Economics

What is the program’s mission statement or statement of purpose? Why does the program exist?

The Department of Economics will educate traditional and non-traditional students through a strong undergraduate and graduate economics curriculum designed by a faculty committed to excellence in teaching, research, and service.  The Department will support and strengthen its faculty by providing incentives to develop and improve teaching skills, research programs, and service contributions.  Through teaching, counseling, and example, the Department will encourage students to become responsible citizens well-prepared to achieve their personal, educational, and professional goals.

How does the program mission align with the university mission?

The Department of Economics, through a strong, comprehensive, and contemporary curriculum at the undergraduate level as well as the graduate level, offers a superior and accessible education to traditional and non-traditional students.  The Department of Economics is also strongly committed to diversity and inclusion.  The Economics faculty members are not only culturally diverse, but also intellectually and scientifically.  They provide the students with a multitude of fields and opinions within the science of Economics and foster opportunities for high levels of critical thinking and scholarships.

The undergraduate program in Economics trains students to think objectively and independently about a wide range of economic issues and problems, by giving them insights that will serve them as informed individuals and global citizens.  The undergraduate program emphasizes the application of economic theory supplemented by data analysis as well as mathematical and statistical analysis.  Graduating students participate in a capstone research course that enables them to apply economic theory to a real world question and conduct an independent research project under the supervision of a faculty. The findings of the undergraduate research projects are presented to a panel of students and faculty as well as the university community in bi-annual exhibitions known as EIU @ EIU, Economic Investigation by Undergraduate at Eastern Illinois University.  Thus, the Department's program strives to achieve the mission of the University "that students learn the methods and results of rigorous inquiry" in the science of Economics.   

Whom does the program serve?

The Department of Economics serves traditional and non-traditional students at the undergraduate and graduate levels.  The Department offers two comprehensive degree programs for those who wish to major in Economics.  In addition, three courses in Economics have been designated as General Education courses and three introductory courses are offered to the students Honors College.  A Senior Seminar course, EIU 4115G - Pop Culture Economics is also available to non-Economics major every semester.

What are the services provided? How do these services align with the university mission and program mission?

The Department of Economics offers multiple sections of introductory courses in the Principles of Macroeconomics (ECN 2801G) and Microeconomics (ECN 2802G) every semester.  Two Online versions of these two courses are also available to off-campus students.  The Economics of Social Issues (ECN 2800G) is another General Education course that is offered in multiple sections each semester.  The Department also offers three courses for students in the Honors College.  The Principles of Macroeconomics - Honors (ECN 2891G) is offered every fall semester and the Principles of Microeconomics - Honors (ECN 2892G), which is offered in spring semesters.  A third course in International Economics - Honors (ECN 3891) is offered in the fall semesters on demand.  Students in the Departmental Honors in Economics are offered Independent Study - Honors (ECN 4444) and Honors Thesis (ECN 4666) to fulfill the requirements for the degree in Economics with the Honors distinction.  

Describe the program’s origins (e.g. year established, purpose, expectations).

The Department of Economics was established in 1963, when the University moved in the direction of becoming a more comprehensive university offering specialized degrees in various fields.  Prior to that time, Economics was one of the five fields of study that made up the Social Sciences Programs at Eastern.  The Social Sciences Programs encompassed fields in Economics, History, Political Science, Sociology/Anthropology, and Social Sciences Teacher Certification.  In an attempt to provide Eastern students with more specialized and comprehensive programs in social sciences, it became necessary to establish independent and larger departments in the College of Liberal Arts and Sciences for Economics and the other fields that made up the Social Sciences Programs.  Dr. Glenn McConkey became the first Chair of the new Department of Economics at Eastern.  The Department of Economics established a graduate program in Economics in 1968.

How has the unit changed or adapted over time?

