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Journal of Education for Business
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The Role of Economics in Canadian Undergraduate
Business Education
Colin F. Mang & Natalya R. Brown
To cite this article: Colin F. Mang & Natalya R. Brown (2013) The Role of Economics in Canadian Undergraduate Business Education, Journal of Education for Business, 88:4, 187-193, DOI: 10.1080/08832323.2012.670671
To link to this article: http://dx.doi.org/10.1080/08832323.2012.670671
Published online: 20 Apr 2013.
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CopyrightC Taylor & Francis Group, LLC ISSN: 0883-2323 print / 1940-3356 online DOI: 10.1080/08832323.2012.670671
The Role of Economics in Canadian Undergraduate
Business Education
Colin F. Mang and Natalya R. Brown
Nipissing University, School of Business, North Bay, Ontario, Canada
The authors analyzed curricula from all 61 Canadian undergraduate business programs and found that business schools that contain economics departments, business schools with higher mathematics and statistics requirements, and business schools that have received Association to Advance Collegiate Schools of Business accreditation are more likely to require additional eco-nomics courses beyond the standard introductory level microecoeco-nomics and macroecoeco-nomics. Among those schools that require one or more additional economics courses, managerial eco-nomics is the preferred requirement. The authors also found that many specialized business programs, such as human resources, finance, and international management, include either required or optional economics courses beyond those already required in the school’s gen-eral business degree program. Based on the findings, the authors make recommendations for business school curriculum development.
Keywords:business, curriculum, economics, management, managerial economics, quantitative studies
While the scope of economics goes beyond applications to management practice, the core principles of economics nev-ertheless form the foundation for the understanding of busi-ness operations, pricing strategies, financing and investment decisions, and strategic decision making. For this reason, all four-year undergraduate business programs require stu-dents to take introductory economics (usually introductory microeconomics, and introductory macroeconomics as well). The need to produce well-rounded business graduates, able to think critically, with a broad skill base and the ability to analyze situations from multiple perspectives has been recognized for many years. Gordon and Howell (1959) and Pierson (1959) recognized this need as the central mission of undergraduate business education. These reports provided a blueprint for business schools in the United States to tackle program development, curriculum structure, and academic standards. In light of recent economic events, a growing so-cietal interest in environmental issues and sustainability, and the increasing pace of globalization, an understanding of the societal implications of business decisions and of the firm’s place in society is now more essential than ever in achieving
Correspondence should be addressed to Natalya R. Brown, Nipissing University, School of Business, 100 College Drive, Box 5002, North Bay, Ontario P1B 8L7, Canada. E-mail: [email protected]
the mission of producing the next generation of business lead-ers. It is often observed that enrolment in business schools rises during recessions as people find themselves with lim-ited employment opportunities and take the opportunity to improve or acquire new skills. The most recent economic downturn has been no different as enrolment in business, management and public administration programs in Canada increased by 6.5% for the 2008–2009 academic year relative to the 2007–2008 academic year, while enrollment across all other programs increased by only 3.1% over the same period. As business educators engage a growing number of students in discussions about the root causes of the global economic recession, these faculty are provided with an additional op-portunity to be transformative in terms of shaping the nature of future business practices and of changing the perceptions of the role of the business enterprise in contemporary soci-ety. As fallout of the most recent economic crisis, criticisms have been levied on business education by the public and even members of the business education community. There is much debate on whether business schools should respond to the criticism and, if so, how they should respond. We feel this research is timely given the role that economics can play in answering the call for more attention to sustainability and long-term thinking. This study is a first step in that it exam-ines the present status of economics in Canadian busexam-iness schools.
