ILLINOIS INSTITUTE OF TECHNOLOGY
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College Lewis College of Human Sciences Department : Social Sciences/ Stuart School of
Business
Date : 1-8-13
Approvals Required
(1) Academic Unit Head : C. Nippert-Eng - approved by Department of Social Sciences 12/7/12; Stuart
School Faculty approved on 2/1/13 initially presented to UGSC on 1/22/13
(2) Dean :
(3) Other :
Program Title : Bachelor of Science in Applied Economics
Program Scheduling (Next to the appropriate semester, click on the blank and type in the year):
Fall _X_ Spring __
Program Level : Undergraduate X___ Graduate ___
Total Program Credit Hours : _129_____
Summer __
Program Description : Provide a brief narrative of the program content (use as much space as needed)
The Bachelor of Science in Applied Economics provides comprehensive scientific and applied skill sets required for testing and applying economic models within real-world settings. Students build strong mathematical and analytical foundations needed for rigorous scientific exploration of current and future economic models. This program also prepares students with critical thinking skills for evaluating and improving methods that investigate economic components influencing individual, system, and social level variables. Students will apply practical skills to one of three specializations: 1) policy 2) international political economy 3) finance. We strategically aim to prepare students for careers in the private, public and non-profit sectors.
Program Purpose : Provide details on the intent of the program and its relation to other programs .
The applied economics degree program we are proposing is unique in several ways. First, it places heavy emphasis on interdisciplinary quantitative methods. Second, it requires students to apply both theory and practical skills to a particular field, thereby preparing them to work, for example, as policy analysts, financial analysts, management consultants or economic development practitioners. By focusing on practical application of economics to another field, we seek to produce problem solvers who will be competitive job applicants across industries. We strategically aim to prepare students for careers in the private, public and non-profit sectors.
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Learning Outcomes:
Graduates will:

Have a thorough academic understanding of the basics of microeconomic, macroeconomic and econometric techniques and how these techniques are used in modeling and predicting economic behavior.
 Learn how to apply economic concepts and modeling techniques to at least one other field such as policy, international political economy, finance or analytics.
 Develop professional, oral, and written communications skills.

Practice problem-solving and decision-making skills, case analyses, and complete an independent research project utilizing economic concepts and modeling techniques.
Program Benefits : State the impact of the program for students and for IIT .
This new degree will highlight existing strengths in the Department of Social Sciences and the Stuart School of Business. Eventually, this undergraduate degree should function as a co-terminal degree program with masters programs that are in existence and under development at IIT including: Masters of Science in
Technology and Development Policy, Masters of Public Administration, and the Masters of Business
Administration.
The degree will be advised and taught by faculty members in the Lewis College of Human Sciences and the
Stuart School of Business. Faculty member in both colleges currently teach undergraduate classes in the proposed core curriculum or in one of the four specializations.
Lewis School faculty working in the fields of public policy and IPE:
Laura Hosman: International Political Economy and Development Policy
Matt Shapiro: Innovation Economies and Policy
Daniel Bliss: Urban Politics and Economic Development Policy
Rebecca Steffenson: International Political Economy and Comparative Policy
Economics faculty at the Stuart School who teach undergraduate classes:
Liad Wagman: Microeconomics
David Richardson: Microeconomics, Macroeconomics
John Twombly: Financial Economics
Arjun Chakravarti: Behavioral Economics
Edward Stuart: Principles of Economics, Microeconomics
Several Stuart School graduate faculty conduct research in some aspect of economics. These include: John
Bilson (Financial Economics); Abagail McWilliams (Labor Economics); Nasrin Khalili (Environmental
Economics); Elizabeth Durango-Cohen (Game Theory); Weslynne Ashton (Environmental Economics);
Khairy Tourk (Macroeconomics); Harvey Kahalas (Development Economics); Siva Balasubramanian
(Econometrics in Market Analytics); Jiong Sun (Game Theory); Navid Sabagghi (Game Theory); Haizhi
Wang (Econometrics); Mike Gorham (Econometrics); Solomon Kang (Econometrics); Li Cai:
(Econometrics).
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Competitive Programs : Indicate other similar programs locally and nationally detail their success.
The coupling of economics degrees with international affairs, policy and finance is common in graduate programs across the country. It is less common at the undergraduate degree level; however, it is found at other technology-focused schools. Georgia Tech, for example, offers a B.Sc in Economics and International
Affairs, and the University of Wisconsin at Madison plays to its comparative advantage by offering an undergraduate degree in Applied Economics and Agriculture. Our proposed core bears close resemblance to
MIT’s undergraduate degree in economics.
All Chicago area schools currently offer undergraduate degrees in economics, with Northeastern Illinois
University being the least methods intense and the University of Chicago being the most. There is some precedence for these degrees straddling two colleges. DePaul University’s economics degree, for example, is offered in partnership with the College of Liberal Arts & Social Sciences (CLAS) and the College of
Commerce.
Market Analysis : Detail the results of any market analysis performed; if none, provide justification for the program including (potential) employment opportunities for graduates .
Economics remains a popular degree choice on many college campuses for several pragmatic reasons. First, students with a BS in Economics have a relative high median starting salary ($48,500), which makes it one of the 20 most profitable college majors according to PayScale.com. Second, economists are one of a decreasing number of occupations for which a bachelor’s degree remains the required education level for job market entry. Finally, the opportunities for wage growth are high, particularly with further education. The
US Bureau of Labor Statistics reports a median occupational wage of $89,450.
