Economics

Economics studies how people make choices when facing scarcity.  Human behavior has important implications for the outcomes of markets, government policies, and all corporate and public decision-making.  As a result, economics graduates are in high demand from employers across various industries, and a bachelor's degree in economics can open a successful career in almost anything and everything.  The advantage of majoring in Economics is that it provides excellent preparation for diverse career opportunities and exceptional financial rewards.  A bachelor's degree in economics prepares students with a solid foundation to go into a graduate degree in economics, business, finance, law, or other fields.

Missouri S&T's Economics degrees are with STEM designation because we believe in the power of data and take a decidedly quantitative approach to the economics curriculum.  We design the curriculum to be rich in modern quantitative methods and applied analytical tools through a combination of business, econometrics, mathematics, programming, and statistics classes.  In addition to enhancing students' understanding of human behavior by drawing upon information from social science fields, our economics curriculum focuses on providing students with the analytical ability to make effective resource allocation decisions and solve complex issues for businesses, organizations, and policymakers in modern society.

We offer two baccalaureate degrees in Economics, a Bachelor of Arts (BA), and a Bachelor of Science (BS) degree; both are STEM degree programs.  The significant difference between a BA & BS degree is BA degree has a required component in foreign languages.  Specifically, students with a BA degree must take 12 hours of a single foreign language in three consecutive semesters or take 16 hours (8+8) of two foreign languages.  In addition, we offer three distinct emphasis areas and certificates that are industry-centric and career-ready.  These emphasis areas and certificates are Decision Data Analytics, Energy Economics, and Financial Economics and Technology.  Each emphasis area or certificate is carefully designed to meet the specific needs of students and industry:

  • Decision Data Analytics-Positions students to succeed in all industry positions focused on data analysis.
  • Energy Economics-Prepares students for positions across the energy sector.
  • Financial Economics and Technology-Prepares students for success in the financial industry in a range of positions.

We also offer a minor in Quantitative Economics.  For business, engineering, or science students who want to supplement their major, the quantitative economics minor is designed to prepare them to become future business and industry professionals who can apply the core economics principles and quantitative methods to articulate and make policy recommendations aligned with the current and projected economic environment.  The minor provides foundational knowledge of market structure, the global business environment, data analytics, and public policies necessary for strategic corporate and government decision-making.

For further information, visit the department's web page at https://econ.mst.edu/ or contact us at 573-341-4800 or at econ@mst.edu.

Bachelor of Arts
Economics

In addition to the general university requirements for a bachelor of arts degree, a student must complete:

  1. ECON 1100, ECON 1200, ECON 2100, ECON 2200, ECON 3300 and ECON 3333 with a minimum grade of “C” in each.
  2. At least 12 additional hours of economics electives, at or above the 2000 level, with a minimum grade of “C” in each.
  3. BUS 1210; and STAT 3111.

Specific requirements for the Bachelor of Arts degree are outlined in the sample program listed below.

Freshman Year
First SemesterCreditsSecond SemesterCredits
ECON 110013ECON 120013
BIO SCI 1113, or 1173, or 1223, or 19433HISTORY 11003
ENGLISH 11203MATH 12124
MATH 11403Social Sciences (Political Science, Psychology or Sociology)3
 COMP SCI 19722
 COMP SCI 19821
 12 16
Sophomore Year
First SemesterCreditsSecond SemesterCredits
ECON 210013ECON 220013
ENGLISH 1211, or 1212, or 1221, or 1222, or 1223, or 1231, or 22303Chemistry, Geology, Geophysics or Physics3
HISTORY 12003ART 1180, or 1185, or MUSIC 1150, or THEATRE 11903
Foreign Language4FOREIGN LANGUAGE4
STAT 31113BUS 12103
 16 16
Junior Year
First SemesterCreditsSecond SemesterCredits
ECON 330013ECON 333313
Any Philosophy 3Social Sciences (Political Science, Psychology or Sociology)3
Social Sciences (Political Science, Psychology or Sociology)3Economics Elective23
Economics Elective 23Any course in Literature, Philosophy or Arts3
Free Elective4FOREIGN LANGUAGE4
 16 16
Senior Year
First SemesterCreditsSecond SemesterCredits
Economics Elective23Economics Elective23
Social Sciences (Political Science, Psychology or Sociology)3Free Elective10
Free Electives9 
 15 13
Total Credits: 120
1

A grade of C or better is required for ECON 1100, ECON 1200, ECON 2100, ECON 2200, ECON 3300 and ECON 3333.

2

Must be 2000 level or higher, with a minimum grade of C.