188 C. F. MANG AND N. R. BROWN
While many business administration courses take the per-spective of the manager of a firm, economics courses incor-porate the perspective of society as a whole. The study of economics beyond the introductory level provides business students with stronger analytical training, and a framework for understanding the impact of events in the macroecon-omy at the firm level, as well as the social implications of decisions made at the firm level. In the 1980s, the Associ-ation to Advance Collegiate Schools of Business (AACSB) recommended that all of their member schools require nine credit-hours (i.e., three one-semester courses) of economics as part of their bachelor’s degree programs. Although as of 1998 the AACSB no longer makes such an explicit recom-mendation, more recently, the AACSB has emphasized the need for business schools to demonstrate a rich variety of viewpoints and to provide students with multiple frames of reference, which additional economics courses can provide, in order to prepare students for careers given a changing global context. Beginning in 2009, our university’s School of Business embarked on a series of major curriculum re-visions which involved reviewing the core learning objec-tives and course requirements for our bachelor of business administration (BBA) program. Presently, the amount of economics content within the program is being reviewed. Similar to many undergraduate business programs, our pro-gram presently requires two introductory courses (microeco-nomics and macroeco(microeco-nomics) and one upper level course in managerial economics. We were asked to assess what eco-nomics content undergraduate students should be expected to know beyond microeconomic and macroeconomic princi-ples, and whether those concepts should be delivered through one or more additional economics courses, or simply in-tegrated into other business courses, keeping in mind the desire to expose students to multiple frames of reference and to provide students with a vivid picture of the role of the firm in today’s society. In order to guide our decision making, we surveyed existing research examining the way economics is taught in business schools. However, to our sur-prise, we found very little recent research conducted in this area, and none relating specifically to the prevalence of eco-nomics within undergraduate business programs at Canadian universities.
The goal of our study is to examine how economics is taught in business schools at Canadian universities and to identify factors which influence the number of courses of-fered. By doing so, we hope to provide a guide for other business school faculty who are tasked with the responsibil-ity of curriculum revision and to provide an overview of the present practices of other business schools, which can be used as a point of reference for comparison purposes. To accom-plish this task, we needed to examine the nature of economics courses that are required for business school students in the general stream of a business program. In instances where schools required additional economics courses beyond the introductory level, we wanted to know what types of upper
year economics courses were required or recommended for students in the general business streams at these schools. In addition, we looked at the number of business programs that offered a stream–specialization–concentration–major or joint degree in economics, as well as whether any of the other streams–specializations–concentrations–majors (e.g., accounting, finance, human resources, marketing) offered in each business program contained additional required, rec-ommended, or optional economics courses.
In some Canadian universities, faculty members who specialize in economics and faculty members who spe-cialize in other business disciplines (such as accounting, human resources, marketing, and operations) are admin-istratively located within the same academic unit, such as in a School of Business and Economics. However, it is more common for economics faculty to be located within a Faculty of Arts or a Faculty of Social Science, while faculty members from the other business disciplines are located in their own Faculty–School of Business or Management. Of particular interest to us was how the number of required economics courses and the offering of a stream–specialization–concentration–major or joint degree in economics varied with the administrative location of the economics faculty. A secondary objective of our study was to examine the level of mathematical and statistical rigor required by Canadian undergraduate business programs. We wished to examine how mathematics and statistics course requirements varied across Canadian business schools as we suspected that a preference among business faculty for requiring greater mathematics and statistics coursework from undergraduates would also translate into a greater preference among those business faculty for requiring addi-tional economics courses because of the quantitative nature of upper year economics courses. To answer our questions we collected curriculum data from all 61 Canadian public universities that offered four-year undergraduate business degrees by reviewing their 2010–2011 academic calendars.
Having collected information on the number of required economics courses, the availability of optional economics courses for business school students, and the number of busi-ness schools offering students the opportunity to specialize in economics, our curriculum data suggest that economics in fact is widely valued as an integral part of business education at Canadian universities. While we observed that business schools that contained an economics department tended to require more economics courses both as part of their gen-eral business degree program and as part of one or more of their streams–specializations–concentrations–majors, we did not observe a similar relationship between the opportu-nity to specialize in economics and the number of required economics courses. We also observed that schools that re-quired more courses in mathematics or statistics also tended to require more courses in economics, which we attribute to a preference among the business faculty at these schools for a higher degree of quantitative content throughout the
business program, which can be provided in part by upper year economics courses.
