Program of Study (CAS Bulletin)

MAJOR

In order to allow students to select an approach to the study of economics that is more suitable to their personal aptitudes and interests, a major in economics can be taken in either of two concentrations, as described below.

If a student fails a course required for the major, the course must be retaken in the department; a course taken outside the University will not be allowed to substitute for a failed course. No course for the major may be taken as pass/fail.
A grade of C or better is required for a course to be counted toward the major in economics as well as to satisfy the mathematics prerequisites. Students are strongly urged to pay close attention to the prerequisites for each course. Students who do not meet the minimum C requirement in the prerequisite courses will be de-enrolled at the beginning of each semester. A grade of I or W does not count as satisfying the minimum grade requirement.

Transfer students should note that normally the only courses that will be accepted toward the major in economics are courses that have been passed with a grade of C or better at universities with an intensive four-year program.

While AP credit in economics with a grade of 4 or 5 is acceptable, it does not reduce the total number of courses required for the major or minor. AP credit in statistics is not acceptable for economics majors. AP credit does not apply to ECON-UA 5.

Beginning Fall 2011, the Economics Department requires that all economics majors take an exit exam before they graduate. No preparation is necessary for the exam, and the grade has no impact on a student’s academic record. The exam takes only one hour. Students are contacted by the department in their senior year with logistical details. The results will be used by the department to evaluate the major.


POLICY CONCENTRATION: The policy concentration is intended for the student who is primarily interested in applying economic analysis to an understanding of economic problems and policies. The introductory and intermediate courses provide the student with a solid foundation of economic theory with an emphasis on economic applications. The elective courses allow students to focus on specific problems and topics that match their interests and career plans.

The policy concentration corresponds most closely to the economics major that is offered by the leading colleges and universities. Mathematics is used to build an understanding of economic theory. Although calculus is required, the focus is on graphical analysis, the intuition behind the theory, and applications. This concentration is particularly well suited for students planning careers in law, public policy, business, or any other field in which a thorough understanding of the economic way of thinking would be beneficial. However, students in the policy concentration can also pursue a Ph.D. in economics or finance if they supplement their course work with additional courses in mathematics.

At least 42 points (10 courses) are to be taken in the Department of Economics: six core courses (ECON-UA 1, ECON-UA 2, ECON-UA 10, ECON-UA 12, the 6-point ECON-UA 18, and ECON-UA 238), plus four electives. Of these four electives, at least two must be numbered ECON-UA 300-399.

A typical sequence of courses consists of the following: by sophomore year, ECON-UA 1, ECON-UA 2, and ECON-UA 18; by junior year, ECON-UA 10, ECON-UA 12, and ECON-UA 238; by senior year, four electives. Note: Statistics is to be taken as early as possible. Senior-level courses (300 level and above) presume a knowledge of statistics.

Students are strongly advised to pay close attention to the prerequisites for each course, as they will be strictly enforced. Students should be aware that Algebra and Calculus (MATH-UA 9), or its equivalent, is required for the principles classes (ECON-UA 1 and ECON-UA 2). Students intending to major in economics must have a strong working knowledge of algebra and introductory calculus. Furthermore, a course in calculus (MATH-UA 121) is required for the intermediate courses and statistics (ECON-UA 10, ECON-UA 12, and ECON-UA 18). A grade of C or better is needed to pass both the economics and the mathematics requirements. Both Economic Principles I (ECON-UA 1) and Economic Principles II (ECON-UA 2) are required for intermediate macroeconomics (ECON-UA 12).


THEORY CONCENTRATION: The theory concentration is intended for the student who wishes to begin the formal study of economic reasoning with an emphasis on mastering the analytical tools. This concentration relies on a higher level of abstraction and focuses on techniques of economic analysis rather than on the understanding of specific economic problems or institutions. It is particularly well suited for students who intend to pursue a Ph.D. degree in economics or higher degrees in quantitative fields such as finance.

At least 40 points (10 courses) are to be taken in the Department of Economics: ECON-UA 5, ECON-UA 6, ECON-UA 20, ECON-UA 11, ECON-UA 13, and ECON-UA 266, plus four economics electives. At least two of these electives must be courses numbered ECON-UA 300-399 and designated as theory classes.

Students are strongly advised to pay close attention to the prerequisites for each course, as they will be strictly enforced. Furthermore, students must complete MATH-UA 121, MATH-UA 122, and MATH-UA 123. These calculus courses should be completed before or during the student’s first year in the program. A grade of C or better is needed to pass both the economics and the mathematics requirements.

A typical sequence of courses consists of the following: by sophomore year, ECON-UA 5, ECON-UA 6, and ECON-UA 20; by junior year, ECON-UA 11, ECON-UA 13, ECON-UA 266, and one elective; by senior year, three electives.


CHANGING CONCENTRATIONS: Students with permission from the director of undergraduate studies may change from the policy concentration to the theory concentration, or vice versa; however, certain rules apply. In either case, no course may be taken for which the student does not have the appropriate prerequisites; this includes the mathematics prerequisites.

