Follow your passion for Economics

The study of economics is the study of decision-making. Economics is a method of thinking rather than a doctrine—a technique that helps the individual make decisions and draw correct conclusions in an increasingly complex world. Courses in economics include topics such as individual and firm behavior, public finance, inflation, unemployment, international trade, financial markets, poverty, wage disparity, inequality, growth and development.The strengths of the program lie firmly within the curriculum, faculty and students. We have a strong “mainstream” curriculum that provides our majors with the theoretical, historical and institutional underpinnings of the discipline. The size of the faculty and their professional and graduate experience enable them to provide both the depth and breadth of courses necessary to give students a reasonable degree of curriculum choice. Even students who take only introductory classes benefit from the availability of a Ph.D. economist to answer questions and provide guidance on economic issues. The Economics program at Loras teaches courses in ways that help students become active learners, individual thinkers and effective communicators and decision-makers.

For more information, contact Dr. Doug Gambrall at

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With more than 100 co-curricular opportunities, including organizations relating to academic majors, national honorary and professional societies, student and residence hall government, interest groups and recreational interests, there’s something for everyone.

Loras provides a variety of opportunities for you to get involved in the Loras Community from the moment you set foot on campus! From your first year through your senior year, we have designed programs focused on providing educational and social experiences for each student. These programs will help you develop organization, problem-solving and collaboration skills along with making your Loras experience the best time of your life.

There are more than 100 co-curricular opportunities, including organizations relating to academic majors, national honorary and professional societies, student government, special interest groups and recreational interests.

If you can’t find a student organization that interests you, we’ll help you start up your own!

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From clubs and organizations to theater productions, concerts, athletic events, musical performances, intercultural programs, spiritual opportunities, there is so much for students to choose from.

From clubs and organizations to theater productions, concerts, athletic events, musical performances, intercultural programs, spiritual opportunities, there is so much for students to choose from.
Loras College provides a stimulating social climate for the campus and allows students to enjoy a diverse array of programs and entertainment.

On any given night of the week, students can enjoy a number of social opportunities. From clubs and organizations to theater productions, athletic events, musical performances, intercultural programs and spiritual opportunities, there is so much for students to choose from. In addition, the College Activities Board provides a variety of entertainment including: comedians, game shows, coffeehouses and concerts every weekend.

In addition, the College Activities Board provides a variety of entertainment including: comedians, game shows, coffeehouses and concerts every weekend.

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Our undergraduate Business Analytics program is a truly interdisciplinary major with applications in all areas of business. Students embarking on this path will develop solid skills in data mining and methods of discovery, all while exploring the role of ethics and the social value associated with big data collection and usage.

Loras College is a leader in analytics, and our undergraduate program is part of our Center for Business Analytics that includes an MBA in Analytics and a Certificate in Analytics.

These programs generate a culture of data science and offer students a glimpse into the diverse opportunities available beyond graduation.

Learn more about all our analytics programs at

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Scholarships are available exclusively for economics majors and are awarded on an annual basis.

There are several scholarships available for economics majors, however the three Loras scholarships below are available exclusively for economics majors and are awarded on an annual basis.

  • Om Batish Scholarship in Economics
  • Reverend Edmund Kurth Memorial Scholarships in Economics
  • Professor Francis Noonan Scholarship in Accounting, Business, and Economics

Recipients must be of junior or senior status and carry a 3.0 GPA or better to be eligible.

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Our graduates are acquiring employment or being accepted into graduate and professional degree programs. Over the past five years graduates with a B.A. in economics have had a nearly 100% placement rate.

John Elway received his B. A. degree in economics from Stanford University, and he put it to work playing football.

While few of our graduates have been quite so lucky as Mr. Elway, an important test of the success of the department of economics at Loras is the demand for our graduates. That is, are our graduates acquiring employment or being accepted into graduate and professional degree programs?