LITERATURE REVIEW
The role of economics in business schools, and in partic-ular, the optimal length of a business student’s exposure to economics courses, seems to be a relatively understud-ied topic. Several American studies have examined the role of economics as part of general business education. Bowen et al. (1950) identified the economics content that formed a necessary component of a general business program includ-ing: general economic principles (e.g., supply and demand), the economics of the business enterprise, money, public fi-nance, fluctuations in employment and analysis of present economic conditions, government and business, labor re-lations, and international economics. Bowen et al. did not recommend a specific number of economics courses; rather, in addition to one or more general economics course, they argued that many of these economics concepts should be in-tegrated into later business courses such as marketing and finance. Philbrook (1957) also acknowledged the interde-pendence between economics and other business disciplines while Owen (1958) demonstrated the importance of incor-porating economics into a business program. More recently, Miller (2000) and Daraban (2010) argued for increased inte-gration of economics concepts throughout business courses both as a way to help reinforce the subject matter covered in introductory economics courses and also as a way to link together the material covered in other business disciplines so that students perceive their programs of study as a continuous process, rather than as a series of discrete subjects.
Gordon and Howell (1959) and Pierson (1959) exten-sively examined the curricula of business schools in the United States. While Gordon and Howell recommended that undergraduate business programs include four courses in economics (specifically introductory microeconomics and macroeconomics, as well as intermediate macroeconomics and a course in managerial economics), Pierson recom-mended five courses in economics (the additional one being a course in money and banking systems). The number of required economics courses was revisited by Chen and Zane (1969), Maloy (1976), and Deal (1977), who demonstrated that less than half of American business schools followed the recommendations of the Gordon and Howell and Pierson re-ports to include more economics courses beyond the standard introductory microeconomics and macroeconomics. Douglas (1979) argued that the reluctance of business faculty to in-clude a greater number of upper year economics courses was due to the fact (or perception) that economics faculty were not offering advanced courses that were of value to business students. He argued that courses in intermediate microeconomics and intermediate macroeconomics could be perceived as being too far removed from the realities of the
business world and instead recommended offering courses in managerial economics and business conditions analysis as alternative economics courses whose applied nature would provide business students with a more practical education in economics.
Jesswein (1982) surveyed the number of required eco-nomics courses and the availability of ecoeco-nomics as a spe-cialization, concentration, or major for business students in American undergraduate business programs and com-pared these factors to the administrative location of the eco-nomics faculty. Jesswein found that business schools which housed economics departments were more likely to offer business students the opportunity to specialize in economics through the business program—91.2% of business schools that housed an economics department offered an economics specialization as part of the business program while only 14.9% of those schools in which the economics faculty were separate did. Second, Jesswein found that business schools that housed an economics department were more likely to require additional economics courses beyond introductory microeconomics and macroeconomics—76.5% of business schools which housed an economics department required ad-ditional upper year economics courses compared with only 53.7% of business schools that did not house an economics department. This finding led Jesswein to argue that the quan-tity and type of economics courses required in American business schools is heavily influenced by the administrative location of the economics department, which encouraged us to determine whether this pattern also exists in Canadian universities.
DATA
In order to study the inclusion of economics in Canadian busi-ness programs, we examined all 61 public universities from across all 10 Canadian provinces who offered a four-year undergraduate business degree program—usually leading to the award of a BBA, abaccalaur´eat en administration des af-faires(BAA), or a bachelor of commerce (BComm) degree. Our data thus comprise the population of Canadian business schools. For consistency in reporting, we treat two-semester (or full-year, full-credit) courses as being the equivalent of two one-semester (or half-year, half-credit) courses. Of the 61 institutions surveyed, 44 had an economics department located in a faculty separate from the other business disci-plines, 11 institutions had an economics department located within the Faculty–School of Business or Management, and six institutions did not have an economics department.
