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Economics

http://www.pacific.edu/Academics/Schools-and-Colleges/College-of-the-Pacific/Academics/Departments-and-Programs/Economics.html
Phone: (209) 946-2258
Location: WPC 212

J. Farley Ordovensky Staniec, Chair  fstaniec@pacfic.edu

Degrees Offered

Bachelor of Arts
Bachelor of Science

Majors Offered

Economics (BA)

Economics (BS)

  • Social Science
  • Applied Economics
  • Mathematical Economics

Minors Offered

Economics

___________

Economics is a social science which, at its root, is the study of behavior--of individuals, firms, organizations and governments.  Economics studies how these groups make choices and the implications of their choices for themselves, for  markets, and for the local, national and global economies.  Economics is not a collection of information to be learned, rather, it’s a way of thinking and a set of analytical tools that helps better understand everything from banking to baseball.  The world is changing rapidly, jobs that students aspire to today may not exist tomorrow; but an understanding of the core concepts of economics will continue to provide students with the ability to conduct meaningful, valuable analytical work across a wide variety of occupations, even those that do not yet exist.

Degrees in Economics

All Economics majors will take the same core classes, providing them with a solid foundation in the concepts, tools and analytical methods of economics.  Students can then choose to pursue a Bachelor of Arts or a Bachelor of Science degree, both of which are structured to give students a greater depth of understanding in a few areas of Economics and experience applying their analytical skills and economic knowledge to real-world issues and problems.

The Bachelor of Arts degree is designed to allow students to tailor their upper division Economics curriculum based on their interests, taking advantage of the wide variety of fields with which the study of Economics is compatible.  Faculty advisers can help students create plans of study (e.g. International Economics, Political Economy, Monetary Economics, Economics and Law) that fit best with the students’ academic and career goals.  This degree is exceptionally well-suited for students who want to double-major or minor in another discipline. 

The Bachelor of Science degree  also allows students to pair their study of Economics with other disciplines, but has greater quantitative/analytical requirements than the Bachelor of Arts.  Within the Bachelor of Science degree, students can choose one of three tracks:  1) the Social Science track, which is a general Economics degree with more quantitative emphasis; 2) the Applied Economics track, which is ideal for students interested in both Economics and Business and includes several courses, such as accounting and business law, from the Eberhardt School of Business; or 3) the Mathematical Economics track, which is designed for students interested in Applied Math or for those preparing to attend graduate school in Economics and includes several courses from the Department of Mathematics as requirements.

Cooperative Programs Offered

5-year Applied International Economics (MS at Marquette University, Milwaukee, Wisconsin)

The Department of Economics, in collaboration with the Economics Department at Marquette University in Milwaukee, Wisconsin, offers students the opportunity to pursue a Master of Science degree in Applied Economics (MSAE) at Marquette with specializations ranging from Business, Financial, International, and Real Estate Economics to Marketing Research or a general economics track.  This accelerated degree is designed to be completed within 5 years of entering Pacific.

Bachelor of Arts Major in Economics

In order to earn the bachelor of arts degree with a major in economics, students must complete a minimum of 124 units with a Pacific cumulative and major/program grade point average of 2.0.

I. General Education Requirements

Minimum 42 units and 12 courses that include:

PACS 001What is a Good Society4
PACS 002Topical Seminar on a Good Society4
PACS 003What is an Ethical Life?3

Note: 1) Pacific Seminars cannot be taken for Pass/No Credit. 2) Transfer students with 28 or more transfer units complete 2 additional General Education elective courses from below in place of taking PACS 001 and PACS 002.

One course from each subdivision below:

Social and Behavioral Sciences
Arts and Humanities
Natural Sciences and Mathematics
or a second IIIA Natural Sciences course

Note: 1) No more than 2 courses from a single discipline may be applied to meet the requirements of the general education program.

II. Diversity Requirement

Students must complete one diversity course (3-4 units)

Note: 1) Transfer students with 28 units or more transfer units prior to fall 2011 are encouraged but not required to complete a designated course prior to graduation. 2) Courses may be used also to meet general education and/or major/minor requirements.

III. College of the Pacific BA Requirement

Students must complete one year of college instruction or equivalent training in a language other than English.

Note: 1) Transfer students with sophomore standing are exempt from this requirement.