The Department of Economics has gone through a lot of changes since its inception in 1963.  There have been a few periods of expansion in the Department to accommodate a program at the graduate level and many specialized fields of study at the undergraduate level in Economics.  In addition, the substantial increase in the demand for service courses by the School of Business and to keep up with the national trend, the Department of Economics implemented more quantitative requirements for both graduate and undergraduate programs by offering new courses in Statistical Analysis Applied to Economics, Managerial Economics, Econometrics, Agricultural Economics, and other applied courses in Economics.  For that purpose, the Department added new positions in the late 1980s and early 1990s.  By the mid 1990s, the Department of Economics reached its highest number of faculty at twenty-one.   In the latter parts of the 1990s and with the inclusion of a capstone course to the undergraduate curriculum and a non-thesis option for the graduate program, the focus of the curriculum shifted toward a more writing intensive program and an increasing emphasis on undergraduate and graduate research in Economics. Additional support for faculty research became available as well.

If needed, provide supplemental comments to help the reader understand the program’s history and relevance to university mission.

Provide data showing the four-year trend in the number of majors, minors, options, and concentrations.

Provide data showing the four-year trend in student credit hour (SCH) production, percent of SCHs that are general education, and percent of SCHs that are taught to non-majors.

What elements of the program’s curriculum are offered specifically to support other academic majors, minors, options, and concentrations?

The Department of Economics contributes a total of five courses to the general education and the Honors College at Eastern.  These courses are ECN2800G - Economics of Social Issues; ECN2801G - Principles of Macroeconomics; ECN2802G - Principles of Microeconomics; ECN2891G - Principles of Macroeconomics, Honors; and ECN2892G - Principles of Microeconomics, Honors.  Each general education course is a three-credit hour course and is offered in multiple sections each fall and spring semester.  The Honors courses are three credit hours courses as well, but ECN2891G is usually offered in the fall semester as ECN2892G is offered in spring.  ECN2801G and ECN2802G are also available online but only to off campus students in the fall and spring semesters, respectively.   In addition, the Department of Economics offers a senior seminar, EIU4115G - Pop Culture Economics, in multiple sections each semester, including summer.

In the Lumpkin College of Business and Applied Sciences, the students majoring in Business must complete ECN2801G and ECN2802G to develop background knowledge for the study of business.  MBA students are encouraged to take either ECN4751 - Managerial Economics or ECN4840 - Money and Banking.  The School of Family and Consumer Sciences requires ECN2801G for the following concentrations: Apparel & Textile Design, Consumer Studies, Hospitality Management, and Merchandising.  ECN2802G is an elective course in FCS/Consumer Studies Concentration.  The B.S. degree in Applied Engineering and Technology in the School of Technology requires one course in Economics; either ECN2800G or ECN2801G.  The B.S. in Career and Technical Education, however, requires both ECN2801G and ECN2802G.

In the College of Sciences, the students majoring in the Biological Sciences with the Environmental Biology Option are required to take ECN2800G while ECN3810 - Economics of Natural Resources is recommended as an elective course.  ECN2801G and ECN2802G are required courses for the B.S. in Chemistry with Management Concentration. The B.S. in Geography with Environmental Studies Concentration requires ECN3810 as an elective while the International Studies Concentration students have the option of taking ECN3100 - Global Threat and Problems, ECN3833 - Economic Development of Modern Europe, or ECN3860 - International Economics as a Multi-Disciplinary Component.  Nursing students are strongly recommended to take ECN3875 - Health Economics as an elective course.   Students pursuing a B.A. degree in Political Science with the International Option are required to take ECN2801G and ECN2802G.  In addition, they have the option of taking ECN3833 - Economic Development of Modern Europe, ECN3860 - International Economics, ECN4511 - Comparative Economic Systems, ECN4570 - Economic Development of Developing Countries, ECN4813 - Transitional Economies, and ECN4861 - International Economic Problems as elective courses.  ECN3851 - Public Finance is available as an elective course in the B.A> in Political Science with the Public Administration Concentration.  The Social Science Studies Program has ECN2801G and ECN2802G as required courses.

