Economics
"Economics is the study of mankind in the ordinary business of life."
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| "Economics has as its purpose firstly to acquire knowledge for its own sake, and secondly to throw light on practical issues. But though we are bound, before entering on any study, to consider carefully what are its uses, we should not plan out our work with direct reference to them." "The theory of economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions” | "Rates of growth of real per capita GDP are diverse, even over sustained periods. ... Is there some action a government of India can take that would lead the Indian economy to grow like Indonesia's? If so, what exactly?
The consequences for human welfare involved in questions like this are simply staggering: Once one starts to think about them, it is hard to think about anything else." |  | A Catholic University should "train truly Christian leaders in the different spheres of human activity, and in society, especially in politics, economics, science, art and philosophical reflection."
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 | Featured graduates
| José David Urquilla, '05 "I want to thank you again for your great and rigorous teaching. Please do not let it get easy. Ave Maria is in its development stage and we need good Catholics in this world which is so competitive. The teaching I received was the only thing that kept me up to the standard of the rest of the Fellows [at my Washington, D.C., internship], who all came from prestigious institutions" José now works at the US Senate and is studying for a Master's degree in International Affairs. |
| | | | John Wehrly, '07 "The semester following my graduation from Ave Maria I entered law school, on a full tuition scholarship, at the University of St. Thomas School of Law, Minneapolis, MN. I was also accepted at the University of Notre Dame Law School, with a Fellowship. While law school has been demanding, I can say without hesitation that economics at Ave Maria University was much more challenging. Being an economics major at Ave Maria prepared me extremely well for the study of law. This summer I will be either working in Washington, D.C., or as an intern with the Blackstone Fellowship, or as a research assistant to one of my law professors." |
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 | featured course - Seminar in Applied Microeconomic theoryECON 415
This seminar will examine recent advances in applied microeconomics. Subjects to be covered will likely include the economics of risk and uncertainty, the economics of imperfect information, game theory models of inter-firm competition, models of savings and natural resource use, and applied general equilibrium models. Readings will stress both the economic theory behind such topics and the empirical methods that can be used to study them in the real world. Students will be expected to complete a major research paper on one of these topics and that paper will serve as a thesis for the economics major.
Prerequisites:
ECON 302 Intermediate Microeconomics, MATH 151 Calculus (may be taken concurrently)
ECON 403 Econometrics. |
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 | featured course - Economics and Ethics of DevelopmentECON 320
Economic problems of developing countries in Latin America, Asia, and Africa examined in terms of their causes, consequences and possible solutions. In the context of developing countries, we will study: institutions, historical lessons and theories; poverty and inequality; urban-rural migration; education, agriculture, and the environment; trade, finance, and the balance of payments; the role of the State. Integrated with an analysis of the ethics of development (for example, in regards to the meaning of development, industrialization and technology, globalization, state intervention versus privatization, etc.), focusing on the goals of development and the strategic principles of development ethics, such as participation, solidarity, and subsidiarity.
Prerequisites:
ECON 201 Principles of Macroeconomics, ECON 202 Principles of Microeconomics, MATH 150 Functions |
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 | | The Economics Major requires 10 courses: the standard 4-course Macroeconomics and Microeconomics sequence, plus Statistics, Catholic Social Teaching, and four electives (including a seminar). The Minor requires 6 courses. A number of our Economics courses are directly relevant to the business world. These courses can be taken to earn a Concentration in Business Economics. Our Principles sequence is the basis for the Institute for Business's Certificate in Business |
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 | | Economics addresses some of the most important questions of society and human behavior and is a fascinating subject of study. At the same time, it is intimately related to day-to-day life and is an indispensable guide for practical decision-making. (more...) |
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