IV. Fundamental Skills

Students must demonstrate competence in:

Writing
Quantitative analysis

V. Breadth Requirement

Students must complete 64 units outside the primary discipline of the first major, regardless of the department who offers the course(s) in that discipline. (This includes general education courses, transfer courses, CPCE/EXTN units, internships, etc.)

VI. Major Requirements

ECON 053Introductory Microeconomics4
ECON 055Introductory Macroeconomics: Theory and Policy4
ECON 101Intermediate Microeconomic Analysis4
ECON 103Intermediate Macroeconomic Analysis4
ECON 111History of Economic Thought4
ECON 161Empirical Methods4
ECON 199Economic Analysis Capstone3
Select one of the following:4
Introduction to Statistics and Probability
Probability with Applications to Statistics
Social Science Research Methods
ECON electives – 4 additional Economics courses (must be numbered ECON 71 or higher, excluding ECON 101L and ECON 103L, and including ECON 191 only with departmental approval.)16

Bachelor of Science Major in Economics

Students must complete a minimum of 124 units with a Pacific cumulative and major/program grade point average of 2.0 in order to earn the bachelor of science degree with a major in economics.

I. General Education Requirements

Minimum 42 units and 12 courses that include:

PACS 001What is a Good Society4
PACS 002Topical Seminar on a Good Society4
PACS 003What is an Ethical Life?3

Note: 1) Pacific Seminars cannot be taken for Pass/No Credit. 2) Transfer students with 28 or more transfer units complete 2 additional General Education elective courses from below in place of taking PACS 001 and PACS 002.

One course from each subdivision below:

Social and Behavioral Sciences
Arts and Humanities
Natural Sciences and Mathematics
or a second IIIA Natural Sciences course

Note: 1) No more than 2 courses from a single discipline may be applied to meet the requirements of the general education program.

II. Diversity Requirement

Students must complete one diversity course (3-4 units)

Note: 1) Transfer students with 28 units or more transfer units prior to fall 2011 are encouraged but not required to complete a designated course prior to graduation. 2) Courses may be used also to meet general education and/or major/minor requirements.

III. Fundamental Skills

Students must demonstrate competence in:

Writing
Quantitative analysis

IV. Breadth Requirement

Students must complete 64 units outside the primary discipline of the first major, regardless of the department who offers the course(s) in that discipline. (This includes general education courses, transfer courses, CPCE/EXTN units, internships, etc.)

V. Major Requirements

ECON 053Introductory Microeconomics4
ECON 055Introductory Macroeconomics: Theory and Policy4
ECON 101Intermediate Microeconomic Analysis4
ECON 103Intermediate Macroeconomic Analysis4
ECON 199Economic Analysis Capstone3
Select one of the following:4
Social Science Research Methods
Introduction to Statistics and Probability
Probability with Applications to Statistics


VI. Complete One Of The Following Tracks:

Social Science Track
ECON 111History of Economic Thought4
ECON 190Econometrics4
ECON electives – 4 additional Economics courses (must be numbered ECON 71 or higher, excluding ECON 101L and ECON 103L, and including ECON 191 only with departmental approval.)16
Select one of the following:4
Computers and Information Processing
Introduction to Computer Science
Select one of the following groups:4-12
Group A
Elements of Calculus
Group B
Calculus I
Calculus II
Calculus III
Applied Economics Track
Select one of the following:4
Empirical Methods
Econometrics
Select one of the following:4
Computers and Information Processing
Introduction to Computer Science
Select one of the following:4
Elements of Calculus
Introduction to Finite Mathematics and Calculus
Calculus I
ECON electives – 4 additional Economics courses (must be numbered ECON 71 or higher, excluding ECON 101L and ECON 103L, and including ECON 191 only with departmental approval.)16
BUSI 031Principles of Financial Accounting4
BUSI 053The Legal and Ethical Environment of Business4

Note: 1) Students completing a concentration in Finance in the ESB need only complete 3 ECON electives.

