Go to USC home page USC Logo College of Arts and Sciences
UNIVERSITY OF SOUTH CAROLINA 2008-2009 undergraduate bulletin
undergraduate bulletin index

updated 8/15/2008


Randolph C. Martin, Chair

John T. Addison, Ph.D., London School of Economics, 1971, Hugh C. Lane Sr. Professor in Economics
McKinley L. Blackburn, Ph.D., Harvard University, 1987
Janice Boucher Breuer, Ph.D., University of North Carolina, 1987
Henry W. Chappell, Ph.D., Yale University, 1979
Randolph C. Martin, Ph.D., Washington University, 1971
John H. McDermott, Ph.D., Brown University, 1979
Doug P. Woodward, Ph.D., University of Texas, 1986, Director, Division of Research

Associate Professor
Melayne M. McInnes, Ph.D., Yale University, 1998

Assistant Professors
Chun-Hui Miao, Princeton University, Ph.D.,
Donald L. Schunk, Ph.D., University of Tennessee, 1999

Distinguished Lecturer
James Bradley, C.Phil., University of North Carolina, 1970

Donald C. Balch, M.A., University of South Carolina, 1988

Distinguished Professors Emeriti
Gerald E. Breger, Ph.D., University of Arkansas, 1964
Robert J. Carlsson, Ph.D., Rutgers University, 1964
Robert W. Clower, Doctor of Letters, Oxford University, 1978
Elchanan Cohn, Ph.D., Iowa State University, 1968
B.F. Kiker, Ph.D., Tulane University, 1965
W. Pierce Liles, Ph.D., University of South Carolina, 1972

William F. Putnam, M.A., University of South Carolina, 1957
Ronald P. Wilder, Ph.D., Vanderbilt University, 1969
C. Glyn Williams, Ph.D., University of Virginia, 1960

Professors Emeriti
David R. Pender, M.B.A., New York University, 1951
William S. Rawson, Ph.D., Duke University, 1967


The Department of Economics offers majors in both the College of Arts and Sciences and in the Moore School of Business. Economics majors in the College of Arts and Sciences may earn the B.A. or B.S. degree by completing the 24-hour major requirement along with the college core, distribution requirements, and cultural-awareness and writing-emphasis requirements as described in the basic degree requirements in liberal arts. Business economics majors in the Moore School of Business may opt for a 12-hour major or a 24-hour intensive major as described in the degree requirements for the Bachelor of Science in Business Administration. This major combines course work in economics with the business course work in management science, accounting, management, marketing, and finance, along with a general education core. Students are encouraged to talk with an advisor in the economics department to gain further information about the differences between the B.A. and B.S. in economics in the College of Arts and Sciences and the business economics major in the Moore School of Business.

Entrance Requirements

Lower division. Freshmen and transfer students must meet all University and college admission requirements. Students transferring from other institutions or from other majors on the Columbia campus must meet all such requirements and have a GPA of 2.25 or better. All students enter the lower division when the economics major is declared.

Progression Requirements

Lower division. Students in the lower division may not enroll in ECON 321/322 or in courses for which these courses are prerequisite.

Upper division. Progression into the upper division requires the completion of ECON 221 and 222 (or ECON 224) and MATH 122 or 141 with a grade of C or better in each of these courses.

Degree Requirements

(120 hours)

1. General Education Requirements (53-65 hours)

The following courses fulfill some of the general education requirements and must be completed with a minimum grade of C for a B.A. or B.S. degree in economics: ECON 221 and 222 or ECON 224; MATH 122 or MATH 141; and STAT 201.

2. Major Requirements (24 hours)

Major Core (9 hours)
ECON 321 Economic Theory (Micro)
ECON 322 Economic Theory (Macro)
ECON 511 Senior Seminar in Economics

Electives in Economics (300 level and above) (15 hours)
No more than 6 hours of 300-level electives may count toward an economics major.

3. Cognates/Minor, see College of Arts and Sciences (12-18 hours)

4. Electives, see College of Arts and Sciences

Students who plan to major in economics are advised to consult the director of undergraduate studies in economics during the freshman year.

Course Descriptions (ECON)

ECON 221 and 222, or ECON 224 are prerequisite to all 300-, 400-, and 500-level economics courses.