As shown in Table 1, the majority of business programs required students to complete only two courses in economics. In all but two cases the two required courses are introductory microeconomics and introductory macroeconomics; how-ever, one university requires microeconomics and manage-rial economics while another requires macroeconomics and
190 C. F. MANG AND N. R. BROWN
TABLE 1
Number of Universities Requiring One or More Economics Courses as Part of an Undergraduate
Business Degree Program
No separate economics program — 6 — —
managerial economics. Only two schools required a single semester of economics, indicating that most business school curriculum designers appreciate the need to provide a suffi-cient minimum level of economics education spanning two semesters. Sixteen of the 61 schools, roughly one quarter of the total, shared our belief that additional economics courses are valuable components of a business program. While only one quarter of universities with separate economics depart-ments require three or more economics courses in their busi-ness program, nearly half of busibusi-ness schools that contain their university’s economics department require an additional economics course beyond the standard two. This finding is consistent with Jesswein (1982), who reported that Ameri-can universities where the economics faculty are integrated within the business school were also more likely to require additional economics courses in their business programs. Not surprisingly, schools that do not have a separate economics program have no additional required economics course be-yond the standard microeconomics and macroeconomics, as, without a separate economics program, they would be un-likely to have the faculty resources necessary to deliver ad-ditional economics courses.
While the administrative location of the economics fac-ulty members does appear to impact the number of re-quired economics courses in the business program, we were also interested to see if the presence of a stream– specialization–concentration–major in economics within the business degree program or the presence of a joint degree in economics and business would increase the likelihood of a school requiring additional economics courses in the business program. As shown in Table 2, 54% of institutions which have an integrated business and economics department offer business students a specialization in economics. In con-trast, only 36% of universities which separate business and economics departments into separate faculties offer business students the option to specialize in economics. It is clear that schools with integrated departments are more likely to offer a specialization in economics which we believe is the result of the economics faculty having greater input into the overall
TABLE 2
Number of Universities Offering Specializations in Economics to Business Students and the Number of
Required Economics Courses in the Business Program
Number of required economics courses
1 or 2 economics 3 or 4 economics
Item courses courses major or joint degree in business major or joint degree in business
No economics program 6 —
design of the business school curriculum at those institutions. Also shown in Table 2, for institutions at which the economics department is housed within the business school, the number of programs requiring additional economics courses is essen-tially half, regardless of whether the business school offers business students the opportunity to specialize in economics. For universities that separate economics and business de-partments into distinct faculties, the proportion of schools requiring additional courses is exactly one quarter of the to-tal, regardless of whether the business school offers business students an economics specialization. We conclude that, in Canada, there is no relationship between a business program offering a specialization or joint degree in economics and the number of economics courses required to complete the business program.
Although, the majority of business programs require only two economics courses, several streams–specializations– concentrations–majors (other than economics) within busi-ness programs have additional required or optional eco-nomics courses. Common required or optional ecoeco-nomics courses include financial economics for finance majors, in-ternational trade and inin-ternational finance for inin-ternational business majors, and labor economics for human resources majors. Table 3 indicates the number of schools which
TABLE 3
Number of Schools With Additional or Optional Economics Courses as Part of Other Specializations Within the Business Program
Additional economics courses required for one or more Additional economics courses optional in one or more Item streams–specializations– concentrations–majors streams–specializations– concentrations–majors
3 or 4 required economics courses in general business program
4 1
2 required economics courses in general business program
14 3
include additional upper year economics courses either as required or as an optional component of their curriculum for students wishing to pursue a specialization in a particular business field. Eighteen schools have one or more business specializations that require additional economics courses and an additional four schools have one or more business special-izations that provide students with the option of taking addi-tional economics courses as part of their program of study. This fact, combined with the information presented in Table 2 that shows that 22 of the 61 schools—more than one third of the total—offer business students the opportunity to special-ize in economics, indicates that economics is indeed widely valued as an integral component of business education.