Over the past five years our graduates with a B.A. in economics have nearly 100% placement rate within these two areas. In terms of furthering their education, students are enrolled in graduate programs in economics, law, MBA programs, and health care administration programs. We are particularly proud of the fact that students applying to graduate programs in recent yearshave been accepted to study at such excellent institutions as the University of Wisconsin, the University of California-Berkeley, the University of Michigan, Washington University, Purdue University, the University of Missouri (Columbia), the University of Iowa, and the University of Illinois. Our graduates are located at various educational institutions and places of employment around the country, and to a lesser extent, around the world: Florida, New Hampshire, New York, Ohio, Arizona, California, the United Arab Emirates, Columbia, Egypt, and Japan.

Places of employment and types of work vary widely. In addition to graduate studies in economics, law, and business, our graduates have entered into many different careers with either private firms or government agencies: bank examiners, customer service managers, floor brokers, financial analysts, education director, credit analysts, employee benefits consultant, insurance underwriter, software developer, part-time college teachers, restaurant owner, supervisor, investments and securities analysts, teachers, securities traders, and systems analysts.

Economics is about making choices, so a degree in economics is useful in any walk of life!

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The Loras College Economics Club is a student-run social and academic organization.

We have several meetings per semester where we participate in a variety of events: speakers, career planning and placement forums, papers presented by students and faculty. In addition, the Economics Club is the center of several extracurricular activities most notably the Christmas Party, and Economics Golf Invitational.

Students have taken the initiative to seek out Student Senate funding for various projects and have participated in service projects throughout the Dubuque community: most notably, volunteering to work at the arboretum in the spring and fall semesters and for the Spring Clean Up Campaign.
For more information contact Dr. Amy Lorenz at

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Major Requirements
Division of Business & Economics
Luke Lammer, C.P.A., Chair

Students must get PRIOR written permission to transfer in credit once they have matriculated at Loras. Students wishing to take a summer school class on another campus must get written permission from the Chair BEFORE taking the class. If a student has taken courses on other campuses and then transfers to Loras the Division chairperson may make a determination of those transfer credits.

Internships cannot be used to fulfill electives for any major or minor in this Division. Students should complete their major’s math requirement (L.MAT-115 or L.BUS-250) by the end of their sophomore year.

Requirements for the major in Economics (B.A.):
Students contemplating graduate school are strongly encouraged to take L.MAT-150, 160 and 250, along with L.ECO-419. Only one advanced general education course taught by an Economics faculty member may be used toward the major requirements.
Req Course Cr’s
Select one from Req 1
1   L.BUS-250: Business Statistics 3
1   L.MAT-115: Statistics-FM 4
2   L.ECO-221: Principles of Microeconomics 3
3   L.ECO-222: Principles of Macroeconomics 3
4   L.ECO-321: Intermediate Microeconomic Theory 3
5   L.ECO-322: Intermediate Macroeconomic Theory 3
6   L.ECO-490: Economics Seminar 3
7   L.ECO-353: History of Economic Thought 3
8   L.ECO-419: Econometrics 3
9   Elective: Any additional Economics course 3
10   Elective: Any additional Economics course 3
11   Elective: Any additional Economics course 3
12   Elective: Any additional Economics course 3
36 to 37 total required credits

Requirements for the minor in Economics:
Only one Advanced General Education course taught by an Economics faculty member may be used towards the major requirements.

Req Course Cr’s
1   L.ECO-221: Principles of Microeconomics 3
2   L.ECO-222: Principles of Macroeconomics 3
3   L.ECO-321: Intermediate Microeconomic Theory 3
4   L.ECO-322: Intermediate Macroeconomic Theory 3
5   Elective: Any additional Economics course 3
6   Elective: Any additional Economics course 3
18 total required credits
Course Requirements

L.ECO-221: Principles of Microeconomics
Have you ever wondered why airlines charge higher prices when you walk in off the street than if you call in advance? (or why movie theaters charge children half-price tickets when they take up a whole seat- or have happy hours, or senior citizen discounts, or why the government taxes cigarettes and alcohol?) This class gives insight into the market system and how it works. Students will uncover the workings of the free market system to discover how prices are determined and how other economic decisions are made. 3 credits.

