Economics and Management Major

                                      Spring 2009


I.          Executive Summary


The Department of Economics and Management met to reflect upon the past year’s accomplishments and the goals of the next academic year. We used an informal open process that allowed each member of the major field to contribute to the final report. The topics of greatest import were how the department will adapt to the rapidly growing number of students in both introductory and upper division courses, and the problems encountered with the offering of required courses on a biennial basis in a climate of shrinking resources. We discussed the high probability that these problems will continue in the near to intermediate future, and suggested changes in the examination process to allow for the effective evaluation of a larger number of students.


II.        Summary of Assessment Review and Planning Meeting


A.        Professors Muin Uddin (Chair) and Kent Klitgaard met on March 10, 2009. The meeting commenced at 1:30 p.m. and finished at 4:30 p.m..


B.        The year’s changes included upgrading classes, and the offering of a new and timely Contemporary Issues course. Economics 227 (International Trade and Finance), taught by Professor Uddin was augmented to a 300-level course entitled The World Economy: Trade and Finance, and was given the number of ECON 330. The Political Economy of Globalization, formerly taught as a Contemporary Issues class (ECON 385) was given an official number (ECON 355). Professor Klitgaard also introduced a new Contemporary Issues class (ECON 385), entitled The Economic History of the Great Depression, for spring 2009.


On the management side the major field introduced two new Intermediate Accounting courses (MGMT 313, 314), a class on Income Tax Accounting (MGMT 300), and an additional 300-level course entitled The Legal Environment of Business (MGMT 305).


Professor Klitgaard presented his use of electronic examinations in his large (49 student) Principles of Microeconomics class and advocated further use of this approach in the coming years as a mechanism to cope with increasing student numbers in the midst of declining budget allocations.


Professor Klitgaard also continued his active research as a scholar. He gave two conference papers on the topic of “A Time for change in Economic Theory?” The first version was presented at New York State Economics Association on October 12, 2009 in Ithaca New York. A revised a shortened version of this paper was accepted for publication in the 2009 Proceedings of the New York State Economics Association. An expanded version of the paper was presented at the First Annual meeting of the International Society for Biophysical Economics. Two more of Professor Klitgaard’s papers have been accepted for publication and are currently in press for the Corporate Examiner, the theoretical journal of the Interfaith Center for Corporate Responsibility. “The End of Faith-Based Economics” (with John Gowdy, Charles Hall, and Lisi Krall) and “Forms of Capital” (with Gowdy and Krall) are scheduled to appear in April, 2009.


C.        All members present expressed satisfaction with the other components of the Assessment Plan. No further revisions were discussed.


III.       Plan and focus for the upcoming year


In the Spirit of Vladmir Lenin, What is to be Done?


Professor Uddin will continue to participate in Wells 101, even though this means a reduction of resources for the economics and management program. Professor Klitgaard has expressed willingness to participate in Wells 101 should a managerial-level decision be made that accommodates the teaching of this course on a MWF schedule.

Professor Klitgaard also continues to write his co-authored text (with Charles A.S. Hall) entitled Energy and the Economy for use in an eventual course on the Economics of Energy. Professors Klitgaard and Hall have proposals before Springer and Wiley. Hopefully the manuscript will be complete by the end of the summer of 2009 and the book (and course) ready for the fall of 2010.


We had extensive discussion, among ourselves and earlier with the dean, that growing enrollments are pressuring a structure that was designed in a time of fewer students. This is felt most acutely in Econometrics (ECON 314), but this semester’s enrollments in Introduction to Political Economy have climbed from seven to 22. Managerial Economics (MGMT 302) has also experience increased student numbers. The faculty presented a reasonable argument to the Dean of the College for the employment of an adjunct instructor in economics to relieve the full time members of the major field that would allow them to offer required courses on a timelier basis. Given the college’s financial position in the spring of 2009 we are not expecting additional help in the immediate future. No plans will be implemented in the absence of additional faculty resources.


IV. An Updated Assessment Plan


Attached is our updated assessment plan dated Spring 2009.


The members of the major field believe that no additions or updates to the methods or goals of assessment plan are required at this time. 


We are pleased to report the results of the performance of last year’s seniors.  All students completed successfully the comprehensive examinations. Moreover, all produced an original senior thesis and publicly presented their results, completing the requirements for graduation.  beyond Wells:


Dalace Inman is now enrolled in the MBA program at Clarkson University.

Jennifer Chieng is now employed with the Bank of New York.

Kathleen Kanally returned to another institution for additional work in accounting and has been promoted to the accounting department at Wegmans in Auburn.


Unfortunately the number of internship offerings has come under stress in the last year. Having been deemed worthless by the financial markets Lehman Brother is no longer in existence, let alone in a position to offer internships to Wells students. AIG is preoccupied seeking bailout money. Their corporate affiliate internship program was also cancelled. For some years now.


We continued to make up exams, grade them, make comments on student papers, demand that students come to class prepared, call on students to present their ideas orally. Comprehensive examinations will be administered this year on April 11, 2009. Students enrolled in Senior Seminar (ECON 402) will present publically their senior theses on April 29, 2009 and May 6, 2009.


V.        Data Sources


1.         Enrollment Data were obtained from the Registrar’s Office and from “The Globe.”

2.         Data on employment and education subsequent to Wells were obtained by means of

            personal interviews with our recent graduates.

3.         Copies of examinations are available via the Registrar’s Office or through individual         members of the major field.

4.         Copies of publications are available by request.



M. Muin Uddin                                                                       Kent A. Klitgaard

Professor of Economics & Management                                Professor of Economics

Chair, Economics and Management Major                             Patti McGill Peterson

                                                                                                Professor of Social Sciences

Muin Uddin                                               

Kent A. Klitgaard


Economics and Management Major Updated Assessment Plan