Economics
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Highlights
Internships
Placement in CareFirst BlueCross BlueShield, JPMorganChase, Cal Ripken Baseball Management, Legg Mason, Merrill Lynch and other firms
Interdisciplinary Programs
Combinations possible with other social sciences or mathematics
Student Organization
Adam Smith Club – for academic & professional advancement
Program Description
The great British economist John Maynard Keynes once described economics as "a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions." This economic way of thinking offers a very powerful set of tools that can help one organize one's own life and predict the behavior of others.
While the study of economic theory presents a rewarding intellectual pursuit, the practical importance of economic theory can be demonstrated by picking up any major newspaper. On just about every page-even the sports section-economic principles are manifest. Articles about consumer behavior, national health care costs, employment and international trade, crime and punishment and high finance create a whirling sea of information. A deeper, more unified perception of contemporary events develops from the study of formal economic theories and principles.
Students who have majored or minored in economics have found their credentials qualify them for a wide variety of careers. Since economics provides a useful analytic foundation for most kinds of business problems, many economics graduates are recruited for management positions in the private sector. Others put their skills to work in government service-either in administration or policy analysis. Many students find studying economics an excellent preparation for law school, business school or graduate study in economics and other social sciences.
Curriculum
The goals of the economics department are to develop in students a keen understanding of the economic way of thinking and to give students insight into how this applies to social issues (including poverty, unemployment and environmental concerns) and business decisions (such as pricing, financial decisions and investment).First-year classes must complete micro- and macroeconomic principles as a two semester sequence. In microeconomics, students develop an understanding of individual markets and the process that people use to allocate “scarce” resources. Among the topics discussed are pricing, production and government regulation of industries. In macroeconomics, students study the basic components of the national economy including issues in monetary policy, government taxing and spending and other current topics. At the advanced level, the department continues its commitment to the economic way of thinking through in-depth study of specific topic areas. Students choose seven economics electives from among a dozen upper-division offerings.
Internships and Research Opportunities
Economics internships are available for students to round out their classroom education with exposure to typical problems and practices in government, business or the nonprofit sector. In recent years, Loyola students have served as interns at the CareFirst BlueCross BlueShield, Maryland's International Trade Division, Maryland Business for Responsive Government, the Environmental Protection Agency, USF&G, Merrill Lynch, Legg Mason and other area firms.
While accruing academic credits in the classroom, student interns can supplement their on-site experiences with prescribed writing projects. Students may also structure independent study courses that enable them to pursue a particular research interest in-depth, under the personal direction of a qualified faculty member. Occasionally, funds are available for superior students to work during the summer as research assistants on faculty-guided research projects.
Other Activities
The Department sponsors the Adam Smith Society, a student-run club that hosts social gatherings and occasional speakers. It also offers tutoring support for students who need assistance with economics courses. Each year, The Wall Street Journal Award, which includes a year's subscription to The Wall Street Journal, is given to the top graduating economics student. Outstanding juniors and seniors may also be selected for member-ship in Omicron Delta Epsilon, the international economics honor society.
Faculty
The Economics Department faculty is dedicated to fine teaching and significant research. Faculty serve the wider community in many ways-serving on businesses' board of directors; consulting on law cases; providing advice to businesses, nonprofit firms and government agencies; lecturing and speaking publicly; contributing articles and editorials to local newspapers; and participating in business, government and professional associations.
Arleigh T. Bell
Associate Professor Emeritus
B.A., United States Military Academy
M.A., Ph.D., New School for Social Research
Specialties: microeconomic theory, international economics
Research Interest: foreign-held U.S. debt
John D. Burger
Associate Professor
B.S., Wake Forest University
Ph.D., University of North Carolina
Specialties: monetary and international economics
Research Interests: monetary policy, financial economics and sports economics
Frederick W. Derrick
Professor
B.A., M.S., Ph.D., North Carolina State University
Specialties: statistics, applied economics
Research Interests: health economics, applied demand analysis and state tax issues
Thomas J. DiLorenzo
Professor
B.A., Westminster College
Ph.D., Virginia Polytechnic Institute and State University
Specialties: public policy analysis, industrial organization, labor economics
Adjunct Scholar of the Cato Institute in Washington, D.C., and Adjunct Fellow of the Center for the Study of American Business at Washington University, St. Louis
Authored eight books including his latest, How Capitalism Saved America
Rev. Francis G. Hilton, S.J.
