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Bachelor of Arts in Economics

  • The economics major has the option of pursuing a general track or a quantitative track. The general track provides a firm grounding in economic theory and exposure to problems and techniques the student is likely to encounter in a business, nonprofit, or government agency environment. The quantitative track supplements the general track with extensive training in mathematical and statistical techniques required for graduate course work. This track is also recommended for those students who prefer a more quantitative approach to problem solving. Completion of this track fully prepares the student for entrance into the department’s Master of Arts in Economics program at IUPUI as well as graduate programs at other universities.

What is economics? Watch Marginal Revolution University's video.


Careers and Earning

Watch the American Economic Association's video about a career in economics

For information on careers and earning following a B.A. in Economics, please visit: www.aeaweb.org/students/careers.php


All majors must complete the following:

  • ECON-E201: Introduction to Microeconomics
  • ECON-E202: Introduction to Macroeconomics
  • ECON-E270: Introduction toStatistical Theory for Econocmics and Business
  • ECON-E321: Intermediate Microeconomic Theory
  • ECON-E322: Intermediate Macroeconomic Theory

These courses should be completed by the end of the junior year. Note that E201 is a prerequisite for E202 and E321 and that E202 is a prerequisite for E322.


General Track

The general track requires an additional six courses, consisting of the following:

  • Three (3) 300 or 400 level electives from Economics (9 credit hours)
  • MATH-M118: Finite Mathematics (3 credit hours)
  • MATH-M119: Brief Survey of Calculus I (3 credit hours)
  • ECON-E406: Senior Survey (3 credit hours)

The total number of credit hours is 33.

Economics BA Fall 2017 and beyond Click Here


Quantitative Track

The quantitative track requires an additional five or six courses (or seven courses, depending on the math sequence) consisting of the following:

  • One (1) 300 or 400 level elective (excluding E470) (3 credit hours)
  • ECON-E470: Introduction to Econometrics (3 credit hours)
  • MATH 16500: Analytic Geometry ∧ Calculus I (4 credit hours)
  • MATH 16600: Analytic Geometry ∧ Calculus II (4 credit hours)
  • ECON-E406: Senior Seminar (3 credit hours)

The total number of credit hours is 32.

Economics Quantitative BA Fall 2017 and Beyond Click Here

To satisfy the department’s residency requirement, at least 12 credit hours of economics must be taken at IUPUI. A grade of C (2.0) or better must be received in each course required for the major (a C- does not count). The Department of Economics accepts only two 300 to 400 level courses from the business minor toward Area III of the School of Liberal Arts Distribution requirements.


Our advisor is here to help

For advising in the selection of courses contact the Economics Undergraduate Advisor:
Lygia Vernon ljvernon@iupui.edu (317) 274-4767

Minor in Economics

  • Have you considered an economics minor?
    • It will broaden your perspective and enhance your employment opportunities.
    • It will appear on your transcript.
    • Many of you have already completed, or will be required to complete as part of your major, a significant portion of the requirements.
    • Please apply for the Econ minor at least 1 semester prior to your expected graduation date by submitting the online School of Liberal Arts declaration form found here: https://liberalarts.iupui.edu/admissions/update-major-form.html
    •  

The minor in economics requires 15 hours of economics with a minimum grade of C (2.0) in each course. The courses include E201 (Intro to Microeconomics) and E202 (Intro to Macroeconomics) plus nine (9) hours of E300 or higher level course, which may include E270 (Introduction to Statistical Theory in Business and Economics).

Residency requirements: nine (9) credit hours of the minor must be completed at IUPUI.

Although the Business School does not require a minor, business students are required to take three of five courses (E201, E202, and E270) required for an economics minor. By electing two additional upper level courses (E300 or higher), a student can earn a minor in economics.


Courses that may be elected to complete the minor include:

*E303 International Economics 

*E325 Comparative Economics 

  E304 Labor Economics

  E337 Economic Development

  E305 Money and Banking

  E385 Economics of Industry

  E307 Economics of Sports

  E387 Health Economics

  E307 Game Theory and Strategic Decision Making

  E406 Senior Seminar

  E308 Public Finance

  E414 Nonprofit Economy and Public Policy

  E321 Intermediate Microeconomic Theory

  E470 Econometrics

  E322 Intermediate Macroeconomic Theory

*May be used to fulfill the international dimension requirement in the School of Business


What should I do if I am interested?

