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Economics B.A.

Division of Social Sciences - Adm
Division of Social Sciences
  • Program Type: Baccalaureate
  • Requirements for this program are current for Spring 2018
  • Required credits to graduate with this degree: 120
  • Required credits within the major: 47
  • Degree: Bachelor of Arts
The economics major is a rigorous, broad introduction to the theories and empirical tools of the field, which addresses the economic environment as a social science. Economists are interested in applications, but in the context that a central task is to explain economic relationships, institutions, and events with some generality. The background economics provides is of use to those contemplating careers in business, government, or teaching, as well as providing specific preparation for those interested in future graduate work in the field. Program Student Learning Outcomes: Objectives—The economics curriculum is designed to ensure that students: 1. Understand economics as a social science, applying scientific methods of analysis to problems of human interaction 2. Understand the structure of markets and other economic institutions 3. Understand the functioning of the United States and world economies 4. Can apply both economic theory and the quantitative tools of economics to specific problems or questions 5. Have the ability to find economic data and to read applied economic research.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
General Requirements
All students are required to complete general University and college requirements. For more information, see the general education requirements.
Program Requirements
Students are required to complete 2 semester(s) of any second language. with a grade of C-, or better, or S, or demonstrate proficiency in the language(s) as defined by the department or college.
Grades of D or D+ in ECON 1111-1112, MATH 1101, and STAT 1601 or 2601 may not be used to meet the major requirements. Up to 4 credits of other economics coursework with a grade of D or D+ may be used to meet the major requirements if offset by an equivalent number of credits of A or B. Courses may not be taken S-N unless offered S-N only. A minimum GPA of 2.00 is required in the major to graduate. The GPA includes all, and only, University of Minnesota coursework. Grades of "F" are included in GPA calculation until they are replaced.
Required Courses, Element 1 and Element 2
Element 1: Required Preparatory Courses
Students should complete the following during their first two years:
ECON 1111 - Principles of Microeconomics [SS] (4.0 cr)
ECON 1112 - Principles of Macroeconomics [SS] (4.0 cr)
MATH 1101 - Calculus I [M/SR] (5.0 cr)
STAT 1601 - Introduction to Statistics [M/SR] (4.0 cr)
or STAT 2601 - Statistical Methods [M/SR] (4.0 cr)
Element 2: Required Core Courses
Students should complete the following before their senior year:
ECON 3201 - Microeconomic Theory (4.0 cr)
ECON 3202 - Macroeconomic Theory (4.0 cr)
ECON 3501 - Introduction to Econometrics [M/SR] (4.0 cr)
Element 3: Elective Courses
No more than 4 credits from each of the following can be applied to the major: ECON x993 - Directed Study ECON 4501/4502 - Senior/Advanced Research Seminar in Economics and Management
Take 14 or more credit(s) from the following:
· ECON 3005 - Experimental and Behavioral Economics I (2.0 cr)
· ECON 3006 - Experimental and Behavioral Economics II (2.0 cr)
· ECON 3007 - Environmental and Natural Resource Economics I [ENVT] (2.0 cr)
· ECON 3008 - Environmental and Natural Resource Economics II [ENVT] (2.0 cr)
· ECON 3009 - Political Economy (4.0 cr)
· ECON 3014 - Game Theory: The Theory of Strategic Behavior I (2.0 cr)
· ECON 3015 - Game Theory: The Theory of Strategic Behavior II (2.0 cr)
· ECON 3113 - Money, Banking, and Financial Markets (4.0 cr)
· ECON 3121 - Public Economics I (2.0 cr)
· ECON 3122 - Public Economics II (2.0 cr)
· ECON 3131 - Comparative Economic Systems I [IP] (2.0 cr)
· ECON 3132 - Comparative Economic Systems II (2.0 cr)
· ECON 3134 - Cooperative Business Model (2.0 cr)
· ECON 3141 - Economic Development and Growth I [IP] (2.0 cr)
· ECON 3142 - Economic Development and Growth II [IP] (2.0 cr)
· ECON 3153 - Contemporary Global Economic Issues [IP] (2.0 cr)
· ECON 3211 - History of Economic Thought I [HIST] (2.0 cr)
· ECON 3212 - History of Economic Thought II [HIST] (2.0 cr)
· ECON 3993 - Directed Study (1.0-5.0 cr)
· ECON 3xxx
Element 4: Economics Capstone Block
Take 4 or more credit(s) from the following:
· ECON 4101 - Labor Economics I [HDIV] (2.0 cr)
· ECON 4102 - Labor Economics II (2.0 cr)
· ECON 4111 - Mathematical Economics I (2.0 cr)
· ECON 4112 - Mathematical Economics II (2.0 cr)
· ECON 4121 - International Trade Theory (2.0 cr)
· ECON 4131 - International Finance (2.0 cr)
· ECON 4141 - Empirics of Economic Growth (2.0 cr)
· ECON 4501 - Senior Research Seminar in Economics and Management (2.0 cr)
· ECON 4502 - Advanced Research Seminar in Economics and Management (2.0 cr)
· ECON 4993 - Directed Study (1.0-5.0 cr)
 
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· Division of Social Sciences

View sample plan(s):
· Economics BA - Micro Orientation Sample Plan
· Economics BA - Macro Orientation Sample Plan

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· Economics B.A.