Transferring between concentrations after students have completed any of the intermediate courses is very difficult, more so in going from the policy to the theory concentration. Students who are unsure about which concentration to take should seek departmental advice before beginning their major. For those switching into the theory concentration from policy, ECON-UA 1 or ECON-UA 2 can be substituted for a 200-level elective. For those switching from theory to policy, ECON-UA 5 may substitute for ECON-UA 2.

JOINT MAJOR IN ECONOMICS AND MATHEMATICS

A joint major is offered by the Departments of Economics and Mathematics. In the economics department, joint majors with mathematics may only take the theory sequence. Nine courses must be taken from each department.
The mathematics requirements are a total of nine courses. The six required courses are as follows: MATH-UA 121, MATH-UA 122, MATH-UA 123, MATH-UA 140, MATH-UA 325, and MATH-UA 326. Three courses must be completed from MATH-UA 224, MATH-UA 233, MATH-UA 234, MATH-UA 235, MATH-UA 262, MATH-UA 240, MATH-UA 363, MATH-UA 245, MATH-UA 264, MATH-UA 248, MATH-UA 250, MATH-UA 252, MATH-UA 270, MATH-UA 282, MATH-UA 343, MATH-UA 344, or MATH-UA 141.

The economics requirements are ECON-UA 5, ECON-UA 6, ECON-UA 11, ECON-UA 13, ECON-UA 20, and ECON-UA 266, plus any three economics elective courses, at least two of which must be theory electives numbered ECON-UA 300-399.

Interested students should consult with the director of undergraduate studies in both departments for additional information.

JOINT MAJOR IN ECONOMICS AND COMPUTER SCIENCE

This is an interdisciplinary major offered by the Department of Computer Science with the Department of Economics. There are requirements in three departments, including the Department of Mathematics. A grade of C or better is required in all courses.

The mathematics requirements are MATH-UA 120, MATH-UA 121, MATH-UA 122, and MATH-UA 123.

The computer science requirements are CSCI-UA 101, CSCI-UA 102, CSCI-UA 201, CSCI-UA 202, and CSCI-UA 310, plus four computer science electives numbered CSCI-UA 400 or higher. One of these electives may be replaced by any one of the following: MATH-UA 140, ECON-UA 310, ECON-UA 337, ECON-UA 365, or ECON-UA 375.

The economics requirements are ECON-UA 5, ECON-UA 6, ECON-UA 11, ECON-UA 13, ECON-UA 20, and ECON-UA 266, plus any three economics elective courses, at least two of which must be theory electives numbered ECON-UA 300-399. One of these electives may be replaced by CSCI-UA 444.

Interested students should consult with the director of undergraduate studies in both departments for additional information.

MINOR

Students may minor in economics in either concentration. A minor enables a student to acquire a useful understanding of economic concepts and analysis without the same degree of coverage as would be obtained in a major. A grade of C or better is required for a course to be counted toward the minor in economics. Note: If a student fails a course required for the minor, the course must be retaken in the department; a course taken outside the University will not normally be allowed to substitute for a failed course. No course for the minor may be taken as pass/fail.

POLICY MINOR: At least 26 points (six courses) to be taken in the Department of Economics, including ECON-UA 1, ECON-UA 2, ECON-UA 18, either ECON-UA 10 or ECON-UA 12, and two additional 4-point courses for which the student has the prerequisites.

THEORY MINOR: At least 24 points (six courses) to be taken in the Department of Economics, including ECON-UA 5, ECON-UA 6, ECON-UA 20, either ECON-UA 11 or ECON-UA 13, and any other two electives in the theory sequence for which the student has the prerequisites.

HONORS PROGRAM

Honors may be taken in either concentration. Obtaining Honors in Economics provides students with the unique opportunity of engaging in a fulfilling capstone experience to their major. Honors students have the opportunity to take courses that are challenging and small in size, enabling students to form close relationships with the faculty in the economics department. Students interested in going to graduate or professional schools are especially urged to take honors.

A 3.65 overall GPA and a 3.65 average in economics courses are required.

Students who wish to obtain Honors register for a three-course sequence beginning no later than the spring semester of their junior year: Topics in Econometrics (ECON-UA 380) or Introduction to Econometrics (ECON-UA 266), Honors Tutorial (ECON-UA 410), and Honors Thesis (ECON-UA 450). Students pursuing Honors are strongly encouraged to take Advanced Econometrics (ECON-UA 402).

Interested students must consult with the director of undergraduate studies. Ideally, students should speak to the economics advisers in their sophomore year to begin planning for Honors.

Honors students will be required to take at least 44 points in economics courses. Students will need to begin the process during the spring semester of their junior year.

Students who wish to take Honors would take the following courses:

Honors in Policy concentration: Six core courses (ECON-UA 1, ECON-UA 2, ECON-UA 18, ECON-UA 10, ECON-UA 12, and ECON-UA 238); Topics in Econometrics (ECON-UA 380); two electives (at least one of these must be a 300-level elective); and two honors courses Honors Tutorial (ECON-UA 410) and Honors Thesis (ECON-UA 450)

Honors in Theory concentration: Six core courses (ECON-UA 5, ECON-UA 6, ECON-UA 20, ECON-UA 11, ECON-UA 13, and ECON-UA 266); three electives (at least two of these must be 300-level electives); and two honors courses Honors Tutorial (ECON-UA 410) and Honors Thesis (ECON-UA 450)