Decision Data Analytics Emphasis

Junior and Senior Years
ECON 5350Data Intelligence using Case Studies3
ECON 5360Data Driven Strategic Insights3

Financial Economics and Technology Emphasis

Junior and Senior Years
ECON 4383Financial Economics3
ECON 5337Financial Mathematics3
ECON 5360Data Driven Strategic Insights3

Energy Economics Emphasis

Junior and Senior Years
ECON 4440Environmental And Natural Resource Economics3
ECON 4540Energy Economics3
Choose one of the following courses:
ECON 3512Mining Industry Economics3
ECON 5532Advanced Mining Economics3
Choose one of the following courses:
ENG MGT 5513Energy and Sustainability Management Engineering3
CIV ENG 5642Sustainability, Population, Energy, Water, and Materials3

Bachelor of Arts
Economics (Secondary Education Emphasis Area)

You may earn a B.A. degree in economics from Missouri S&T and certification to teach at the secondary level in the schools of Missouri with the emphasis area program. This program can be completed in four academic years and student teaching is arranged with public schools anywhere in the state.

Students interested in this emphasis area should consult with the minor advisor in the economics department.

In order to successfully complete this emphasis area, students must attain at least a 3.0 GPA in content courses and professional education courses. Students must also meet all requirements listed under the teacher education section of this catalog. Students who do not meet all the teacher certification requirements will not be eligible for the secondary education emphasis area, even if they have completed all course work.

A degree in this emphasis area requires 135-137 credit hours. The required courses are provided below. A minimum grade of ”C” is required by the department in all mathematics and statistics courses counted toward this degree.

Communications Skills: 9 semester hours
ENGLISH 1120Exposition And Argumentation3
ENGLISH 1160Writing And Research3
or ENGLISH 3560 Technical Writing
SP&M S 1185Principles Of Speech3
Humanities: 9 semester hours
Must include 9 hours from each of the following 3 areas: Art, Music or Theatre, Philosophy, Literature9
Social Sciences: 21 semester hours
HISTORY 1300American History To 18773
HISTORY 1310American History Since 18773
HISTORY 2110World Regional Geography3
HISTORY 4435History of the American West3
POL SCI 1200American Government3
PSYCH 1101General Psychology3
PSYCH 4600Social Psychology3
Natural Sciences: 7 semester hours (including 1 lab)
Physics or Geology w/Lab4
BIO SCI 1113General Biology3
Mathematics: 3 semester hours
MATH 1120College Algebra3-5
or MATH 1140 College Algebra
or higher
Professional Requirements: 23 semester hours
EDUC 1040Perspectives In Education2
EDUC 1174School Organization and Administration For Teachers2
EDUC 3216Instructional Literacy in the Content Area3
EDUC 3280Instructional Strategies in the Content Area3
EDUC 4298Student Teaching Seminar1
ENGLISH 3170Teaching And Supervising Reading and Writing3
PSYCH 2300Educational Psychology3
or EDUC 2102 Educational Psychology
PSYCH 3310Developmental Psychology3
PSYCH 4310Psychology Of The Exceptional Child3
or EDUC 2310 Education Of The Exceptional Child
Clinical Experience: 15 semester hours
EDUC 1104Teacher Field Experience I1
EDUC 1164Teacher Field Experience II2
EDUC 4299Student Teaching12
Economics: 30 semester hours
ECON 1100Principles Of Microeconomics3
ECON 1200Principles Of Macroeconomics3
ECON 2100Intermediate Microeconomic Theory3
ECON 2200Intermediate Macroeconomic Theory3
ECON 4300Research Methods and Applications in Economics and Business3
Econ Electives (3000 or 4000 level)12
BUS 1210Financial Accounting3
Certification: 18 semester hours
Am History (from approved DESE list)6
European History (from approved DESE list)9
Upper Pol Sci (from approved DESE list)3

Areas of Concentration

Students are encouraged to use their electives, both in economics and in general, to develop areas of concentration beyond the core requirements. Among the possibilities are business, finance, and international affairs. Faculty advisors will assist students in establishing these curricular tracks.

Bachelor of Science
Economics

In addition to the general university requirements for a bachelor of science degree, a student must complete:

  1. ECON 1100, ECON 1200, ECON 2100, ECON 2200, ECON 3300, ECON 3333, and ECON 4538 with a minimum grade of “C” in each.
  2. At least 9 additional hours of economics electives, at or above the 2000 level, with a minimum grade of “C” in each.
  3. BUS 1210, ENG MGT 2110, and STAT 3111.

Specific requirements for the Bachelor of Science degree are outlined in the sample program listed below.

