Overview

Major Area of Specialization in Economics (People & Society or STEM)

The B.A. in Economics is designed to equip students with a solid knowledge of economic theories supported by data analysis essential for understanding a wide range of modern economic problems.  The program provides excellent preparation for those who plan careers in business, government, international agencies, and graduate studies.

Students pursuing the major in Economics through the College of Arts and Sciences will select one of two possible tracks:  Political Economy (P&S) or Quantitative Economics (STEM).  In the Political Economy track, People and Society courses are predominant.  In the Quantitative Economics track, Science, Technology, Engineering, and Mathematics courses are predominant.

Departmental Honors for the B.A. in Economics

Qualified students pursuing the B.A. in Economics have the opportunity to earn Departmental Honors by fulfilling the following:

  • a minimum cumulative GPA of 3.9 and a minimum GPA of 3.9 within the economics major at the end of the junior year; and
  • completion of a 3-credit hour research project during the entire senior year on a topic that is of interest to both the faculty member supervising the research in economics and the student responsible for completing it.  The research and written deliverable must be deemed to be of exceptional quality, consistent with the workload of a 3-credit hour upper level independent study course, and worthy of a designation that is only open to the top 1% of the University of Miami undergraduates; and
  • a minimum cumulative GPA of 3.9 and a minimum GPA of 3.9 within the economics major at graduation; and
  • any other requirements, if any, established by the Department granting honors as set forth in this Academic Bulletin.

The 3-credit hour research project class is not assigned a letter grade but instead is taken for "credit only." It does not count toward the 120 credit hours required for graduation. Only projects that are deemed to be of exceptional qualify will receive credit and result in the Honors designation. Students who begin a research project but do not complete it will be retroactively withdrawn from the Independent Study research course.

Further details related to Departmental Honors in Economics are available from the Director of the Undergraduate Economics program.

Curriculum Requirements

A student pursuing the major in Economics through the College of Arts and Sciences will select one of two possible tracks:  Political Economy (People and Society) or Quantitative Economics (Science, Technology, Mathematics, and Engineering) and complete the curriculum requirements as follows:

1. Choose either POLITICAL ECONOMY or QUANTITATIVE ECONOMICS 130
Political Economy Track Required Courses (People & Society) :
Principles of Microeconomics
Principles of Macroeconomics
Microeconomic Theory and Applications (ECO 302 may be taken instead if MTH 161 or equivalent is completed)
Macroeconomic Theory
Applied Econometrics
Major Choice Courses (P&S) - Select five courses (15 credit hours) from the following: 2
Public Economics
Labor Economics (I)
Industrial Economics and Public Policy
Environmental Economics
Economics of Development
Latin America, the Caribbean, and the Global Economy
The Political Economy of Growth
Health Economics
Monetary Economics
Economic Growth
International Trade Theory
International Monetary Economics
Economic Analysis of Energy and Commodity Markets
Global Economics: Trade and Currencies
Directed Studies in Economics
Special Topics in Economics (People and Society Topics)
History of Economic Thought
Students who have completed ECO 302 may select a maximum of two STEM-designated courses (6 credit hours) as their major choice courses. Students who have completed ECO 300 may select a maximum of three STEM-designated courses (9 credit hours) as major choice courses. 2
Game Theory in Economic Applications.
Industrial Organization
Directed Studies in Economics
Special Topics in Economics (STEM Topics)
Mathematical Economics and Applications
Empirical Labor Economics
Topics in Mathematical Economics
Econometrics
Advanced Macroeconomic Theory
Advanced Microeconomic Theory
Quantitative Economics Track Required Courses (STEM) : 3
Principles of Microeconomics
Principles of Macroeconomics
Macroeconomic Theory
Microeconomic Theory (requires MTH 161 or equivalent as a pre-requisite)
Applied Econometrics
Major Choice Courses (STEM): Select five courses (15 credit hours). Only one course of the five major choice courses may be a People & Society ECO major choice course. Students must select four to five STEM-designated major choice courses (12-15 credit hours) from the following 2
Game Theory in Economic Applications.
Industrial Organization
Directed Studies in Economics
Special Topics in Economics (STEM Topics)
Mathematical Economics and Applications
Empirical Labor Economics
Topics in Mathematical Economics
Econometrics
Advanced Macroeconomic Theory
Advanced Microeconomic Theory
2. Additional Graduation Requirements for Degree Completion:
ENG 105English Composition I3
ENG 106English Composition II3
UMX 100The University of Miami Experience0
Calculus Course 44
Second Language Proficiency Requirement (3-9 credit hours, depending on the student's initial placement in the language chosen) 59
Minor (may be used in lieu of a cognate to satisfy an Area of Knowledge in General Education)15
Arts and Humanities Cognate Courses9
STEM or People and Society Cognate Courses (depends upon which Economics Major option is selected)9
Natural Science Course 63
Electives 735
Advanced Writing and Communication - see note regarding ECO writing course 8
Total Credit Hours120