For advice about selecting courses, consult the Economics Undergraduate mentor, Patrick Meister.
Office: CA 509A
Phone: 278-7213
Email: pmeister@iupui.edu

Students need to initiate a record update by visiting: https://liberalarts.iupui.edu/admissions/declare-major.html. Students who submit the form should anticipate 7-10 business days before they see the updated major information on their account.  The minor portion of the form is only a declaration of intent for students seeking to minor within Liberal Arts at this time. You will not be awarded a minor until completion of your undergraduate program. For information on the new online application process and awarding, please contact the School of Liberal Arts student affairs office at: 317-274-2200

Please note, minors are not automatically applied in the system without the student first declaring their intent and it cannot be applied after a degree has been conferred. All courses to be applied towards the minor must receive a C (2.0) or higher. C- will not be counted. Substitution of a non econ course to count towards the minor are rare and must be pre-approved, in writing, by Patrick Meister(pmeister@iupui.edu).

If you are an undergraduate student in the Kelley School of Business, we’d like to make you aware of your opportunities to get an Economics minor, or even a second Economics major,  very easily: for the minor, without taking any economics courses that don’t satisfy Business degree requirements; for the major, by taking only 2-4 such courses.

 

Minors

All Kelley undergrad majors are required to take E201 and E202, plus a statistics course that’s usually E270.  If you have taken at least one of these courses at IUPUI then you need to take only two additional economics courses here to get an Economics minor.  (There’s a three-course residency requirement.)

Any Kelley undergrad major can then obtain an Economics minor by taking E303 and E337 to satisfy the school’s International Dimension (ID) requirement.  (Note that these same two courses can be used to satisfy part of the requirements for the Kelley International Studies second major: see below.)

If you don’t want to satisfy the ID requirement entirely, or at all, by taking Economics courses then you have additional options for getting an Economics minor “on the cheap” that depend on your major.    

  • If you’re a Finance major then you can take E305 and E470 to satisfy part of a three-course degree requirement.
  • If you’re an Accounting major then you can take two economics courses to satisfy part of the three-course “non-accounting concentration” degree requirement. (You’ll need permission from an adviser.)  Students are encouraged to use this requirement to earn an outside minor.  
  • If you’re a Management major then you can take E304 as one of your four major-elective courses. That leaves you with only one additional economics course to take to get an Economics minor.  (Again, that course could help satisfy your ID requirement.)
  • If you are getting an International Studies second major then you can take E303 and E337 to satisfy the five-course major requirement; you’ll get an Economics minor at the same time.

 

Second majors

Under the new Dual Degree Advantage program, a student whose primary major is from a program outside the School of Liberal Arts can earn a second major from a Liberal Arts degree program without satisfying any Liberal Arts degree requirements except the requirements specific to that major.

The most common form of Economics major – B.A., regular track – requires 11 courses: two math courses and nine Economics courses.  But most Kelley undergrad majors will have taken    five of those courses: the two math courses (M118 and M119, which also are required for Business majors) plus three economics courses (see above).  In addition, every Kelley undergrad major can satisfy the International Dimension requirement by taking two economics courses.  Finally, as we’ve noted above, Accounting, Management and Finance majors can use 1-2 additional Economics courses to satisfy the requirements of those degrees.  That gets them up to as many as nine courses that satisfy both Business and Econ degree requirements.  Thus, many Kelley undergrad majors can earn enough credits for a second Economics major by taking only two additional courses.

Note:  Normally, E321, E322 and E406 are required for Economics majors.  These courses don’t fit easily into Business degree requirements.  But the Economics department will be willing to waive E322 or E406, as a requirement, for Dual Degree Advantage students, as long as they take 11 economics-or-math courses that satisfy our degree requirements.

Please note that the course descriptions that appear here are adapted from the course-catalog (campus bulletin) descriptions that appear in iGPS and/or from the course descriptions provided by individual instructors.  The descriptions that appear here probably are more accurate, for the current versions of these courses, than the catalog/bulletin descriptions, which are often very dated and are sometimes seriously wrong.  We are working on getting those descriptions updated.

The courses that are listed as required for any course are the ones the Economics department views as necessary for that course.  In some cases, failure to have completed a course listed as required may prevent you from being able to register for the course without permission from the instructor or the department.  But that may not be true in all cases. 