Freshman Year
First SemesterCreditsSecond SemesterCredits
ECON 110033ECON 120033
ENGLISH 112013HISTORY 1200, or 1300, or 13103
BIO SCI 1113, or 1173, or 1223, or 19433MATH 12124
Lab w/Living or Physical Science Course1PSYCH 11013
MATH 11403IS&T 1551, or 1561, or COMP SCI 197143
 13 16
Sophomore Year
First SemesterCreditsSecond SemesterCredits
ECON 210033ECON 220033
SP&M S 11853Chemistry, Geology, Geophysics, or Physics3
ENGLISH 1211, or 1212, or 1231, or 1221, or 1222, or 2230, or 12233ART 1180, or 1185, or MUSIC 1150, or THEATRE 11903
STAT 31113BUS 12103
Free Elective3Free Electives3
 15 15
Junior Year
First SemesterCreditsSecond SemesterCredits
ECON 330033ECON 333333
ENGLISH 16003Culture, Society and Religion23
POL SCI 12003Economics Electives53
ENG MGT 21103Free Elective6
Economics Elective53 
 15 15
Senior Year
First SemesterCreditsSecond SemesterCredits
ECON 453833Economics Elective53
Free Electives12Free Electives13
 15 16
Total Credits: 120
1

In-Major Writing Intensive

2

One of ECON 3830,ENGLISH 2242,ENGLISH 2245, ENGLISH 2410, ENGLISH 3215, ENGLISH 4290, Foreign Language Beyond Second Semester, HISTORY 3321, PHILOS 3225, PHILOS 3235, PHILOS 1175, PHILOS 4340, Any Political Science, PSYCH 4600, PSYCH 4992, Any Sociology, SP&M S 3235.

3

A Grade of "C" or better is required for ECON 1100, ECON 1200, ECON 2100, ECON 2200, ECON 3300, ECON 3333 and ECON 4538.

4

COMP SCI 1971 must also include COMP SCI 1981.

5

Must be 2000 level or higher, with a minimum grade of C.

Decision Data Analytics Emphasis

Junior and Senior Years
ECON 5350Data Intelligence using Case Studies3
ECON 5360Data Driven Strategic Insights3

Financial Economics and Technology Emphasis

Junior and Senior Years
ECON 4383Financial Economics3
ECON 5337Financial Mathematics3
ECON 5360Data Driven Strategic Insights3

Energy Economics Emphasis

Junior and Senior Years
ECON 4440Environmental And Natural Resource Economics3
ECON 4540Energy Economics3
Choose one of the following courses:
ECON 3512Mining Industry Economics3
ECON 5532Advanced Mining Economics3
Choose one of the following courses:
ENG MGT 5513Energy and Sustainability Management Engineering3
CIV ENG 5642Sustainability, Population, Energy, Water, and Materials3

Energy/Technology Minor

(15 hours)

Required courses:
ECON 1100Principles Of Microeconomics3
ECON 1200Principles Of Macroeconomics3
ECON 2100Intermediate Microeconomic Theory3
And 6 hours from:
ECON 4300Research Methods and Applications in Economics and Business3
ECON 4430Cost-Benefit Analysis3
ECON 4440Environmental And Natural Resource Economics3
ECON 4540Energy Economics3
ECON 4130Network Economy3

Global Sustainable Economics Minor

(15 hours)

Required courses:
ECON 1100
ECON 2100
Principles Of Microeconomics
and Intermediate Microeconomic Theory
6
or ECON 1200
ECON 2200
Principles Of Macroeconomics
and Intermediate Macroeconomic Theory
ECON 4641Foundations of Sustainability3
And 6 hours from:
ECON 3512/​MIN ENG 3512Mining Industry Economics3
ECON 4440Environmental And Natural Resource Economics3
ECON 4642Introduction to Global Eco- and Social-preneurship and Innovation3
ECON 4643Ethical Problems in a Global Environment3
ECON 4730Economic Development3
ECON 4540Energy Economics3
ENV ENG 5640Environmental Law And Regulations3
ENV ENG 5642Sustainability, Population, Energy, Water, and Materials3
PSYCH 4730Environmental Psychology3
HISTORY 4470American Environmental History3

International Economics Minor

(15 hours)

Required courses:
ECON 1100Principles Of Microeconomics3
ECON 1200Principles Of Macroeconomics3
ECON 2200Intermediate Macroeconomic Theory3
And 6 hours from:
ECON 4710International Trade3
ECON 4720International Finance3
ECON 4730Economic Development3

Quantitative Economics Minor

The Quantitative Economics minor aims to increase job prospects for students across the campus. This minor is designed to prepare business, engineering, or science students to become future business and industry professionals who can apply the core economics principles and quantitative methods to articulate and make policy recommendations aligned with the current and projected economic environment. The minor provides foundational knowledge of market structure, the global business environment, data analytics, and public policies necessary for strategic corporate and government decision-making.