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ECON 1111 - Principles of Microeconomics (SS)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Study of scarce resource allocation in a market economy. Supply and demand, consumer theory, theory of the firm, market structure, pricing of factors of production, income distribution and the role of government. prereq: high school algebra or instr consent
ECON 1112 - Principles of Macroeconomics (SS)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Introduction to basic economic problems, concepts, and theoretical models. U.S. economic institutions and the economic organization of society. The role of markets in the production and distribution of societal resources. Measurement of economic performance; national income, inflation, and unemployment; competing macroeconomic theories and stabilization policies. prereq: high school algebra or instr consent
MATH 1101 - Calculus I (M/SR)
Credits: 5.0 [max 5.0]
Typically offered: Every Fall & Spring
Limits and continuity; the concepts, properties, and some techniques of differentiation, antidifferentiation, and definite integration and their connection by the Fundamental Theorem. Partial differentiation. Some applications. Students learn the basics of a computer algebra system. prereq: 1012, 1013 or placement
STAT 1601 - Introduction to Statistics (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Scope, nature, tools, language, and interpretation of elementary statistics. Descriptive statistics; graphical and numerical representation of information; measures of location, dispersion, position, and dependence; exploratory data analysis. Elementary probability theory, discrete and continuous probability models. Inferential statistics, point and interval estimation, tests of statistical hypotheses. Inferences involving one and two populations, ANOVA, regression analysis, and chi-squared tests; use of statistical computer packages. prereq: high school higher algebra
STAT 2601 - Statistical Methods (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Descriptive statistics, elementary probability theory; laws of probability, random variables, discrete and continuous probability models, functions of random variables, mathematical expectation. Statistical inference; point estimation, interval estimation, tests of hypotheses. Other statistical methods; linear regression and correlation, ANOVA, nonparametric statistics, statistical quality control, use of statistical computer packages. prereq: Math 1101 or Math 1021
ECON 3201 - Microeconomic Theory
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Analytical approach to decision making by individual economic units in the output and input markets, under perfect and imperfect market conditions. Externalities and role of government. prereq: 1111, Math 1101 or instr consent
ECON 3202 - Macroeconomic Theory
Credits: 4.0 [max 4.0]
Typically offered: Every Spring
The theory of national income determination; inflation, unemployment, and economic growth in alternative models of the national economy. prereq: 1112, Math 1101 or instr consent
ECON 3501 - Introduction to Econometrics (M/SR)
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Statistical techniques and statistical problems applicable to economics and management, focusing on ordinary least-squares regression, classical inference, and detections of and adjustments for violations of the classical assumptions. The course also briefly explores some advanced econometric topics in model specification, estimation, and prediction that include pooled and panel data models, instrumental variable estimation, two-stage least squares estimation, limited dependent variables and logistic regression. prereq: 3201 or 3202, Stat 1601 or Stat 2601
ECON 3005 - Experimental and Behavioral Economics I
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Introduction to economic experiments as controlled tests of microeconomic and game-theoretic behavioral predictions. In-class economic experiments, elements of non-cooperative game theory, results of market and social preference experiments, and empirical applications. prereq: 1111, 1112, Math 1101, Stat 1601 or Stat 2601; or instr consent
ECON 3006 - Experimental and Behavioral Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Advanced concepts and applications in experimental and behavioral economics. prereq: 3005 or instr consent
ECON 3007 - Environmental and Natural Resource Economics I (ENVT)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
An overview of "brown" pollution and "green" sustainability issues in environmental and natural resource economics. Emphasis on the role of market failures in causing environmental problems and on the design of market mechanisms and incentive regulations to solve those problems. Analysis of current federal policy in the areas of water and air pollution. prereq: 1111 or instr consent
ECON 3008 - Environmental and Natural Resource Economics II (ENVT)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
The economic analysis of sustainability, focusing on market designs to discourage over-exploitation of both renewable and exhaustible natural resources. Topics include markets for water, fisheries, and energy. prereq: 3007 or instr consent
ECON 3009 - Political Economy
Credits: 4.0 [max 4.0]
Course Equivalencies: 01779
Typically offered: Periodic Spring
The historical evolution, methodological relevance, and basic structure of the modern capitalist economy, including the dynamics of capital accumulation, economic crisis, transformation and regulating mechanism of contemporary capitalism, and hegemonic tendency of economy over polity and other aspects of life in contemporary society. prereq: 1111, 1112 or instr consent