Spring

E101   Survey of Economic Issues and Problems

E201  Introduction to Microeconomics

S201  Introduction to Microeconomics: Honors

E202  Introduction to Macroeconomics

E270  Introduction to Statistical Theory for Economics and Business

E303  Survey of International Economics

E304/E582  Survey of Labor Economics

E305  Money and Banking

E307  Current Economic Issues:  Health Economics

E307  Current Economic Issues: Causal Inference

E321  Intermediate Microeconomics

E322  Intermediate Macroeconomics

E327  Game Theory

E337  Economic Development

E406  Senior Seminar

E408  Readings in Economics

E410/E583 Topics in U.S. Economic History

E470  Introduction to Econometrics

 

Summer

E201  Introduction to Microeconomics

E202  Introduction to Macroeconomics

E270  Introduction to Statistical Theory for Economics and Business

E303  Survey of International Economics

E305  Money and Banking

E307  Current Economic Issues: Health Economics

E321  Intermediate Microeconomics

E322  Intermediate Macroeconomics

E470  Introduction to Econometrics

 

Fall

E101   Survey of Economic Issues and Problems

E201  Introduction to Microeconomics

S201  Introduction to Microeconomics: Honors

E202  Introduction to Macroeconomics

E270  Introduction to Statistical Theory for Economics and Business

E303  Survey of International Economics

E305  Money and Banking

E307  Current Economic Issues:  Applied Microeconomics

E307  Current Economic Issues:  Health Economics

E321  Intermediate Microeconomics

E322  Intermediate Macroeconomics

E337  Economic Development

E375  Introduction to Mathematical Economics

E406  Senior Seminar

E408  Readings in Economics

E450 Business Conditions Analysis and Forecasting

E470  Introduction to Econometrics


Course Descriptions

 

E101   Survey of Economic Issues and Problems

This course provides a basic introduction to economic concepts and principles along with a survey of important economic issues.  It is intended for students who do not plan to major or minor in Economics.  No previous instruction in economics is necessary. 

 

E201  Introduction to Microeconomics

This course studies the economic principles governing the operation of particular markets and the decisions of individual economic agents: households, firms and government agencies.  It studies the characteristics of different types of market organization, including perfect competition (demand and supply), monopoly and oligopoly.  It also studies the principles and consequences of effective economic behavior by households and firms.  It is required for Economics majors and minors, and for students seeking undergraduate degrees in the Kelley School of Business.


S201  Introduction to Microeconomics: Honors

This is a version of E201 for honors students and/or other students who are interested in a more challenging version of the course.

 

E202  Introduction to Macroeconomics

This course studies the measurement and determination of national economic performance, including performance measures such as national production and income (GDP), the economic growth rate, the unemployment rate and total employment, the price level and inflation, interest rates and the international trade balance.  It studies the determinants of economic growth and the nature and causes of the business cycle (expansion and recessions), as well as the nature and effectiveness of government policies to try to promote growth and/or stabilize the business cycle (fiscal, monetary and trade policies).  It is required for Economics majors and minors, and for students seeking undergraduate degrees in the Kelley School of Business.

Preparatory courses:  E201 is recommended.

 

E270  Introduction to Statistical Theory for Economics and Business

This course reviews basic concepts of probability and statistics, using them to study the properties of statistical samples, summary statistics for those samples and their use to test statistical hypotheses.  It also studies basic statistical decision theory and the use of statistical techniques to study relationships between variables: regression and correlation analysis, analysis of variance.  It is required for Economics majors and for students seeking undergraduate degrees in the Kelley School of Business.

Preparatory courses:  M118 is required.

 

E303  Survey of International Economics

This course studies trade between nations and regions: why it occurs and its economic advantages and effects.  Both trade in goods and services (exports and imports) and financial trade (international borrowing/lending and investment) are studied, along with trade in different national currencies.  Topics include measurement of the volume of trade and the determinants of the prices of traded goods (terms of trade) and currencies (exchange rates).  They also include the nature and effects of policies to encourage or restrict trade, including subsidies, tariffs and quotas and international trade agreements.

Preparatory courses:  E201 and E202 are required.