Interdisciplinary Programs require the following courses in Economics:

• Asian Studies Minor, ECN4875 - Area Studies;
• Environmental Studies Minor, ECN3810 - Economics of Natural Resources;
• Environmental Sustainability Minor, ECN2800G - Economics of Social Issues; and
• Latin American Studies Minor, ECN4861 - International Economic Problems and ECN4875 - Area Studies.

The students in Interdisciplinary studies can take following Economics courses as elective courses:

• Health Communication Minor, ECN2800G - Economics of Social Issues and ECN3875 - Health Economics;
• PreLaw Studies Minor, ECN2802G and ECN4850 - Economic Analysis of Law; and
• Women Studies Minor, ECN3100 - Global Threats and Problems.

In the College of Arts and Humanities, the B.A. in History with International Studies option requires ECN2801G, ECN2802G, and ECN3860 - International Economics, and the B.A. in History with Teacher Certification Option requires ECN2801G and ECN2802G.  In the Liberal Arts Area of B.A. in Journalism, Economics is one the fields from which students can take ECN2801G and ECN3880 - Government and Business.

If needed, provide supplemental comments to help the reader understand the internal demand for the program. Note any clarifications or special circumstances (e.g., curriculum changes made by another program) that should be considered when reviewing the above data.

A program change that began in Fall 2007 in the School of Business adversely affected course offerings by the Department of Economics.   Prior to that date, three courses in Economics were required for the students majoring in Business; ECN2801G - Principles of Macroeconomics, ECN2802G - Principles of Microeconomics, and ECN3860 - International Economics.  As a consequence, these courses were offered in multiple sections every semester by the Department of Economics.  The School of Business began a gradual process of phasing out ECN3860 from the required courses for Business majors and replacing it with BUS3200 - International Business in 2007.  This change in the Business curriculum resulted in a substantial reduction in the enrollments in Economics.

List relevant data from the Bureau of Labor Statistics (BLS) Occupational Outlook Handbook, the National Association of Colleges and Employers (NACE) New Graduate Salary Survey, and the EIU Career Services Annual Report.

Occupational demand for Economics graduates is projected to increase at the modest rate of 6% from 2010 to 2020 by the Bureau of Labor Statistics.  This growth is expected to come mostly from the private sector as more businesses and organizations across the country rely on economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends.   Job opportunities for individuals with a master's degree in Economics are expected to be good especially for those individuals with strong quantitative and analytical skills. As more companies contract out economics-related work, most job openings for economists are expected to be in consulting services.

According to the National Association of Colleges and Employers Salary Survey for 2012, the overall average salary for Class of 2011 graduates was up by 2.3% higher than the Class of 2010.  Economics majors received the highest percentage increase in salary in the business-related from 2010 to 2011.  The average salary of Economics majors grew by 6.3% during that period as securities, commodities, funds, trusts, and other financial investment firms became the largest employers of economists and provided the highest average starting salary at $77,640.

The EIU Career Services Annual Reports in 2011 and 2012 reveal the following data:

2011:

Number of graduates with the B.A. in Economics: 22

Number of graduates with the B.A. in Economics served: 10

Number of respondents: 6

Number employed: 6

Number of graduates with the M.A. in Economics: 4

Number of graduates with the M.A. in Economics served: 2 

Number of respondents: 2

Number employed: 2

2012:

Number of graduates with the B.A. in Economics: 10

Number of graduates with the B.A. in Economics served: 7

Number of respondents: 3

Number employed: 3

Number of graduates with the B.A. in Economics: 10

Number of graduates with the M.A. in Economics served:10 

Number of respondents: 7

Number employed: 3

Number still looking: 4

Is the program accredited or approved by a recognized external agency or otherwise certified to meet established professional standards? Provide an executive summary of and link to the program’s most recent accreditation or certification report, if available.

No, the Economics program is not accredited by any external agency.

