are useful in addressing environmental issues like pollution and pollution abatement, the conservation of natural resources, environmental regulation, and the political economy of environmentalism.
Credits: 4
PREREQ: ECO1510
Department: Economics
A study of the social and economic history of the great transformation of European civilization from the preindustrial world to the era of industrialization and the shifts in the ideas, ideologies, and social and economic policies that accompanied it.
Credits: 4
Department: Economics
This course covers three areas of gender economics. The first examines basic facts and trends regarding women’s distinct economic experiences, particularly the gender gap in education, wages, occupations, and labor supply. The second examines the impact of marriage market forces and reproductive constraints on women’s socio-economic choices. The third provides a historical and international overview of women’s rights.
Credits: 4
Department: Economics
A continuation of ECO 1500. Treating the entire economy as a system, contemporary economic theories are introduced to explain: what causes economic growth and a strong or weak dollar; how spending decisions interact with national money and bond markets to affect interest, inflation, and unemployment rates; and how economic performance in one country can affect other countries.
Credits: 4
PREREQ: ECO1500
Department: Economics
An introduction to econometric theory and methods. Particular emphasis is placed on multiple regression techniques widely used in economic research. These include hypothesis testing, choice of functional form, distributed lags, instrumental variable estimation techniques, dummy variables, and two-stage least squares. Problems associated with autocorrelation, heteroscedasticity, and multicollinearity are also discussed.
Credits: 4
PREREQ: MAT1600 Or PSY2320 Or ECO2040
Department: Economics
An overview of game theory concepts with emphasis on how successful outcomes of decisions in economics and other disciplines are influenced by the behavior of others. Examples include the “prisoner’s dilemma” and a Nash equilibrium. Students develop analytical tools that allow them to formally analyze outcomes in strategic situations.
Credits: 4
PREREQ: ECO1510
Department: Economics
Is there a common set of social institutions or environments that gives rise to both successful urban economies and flourishing arts and culture? Proposing that such a set exists, this course attempts to identify it; traces its implications for cultural and economic development; and explores the interrelations of capitalism, cities, and culture. While areas of culture and society are addressed, the analytical framework is that of economics and political economy.
Credits: 4
PREREQ: ECO1500 Or ECO1510 Or ECO2085 Or ECO2325
Department: Economics
Details the history and functions of banks and financial institutions. Topics include the evolution of banking, the importance of banking in a community, the functions of banking (credit, deposit, and payment), the Federal Reserve System, and current issues and trends in the industry.
Credits: 4
PREREQ: ECO1500
Department: Economics
Topics include the economic role of financial markets and the major financial institutions operating in these markets, principles of security pricing and portfolio management, security exchanges and investment banking, the capital asset pricing model, securitization, option pricing, and derivatives.
Credits: 4
PREREQ: ECO1510
Department: Economics
A policy-oriented examination of current events in international economic relations. Topics include global economic interdependence; the politics and economics of U.S. trade policy; regional trading blocs; European monetary union; reform in transitional economies; U.S.-Japan and U.S.-E.U. economic relations; roles of the International Monetary Fund, World Bank, and World Trade Organization; and debt burdens of developing countries. A background in economics is not required.
Credits: 4
PREREQ: ECO1500 Or ECO1510
Department: Economics
Further elaboration and discussion of topics in microeconomics, including applications of decision-making under asymmetric information, market power, common law, politics, and the impact of time and uncertainty on choice.
Credits: 4
PREREQ: ECO1510
Department: Economics
Examines the economics of the cultural sector, including differences between U.S. and European policies of government support. Other topics include intellectual property rights, including copyright; emerging trends in art and online; artists’ labor markets (e.g., are artists poor? why do superstars exist?); the economics of religion; and the economics of language.
Credits: 4
PREREQ: ECO1500 Or ECO1510 Or ECO2085
Department: Economics
Examines the evolution of economic thought from the late 19th century to the present. Topics include the rise of neoclassical theory, the Keynesian critique of orthodoxy, and the later revisions by Keynesians and post-Keynesians. Students may also examine recent contributions in the Marxian tradition.
