College of Letters & Science
Economics
Admission to the Major
Requirements for the Major
Option A: Economics
Option B: Economics—Mathematical Emphasis
Directed Study
Honors in the Major
Internship in Economics
Topic Areas
Preparation for Ph.D. Programs in Economics
Courses
7238 Sewell Social Science Building, 1180 Observatory Drive, Madison, WI 53706; 608-262-6925; www.econ.wisc.edu
Professors Brock, Deneckere, Durlauf, Engel, Hansen, Hendricks, Kennan, Porter, Sandholm, Scholz, Seshadri, Smith, Taber, Walker, West, Wolfe, Wright; Associate Professors Lentz, Williams; Assistant Professors Aradillas-Lopez, Cooley, Decarolis, Fu, Fukushima, Gandhi, Houde, Navarro-Lozano, Penta, Quint, Rostek, Roys, Serrano-Padial, Shi, Weretka; Affiliated Faculty Chinn, DeLeire, Heinrick, Kamata, Montgomery, Ortalo-Magne, Smeeding, Wallace
Undergraduate advisor in the major: Allen Reigel, 7238 Social Science Building, 608-262-8762
Career development coordinator: Bethany Nelson, 7238 Socal Science Building, 608-265-2888
Faculty diversity liaison: Contact the department
A major in economics gives students a greater understanding of how people, businesses, and governments respond to their economic environment. Many of the issues that fill the newspapers—jobs, wages, taxes, the cost of living, inequality, pollution, poverty, and economic growth—are, in fundamental ways, economic issues. The daily decisions of businesses and consumers are largely economic. Economists seek to understand the decisions of businesses, consumers, and current economic issues by developing a systematic and thorough understanding of precisely how the economic system operates, including the mechanisms by which resources are allocated, prices determined, income redistributed, and economic growth promoted.
The analytical method of economics recognizes that various choices are open to a society in solving its economic problems. Students are often attracted to economics as a discipline precisely because they want to understand the decisions of people and businesses and to better understand and evaluate economic policy. To begin to approach these issues as an economist requires an understanding of economic theory, empirical methodology, and an understanding of the institutional details and advanced practice gained from intensive study of specific subfields of economics. Consequently, the undergraduate economics major is organized around a progression of courses that first provides a broad introduction to economics, then develops the theoretical tools that provide the foundation of modern economic thought, and finishes with advanced courses designed to provide greater in-depth knowledge of specific fields (such as labor markets, industrial organization, international economics, public finance, banking and finance, macroeconomics, microeconomics, and econometrics).
An economics major is valuable in the job market because the major is designed to train people to think analytically and clearly about a wide variety of issues. This skill is valued by many employers. An economics major is also good preparation for graduate work in a number of areas: business, law, public policy, economics, public administration, industrial relations, international relations, urban and regional planning, and environmental studies.
Admission to the Major
1. Completion of at least two economics courses on the University of Wisconsin-Madison campus unless the student has transferred in and taken two economics courses at another UW System campus. Must have at least a 2.0 GPA in those courses.
2. A GPA of at least 2.0 in all completed economics courses on the University of Wisconsin-Madison campus.
3. A GPA of at least 2.0 in any calculus and statistics requirements completed.
Requirements for the Major
The department offers two major options:
Option A: Economics provides a well-rounded major in economics that is valuable for employment following graduation, or subsequent graduate work in business, law, public policy, and related disciplines.
Option B: Economics—Mathematical Emphasis provides students with the mathematical and statistical background needed for in-depth study of the analytical aspects of economics. Its requirements are designed to prepare students for graduate study in economics and related fields, or for careers as professional economists in business or government.
All students must fulfill the L&S requirement of 15 credits of upper-level work in the major completed in residence. All economics courses designated as "intermediate" or "advanced" count toward this requirement.
Option A: Economics
Principles courses: Econ 101 and 102 or 111
Intermediate theory: Econ 301 or 311 and 302 or 312
Mathematics: one semester of calculus
Statistics: Econ 310
Advanced electives: two courses minimum
A minimum of 30 credits in economics to include the above required courses and additional courses in advanced electives and applied fields.
1. Two Principles Courses
Econ 101 Principles of Microeconomics and
Econ 102 Principles of Macroeconomics
or
Econ 111 Principles of Economics—Accelerated Treatment
Before attempting these introductory courses, the student must have completed the Quantitative Reasoning A requirement, and a course in calculus is recommended.
2. Mathematics
One semester of calculus (Math 221 recommended)
3. Intermediate Economic Theory
Two courses in theory:
Econ 301 Intermediate Microeconomic Theory
or
Econ 311 Intermediate Microeconomic Theory—Advanced Treatment
and
Econ 302 Intermediate Macroeconomic Theory
or
Econ 312 Intermediate Macroeconomic Theory—Advanced Treatment)
Note: Econ 301 and 302 are offered every semester. Econ 311 and 312 are annually offered as a sequence.
4. Statistics
Econ 310 Statistics: Measurement in Economics (contact department for approved substitutes; math-oriented students and those interested in graduate work are encouraged to take Math/Sstat 309 and 310)
5. Advanced Electives and Applied Fields—Option A
At least two courses must be Advanced electives chosen from the following list: 390*, 410, 411, 412, 432, 441, 448, 450, 451, 458, 464, 467, 468, 475, 503, 508, 521, 522, 525, 548, 580, 623, 665, 666.