Is the program required to meet any regulatory or legal requirements? Is the program subject to any special auditing requirements?

The Illinois Board of Higher Education (IBHE) has statutory responsibility to review periodically the Economics program at Eastern Illinois University.  All existing programs of instruction, research, and public service at state universities must be reviewed by IBHE periodically.  The major focus of the review is to determine whether or not the contribution of each program is educationally and economically justified and to make sure that the academic unit continues to be consistent with the university's priorities.  Universities conduct program reviews according to campus-developed procedures and submit the results to the Illinois Board of Higher Education. 

What are the most important outreach or public service activities supported by the program?

The Department of Economics, through the Student Society for Economics, aka Economics Club, participates in charitable activities such as toy drives, Toys for Tots, and Food Drives for the Catholic Charities and the Charleston Food Pantry every year. In addition, some faculty members are involved with the local civic organizations such the Rotary International and Catholic Charities.

How do the local community and the region benefit from the program?

The Department of Economics has impacted the local community and the region in several different ways.  Several undergraduate Economics majors have worked as interns at the Coles County Regional Planning and Development Commission.  In return for practical experience, they have offered their economic knowledge to their local employers.  In addition, many undergraduate and graduate students have focused their research projects on local issues.  The local issued addressed by Economics students include waste removal at the local landfills, revenues at Sarah Bush Lincoln Center, biofuel and other renewable energy sources, and the impact of the university on the local economy. 

If needed, provide supplemental comments or data sources to help the reader understand the external demand for the program.

Economics (B.A.)

Significant Achievements that Document Quality/Improvement

Significant achievements that document support of VPAA and/or University goals

Integrative Learning Opportunities

Student Research/creative Activity

Faculty-student collaboration

Strategies to improve P-16 teaching and learning

External Partnerships

Pass rates on any professional/ occupational licensure exams

Faculty Achievements

Student Achievements

Economics (M.A.)

Significant Achievements that Document Quality/Improvement

Significant achievements that document support of VPAA and/or University goals

Integrative Learning Opportunities

Student Research/creative Activity

Faculty-student collaboration

Strategies to improve P-16 teaching and learning

External Partnerships

Pass rates on any professional/ occupational licensure exams

Faculty Achievements

Student Achievements

If needed, provide supplemental comments or data sources to help the reader understand the quality of program outcomes.

Note any special benefits (e.g., personnel support, equipment, permanent improvements) that the program has received in the past three years from its grants and other sponsored programs.

The Department of Economics did not receive any grants or special benefits from any sponsors during the last three years. 

How does the program benefit from donor gifts (e.g., scholarships, endowed chairs)? Does donor support provide a significant percentage of the program’s overall funding?

Donor gifts to the Department of Economics fund a number of annual scholarships and a fellowship.  The following is a list of scholarships available to Economics majors:

• Economics Alumni Scholarship, issued in Spring;
• Elisha Baumgartner Scholarship, issued in Fall, available to students in Economics, History, Political Science, and Sociology on an alphabetically rotating basis each year;
• Glenn A. McConkey Scholarship, issued in Spring;
• Ahmad Murad Scholarship, issued in Spring;
• Ebrahim & Donna Karbassioon Grad Economics Scholarship, issued in Spring; and
• Patrick Lenihan Graduate Fellowship in Economics, issued in Fall.  As provided through the Graduate School, the recipient of this fellowship will receive tuition waiver.

List two or three key relationships that the program maintains with external constituencies (e.g., community colleges, other universities, government bodies). How do these relationships advance the university mission or otherwise benefit the university?

The Department of Economics and Lake Land Community College in Mattoon, Illinois, developed an articulation agreement known as 2+2 Agreement: Lakeland College - A.S. Economics to B.S. Economics in July 2011.  This agreement allows qualified students with Economics A.S. from Lake Land College to be admitted to the baccalaureate Economics B.S. at EIU.

