Program Overview

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Economics, BA

A major in Economics gives students a greater understanding of how people, businesses, and governments respond to their economic environments. Many of the issues that fill the newspapersjobs, wages, taxes, the cost of living, inequality, pollution, poverty, and economic growthare, 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.

How to Get in

Declaring the Major

• Complete one calculus course, MATH 211, MATH 217, MATH 221 or MATH 222 (MATH 217, MATH 221 or MATH 222 for the Mathematical Emphasis option), and
• Complete any one ECON course (except ECON 100) at UWMadison, and
• Achieve a 2.000 GPA in all ECON courses and major courses (i.e., calculus) at the time of declaration.

University General Education Requirements

All undergraduate students at the University of Wisconsin-Madison are required to fulfill a minimum set of common university general education requirements to ensure that every graduate acquires the essential core of an undergraduate education. This core establishes a foundation for living a productive life, being a citizen of the world, appreciating aesthetic values, and engaging in lifelong learning in a continually changing world. Various schools and colleges will have requirements in addition to the requirements listed below.

• BreadthHumanities/Literature/Arts: 6 credits
• BreadthNatural Science: 4 to 6 credits, consisting of one 4- or 5-credit course with a laboratory component; or two courses providing a total of 6 credits
• BreadthSocial Studies: 3 credits
• Communication Part A & Part B
• Ethnic Studies
• Quantitative Reasoning Part A & Part B

College of Letters & Science Degree Requirements: Bachelor of Arts (BA)

Students pursuing a bachelor of arts degree in the College of Letters & Science must complete all of the requirements below. The College of Letters & Science allows this major to be paired with either a bachelor of arts or a bachelor of science curriculum.

Bachelor of Arts Degree Requirements

• Mathematics: Complete the University General Education Requirements for Quantitative Reasoning A (QR-A) and Quantitative Reasoning B (QR-B) coursework.
• Language:
  • Complete the fourth unit of a language other than English; OR
  • Complete the third unit of a language and the second unit of an additional language other than English.
• L&S Breadth:
  • 12 credits of Humanities, which must include 6 credits of literature; and
  • 12 credits of Social Science; and
  • 12 credits of Natural Science, which must include one 3+ credit Biological Science course and one 3+ credit Physical Science course.
• Liberal Arts and Science Coursework: Complete at least 108 credits.
• Depth of Intermediate/Advanced work: Complete at least 60 credits at the intermediate or advanced level.
• Major: Declare and complete at least one major.
• Total Credits: Complete at least 120 credits.
• UW-Madison Experience:
  • 30 credits in residence, overall; and
  • 30 credits in residence after the 86th credit.
• Quality of Work:
  • 2.000 in all coursework at UWMadison
  • 2.000 in Intermediate/Advanced level coursework at UWMadison

Options in the Major

The department offers two major options. Students may declare only one option and must complete all requirements including Residence and Quality of Work standards. Options are:

• 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: EconomicsMathematical 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.

Requirements for the Economics Major

Math and Statistics

• Mathematics (complete one):
  • MATH 221: Calculus and Analytic Geometry 1
  • MATH 171 & MATH 217: Calculus with Algebra and Trigonometry I and Calculus with Algebra and Trigonometry II
  • MATH 211 & MATH 213: Survey of Calculus 1 and Survey of Calculus 2
  • MATH 211 & ECON 205: Survey of Calculus 1 and Quantitative Tools for Economics
• Statistics (complete one):
  • ECON 310: Statistics: Measurement in Economics (Recommended)
  • ECON 400: Introduction to Applied Econometrics
  • ECON 410: Introductory Econometrics
  • MATH/STAT 309: Introduction to Probability and Mathematical Statistics I
  • MATH/STAT 431: Introduction to the Theory of Probability
  • STAT 311: Introduction to Theory and Methods of Mathematical Statistics I
  • STAT 324: Introduction to Statistics for Science and Engineering
  • STAT 340: Data Science Modeling II
• Total Credits: 8-14

Economics

30 credits to include:

