Economics
Economics is the study of how individuals, organizations, and societies deal with scarcity—the fact that resources are not sufficient to satisfy everyone’s wants. Because scarcity requires choice among alternative uses of resources, economists study both the technology by which resources are turned into the products people want and the preferences through which people choose among alternatives. Further, since society is composed of many individuals and groups, economists study markets, governments, and other institutions through which a society might gain the advantages of cooperation and resolve the conflicts due to competing goals. The economics curriculum develops tools and uses them to analyze a wide range of societal problems, and also to study the role of the government in solving these problems.
Economics is a different discipline from business administration. However, there are substantial overlaps. Both disciplines study the behavior of people and firms within the context of market, legal, and other institutions. In evaluating economic institutions, economists tend to emphasize the viewpoint of the larger society, and business scholars tend to emphasize the viewpoint of firms.
Information on the undergraduate program can be found on the undergraduate program’s Web site at http://economics.ucsd.edu/ugrad/index.php. The Web site contains answers to frequently asked questions, gives practical tips for avoiding problems, and provides a more detailed discussion of the department’s majors than is possible in the general catalog. It is important for students contemplating a major in the department to be familiar with the Web site and the prerequisite requirements listed therein. Time-sensitive information, job and internship announcements, and other important information are sent to all declared majors and minors through campus e-mail.
Students interested in the Education Abroad Program (EAP) are encouraged to check out the brochure “Opportunities in Business and Economics” that is available at the EAP office.
The Undergraduate Program
Lower-Division Economic Courses
Microeconomics and macroeconomics—ECON. 1-2-3
The department offers three lower-division economics classes, ECON 1-2-3. ECON 1 is an introduction to the study of the economic system from the micro, or individual decision maker’s perspective. The focus of ECON 1 is the allocation of resources and the distribution of income in perfectly competitive markets. ECON 2 is a continuation of the study of microeconomics with a focus on the allocation of resources in monopoly and other imperfectly competitive markets, market imperfections, and the role of government in markets. ECON 3 introduces macroeconomics: unemployment, inflation, business cycles, and monetary and fiscal policy. ECON 1 is a prerequisite for both ECON 2 and ECON 3. ECON 2 and ECON 3 can be taken in any order and may be taken concurrently.
Accounting Course
The department offers an accounting course, ECON 4. ECON 4 is a lower-division requirement for the B.S. in management science and the management science minor. ECON 4 is open to students who take no other courses from the department.
Upper-Division Economics Core Courses
The upper-division economics and management science core courses are expected to be offered according to the following academic schedule:
Fall—100A-B-C, 110A, 120A-B-C, 171, 172A, and 173A
Winter—100A-B-C, 110A-B, 120A-B-C, 172A-B, and 173A-B
Spring—100A-B-C, 110B, 120A-B-C, 171, 172B, and 173B
The 100, 110, 120, 172, and 173 core courses are sequential. That is, A must be taken before B and when applicable B before C.
Entry to the Majors
Any student in good standing may declare a major in the department . The major codes are as follows: Economics, EN 25; Management Science, EN 26; and Joint Mathematics-Economics, EN 28.
The Economics Major (B.A.)
The economics B.A. program is designed to provide a broad understanding of resource- allocation and income-determination mechanisms. Both the development of the tools of economic analysis and their application to contemporary problems and public policy are stressed.
When choosing which mathematics series to take, Math. 10A-B-C or Math. 20A-B-C, it is important to remember that only Math. 20A-B-C allows students access to Math. 20F and several upper-division Math. courses that are recommended as preparation for Ph.D. study in economics and business administration, as well as for graduate studies for professional management degrees, including the MBA. Therefore, while we require economics majors to take Math. 10A-B-C, we recommend that economics students take Math. 20A-B-C.
A student majoring in economics must meet the following requirements:
- Lower-division mathematics courses. Math. 10A-B-C (required) or Math. 20A-B-C (recommended).
- Lower-division economics courses. ECON 1 and ECON 3.
- Upper-division economics core courses. ECON 100A-B-C (microeconomics), ECON 110A-B (macroeconomics), and ECON 120A-B-C (econometrics).
