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Undergraduate Program

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The Department of Economics offers a wide variety of introductory and field courses in the subject. This page gives an overview of the Department of Economics Undergraduate Program, as well as information on the Major and Minor degrees offered by the department and the research requirement for majors. Official details are available from one of our undergraduate advisors or from the following links from the UWM Undergraduate Bulletin:

 

Why Study Economics?

Economics is the science of choice! While this statement may be a bit flippant, it also embodies an important principle. In a world where there are scarce resources (for example, time, money, raw materials), economics is the study of how people make choices in the face of scarce resources in order to make people as well off as possible. These choices can be personal (like - Do I go to class or not? Should I eat Ramen noodles tonight or take my significant other out for a nice dinner? Or should I accept a job at one firm or another?) or they can involve crucial public policy questions (like - Do we provide public health care? Should we reform Social Security, and if so, how do we do it? Or do interest rates need to increase?). It is a rigorous discipline, but it is also one that combines many different fields - theory, empirics, math, history, public policy, business decisions, and many others. This is why it is a useful framework for analyzing the choices that we make, both on a small and large scale.

On a practical note, getting a degree in economics is often a lucrative one. A survey from Summer 2007 shows that graduates with an economics degree have a starting salary of $48,483, on average, the highest of any starting salaries for business related majors. In fact it is higher than the starting salaries of any social science or non-engineering major. (Click here for a news report on this survey.) Another study by Dan Black, Seth Sanders and Lowell Taylor that appeared in the peer-reviewed journal, Economic Inquiry, in July 2003 showed that economics undergraduate majors were among the highest paid workers during people's careers, all things equal. This is true even for those who went on and obtained graduate degrees in other fields (like an MBA). The labor market shows that firms value the skills and abilities of economics majors and are willing to pay well for those skills.

Below is information about the UWM Economics program, but for further information about the Economics as a major please talk with one of our undergraduate advisors or look through a special section of the American Economics Association website that has resources and information specifically for undergraduates.

 

Program Overview

Courses are grouped into different modules:

Economic Theory
Economic Theory is the basic building material for most other fields. Each major is required to take Econ 301 and Econ 302.

Quantitative Methods
These courses teach the fundamentals of economic interest. The courses present mathematical models which capture and extend the economic theory taught in the required courses.

The Economics of Public Policy
This module presents the economic issues and prescriptions in a variety of critical public policy areas. Topics include the blight and rejuvenation of inner cities, the movement of industry into the Sunbelt, the soaring cost of medical care, the degrading of our environment, etc.

Strategy, Law and the Economy
This module presents the crucial connections between the economy and the legal system. Laws influence property rights, the ability to trade and enforce contracts. Specific laws limit mergers, prohibit strategic pricing, and regulate entire industries.

Labor Economics
These courses explore the operation and policy arising from the labor market. Topics include the role of unions, policies to alleviate unemployment and poverty, the minimum wage, education, training, and the economics of human resources.

International Economic Relations
The world's economies are increasingly linked with the rise of international trade, multinational corporations and intermeshed financial markets. This module provides critical analysis of this trend, those who benefit, those that are left out and the role of public policy.

The Department offers three optional concentrations within the major in International Economics, Quantitative Methods and Graduate Preparation.

MAJOR or MINOR in Economics

The major in Economics leads to the B.A. in the College of Letters and Science.

MAJOR

The major in Economics requires a minimum of 30 credits including the following:

Econ 103 Principles of Microeconomics 3 cr
Econ 104 Principles of Macroeconomics 3 cr
Econ 210 Economic Statistics* 3 cr
Econ 301 Intermediate Microeconomics 3 cr
Econ 302 Intermediate Macroeconomics 3 cr

(*Bus Adm 210 (Introduction to Management Statistics) or MthStat 215 (Elementary Statistical Analysis) may be substituted for Econ 210 and will count in the Major GPA.)

At least 15 credits must be in upper-division (300-level and above) economics courses taken in residence at UWM. At least one course must be at the 400 level or above, excluding Econ 415.

To major in economics, students must earn a grade of at least C in Econ 103 and 104, attain at least a 2.5 GPA in all credits in the major attempted at UWM, and attain at least a 2.5 GPA on all major credits attempted when transfer work is included along with the UWM work.

Majors must complete a minimum of 60 credits outside of the fields of economics and business administration. Students with a major outside of the College of Letters and Science may pursue a second major in economics without meeting other L&S requirements. Majors and those considering a major are encouraged to see an Economics Department undergraduate advisor as soon as possible.

Optional Concentrations

The Department offers three optional concentrations within the major. While completing the major requirements outlined above, students may elect to complete one of the following sets of requirements.

  • International Economics - three courses from the international module
  • Quantitative Methods - three courses from the quantitative methods module
  • Graduate Preparation - two courses each from the quantitative method module and the economics theory module as follows:
    • Econ 506 - Mathematical Economics I (3 credits)
    • Econ 606 - Mathematical Economics II (3 credits)
    • Econ 413 - Mathematical Statistics for Economists (3 credits)
    • Econ 513 - Econometrics (3 credits)

Research Requirement (new since January 2008)

All majors in economics must complete a research experience by selecting a 400- or 500-level course (except Econ 415) in which they will write and present a research paper. Eligible courses include Econ 403, 404, 405, 411, 422, 426, 432, 437, 447, 448, 454, 455, 506, 513, 529, or 699. The contents of the paper and the presentation of the results will be arranged by the student with the faculty member teaching the course at the beginning of the semester. Once the paper is complete and has been presented in class, the student will submit to the faculty member a Research Requirement Completion form to indicate that this degree requirement has been satisfied. This form will be signed by the faculty member and submitted to the Chair of the Economics Department.

Students enrolling before Fall 2006 may choose to complete the Capstone Requirement in place of the Research Requirement. For the major in Economics, this entails taking a 400 level or above course (except 415) after having attained senior status. Students should check with their L&S advisor as to the L&S requirements if they choose to meet the Capstone instead of the Research Requirement.

 

MINOR

The minor in economics requires a minimum of 18 credits, including:

Econ 103 Principles of Microeconomics 3 cr
Econ 104 Principles of Macroeconomics 3 cr
Econ 210 Economic Statistics* 3 cr

*Bus Adm 210 (Introduction to Management Statistics) or MthStat 215 (Elementary Statistical Analysis) may be substituted for Econ 210.

The remaining 9 credits must be in upper-division (300-level and above) economics courses; 9 credits in upper-division courses must be taken in residence at UWM.

Students must attain at least a 2.5 GPA in all credits in the minor attempted at UWM and attain at least a 2.5 GPA on all minor credits attempted when transfer work is included along with the UWM work.

Procedure for Declaring a Major or Minor

You must declare that you are majoring or minoring in economics. To do this, you must complete a form and discuss your program with a faculty undergraduate advisor in the department. Forms for declaring a Major or Minor can be picked up in the Department of Economics office - Bolton Hall 868 or from one of our undergraduate advisors.
 

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