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Economics Major

Effective Winter 2019

Advising

Students interested in a major or minor in Economics should consult an economics department advisor. Appointments are scheduled online at: http://lsa.umich.edu/econ/undergraduates/departmental-advising.html

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.

Prerequisites

ECON 101 and 102 and MATH 115, each completed with a grade of C or better. 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 interested in advanced economics are strongly encouraged to continue the study of mathematics beyond MATH 115. 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

Minimum Credits: 30
  1. Core Economic Theory
    • ECON 401, completed with a grade of C– or better.
    • ECON 402, completed with a grade of C– or better.
      (ECON 401 should be elected before ECON 402.)
  2. Core Statistics and Econometrics
    • STATS 250 or 280 (Basic), or STATS 426 or ECON 451 (Intermediate), or ECON 453 (Advanced), completed with a grade of C– or better.
    • ECON 251(Basic), or ECON 452 (Intermediate), or ECON 454 (Advanced); completed with a grade of C– or better.
       
  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.

    Any 600-level course in Economics may be counted as an elective with ECON 401 or ECON 402 as a prerequisite, but undergraduate election of a 600-level course requires approval of the instructor.

    All students intending to major in Economics should endeavor to complete the core requirements in economic theory and in statistics and econometrics before the second term of the junior year.

Other Department 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.

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.

Residency

Ann Arbor campus requirement

To count toward the major, any course not taken on the Ann Arbor campus of the University should be approved in advance by an Economics Department Advisor.

ECON 401 and 402 must be taken on the Ann Arbor campus of the University.

To count toward the major, at least four credits of 400-level electives with ECON 401 or ECON 402 as a prerequisite must be taken on the Ann Arbor campus of the University.

Honors

Qualified students are encouraged to consider an Honors subplan in Economics. The standards for admission are a cumulative grade point average of at least 3.4. 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

  1. One of: ECON 451 or ECON 453 or STATS 426
  2. One of: ECON 452 or ECON 454.
  3. At least one semester of ECON 497.

In addition, Honors majors must complete a senior Honors thesis. The senior Honors thesis is an independent research project 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 2018)

Effective Fall 2018

Advising

Students interested in a major or minor in Economics should consult an economics department advisor. Appointments are scheduled online at: http://lsa.umich.edu/econ/undergraduates/departmental-advising.html

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.

Prerequisites

ECON 101 and 102 and MATH 115, each completed with a grade of C or better. 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 interested in advanced economics are strongly encouraged to continue the study of mathematics beyond MATH 115. 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

Minimum Credits: 29
  1. Core Economic Theory
    • ECON 401, completed with a grade of C– or better.
    • ECON 402, completed with a grade of C– or better.
      (ECON 401 should be elected before ECON 402.)
  2. Core Statistics and Econometrics
    • STATS 250 or 280 (Basic), or STATS 426 or ECON 451 (Intermediate), or ECON 453 (Advanced), completed with a grade of C– or better.
    • ECON 251(Basic), or ECON 452 (Intermediate), or ECON 454 (Advanced); completed with a grade of C– or better.

      Students interested in economic research and/or in applying to doctoral programs in economics or finance are encouraged to elect the advanced sequence, ECON 453 and 454. These courses develop a deep, foundational understanding of the empirical methods used in economic research. 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 in Economics should endeavor to complete the core requirements in economic theory and in statistics and econometrics before the second term of the junior year.

Other Department 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.

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.

Residency

Ann Arbor campus requirement

To count toward the major, any course not taken on the Ann Arbor campus of the University should be approved in advance by an Economics Department Advisor.

ECON 401 and 402 must be taken on the Ann Arbor campus of the University.

To count toward the major, at least four credits of 400-level electives with ECON 401 or ECON 402 as a prerequisite must be taken on the Ann Arbor campus of the University.

Honors

Qualified students are encouraged to consider an Honors subplan in Economics. The standards for admission are a cumulative grade point average of at least 3.4. 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

  1. One of: ECON 451 or ECON 453 or STATS 426
  2. One of: ECON 452 or ECON 454.
  3. At least one semester of ECON 497.

In addition, Honors majors must complete a senior Honors thesis. The senior Honors thesis is an independent research project 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 2016 - Summer 2018)

Effective Fall 2016

Advising

Students interested in a major or minor in Economics should consult an economics department advisor. Appointments are scheduled online at: http://lsa.umich.edu/econ/undergraduates/departmental-advising.html

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.

Prerequisites

ECON 101 and 102 and MATH 115, each completed with a grade of C or better. 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 interested in advanced economics are strongly encouraged to continue the study of mathematics beyond MATH 115. 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

Minimum Credits: 29
  1. Core Economic Theory
    • ECON 401, completed with a grade of C– or better.
    • ECON 402, completed with a grade of C– or better.
      (ECON 401 should be elected before ECON 402.)
  2. Core Statistics and Econometrics
    • STATS 250 or 280 (Basic), or STATS 426 or ECON 451 (Intermediate), or ECON 453 (Advanced), completed with a grade of C– or better.
    • ECON 251(Basic), or ECON 452 (Intermediate), or ECON 454 (Advanced); completed with a grade of C– or better.

      Students interested in economic research and/or in applying to doctoral programs in economics or finance are encouraged to elect the advanced sequence, ECON 453 and 454. These courses develop a deep, foundational understanding of the empirical methods used in economic research. 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 in Economics should endeavor to complete the core requirements in economic theory and in statistics and econometrics before the second term of the junior year.

Other Department 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.

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.

Residency

Ann Arbor campus requirement

To count toward the major, any course not taken on the Ann Arbor campus of the University should be approved in advance by an Economics Department Advisor.

ECON 401 and 402 must be taken on the Ann Arbor campus of the University.

To count toward the major, at least four credits of 400-level electives with ECON 401 or ECON 402 as a prerequisite must be taken on the Ann Arbor campus of the University.

Honors

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

  1. One of: ECON 451 or ECON 453 or STATS 426
  2. One of: ECON 452 or ECON 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 2015-Summer 2016)

May be elected as a departmental major

Effective Date: Fall 2015-Summer 2016

Prerequisites to the Major

ECON 101 and 102 and MATH 115, each completed with a grade of C or better.  MATH 120 may not be substituted for MATH 115.  MATH116, 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 interested in advanced economics are strongly encouraged to continue the study of mathematics beyond MATH 115. 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
    • ECON 401, completed with a grade of C– or better.
    • ECON 402, completed with a grade of C– or better.
    ECON 401 should be elected before ECON 402.
  2. Core Statistics and Econometrics
    • STATS 250(Basic), or STATS 426 or ECON 451 (Intermediate), or ECON 453 (Advanced), completed with a grade of C– or better.
    • ECON 251(Basic), or ECON 452 (Intermediate), or ECON 454 (Advanced); completed with a grade of C– or better.

    Students interested in economic research and/or in applying to doctoral programs in economics or finance are encouraged to elect the advanced sequence, ECON 453 and 454. These courses develop a deep, foundational understanding of the empirical methods used in economic research. 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 in Economics should endeavor 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 elsewhere than 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 2014-Summer 2015)

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.

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).