Patrick J. Welch
Patrick J. Welch

Department of Pharmaco Economics
Saint Louis University


  • Ph.D. in Economics, University of Pittsburgh
  • M.A. in Economics, Marquette University
  • B.S. in Business Administration, Marquette University



Patrick Welch is a Professor of Economics at St. Louis University.  He was editor of the Association for Social Economics’ Forum for Social Economics from 1995 into 2005 and on the editorial board of the association’s Review of Social Economy from 1995 into 2011.
His primary research interests are in the areas of history of economic thought and social economics.  He has approximately fifty publications that include books, chapters in books and journal articles.  Currently, the textbook, Economics: Theory and Practice, coauthored with his wife, is in revision for its eleventh edition.

In addition to his service to the Department of Economics he has had secondary appointments in the University’s Department of Public Policy Studies and School of Public Health.  He has also team taught courses in economic regulation and antitrust in the University’s School of Law.


Research Interest

His primary research interests are in the areas of history of economic thought and social economics.

Professional Activities:

Since 1983 Professor Department of Economics Saint Louis University
1978-1983 Associate Professor Department of Economics Saint Louis University
1974-1978 Assistant Professor Department of Economics Saint Louis University
Secondary Appointment, 1987-2010 Professor Department of Public Policy Studies Saint Louis University
Secondary Appointment, 1985-2010 Professor School of Public Health Saint Louis University
1979-80 academic year   School of Law, Team taught courses in economic regulation and antitrust law Saint Louis University
1970-1974 Teaching Assistant, Teaching Fellow, and Senior Teaching Fellow Department of Economics University of Pittsburgh
1968-1970 Department of Economics and Business Administration: Instructor   Saint Ambrose College, Davenport, Iowa
1966-1968 Research Assistant Department of Economics Marquette University, Milwaukee, Wisconsin
2013 Evaluator For new course proposal on religion and economics Central European University, Budapest, Hungary



Books and Chapters in Books

  • Economics:  Theory & Practice.  With Gerry F. Welch (Hoboken: John Wiley and Sons, (11th edition, 2016)  
  • Ancillaries to Economics:  Theory & Practice.  With Gerry F. Welch (Hoboken: John Wiley and Sons, 2010, 2007, 2004, 1998, 1995, 1992, 1989, 1986, 1982).  
  • Study Guide, With Gerry F. Welch.
  • Test Bank, With Gerry F. Welch.
  • Computerized Test Bank, With Gerry F. Welch.
  • Instructor's Manual, with Gerry Welch.
  • “Basic Economic Concepts.”  Current Medical Practices.  With Ik-Whan Kwon and Scott R. Safranski (St. Louis: Group Health Foundation, 1992), 1-28. 
  • “Appendix: Basic Economic Concepts.”  Medical Practice in the Current Health Care Environment: A Handbook for Residents and Medical Students.  With Ik-Whan Kwon and Scott R. Safranski (Baltimore: Johns Hopkins University Press, 1995), 133-141. 
  • “Cromwell's Occupation of Ireland as Judged from Petty's Observations and Marx' Theory of Colonialism,” Perspectives in the History of Economic Thought.  (London: Routledge, 1997), 157-172.
  • “Social Economics: Current State of Affairs.”  With Edward J. O’Boyle.  S. B. Dahiya, ed. The Current State of Economic Science (Rohtak, India: Spellbound Publications, 1999), Vol. 5, 2913-2925.
  • “Team Teaching Religion, Economics and Culture.” Edward O’Boyle, ed. Teaching the Social Economic Way of Thinking.  (Lewiston: Edwin Mellon Press, 2000), Vol. 4, 641-656.
  • “Alternative Economic Approaches to Antitrust Enforcement.” With Thomas L. Greaney.  Nicholas Mercuro and Margaret Oppenheimer, eds.  Law and Economics: Alternative Economic Approaches to Legal and Economic Issues. (Armonk: M.E. Sharpe, 2005), 77-98.
  • “Solidarity.”  With Stuart D. Yoak.  Jan Peil and Irene van Staveren, eds. Handbook of Economics and Ethics.  (Chiltenham, UK: Edward Elgar, 2009), 523-530.
  • "Introduction."  With Edward O'Boyle and Gladys Gruenberg.  Looking Beyond the Individualism and Homo Economicus of Neoclassical Economics. (Milwaukee: Marquette University Press, 2010), 13-24.

