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Economics
Directors of the Undergraduate Program: Robert E. Lucas, Jr., SS 410,
702-8179; D. Gale Johnson, SS 421, 702-8251
Administrative Assistant: Julie Less, SS 412, 702-8254
Program of Study
The Bachelor of Arts program in economics is intended to equip students
with the basic tools required to understand the operation of a modern economy:
the origin and role of prices and markets, the allocation of goods and services,
and the factors that enter into the determination of income, employment,
and the price level.
Bachelor of Arts Program Requirements
The Bachelor of Arts concentration in economics requires thirteen courses.
These must include the core curriculum, which consists of price theory
(Economics 200, 201) and macroeconomics (Economics 202 and 203). Economics
198 and 199 may be substituted for Economics 200. One course in economic
history (Economics 221, 222, 225, 227, or 228) and two courses in econometrics
are also required; the latter requirement is normally met by Statistics
220 and Economics 210. Special sections of Statistics 220 are offered in
the autumn and spring quarters for economics majors.
Students concentrating in economics must also take three mathematics courses
beyond the Common Core requirement. These consist of the third quarter of
calculus (Mathematics 133, 153, or 163) and either Mathematics 195-196 or
Mathematics 203-204.
In addition to the ten courses described above, students concentrating in
economics are required to take three elective courses, two of which must
be in economics. The third elective also may be in economics, or it may
be chosen from Mathematics 203, 204, 205, 207, 208, 209, and 273 (or other
courses in mathematics as may be approved by the directors of the undergraduate
economics program); Computer Science 105 and 115; or an additional course
in statistics (other than Statistics 200). Only one reading course (Economics
298) may be used as an elective (unless the student is in the honors program).
NOTE: Students wishing to substitute other courses for those listed in the
previous paragraphs must obtain written permission from one of the directors
of the undergraduate economics program.
As college calculus is a prerequisite for the core curriculum (Economics
200-201-202-203), it is strongly recommended that students complete the
calculus sequence during their first year in the College. It is further
recommended that students complete their remaining mathematics requirements
during their second year, and the econometrics requirement in the third
year. Only students in the B.A./M.A. program may register for 300-level
economics courses that are indicated in the Time Schedules as being
closed to undergraduates.
Summary of Requirements
General Education College calculus sequence (Math 131-132, 151-152,
or 161-162)
Concentration 1 Math 133, 153, or 163
4 Econ 200-201-202-203
1 economic history (Econ 221, 222, 225, 227, 228)
2 Stat 220 and Econ 210
2 Math 195-196 or 203-204
3 electives: These must include two additional courses in economics. The
third course may also be a course in economics or may be chosen from Math
203, 204, 205, 207, 208, 209, and 273; ComSci 105 and 115; or any course
in statistics or econometrics other than Stat 200.
13
Grading. A maximum of four grades of Pass is permitted in the
thirteen courses required for the concentration in economics; the other
nine grades must be quality grades. Only quality grades are acceptable for
Economics 200, 201, 202, 203, and 210; and Statistics 220.
Honors. Students with grade point averages of at least 3.0 overall and
3.25 in economics are eligible for the honors program. Students who wish
to qualify for honors are urged to participate in the Undergraduate Honors
Workshop (Economics 297) for a full academic year; Economics 297 may replace
up to two elective courses. While participating in that workshop, students
will write an honors thesis under faculty guidance; to graduate with honors,
students must receive a grade of at least A- on the honors thesis.
Students interested in the honors program should contact one of the directors
of the undergraduate economics program no later than the second quarter
of their third year in the College; they should also have completed their
econometrics courses before participation in the Undergraduate Honors Workshop.
Joint B.A./M.A. Program Requirements
The joint B.A./M.A. program is available to students who, in the economics
core curriculum and mathematics courses, have demonstrated exceptional promise
for advanced work. Because the B.A./M.A. program involves completing all
requirements for the two degrees within a four-year period, it is not recommended
for students who entered the College without having placed out of four to
six courses. In the joint B.A./M.A. program, students can substitute up
to five graduate courses in economics for required B.A. concentration courses,
except for the four core courses (Economics 200-201-202-203).
