Economics

Take me to the Department of Economics.
Undergraduate Academic Advisors: J. Kevin Crocker, 1034 Thompson Hall, 413.545.0954; Elizabeth Kazinskas, 1038 Thompson Hall, 413.545.0855.

The Field

Economists attempt to understand the economic choices of individuals, families, firms, and other institutions. For example, how do parents allocate time and other family resources, or how do firms decide what to produce and whom to hire? Economists also attempt to understand the workings of the economy as a whole. What causes inflation, unemployment or inequality? How do regulation and deregulation of industries affect product prices and quality? Why does the cost of medical care rise faster than other costs? Economists have developed a body of principles and methods that help them to think about these problems. The study of economics is the study of those principles and methods, and their application to questions such as those mentioned above.

The Department of Economics has faculty representing a wide range of specialties within economics, and a wide range of approaches to the field. All members of the faculty, which includes many internationally known scholars, teach undergraduate courses and are accessible to undergraduate students.

The Major

All economics majors take courses in two basic areas of economics—microeconomics and macroeconomics—as well as in statistics and mathematics.  Students choose the remaining courses themselves, in accordance with their interests and career objectives.  Every student takes at least four courses of his or her choice in economics; either courses in methods or courses in applied areas.  In addition, students may substitute a collateral field composed of five courses taken outside of economics for two otherwise required economics courses.  Examples of such fields are history, international relations, business, and political science.

Students declare the Economics major upon entering the University, or thereafter upon successful completion of the following three predictor requirements, with a grade of C- or higher, and an overall cumulative grade point average of 2.0:
1. One of the following core Microeconomics courses: ECON 103, RES-ECON 102.
2. One core Macroeconomics course: ECON 104.
3. One of the following introductory Calculus/Math modeling courses: MATH 127, MATH 131, ECON 151.

After the above criterion is met, students declare the Economics major by meeting with an Academic Advisor in the Department of Economics.  Appointments are scheduled online.  Academic Advising in the Department of Economics can be contacted at (413) 545-0855 or undergrad@econs.umass.edu.
Course requirements:
1. One of the following core Microeconomics courses: ECON 103, RES-ECON 102.
2. One core Macroeconomics course: ECON 104.
3. One of the following introductory Calculus/Math modeling courses: MATH 127, MATH 131, ECON 151.
4. One of the following second level Calculus/Math modeling courses: MATH 128, MATH 132, ECON 152.
5. One of the following courses in Statistics: RES-ECON 212, STATISTC 240, STATISTC 501, STATISTC 515.
6. One of the following intermediate Microeconomics theory courses: ECON 203, RES-ECON 202.
7. One intermediate Macroeconomics theory course: ECON 204.
8. Junior Year Writing, fulfilled by the following course: ECON 397W.
9. Integrative Experience (IE), fulfilled by one of the following courses: ECON 306, ECON 367, ECON 394CI, ECON 394FI, ECON 397IO, ECON 499C, SOCBEHAV 394SI.  An ECON course used to fulfill the IE also fulfills one of the required four upper-level ECON courses.  SOCBEHAV 394SI only fulfills the IE requirement.
10. Four upper-level ECON courses: 3 credits each, numbered 300 and above.
11. Complete either Option A or Option B:
Option A – Two additional upper-level ECON courses, 3 credits each, numbered 300 and above.
Option B – A collateral field of study (see below) that has been approved in advance by the Undergraduate Program Director in the Department of Economics.

Collateral Field in Option B
This option is fulfilled by completing one of the following:
1. Any minor or certificate program or additional major.
2. Any combination of five courses in the Isenberg School of Management major departments: 3 credits each, numbered 200 and above.
3. A group of five courses, 3 credits each, numbered 300 and above, chosen by the student and approved by the Undergraduate Program Director in the Department of Economics, in accordance with the following guidelines:

a) The proposal presented by the student must, in the judgment of the Undergraduate Program Director in the Department of Economics, fulfill the criterion of relevance to economics set forth in the requirement, and form a coherent set of courses. The student is responsible for presenting a convincing case for the proposed course of study.
b) Appointments are scheduled with the Undergraduate Program Director in the Department of Economics online.
c) No course may be used to simultaneously fulfill the requirements of a collateral field and another requirement of the Economics major. (This does not prohibit fulfilling General Education requirements with courses taken for the collateral field or for any other requirement for the Economics major.)
d) RES-ECON courses cannot fulfill this requirement, unless it is a minor or additional major.