Journal and Related Publications

  1. “Resale Price Maintenance and the Market Position of the Seller in Monopolistic Competition.”  American Economist, Vol. XVIII, No. 1 (Spring 1974), 3-10.
  2. “Thoughts for Smaller Manufacturers on Consumer Product Safety Act.”  The Smaller Manufacturer, Vol. 29, No. 5 (May 1974), 2-3.
  3. “The Significance of Field-of-Use Restrictions for Royalty Discrimination between Patent Licensees.  Journal of the Patent Office Society, Vol. 57, No. 7 (July 1975), 455-470.
  4. “Gray Areas in the Relationship between Antitrust Policy and Industry Self Regulation.”  Written testimony presented to joint U.S. Department of Commerce, U.S. Department of Labor Hearings on Regulatory Reform.  Abstracted in:  Bureau of Domestic Commerce Staff Study, Summaries of Testimony U.S. Department of Commerce Public Hearings on Regulatory Reform.  December 1975 to February 1976.  (Staff Study A-04-76).  U.S. Department of Commerce, Tab. 6, 40.
  5. “The Flow of Cases through Five Misdeameanants and Felony Courts’:  Comment.”  (Abstract).  Atlantic Economic Journal, Vol. 5, No. 1 (March 1977), 151.
  6. “‘Inflation and the Destruction of Democracy:  The Case of the Weimar Republic’:  Comment.”  Journal of Economic Issues, Vol. XI, No. 2 (June 1977), 323-326.
  7. “Exploring the Structural Relationship between Legal Counsels and Industrial Corporations:  A First Step.”  With G. C. Ohaji.  Industrial Organization Review, Vol. 5, Nos. 2 & 3 (1977), 89-94.
  8. “Simple Price Restrictive Patent Licensing and Simple Dominant Firm Price Leadership:  Do the Similarities Outweigh the Differences?”  Journal of the Patent Office Society, Vol. 60, No. 4 (April 1978), 230-247.
  9. “Social Responsibility, Semantics, and Why We Can't Agree On What We Agree On.” Business and Society, Vol. 18, No. 2 (Spring 1978), 31-37.
  10. “Duality in Markets for Highly Skilled Workers:  A Case Study of Academic Economists.” With T. M. Stevenson.  The Journal of Economics, Vol. IV (1978), 48-52.
  11. “‘On Price Flexibility’:  Comment.”  The Journal of Economics, Vol. IV (1978), 93.
  12. “On Government's Contribution to Risk and Uncertainty in the Technological Process:  A Case Study of the Treatment of Restrictive Patent Licensing.”  Government Intervention and Regulation, Vol. 16, I.T.E.S.T. Proceedings (St. Louis:  Institute for Theological Encounters with Science and Technology, 1979), 67-82.
  13. “On the Compatibility of Profit Maximization and Other Goals of the Firm.”  Review of Social Economy, Vol. XXXVIII, No. 1 (April 1980), 65-74.
  14. Supply Side Economics.  With Gerry F. Welch.  (Hinsdale:  The Dryden Press, 1982), 12 pages.  Newsletter to accompany Economics:  Theory & Practice.
  15. “Introduction:  The Purposes and Goals of Antitrust.”  With J. J. Boczar (Saint Louis University Antitrust Symposium on the Purposes and Goals of Antitrust.  Papers by William F. Baxter, Albert A. Foer, E. Perry Johnson, Oliver E. Williamson, and Brent T. Upson).  Saint Louis University Law Journal, Vol. 27, No. 2 (1983), 287-288.
  16. “Concentration in Local Commercial Banking Markets:  A Study of the Eighth Federal Reserve District.”  Federal Reserve Bank of Saint Louis Review, Vol. 65, No. 8 (1984), 15-21.
  17. “The Merger Guidelines, Concentration, and Excess Capacity in Local Commercial Banking Markets.”  With Jude L. Naes, Jr., Journal of Bank Research, Vol. 16, No. 3 (1985), 158-160.
  18. “Economists Have Some (Not All) the Answers.”  Page One, (December 3, 1987), 1-2.  (Interview)