ECON 3014 - Game Theory: The Theory of Strategic Behavior I
Credits: 2.0 [max 2.0]
Typically offered: Spring Odd Year
The analytic approach to strategic interaction. Strategic interaction takes place among people when the payoffs to each person depend on the choices of all the others, and each person knows this fact in choosing their behavior. Development of the basic concepts of the theory of strategic interaction, including the definition of a strategy, extensive form and strategic form representations of the same game, and the solution concepts of Nash equilibrium and rollback equilibrium. A selection of applications of economic interest are covered, such as market entry deterrence and social dilemma games. [Note: no credit for students who have received cr for IS 3206H] prereq: 1111 or instr consent
ECON 3015 - Game Theory: The Theory of Strategic Behavior II
Credits: 2.0 [max 2.0]
Typically offered: Spring Odd Year
Extensions to the basic analytic theory of strategic interaction that widen its applicability, including topics such as repeated games, asymmetric information, and refinements to basic solution concepts. A selection of applications of economic interest, such as screening, signaling, and brinkmanship. prereq: 3014 or instr consent
ECON 3113 - Money, Banking, and Financial Markets
Credits: 4.0 [max 4.0]
Typically offered: Every Fall
Nature and function of money; role of commercial banks and other financial institutions; structure and function of Federal Reserve system; monetary policies for stabilization and growth; and a survey and synthesis of major theories on the value of money. prereq: 1111, 1112 or instr consent
ECON 3121 - Public Economics I
Credits: 2.0 [max 2.0]
Typically offered: Periodic Spring
Analysis of the economics of public expenditures. prereq: 1111, 1112 or instr consent
ECON 3122 - Public Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Spring
Analysis of the economics of taxation. prereq: 3121 or instr consent
ECON 3131 - Comparative Economic Systems I (IP)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Comparison of the theory and functioning of the major economic systems of the world. Initial exploration of particular cases. prereq: 1111, 1112 or instr consent
ECON 3132 - Comparative Economic Systems II
Credits: 2.0 [max 2.0]
.
Typically offered: Periodic Fall & Spring
Extended exploration of the institutional characteristics, resource allocation patterns, performance, and current issues of selected world economies. prereq: 3131
ECON 3134 - Cooperative Business Model
Credits: 2.0 [max 2.0]
Course Equivalencies: 01763
Typically offered: Spring Odd Year
Same as Mgmt 3134. In the northern plains of the United States, cooperative businesses, including consumer, producer, and worker cooperatives, have made significant contributions to economic growth and development. Identify the unique economic, legal, and organizational characteristics of these firms and their role in the economy. Special attention is given to the potential role of cooperative business organizations in community development. prereq: 1111 or instr consent
ECON 3141 - Economic Development and Growth I (IP)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Nature and meaning of economic development. Theories of economic growth and the historical experience of now developed countries. General development problems facing developing countries. prereq: 1111, 1112 or instr consent
ECON 3142 - Economic Development and Growth II (IP)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Current development problems and policies in developing countries; the possibilities and prospects for future development. Case studies examining the development progress of these countries. prereq: 3141 (or concurrent enrollment in 3141) or instr consent
ECON 3153 - Contemporary Global Economic Issues (IP)
Credits: 2.0 [max 2.0]
Typically offered: Periodic Spring
Many of the most important global issues are economic in nature. Questions of population growth and aging, economic and political stability, security, terrorism, trade policy, poverty, development, the environment, energy, technology transfer, and even public health and education, in a global context can only be properly understood with some knowledge of economic principles. Gain knowledge of economic ideas necessary to understand and to criticize professional economic advice about global affairs. Strong emphasis on argumentation, rhetoric, and ability to debate economic ideas in a given framework. prereq: 1111, 1112, Stat 1601, or instr consent
ECON 3211 - History of Economic Thought I (HIST)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
The origin and development of economic thought from Mercantilism through the classical school. Among others, Adam Smith and Karl Marx are featured. Nature of economics as a social science through the study of its historical development. prereq: 1111, 1112
ECON 3212 - History of Economic Thought II (HIST)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
The development of economic thought from Marx and the end of the classical school, through the development of more modern approaches. In addition to the demise of classical thought, a selection from the thinkers who contributed to the foundations of modern microeconomics and/or macroeconomics is covered. Nature of economics as a social science, through the study of its historical development. prereq: 3211 or instr consent
ECON 3993 - Directed Study
Credits: 1.0 -5.0 [max 10.0]
Typically offered: Every Fall & Spring
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.
