Department of Economics
Dr. David Zimmer, Interim Chair
Email: david.zimmer@wku.edu
Grise Hall, Office 431
Phone: (270) 745-2249
Email: ECON@wku.edu
Website: http://www.wku.edu/economics
Mission Statement
The primary mission of the Economics Department is to offer a high-quality education that will prepare students for a wide variety of careers in business, public sector, and education. To fulfill this mission, the economics faculty emphasizes excellence in teaching and research and engages in service to the university and the community.
Economics
Economics is the study of how humans decide how to use the limited resources they have. Economic principles are at the core of decision-making by businesses, governments, non-profit organizations, individuals, and families, because the limited resources are not just money and raw materials – they are also time, attention, computing resources, food, water, hospital beds, or seats on a crowded subway. Economics is everywhere: you can be a business economist, a sports economist, an environmental economist, a health economist, or a transportation economist.
Economics as a science relies heavily on data analysis because economists use real-world data to study economic relationships and to develop a better understanding of the world. Therefore, a graduate of an economics program will not only have the knowledge of economic principles that drive the economy much like the laws of physics rule the universe but will also leave with a toolkit of quantitative skills.
This combination of the economic way of thinking and data analytic skills prepares students for many different employment opportunities. Our graduates pursue careers in finance, banking, insurance, local and federal governments, public utilities, research institutions, education, and international organizations. They hold a wide variety of jobs such as economist, loan officer, forecast analyst, financial analyst, business consultant, data analyst, energy analyst, bank examiner, research analyst, broker, market research analyst, policy analyst, professor, lawyer and many more. This multitude of possible career paths is what is great about choosing an economics major. Economics gives students an excellent foundation for employment in many areas of business and government service, as well as for advanced graduate studies.
Economics Degrees
The Economics Department offers three majors: AB in Economics, BS in Business Economics, and BS in Mathematical Economics.
The AB in Economics (reference number 638) requires a minimum of 35 hours, and a minor or a second major. Students interested in combining the Economics major with another field of study should pursue this degree path. Students may choose any other major or minor at WKU. If students choose their second major or minor(s) from another department in the Gordon Ford College of Business, some courses may apply to both degrees. The AB in Economics offers students the most flexibility to customize their education and graduate with a potent combination of highly marketable skills.
The BS in Business Economics (reference number 724) requires 72 hours. This degree does not require a second major or a minor. The Business Economics major combines the courses from AB in Economics with those in accounting, finance, management, marketing, and computer information systems. The program is designed for students to be able to add a minor and still graduate in four years, especially if that minor is in the College of Business.
The BS in Mathematical Economics (reference number 731) is for students wishing to pursue either a graduate degree in economics, or a highly applied, analytical occupation with heavy emphasis on quantitative skills such as an actuary. This degree does not require a second major or a minor. The BS in Mathematical Economics offers two concentrations: General concentration, and Actuarial Science concentration.
International students who complete this program may qualify for the STEM OPT extension (the CIP Code of the program is 45.0603).
The General concentration in the BS in Mathematical Economics requires a minimum of 49 hours. This major is strongly recommended for students considering either a PhD in Economics or highly applied, analytical occupations, especially in data analytics. Because doctoral programs in economics are highly mathematical, this degree combines the economics coursework with the mathematics courses that are necessary to succeed in an economics doctoral program.
The Actuarial Science concentration in the BS in Mathematical Economics requires a minimum of 61 hours. This degree is strongly recommended for students pursuing careers as actuaries. Actuaries are professionals who specialize in modeling and managing risks. Actuaries typically work for health, life, and property insurance companies, but individuals with actuarial training may work in many other areas such as banking, investment, energy, government, employee benefits, predictive analytics, and many more. Actuaries use a combination of strong analytical skills, business knowledge, and an understanding of human behavior. It takes five to seven years on average to become an actuary after completing an undergraduate degree. To become an actuary, one must pass a series of exams to earn an actuarial designation by either the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA). Students in the Actuarial Science concentration will take courses that will help them prepare for the first two actuarial exams. As a part of becoming an actuary, candidates must also earn Validation by Educational Experience (VEE) credits, which demonstrate that as students they received academic training in certain required areas. The course work in this concentration is designed for students to receive all three of the VEE credits required by the SOA: Economics, Mathematical Statistics, and Accounting and Finance.
