Are you on track to graduate?

Use My LSA Audit Checklist to check your progress. 


 

Economics Departmental Information +

As a social science, economics is concerned with people in their roles as economic decision makers. Economists study how business and personal decisions are made under conditions of uncertainty and incomplete information, and they provide insight into problems involving both short- and long-term planning, such as investment and savings decisions.

Economic problems are central to modern society; they center around the utilization of limited resources to provide goods and services for society. Consequently, a broad understanding of the modern world requires some knowledge of economic systems. An individual’s intelligent understanding of and participation in the solution of problems which face society is aided by an understanding of the point of view and techniques of analysis which have been developed by economists.

A major in Economics leads to a more detailed understanding of the modern economic world and provides a useful background for students seeking careers in law, business, government, journalism, and teaching. A strong grounding in both theoretical and applied aspects of economics allows students to use their knowledge to understand economic behavior and provides a basis for evaluating economic policy.

The introductory courses (ECON 101 and 102) offered by the department are designed to provide basic knowledge as well as to serve as a foundation for other courses in economics for students who wish to pursue the subject at an intermediate or advanced level.

Virtually all empirical work in economics relies on statistical and econometric analysis. No one can understand or evaluate empirical economics, let alone perform it, without solid grounding in the tools of econometrics. Our curriculum requires a two-course sequence in statistics and econometrics. Student may choose from three different sequences that differ in emphasis (practical, applications, concepts, or foundations) and in mathematical preparation (Calc I, Calc II, or Calc II + linear algebra).

Students who wish to attain professional competence as economists in preparation for careers in research or in college or university teaching normally plan on graduate work in economics.

Special Departmental Policy: AP Credits

The Department of Economics does not give AP credit for ECON 101 or ECON 102. Whenever the department lists ECON 101 or ECON 102 as a prerequisite, the department does not accept AP credit as a substitute.

Students achieving a 4 or 5 on the AP Microeconomics exam receive 2 credits for ECON 101X, and students achieving a 4 or 5 on the AP Macroeconomics exam receive 2 credits for ECON 102X. As prerequisites for other courses in Economics and as prerequisites for the Economics major and minor, ECON 101X does not substitute for ECON 101, and ECON 102X does not substitute for ECON 102. Students receiving 2 credits for ECON 101X may take ECON 101 and receive 4 credits for ECON 101. Students who receive 2 credits for ECON 102X may take ECON 102 and receive 4 credits for ECON 102. Thus, anyone who intends to concentrate in economics, to minor in economics, or to take electives in economics at the 300 or 400 level should enroll in ECON 101 and/or ECON 102.

Students intending to apply to the BBA program should consult carefully the requirements of the Business School. As of this writing, the Business School does not accept ECON 101X as a substitute for ECON 101, and it does not accept ECON 102X as a substitute for ECON 102.

Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major or minor. Students with credit for MATH 120 may satisfy the mathematics prerequisite for the Economics major by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses.

 

Economics Advising +

Students interested in a major or minor in Economics should consult an economics department advisor. Appointments are scheduled online at: www.lsa.umich.edu/econ/undergraduatestudy/departmentaladvising

Students are urged to consult with a department advisor each term before selecting courses for the following term.

Economics Undergraduate Office. The undergraduate office is located at 243 Lorch Hall, (734) 763-9242. The Student Services Assistant for the economics undergraduate program is available to answer questions about requirements for the major, course offerings, wait-list procedures, career/job information, economics networking program, and other matters concerning the undergraduate program.

 

Economics Major

May be elected as a departmental major

Effective Date: Fall 2014

Prerequisites to the Major

ECON 101 and 102 and MATH 115, each completed with a grade of C or better. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. MATH 120 may not be substituted for MATH 115. MATH 116, 121, 156, 185, 186, 215, 216, 255, 256, 285, 286, 295, or 296 may be substituted for MATH 115.

To declare an Economics major, schedule an appointment with an Economics Department advisor. Students must complete the prerequisites to the major before declaring and must have a GPA of 2.0 or better in the major.

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors alternatives, are recommended for students with an interest in quantitative economics. Note that MATH 116 (Calculus II) is a prerequisite for ECON 451 and that MATH 215 (Calculus III) and MATH 217 (Linear Algebra) are prerequisites for ECON 453.