Credits: 4
PREREQ: ECO1500 ECO1000-1994
Department: Economics
An examination and critique of the U.S. government’s objectives and policies concerning business and other social institutions, from the perspective of their influence on individual incentives. Topics vary, but typically include public policies on poverty, urban planning, business, regulation, and antitrust.
Credits: 4
PREREQ: ECO1000-1994 Or ECO2000-2994 Or ECO3000-3994 Or ECO4000-4994
Department: Economics
Explore various aspects of the economics of sports and sports leagues, with a major focus on empirical analysis. The topics include the business and economics of professional team sports; analysis of leagues’ competitive balance policies; labor market discrimination in professional sports; public finance aspects of professional sports teams and stadium financing; and relevant issues in collegiate sports.
Credits: 4
PREREQ: ECO1510
Department: Economics
Students apply the basic concepts of economics to examine the formation, structure, processes, and consequences of law and legal institutions. The interactions between the legal process and the market process are studied with respect to policy. Topics include intellectual property, environment protection, bankruptcy, tort law, regulation, and property rights.
Credits: 4
PREREQ: ECO1500 Or ECO1510 Or ECO2085 Or LEG2015
Department: Economics
An introduction to behavioral economics that examines how the economic decisions of economic agents are influenced by cognitive, emotional, and social forces, and how these decisions influence resource allocation and well-being in ways that are often at variance from the analysis of standard economics. Topics include hyperbolic discounting, choice architecture, hedonic pricing, and public policy.
Credits: 4
PREREQ: ECO3260
Department: Economics
An advanced undergraduate course in economics. Topics vary from semester to semester and include such areas as microeconomics, macroeconomics, political economy, economic sociology, law and economics, and the history of ideas.
Credits: 4
PREREQ: ECO1500 Or ECO1510
Department: Economics
Primarily a writing and research methods introduction for economics majors in their junior year, to better equip them to write their senior projects.
Credits: 2
PREREQ: ECO1500 And ECO1510
Department: Economics
An advanced seminar geared toward (but not limited to) students interested in pursuing graduate studies in economics or related fields. Topics vary from semester to semester.
Credits: 4
PREREQ: ECO1500 And ECO1510
Department: Economics
This required, two-semester seminar assists seniors in undertaking the research and writing of their senior thesis. It focuses on the fundamentals of producing a good senior thesis, selected current issues in economic theory and policy that may be relevant to the research topics chosen by students, research tools available to those conducting economic research, and improvement of writing skills.
Credits: 1
PREREQ: ECO1500 And ECO1510 And (ECO3260 Or ECO3010 )
Department: Economics
This required, two-semester seminar assists seniors in undertaking the research and writing of their senior thesis. It focuses on the fundamentals of producing a good senior thesis, selected current issues in economic theory and policy that may be relevant to the research topics chosen by students, research tools available to those conducting economic research, and improvement of writing skills.
Credits: 1
PREREQ: ECO1500 And ECO1510 And (ECO3260 Or ECO3010 ) And (ECO3360 Or ECO3070 )
Since actual course offerings vary from semester to semester, students should consult the myHeliotropecourse schedule to determine whether a particular course is offered in a given semester.
Information Changes
In preparing the College Catalog, every effort is made to provide pertinent and accurate information. However, information contained in the catalog is subject to change, and Purchase College assumes no liability for catalog errors or omissions. Updates and new academic policies or programs will appear in the college’s information notices and will be noted in the online catalog.
It is the responsibility of each student to ascertain current information (particularly degree and major requirements) through frequent reference to current materials and consultation with the student’s faculty advisor, chair or director, and related offices (e.g., enrollment services, advising center).
Notwithstanding anything contained in the catalog, Purchase College expressly reserves the right, whenever it deems advisable, to change or modify its schedule of tuition and fees; withdraw, cancel, reschedule, or modify any course, program of study, degree, or any requirement or policy in connection with the foregoing; and to change or modify any academic or other policy.