L.ECO-222: Principles of Macroeconomics
Why is the U.S. standard of living higher than that of most other countries, and what does the standard of living depend on? What causes the unemployment rate to rise, and why do some countries suffer from inflation? What determines the exchange rate between the dollar and the Euro? These questions and more will be discussed as students learn more about the economy in which they live. This course can be taken prior to L.ECO-221. 3 credits.

L.ECO-236: Quest for Ethical Development-AV
This class focuses on the relationship between developing and developed countries and the impact of economic progress on the global environment. Who benefits from economic growth and development? Why have some countries grown so rich while others have remained so poor? What has been the effect of economic development on women? Prerequisites: L.LIB-100, L.LIB-105, L.LIB-110, and one course from L.LIB-120, L.LIB-130, or L.LIB-135. 3 credits.

L.ECO-237: Community/Identity in Urban America-AI
Eighty-five percent of all Americans now live in or near 350 cities. A variety of institutional, technological and economic factors contributed to this urban metamorphosis. Students will investigate this urbanization process as well as the myths and realities of our rural and urban culture as they transformed our personal identity and shaped our communities and institutions. Prerequisites: L.LIB-100, L.LIB-105, L.LIB-110, and one course from L.LIB-120, L.LIB-130, or L.LIB-135. 3 credits.

L.ECO-254: God, Catholicism & Capitalism-AV
The basic task of any economic system is the production of enough goods and services for its own survival. The burdens of production and the spoils of distribution are often inequitably allocated among members of society. Why is there poverty among great wealth? Why are populations allowed to starve while others do not have enough space for their garbage? This course utilizes Catholic social teaching and various ethics theories to explore economic and social issues that plague societies and to explore the meaning and measurement of fairness or justice Prerequisites: L.LIB-100, L.LIB-105, L.LIB-110, and one from L.LIB-130, L.LIB-135, or L.LIB-220. 3 credits.

L.ECO-321: Intermediate Microeconomic Theory
A theoretical analysis of the pricing and output decisions of firms and industries within a free market economy. Required for majors and minors. Prerequisites: L.ECO-221 and 222. Not open to first year students. 3 credits.

L.ECO-322: Intermediate Macroeconomic Theory
Our ability to achieve our economic goals (full employment, price stability and economic growth) depends upon a theoretical understanding of how these goals are measured, what causes the frequent ups and downs of the business cycle, and what policy prescriptions (monetary and fiscal) are available to mitigate these fluctuations. Required for majors and minors. Prerequisites: L.ECO-221 and 222. Not open to first year students. 3 credits.

L.ECO-334: International Trade
An introduction to the theory of international trade, balance of payments behavior, the causes and consequences of public policies to control trade and foreign exchange rates, the process of international payments mechanisms and their effects on national economy. Not open to first year students. 3 credits.

L.ECO-335: Comparative Economic Systems
A study of the theoretical and institutional aspects of current economic systems throughout the world. Discussion focuses upon the different forms of capitalism in the Western world and various kinds of socialism, with particular emphasis upon countries that are in transition from socialism to capitalism. Not open to first year students. 3 credits.

L.ECO-336: Economic Development
Why do some countries grow faster than others? Why is the standard of living so much higher in the U.S. than in, say, India? How can we be assured that a country’s standard of living will continue to increase so that its children can enjoy a better life? The study of economic development addresses these questions and many more. Not open to first year students. 3 credits.

L.ECO-345: Monetary Theory & Policy
The recent financial crisis (2008-09) and subsequent recession has resulted in a greater emphasis upon the theoretical, institutional, and regulatory underpinnings of our (as well as the global) monetary and financial system. This course emphasizes the importance of money, interest rates, government policy, the Federal Reserve and their influence on the economy. Restrictions: not open to first year students. 3 credits.