Requirements for the Major

An economics major must include a minimum of 29 credits, distributed as follows:

  1. Core Economic Theory:
    1. ECON 401, completed with a minimum grade of C– or better
    2. ECON 402, completed with a minimum grade of C– or better

    ECON 401 should be elected before ECON 402.

  2. Core Statistics and Econometrics:
    1. STATS 250 or 426, or ECON 451, or ECON 453; completed with a minimum grade of C– or better
    2. ECON 251, or ECON 452, or ECON 454; completed with a minimum grade of C– or better

    Students with a serious interest in economic research should elect the advanced sequence, ECON 453 and 454. These courses aim to develop deep, foundational understanding of the empirical methods used in economics. This sequence will be especially useful to students intending to apply to doctoral programs in economics or finance.

  3. Electives: 15 additional credits in upper-level (300 and 400 level) ECON courses, including at least nine credits in courses with ECON 401 or ECON 402 as a prerequisite.

    ECON 401 and 402, and ECON 250, 251, 451, 452, 453, and 454 do not count toward the elective requirement for the major.

All students intending to major or minor in economics are urged to complete the core requirements in economic theory and in statistics and econometrics before the second term of the junior year.

 

 

Ann Arbor campus requirement: 

Any courses for the major to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics department advisor.

At least 12 credits in the major, including ECON 401, ECON 402, and at least three of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

 

 

Honors Plan

Qualified students are encouraged to consider an Honors plan in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors plan during the first term of the junior year.

Honors majors are required to complete the requirements for a regular major in Economics. An Honors plan must include ECON 451 and 452, or ECON 453 and 454. In addition, Honors majors must complete a senior Honors thesis. The senior Honors thesis includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors majors are given priority in election of one section of ECON 495 (Seminar in Economics).

 

Economics Major (Fall 2011-Summer 2014) +

May be elected as a departmental major

Effective Date: Fall 2011-Summer 2014

Honors revisions effective Fall 2012

Prerequisites to the Major

ECON 101 and 102 and MATH 115, each completed with a grade of at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major or minor. Students with credit for MATH 120 may satisfy the mathematics prerequisite for the Economics major by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses.

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in economic research should elect ECON 405 (or STATS 426) and ECON 406.

Schedule an appointment with an economics department advisor to declare an economics major. Students must complete the prerequisites to the major before declaring and must have a GPA of at least 2.0 in the major.

Requirements for the Major

An economics plan for the major must include:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-;
  2. Statistics. One of the following: ECON 404 (Statistics for Economists), ECON 405 (Introduction to Statistics), or STATS 426 (Introduction to Mathematical Statistics); and
  3. Electives: 15 additional credits in upper-level (300 and 400 level) ECON courses, including at least nine credits taken from courses with ECON 401 or ECON 402 as a prerequisite. ECON 406 also counts toward these nine credits.

 

Ann Arbor campus requirement: Any courses for the major to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics department advisor. At least 12 credits in the plan for the major, including ECON 401, ECON 402, and at least 3 of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

 

Students who have completed ECON 405  or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their plan for the major. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426.

ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 402.

Honors Plan

Qualified students are encouraged to consider an Honors major in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors major during the first term of the junior year.

Honors majors are required to complete the requirements for a regular major in Economics. An Honors plan for the major must include ECON 405 (or STATS 426) and ECON 406. In addition, Honors majors must complete a senior Honors thesis. The senior Honors thesis includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors majors are given priority in election of one section of ECON 495 (Seminar in Economics).

 

Economics concentration (Fall 2010-Summer 2011) +

May be elected as a departmental concentration program

Effective Date: Fall 2010-Summer 20111

Prerequisites to the Concentration.

ECON 101 and 102 and MATH 115, each completed with a grade of at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics concentration or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with a grade of at least C, MATH 115, MATH 116, or one of the Honors alternatives to these courses.

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in economic research should elect ECON 405 (or STATS 426) and ECON 406.

Schedule an appointment with an economics concentration advisor to declare an economics concentration.  Students must complete the prerequisites to the concentration before declaring and must have a GPA of at least 2.0 in the concentration.