The Economics Department also offers a minor in Economics (reference code 356) which requires a total of 21 hours of coursework. Nine of those hours (ECON 202, ECON 203, and ECON 206) are a part of the College of Business Admissions Core, so to earn the minor in Economics, most business students need to complete 12 additional hours.
Economics JUMP Program
The Economics department offers a JUMP option - Joint Undergraduate/Master's Program. JUMP allows students to start working toward their MA in Applied Economics while completing their bachelor’s degree in economics. Undergraduate students admitted into JUMP may take graduate courses that count toward both undergraduate and graduate degrees. Up to 9 credit hours can be double-counted, and up to 12 hours of graduate courses can be taken while a student is completing the undergraduate degree. The key benefit of the JUMP program is that it allows students to earn a bachelor’s and a master’s degree in an accelerated timeframe. For more information, see https://www.wku.edu/economics/.
To be eligible for the Economics JUMP program, a student must meet the following requirements:
- Be an economics major (economics, business economics, or mathematical economics);
- Have completed at least 60 hours total, with at least 24 hours at WKU;
- 3.0 overall GPA
- 15 hours of 200-level or higher economics courses with a minimum GPA of 3.25.
Faculty
Professor
Hak Y. Kim PhD (Economics), University of Cincinnati Main Campus, 1982
Alexander G. Lebedinsky PhD (Economics), Georgetown University, 2004
Dennis P. Wilson PhD (Economics), University of Kentucky, 1999
David M. Zimmer PhD (Economics), Indiana University-Bloomington, 2004
Associate Professor
Juan S. Leguizamon PhD (Economics), West Virginia University, 2011
Susane Leguizamon PhD (Economics), West Virginia University, 2010
Stephen L. Locke PhD (Economics), University of Kentucky, 2013
Assistant Professor
Golnaz Baradaran Motie PhD (Business & Economics), West Virginia University, 2018
Christopher J. Biolsi PhD (Economics), University of Houston, 2015
Jacob P. Byl PhD (Law and Economics), Vanderbilt University, 2015
Instructor I
Kevin J. Owens MA (Applied Economics), Western Kentucky University, 2020
Actuarial Science (ACTU)
ACTU 301 Financial Mathematics for Actuarial Science 3 Hours
An introduction to fundamental concepts of financial mathematics; Application of present and accumulated value calculations to various streams with the emphasis on mathematics of valuation, pricing, asset/liability management, investment income, and contingent cash flows. The course prepares students for the Financial Mathematics (FM) actuarial exam.
Prerequisite(s): FIN 330 and MATH 136 and (ECON 206 or STAT 301) and ECON 203
Recent Term(s) Offered: fall 2023
Economics (ECON)
ECON 150 Introduction to Economics 3 Hours
A general introduction to economic concepts, ideas, institutions and methods of analysis with emphasis on the description of economic processes and the functioning of institutions in a market economy. This course carries no credit toward any major or minor offered in the Gordon Ford College of Business. Note: This course cannot be taken for credit after completing ECON 202 or 203. Colonnade/Statewide General Education Code E-SB | SB
Recent Term(s) Offered: winter 2021; spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 202 Principles of Economics (Micro) 3 Hours
An introduction to basic descriptive, analytical and policy problems at the microeconomic level. The economic problems resulting from the disparity between human wants and the resources required to satisfy those wants will be studied with emphasis placed on the derivation and behavior of supply and demand functions and the role of prices in the allocation of scarce resources. Colonnade/Statewide General Education Code E-SB | SB
Recent Term(s) Offered: winter 2021; spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 203 Principles of Economics (Macro) 3 Hours
An introduction to basic macroeconomics dealing with descriptive, analytical and policy problems involved in the determination of aggregate income, employment and the price level. Areas of emphasis include money and banking, national income accounting and income-expenditure models. Colonnade/Statewide General Education Code E-SB | SB
Recent Term(s) Offered: winter 2021; spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 206 Statistics 3 Hours
An introduction to basic probability and statistics for business and economics. Topics include the collection and presentation of data, descriptive statistics, an introduction to probability and probability distributions, statistical inference, and simple linear regression.
