Economics : Contacts

238 Lorch Hall | 611 Tappan Street | (734) 764-2355 (phone) | (734) 764-2769 (fax) | www.lsa.umich.edu/econ | e-mail: econundergradoffice@umich.edu

Professor David A. Lam, Chair (7/1/14-6/30/17)
Professor Daniel Ackerberg, Associate Chair

Professor Mel Stephens, Director of Graduate Studies
Professor William James Adams, Director of Undergraduate Studies
Professor Frank Stafford, Undergraduate Honors Coordinator


Academics and Requirements


 

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 Departmental InformationThe Department of Economics at the University of Michigan celebrated its centennial in April of 1980. Through its long and distinguished history it has counted among its faculty and alumni many eminent scholars and public servants.

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.

 

Special Departmental Policies

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.

Effective Fall 2015

Academic minor in Economics is not open to students with a major in the Department of Economics.

Students wishing to pursue a minor in Economics must develop a specific plan for its completion in consultation with one of the Department's designated advisors.

A minor in economics provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students concentrating in one of the other social sciences are often interested in economic issues and the study of economics provides them with tools useful for analyzing the economic aspects of issues in these other disciplines. The analytic skills and knowledge of economic institutions developed in the pursuit of the minor in economics will be useful to students in all disciplines who will be contributing to business and public policy decisions. Students completing the minor in economics develop analytical skills through exploring the paradigms of microeconomics and macroeconomics at the intermediate level and increase their understanding of economics institutions and of application of economic principles.

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

Prerequisites to the Minor

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. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major 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

Requirements for the Minor

17 credits in ECON at the 300-level and above, distributed as follows:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C- [ECON 401 should be taken before ECON 402.]
  2. Nine additional credits in upper level (300 and 400 level) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.

    One (but only one) of ECON 452 and 454 may be counted toward this requirement. Neither ECON 451 nor 453 may be counted toward this requirement.


Ann Arbor campus requirement: Any courses to be taken for the minor outside the Ann Arbor campus of the University should be approved in advance by an economics department advisor. At least 11 credits in the minor plan, including ECON 401, ECON 402, and the 3 credits in upper-level economics elective with the ECON 401 or ECON 402 prerequisite, must be taken at the Ann Arbor campus (excluding STDABRD and transfer courses)

 

Economics Minor (Fall 2010-Summer 2015) +

Effective Fall 2010-Summer 2015

Academic minor in Economics is not open to students with a major in the Department of Economics.

Students wishing to pursue a minor in Economics must develop a specific plan for its completion in consultation with one of the Department's designated advisors.

A minor in economics provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students concentrating in one of the other social sciences are often interested in economic issues and the study of economics provides them with tools useful for analyzing the economic aspects of issues in these other disciplines. The analytic skills and knowledge of economic institutions developed in the pursuit of the minor in economics will be useful to students in all disciplines who will be contributing to business and public policy decisions. Students completing the minor in economics develop analytical skills through exploring the paradigms of microeconomics and macroeconomics at the intermediate level and increase their understanding of economics institutions and of application of economic principles.

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

Prerequisites to the Minor

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. Credits in MATH 120 alone do not satisfy the mathematics prerequisite for an economics major 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

Academic Minor Program

17 credits in ECON at the 300-level and above, distributed as follows:

  1. ECON 401 (Intermediate Microeconomics) and ECON 402 (Intermediate Macroeconomics), each completed with a grade of at least C-,
  2. Nine additional credits in upper level (300 and 400 level) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.

Ann Arbor campus requirement: Any courses to be taken for the minor outside the Ann Arbor campus of the University should be approved in advance by an economics department advisor. At least 11 credits in the minor plan, including ECON 401, ECON 402, and the 3 credits in upper-level economics elective with the ECON 401 or ECON 402 prerequisite, must be taken at the Ann Arbor campus. ECON 401 should be taken before ECON 402.

 

Economics Academic Minor (Fall 2008 through Summer 2010) +

 

Effective Fall 2008 through Summer 2010 

Academic minor in Economics is not open to students with a concentration in the Department of Economics.

Students wishing to pursue an academic minor in Economics must develop a specific plan for its completion in consultation with one of the Department's designated advisors.

An academic minor in economics provides a useful background for students seeking careers in law, business, government, journalism, and teaching. Students concentrating in one of the other social sciences are often interested in economic issues and the study of economics provides them with tools useful for analyzing the economic aspects of issues in these other disciplines. The analytic skills and knowledge of economic institutions developed in the pursuit of the academic minor in economics will be useful to students in all disciplines who will be contributing to business and public policy decisions. Students completing the academic minor in economics develop analytical skills through exploring the paradigms of microeconomics and macroeconomics at the intermediate level and increase their understanding of economics institutions and of application of economic principles.

Prerequisites to the Academic Minor.

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 a grade of at least C, one of the calculus courses on the placement list (MATH 116, 119, 156, 175, 185, 186, 295).

Academic Minor Program.

17 credits in ECON at the 300-level and above, distributed as follows:

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

  2. Nine additional credits in upper level (300+) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.
Ann Arbor campus requirement: Any courses to be taken outside the Ann Arbor campus of the University should be approved in advance by an economics concentration advisor. At least 9 credits in the academic minor plan, including ECON 401 and the 3 credits in upper-level economics elective with the ECON 401 or ECON 402 prerequisite, must be taken at the Ann Arbor campus.

Economics Academic Minor (Effective through Summer 2008) +

Effective through Summer 2008 

Academic minor in Economics is not open to students with a concentration in the Department of Economics.

Students wishing to pursue an academic minor in Economics must develop a specific plan for its completion in consultation with one of the Department's designated advisors.

Prerequisites to the Academic Minor.

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).

Academic Minor Program.

 17 credits in ECON at the 300-level and above, distributed as follows:

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

  2.  Nine additional credits in upper level (300+) ECON courses, including at least 3 credits in courses with ECON 401 or ECON 402 as a prerequisite.


College of Literature, Science, and the Arts 500 S. State Street, Ann Arbor, MI  48109 © 2015 Regents of the University of Michigan