Senior Capstone
Projects and
Demonstration of
Competency
Terry L. Olson
Professor of Economics
Truman State University
For
COPLAC Faculty Summer Institute
June 3-5, 2010
University of North Carolina -- Asheville
Hansen’s Expected Proficiencies
for Economics Majors
(1) Access existing knowledge
(2) Display command of existing knowledge
(3) Interpret existing knowledge
(4) Interpret and manipulate economic data
(5) Apply existing knowledge
(6) Create new knowledge
Hansen, W. Lee. “Expected Proficiencies for
Undergraduate Economics Majors.” The Journal of
Economic Education, Vol. 32, No. 3, (Summer,
2001), pp. 231-242
Hansen’s Expected Proficiencies
for Economics Majors
1. Access existing knowledge: Retrieve
information on particular topics and
issues in economics. Locate published
research in economics and related
fields. Track down economic data and
data sources. Find information about
the generation, construction, and
meaning of economic data.
Hansen’s Expected Proficiencies
for Economics Majors
2. Display command of existing knowledge:
Explain key economic concepts and describe
how these concepts can be used. Write a
precis of a published journal article.
Summarize in a two-minute monologue or in
a 500-word written statement what is known
about the current condition of the economy
and its out-look. Summarize the principal
ideas of an eminent economist. Elaborate a
recent controversy in the economics
literature. State the dimensions of a current
economic policy issue.
Hansen’s Expected Proficiencies
for Economics Majors
3. Interpret existing knowledge: Explain
and evaluate what economic concepts
and principles are used in economic
analyses published in daily newspapers
and weekly news magazines. Describe
how these concepts aid in
understanding these analyses. Do the
same for nontechnical analyses written
by economists for general purpose
publications (e.g., Challenge, Brookings
Review, The Public Interest).
Hansen’s Expected Proficiencies
for Economics Majors
4. Interpret and manipulate economic data:
Explain how to understand and interpret
numerical data found in published tables
such as those in the annual Economic Report
of the President. Be able to identify patterns
and trends in published data such as those
found in the Statistical Abstract of the United
States. Construct tables from already
available data to illustrate an economic issue.
Describe the relationship among three
different variables (e.g., unemployment,
prices, and GDP). Explain how to perform and
interpret a regression analysis that uses
economic data.
Hansen’s Expected Proficiencies
for Economics Majors
5. Apply existing knowledge: Prepare an
organized, clearly written five-page
analysis of a current economic
problem. Assess in a four-page paper
the costs and benefits of an economic
policy issue. Prepare a two-page
memorandum that recommends action
on an economic policy issue.
Hansen’s Expected Proficiencies
for Economics Majors
6. Create new knowledge: Formulate
questions that illuminate a new
economic issue that needs to be
researched. Prepare a five-page
proposal for a research project.
Conduct a research study, presenting
the results in a polished 20-page paper.
Conduct a group research project that
prepares a detailed research proposal
and/or a finished research paper
Expert Panel Recommendation for the Association
of American Colleges (1991)
“ To complete the process of Intellectual maturation,
every student should be required to apply what he or she
has learned to an economic problem and, in the process,
acquire experience really “doing economics.’ For a
particular intellectual encounter to accomplish this goal, it
should involve considerable responsibility on the
student’s part for formulating questions, gathering
information, structuring and analyzing information, and
drawing and communicating conclusions to others in an
oral and/or written form.”
Siegfried, John J., Robin L. Bartlett, W. L. Hansen, Allen
C. Kelley, Donald N. McCloskey, and Thomas H.
Tietenberg. “ The Status and Prospects of the
Economics Major.” Journal of Economic Education 22
(Summer 1991), 197-224.
More from Siegfried, et. al (1991),
“The typical economics curriculum rarely provides
any kind of culminating experience. Some programs,
about 7 percent, almost all located in selective liberal
arts colleges, require a major research paper or
thesis, the final stage in a student's transition from
neophyte to independent thinker. The comprehensive
senior examination is found mainly in small liberal
arts colleges, and in only a quarter of them. Even
less common is the senior seminar, offering students
the opportunity to integrate ideas gathered from
various courses.”
“A few programs, about 6 percent, also require a
course in econometrics. “
Some Recent National Findings
“Although writing assignments are a labor-intensive
process, over 70 percent of departments reported having
a formal writing requirement for the economics major. …
The two most common requirements were a formally
designated writing intensive course (i.e., writing across
the curriculum; 35 percent) and a senior seminar with a
significant writing component (31 percent). Much less
frequent was a course dedicated to the research process
(15 percent), the simple completion of a term paper (8
percent), or a written comprehensive exam (6 percent).”