ECON 4101 - Labor Economics I (HDIV)
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Wage and employment determination. Distribution of earnings and earnings inequality by race and sex. Labor supply applications. prereq: 3201 or instr consent
ECON 4102 - Labor Economics II
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Functioning and performance of the labor market. Heterodox explanations of labor market behavior. Labor demand applications. prereq: 3201 or instr consent
ECON 4111 - Mathematical Economics I
Credits: 2.0 [max 2.0]
Course Equivalencies: 02561 - ECON 4201/ECON 4111
Typically offered: Periodic Fall & Spring
Application of mathematical methods to economic analysis. Mathematical formulations and solution of optimizing models pertaining to households and firms and of adjustments to disturbances. [Note: no credit for students who have received cr for Econ 4201] prereq: 3201, 3202 or instr consent
ECON 4112 - Mathematical Economics II
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Topics include linear modeling, input-output analysis and linear programming, efficiency and exchange, comparative static analysis, and dynamic microeconomic and macroeconomic models. prereq: 4111 or instr consent
ECON 4121 - International Trade Theory
Credits: 2.0 [max 2.0]
Prerequisites: 3201 or Mgmt 3123 or #
Typically offered: Every Spring
Overview of why trade occurs, pattern of trade and international factor movement. Effect of trade and trade policy on the economy. Current topics in trade theory. prereq: 3201 or Mgmt 3123 or instr consent
ECON 4131 - International Finance
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Foreign exchange markets; theories of exchange rate determination; fixed vs. flexible rate systems; theories of balance of payments adjustments; international quantity of money theory; international reserves; international monetary system (past, present, and future); internal and external balance, international economic policy coordination, international debt problem; effect of international sector on domestic growth and stability. prereq: 3202 or instr consent
ECON 4141 - Empirics of Economic Growth
Credits: 2.0 [max 2.0]
Typically offered: Periodic Fall & Spring
Presentation of the recent developments in economic growth with an emphasis on empirical research. The course asks, "Why are some countries so rich and some countries so poor?" Students first explore the proximate causes of economic growth such as physical capital, human capital, and productivity, and then address the role played by fundamental causes such as institutions, geography, and deep history. prereq: 3501
ECON 4501 - Senior Research Seminar in Economics and Management
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Guided research sessions familiarize students with literature in the field. Students devote their time to identify a research question and prepare a literature review and research plan. Students are required to write a short literature review paper and make a formal presentation of their literature review and their research plan to their peers. Required presentations may occur outside the regular class schedule. prereq: 3501 for econ majors or sr status for mgmt majors or instr consent
ECON 4502 - Advanced Research Seminar in Economics and Management
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Guided sessions familiarize students with advanced research tools in the field. Students extend their research from Econ 4501 in the form of a deeper literature review, an empirical analysis, or a specific case study (management majors only). Students are required to submit a final paper and make a formal presentation of their research to their peers. Required presentations may occur outside the regular class schedule. prereq: 4501, instr consent
ECON 4993 - Directed Study
Credits: 1.0 -5.0 [max 10.0]
Typically offered: Every Fall & Spring
An on- or off-campus learning experience individually arranged between a student and a faculty member for academic credit in areas not covered in the regular curriculum.