Economics (BA/BS)

Do longer prison sentences lower crime rates? Does socialized medicine improve health outcomes? Do lower taxes pay for themselves? Economics affords the intellectual architecture needed to systematically address these types of questions. The economics discipline provides a rigorous framework for modeling how individuals and institutions make decisions, how these decisions shape our society, and how laws and policies can be designed to improve outcomes. This framework is implemented through advanced quantitative analysis, including statistical methods and data science, and can be used, quite simply, to change the world.

An economics degree indicates proficiency in data analysis, the modeling of behavioral patterns, the analysis of business practices, and the assessment of policy issues and challenges. Equipped with problem solving and analytical reasoning skills, undergraduate students in economics pursue careers in business, finance, data-science, law, government and many other paths, as well as advanced degrees in business, economics, law and public affairs. Economics majors also have the opportunity to complete a master’s degree in economics in just one additional year following their undergraduate studies.

Program Learning Outcomes

Upon successful completion of this program, students will be able to:

• Be proficient in basic microeconomic and macroeconomic concepts.
• Be proficient in microeconomic analysis.
• Be proficient in macroeconomic analysis.
• Use economic data to examine empirical evidence of hypothesized relationships through statistical/econometric techniques.
• Apply the knowledge outlined in goals 1) through 4) to particular issues across various fields in economics.

Learning Outcome Explanations: 

• Proficiency in basic microeconomic and macroeconomic concepts.
• Proficiency in microeconomic analysis. This builds on the microeconomic knowledge required in educational goal 1) and requires the ability to examine models of agents' decisions, including consumer utility maximization and firm profit maximization, using mathematical tools. 
• Proficiency in macroeconomic analysis. This builds on the macroeconomic knowledge required in educational goal 1) and requires knowledge of theoretical models that explain fluctuations in output, employment, the price level, inflation, interest rates, and other macroeconomic variables, as well as the effect of monetary and fiscal policies on these macroeconomic outcomes.
• The ability to use economic data to examine empirical evidence of hypothesized relationships through basic statistical/econometric techniques.
• The ability to apply the knowledge outlined in goals 1) through 4) to particular issues across various fields in economics which may include, for example, environmental, international, labor, or urban economics.

Economics Major Requirements

Grades of C– or better in courses taken to satisfy major requirements.

Courses Offered Pass/No Pass Only

EC 320 Introduction to Econometrics I (or EC 423 Econometrics) is a prerequisite for almost all 400-level courses. EC 311 Intermediate Microeconomic Theory and sometimes EC 313 Intermediate Macroeconomic Theory are as well. Because MATH 242 Calculus for Business and Social Science II and Elementary Statistics I (STAT 243Z) are prerequisites for EC 320 Introduction to Econometrics I, it is important for students to take those courses early. See the course listings for details on prerequisites.

Departmental Honors

Qualified students may apply to graduate with honors in economics. Two requirements must be met:

1. Completion of upper-division economics courses with at least a 3.50 grade point average
2. Completion of a research paper, written under the guidance of a faculty member, for 4 credits in EC 401 Research: [Topic]. A copy of the completed paper, approved by the faculty advisor, must be presented to the department by Friday of the week before final examinations during the term the student plans to graduate

Students interested in honors also should consider taking EC 418 Economic Analysis of Community Issues I and EC 419 Economic Analysis of Community Issues II. Instructor approval is required for EC 418–419. Students who intend to satisfy these requirements should notify the director of undergraduate studies early in the term in which they intend to graduate.

Four-Year Degree Plan

The degree plan shown is only a sample of how students may complete their degrees in four years. There are alternative ways. Students should consult their advisor to determine the best path for them.

Bachelor of Arts in Economics

Bachelor of Science in Economics