McGoldrick, KimMarie. “Writing Requirements and
Economic Research Opportunities in the Undergraduate
Curriculum: Results from a Survey of Departmental
Practices.” Journal of Economic Education Summer
2008, 287-296.
More from McGoldrick (2008)
“…departments at liberal arts institutions
were generally more likely to implement
writing requirements. Thus, it is not simply
the time intensity of such requirements
that leads to differences in requirements;
more likely it is the differences in focus of
faculty time across these institution types
that result from publishing pressures
and participation in graduate programs.”
More from McGoldrick (2008)
“A few courses are natural environments for developing
writing and research skills, including econometrics,
research methods, and senior seminar courses. In the
present study, survey results showed that just less than
40 percent of departments required an econometrics
course, with little difference across institution types.
Students were required to take a senior seminar course
at 64 percent of liberal arts institutions but at only 38 and
31 percent of master’s and national universities,
respectively. Few departments (9.8 percent) required a
course that was specifically designated as “research
methods.”
COPLAC Data
Of the 21 COPLAC schools that offer some kind
of economics major:
At least 9 (42.85%) require some kind of
Capstone, be it a Senior Seminar, a Senior
Thesis.
At least 10 (47.62%) require Econometrics or its
equivalent in at least some of the degrees they
offer.
Truman State University as an
Example
ECON 479 - Senior Seminar in Economics
New Catalog description:
The capstone experience for the economics major. Students produce an
empirical research paper on an economic topic of their choosing, based on
sound theoretical foundations and a review of the relevant literature, and give
a PowerPoint presentation on their project. Students are presented
information on graduate and professional school opportunities in economics
and related disciplines and career opportunities for those with undergraduate
and graduate degrees in economics. A section of the course focuses on the
major professional awards conferred upon prominent economists, the
recipients of those awards, and contributions to economics of those who have
been recognized by these prizes. This course will also give students an
appreciation of the widespread applicability of economics in the modern world
and make them think about how and why economists may be different from
others.
Prerequisites: completion of or concurrent registration in ECON 300, ECON
303, and ECON 373 or STAT 378; junior or senior economics major or minor.
Credits: 3 hours
When Offered: (offered fall only)
NOTE: This is a writing-enhanced course.
The student learning outcomes for the economics
discipline at Truman State University.
• KNOWLEDGE
Develop an appreciation and understanding of:
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the rational choice paradigm and its application
the importance of incentives for understanding human behavior
the moral and ethical challenges within real world situations
equity vs. efficiency tradeoffs
microeconomics, macroeconomics, and other sub fields
the connections between economics and other disciplines
the analysis of public policy issues
- the historical origins and development of the
theoretical frameworks.
The student learning outcomes for the economics
discipline at Truman State University
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SKILLS
Develop proficiency in the following modeling and
problem solving skills:
Basic Skills
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clear and effective writing skills
persuasive arguments
literature (including book and article) reviews
research papers
clear and effective oral communication skills
critical thinking skills
relevant computer skills
The student learning outcomes for the economics
discipline at Truman State University
• SKILLS
Develop proficiency in the following modeling and
problem solving skills:
Research and Analytical skills
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data acquisition
developing hypotheses
constructing models
weighing evidence
-- evaluating theories
The student learning outcomes for the economics
discipline at Truman State University
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Attitudes
Develop an appreciation of the pervasive
application of economic thinking and
reasoning to real world problems.
Develop an appreciation for the impact of
increasing globalization on international
cooperation.
Develop an appreciation for issues of
diversity.
Texts:
A. Required:
Greenlaw, Steven A., Doing Economics: A
Guide to Understanding and Carrying Out
Economic Research, Boston, MA: Houghton
Mifflin Co., 2006.
(Greenlaw is a faculty member at COPLAC member
the University of Mary Washington in Virginia)
• B. Recommended:
• Ramanathan, Ramu. Introductory
Econometrics with Applications. Fifth Edition.
Mason, Ohio: South-Western, 2002.
II. Additional Required Readings
A. The Sociology and Anthropology of Economics
Bahn, Henry, and George McDowell. “Tribal Ritual among
the Ag-econ.” Review of Agricultural Economics 19, No. 2
(Autumn-Winter, 1997), 404-410.