Mathematical Economics Track
ECON 160Mathematical Economics4
ECON 190Econometrics4
ECON electives – 3 additional Economics courses (must be numbered ECON 71 or higher, excluding ECON 101L and ECON 103L, and including ECON 191 only with departmental approval.)12
MATH 049Introduction to Abstract Mathematics4
MATH 051Calculus I4
MATH 053Calculus II4
MATH 055Calculus III4
Select one of the following:4
Linear Algebra
Applied Linear Algebra
MATH Elective (One 4-unit MATH course MATH 055 or higher) *4
*

Math electives must be beyond the required MATH 051, MATH 053 or MATH 055, and MATH 141 or MATH 145, but not including MATH 161, MATH 162 and MATH 166.

Accelerated Path to 5-year Master of Science in Applied Economics at Marquette University, Milwaukee, Wisconsin

The Department of Economics, in collaboration with the Economics Department at Marquette University in Milwaukee, Wisconsin, offers students the opportunity to pursue a Master of Science degree in Applied Economics (MSAE) at Marquette with specializations ranging from Business, Financial, International, and Real Estate Economics to Marketing Research or a general economics track. this accelerated degree is designed to be completed within 5 years of entering Pacific, which is 1 year sooner than the usual required time to complete undergraduate and masters degrees.

Interested students would earn their BA or BS degree in economics at Pacific while following the typical 4-year plan. During this time, in consultation with academic advisers, they would also successfully complete

  • At least one calculus course,
  • ECON 190, and
  • Two upper division economics courses (with a grade of "B" or better) specially tailored to satisfy 2 of the 10 courses required to complete the MSAE.

Students must inform their academic advisers of their interest in the program by the time they achieve junior standing or they may not be able to complete both degrees in 5 years.

Students would apply to the MSAE program at Marquette during the first semester of their final year at Pacific. Marquette requires all applicants to take either the GRE or GMAT exam and to have an overall GPA of 3.0 or better. Admission to the MSAE program is at the sole discretion of Marquette and is not guaranteed.

Minor in Economics

Given the broad applicability of the concepts and analytical skills developed in the study of Economics, the minor in Economics is a valuable addition to nearly any field of study.  The minor design is intended to allow students majoring in a wide variety of disciplines to tailor their Economics course selection to best align with their academic and career plans. Students must complete a minimum of 6 Economics courses (as described below) with a Pacific minor grade point average of 2.0 or higher in order to earn the minor in economics.

Minor Requirements:

ECON 053Introductory Microeconomics4
ECON 055Introductory Macroeconomics: Theory and Policy4
ECON electives – 4 additional Economics courses (must be numbered ECON 71 or higher, excluding ECON 101L and including ECON 191 only with departmental approval)16

Note: 1) 10 units must be completed at Pacific. 2) ECON 101 is strongly recommended. It is a prerequisite to several upper division courses. 3) BUSI 031 and BUSI 033 together can substitute for one of the economics electives.

Economics Courses

ECON 051. Economic Principles and Problems. 3 Units.

Students are introduced to the nature, significance and scope of economics. The principles of economic analysis are developed and used to examine current and/or controversial economic issues. Some sections may cover a wide variety of issues while may be offered with a particular focus (e.g. Environmental Economics, Health Economics, Economics of Gender.) This course is ideal for students who are unlikely to take another economics course and does not count towards the major or minor. Students can receive credit for ECON 051 only if it is taken prior to both ECON 053 and ECON 055. (GE1B)

ECON 053. Introductory Microeconomics. 4 Units.

Economic decisions of individuals and firms are studied as well as the evaluation of efficiency and equity in individual choice processes. The course examines the economics of monopoly and competition as well as the economics of pollution and governmental regulation. Prerequisites: Completion of the Fundamental Skills Reading requirement and algebra skills as evidenced by a passing score on the General Education quantitative skills examination or the equivalent SAT Subject Test in Math, or MATH 005 or MATH 007 or MATH 033 or MATH 041 or MATH 045 or MATH 051 or MATH 053 or MATH 055, or a 4 or higher on the AP Calculus AB or BC examination. (GE1A, PLAW)

ECON 055. Introductory Macroeconomics: Theory and Policy. 4 Units.

Students study the national economy with special emphasis placed on policies designed to meet the national goals of full employment, stable prices and economic growth. The course examines the spending and saving behavior of households and business, government spending and taxing policies, and the Federal Reserve’s monetary policies. Prerequisites: Completion of the Fundamental Skills Reading requirement and algebra skills as evidenced by a passing score on the General Education quantitative skills examination or the equivalent SAT Subject Test in Math, or MATH 005 or MATH 007 or MATH 033 or MATH 041 or MATH 045 or MATH 051 or MATH 053 or MATH 055, or a 4 or higher on the AP Calculus AB or BC examination. (GE1B, PLAW)

ECON 071. Global Economic Issues. 4 Units.