The Quantitative Economics minor requires completing of a minimum of 17 to 18 hours of coursework with a grade of “C” or better. Required courses in the minor program include both Principles of Microeconomics (ECON 1100) and Macroeconomics (ECON 1200), Introduction to Econometrics (ECON 3300), one course between Data Intelligence using Case Studies (ECON 5350) and Data-Driven Strategic Insights (ECON 5360), and two courses among Economic Analysis of Engineering Projects (ENG MGT 1210), ECON 2100, 2200, or any 3000 and above economic electives of the student’s choices in consultation with the department’s minor advisor.

ECON 1100Principles Of Microeconomics3
ECON 1200Principles Of Macroeconomics3
ECON 3300Introduction to Econometrics3
Choose One of the Following Courses: 1
ECON 5350Data Intelligence using Case Studies3
ECON 5360Data Driven Strategic Insights3
Choose Two of the Following Courses:
ENG MGT 1210Economic Analysis of Engineering Projects2
ECON 2100Intermediate Microeconomic Theory3
ECON 2200Intermediate Macroeconomic Theory3
ECON 3333Computational Economics3
ECON 3512Mining Industry Economics3
ECON 3880Introduction to Sports Economics3
ECON 4230Money And Banking3
ECON 4383Financial Economics3
ECON 4430Cost-Benefit Analysis3
ECON 4440Environmental And Natural Resource Economics3
ECON 4538Advanced Econometrics3
ECON 4540Energy Economics3
ECON 4720International Finance3
ECON 5532Advanced Mining Economics3
ECON 5337Financial Mathematics3
Total Credits: 17 - 18
1

Both data analytics courses can be counted as a total of six credit hours for this minor. When students choose to take both ECON 5350 and 5360, they must only choose one course from ENG MGT 1210, ECON 2100, 2200, or any other 3000-level and above economic electives to complete the minor.

Decision Data Analytics

This certificate aims to offer students across the campus an opportunity to gain knowledge and experience hands-on practices in Decision Data Analytics. There is an increasing market demand for decision data scientists, who are equipped with the talents to manage and analyze data and apply the results to fine decision-making, in a variety of economic, social, and scientific fields. The certificate is designed to turn S&T students into data-driven professionals through a case study and project-based curriculum where they will learn by doing.  A unique feature of this certificate is that corporate executives will teach 50% of the certificate (one course on Data Intelligence and another course on Data Insights) so that students learn valuable perspectives from today’s marketplace. This four-course Decision Data Analytics certificate develops the knowledge and skills in programming, economic modeling, forecasting, econometrics, and data analytics necessary to play a leading role in decision-making at private corporations, government agencies, and international organizations.

To be awarded a certificate in Decision Data Analytics, a student must meet the general requirement of taking the following four courses (12 credit hours):
ECON 3300Introduction to Econometrics3
ECON 3333Computational Economics3
ECON 5350Data Intelligence using Case Studies3
ECON 5360Data Driven Strategic Insights3

Energy Economics

This certificate aims to offer students across the campus an opportunity to gain knowledge in Energy Economics. Missouri S&T is recognized as one of the top universities in the nation offering energy engineering programs, and this certificate will further synergize with S&T’s research and education focus in energy. This certificate focuses on addressing current and future energy challenges in a comprehensive manner by studying energy choices, policies, and their impacts on the sustainability of the economy, the welfare of society, and the environmental conditions. The Energy Economics certificate is complementary to those pursuing an undergraduate degree with a focus on energy engineering, environmental sciences, or sustainability. The certificate is especially valuable to students interested in a career in the energy sector.

General requirement: Four classes (12 credit hours) in economics or related disciplines.

Required Two Classes (6 hours):
ECON 4440Environmental And Natural Resource Economics3
ECON 4540Energy Economics3
One of the following two classes (3 hours):
ECON 3512Mining Industry Economics3
ECON 5532Advanced Mining Economics3
One of the following two classes (3 hours):
ENG MGT 5513Energy and Sustainability Management Engineering3
ENV ENG 5642Sustainability, Population, Energy, Water, and Materials3

Financial Economics and Technology

This certificate aims to offer students across the campus an opportunity to gain knowledge and experience in Financial Economics & Technology. This certificate integrates courses synthesizing programming techniques, quantitative methods, and theoretical foundations in economics with applications in financial decisions. The certificate explores essential concepts in behavior economics, monetary economics, and international finance to develop foundational knowledge in financial economics. To give students an edge to pursue a career in the modern financial industry, this certificate is designed to be partially delivered by corporate executives who can offer students real financial problems to work on. Students completing this certificate are equipped with tools and knowledge especially valued by banks, consulting firms, financial technology, insurance firms, and investment firms.

To be awarded a certificate in Financial Economics & Technology, a student must meet the general requirement of taking the following four courses (12 credit hours):  

Required Courses (12 hours):
ECON 3333Computational Economics3
ECON 4383Financial Economics3
ECON 5337Financial Mathematics3
ECON 5360Data Driven Strategic Insights3

ECON 1000 Special Problems (IND 1.0-6.0)

Problems or readings on specific subjects or projects in the department. Prerequisite: Consent of instructor required.