  

E304/E582  Survey of Labor Economics

This course studies the operation of the market for labor, including how wage rates are determined, how the level of employment is determined, and how and why wage rates and employment levels differ across different industries and different types of jobs.  Other important topics include the role of labor unions, and the role of the government in taxing or subsidizing labor and in regulating labor market practices (including imposing minimum wages).  It also studies wage contracting behavior and why it may cause wage rates to be relatively inflexible over time.

Preparatory courses:  E201 is required.

  

E305  Money and Banking

This course studies money, banks, financial markets and government monetary and financial policy.  Monetary topics include the role of money in the economy, different types of money,   the measurement of the money supply, the nature of monetary institutions and the conduct and impact of monetary policy.  Other important topics are the special monetary and financial role of banks and the nature and goals of bank regulation.  On the finance side, the main focus is the organization of financial markets, the determination of interest rates and bond prices, and the nature and purpose of government regulation of the financial system.

Preparatory courses:  E201 and E202 are recommended, and at least one of the two is required.

 

E307  Current Economic Issues:  Applied Microeconomics

Please note that this is a special-topics course, and that the “Course Description” for it in the iGPS system is drastically wrong.  This semester’s version of the course studies Applied Microeconomics.

This course is offered concurrently with E581, a course in our master’s program.

Preparatory courses:  E201 is required, M119 is recommended.

 

E307  Current Economic Issues:  Health Economics

Please note that this is a special-topics course, and that the “Course Description” for it in the iGPS system is drastically wrong.  This semester’s version of the course studies Health Economics.

This course studies issues involving the cost and effectiveness of the U.S. health care system, which is very costly by world standards but is not highly ranked in terms of health care outcomes.  It studies how effective health care and health insurance should work, according to economic theory; how they actually work in the United States; why they don’t work better and are so costly; different strategies for improving them.  Attention is directed both to government health policy and to the practices of private care providers and insurers.  Another important topic is how the medical effectiveness of health care is measured and how its cost effectiveness can be assessed.

Preparatory courses:  None.

 

E307  Current Economic Issues: Causal Inference

Please note that this is a special-topics course, and that the “Course Description” for it in the iGPS system is drastically wrong.  This semester’s version of the course studies Causal Inference.

This course introduces the potential outcomes framework, a comprehensive structure that helps to clearly define a causal question. It then teaches students different empirical strategies to answer causal questions based on randomized control trial and quasi-experimental methods. By limiting the technical details of these strategies to a minimum level, and restricting our discussion to linear models, we hope to attract students who have interest in doing applied research using already-programmed estimators in statistical software. Due focus will be given to intuitive understanding of the different empirical strategies. The course also introduces R, a popular statistical software that is open source, so that students can take the knowledge and programs developed in the course directly into their jobs. The skills students acquire from this course will enhance their marketability, sharpen their critical thinking, and stir their interest to pursue a higher-level degree.

Preparatory courses:  None.

  

E321  Intermediate Microeconomics

This course studies basic topics from Introduction to Microeconomics (E201) more thoroughly and in a more rigorous way.  A key topic is consumer theory, which helps economists understand and try to predict how consumers allocate their incomes over different goods and services – including in situations where the consequences of different decisions are uncertain and/or depend on the action of others (game theory).  Another common topic is the theory of the firm, which is the theory of how firms operating in different types of market environments – competition, monopoly, oligopoly, etc. – make decisions about production,  employment, purchases of other inputs, investment in plant and equipment, etc.

Preparatory courses:  E201 is required and M119 is recommended.

  

E322  Intermediate Macroeconomics

This course develops models of the economy as a whole that are designed to explain long-term economic growth and a country’s standard of living.  There is a particular focus on how the government’s fiscal policy affects the economy.  The models are applied to conduct a serious examination of three major economic issues facing the United States during the 21th century:  the fiscal crisis and exploding public debt, slowing long-run economic growth, and widening wage inequality.

Preparatory courses:  E201 and E202 are required and M119 is recommended.


E327  Game Theory

Economists use games as a metaphor for situations in which economic agents – consumers, firms or government organizations – have to make decisions in situations where the consequences of those decisions depend on the decisions made by other economic agents.  Situations like these are very common in modern societies: they arise in connection with economic decisions, but also decisions about finance, politics, personal or group relationships, government trade and regulatory policy, etc.  Course topics include situations where decision-makers can cooperate or are in conflict, strategies for negotiation and bargaining, different concepts for describing solutions for game-related decision problems, and different methods for solving these problems.