This course is an introduction to international trade, international finance and economic development. Economic principles and tools are used to understand the interconnected global economy. Topics include trade theory and policy; regional and multilateral trading system; trade and climate change; balance of payments; foreign exchange markets and exchange rate determination; and the role of foreign aid private capital flows and trade policy in economic development. Prerequisites: ECON 053; ECON 051 or 055. ECON 071 cannot be taken for credit if the student has taken or is concurrently enrolled in ECON 121 or ECON 123. ECON 071 is also listed as an SIS course. (ENST)

ECON 087. Internship. 1-4 Units.

ECON 087A. Internship. 1-4 Units.

ECON 093. Special Topics. 4 Units.

ECON 101. Intermediate Microeconomic Analysis. 4 Units.

The behavior of individuals and firms in a market economy are examined along with price theory, distribution and welfare economics. The course provides a rigorous development of the tools that economists use for studying the allocation of resources. Prerequisite: ECON 053 with a "C-" or better.

ECON 101L. Intermediate Microeconomic Analysis Laboratory. 1 Unit.

This addition to ECON 101 presents microeconomic theory in a more rigorous, formal and mathematical way. This course is necessary for students who complete the Bachelor of Science – Mathematical Economics Track or who plan to attend graduate school in Economics. Prerequisites: ECON 053; MATH 033 or MATH 051.

ECON 103. Intermediate Macroeconomic Analysis. 4 Units.

This course examines the measurement of the level of economic activity the determinants of national income, employment and the price level. It also studies use and appraisal of economic data in the context of a dynamic market economy as well as stabilization problems and the relevance of fiscal, monetary and income policy. Prerequisites: ECON 053 and ECON 055 with a "C-" or above.

ECON 103L. Intermediate Macroeconomic Analysis Laboratory. 1 Unit.

This addition to ECON 103 presents macroeconomic theory in a more rigorous, formal and mathematical way. It is necessary for students who complete the Bachelor of Science – Mathematical Economics Track or plan to attend graduate school in Economics. Prerequisites: ECON 053 and ECON 055; MATH 033 and MATH 051.

ECON 111. History of Economic Thought. 4 Units.

The rise and fall of schools of economic thought around the world, as well as specific ideas, theories, doctrines, applications and policies are examined. The course connects the history of economic thought with the history of the underlying economies. We examine the effects of economic evolution, economic revolution and changes in technology resources, as well as contemporary political, social and religious developments. Expect lively discussions, particularly of the political influences that affect individual economists and the implications of their work. We read works about and by Adam Smith, David Ricardo, Thomas Malthus, John Stuart Mill, Karl Marx, modern microeconomists, Veblen, Keynes, and others. Prerequisites: ECON 053 and ECON 055 or permission of instructor.

ECON 121. International Trade. 4 Units.

Students study the economic theory surrounding the exchange of goods and services between countries and the application of this theory to current international issues. Topics include the determination of world trade patterns, the effects of changing trade patterns on income distribution within a country; the pros and cons of trade barriers; trade concerns of developing countries; and the effects of international trade on the world’s natural environment. This course is also listed as an SIS course. Prerequisites: ECON 053 and ECON 055.

ECON 123. International Finance. 4 Units.

Students study the financial side of international economics. Topics include balance of payments accounts and the foreign exchange market; exchange rate determination and the macro economy; the international debt crisis and capital flight; and the history of international monetary systems. This course is also listed as an SIS course. Prerequisites: ECON 053 and ECON 055.

ECON 125. Economic Development. 4 Units.

Examines the plight of the world’s poor countries. Discussions of the extent of world poverty. and a review of the evolution of ideas on the topic of economic development over the past three decades are included. The course considers the following types of questions: What are the causes of development and/or underdevelopment? Are Third World countries merely at a primitive stage of development analogous to European countries prior to the Industrial Revolution? What are the roles of climate, the legal system, education, health and sanitation, natural resources, technology, multinational corporations, religious beliefs and so on? Are rich countries making a meaningful effort to aid poor countries? Can we, or even should we, help? Should emphasis be placed on the agricultural or industrial sector? This course is also listed as an SIS course. Prerequisites: ECON 053 and ECON 055 or permission of instructor.