L.ECO-346: Public Finance
The federal government spends trillions of dollars each year. What are the areas of expenditure and what would society gain or lose in each by spending more or less in each? Most of this money is raised by taxes. What is the effect of these taxes on the economy? Is there a way to make the tax and expenditure system more efficient and/or more equitable? These and other issues will be discussed, inclusive of taxes and spending at the state and local level. Not open to first year students. 3 credits.

L.ECO-349: Government, Business & the Public Sector
A study of the relationship between market power and economic performance and the role of government in the U.S. economy combined with a survey of U.S. antitrust laws, taxation, and public utility regulation. Restrictions: Not open to first year students. 3 credits.

L.ECO-351: Labor Economics
An overview of the factors affecting the labor market and their policy implications, along with a history and analysis of the labor movement and collective bargaining. Not open to first year students. 3 credits.

L.ECO-353: History of Economic Thought
A study of the emergence of economics, the only social science to award a Nobel Prize, takes us down a fascinating road of ideas and individuals, but one filled with intellectual detours and analytical dead ends. We meet Adam Smith, the father of modern economics, who was reported to have been so lost in thought that he fell into a hole in the street as he was walking. After reading Thomas Malthus’ Essay on Population, Charles Darwin developed his main ideas contributing to The Origin of the Species. Restrictions: Not open to first year students. 3 credits.

L.ECO-419: Econometrics
Econometrics is a primary tool for both macroeconomics and microeconomics. With help from the instructor, students will design, set up, and analyze econometric models on the cause and effects of economic and social issues that may include crime, inflation, economic growth, the stock market and education. Prerequisites: L.ECO-221, 222, and L.BUS-250 or L.MAT-115. 3 credits.

L.ECO-490: Economics Seminar
The objectives of this course are to set up and seek solutions to economics issues: inflation, unemployment, crime, the interest rate, Federal Reserve Bank policy, international trade, economic growth and many other issues. Through the application of theoretical models such as the IS-LM, AS-AD, and the money market models, and the use of cost/benefit and econometric models, students will put economic theory to the test by completing a thesis that attempts to explain real life phenomena. Required for majors. Restrictions: Open only to students with Senior status. 3 credits.

RELATED COURSES: History, International Studies, Politics, Sociology

Career Opportunities

After receiving your degree from Loras, your career could take off into one of these fields:

  • Traditional Business Sector
  • Financial Sector
  • Business Owner
  • Government
  • Consulting Businesses
  • Private/Public Schools
  • Law Firms
  • Graduate Schools Admissions
  • Law School Admissions
Loras College Department Staff

Shikhar P. Acharya
Associate Professor of Business Analytics
563.588.7784 |

Eric Eller, Ph.D.
Associate Professor of Finance
563.588.7202 |

Dr. Eller received his PhD from the University of Virginia, a Masters degree from the University of Missouri, and his undergraduate degree from Missouri State. Prior to joining the faculty at Loras, Dr. Eller spent time on the tenure-track faculty at Bellarmine University, at Buena Vista University (where he was tenured), and at Upper Iowa University. Dr. Eller’s areas of scholarly research include International Service Learning and Microfinance. He has taught numerous study away courses with travel destinations including Cuba, Haiti, Russia, Egypt, and the Galapagos Islands.

Under Dr. Eller’s direction, the LIFE Investment class (which manages a portion of the Loras endowment) will focus on choosing investments which align with the College’s mission while still maximizing portfolio efficiency.

Douglas Gambrall, Ed.D.
Associate Professor of Business Administration
563.588.7910 |

Doug Gambrall is Associate Professor of Business Administration at Loras College—joining the faculty in August of 2011. Gambrall earned his BBA, majoring in finance, from the University of Notre Dame and his MBA from the University of Evansville. After working in retail banking, Gambrall embraced higher education, serving four different colleges in Indiana, Tennessee, and Iowa as an administrator and faculty member since 1994. In 2005, Gambrall received his doctorate in leadership education from Spalding University with a cognate in business management.