  • 123 -- The American Economy. (3) Basic concepts, institutional foundations, structure of the private and public sector, labor markets; major economic problems.
  • 221 -- Principles of Microeconomics. (3) Microeconomic analysis: theory of the firm, cost and output determination, market pricing, theory of consumer and income distribution. Students cannot receive credit for both ECON 221 and 224.
  • 222 -- Principles of Macroeconomics. (3) (Prereq: ECON 221 or the equivalent) Macroeconomic analysis: basic definitions and concepts, mechanics of pricing and the fundamentals of American capitalism, national income economics, income and employment theory, monetary and fiscal policy, and international economics. Students cannot receive credit for both ECON 222 and 224.
  • 223 -- Introduction to Economics. (3) Introduction to economics principles for non-majors. Basics of supply and demand and government and monetary policy are covered in a non-technical manner. Not open to business or economics students.
  • 224 -- Introduction to Economics. (3) Micro- and macroeconomic principles of markets, government policy, and household or firm decision-making. Open to all students except business administration majors. Credit not granted for both ECON 224 and either 221 or 222.
  • 301 -- Money and Banking. {=FINA 301} (3) The role of money in the market economy. Commercial banks, the Federal Reserve System, and monetary policy.
  • 303 -- The International Economy. (3) (Prereq: ECON 224) Survey of international economic issues and institutions, including trade and protectionism, global and regional trade agreements, trade balances and exchange rates, Japan, NAFTA, and the European Union.
  • 311 -- Issues in Economics. (3) The nature and causes of major economic problems facing the nation and its communities, and policy alternatives designed to solve them. The philosophy and methodology of economics in social problem solving.
  • 321 -- Intermediate Microeconomic Theory. (3) (Prereq: either ECON 221 and 222 or 224, MATH 122 or 141) Analysis of the economic behavior of households and firms. Production, consumption, price determination, and the degree of competition in markets.
  • 322 -- Intermediate Macroeconomic Theory. (3) (Prereq: either ECON 221 and 222 or 224, MATH 122 or 141) Analysis of the national economy as a whole. Money, output, employment, inflation, and international economic linkages.
  • 329 -- American Economic History. (3) Growth and development of the American economy; applications of economic theory to economic history.
  • 363 -- Business Finance. {=FINA 363} (3) (Prereq: ECON 221/222, ACCT 225/226, and 3 hours of statistics at the 200 level) The procurement and management of wealth by privately owned profit-seeking enterprises.
  • 364 -- Financial Institutions. {=FINA 364} (3) A study of the functions and operations of financial institutions and their relationships to the commercial banking system and the general economy. Attention is devoted to savings institutions, insurance companies, rural and urban real estate credit, consumer credit, and associated topics.
  • 379 -- Government Policy Toward Business. (3) An analysis of public policy toward business in the United States. Emphasis is on the desirability of various policies in light of their consequences for the general welfare.
  • 399 -- Independent Study. (Up to 15) Contract approved by instructor, advisor, and undergraduate division head is required.
  • 402 -- Money, Income, and Prices. (3) A study of monetary standards, monetary theory, monetary policy, and the mechanism of international payments. Attention is devoted to questions of monetary problems, employment, and fiscal policy.
  • 406 -- Labor Economics. (3) A study of labor market institutions, trends in labor market activity, and the effects of government policy on the labor market. (Not open to majors in economics.)
  • 408 -- History of Economic Thought. (3) A survey of economics from the ancient philosophers to the present; with emphasis on the mercantilist, physiocratic, classical, Marxian, Austrian, neo-classical, and institutional schools of economics.
  • 415 -- Economics of American Industry. (3) A study of the structure of selected American industries, of the development and concentration of economic power in the American economy, and of public policy toward industry.
  • 420 -- Business Applications of Economic Forecasting. (3) Analysis of business cycles and applications of forecasting techniques to project and interpret economic trends.
  • 421 -- Engineering Economics. (3) Decision making with respect to capital goods, with emphasis on such decision making in governmental activities and public utilities. Intended primarily for engineering students, the course emphasizes the types of investment decisions that engineers are often called upon to make.
  • 499 -- Internship in Economics. (3 or 6) (Prereq: completion of ECON 321 and ECON 322 and cumulative GPA of 2.75, or consent of instructor) Supervised work experience of at least nine hours per week, to include one class meeting a month and individual consultation. Contract approval by instructor, advisor, and department chair is required.
  • 500 -- Urban Economics. (3) An analysis of economic forces affecting urbanization and the economic processes influencing urban form and structure. Spatial concepts are considered in addition to traditional micro-economic and macro-economic concepts. Topic coverage includes: the economic origin of cities; urban functions and the urban economic base, land-use structure and urban form, and urban efficiency.