ECON 1001 Special Topics (IND 0.0-6.0)

This course is designed to give the department an opportunity to test a new course. Variable title.


ECON 1100 Principles Of Microeconomics (LEC 3.0)

An examination of how resources and products are priced and how income is distributed within various types of market structures.
ECON 1100 - MOTR ECON 102: Introduction to Microeconomics


ECON 1200 Principles Of Macroeconomics (LEC 3.0)

A study of alternative strategies for managing the U.S. economy within a global environment, to attain the goals of full employment, stability and growth.
ECON 1200 - MOTR ECON 101: Introduction to Macroeconomics


ECON 1300 Business And Economic Statistics I (LEC 3.0)

This is an introductory course in business and economic statistics. Our main objective is to familiarize the student with elementary statistical concepts within the context of numerous applications in Business and Economics. We will highlight the primary use of statistics, that is, to glean information from an available sample regarding the underlying population. Prerequisite: Math 1120 or Math 1140 with a grade of "C" or better. (Co-listed with Stat 1111).


ECON 2000 Special Problems (IND 1.0-6.0)

Problems or readings on specific subjects or projects in the department. Prerequisite: Consent of instructor required.


ECON 2001 Special Topics (LEC 0.0-6.0)

This course is designed to give the department an opportunity to test a new course. Variable title.


ECON 2100 Intermediate Microeconomic Theory (LEC 3.0)

Analysis of demand and supply in various market environments using the theories of production, resource pricing, and distribution of income. Emphasis on efficiency attainment and the rationale for market intervention. Prerequisites: Econ 1100 and 1200.


ECON 2114 Managerial Economics (LEC 3.0)

Focuses on micro- and macroeconomic contributions to managerial decision-making, business analysis and strategy. The roles of information, economic incentives, efficient markets, profits and decision-making under risk and uncertainty will be explored in both domestic and global settings. Prerequisites: Econ 1100 & 1200.


ECON 2200 Intermediate Macroeconomic Theory (LEC 3.0)

Examines the theoretical framework of national income and product generation, and the use of this theory to construct approaches such as, monetary and fiscal policy to attain economic, political and social goals. Prerequisites: Econ 1100 and 1200.


ECON 3000 Special Problems (IND 0.0-6.0)

Problems or readings on specific subjects or projects in the department. Consent of instructor required.


ECON 3001 Special Topics (IND 0.0 and LAB 0.0 and LEC 0.0)

This course is designed to give the department an opportunity to test a new course. Variable title.


ECON 3300 Introduction to Econometrics (LEC 3.0)

This course covers applied perspectives on basic concepts of econometrics using regression methods, including simple regression, multiple regression, and generalized least squares. In addition, the course introduces students to the practice of econometric analysis on real-world applications using the programming languages R and STATA. Prerequisite: Econ 1100 and Econ 1200 and, one of the following: Stat 1115, Stat 3111, Stat 3113, Stat 3115, Stat 3117, or Stat 3546.


ECON 3333 Computational Economics (LEC 3.0)

This course introduces concepts of computational economics using machine learning and artificial intelligence and the practice of analysis using applications related to microeconomics, macroeconomics, and econometrics. The course teaches data and text mining, deep learning, and causal machine learning using Python programming to extract economic insights. Prerequisite: Econ 1100 and Econ 1200, and one of the following: Stat 1115, Stat 3111, Stat 3113, Stat 3115, Stat 3117, or Stat 3546.


ECON 3512 Mining Industry Economics (LEC 3.0)

Importance of the mineral industry to national economy, uses, distribution, and trade of economic minerals, time value of money, mineral taxation, economic evaluation utilizing depreciation, depletion, and discounted cashflow concepts, social and economical significance of mineral resources. Prerequisite: Econ 1100 or 1200. (Co-listed with Min Eng 3512).


ECON 3810 Law And Economics (LEC 3.0)

Study of application of economics analysis to legal concepts, issues and reasoning. Emphasizes the use of microeconomic theory to examine questions of efficacy and efficiency of decisions emanating from three major areas of common law -property rights, contracts and torts. Prerequisite: Econ 1100 or equivalent.


ECON 3830 History Of Economic Thought (LEC 3.0)

Contributions of the classical and modern economists to the development of economic thought. Course aims at establishing a synthesis of evolving doctrines which have become the basis of currently accepted economic theory. Prerequisites: Econ 1100 and 1200.


ECON 3880 Introduction to Sports Economics (LEC 3.0)

The course uses economics to analyze the business of sports. The course is designed for students with both an introductory or broader economics background, but who have not studied the economics of sports. Topics include labor relations, stadium financing, league structure, competitive balance, amateurism, sports gambling and in-game strategy. Prerequisite: Econ 1100 or Econ 1200.