Sample Plan of Study

This Sample Plan of Study represents one possible version of a new freshman student’s 8-semester plan.  The individual student's plan may vary depending upon the initial placement into English Composition, mathematics, and modern language. Moreover, numerous plan variations are possible if a student enters the University with advanced college credits, wishes to participate in study abroad, chooses a special program option, or selects additional majors or minors.  

Note that each major/minor satisfies a particular "Area of Knowledge" within the general education requirements of the University, so that a separate cognate in that same Area of Knowledge is not required.  For example, if a student chooses the Political Economy track for the Economics major,  then the People and Society Area of Knowledge will be fulfilled by the major. The STEM and Arts and Humanities Areas of Knowledge may likewise be fulfilled by an additional major, or through the minor or a cognate.

Students construct their individualized plans in collaboration with their assigned academic advisor.

Plan of Study Grid
Freshman Year
FallCredit Hours
ECO 211 Principles of Microeconomics 3
ENG 105 English Composition I 3
MTH 161 Calculus I 1 4
UMX 100 The University of Miami Experience 0
Arts and Humanities Cognate Course 3
Language (first course) 3
 Credit Hours16
Spring
ECO 212 Principles of Macroeconomics 3
ENG 106 English Composition II 3
Arts and Humanities Cognate Course 3
Language (second course) 3
Elective 3
 Credit Hours15
Sophomore Year
Fall
ECO 302 or 300 Microeconomic Theory
or Microeconomic Theory and Applications
3
Arts and Humanities Cognate Course 3
Language (third course) 3
Minor (first course) 3
Elective 3
 Credit Hours15
Spring
ECO 301 Macroeconomic Theory 3
Economics Major Choice Course 3
Minor (second course) 3
People and Society or STEM Cognate Course 3
Elective 3
 Credit Hours15
Junior Year
Fall
ECO 430 Applied Econometrics 3
Economics Major Choice Course 3
Minor (third course) 3
People and Society or STEM Cognate Course 3
Elective 3
 Credit Hours15
Spring
Economics Major Choice Course 3
Minor (fourth course) 3
People and Society or STEM Cognate Course 3
Elective 3
Elective 3
 Credit Hours15
Senior Year
Fall
Economics Major Choice Course 3
Minor (fifth course) 3
Natural Science Course (if needed) 3
Elective 3
Elective 3
 Credit Hours15
Spring
Economics Major Choice Course 3
Elective 3
Elective 3
Elective 3
Elective 2
 Credit Hours14
 Total Credit Hours120

Mission

Economics uses the principle of utility maximizing behavior to provide a unified framework for studying how people make choices. The economics curriculum is designed to give students an understanding of economic theory and its application to a wide range of human behavior. The program provides excellent preparation for careers in business, government, research organizations, and international agencies. It is particularly recommended for students planning graduate study or professional training in fields such as economics, law, business, international studies, public administration, and public health.

Goals

  • To teach students foundational material to ensure they have a deep understanding of economic theories and quantitative methods.
  • To prepare students with the skills essential for professional careers and admission to business school, law school, economics Ph.D. programs, or multidisciplinary programs.
  • To ensure students demonstrate analytical thinking and problem-solving skills.
  • To prepare students for using quantitative tools, analytical models, and conceptual frameworks to analyze economic data.
  • To ensure students are able to demonstrate technical writing skills.
  • To prepare students to effectively collaborate in group settings and to effectively communicate in both written and oral formats.

Student Learning Outcomes

  • Students will demonstrate proficiency in the fundamentals of economic theories and quantitative methods.
  • Students will be able to think analytically and demonstrate problem-solving skills.
  • Students will be able to interpret quantitative data appropriately, and select and use appropriate models, conceptual frameworks, and quantitative tools to analyze economic data.