  • 503 -- International Trade Economics. (3) (Prereq: ECON 321 or permission of instructor) Theory of international specialization, commercial policy, customs unions, and the effects of trade liberalization and protectionism; economic growth and multinational enterprises.
  • 504 -- International Monetary Economics. (3) (Prereq: ECON 322 or permission of instructor) Exchange rate and balance of payments determination; purchasing-power parity; optimum currency areas, absorption, elasticity, monetary approaches, spot- and forward-exchange markets.
  • 505 -- International Development Economics. (3) Economic theories of growth in developing countries. Use of factor resources; role of social and economic institutions; use of financial trade policies for growth.
  • 506 -- Labor Economics and Labor Markets. (3) (Prereq: ECON 321 or permission of instructor) Economics of labor demand, labor supply, wage determination in competitive markets, migration, discrimination, unemployment, and labor unions. Theoretical models and empirical knowledge will be considered.
  • 507 -- Comparative Economic Systems. (3) An analysis of the organization and operation of the world's major economic systems.
  • 508 -- Law and Economics. (3) Economic analysis and interpretation of the law. The economic effect of current law and optimal design of law to meet social objectives.
  • 511 -- Senior Seminar in Economics. (3) (Prereq: ECON 321 and 322) Philosophy and methodology of economics, perspectives on theory and empiricism, economic policy; individualized guided research.
  • 523 -- Introduction to Mathematical Economics. (3) (Prereq: MATH 122, 141, or the equivalent) Mathematical formulation of economic theories; the use of mathematics in the development and demonstration of economic relationships.
  • 524 -- Essentials of Economics. (3) A course designed to acquaint the student with the principles of operation of the American economic system. A survey course for social studies teachers in secondary schools.
  • 526 -- Managerial Economics. (3) A study of the application of the economic theory of profits, competition, demand, and costs to analysis of problems arising in the firm and in decision making. Price policies, forecasting, and investment decisions are among the topics considered.
  • 530 -- The Economics of Education. (3) Investment in human capital; the economic value of schooling; internal efficiency of schools; faculty compensation; equity and efficiency of school finance systems; financing higher education.
  • 531 -- Health Economics. (3) Applications of economic analysis to health care. Structure and behavior of health-care markets. Description of health care policy issues.
  • 548 -- Environmental Economics. {=ENVR 548} (3) An analysis of the economic aspects of environmental decay, pollution control, and natural resource use. Analysis of the ability of the market system to allocate resources efficiently when economic activity is accompanied by environmental damage. Discussion of alternative public policy approaches to pollution control and natural resource conservation.
  • 562 -- Public Finance. (3) Theory and practice of taxation: public revenue, expenditure, and debt.
  • 589 -- Topics in Economics. (1-3 maximum) Individual topics to be announced with suffix and title.
  • 594 -- Introduction to Econometrics. (3) (Prereq: MGSC 291 or STAT 201, MATH 122 or 141) Statistical and economic tools applied to analysis of business and economic problems with the aid of computers.
  • 595 -- Selected Topics in Economic Analysis and Policy. (3) A course designed to meet the needs of public school officials who have ultimate responsibility for secondary school curricula. Course content will be adjusted to help those officials obtain the background and information necessary to make decisions regarding the incorporation of economics in the curricula. Open only to students in the College of Education pursuing a certificate course for school administrators.
  • 621 -- Survey of Contemporary Economic Theory. (3) Neo-classical value and distribution theory combined with income and employment theory.
  • 690 -- Quantitative Foundations for Business and Economics I. {=MGSC 690} (3) Calculus and classical optimization methods applied to problems in business and economic analysis; matrices, derivatives, and integrals in the analysis of both univariate and multivariate business and economic models.
  • 691 -- Quantitative Foundations for Business and Economics II. {=MGSC 691} (3) (Prereq: MGSC 690 or ECON 690) Statistics and probability theory applied to problems of business and economic analysis.
  • 692 -- Quantitative Methods I. {=MGSC 692} (3) (Prereq or coreq: mathematics and computer portion of Fundamental Business Skills or equivalent) Introduction to business and economic applications of calculus, probability, and computer science important to graduate study in economics and business administration.
  • 694 -- Quantitative Methods II. {=MGSC 694} (3) (Prereq: ECON 692, mathematics and computer portion of Fundamental Business Skills or equivalent) A study of decision models useful in business administration. Topics covered include linear programming, sensitivity analysis and duality, network models, integer programming, determinate and stochastic dynamic programming, inventory, and queues.

Return to Arts and Sciences