The Department of Economics also initiated a special articulation relationship with the Department of Agriculture at Lake Land Community College in September of 2013.  This relationship concerns an articulation plan, which would allow students with an associate degree in Agriculture from Lake Land College to transfer to Eastern and pursue a B.A. in Economics with a minor in Agriculture.

If needed, provide supplemental comments to help the reader understand the resources generated by the program. Note any clarifications or special circumstances (e.g., revenue pass-throughs) that should be considered when reviewing the above data.

If needed, provide supplemental comments to help the reader understand the productivity of the program. Note any clarifications or special circumstances (e.g., accreditation requirements, curricular changes, program restructuring) that should be considered when reviewing the above data.

If needed, provide supplemental comments to help the reader understand the costs associated with the program. Note any clarifications or special circumstances (e.g., expenditures made centrally or externally, expenditures made on behalf of other units) that should be considered when reviewing the above data.

How does the program seek to distinguish itself from similar programs at other institutions?

In his External Evaluation Report for the Department of Economics - Eastern Illinois University, Professor Michael Watts of Purdue University stated: "My overall appraisal is that, compared to other departments of similar size and at similar universities, the Economics Department at EIU stands out in an number of areas." The commitment to teaching continues to be taken very seriously by the faculty.  The construction of an eighteen-seat computer lab for students has enhanced the instruction of statistics, econometrics, and other quantitative and research oriented courses while the implementation of a department-wide initiative to promote critical thinking and problem solving has increased student writing and presentation Skills.  Other areas in which the Department of Economics has excelled in the recent past include public forums on economic issues sponsored by Economics Club, experiment in team teaching, and creative and innovative uses of instructional technologies and other teaching strategies and techniques developed by the Department or by individual faculty.

The master's degree in Economics has also distinguished the Department of Economics at EIU from many at otherwise comparable schools.  The program attracts faculty who want to teach graduate courses has helped strengthen the culture of research in the Department.  A large portion of graduate students chooses to write theses under the supervision of the graduate faculty instead of choosing the non-thesis option.   The master's candidates in the Department of Economics at EIU have written many excellent theses.

Note any unique and/or essential contributions that the program makes to the university.

The Department of Economics has been a major contributor to many social, political, economic, environmental, and intellectual events and debates at Eastern Illinois University.  Organizers of such forums have always looked up to the Economics faculty for guidance, clarification, and economic perspective on the current domestic and international issues and problems.  The diversity among the Economics faculty has put them in a unique situation that enables them to participate in campus-wide conversations and to have positive impacts on finding solutions to the issues concerning the welfare of society.

A vast majority of academic programs on campus either require at least one or two courses in Economics or have included Economics courses in the recommended elective categories for students pursuing a degree.  A general understanding of economic concepts and principles empowers college graduates to have a better understanding of social issues and allows them to make better decisions and become more informed citizens.

Provide any program-specific metrics that help to document program contributions or program quality. Examples of some commonly used program-specific metrics may be found here.

If needed, provide supplemental comments to help the reader understand the program impact on the university mission.

Provide a link to or listing of the program’s goals and/or strategic plan.

In the latest strategic plan for the Department of Economics the following goals were set:

• Increase the number of graduate assistants in the Department;
• Cultivate potential donors to establish a scholarship;
• Continue to invite scholars and speakers to address campus community;
• Engage students in site visits to notable businesses and government enterprises;
• Continue facilitating faculty/student research;
• Establish program articulation agreements (2+2);
• Reduce dispersion of assessment results by refining trait rubrics or anchoring;
• Support Continuing Education's off-campus and evening programs; and
• Study feasibility of initiating an internationalized program (study abroad/scholar exchange/research program).

There is no link to the strategic plan, as far as we know.  The Office of Planning was the custodian of all strategic plans on campus and we have been unable to find any links through the web site of that office.

What role will the program have in the implementation of the university’s strategic plan (provide link to strategic plan)?