Concentration Program.

An economics concentration plan must include:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-;

  2. Statistics. One of the following: ECON 404 (Statistics for Economists), ECON 405 (Introduction to Statistics), or STATS 426 (Introduction to Mathematical Statistics); and

  3. Electives: 15 additional credits in upper-level (300 and 400 level) ECON courses, including at least nine credits taken from courses with ECON 401 or ECON 402 as a prerequisite. ECON 406 also counts toward these nine credits.

 

 

Ann Arbor campus requirement: Any concentration courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 12 credits in the concentration plan, including ECON 401, ECON 402, and at least 3 of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

 

Students who have completed ECON 405  or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426.

ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 402.

Honors Concentration.

Qualified students are encouraged to consider an Honors concentration in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in Economics. An Honors concentration plan must include ECON 405 (or STATS 426) and ECON 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis may be an extension of concentration coursework and normally includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of ECON 495 (Seminar in Economics). Honors concentrators have an opportunity to elect ECON 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

 

Economics concentration (Fall 2008-Summer 2010) +

 

May be elected as a departmental concentration program

Effective Date: Fall 2008 through Summer 2010 

Prerequisites to the Concentration.

ECON 101 and 102 and MATH 115, each completed with a grade of at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115, but students who scored less than a 4 on the BC Calculus exam are encouraged to elect one of the calculus courses on the placement list before proceeding to economics courses having a MATH 115 prerequisite. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics concentration or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with a grade of at least C, one of the calculus courses on the placement list (MATH 116, 119, 156, 175, 185, 186, 295).

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in advanced research should elect ECON 405 (or STATS 426) and ECON 406.

Concentration Program.

An economics concentration plan must include:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-;

  2. Statistics. One of the following: ECON 405 / STATS 405 (Introduction to Statistics), ECON 404 (Statistics for Economists), or STATS 426 (Introduction to Mathematical Statistics); and

  3. Electives: 15 additional credits in upper-level (300+) ECON courses, including at least nine credits taken from the following set: courses with ECON 401 or ECON 402 as a prerequisite; ECON 406.

The statistics requirement is waived for students who have completed STATS 350 with a grade of at least C. In this case, the third concentration requirement above would be increased to 18 rather than 15 additional credits in upper-level ECON.

 

Ann Arbor campus requirement: Any concentration courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 12 credits in the concentration plan, including ECON 401 and at least 3 of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

 

Students who have completed ECON 405 / STATS 405 or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 / STATS 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426.

ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 402.

Honors Concentration.

Qualified students are encouraged to consider an Honors concentration in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in Economics. An Honors concentration plan must include ECON 405 (or STATS 426) and ECON 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis may be an extension of concentration coursework and normally includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of ECON 495 (Seminar in Economics). Honors concentrators have an opportunity to elect ECON 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

 

Economics concentration (October 2, 2002 through Summer 2008) +

May be elected as a departmental concentration program

Effective Date: October 2, 2002 through Summer 2008 

Prerequisites to the Concentration.

ECON 101 and 102 and MATH 115, each completed with a grade of at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115, but students who scored less than a 4 on the BC Calculus exam are encouraged to elect one of the calculus courses on the placement list before proceeding to economics courses having a MATH 115 prerequisite. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics concentration or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with a grade of at least C, one of the calculus courses on the placement list (MATH 116, 119, 156, 175, 185, 186, 295).

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in advanced research should elect ECON 405 (or STATS 426) and ECON 406.

Concentration Program.

An economics concentration plan must include:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-;

  2. Statistics. One of the following: ECON 405 / STATS 405 (Introduction to Statistics), ECON 404 (Statistics for Economists), or STATS 426 (Introduction to Mathematical Statistics); and

  3.  Electives: 15 additional credits in upper-level (300+) ECON courses, including at least nine credits taken from the following set: courses with ECON 401 or ECON 402 as a prerequisite; ECON 406.

The statistics requirement may be waived, but only with the approval of an economics concentration advisor, for students who have already completed another satisfactory upper-level statistics course. In this case, the third concentration requirement above would be increased to 18 rather than 15 additional credits in upper-level ECON.