• Principles of Economics (complete one):
  • ECON 101 & ECON 102: Principles of Microeconomics and Principles of Macroeconomics
  • ECON 111: Principles of Economics-Accelerated Treatment
• Microeconomic Theory (complete one):
  • ECON 301: Intermediate Microeconomic Theory
  • ECON 311: Intermediate Microeconomic Theory - Advanced Treatment (Honors Econ)
• Macroeconomic Theory (complete one):
  • ECON 302: Intermediate Macroeconomic Theory
  • ECON 312: Intermediate Macroeconomic Theory - Advanced Treatment
• Two Core ECON courses:
  • ECON 400: Introduction to Applied Econometrics
  • ECON 409: Study Abroad in Advanced Economics
  • ECON 410: Introductory Econometrics
  • ECON 435: The Financial System
  • ECON 441: Analytical Public Finance
  • ECON 442: Macroeconomic Policy
  • ECON 448: Human Resources and Economic Growth
  • ECON 450: Wages and the Labor Market
  • ECON 455: Behavioral Economics
  • ECON 458: Industrial Structure and Competitive Strategy
  • ECON 460: Economic Forecasting
  • ECON 461: International Macroeconomics
  • ECON 464: International Trade
  • ECON 467: International Industrial Organizations
  • ECON 468: Industrial Organization and Imperfect Competition
  • ECON 475: Economics of Growth
  • ECON/FINANCE 503: Markets with Frictions
  • ECON 521: Game Theory and Economic Analysis
  • ECON 522: Law and Economics
  • ECON/A AE/R M I 530: Insuring Life's Risks: Health, Aging, and Policy
  • ECON 535: Experimental Economics
  • ECON/A AE/POP HLTH/PUB AFFR 548: The Economics of Health Care
  • ECON 570: Fundamentals of Data Analytics for Economists
  • ECON 580: Honors Tutorial in Research Project Design
  • ECON 621: Markets and Models
  • ECON 623: Population Economics
  • ECON 661: Issues in International Macroeconomics
  • ECON 664: Issues in International Trade
  • ECON 666: Issues in International Finance
  • ECON 690: Topics in Economics
  • ECON 695: Topics in Economic Data Analysis
• Electives:
  • Complete any Core econ course not used above or one of these courses:
    • ECON/FINANCE 300: Introduction to Finance
    • ECON/HIST SCI 305: Development of Economic Thought
    • ECON/A AE/REAL EST/URB R PL 306: The Real Estate Process
    • ECON 309: Study Abroad in Intermediate Economics
    • ECON 315: Data Visualization for Economists
    • ECON/FINANCE 320: Investment Theory
    • ECON 321: Sports Economics
    • ECON 325: Economics of Race in the United States
    • ECON 330: Money and Banking
    • ECON 340: Microeconomics in Popular Culture
    • ECON/A AE/ENVIR ST 343: Environmental Economics
    • ECON 350: The Chinese Economy
    • ECON 355: The Economics of Growing-up and Getting Old
    • ECON 370: Economics of Poverty and Inequality
    • ECON/A AE 371: Energy, Resources and Economics
    • ECON 390: Contemporary Economic Issues
    • ECON/REAL EST/URB R PL 420: Urban and Regional Economics
    • ECON/A AE 421: Economic Decision Analysis
    • ECON/ENVIR ST/POLI SCI/URB R PL 449: Government and Natural Resources
    • ECON/A AE/INTL BUS 462: Latin American Economic Development
    • ECON 465: The American Economy to 1865
    • ECON/HISTORY 466: The American Economy Since 1865
    • ECON/A AE 473: Economic Growth and Development in Southeast Asia
    • ECON/A AE 474: Economic Problems of Developing Areas
    • ECON/A AE 477: Agricultural and Economic Development in Africa
    • ECON/PHILOS 524: Philosophy and Economics
    • ECON/A AE 526: Quantitative Methods in Agricultural and Applied Economics
    • ECON/A AE/F&W ECOL 531: Natural Resource Economics
    • ECON/A AE/ENVIR ST/URB R PL 671: Energy Economics
• Total Credits: 30

Requirement for the Mathematical Emphasis

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Residence and Quality of Work

• 2.000 GPA in all ECON and major courses
• 2.000 GPA on 15 upper-level major credits taken in residence
• 15 credits in ECON, taken on the UWMadison campus

Honors in the Economics Major

To participate in Honors in the Economics Major, students must be declared in the Mathematical Emphasis option. For further information, see the Mathematical Emphasis requirements and consult your Economics undergraduate advisor.