  19. “Unemployment, Education and the Economic Pastoral.”  Momentum, (February 1990), 72-73.
  20. “Market Shares and Rules of Thumb.”  Journal of Applied Business Research, Vol. 7, No. 2 (Spring 1990-1991), 34-37.
  21. “Reflections on Joseph Becker's Shared Government in Employment Security.”  Forum for Social Economics, Vol. 20, No. 2 (Spring 1991), 8-15.
  22. “The Problem of Geographic Market Definition: Geographic Proximity vs. Economic Significance.”  With Steven E. Crane.  The Atlantic Economic Journal, Vol XIX, No. 2 (June 1991), 12-20.
  23. “Poverty, Unemployment, and Economic Justice: An Economist's Viewpoint.”  The Eden Journal, Vol. 1, No. 1 (September 1991), 28-31.
  24. “Rethinking Shipments Asymmetries.”  With Steven E. Crane.  Review of Industrial Organization, Vol. 8 (1993), 579-597.
  25. “Industrial Evolution.” Universitas, (Spring 1994), 20-23. [Reprinted in The Surplus Record, July 1994, pp. 27-30.]
  26. Peter L. Danner, “Getting and Spending.” (Book Review). The Modern Schoolman, May 1995, pp. 349-352.
  27. Economic Impact of Saint Louis University. With Kevin Christ. Report published by Saint Louis University. (1996). 39 pages.
  28. “The Encyclicals and Rights to Distributions in Contract- and Status-Based Economies.”  International Journal of Social Economics. Vol. 25, Nos 11/12 (1998), pp. 1608-1617.
  29. “Mercantilism and Fascism.” History of Economics Ideas.  VI/1998/2 (1998), 97-122.
  30. “Top 10.” Grand Connection.Vol V., No 8 (March 26, 1999), p. 5.
  31. “Thomas Carlyle on the Use of Numbers in Economics.” Forum for Social Economics.  Vol. 29, No. 2 (Spring 2000), pp. 61-74.
  32. “The Relationships of Religion to Economics.”  With J. J. Mueller, Review of Social Economy.  (June 2001), 185-202.
  33. Peter L. Danner, "The Economic Person: Acting and Analyzing." (Book Review). Review of Social Economy.  (December 2003), 551-555.
  34. “How To Be Better Prepared For A Paradigm Shift In Economic Theory And Write Better Articles In The Meantime.” With Wilfred Dolfsma, Working paper for Research Institute of Management, Erasmus University, Rotterdam.
  35. Robert D. Putnam, "Bowling Alone." (Book Review).  Review of Social Economy (March 2005), 148-153.
  36. “Common Ground for Thomas Carlyle and Personalist Economics.” (Presidential Address).  Review of Social Economy (December 2005), 537-545.
  37. "Thomas Carlyle on Utilitarianism."  History of Political Economy.  (Summer 2006), 377-389.
  38. “How Can U.S. Schools Desegregate After the End of Busing?” Forum for Social Economics. (Spring 2007), 53-62.
  39. “Paradigms and Novelty in Economic Thought: Why self-interested economists should study the history of their field.”  With Wilfred Dolfsma.  American Journal of Economics and Sociology.  Volume 68, Issue 5 (November 2009), 1085-1106.
  40. "Jonathan Swift on the Lives of the Poor Native Irish as Seen Through 'A Modest Proposal' and Other of His Writings."  Journal of the History of Economic Thought.  Volume 35, Issue 4 (December 2013), 471-489.
  41. “Integral Human Development and the Maximization Principle of Mainstream Economics.”  With Edward O’Boyle.  Journal of Markets and Morality.  Vol. 17, No. 1   (Spring 2014), 47-64.
  42. “Tracing the Origins of Personalist Economics to Aristotle and Aquinas.” With Edward O’Boyle.  Forum for Social Economics.  1-16. to be published in Vol. 44, fall 2015 edition.


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