Prerequisite(s): (ECON 202 or ECON 203) and (MATH 123 or ACT Math with a score of 25 or SAT Mathematics Score with a score of 610)
Recent Term(s) Offered: winter 2021; spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 300 Money and Banking 3 Hours
An introduction to the functioning of depository institutions and the theory of money. Emphasis is placed on an analysis of the role of money in a global market economy, and the influence exerted by financial institutions and the Federal Reserve System.
Prerequisite(s): ECON 203
Recent Term(s) Offered: None
ECON 302 Microeconomic Theory 3 Hours
An intermediate theory course analyzing price determination, output distribution, and resource allocation in a market economy. Topics included are consumer behavior, production theory, market structures and their respective efficiency criteria.
Prerequisite(s): ECON 202 with a minimum grade of C and ECON 206 with a minimum grade of C
Recent Term(s) Offered: spring 2021; fall 2021; spring 2022; fall 2022; spring 2023; fall 2023
ECON 303 Macroeconomic Theory 3 Hours
An intermediate theory course analyzing Neo-Classical, Keynesian and Post Keynesian theories of macroeconomic equilibria. The policy implications of these models with respect to income, output, employment and the price level will be emphasized.
Prerequisite(s): ECON 203 with a minimum grade of C and ECON 206 with a minimum grade of C
Recent Term(s) Offered: spring 2021; fall 2021; spring 2022; fall 2022; spring 2023; fall 2023
ECON 305 Labor Economics 3 Hours
Study of modern labor theory and labor market behavior; public policy and implications of policy with topics such as migration, health, wage determination, education, unions, and discrimination.
Prerequisite(s): ECON 202 or ECON 203
Recent Term(s) Offered: spring 2021; spring 2022
ECON 306 Statistical Analysis 3 Hours
An introduction to, and, foundations for using techniques involved in estimating and testing relationships between variables. The course includes advanced topics in hypothesis testing, analysis of variance, multiple regression and correlation analysis and experimental design. Note: ECON 306 and ECON 307 may not both be taken for credit.
Prerequisite(s): ECON 206
Recent Term(s) Offered: winter 2021; spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 307 Financial Data Modeling 3 Hours
Tools for modeling financial data for use in decision making. Using spreadsheet software for exploratory data analysis, financial analysis, multiple regression methods, introduction to forecasting time series. Note: ECON 306 and ECON 307 may not both be taken for credit.
Prerequisite(s): ECON 206
Recent Term(s) Offered: spring 2021; summer 2021; fall 2021; winter 2022; spring 2022; summer 2022; fall 2022; winter 2023; spring 2023; summer 2023; fall 2023
ECON 323 Sports Economics 3 Hours
Applies basic economic principles to the analysis of professional and amateur sports. Topics covered include fan demand, public finance, team output decisions, league/conference organization, and government and sports. The course is designed to cater to Economics, Sport Management, and Business Administration.
Prerequisite(s): ECON 202
Recent Term(s) Offered: spring 2021; fall 2022
ECON 375 Moral Issues of Capitalism 3 Hours
Survey course designed to study the moral issues and consequences of current and changing government policies regarding the operation of markets. Colonnade/Statewide General Education Code K-SC
Prerequisite(s): ECON 150 or ECON 202 or ECON 203 and 21 hours of Foundations and Explorations Courses, or junior status
Recent Term(s) Offered: winter 2021; summer 2021; fall 2021; spring 2022; summer 2022; fall 2022; spring 2023; summer 2023; fall 2023
ECON 380 International Economics 3 Hours
Introduction to the theory of international trade and monetary relations with emphasis on the determinants of the direction, volume, terms and gains from international trade.
Prerequisite(s): ECON 202 or ECON 203
Recent Term(s) Offered: None
ECON 385 Economic Development 3 Hours
This is a survey course designed to appeal to students interested in interdisciplinary study. Market and non-market based strategies for economic development are studied with an emphasis on case studies of the experiences of countries in Europe, Asia, Africa, and the Americas. Attention is given to the roles of domestic and international institutions, economic and political freedoms, culture, legal systems, tradition, and global issues of sustainable development. Colonnade/Statewide General Education Code K-LG
Prerequisite(s): ECON 202 or ECON 203 and 21 hours of Foundations and Explorations Courses, or junior status
Recent Term(s) Offered: spring 2021; fall 2021; fall 2022; fall 2023
ECON 390 Economics, Law, and Public Choice 3 Hours
Presents basic economic issues and analysis related to topics such as property rights, contracts, torts, crime, voter/interest group activity, legislative output, and bureaucratic output. Note: Consent of instructor required.