Department Chair, Associate Professor
B.A., M.A., Fordham University
M.A., Loyola University Chicago
M.Theo., M.Div., Weston School of Theology
M.Ed., Harvard University
Ph.D., University of Wisconsin
Specialty: environmental economics
Research interest: regulation of lead content in gasoline in developing countries
John C. Larson
Professor Emeritus
B.A., M.A., Ph.D., University of Minnesota
Specialties: econometrics and macro-economics
Research interests: estimation of systems of demand equations, macroeconomics and economics of manufacturing
Andrew Samuel
Professor
Ph.D. Economics, Boston College
Research interests: Game Theory, Contract Theory, Experimental Economics
Charles E. Scott
Professor
B.S., University of North Carolina
M.B.A., University of Montana
M.A., Ph.D., Vanderbilt University
Specialties: managerial economics and labor economics
Research interests: state tax policy and transitions to market economies. Former Fulbright Fellow in Estonia and Turkey
Norman H. Sedgley, III
Associate Professor
B.A., Ph.D., University of New Hampshire
Specialties: macroeconomics and e-commerce
Research Interests: economic growth and regional economic development
Stephen J.K. Walters
Professor
B.A., University of Pennsylvania
M.A., Ph.D., University of California (Los Angeles) Specialty: applied microeconomics
Research interests: law and economics and sports economics
Author: Enterprise, Government, and the Public (McGraw-Hill, 1993)
Marianne H. Ward
Associate Professor
B.A., American University
Ph.D., University of Miami
Specialties: economic history and economic development
Research interests: economic history and economic growth
Nancy A. Williams
Associate Professor
B.S., University of California (Riverside) Ph.D., University of California (Berkeley) Specialties: environmental economics and public finance
Research interests: natural resource economics.
Placement
Each year, a member of the faculty acts as an advisor to help graduating seniors in their search for suitable employment. Recent graduates have begun rewarding careers with the following firms, nonprofit organizations and government agencies: Bank of America CareFirst BlueCross BlueShield Ernst & Young Federal Reserve Board JPMorgan Chase Internal Revenue Service Legg Mason Lehman Brothers Lockheed Martin M&T Bank MBNA America Morgan Stanley Ryland Homes Social Security Administration T. Rowe Price Verizon.
In addition, graduates have gone on to master and doctoral programs in economics at institutions such as: Brown University Clark University Fordham University London School of Economics Purdue University University of Maryland University of Texas University of Washington Virginia Tech Yale University.
Please Note: The department also offers a Bachelor of Business Administration in Business Economics.
Course Sequence
1st year
Microeconomic Principles Macroeconomic Principles
Calculus I or Applied Calculus
for Business
Core courses (5)
General electives (2)
2nd year
Business Statistics
Economics 300-level elective
Core courses (6)
General electives (2)
3rd year
Intermediate Microeconomics
Intermediate Macroeconomics
Economics electives (2)
Core courses (2)
General electives (4)
4th year
Economics electives (4)
Core course
General electives (5)
Economics electives include:
American Economic History
Business and Government
Development Economics
Econometrics
Economics of War
Environmental Economics
Growth, Globalization and History
Health Economics
International Financial Economics
International Trade
Labor Economics
Law and Economics
Managerial Economics
Monetary Economics
Public Sector Economics
Sports Economics
Students are required to take Calculus I or Applied Calculus for Business. Students interested in possibly pursuing graduate study are encouraged to take Calculus I and higher-level math and computer science courses.
Department Website - Click Here