In 2010, 15,400 economists were employed in a wide range of industries, 52% of which were in the public sector. These numbers are somewhat misleading, however, because a large number of economics graduates do not fall into this Bureau of Labor Statistics statistical category. They may instead be counted as research, market, or management analysts in both the private and public sector. While the occupational growth rate for this occupation is a mere 6%, higher growth is projected in related social science (18%) and business (21-
23%) fields where graduates can also find gainful employment.
Marketing and Advertising : List the strategies to be employed for the program.
A high priority for the university is to build programs and majors in the Lewis College of Human Sciences.
Strategies for the program will be developed in consultation with the Admissions office.
Enrollment Estimates : Provide estimates for initial enrollments (first three years) and for steady state including justification.
We are targeting 25 students in the first year.
Retention Estimates : Provide estimates for retention including justification .
We expect retention rates to be on par with other departments in the college (roughly 90% retention for years 1-2).
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Course Requirements : Detail the courses needed for the program including courses currently offered, new courses to be developed, and dependence on courses from other academic units with their commitments to provide these courses on a long-range basis. Include descriptions of laboratories that will need to be developed along with equipment and facilities requirements.
Provide below a sample curriculum and the program requirements, as they would appear in the IIT
Undergraduate Programs bulletin or Graduate Programs bulletin as appropriate .
-Intro to the Profession (PS/SOC 100 or BUS 100)
-Intro to Microeconomics (ECON 151)
-Introduction to Macroeconomics (ECON 152)
-Intermediate Micro (ECON 251)* new course
-Intermediate Macro (cross list BUS 452 with ECON 252)* adapted course
-Statistics (BUS 221 or PSYC 203)
-Social Science Research Methods (PS/SOC 209)
-Behavioral Economics and Game Theory (BUS 382)
-Public Policy Analysis (PS 408)
-Applied Econometrics (ECON 4XXX)*new course
-Senior Capstone (PS 490 or BUS 497)
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Students will choose one of three specializations requiring 4 x 3 credit hour courses.
Specialization I: Policy
Specialization II: International Political Economy
Specialization III: Finance
Specialization I: Policy
Choose 2
Politics and Public Policy (PS 306)
Comparing Public Policy (PS 313)
Analysis and Evaluation of Public Policy (PS 312)
Choose 2
Politics of Science and Technology Policy (PS 332)
Politics of Global Warming (PS 329)
Comparative Health Systems (PS 319)
Energy and Environmental Policy (PS 338)
Specialization II: International Political Economy
Choose 4
Global Political Economy (PS 360)
International Law and Organizations (PS 388)
Comparative Public Policy (PS 313)
Technology for Development (PS 380)
Triple Helix and Development (PS 385)
Regional Economic Integration (PS 354)* new course
Issues in Globalization (PS 440)
US Regulatory Politics and Policy (PS 453)
Specialization III: Finance
Financial Accounting and External Reporting (BUS 211)
Managerial Accounting and Control (BUS 212)
Choose 2
Management Science (BUS 321)
International Finance (BUS 452)
Valuation and Portfolio Management (BUS 454)
Corporate Finance (BUS 455)
Future Options and OTC Derivatives (BUS 458)
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Semester 1 17 credit hours
PS/SOC or BUS 100 -3
Humanities Gen Ed 100 level -3
ECON 151 -3
Natural Science or Engineering Gen Ed -3
Math Gen Ed (151 or above) -5
Semester 3 18 credit hours
PS 209- 3
ECON Intermediate Micro- 3
Social Science Gen Ed 200 + -3
Natural Science or Engineering Gen Ed-3
Humanities Gen Ed 300 + -3
Semester 5 18 credit hours
Free Elective -3
PS 408 -3
IPRO I -3
Minor 2-3
Free Elective -3
Specialization 1-3
Semester 7 15 credit hours
BUS 497 or PS 490 -3
Specialization 3 -3
Econometrics course (ECON XXX)-3
Free Elective -3
Minor 4-3
Total= 130 credit hours
Semester 2 15 credit hours
Humanities Gen Ed 300+-3
Social Science Gen Ed 200+-3
ECON 152 -3
Natural Science or Engineering Gen Ed-3
BUS 221-3 or PSYC 203-3
Semester 4 17 credit hours
CS 110-2
Natural Science or Engineering-3
ECON (252) Intermediate Macro- 3
Free Elective- 3
Social Science 300 + - 3
Minor 1-3
Semester 6 15 credit hours
Behavioral Economics (BUS 382) -3
Minor 3 -3
Humanities or Social Science Elective -3
Free Elective-3
Specialization 2-3
Free Elective -3
Semester 8 15 credit hours
IPRO II -3
Specialization 4 -3
Free Elective-3
Free Elective -3
Minor 5 -3
This degree program can be established in the short term with very few resources. Most of the courses are currently taught or can be taught by an existing faculty member.
• Intermediate microeconomics is a new course, but it can be taught by existing Stuart School faculty assuming there is adjunct cover.
• PS 355- Regional Economic Integration is a new course, but it can be taught by multiple faculty in the Department of Social Sciences. Again, the only cost involved in adjunct cover. This course is also part of the core curriculum for the BS in Global Economic Development Policy.
•
The course content for BUS 452 will need to be adapted to include growth models in order to be cross listed as ECON 252.
• In the short term there are Stuart School faculty who can teach econometrics, but we would eventually anticipate needing a new hire in this field.
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• The specializations consist of courses which are already taught, except for the several new courses listed under the analytics specialization. The resources needed to provide these courses could be shared across this degree and other new degree programs that are in the process of being proposed.
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