ECON 4000 Special Problems (IND 0.0-6.0)

Problems or readings on specific subjects or projects in the department. Consent of instructor required.


ECON 4001 Special Topics (LAB 0.0 and LEC 0.0)

This course is designed to give the department an opportunity to test a new course. Variable title.


ECON 4010 Seminar (RSD 0.0-6.0)

Discussion of current topics.


ECON 4085 Internship (IND 0.0-6.0)

Internship will involve students applying critical thinking skills and discipline-specific knowledge in a work setting based on a project designed by the advisor and employee. Activities will vary depending on the student's background and the setting. Prerequisite: Senior status; must have completed 24 hours in major.


ECON 4120 Micro and Macro Economics Essentials (LEC 1.5)

This course is an introduction to the essentials of micro and macro economics for running a business. It is designed for students planning to enter the MBA program who need this area and for non-business students who want some business background. Credit in this course cannot be applied to any major or minor in Business, IS&T, or Economics. Prerequisite: Senior or Junior standing and 3.0 GPA required.


ECON 4130 Network Economy (LEC 3.0)

Emerging Network/Internet economy, using traditional economic tools. Topics: production and reproduction cost of information, information as an "experience good, " versions of products, switching cost, lock-in effects, market adoption dynamics, first-mover advantage, intellectual property rights. Prerequisite: Econ 1100 or Econ 1200.


ECON 4230 Money And Banking (LEC 3.0)

Study of the origin, principles, and functions of money, emphasizing the role of banks in the effectuation of monetary policies geared to achieve various economic and political goals. Prerequisite: Econ 2200.


ECON 4300 Research Methods and Applications in Economics and Business (LAB 1.0 and LEC 2.0)

Introduction of basic econometric and statistical techniques with empirical illustrations that reference real economic and business issues. Students will be introduced to modern statistical software packages (STATA, R), but also work with productivity software (Excel, PowerPoint) to perform quantitative analysis and present their results. Prerequisites: Econ 1100 or Econ 1200; Math 1140 or higher; Stat 1115 or Stat 3111 or Stat 3113 or Stat 3115 or Stat 3117 or Stat 5643.


ECON 4310 Mathematical Economics (LEC 3.0)

Marginal analysis, calculus, and linear algebraic systems are applied in selected advanced topics in economics such as price theory, general equilibrium theory, input-output analysis, activity analysis, and game theory. Prerequisite: Econ 2100, 2200, and Math 1208.


ECON 4350 Statistical Models in Actuarial Science (LEC 3.0)

This course covers the statistical foundation of actuarial models and their applications. Topics include survival and severity models, Kaplan-Meier and Nelson-Aalen estimators, aggregate and credibility models for insurance losses, discrete time Markov chains, ruin theory, and simulation. Prerequisite: Stat 5643 and either Stat 5644 or a 3000-level Stat course. (Co-listed with Stat 5755).


ECON 4383 Financial Economics (LEC 3.0)

The course introduces the construction of financial modeling. The first part of the course develops the theoretical economic foundation of financial models including security valuation, interest-rate, and exchange-rate models, while the second part covers applications using these models to derive corporate financial strategies to solve business problems. Prerequisite: Econ 1100 and Econ 1200.


ECON 4410 Public Finance (LEC 3.0)

Study of government expenditures and sources of revenue. Particular emphasis is given to governmental decision making--how these decisions affect the economy and the behavior of individuals, firms, and families within the economy; and how these decisions may be evaluated. Prerequisite: Econ 2100.


ECON 4430 Cost-Benefit Analysis (LEC 3.0)

Investigates the rationale for cost-benefit analysis within a free enterprise setting. Discussion of market efficiency and failure; determination of social costs and benefits; applications of cost-benefit analysis; and, problems remaining in theory and practice. Prerequisite: Econ 1100.


ECON 4440 Environmental And Natural Resource Economics (LEC 3.0)

Optimum use of replenishable and non-replenishable resources, public goods and common resources, externalities, private vs. public costs, and quality of the environment; emphasis on public policy related to environmental and natural resource economics. Prerequisite: Econ 1100. (Co-listed with Min Eng 4523).


ECON 4512 Mine Management (LEC 3.0)

Theory and practice of mine management, including basic managerial functions, management theories, communication skills, motivation, leadership, organization, maintenance management, managerial decision making, cost control, labor relations, government relations, ethics and risks management with emphasis in presentation skills. Prerequisite: Completion of 50 credits toward Mining Engineering degree. (Co-listed with MIN ENG 4512).


ECON 4538 Advanced Econometrics (LEC 3.0)

This course covers advanced topics in econometrics, including causal inference (such as instrument variable estimation, two-stage least squares, difference-in-difference, and regression discontinuity design), discrete choice models, and time series models. The statistical programming language of R is used, while STATA is introduced as a complementary tool. Prerequisite: Econ 1100 and Econ 1200 and Econ 3300 and Stat 3111.