Eligibility and Admission. Interested students should consult
with one of the directors of the undergraduate economics program during
their second year in the College and subsequently meet with one of the directors
to determine if the joint B.A./M.A. program is appropriate for them. As
careful planning of their programs is essential, students should apply for
admission to the program early in their third year in the College. Applicants
are required to complete the standard application for admission to graduate
study in the Division of the Social Sciences; submission of a transcript
and letters of recommendation is also required. Graduate Record Examination
scores are not required. If admitted, students have joint residency
in the College and the Division of Social Sciences during the last three
quarters of the program.
Requirements and Suggested Course Programs. All specific requirements
for the B.A. program in economics must be met; in addition, all students
in the joint B.A./M.A. program must register as graduate-degree candidates
for no less than nine graduate economics courses, no more than three of
which may be taken in any given quarter. Normally, these courses are taken
after the student has been admitted to the joint B.A./M.A. program. The
requirements for the M.A. degree in economics are summarized below:
1. Registration in nine graduate-level courses in economics, which must
include Economics 300, 310, and 330. At least five of the nine graduate
course grades must be B or better.
2. Two courses in a field described in "Fields of Economics for the
M.A. and Ph.D. Degrees" to be found in the brochure Department of
Economics, The University of Chicago.
3. Passing one preliminary examination at the M.A. level (or higher). Normally,
this examination will be in the field referred to in item (2), but it also
can be an M.A. Pass on the Ph.D. core examination.
Faculty
GARY S. BECKER, University Professor, Departments of Economics and Sociology;
Research Associate, Economics Research Center at the National Opinion Research
Center
XIAOHONG CHEN, Assistant Professor, Department of Economics and the College
MICHAEL CHWE, Assistant Professor, Department of Economics and the College
ROBERT W. FOGEL, Charles R. Walgreen Professor, Department of Economics
and Graduate School of Business; Director, Center for Population Economics
DAVID GALENSON, Professor, Department of Economics and the College
LARS PETER HANSEN, Homer J. Livingston Professor, Department of Economics
and the College
JAMES J. HECKMAN, Henry Schultz Professor, Department of Economics, Irving
B. Harris Graduate School of Public Policy Studies, and the College; Research
Associate, Economics Research Center at the National Opinion Research Center
D. GALE JOHNSON, Eliakim Hastings Moore Distinguished Service Professor
Emeritus, Department of Economics and the College
EKATERINI KYRIAZIDOU, Assistant Professor, Department of Economics and the
College
ROBERT E. LUCAS, JR., John Dewey Distinguished Service Professor, Department
of Economics and the College
HOWARD MARGOLIS, Professor, Irving B. Harris Graduate School of Public Policy
Studies and the College
YAIR MUNDLAK, Frederick Henry Prince Professor, Department of Economics
DEREK NEAL, Assistant Professor, Department of Economics and the College
JOSEF PERKTOLD, Assistant Professor, Department of Economics and the College
TOMAS PHILIPSON, Assistant Professor, Department of Economics and the College
SHERWIN ROSEN, Edwin A. and Betty L. Bergman Professor, Department of Economics
and the College; Research Associate, Economics Research Center at the National
Opinion Research Center
ALLEN SANDERSON, Senior Lecturer in the College
THOMAS SARGENT, David Rockefeller Professor, Department of Economics and
the College
JOSé SCHEINKMAN, Alvin H. Baum Professor, Department of Economics
and the College; Chairman, Department of Economics
LARRY A. SJAASTAD, Professor, Department of Economics and the College
NANCY STOKEY, Professor, Department of Economics and the College
LESTER G. TELSER, Professor, Department of Economics and the College
GEORGE S. TOLLEY, Professor, Department
of Economics
ROBERT M. TOWNSEND, Charles E. Merriam Professor, Department of Economics
and the College
GRACE TSIANG, Senior Lecturer in the College, Associate Director, Undergraduate
Program
DAVID WEIR, Visiting Associate Professor, Department of Economics and the
College
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