Program Requirements: Economics
The requirements for the major include 13 courses: five required core courses in quantitative methods and economic theory; five elective courses in economics; and three related courses in fields outside of economics (one of which is to be in mathematics). A course including a capstone experience must be taken during the senior year. Majors must have a grade-point average of 2.0 for the 10 required economics courses, and a grade of no lower than C- in the five core courses.
Upon declaring the major, students also choose an adviser from among the economics faculty. Students are encouraged to use their initial meetings with their adviser to develop a program that meets their interests and goals. For example, a student concerned about environmental change and developing countries may combine course work in Environmental Economics (ECON157 or ECON257) with Population Economics (ECON247) and Economic Development (ECON128 or ECON 228). Students planning on graduate work in economics should consult their adviser early on. Graduate work in economics demands strong mathematical skills, including calculus and other courses in math.
The Undergraduate Economics Handbook provides many detailed suggestions on how students can tailor their major to their interests and career goals including a worksheet for planning the program in the major.
Core Courses
The five core courses provide students with a common language and a common set of skills that ensure preparation for study of the subfields of economics in the elective courses. They also enhance the student’s understanding of economic analysis. ECON010 provides an introduction to the economic way of thinking using a comparative approach. First-year students may elect a first-year seminar (ECON100) that provides an in-depth look into key economic issues, such as international economic relations or population, in place of ECON010. Either of these courses is the prerequisite for all 100-level courses and ECON011. ECON011 provides an overview of the key analytical tools of economics and is the prerequisite for 200-level courses.
Courses in intermediate microeconomics (ECON205) and intermediate macroeconomics (ECON206) deepen the major’s understanding of the economic analysis of individual and firm choices, markets, and the economy as a whole. Course work in statistical analysis (ECON160) acquaints students with how information can be used to confront hypotheses suggested by basic economic analysis. A minimum grade of C- must be earned in each of the required core courses.
Economics Electives
The five economics electives and the three related courses provide the student with the opportunity to pursue more focused interests within the major. Courses at the 100-level, generally provide students with an in-depth look at economic institutions and policies. Courses at the 200 level, which require completion of ECON011, provide a more comprehensive introduction to the economic literature of an area. Economics majors are required to take at least three of their electives at the 200 level.
Elective offerings include such fields as international trade and finance, economic development, monetary economics and labor, as well as topical courses in areas such as environmental economics, the economics of population, economic history and the economics of sport.
Students are encouraged to group their electives around their own particular interests. Brochures available from the department provide detailed suggestions on the appropriate economics electives and related courses for students with interests in international economics, development and the environment.
Related Courses
Economics majors must complete three courses that are offered outside of the economics department, which are related to the goals of the economics major. Some courses that will satisfy the related course requirement include management courses in accounting, finance, management and information systems (MIS) and operations management, computer-science courses, some courses in economic geography, and mathematics above the level of introductory calculus.
Other courses can meet this requirement provided they complement the program a student has developed. For example, many courses in international development would provide background for a student who has taken Economic Development (ECON128 or ECON228), or a student with an interest in economic policy may want to take additional courses in government. The departmental faculty adviser can provide suggestions for related courses of this type.
At least one mathematics course at the level of pre-calculus (MATH119) or calculus (MATH120 or 124) is required. Calculus is recommended for all majors.
Capstone
A capstone course, taken during the student’s senior year is required. This offers an opportunity to draw upon the skills and background acquired during the previous years of study. The capstone courses allow students to acquire in-depth knowledge of a topic of interest using a combination of economic analysis and empirical research. The capstone course counts as one of the five economics electives.
There are three ways of meeting the capstone requirement:
a) Participation in the honors program
(see below)
b) 200-level economics research course.
c) Independent study course. For students unable to meet the capstone requirement through (a) or (b), arrangements can be made for individually directed research work.
Students must submit the capstone declaration form with the instructor’s signature to the Economics Department when enrolling in a course that they have designated as their capstone.