Prerequisite(s): ECON 202
Recent Term(s) Offered: spring 2022; spring 2023
ECON 399 Career Readiness in Economics 1 Hour
Introduction to preparation for a career in Economics, including exposure to careers in economics; development of professional writing skills, professional resumes and cover letters; oral communications; interviewing skills; ethical standards; and professional networking. This course is limited to juniors and seniors in the Economics program.
Restriction(s): Enrollment limited to students with a semester level of Junior or Senior.
Enrollment is limited to students in Economics (638) , Business Economics (724) or Mathematical Economics (731)
Recent Term(s) Offered: fall 2022
ECON 400 Issues in Capital Market Economics 3 Hours
Exposure to current economic theory and evidence related to capital markets with emphasis on public policy, the interplay with the macroeconomy, stock price variability, internationalization, and other related topics.
Prerequisite(s): ECON 203
Recent Term(s) Offered: spring 2022; fall 2023
ECON 410 Seminar in Economics 1-3 Hours (repeatable max of 18 hrs)
Special topics in economics of current interest. Class format varies with instructor.
Recent Term(s) Offered: fall 2021
ECON 414 Managerial Economics 3 Hours
The application of economic principles and tools of analysis to business management decision making in areas of demand, pricing, cost, production and investment. Problems in business decision making are treated in terms of short-run adjustment as well as long-run expansion.
Prerequisite(s): ECON 202 and ECON 206
Recent Term(s) Offered: spring 2021; summer 2021; fall 2021; spring 2022; summer 2022; fall 2022; spring 2023; summer 2023; fall 2023
ECON 420 Public Sector Economics 3 Hours
A study of the economics of of public policies. The course will use economic tools to analyze the effects of policies, understand their complexities, and predict unintended consequences. Topics include public education, welfare reform, pollution, healthcare, and tax policy.
Prerequisite(s): ECON 202
Recent Term(s) Offered: spring 2022; summer 2022; spring 2023
ECON 430 Environmental and Resource Economics 3 Hours
A study of environmental issues and natural resource problems and alternative solutions to them. Topics include measurements of environmental benefits, property rights and externalities, environmental quality, pollution control and solid waste management, exhaustible and renewable resources, optimal environmental policy and regulation. Colonnade/Statewide General Education Code K-LG
Prerequisite(s): ECON 150 or ECON 202 or ECON 203 and 21 hours of Foundations and Explorations Courses, or junior status
Recent Term(s) Offered: spring 2021; fall 2021; fall 2022; winter 2023; summer 2023; fall 2023
ECON 434 The Economics of Poverty and Discrimination 3 Hours
A study of the economic nature, origins, and public policy aimed at addressing poverty and discrimination in the economy. Topics include social security, food stamps, equal employment opportunity legislation, and other public policies designed to reduce poverty and discrimination.
Prerequisite(s): ECON 150 or ECON 202 or ECON 203
Restriction(s): Students with a semester level of Freshman may not enroll.
Recent Term(s) Offered: fall 2021; fall 2022
ECON 440 American Industry: Structure, Performance and Policy 3 Hours
A course in applied price theory in which the structure, behavior and performance of American industry is evaluated in the light of public and private social goals. Public policy toward the promotion of competition and the control of monopoly will be examined.
Prerequisite(s): ECON 202 and ECON 203 and ECON 206
Recent Term(s) Offered: summer 2022
ECON 445 Economics of Healthcare 3 Hours
Health economics studies the unique role that healthcare systems play in the broader area of microeconomics.
Prerequisite(s): ECON 202
Recent Term(s) Offered: spring 2023
ECON 451 Games and Strategy 3 Hours
An introduction to game theory analysis. The theoretical tools to analyze incentives and strategic behavior in individual and group decision making will develop. Emphasis will be placed on real-world applications and include, but is not limited to, bargaining under perfect and imperfect information, Nash equilibrium, pricing under oligopoly and auction theory.
Prerequisite(s): ECON 202 and ECON 206
Recent Term(s) Offered: spring 2023
ECON 464 Introduction to Mathematical Economics 3 Hours
The application of mathematics to economic analysis, covering algebraic and functional relationships, differential and integral calculus, differential and difference equations, matrix algebra, linear programming and game theory.