- Upper-division economics electives. Five more economics courses at the upper-division level. At least two of these elective courses must be “advanced electives.” The economics advanced electives are: ECON 103: International Monetary Relations ECON 104: Economics of Network Industries ECON 105: Industrial Organization and Firm Strategy ECON 109: Game Theory ECON 113: Mathematical Economics ECON 119: Law and Economics: Contracts and Corporations ECON 121: Applied Econometrics ECON 125: Demographic Analysis and Forecasting ECON 141: Economics of Health Consumers ECON 142: Behavioral Economics ECON 143: Experimental Economics ECON 147: Economics of Education ECON 150: Public Economics: Taxation ECON 151: Public Economics: Expenditures I ECON 152: Public Economics: Expenditures II ECON 155: Political Economics ECON 171: Decisions Under Uncertainty ECON 172A: Operations Research A ECON 172B: Operations Research B ECON 173A: Financial Markets ECON 173B: Corporate Finance ECON 174: Financial Risk Management ECON 176: Marketing ECON 178: Economic and Business Forecasting Note that many of these advanced economics electives recommend 100C as a prerequisite for the class. In the fall quarter of 2010, 100C will become a prerequisite for the advanced electives that currently only recommend 100C as a prerequisite. Therefore, economics majors are strongly encouraged to take ECON 100A-B-C and either ECON 110A-B or ECON 120A-B-C in their sophomore year.
The following schedule, though not the only possibility, is a well-constructed one for majoring in economics.
FRESHMAN YEAR
ECON 1 and ECON 3
Math. 10A-B-C (required) or
Math. 20A-B-C (recommended)
SOPHOMORE YEAR
ECON 100A-B-C
ECON 120A-B-C
JUNIOR YEAR
ECON 110A-B
Economics Electives
SENIOR YEAR
A detailed description of the economics major is available in the Undergraduate Program section of the department Web site at http://economics.ucsd.edu/ugrad/index.php.
The Management Science Major (B.Sc.)
Management science builds on a set of related quantitative methods commonly used to solve problems arising in the private (business and finance) and public (government) sectors. While students will gain some familiarity with the traditional functional fields of business management, this program is more tightly focused and more quantitative than a traditional business administration major. It is not, however, a program in applied mathematics or operational research, since the economic interpretation and application of the tools are continually stressed. Rather, it is a quantitative major in applied economics with a management focus.
A student majoring in management science must meet the following requirements:
- Lower-division mathematics courses. Math. 20A-B-C and Math. 20F.
- Lower-division economics courses. ECON 1, ECON 3, and ECON 4.
- Upper-division economics core courses. ECON 100A-B-C (microeconomics), ECON 120A-B-C (econometrics), ECON 171 (decisions under uncertainty), ECON 172A-B (operations research) and ECON 173A-B (finance).
- Upper-division economics electives. Four more economics courses at the upper-division level. At least two of these elective courses must be “advanced electives.” The management science advanced electives are: ECON 103: International Monetary Relations ECON 104: Economics of Network Industries ECON 105: Industrial Organization and Firm Strategy ECON 109: Game Theory ECON 113: Mathematical Economics ECON 119: Law and Economics: Contracts and Corporations ECON 121: Applied Econometrics ECON 125: Demographic Analysis and Forecasting ECON 150: Public Economics: Taxation ECON 151: Public Economics: Expenditures I ECON 152: Public Economics: Expenditures II ECON 155: Political Economics ECON 174: Financial Risk Management ECON 176: Marketing ECON 178: Economic and Business Forecasting
Note that many of these advanced management science electives recommend 100C as a prerequisite for the class. In the fall quarter of 2010, 100C will become a prerequisite for the advanced electives that currently only recommend 100C as a prerequisite. Therefore, management science majors are strongly encouraged to take ECON 100A-B-C and ECON 120A-B-C in their sophomore year. The following schedule, though not the only possibility, is a well-constructed one for a student majoring in management science.
FRESHMAN YEAR
ECON 1 and ECON 3
ECON 4
Math. 20A-B-C
SOPHOMORE YEAR
ECON 100A-B-C
ECON 120A-B-C
Math. 20F
JUNIOR YEAR
ECON 171
ECON 172A-B
ECON 173A-B
Economics Electives
SENIOR YEAR
A detailed description of the management science http://economics.ucsd.edu/ugrad/index.php.
Joint Major in Mathematics and Economics (B.A.)
This major is considered to be excellent preparation for the Ph.D. study in economics and business administration, as well as for graduate studies for professional management degrees, including the M.B.A.
Majors in economics generally recognize the importance of mathematics to their discipline. Undergraduate students who plan to pursue doctoral study in economics or business need the more advanced mathematics training prescribed in this major. Majors in mathematics often feel the need for a more formal introduction to issues involving business applications of science and mathematics. Extending their studies into economics provides this application and can provide a bridge to successful careers or advanced study. This major provides a formal framework making it easier to combine study in economics and mathematics.