Preparatory courses:  E201 is required and M119 is recommended.

 

E337  Economic Development

This course studies the theory and practice of economic development, which is the process through which countries attain higher levels of production and income, and higher average living standards, over time.  Topics include the economic and social problems associated with low levels of development, common elements of development paths, the nature and causes of differences in development paths, why some countries fail to develop or do so only very slowly, government strategies for promoting development, and the economic and social consequences of development.

Preparatory courses:  E201 and E202 are required.

 

E375  Introduction to Mathematical Economics

Much of economic theory is based on the belief that the behavior of economic agents can be described and/or predicted by assuming they optimize.  Optimization (also called maximization) problems are most often posed and solved using mathematics.  Calculus is very useful for optimization problems, and graphs are widely used to illustrate them.  This course combines calculus, linear (matrix) algebra, graphs and verbal or written explanations to explain how mathematical optimization theory works and how it is applied to economics.  As part of the course, students learn how to construct graphs using Excel, and how to identify or derive and use the equations and/or functions that provide the basis for these graphs.

Preparatory courses:  M119 or the equivalent strongly recommended

 

E406  Senior Seminar

This is the capstone course for an Economics major.  It is intended to help you review and assess the usefulness of the things you have learned as an economics major, and to acquaint you with some of the economic questions and issues you’ll confront after you graduate.  The precise nature of the curriculum for the course depends on the instructor: different instructors often teach very different versions of the course.

Preparatory courses:  E321 and E322 are required.

  

E408  Readings in Economics

This is an independent study course.  You may register for 1-3 credits.  In order to register for  this course you need to obtain the permission of a Economics faculty member who will serve as your course supervisor.  You and your supervisor will work out a plan of study.  Typically, a student begins the process by proposing a topic area, and we try to connect him with a member of our faculty who has expertise and interest in that area.  If you are interested in registering for this course please contact Professor Patrick Meister, the Economics faculty mentor, or Professor Steven Russell, the Economics department chair.

Preparatory courses:  E201 and E202 are recommended.

  

E410/E583 Topics in U.S. Economic History

As offered in recent years, this course focuses on monetary history, beginning with the European coin-money origins of the U.S. monetary system, moving on to the diverse and innovative commodity-, coin- and (especially) paper-money practices of the American colonies, and finishing up with the monetary history of the American Revolution and the period immediately following it.  The course concludes with an examination of the nature, causes and consequences of the monetary clauses of the U.S. Constitution.  Links between monetary history and political history are emphasized, as are links between monetary history and unresolved issues in monetary theory. 

This course is offered concurrently with E583, a course in our master’s program.

Preparatory courses:  E201 and E202 are recommended.

 

E450 Business Conditions Analysis and Forecasting

This course is designed to acquaint students with a variety of econometric topics in the areas of forecasting and time series analysis.  Its primary goal is to provide hands-on experience with different forecasting techniques.  Students learn why businesses need to construct forecasts and how to develop appropriate forecasting models for particular business purposes.  They become familiar with the main sources of macroeconomic data.  Since economic instability is a major complicating factor in business forecasting, the course examines the sources of economic instability in industrialized economies.  It studies different theories of the business cycle and the empirical determinants of aggregate demand, prices, and interest rates.  The course is quite technical in nature, and it requires students to become familiar with the Stata statistical package accessible through IUAnyware.  They should already be familiar with the fundamentals of statistics, basic regression techniques and basic principles of economics.

This course is offered concurrently with E574, a course in our master’s program.

Preparatory courses:  E270 is required.  E470 is recommended, as are E201, E202 and M119.

 

E470  Introduction to Econometrics

Econometrics is the statistical analysis of economic data, although the same techniques are commonly used to study business data, medical data, political data, etc.  The foundations for econometrics are statistical theory and (in particular) regression analysis, which students should have been introduced to in E270.  Topics include estimation of linear and nonlinear regression models, hypothesis testing, properties of parameter estimates, and techniques for handling problems with the data being analyzed – problems that include serial correlation or heteroskedasticity of the regression residuals, correlation among explanatory variables or between those variables and the residuals, errors or missing observations in the data, etc.  Another common topic is simultaneous-equations models in which relationships between many independent and dependent variables are estimated jointly.

Preparatory courses:  E270 and M119 are required.