Another question we have posed is whether a business school faculty’s preference for quantitative study affects the number of required economics classes in the business pro-gram. Because economics, theoretical and applied, contains a great deal of quantitative analysis, business schools that emphasize mathematical and statistical rigor may have a nat-ural preference for requiring additional economics courses as well. As shown in Table 4, as the number of required math and statistics courses increases, so does the likelihood that a school requires additional economics courses. Among the 13 schools with only one required mathematics or statistics course, only one school required three or more economics courses. Among schools with two required mathematics or statistics courses 27.6% required three or more economics courses. That figure increased to 30.7% for schools that re-quired three mathematics or statistics courses and 50% for schools that required four mathematics or statistics courses. It is not surprising that schools that require very little in the
TABLE 4
Number of Schools With Required Economics Courses in Business by Required Mathematics
and Statistics Courses
Required semesters of 1 or 2 required 3 or 4 required mathematics and/or statistics economics courses economics courses
4 3 3
3 9 4
2 21 8
1 12 1
way of math or statistics preparation are much less likely to require additional economics courses that could require those skills, whereas schools which provide extensive training in mathematics and statistics are more likely to require students to take courses which make use of those skills.
Given that, up until 1998, the AACSB recommended three half-year courses in economics, we investigated whether business schools that presently hold AACSB accreditation are more likely to require more than two economics courses. At the time of writing, only 17 of the business schools ex-amined held AACSB accreditation, and while some received their accreditation after 1998, nevertheless, we wished to ex-plore whether the curricula of accredited schools would still match the old recommendations. The results are reported in Table 5. All schools with AACSB accreditation and an in-tegrated business and economics department–faculty as well as 40% of schools with AACSB accreditation and separate business and economics departments required three or more economics courses as part of their general business curricu-lum. In contrast, only 33.3% of nonaccredited schools with an integrated department and 17.2% of nonaccredited schools with separate business and economics departments required three or more economics courses. Therefore, although the AACSB no longer recommends a minimum of three eco-nomics courses as part of a business program, AACSB ac-credited schools in Canada are still more likely than nonac-credited schools to require three or more courses.
A final question that we posed concerned how the type of economics courses offered to business students differed based on whether the economics faculty were located within the business school or not. In particular, we were influenced by Douglas’s (1979) comment that some upper year eco-nomics courses might be perceived among other business faculty and among business students as being too discon-nected from the content covered throughout the rest of the business program. We were interested to see if economics faculty located within business schools would be more re-sponsive to the curriculum needs of business students and be more likely to offer applied economics courses with a fo-cus on business issues (such as managerial economics) rather than theoretical economics courses (such as intermediate mi-croeconomics). Table 6 shows the percentage of schools sur-veyed which require the listed introductory and upper level economics courses at part of their Bachelors degree program.
192 C. F. MANG AND N. R. BROWN
TABLE 5
Required Courses by AACSB Accreditation
AACSB-accredited schools Nonaccredited schools
1 or 2 required 3 or 4 required 1 or 2 required 3 or 4 required
Item economics courses economics courses economics courses economics courses
Economics department located within the business school
— 2 6 3
Business and economics in separate schools/faculties
9 6 24 5
No separate economics program — — 6 —
Note.AACSB=Association to Advance Collegiate Schools of Business.