Course requirements of the joint major in mathematics and economics consist principally of the required courses of the mathematics major and the economics/management science majors:
Lower-Division Requirements
- One of the following sequences:
- Calculus and Linear Algebra. Math. 20A-B-C-D and 20F
- Honors Calculus. Math. 31AH-BH, Math 20D
Upper-Division Requirements
Fifteen upper-division courses in mathematics and economics, with a minimum of seven courses from one department and eight from the other department, chosen from the courses listed below (prerequisites are strictly enforced):
- Mathematical Reasoning. Math. 109 (Note: Students completing Math. 31CH may substitute a four-unit upper-division math. elective for Math. 109.)
- One of the following:
- Applied Linear Algebra. Math. 102
- Numerical Linear Algebra. Math. 170A
- Modern Algebra. Math. 100A-B
- Foundations of Analysis. Math. 140A
- Advanced Calculus. Math. 142A
- Ordinary Differential Equations. Math. 130A
- Foundations of Analysis. Math. 140B
- Advanced Calculus. Math. 142B
- ECON 120A-B-C
- Math. 180A and ECON 120B-C
- Math. 180A and 181A and ECON 120C
- Macroeconomics. ECON 110A-B
- Mathematical Programming: Numerical Optimization. Mathematics 171A-B
- Introduction to Operations Research. ECON 172A-B
- Decisions Under Uncertainty. ECON 171 and Introduction to Operations Research. ECON 172A
When choosing across the Math. 140 or the Math. 142 series, it is recommended that students take Math. 142. Other courses which are strongly recommended are: Math. 130B, 131, 181B, 190, and 193A-B and ECON 109, 113, 173A-B, 174, and 178.
Further information may be obtained in the mathematics and economics undergraduate advising offices.
Honors
Economics Majors
To graduate with the phrase “with distinction” on your diploma, you must complete two additional advanced electives (for a total of seven electives, four of which are advanced). You must also have an upper-division GPA in your major greater than or equal to 3.5. The upper-division major GPA will only include grades for courses taken at universities in the UC system and through EAP.
To graduate with the phrase “with highest distinction” on your diploma, you must complete two additional advanced electives (for a total of seven electives, four of which are advanced), take the honors sections of at least two upper-division courses (ECON 100AH-BH-CH, ECON 110AH-BH, and ECON 120AH-BH-CH), and take the Senior Essay Seminar (ECON 191A-B). You must also have an upper-division GPA in your major greater than or equal to 3.5. The major GPA in your honors sections and ECON 191A-B must be 3.5 or above. Admission to honors sections and ECON 191A-B is by special permission; check with the undergraduate advisors in the Economics Student Services Office. Note that we generally offer A honors sections in the fall, B honors sections in the winter, and the C honors sections in the spring.
Management Science Majors
To graduate with the phrase “with distinction” on your diploma, you must have an upper-division GPA in your major greater than or equal to 3.5. The upper-division major GPA will only include grades for courses taken at universities in the UC system and through EAP.
To graduate with the phrase “with highest distinction” on your diploma, you must complete the honors sections of at least two upper-division courses (ECON 100AH-BH-CH or ECON 120AH-BH-CH), and take the Senior Essay Seminar (ECON 191A-B). You must also have an upper-division GPA in your major greater than or equal to 3.5. The major GPA in your honors sections and ECON 191A-B must be 3.5 or above. Admission to honors sections and ECON 191A-B is by special permission; check with the undergraduate advisors in the Economics Student Services Office. Note that we generally offer A honors sections in the fall, B honors sections in the winter, and the C honors sections in the spring.
Joint Mathematics/Economics Majors
To graduate with honors requires the following:
- At least one quarter of the Student Colloquium, Math. 196. (Note: Math. 196 is only offered in the fall quarter.)
- At least one Economics honors course: ECON 100AH, 100BH, 100CH, 110AH, 110BH, 120AH, 120BH, 120CH. [Note: enrollment in these honors classes is by special permission; check with the undergraduate advisors in the Economics Student Services Office, (SH 245).]
- An Honors Thesis. The research and writing of the thesis will be conducted over two quarters of the senior year under the supervision of a faculty advisor. The completed thesis must be approved by the Joint Mathematics and Economics Honors Committee, which comprises the Mathematics Honors Committee and the Economics Honors Committee, and presented orally at the Undergraduate Research Conference or another appropriate occasion.