Matthew Garrett, Ph.D.
Professor of Sport Management
563.588.7165 |

Garrett has served as the sport management program coordinator since 2005. Under his leadership, sport management case study teams at Loras have won six national championships. Garrett’s research interests include sport law, governance, and human dignity issues. He also is working on a project studying the factors sport business professionals consider when accepting entry-level and middle-management jobs. An avid Cardinals fan, Garrett coaches youth baseball. He and his wife Cheryl have three children.

Hugh Graham, M.B.A.
Associate Professor of Business Administration
563.588.7765 |

Professor Graham grew up in Wichita, KS, and began working at Loras in 1988. He received his Bachelor’s degree in accounting as well as an MBA from Wichita State University. Before Loras, Graham was a public accountant for Grant Thornton and a business analyst in the National Marketing Group of Pizza Hut.

Graham’s favorite part of working at Loras is the intellectually stimulating challenge of learning with the students. He says that he gets the greatest pleasure from seeing his former students succeed, not because he believes he played a large role in their success, but because he gets to witness graduates achieve their professional goals.

William Hitchcock, M.B.A.
Professor of Computing and Information Technology
563.588.7286 |

In 1984, William Hitchcock graduated Magna Cum Laude with a BBA degree from the University of Wisconsin – Whitewater, double majoring in Marketing and Management Computer Systems. Upon graduation, he began working as a Programmer/Analyst for the Oscar Mayer Foods Corporation headquartered in Madison, Wisconsin. Most of his development work was with marketing decision support systems utilizing retail store audit information. While working full time at Oscar Mayer, he began his graduate studies at the University of Wisconsin – Madison in 1986. He completed his work and graduated with an MBA degree majoring in Finance, Investments, and Banking in 1988. In 1989, Hitchcock made a career move to begin teaching business courses at Loras College in Dubuque, Iowa. He has taught business coursework to both traditional college students and professionals working in the Dubuque area. In 2011, he served as the Faculty Director of the Study Abroad program in Dublin, Ireland. He has a special interest in International/Irish studies, and has since taught several Irish-themed courses including a summer course in Ireland in 2014.

Brian J Kallback CFP® CLU® QPA QKA CTFA
Instructor of Finance
563.588.7626 |

Finance Instructor, Loras College Frances J. Noonan School of Business teaching Financial Planning & Risk Management, Managerial Finance, Investments, and Personal Financial Literacy.

Luke Lammer, M.A., C.P.A., C.M.A., C.I.A.
Assistant Professor of Accounting
563.588.7379 |

Curriculum Vitae

Professor Lammer joined Loras in 2011. He received his Bachelor’s degree in Accounting from Clarke University and his Master of Accountancy degree from the University of Iowa. Lammer has earned certifications as a Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA). Prior to Loras, Lammer worked as an auditor with McGladrey & Pullen, LLP, working primarily with financial institutions. Lammer has been an active contributor to item development for both the CPA and CMA exams.

Dale Lehman, Ph.D.
Center for Business Analytics Director
Professor of Business
563.588.7725 |

Curriculum Vitae

Dale Lehman has a Ph.D. in Economics from the University of Rochester. He has taught at a dozen universities and was Director of the MBA programs at Alaska Pacific University. He has also held industry positions at Bell Communications Research and SBC. He teaches in a number of specialized MBA programs in Europe.

Dale’s interests are in applied data analysis. This includes visualization of patterns in data, analysis that highlights meaningful stories hidden within data, and replication/validation of data analysis. He is particularly interested in applications of data analysis to problems related to health care, natural resources, telecommunications and information, and finance.

Dale has co-authored three books and numerous articles. He enjoys hiking, cross-country skiing, golf, travel, and teaching at small private universities.