Horn, Robert N., Jerome, Robert T., and Kristina Turkun.
“Life among the Subecon: The Pon Farr Koon Ut Kal If Ee
Rituals.” Review of Radical Political Economics 40, No. 2
(Spring 2008), 233-238.
Leijonhufud, Axel. “Life Among the Econ.” Western
Economic Journal 11, No. 3 (September 1973), 327 - 337.
II. Additional Required Readings
B. The Nobel Prize in Economics
Wirtz, Ronald A. “The Beauty (Pageant?) of
Economics. The Nobel Prize in Economics:
A report on how the winner of prize is
determined, with thoughts from past Nobel
Prize winners.” The Region. The Federal
Reserve Bank of Minneapolis, September
1999.
II. Additional Required Readings
C.
Graduate School in Economics
Campbell, Doug. “Economist, Study Thyself: The way
economists are trained has come a long way in the
past 20 years. Has it come far enough?” Region
Focus. Spring/Summer 2008, 16 – 21.
Colander, David C., and Arjo Klamer. "The Making of
an Economist." Journal of Economic Perspectives, 1,
No. 2 (Fall 1987), 95 - 111.
Colander, David. “The Making of an Economist Redux.”
Journal of Economic Perspectives 19, No. 1 (Winter
2005), 175 – 198.
II. Additional Required Readings
E.
Empirical Methods
Kennedy, Peter E. “Sinning in the Basement: What Are
the Rules? The Ten Commandments of Applied
Econometrics.” Journal of Economic Surveys 16,
No. 4, 2002, 569 – 589.
Kennedy, Peter E. “Oh No! I Got the Wrong Sign!
What Should I Do?” Journal of Economic Education
36, No. 1 (Winter 2005), 77 – 92.
III. Recommended readings
F. Are Economists Different? If so, how and why?
(or Is Studying Economics Bad for Society?)
Carter, John and Michael Irons. “Are Economists
Different, and If So, Why?” Journal of Economic
Perspectives, Spring 1991, Vol. 5. No. 2, 171-177.
Frank, Björn and Günther G. Schulze. “How
Tempting is Corruption? More Bad News About
Economists.” Working Paper, University of
Hohenheim, 1998.
Frank, Robert, Thomas Gilovich and Dennis Regan.
“Does Studying Economics Inhibit Cooperation?
Journal of Economics Perspectives, Vol. 7, No. 2,
Spring 1993, 159-171.
III. Recommended readings
F. Are Economists Different? If so, how and why?
(or Is Studying Economics Bad for Society?)
Frank, Robert, Thomas Gilovich and Dennis Regan. “Do
Economists Make Bad Citizens?” Journal of Economics
Perspectives, Vol. 10, No. 1, Winter 1996, 187-192.
Frey, Bruno.S., W. W. Pommerehne, and B. Gygi.
“Economics Indoctrination or Selection? Some Empirical
Results.” Journal of Economic Education, 24, No. 3, 1993,
271-281.
Frey, Bruno. S. and Stephan Meier. “Are Political
Economists Selfish And Indoctrinated? Evidence From a
Natural Experiment.” Economic Inquiry, 41(3), 2003, 448462.
III. Recommended readings
F. Are Economists Different? If so, how and why?
(or Is Studying Economics Bad for Society?)
Frey, Bruno. S. and Stephan Meier. “Selfish And
Indoctrinated Economists? European Journal of Law and
Economics, 19, 2005, 165-171.
Gandal, Neil, Sonia Roccas, Lilach Sagiv, Amy
Wrzesniewski. “Personal Value Priorities of Economists.”
Working Paper, September 2004.
Gross, Lauren. “Altruism, Fairness and Social
Intelligence: Are Economists Different?” Undergraduate
Thesis, Stanford University, June 1, 2005.
III. Recommended readings
F. Are Economists Different? If so, how and
why? (or Is Studying Economics Bad for
Society?)
Kirchgässner, Gebhard. “(Why) Are Economists
Different?” Department of Economics, University of St.
Gallen, December 2004 Discussion paper no. 2004-18.
Laband, David N. and Richard O. Beil. “Are Economists
More Selfish than Other ‘Social’ Scientists?” Public
Choice, 100, no. 1/2 (July 1999), 85-101.