ECON 131. Public Finance. 4 Units.

Students study the role of the government in the economy. The course uses the tools of economic analysis to examine how government policies affect not only the efficiency with which the economy operates but also the welfare of its citizens. This course covers both the expenditure and the taxation sides of government activity, examines public choice questions of policy selection and implementation and, throughout the course, considers the equity implications of government actions. Primary focus is on government at the national level; however, significant attention is paid to issues relevant or specific to state and local governments. Prerequisites: ECON 053 and ECON 051 or 055.

ECON 141. Money and Banking. 4 Units.

The nature of money and credit and their roles in directing the economic activity of a nation are examined. The course discusses the development and operation of the central bank and monetary institutions of the United States as well as problems of achieving full employment and price stability through monetary policy. Prerequisites: ECON 053 and ECON 055, or permission of instructor.

ECON 151. Urban Economics. 4 Units.

An economic analysis of the evolution, growth, and decline of urban areas and the location choice decisions of households and firms within urban areas. Attention then focuses on normative analyses of urban policy issues such as housing, poverty, crime and pollution. Prerequisite: ECON 053.

ECON 154. Industrial Organization and Policy. 4 Units.

The history, structure, conduct, and performance of industry as well as currently proposed industrial policy is examined. After studying the evolution of modern U.S. industries and firms; monopoly, oligopoly, and competitive structures in addition to anti competitive conduct among firms, the course analyzes government regulation of business, especially antitrust and price regulation policies, as well as recent trends to deregulation and reindustrialization. Prerequisite: ECON 053. Recommended: ECON 101.

ECON 157. Environmental and Natural Resource Economics. 4 Units.

The application of economic theory to natural resource and environmental issues is examined. Microeconomic principles are used to suggest what a proper balance between human activity and environmental quality might be and to analyze current environmental policy. Topics include renewable and non-renewable resources, common pool resources, climate change, non-market valuation, cost-benefit analysis, role of government and the private sector in environmental preservation. Prerequisite: ECON 053. (ENST)

ECON 160. Mathematical Economics. 4 Units.

A mathematical analysis of neoclassical theories of production and consumption. This course studies differential calculus and linear algebra applied to unconstrained and constrained extrema, including the envelope properties of optimization problems. Primary emphasis is placed on the application of mathematics to economic theory. Topics include competitive and noncompetitive firms and industries, Cobb-Douglas and CES production functions, the Slutsky equation, and applications of homogeneous functions to economics. Prerequisites: ECON 101, ECON 103, MATH 033 or permission of instructor.

ECON 161. Empirical Methods. 4 Units.

This course teaches students to use current statistical software to perform empirical analysis of economic theory and applications. It is designed to provide students with practical data and econometric analysis skills for the workplace (private sector or government). The course will cover data collection, entry management, analysis and presentation. Some Familiarity with computer programming is recommended. Prerequisites: ECON 053; ECON 055; MATH 037 or MATH 037 or MATH 130 or MATH 131 or INTL 101; or permission of instructor. (PLAW)

ECON 171. Political Economy. 4 Units.

This course introduces students to rational choice theory and applies it to the study of elections. The course starts with an analysis of group choice; how small and large groups make decisions and how different voting mechanisms aggregate individual preferences. The rigorous tools learned in the first half of the course are then used to analyze election behavior of political agents; namely voters, political candidates, and interest groups. Voter turnout, political polarization, campaign finance, and presidential elections are among the topics discussed. Prerequisites: ECON 051 or ECON 053.

ECON 173. Strategic Games and Behavior. 4 Units.

This course introduces the concepts and tools of game theory as an analytical framework for understanding strategic interactions and decision-making. The focus is on non-cooperative games with applications to economics as well as other areas. Coverage will include a variety of solution concepts such as Nash equilibrium in pure and mixed strategies, subgame perfect equilibrium and Bayesian equilibrium; simultaneous, sequential, and repeated games; and games with imperfect or asymmetric information. The emphasis of the course will be on the applicability of game theoretic analysis to real-world interactions. In addition, basic concepts of behavioral economics will be introduced and used to understand how and why the equilibria that result in many games are not those that would be predicted by rational choice theory. Prerequisite: ECON 053 or permission of the instructor.