ECON 4540 Energy Economics (LEC 3.0)

For students interested in both economic and engineering issues of energy policy. Provides an assessment of economics and technology issues related to traditional and renewable energy resources. Presented in a framework that allows for analysis of the economic trade-offs between energy sources and the technologies associated with their use and extraction. Prerequisite: Econ 1100 or Econ 1200. (Co-listed with Min Eng 4524).


ECON 4641 Foundations of Sustainability (LEC 3.0)

This interdisciplinary course is designed as an introduction to sustainability in commerce. It examines the concept of environmental, social, and economic issues in an organizational context. Principles, processes, and practices of sustainability will be explored.


ECON 4642 Introduction to Global Eco- and Social-preneurship and Innovation (LEC 3.0)

This interdisciplinary course applies an entrepreneurial mindset to the environmental and social opportunities and challenges facing the global community. Topics are examined from multiple perspectives: nonprofit, hybrid, and for-profit organizations.


ECON 4643 Ethical Problems in a Global Environment (LEC 3.0)

Focuses on the international dimension of ethics including corporate responsibility from economic, social, and environmental perspectives. It addresses the ethical challenges of decision making, stakeholder engagement, and governance at micro- (personal), meso- (org), and macro- (system) levels.


ECON 4710 International Trade (LEC 3.0)

Analysis of gains from trade; the effects of factor mobility; effects of trade restrictions on trade flow and income distribution; arguments for restricting trade; and effects of trade on economic development, employment and human capital development. Prerequisite: Econ 2100.


ECON 4720 International Finance (LEC 3.0)

Examination of the international monetary system, the Balance of Payments, the foreign exchange market, futures and options markets; foreign exchange and other risk management for firms, financing from a global perspective and direct foreign investment. Prerequisite: Econ 2200.


ECON 4730 Economic Development (LEC 3.0)

Theoretical analysis of the problem of economic development of the "poor" countries, where two-thirds of the world's population lives. Treatment of basic problem areas leading to a synthesis of theoretical approaches for the achievement of development. Prerequisite: Econ 2100 or 2200.


ECON 4820 Labor Economics (LEC 3.0)

Labor as a factor of production, collective bargaining, trade unionism, labor legislation, from the viewpoint of public policy. Prerequisite: Econ 2100 or Econ 2200.


ECON 4860 Problems In Economic Policy (LEC 3.0)

Advanced course designed for students majoring within the department. Appraisal and analysis of major problems of economic policy. Research and reports. Topics covered vary from year to year. Offered jointly by members of the department. Prerequisite: Seniors with 24 or more hours in Econ.


ECON 5000 Special Problems (IND 0.0-6.0)

Problems or readings on specific subjects or projects in the department. Consent of instructor required.


ECON 5001 Special Topics (LAB 0.0 and LEC 0.0)

This course is designed to give the department an opportunity to test a new course.


ECON 5010 Seminar (RSD 0.0-6.0)

Discussion of current topics.


ECON 5120 Advanced Micro and Macro Economics Essentials (LEC 1.5)

An introduction to the essentials of micro and macro economics for running a business. It is designed for students planning to enter the MBA program who need this area and for non-business students who want some business background. Credit in this course cannot be applied to any major or minor in Business, IS&T, or Economics. Additional case or report required. Prerequisite: Bachelor Degree.


ECON 5310 Advanced Mathematical Economics (LEC 3.0)

Marginal analysis, calculus, and linear algebraic systems are applied in selected advanced topics in economics such as price theory, general equilibrium theory, input-output analysis, activity analysis, and game theory. This course is an advanced version of Econ 4310, and will include additional research and project assignments. Credit cannot be obtained for both Econ 4310 and Econ 5310. Prerequisites: Econ 2100, 2200 and Math 1208, Math 3103.


ECON 5330 Econometric Methods (LAB 1.0 and LEC 2.0)

A survey of econometric topics and methods illustrated through real world applications. Includes least squares estimation, generalized least squares, two-stage least squares, simultaneous equations models, panel data and qualitative choice models. Students will use modern statistical software packages (STATA, R) to perform hands-on quantitative analysis. Prerequisites: Econ 2100 and Econ 2200, Stat 3111 or Stat 3113 or Stat 3115 or Stat 3117 or Stat 5643.


ECON 5337 Financial Mathematics (LEC 3.0)

The course objective is to provide an understanding of the fundamental concepts of financial mathematics. Topics include pricing, assets-liability management, capital budgeting, valuing cash flow, bonds, futures, swaps, options. Preparation for the financial mathematics actuarial exam will be provided. Prerequisites: Math 1215 or Math 1221, Econ 1100 or Econ 1200, and one of the following: Stat 3111, Stat 3113, Stat 3115, Stat 3117 or Stat 5643. (Co-listed with Math 5737).