Footnotes

1. At least two core ECON courses must be taken in residence at UWMadison, and not via transfer or a UWMadison Study Abroad program.
2. Intermediate and Advanced level ECON courses are Upper Level in the major.

University Degree Requirements

• Total Degree: To receive a bachelor's degree from UWMadison, students must earn a minimum of 120 degree credits. The requirements for some programs may exceed 120 degree credits. Students should consult with their college or department advisor for information on specific credit requirements.
• Residency: Degree candidates are required to earn a minimum of 30 credits in residence at UWMadison. "In residence" means on the UWMadison campus with an undergraduate degree classification. In residence credit also includes UWMadison courses offered in distance or online formats and credits earned in UWMadison Study Abroad/Study Away programs.
• Quality of Work: Undergraduate students must maintain the minimum grade point average specified by the school, college, or academic program to remain in good academic standing. Students whose academic performance drops below these minimum thresholds will be placed on academic probation.

Learning Outcomes

1. Understand the fundamental concepts of economics and how those concepts apply to real world issues.
2. Construct and evaluate economic models, their assumptions, and conclusions.
3. Acquire a diverse set of skills and strategies in mathematical reasoning/statistical and computational techniques/deductive logic/problem solving.
4. Use mathematics/computational/statistical techniques to analyze real world situations and policies.
5. Use economic analysis to critically evaluate public policy proposals.

Four-Year Plan

This Four-Year Plan is only one way a student may complete an L&S degree with this major. Many factors can affect student degree planning, including placement scores, credit for transferred courses, credits earned by examination, and individual scholarly interests. In addition, many students have commitments (e.g., athletics, honors, research, student organizations, study abroad, work and volunteer experiences) that necessitate they adjust their plans accordingly. Informed students engage in their own unique Wisconsin Experience by consulting their academic advisors, Guide, DARS, and Course Search & Enroll for assistance making and adjusting their plan.

Three-Year Plan

This Sample Three-Year Plan is a tool to assist students and their advisor(s). Students should use it along with their DARS report, the Degree Planner, and Course Search & Enroll tools to make their own three-year plan based on their placement scores, credit for transferred courses and approved examinations, and individual interests.

Advising and Careers

Academic Advising

Academic advising, along with general information about the undergraduate major and coursework, is available in Room 7238 of the Social Science Building.

Preparation for PhD 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/STAT 309: Introduction to Probability and Mathematical Statistics I
• MATH/STAT 310: Introduction to Probability and Mathematical Statistics II
• MATH 421: The Theory of Single Variable Calculus
• MATH/STAT 431: Introduction to the Theory of Probability
• MATH 521: Analysis I
• MATH 522: Analysis II
• MATH/I SY E/OTM/STAT 632: Introduction to Stochastic Processes

Directed Study

Directed Study (ECON 698, ECON 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 the consent of the instructor; a GPA of 3.00 or above in ECON; completion of ECON 301 Intermediate Microeconomic Theory and ECON 302 Intermediate Macroeconomic Theory; at least one CORE ECON course.

Internships

Students can earn 1 credit for approved internships appropriate to the study of economics under course ECON 228 Internship Economics. 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 are declaration in the Economics major; a major GPA of 2.200 or higher; completion of at least four ECON courses at UWMadison; completion of at least one Intermediate Theory course (ECON 301 Intermediate Microeconomic Theory or ECON 302 Intermediate Macroeconomic Theory); and departmental approval.