Marwell, Gerald and Ruth Ames. “Economists Free Ride,
Does Anyone Else? Experiments on the Provision of
Public Goods.” Journal of Public Economics, 15, 1981,
295 – 310.
III. Recommended readings
F. Are Economists Different? If so, how and why? (or Is
Studying Economics Bad for Society?)
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Meier, Stephan and Bruno S. Frey. “Do Business Students Make Good
Citizens?” International Journal of the Economics of Business, 11, no. 2, (July,
2004), 141-163.
http://www.bsfrey.ch/articles/401_04.pdf
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Rubinstein, Ariel. “A Skeptic’s Comment on the Study of Economics.”
Economic Journal, 116 (March, 2006), C1-C9.
http://arielrubinstein.tau.ac.il/papers/73.pdf
Stanley, T. D. and Ume Tran. 1998. “Economics Students Need Not Be
Greedy: Fairness and the Ultimatum Game.” Journal of Socio-Economics,
27(6): pp. 657-63.
Yezer, Anthony M., Robert S. Goldfarb, Paul J. Poppen. “Does Studying
Economics Discourage Cooperation? Watch What we do, not what we say or
How we Play” Journal of Economic Perspectives, Vol. 10, No. 1. Winter 1996,
pp. 177-186.
III. Recommended readings
G. Economics Applications to Study Other Areas:
Anderton, Charles H., and John R. Carter. “Applying Intermediate
Microeconomics to Terrorism.” College of the Holy Cross, Department
of Economics Faculty Research Series, Working Paper No. 04-12.
August 2004.
Iannoccone, Lawrence R. “Introduction to the Economics of Religion.”
Journal of Economic Literature, 36, No. 3 (Sept., 1998), 1465 -1495.
Kahn, Lawrence M. “The Sports Business as a Labor Market
Laboratory.” Journal of Economic Perspectives, 14, No. 3 (Summer,
2000), 75 -94.
Sandler, Todd and Walter Enders. Transnational Terrorism: An
Economic Analysis. August 2004.
III. Recommended readings
H. Some of David Warsh’s Weekly on-line Economics
Principals Columns
Available at: http://www.economicprincipals.com
• The Ghosts Story
March 17, 2002
• Wind-Tunnel Economics
April 14, 2002
• The Vital Many
October 13, 2002
• A Short History of the Clark Medal
May 4, 2003
• The Generation of Economics
October 5, 2003
• Not Your Father’s Nobel Prize
October 12, 2003
• The Man Who Became Keynes
November 16, 2003
• Our Marshall
December 28, 2003
• And The Winner Is...
October 10, 2004
III. Recommended readings
H. Some of David Warsh’s Weekly on-line Economics Principals
Columns
Available at: http://www.economicprincipals.com
• A Day in the Life of Ed Prescott
• What Can You Tell Me That I Don’t
Already Know?
• The Man Who Succeeded Gerschenkron
• Paul Samuelson, Columnist
• The Complementary Task
• In Which Economics Enters a Period of
Critical Self-Examination
• At the Summer Institute
• The Realist
October 17, 2004
January 9, 2005
April 24, 2005
May 22, 2005
October 16. 2005
December 11, 2005
July 16, 2006
October 15, 2006
III. Recommended readings
H. Some of David Warsh’s Weekly on-line Economics Principals
Columns
Available at: http://www.economicprincipals.com
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Value Added
Unintended Consequences
Clark Medal to Susan Athey
The Road to a System that Works
(Without Shooting People)
A Normal Professor
He Changed Economics
The Professor and the Columnist
Get a Grip On It
The Student of Working Together
Paul Samuelson’s Legacy
October 22, 2006
January 28, 2007
April 22, 2007
October 21, 2007
June 1, 2008
July 27, 2008
October 19, 2008
October 11, 2009
October 18, 2009
December 20, 2009
Some of the course assignments
• Economics and Other Disciplines (Essay on Economic
Applications)
• Topic and annotated bibliography for empirical research project
(two graded drafts)
• Empirical Methods Take Home Test
– There is an ungraded practice one that they get the answers to
and then the actual test
• Literature review on topic of student's research project (two
graded drafts)
• Hand in hypotheses and specification of empirical model
• 5 - 10 minute oral presentation of hypotheses and specification of
empirical model
• Hand in data used in project and sources of data
• Nobel Laureate Essay
• Written empirical research project (two graded drafts)
• Oral presentation of empirical research project
• Serve as discussants on presentations of others