ECON 5342 Advanced Finance (LEC 3.0)

This course provides a rigorous and consistent presentation of the theory of financial decisions. Capital markets are analyzed under assumptions of risk aversion and uncertainty. Models of modern portfolio theory are discussed including the CAPM and the Modigliani-Miller analysis. This course is an advanced version of Econ 321, and will include additional research and project assignments. Credit cannot be obtained for both Econ 5160 and Econ 5342. Prerequisite: Econ 2100 or Econ 2200.


ECON 5350 Data Intelligence using Case Studies (LEC 3.0)

This course designates a corporate executive to teach students the processes of data collecting, analyzing, visualization, and statistical tests with case studies from various industries. Students will have the opportunity to do group projects showcasing their ability to apply data intelligence in real-world scenarios using Python programming. Prerequisite: Econ 1100 and Econ 1200 and one of the following: Stat 1115, Stat 3111, Stat 3113, Stat 3115, or Stat 3117.


ECON 5360 Data Driven Strategic Insights (LEC 3.0)

This course designates a corporate executive to teach identifying the appropriate data analytics for corporate decision-making using modeling frameworks such as regression analysis, forecasting, Monte Carlo simulation, and optimization. The course utilizes Python and cloud-based software platforms to work with large databases in financial contexts. Prerequisites: Econ 1100 and Econ 1200.


ECON 5430 Advanced Cost-Benefit Analysis (LEC 3.0)

Investigates the rationale for cost-benefit analysis within a free enterprise setting. Discussion of market efficiency and failure; determination of social costs and benefits; applications of cost-benefit analysis; and, problems remaining in theory and practice. This course is an advanced version of Econ 4430, and will include additional research and project assignments. Credit cannot be obtained for both Econ 4430 and Econ 5430. Prerequisite: Econ 2100.


ECON 5532 Advanced Mining Economics (LEC 3.0)

Mining industry & national economics. Social & economics significance of mined commodities. Marketing of mined commodities. Innovation approaches to mine financing, project loans, and leasing. Mining feasibility studies, government influence & policy, mining industry foreign investment, investment strategies, mining taxation, cost predictions. Case Studies. (Co-listed with MIN ENG 5532).


ECON 5644 Creativity, Innovation, and Sustainability (LEC 3.0)

This interdisciplinary course examines the use of innovation as a competitive technological strategy with a sustainability perspective. It explores ways in which individuals, groups, and organizations can become more creative and how leadership and a culture of change can be implemented.


ECON 5710 Advanced International Trade (LEC 3.0)

Analysis of gains from trade; the effects of factor mobility; effects of trade restrictions on trade flow and income distribution; arguments for restricting trade; and effects of trade on economic development, employment and human capital development. This course is an advanced version of Econ 4710+D1194, and will include additional research and project assignments. Credit cannot be obtained for both Econ 4710 and Econ 5710. Prerequisite: Econ 2100.


ECON 5720 Advanced International Finance (LEC 3.0)

Examination of the international monetary system, the Balance of Payments, the foreign exchange market, futures and options markets; foreign exchange and other risk management for firms, financing from a global perspective and direct foreign investment. This course is an advanced version of Econ 4720, and will include additional research and project assignments. Credit cannot be obtained for both Econ 4720 and Econ 5720. Prerequisite: Econ 2200.


ECON 5820 Advanced Labor Economics (LEC 3.0)

Labor as a factor of production, collective bargaining, trade unionism, labor legislation, from the viewpoint of public policy. This course is an advanced version of Econ 4820, and will include additional research and project assignments. Credit cannot be obtained for both Econ 4820 and Econ 5820. Prerequisite: Econ 2100 or Econ 2200.


Bonnie J Bachman, Professor and Director, NSF/Missouri S&T I-Corps Site Program
PHD Rutgers University

Michael C Davis, Associate Professor
PHD University of California-San Diego

Mahelet Fikru, Associate Professor
PHD Southern Illinois University-Carbondale

Gregory Gelles, Professor Emeritus
PHD West Virginia University

Melody Lo, Steinmeyer Edowed Economics Department Chair
PHD Purdue University

Eun Soo Park, Associate Professor
PHD Northwestern University

Radu Puslenghea, Assistant Teaching Professor
PHD University of Virginia

Yishu Zhou, Assistant Professor
PHD University of Connecticut

Superscripts 1, 2, 3, 4, 5, and 6 in the faculty listing refer to the following common footnotes:
1 Registered Professional Engineer
2 Registered Geologist
3 Certified Health Physicist
4 Registered Architect
5 Board Certified, American Academy of Environmental Engineers
6 LEED AP Certified