Remaining credits may be chosen from the Applied Fields courses listed in the Topic areas section.
* Lecture 014 and 015 only
Option B: Economics—Mathematical Emphasis
Principles courses: Econ 101 and 102 or 111
Intermediate theory: Econ 301 or 311 and 302 or 312
Mathematics: three semesters of calculus plus one semester of linear algebra
Statistics: Econ 310
Advanced electives: Econometrics (Econ 410) and
Three additional advanced electives (see list below)
A minimum of 30 credits in economics to include the above required courses and additional courses in advanced electives and applied fields.
1. Principles Courses
Econ 101 Principles of Microeconomics and
Econ 102 Principles of Macroeconomics, or
Econ 111 Principles of Economics—Accelerated Treatment
Before attempting these introductory courses, the student must have completed the Quantitative Reasoning A requirement, and a course in calculus is also recommended.
2. Mathematics
Math 221, 222, and 234 Calculus and
Math 340 or 320 Linear Algebra, or
three semesters of the Honors calculus sequence
3. Intermediate Economic Theory
Two courses in theory:
Econ 301 Intermediate Microeconomic Theory or
Econ 311 Intermediate Microeconomic Theory—Advanced Treatment
and
Econ 302 Intermediate Macroeconomic Theory
or
Econ 312 Intermediate Macroeconomic Theory—Advanced Treatment
Note: Econ 301 and 302 are offered every semester. Econ 311 and 312 are offered annually as a sequence.
4. Statistics
Econ 310 Statistics: Measurement in Economics (contact department for approved substitutes; math-oriented students and those interested in graduate work are encouraged to take Math/Sstat 309 and 310)
5. Advanced Elective and Applied Fields - Option B
Econ 410 Introductory Econometrics (a required advanced elective)
AND
At least three additional advanced electives must be chosen from the following list: 390*, 411, 412, 432, 441, 448, 450, 451, 458, 464, 467, 468, 475, 503, 508, 521, 522, 525, 548, 580, 623, 665, 666.
Remaining credits may be chosen from the Applied Fields courses listed in the Topics section.
*Lecture 014 and 015 only.
Advanced Electives Residency Requirement
At least two advanced electives must be completed in residence on the University of Wisconsin-Madison campus.
Directed Study
Directed Study (Econ 698 or 699) enables advanced students to pursue economic topics not covered in the regular course offerings. A student interested in directed study should prepare a research proposal and/or reading list; specific course requirements are arranged with an instructor who agrees to supervise the directed study project. Enrollment requires consent of instructor, a GPA of 3.0 or above in economics, completion of the intermediate economic theory courses and at least one advanced elective, and completion of the department's Directed Study form, available in 7238 Social Science.
Honors in the Major
Honors in the Major in Economics is designed for students who are capable of performing at a high level and wish to gain the best possible undergraduate training in economics. Honors in the Major is particularly appropriate for students interested in pursuing graduate work in economics, but the rigorous training it provides in research and analytical methods of economics is valuable to a large variety of employers and for graduate study in a number of fields.
Requirements
- Honors Intermediate Theory sequence: Econ 311 and 312
- Complete all requirements for Option B in the major
- Cumulative GPA of at least 3.5 in all courses in the major
- Overall cumulative GPA of at least 3.3 in all courses taken at UW-Madison
- Economics 580
- A capstone experience of Econ 581 or 681-82 (should be taken after 580) or a course in math analysis that has three semesters of calculus as a prerequisite followed by a graduate course in economics (course number > 700) with a grade of B or higher.
Internship in Economics
Students can earn one credit for approved internships appropriate to the study of economics under course number Econ 228.
Students must enroll for Econ 228 in the same semester/session in which the internship is granted.
Students should work a minimum of 100 hours per term.
Prerequisites: declared econ major with GPA of 2.2 or higher in the major; completed at least four econ courses at UW-Madison; complete at least one intermediate theory class.
Topic Areas
The following list of courses by topic area indicates the wide range of interests encompassed by the discipline of economics. Courses may be listed more than once.
Applied Fields (crosslisted courses are included)
International Economics, Economic Growth, Development: 365, 448, 462, 464, 467, 473, 474, 475, 477
Theory: 411, 412, 521
Applied Methods: 410, 525, 580
Public Finance, Labor, Health, Education, Applied Microeconomics: 441, 448, 450, 451, 525, 548, 623
Industrial Organization, Pricing: 458, 467, 468
Macro and Monetary Economics, Economic Growth: 330, 412, 475, 503
Business, Finance, Real State, Transportation: 306, 325, 478, 300, 320
Economic History: 465, 466
Comparative Economics: 365, 467, 552, 629
Urban and Land Economics: 306, 343, 420, 440, 478
Environmental and Resource Economics: 337, 343, 431, 449
Agricultural and Applied Economics: 421, 426, 427, 431, 462, 474, 477
Research Methods Seminar: 580
Experimental topics courses: 390
Preparation for Ph.D. Programs in Economics
Students interested in pursuing graduate study should pursue Option B (mathematical emphasis) and augment the standard curriculum with higher-level mathematics and statistics courses. These may include: Math 421, 431, 521, 522, 632; Stat 309-310, 609. It is important to consult early in the second year with the undergraduate advisor and/or the faculty member that directs the undergraduate program to design a plan of course work.