- If the student is a declared major in the mathematics department (MA33), this thesis will be credited as eight units of Math. 199H. Enrollment in Math. 199H is by special permission; check with the advisors in the mathematics department Undergraduate Affairs Office (AP&M 7018) or the Mathematics Advising Office (AP&M 6016).
- If the student is a declared major in the economics department (EN28), the student must enroll in ECON 191A-B. Enrollment in ECON 191 is by special permission; check with the undergraduate advisors in the Economics Student Services Office (SH 245).
The Joint Mathematics and Economics Honors Committee will determine the level of honors to be awarded, based on the student’s GPA in the major and the quality of the honors work.
Grade Rules for Majors
All courses used in meeting requirements for a departmental major must be taken on a letter-grade basis, and must be passed with a grade of C– (C minus) or better. These rules apply to lower-division courses, upper-division courses, and to required courses taken from other departments (such as required mathematics courses). Exceptions are ECON 195, ECON 198, and ECON 199, for which P/NP grading is mandatory. No more than twelve units of ECON 195, ECON 198, and ECON 199 taken P/NP may be counted toward a major. Further, no more than eight units of ECON 195 may be counted toward a major.
Economics Department Residency Requirement
To receive a bachelor of arts or bachelor of science degree from the economics department, all students must pass with a C– (C minus) or better at least nine of the required upper-division courses (at least four units each) for the major, taken through the UCSD economics department, while officially enrolled at UCSD, to satisfy the residency requirement.
Advanced Placement Credits
Because no high school economics course provides the kind of background needed for upper-division economics and management science courses, the department is strict on allowance of credits. The policy is as follows: If the AP score is 5, accept AP Micro (AP Macro) as equivalent to ECON 1 (ECON 3) in meeting major or minor requirements. If the score is 3 or 4, the student is required to take ECON 1 (ECON 3) for the major or minor. There is not an advanced placement exam equivalent to ECON 2.
Minors and Programs of Concentration
The economics minor or program of concentration consists of eight courses: introductory microeconomics (ECON 1); microeconomic applications (ECON 2) or ECON 100A; introductory macroeconomics (ECON 3) or ECON 110A; and five additional upper-division economics courses, which are otherwise not restricted.
The management science minor, paralleling the economics minor, consists of nine courses: introductory microeconomics (ECON 1); microeconomic applications (ECON 2) or ECON 100A; introductory macroeconomics (ECON 3) or ECON 110A; financial accounting (ECON 4), and any additional five classes from the following list (Caution: all courses have prerequisites):
ECON 100A. Microeconomics A
ECON 100B. Microeconomics B
ECON 100C. Microeconomics C
ECON 120A. Econometrics A
ECON 120B. Econometrics B
ECON 120C. Econometrics C
ECON 171 . Decisions Under Uncertainty
ECON 172A. Operations Research A
ECON 172B. Operations Research B
ECON 173A. Financial Markets
ECON 173B. Corporate Finance
ECON 174. Financial Risk Management
ECON 176. Marketing
ECON 178. Economic and Business Forecasting
Grades of P/NP are acceptable for minor courses. If courses are taken for a letter grade, passing is considered with a C– (C minus) or better. To declare a minor or program of concentration, complete an Undergraduate Declaration of Minor using the Major/Minor tool found on TritonLink. Students should check with their colleges regarding area of focus, programs of concentration, and project minors.
The Graduate Program
The department offers a Ph.D. degree in economics, designed to provide a solid, analytically oriented training in microeconomics, macroeconomics, econometrics, and advanced specialties. Since the program is structured as a doctoral program, only students who intend to pursue a doctorate should apply.
The main economics Ph.D. requirements are that a student pass qualifying exams in microeconomics, macroeconomics, econometrics, and select courses of specialization, and prepare an acceptable dissertation.
Detailed descriptions of the Ph.D. program are available on the Internet at the department Web site at http://economics.ucsd.edu/. Residence and other campuswide regulations are described in the graduate studies section of this catalog.
Departmental Ph.D. Time Limit Policies
Students must be advanced to candidacy by the end of five years. Total university support cannot exceed six years. Total registered time at UCSD cannot exceed seven years. Students will not be permitted to continue beyond the pre-candidacy and total registered time limits. Students will not be permitted to receive UCSD administered financial support beyond the support limit.
UC San Diego, 9500 Gilman Dr., La Jolla, CA 92093 (858) 534-2230
Copyright ©2008 Regents of the University of California. All rights reserved.