ECON 180. Labor Economics. 4 Units.

This course examines labor's role in the market system and the response of labor and government to market failures. Microeconomic analysis of labor supply and demand, wage and employment determination, and the effects of discrimination are also studied as well as the development of the labor movement from a chronological and theoretical perspective with emphasis on the collective bargaining process. The influence of public policy on labor relations and labor market functioning is also discussed. This course is also listed as a Gender Studies course. Prerequisite: ECON 053. (ETHC)

ECON 183. Health Economics. 4 Units.

This course applies the tools of microeconomics to the study of health care. It provides an analysis of how decisions are made by health care providers, consumers, and third parties responsible for payments (e.g. health insurers). The course is built around individuals' demand for health care and the supply of services by doctors and hospitals. Topics covered include health insurance, managed care and industry competitions, the pharmaceutical industry, the role of the government as a provider of care, long-term care, international health comparisons, and cost-benefit analysis/cost-effectiveness analysis. Prerequisite: ECON 051 or ECON 053.

ECON 187. Internship. 1-4 Units.

ECON 190. Econometrics. 4 Units.

Students study the methods used to test economic theory with real-world data. The course presents the theory underlying common econometric methods and gives students experience in applying these analytical tools to data from a variety of sources. Students learn to develop testable hypotheses based on economic theories they have learned in earlier courses and to make reliable statistical inferences about these hypotheses. Students gain a working, applicable knowledge of the skills and software used by many professional economists and sought by many employers. Prerequisites: ECON 053; ECON 051 or ECON 055; MATH 037 or MATH 039 or MATH 130 or MATH 131 or INTL 101. (PLAW)

ECON 191. Independent Study. 2-4 Units.

ECON 193. Special Topics. 4 Units.

ECON 197. Independent Research. 1-4 Units.

ECON 197D. Independent Research. 1-4 Units.

ECON 199. Economic Analysis Capstone. 3 Units.

This course is designed for Senior-level economics majors and minors to apply what they have learned about economic theory and tools of analysis to the types of problems and issues they may be required to address as practicing economists or in any other capacity their chosen career requires. Students will conduct research, review literature, analyze data and evaluate solutions for real-world economic policy questions. Prerequisites: ECON 101; ECON 103; MATH 037 or MATH 039 or INTL 101; Senior Standing.

Major Field Competence

Critically evaluate economic models and theories and apply these concepts and tools to analyze behavior, issues, problems and solutions. (Also maps to: Critical Thinking)

Quantitative Reasoning

Information Literacy

Written Communication

Oral Communication

Prepare and deliver oral presentations effectively,  using current professional standards in presentation style and technology as appropriate to the purpose of the presentation.

Economics Faculty

J. Farley Ordovensky Staniec, Associate Professor and Chair, 1993, BS, University of Delaware, 1986; MA (1988) and PhD, Duke University, 1993, fstaniec@pacific.edu

Michelle M. Amaral, Associate Professor, 2007, BS, University of the Pacific, 1998; MA, University of Virginia, 2001; PhD University of California, Davis, 2007, mamaral@pacific.edu

Benjamin N. Dennis, Associate Professor, On Leave, 1996, BA, Michigan State University, 1990; PhD, Harvard University, 1996.

Dennis O. Flynn, Professor Emeritus, 1979, BS University of Nevada; MS, PhD University of Utah.

William E. Herrin, Professor, 1985, BS, Wilkes College, 1980; MA (1982) and PhD, State University of New York, Binghamton, 1985, wherrin@pacific.edu

David E. Keefe, Professor Emeritus, 1978, BS, Cornell University, 1965; PhD, University of California, Berkeley, 1980.

Sharmila K. King, Associate Professor, 2001, BA, University of York, England, 1992; MA, San Francisco State University, 1996; PhD, University of California, Davis, 2001, sking1@pacific.edu

Peter J. Meyer, Associate Professor, 1985, AB, Harvard University, 1972; PhD, University of California, Berkeley, 1979.

Manizha Sharifova, Assistant Professor, 2015, University Degree in Economics, Khujand State University, Tajikistan; MSc, University of Manchester, England; PhD, University of California, Santa Cruz, 2015., msharifova@pacific.edu