The Department of Economics has many programs that align with and support the university’s strategic plan:

Academic Excellence

The Department promotes undergraduate research in many ways, including its capstone course, Theory & Research. Each semester, students in this course complete an independent research project and present it in oral, written, and poster forms. The poster presentations occur at our EIU@EIU (Economic Investigations by Undergraduates at Eastern Illinois University) event held each semester that is open to the university community. Students also are invited to attend and present research at the annual meetings of the Missouri Valley Economics Association.

The Department encourages students to complete internships, most of which occur during the summer sessions.

The Department also provides experiential learning in the form of the Chicago Financial Institutions Trip each spring. Students meet with professional economists (most of whom are EIU alumni) and are afforded an opportunity to network.

Last, the Department has one dedicated adviser to allow for a more intentional and thorough advising experience for economics majors.

Global Competition and Changing Demographics

The Department has been working with Lake Land Community College on an articulation agreement to allow agricultural students to transfer to EIU to complete a B.A. in Agricultural Economics. The Department will continue to seek opportunities with regional community colleges to provide opportunities for these transfer students.

The Department has one of the most diverse faculty at the University, and a diverse group of international graduate students as well.

Emerging Technologies

The Department has a dedicated computer classroom with 18 student stations. These computers are equipped with the three top statistical packages available to train students: SAS, SPSS, and Stata.

The Department has been expanding its online course offerings.

Each of the Department’s classrooms is equipped with SmartBoard technology.

Marketing and Communication

The Department has a Student Recruitment Committee that has developed new department brochures and materials for open houses. A plan is in place to advertise to Illinois high schools offering economics courses.

What are the program’s two or three most promising opportunities that could help advance the university’s academic mission? Provide an estimate of additional investments or other costs required and additional student credit hours, revenue, or other resources generated.

The Department of Economics has had the opportunity to engage in two articulation plans with Lake Land College (LLC) in Mattoon in the recent past.  With one plan, which is 2+2 agreement, LLC graduates with an associate degree can transfer to Eastern and pursue a baccalaureate degree in Economics.  With the second plan, which was initiated in fall 2013, LLC graduates with an associate degree in Agriculture can transfer to Eastern and pursue a baccalaureate degree in Economics with some emphasis in Agricultural concerns.  Plans are under way to expand these articulation efforts and approach other community colleges in the State of Illinois.   Moraine Valley Community College in Palos Hills, Illinois, has already articulated a course in International Economics for Spring 2014.

Another promising opportunity that we are seeking is to enhance our involvement with the Renewable Energy Center.  The Department of Economics has been actively involved with the Center since its inception in 2010.  The Economics faculty have been involved in the research projects concerning supported by the Center for Clean Energy Research and Education.  Currently, there are three individuals from the Department of Economics on the Master of Science in Sustainable Energy Administration Board.  The mission of the Board is to "receive updates from the program leaders on curricular and related matters and to identify and resolve any issues that may emerge with the administration of the program."  There is also a course in the Economics of Natural Resources in the Policy and Economics cluster of the graduate program in sustainable energy.

The third promising opportunity that we are planning to pursue in the near future is the development of a master degree in public policy in the College of Sciences.  The conversation about such a program has already begun with the Department of Political Science at Eastern.  “The program’s objectives are to prepare students to become leaders in contemporary business, government, and academia by providing excellent education in public policy. We accomplish our mission by offering flexible curriculum centered on analytical rigor, efficient quantitative methods, and effective communication skills.” The program will be run initially by a partnership between the Department of Economics and the Department of Political Science. Reflecting the current strength of these departments, the Master degree will require the completion of 12 semester hours of core courses and 18 hours of elective courses. In addition, students will choose a supervised thesis or a non-thesis project for three hours of capstone experience.

These opportunities will advance the university's academic mission and have the potential of increasing enrollment at Eastern.  The additional investment and other costs may incur because of the urgent need to hire an Economist with the expertise in natural resources. 

If needed, provide supplemental comments to help the reader understand future opportunities for the program.