Anne Marx Scheuerell, Ed.D.
Assistant Professor of Sport Management
563.588.7216 |

Dr. Marx Scheuerell is an Assistant Professor of Sport Management. She joined Loras College in the fall of 2011. She has practical experience in collegiate and secondary education athletic departments, and as a summer camp director. Her research focus is on sport as a platform for socio-cultural change with specific interests in ethics, law and gender issues. Her research has been published in numerous academic journals, and she has presented her research at national and international conferences. Dr. Marx Scheuerell received her master’s from Arizona State University and her doctorate in Sport Management from the University of Arkansas.

Patrick Marzofka, M.B.A.
Associate Professor of Business
563.588.7283 |

Pat Marzofka began working at Loras College in 1987. He received his Bachelor’s degree in economics from the University of Wisconsin-Eau Claire and an MBA in marketing from the University of Wisconsin Madison. Before Loras, Marzofka taught at two small schools in Wisconsin and later worked in marketing research at Shopko.

Marzofka explains that his favorite part of working at Loras is the opportunity to interact with students inside and outside of the classroom. He considers teaching fun and rewarding. He is passionate about the topics he teaches and has discovered that each class has its own personality. “Students can make or break the class!” he explains. Based on his many years in the classroom, Marzofka believes that computer simulation is an effective tool in the education process because it focuses on experiential learning. In the class Marketing Management, he uses simulations to guide students to understand how to work in a group, be creative and have fun in the process, even if the outcome seems uncertain. Furthermore, Marzofka enjoys seeing the long lasting friendships that started in his classes or began as a result of one of his class projects.

Biniv Maskay, Ph.D.
Assistant Professor of Economics
563.588.7915 |

Curriculum Vitae

Dr. Biniv K. Maskay is an empirical macroeconomist with research interests in economic growth and development, open-economy monetary policy, financial development, international financial integration, international trade and foreign direct investments. He received his Ph.D. in 2012 from the University of Kentucky, where he also served as the Instructor of Record. He has taught courses such as Principles of Microeconomics, Principles of Macroeconomics, Intermediate Macroeconomics, Statistics for Business and Economics, Money and Banking, International Economics and Growth and Development at Loras College and the University of Kentucky.

Debra Schleicher, L.L.M., C.P.A., C.M.A., C.F.M.
Associate Professor of Business
563.588.7404 |

Jennifer Smith, P.h.D.
Associate Professor of Economics
563.588.7952 |

Dr. Smith earned her BS in mathematics and an MA in economics at Illinois State University. After being employed by an insurance company as an Actuarial Research Analysis for five years, she enrolled at Northern Illinois University to earn a Ph.D. in economics. While completing her graduate degrees, she taught classes at Heartland Community College, Illinois Wesleyan University, and Northern Illinois University. Upon completing her Ph.D., she taught two years at Illinois Wesleyan University. In 2009 Dr. Smith joined the faculty at Loras College. Dr. Smith has research interests in maternal employment or non-employment on childhood obesity. Dr. Smith has been an expert witness in wrongful death lawsuits and contributed chapters to an Economic Terms research text.

She has taught a variety of courses including: Introduction to Microeconomics, Introduction to Macroeconomics, Intermediate Microeconomics, History of Economic Thought, Public Finance, Economics of Poverty, Gender, Race, and Immigration, Econometrics, Senior Seminar Research, Labor Economics, Comparative Economic Structures, Democracy and Global Diversity, and Managerial Economics (MBA course).

Karen Sturm, M.A., C.P.A
Division Chair of Business & Economics
Professor of Accounting
563.588.7405 |

Professor Sturm started her career at Loras College as an undergraduate student. Her journey then took her to graduate school at the University of Iowa. After some experience at Deere Company as an internal auditor, Karen came back to Loras, where she has taught since 1983.

Sturm explains that her favorite part of Loras, from a student and teaching perspective, is the campus size. The small size allows students to be more involved with a variety of different activities such as campus ministry, sports, or the variety of clubs Loras offers. She believes that all the involvement options offered help students develop skills inside and outside the classroom. The smaller size also allows Sturm the opportunity to get to know her students better, which helps making recommendations and advising students much more successful. Sturm enjoys interacting with her students and seeing them grow throughout their Loras experience.