The majority of these universities required introductory microeconomics and macroeconomics. Only one university in our sample offered a one-semester course combining macroeconomic and microeconomic principles. In general, the percentage of schools requiring managerial economics or giving students a choice between taking managerial eco-nomics and intermediate microecoeco-nomics is larger than the percentage of schools that require intermediate microeco-nomics alone. However, 27.3% of the universities that had the economics department located within the business school required the applied managerial economics, while 9.1% pro-vided the choice between managerial economics and inter-mediate micro and only 9.1% required students to take a theoretical upper year economics course (either intermediate microeconomics or macroeconomics) instead of an applied economics course. In contrast, at schools with separate eco-nomics and business faculties, 13.6% required students to take a theoretical economics course while only 4.5% pro-vided students the option of choosing between an applied course and a theoretical course, and 4.5% required an ap-plied course (managerial economics). These results show
that applied upper year economics courses, which are of greater practical value than theoretical upper year economics courses, were much more likely to be offered to business students when the economics department is administratively located within the business school—the proximity of the economists to the other business faculty seemed to encour-age the business faculty to include more economics courses in the business program and to encourage the economics faculty to provide applied courses which are more rele-vant to a business student’s education—and of course the two effects can be mutually reinforcing. This result adds more support to Jesswein’s (1982) argument that the type of economics coursework required in business schools is influ-enced by the administrative location of the economics depart-ment. Also shown in Table 6, AACSB-accredited schools are also more likely to require managerial economics. While we have already shown that 47% of accredited schools required additional economics courses beyond microeconomics and macroeconomics, the fact that six of the eight schools who do so either required managerial economics or provide man-agerial economics as an option to fulfill the third economics
TABLE 6
Economics Requirements for a Bachelor’s Degree in Business (Percentage of Schools Requiring Course)
Universities in which Universities in which
All economics department economics department Universities with AACSB-accredited universities is within the business is outside the business no economics business
Required course (61) school (11) school (44) department (6) schools (17)
Introductory Microeconomics 98.3 100.0 97.7 100.0 100.0
Introductory Macroeconomics 96.7 90.9 97.7 100.0 94.1
Introductory Economics (combined in one semester)
1.6 9.1 0.0 0.0 0.0
Managerial Economics 11.5 27.3 9.1 0.0 17.6
Intermediate Microeconomics 3.3 0.0 4.5 0.0 0.0
Managerial Economics or Intermediate Microeconomics
4.9 9.1 4.5 0.0 17.6
Intermediate Microeconomics or Intermediate Macroeconomics
3.3 9.1 2.3 0.0 5.9
Upper Year Macroeconomics 4.9 0.0 6.8 0.0 0.0
Other 3.3 0.0 4.5 0.0 5.9
Note.AACSB=Association to Advance Collegiate Schools of Business.
course requirement demonstrated to us that faculty at these schools appreciate the benefit to business students that this applied economics course has over theoretical economics courses.
CONCLUSIONS
In this article, we have presented an overview of the eco-nomics courses required in undergraduate business degree programs in Canada. The large majority of these programs require two semesters of economics courses as part of their core required curriculum while a substantial minority re-quires three or more courses. It is clear that the two schools that provide only a single semester of economics courses are outliers within group and that having two required economics courses is viewed as the minimum necessary exposure to eco-nomics content.
However, given that schools that require a greater num-ber of mathematics and statistics are also more likely to require a greater number of economics courses, students at some schools seem to be exposed to an overly high degree of quantitative work while students at other schools may be underexposed as their programs of study contain very few economics, mathematics, and statistics courses. In order to provide a balanced education, with a sufficient level of expo-sure to quantitative studies, we recommend that all schools with only a single semester of mathematics or statistics con-sider requiring students to take three semesters of economics (in the absence of a second semester of mathematics or statis-tics). As well, for schools that already require two semesters of mathematics or statistics, we still recommend considering a requirement for three economics courses in order to provide a well-rounded and diversified educational experience with sufficient exposure to quantitative techniques.
For those schools that choose to require a third economics course in addition to the standard introductory microeco-nomics and macroecomicroeco-nomics, we recommend a course in managerial economics. Among the universities that have eco-nomics departments integrated within the business school, managerial economics is the most commonly required addi-tional course. We believe that the presence of the economics faculty within the business school is a factor leading to the requirement of an additional economics course, a view that
is shared by Jesswein (1982); however, we also believe that the collocation moderates the course offerings of the eco-nomics faculty which is why they are more likely to offer managerial economics, an applied economics course that is highly relevant to business studies, rather than a similar, but more theoretical and less business-practice oriented, interme-diate microeconomics. The nature of a managerial economics course fits more naturally with the other content covered in a business program, a fact that we believe is recognized more clearly by economics faculty members who are collocated in an administrative unit with colleagues from other business disciplines, leading to a higher incidence of the course be-ing required at those schools. Therefore, we recommend this course as the required upper year course for those schools which require three economics courses in their business program.
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