Notes
1. No course required for the Economics major may be taken Pass/Fail, except for MATH 131, MATH 132, and STATISTC 515; any of those courses may be taken Pass/Fail.
2. A minimum grade of C- must be earned in each course presented to fulfill the requirements of the Economics major, excluding the three predictor course requirements for students declaring the Economics major upon entering the University.  A grade of C- must be earned in the three predictor course requirements for students declaring the Economics major after they have entered the University.   A cumulative grade point average of 2.0 must be earned in courses applied to major requirements.
3. No more than one Independent Study course (ECON 396, 496, 499Y, 499T or 596) may fulfill either one of the required four upper-level ECON courses or one of the required upper-level ECON courses in Option A.
4. Students majoring in Economics must fulfill the 15-credit Global Education Requirement for the College of Social and Behavioral Sciences (SBS). Students receive Academic Advising for the Global Education Requirement in the SBS Advising Center.
5. One RES-ECON course, 3 credits, chosen from a list available on the Department of Economics website may fulfill either one of the required four upper-level ECON courses or one of the required upper-level ECON courses in Option A.
6. There are different requirements depending on whether a student is completing Economics as a primary major, secondary major (double major), or dual degree.  All students completing a secondary major (double major) or dual degree with Economics must schedule an appointment to meet with an Academic Advisor in the Department of Economics. Academic Advising in the Department of Economics can be contacted at (413) 545-0855 or undergrad@econs.umass.edu.

The Minor

Requirements:
1. Two of the following courses: ECON 103 or RES-ECON 102, ECON 104, ECON 105.
2. One of the following courses: MATH 127, MATH 131, ECON 151.
3. One of the following courses: MATH 128, MATH 132, ECON 152, RES-ECON 212, STATISTC 240, STATISTC 501, STATISTC 515.
4. One of the following courses: ECON 203 or RES-ECON 202, ECON 204.
5. Two additional ECON courses, 3 credits each, numbered 200 and above.  RES-ECON courses do not fulfill this requirement.  If RES-ECON 202 is taken to fulfill a requirement for the Economics minor, then ECON 203 cannot also count.

Students are eligible to declare the Economics minor during the semester they are enrolled in their final course to complete the minor.  Students declare the Economics minor by meeting with an Academic Advisor in the Department of Economics, completing a Declaration of an Academic Minor form, and submitting the completed form to the Registrar’s Office before they graduate.  Academic advising appointments are scheduled online. Academic Advising in the Department of Economics can be contacted at (413) 545-0855 or undergrad@econs.umass.edu.

Notes
1. The following courses do not fulfill Economics minor requirements: Independent Study (ECON 396, 496, 499Y, 499T, or 596), Practicum (ECON 298, 398, 498, 598), ECON 397W
2. Earn a minimum grade of C- in each of the seven courses required to complete the Economics minor (excluding MATH 131, MATH 132, and STATISTC 515, which may be taken Pass/Fail)
3. No course required for the Economics minor may be taken Pass/Fail, except for MATH 131, MATH 132, and STATISTC 515.
4. A minimum of two of the five required ECON courses must be taken in the Department of Economics at UMass Amherst.

Honors

Contact the departmental honors coordinator for information on how to pursue honors opportunities within the major.

Graduate School

Students considering graduate school should meet with an Academic Advisor in the Department of Economics to discuss proper math sequencing.  Appointments are scheduled online.  Academic Advising in the Department of Economics can be contacted at (413) 545-0855 or undergrad@econs.umass.edu.

Education Abroad

The International Programs Office (IPO) provides information about study in other countries.

Career Opportunities

A substantial majority of economics majors seek employment after graduation. Placements typically include managerial, sales, and staff positions in many different sectors of the economy, including manufacturing, banking and fi nance, advertising, insurance, communication, wholesaling, retailing, social service, government, and non-profit institutions. A number of graduates go on to graduate work, some immediately after graduation and some after several years of work experience. Most enter MBA programs, while many attend law school or go on to graduate work in economics. A few do graduate work in other fields; these are typically students with second majors or minors in another discipline.

Department of Economics
1034 Thompson Hall
413.545.0855

Undergraduate Academic Advisors: J. Kevin Crocker, 1034 Thompson Hall, 413.545.0954; Elizabeth Kazinskas, 1038 Thompson Hall, 413.545.0855.

A Week in the Life of a “Genius”
What’s it like to be a “genius”? In search of an answer, we tapped Nancy Folbre (economics), the recipient of a MacArthur “genius” award a few years ago, and tracked her activities for a week. But before we begin our inside look, Folbre comments, “I’m actually an ‘expired’ genius, since the term of my grant is now over. I was lucky to get a MacArthur Fellowship. No one knows how individuals are selected, but I wish more could experience the delight that such a surprise confirmation can offer.” Read more…