 

Ann Arbor campus requirement: Any concentration courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 12 credits in the concentration plan, including at least 3 of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

 

Students who have completed ECON 405 / STATS 405 or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 / STATS 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426.

ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 402.

Honors Concentration.

Qualified students are encouraged to consider an Honors concentration in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in Economics. An Honors concentration plan must include ECON 405 (or STATS 426) and ECON 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis may be an extension of concentration coursework and normally includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of ECON 495 (Seminar in Economics). Honors concentrators have an opportunity to elect ECON 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

 

Economics concentration (end October 1, 2002) +

 

Economics concentration (end October 1, 2002)

May be elected as a departmental concentration program

Prerequisites to the Concentration. ECON 101 and 102 and MATH 115, each completed with grade at least C. One of the Honors alternatives to MATH 115 may be substituted for MATH 115. Advanced placement credits in MATH 121 may be substituted for MATH 115, but students who scored less than a 4 on the BC Calculus exam are encouraged to elect one of the calculus courses on the placement list before proceeding to economics courses having a MATH 115 prerequisite. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics concentration or minor. Students with this credit may complete the economics mathematics prerequisite by completing, with grade of at least C, one of the calculus courses on the placement list (MATH 116, 119, 156, 175, 185, 186, 295).

Students with a serious interest in the study of economics are strongly encouraged to continue the study of calculus beyond MATH 115. MATH 116, 215, and 217, or their Honors equivalents, are recommended for students with an interest in quantitative economics. Students with a serious interest in advanced research should elect ECON 405 (or STATS 426) and ECON 406.

Concentration Program. An economics concentration plan must include:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-;
  2. Statistics. One of the following: ECON 405 / STATS 405 (Introduction to Statistics), ECON 404 (Statistics for Economists), or STATS 426 (Introduction to Mathematical Statistics); and
  3. 15 additional credits in upper level (300+) ECON courses, including at least six credits in courses with ECON 401 or ECON 402 as a prerequisite.

The statistics requirement may be waived, but only with the approval of an economics concentration advisor, for students who have already completed another satisfactory upper-level statistics course. In this case, the third concentration requirement above would be increased to 18 rather than 15 additional credits in upper-level ECON.

Transfer credit is not normally granted for ECON 401. Students who wish to receive ECON 401 transfer credit for an intermediate microeconomics course elected elsewhere must perform satisfactorily on a departmental equivalency examination.

Any concentration courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 12 credits in the concentration plan, including at least 3 of the credits in upper-level economics electives in courses with ECON 401 or ECON 402 as a prerequisite, must be taken at the Ann Arbor campus.

Students who have completed ECON 405 / STATS 405 or STATS 426 are strongly encouraged to include ECON 406 (Introduction to Econometrics) as one of the electives in their concentration plan. Note that MATH 116 (Calculus II) is a prerequisite for ECON 405 / STATS 405 and that MATH 215 (Calculus III) and MATH 425 / STATS 425 (Introduction to Probability) are prerequisites for STATS 426.

ECON 401, 402, and statistics are prerequisites to many upper-level economics courses and should be elected during the sophomore or junior year. ECON 401 should be elected before ECON 402.

Honors Concentration. Qualified students are encouraged to consider an Honors concentration in Economics. The standards for admission are a cumulative grade point average of at least 3.5 and evidence of outstanding ability in economics. Application is made and admission is granted to the Honors concentration during the first term of the junior year.

Honors concentrators are required to complete the requirements for a regular concentration in Economics. An Honors concentration plan must include ECON 405 (or STATS 426) and ECON 406. In addition, Honors concentrators must complete a senior Honors thesis. The senior Honors thesis may be an extension of concentration coursework and normally includes original work completed by the student under the direction of a faculty advisor and the Director of the Honors Program in Economics. Honors concentrators are given priority in election of one section of ECON 495 (Seminar in Economics). Honors concentrators have an opportunity to elect ECON 498 (Honors Independent Research) in order to complete the senior Honors thesis during the senior year.

 


College of Literature, Science, and the Arts 500 S. State Street, Ann Arbor, MI  48109 © 2014 Regents of the University of Michigan