Department News

New managerial economics minor approved

The Colby faculty have approved the economics department's proposal for a new minor in managerial economics beginning in the 2014-15 academic year.  Here are the details.

Program Description
The managerial economics minor is designed to provide students with a rigorous introduction to basic principles of business, finance, and management. The minor uses the business environment to support the disciplinary learning goals and methods for intellectual inquiry introduced in each student’s chosen major field of study and embodied in the College’s area distribution requirements. The courses required for the minor present students with real-world business applications to enhance the development of their problem solving skills through quantitative analysis, critical thinking, writing, and oral communication.

The learning goals for the managerial economics minor articulated in the mission statement above focus on developing our students’ analytical toolkit of problem solving skills by:

  1. Developing a capacity for quantitative analysis of complex business applications through required courses in statistics, financial accounting, and corporate finance;
  2. Enhancing oral and written communication skills through the assignment of analytical business and policy exercises that will include oral presentations, debate, policy briefs, and research papers using a variety of formats and technologies; and
  3. Improving critical thinking skills and ability for intellectual inquiry through practical business applications and case studies that require a deconstruction of the important components of contemporary issues confronting institutions and individuals in the business world in a multidisciplinary fashion.

Requirements for the minor
EC133: Microeconomic Principles; EC134: Macroeconomic Principles; EC2xx: Managerial Economics; EC211: Corporate Finance I; a one-semester course or two semester sequence in statistics or quantitative research methods selected from: MA212, MA231, MA381/382, PS214/215, SO271, GO281, or a similar course with departmental approval; EC1xx: Financial Accounting; and one 200-level economics elective, excluding EC223: Microeconomic Theory and EC224: Macroeconomic Theory.

This curriculum for the managerial economics minor was crafted to present students with a set of courses that provide increasing rigor and intellectual depth. This progression of coursework begins with a foundation in introductory micro and macroeconomics; building upon it with targeted economic applications and case studies in managerial economics; adding intellectual rigor with the development of analytical skills in statistics; and culminating in an elective area of focus chosen from a wide selection of economics course offerings at the 200-level, plus the optional internship experience.

Students majoring in economics or economics-mathematics, including the concentration in financial markets, may not minor in managerial economics. The new minor in managerial economics will replace the current minor in economics effective with the class of 2017.

— December 4, 2013