Prerequisite(s): ECON 302 and ECON 303
Recent Term(s) Offered: spring 2021; spring 2022
ECON 465 Regression and Econometric Analysis 3 Hours
Presents the use of statistical methods in measuring and testing economic relationships. Emphasizes the use of ordinary least squares in estimating single equation models. Topics included are dummy variables, lagged variables and such problems as autocorrelation, heteroscedasticity, multicollinearity and identification.
Prerequisite(s): ECON 306 or ECON 307
Recent Term(s) Offered: spring 2021; fall 2021; spring 2022; fall 2022; spring 2023; fall 2023
ECON 467 American Economic History 3 Hours
A study of America's economic history from Jamestown to the 21st Century. Topics include the economics of slavery, the Civil War, the Robber Barons, the Great Depression, and the growth of government intervention.
Prerequisite(s): ECON 202 and ECON 203
Recent Term(s) Offered: None
ECON 480 Economic Forecasting 3 Hours
A survey of forecasting methods, their characteristics, appropriate applications, and evaluation.
Prerequisite(s): ECON 202 and ECON 203 and ECON 465
Recent Term(s) Offered: spring 2021; spring 2022; spring 2023
ECON 486 Applied Statistical Methods in Economics 3 Hours
Advanced course on empirical methods in economic research. Focus on data acquisition and specialized techniques for working with large datasets. Advanced coverage of econometric techniques such as panel data, difference-in-differences, regression discontinuity, and propensity score matching.
Prerequisite(s): ECON 465 with a minimum grade of C
Recent Term(s) Offered: fall 2023
ECON 487 Data Methods in Economics 3 Hours
The course will introduce students to software and computing languages commonly used in economics research including, but not limited to SAS, R, SQL, and Python. The course will cover advanced data management techniques such as data scraping, working with text data, computational techniques for processing large datasets, and querying databases. Applications of machine learning to economics.
Prerequisite(s): ECON 465 with a minimum grade of C
Recent Term(s) Offered: None
ECON 490 Practicum in Economics 1-3 Hours (repeatable max of 3 hrs)
Internships, independent studies, and special projects of interest to students and faculty in the economics discipline. These may include individual research projects approved by the department head and supervised by a member of the economics faculty, meaningful internships in profit or not-for-profit organizations, or other special projects approved by the economics department head, and the economics faculty. Note: 2.5 cumulative GPA, permission of the economic department head and the instructor and completion of at least 12 hours in economics required.
Recent Term(s) Offered: spring 2021; fall 2022; fall 2023
ECON 491 History of Economic Thought 3 Hours
The origin and development of economic thought with emphasis on the contribution of political economy to the behavioral sciences.
Prerequisite(s): ECON 202 and ECON 203
Recent Term(s) Offered: None
ECON 496 International Monetary Economics 3 Hours
Deals in a systematic fashion with the monetary aspects of international trade and finance. Topics covered include various models of the current account such as elasticities, and absorption. Models of the capital account include the monetary and asset approaches to the balance of payments and rational expectations models of exchange rate overshooting. Problems of international capital movements and policies to maintain internal and external balance are addressed.
Prerequisite(s): ECON 202 and ECON 203
Recent Term(s) Offered: spring 2023
ECON 497 Senior Seminar in Mathematical Economics 1 Hour
This course is designed to integrate the ideas and techniques students have encountered in their work in mathematics and economics. Students will study research articles and/or undertake independent investigations in mathematical economics.
Restriction(s): Students with a semester level of Academy Junior, Academy Senior, Freshman, Junior or Sophomore may not enroll.
Enrollment is limited to students in Mathematical Economics (731)
Equivalent(s): MATH 497
Recent Term(s) Offered: spring 2021; fall 2021; spring 2022; fall 2022; spring 2023; fall 2023
ECON 499 Senior Assessment 1 Hour
A capstone course that provides an opportunity to demonstrate knowledge of economics and discuss educational and career opportunities beyond the baccalaurete degree.
Prerequisite(s): (ECON 302 or ECON 303) and (ECON 465 or ECON 480)
Restriction(s): Students with a semester level of Academy Junior, Academy Senior, Freshman, Junior or Sophomore may not enroll.
Recent Term(s) Offered: spring 2021; fall 2021; spring 2022; fall 2022; spring 2023; fall 2023