Economics

Study mode:On campus Study type:Full-time Languages: English
Foreign:$ 71.6 k / Year(s) Deadline: Jan 1, 2025
10 place StudyQA ranking:4628 Duration:4 years

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So great are UChicago’s contributions in economics that an entire school of thought is associated with the University’s name. Since the Nobel Memorial Prize in Economic Sciences was first awarded in 1969, 25 recipients have been affiliated with Chicago as faculty, researchers, or students. Today, undergraduates learn from economists whose research includes game theory, economic models of crime, the economics of sports, and the Great Depression. The faculty’s reputation, according to the National Research Council, is first among 107 economics programs in the nation. Most recently, Professor Kevin Murphy received a MacArthur “genius” grant for “revealing economic forces shaping vital social phenomena.”

The curriculum covers price theory and macroeconomics, economic history, econometrics, mathematics, and calculus, as well as a wide range of other topics: environmental economics, health economics and public policy, and public choice, for example. Internships and research positions in the Department of Economics, University of Chicago Booth School of Business, and National Opinion Research Center (NORC) are encouraged.

Fundamentals

Students must begin the economics major by demonstrating competence in basic calculus and principles of economics. The fundamentals sequence consists of the following courses:

MATH 13300 Elementary Functions and Calculus III 100
or MATH 15300 Calculus III
or MATH 16300 Honors Calculus III
ECON 19800 Introduction to Microeconomics 100
ECON 19900 Introduction to Macroeconomics 100
MATH 19520 Mathematical Methods for Social Sciences 100
or MATH 20400 Analysis in Rn II
or MATH 20700 Honors Analysis in Rn I

Students who wish to complete the major with more rigorous mathematics may substitute MATH 20400 Analysis in Rn II for MATH 19520 Mathematical Methods for Social Sciences and may substitute either MATH 20250 Abstract Linear Algebra or STAT 24300 Numerical Linear Algebra for MATH 19620 Linear Algebra  (see the subsection on “Empirical Methods” for details) and still comply with the requirements of the major. Students may complete MATH 20250 Abstract Linear Algebra concurrently with ECON 20000 The Elements of Economic Analysis I or ECON 20010 The Elements of Economic Analysis: Honors I.

Principles of Economics

Students are expected to begin their study of economics with ECON 19800 Introduction to Microeconomics and ECON 19900 Introduction to Macroeconomics. These courses provide a good overview of basic concepts. These two introductory courses are designed for students with limited or no prior course work in economics. While these two courses provide basic economics knowledge, they do not count towards the economics major requirements. Students are strongly encouraged to complete ECON 19800 Introduction to Microeconomics prior to ECON 20000 The Elements of Economic Analysis I (or ECON 20010 The Elements of Economic Analysis: Honors I) and ECON 19900 Introduction to Macroeconomics prior to ECON 20200 The Elements of Economic Analysis III (or ECON 20210 The Elements of Economic Analysis: Honors III).

Calculus

Students who have an interest in the major should take calculus at the highest level for which they qualify. Students may complete MATH 19520 Mathematical Methods for Social Sciences prior to or concurrently with ECON 20000 The Elements of Economic Analysis I. Students must not postpone completion of MATH 19520 Mathematical Methods for Social Sciences beyond concurrent registration with ECON 20000 The Elements of Economic Analysis I.

1. MATH 13000s: Students must complete MATH 13300 Elementary Functions and Calculus III prior to enrolling in ECON 20000 The Elements of Economic Analysis I. Students may find it useful to complete MATH 19520 Mathematical Methods for Social Sciences prior to enroling in the Elements of Economic Analysis sequence.

2. MATH 15000s: Students enrolling in the MATH 15000s sequence must complete MATH 15300 Calculus III before enrolling in ECON 20000 The Elements of Economic Analysis I. However, enrollment in ECON 20000 The Elements of Economic Analysis I concurrently with MATH 15300 Calculus III is allowed if a grade of A- or higher is achieved in both MATH 15100 Calculus I and MATH 15200 Calculus II.

3. MATH 16000s: Students enrolling in the MATH 16000s sequence must complete MATH 16200 Honors Calculus II before enrolling in ECON 20000 The Elements of Economic Analysis I. Enrollment in ECON 20000 The Elements of Economic Analysis I requires completion or concurrent enrollment in MATH 16300 Honors Calculus III.

Students may satisfy the third quarter of calculus requirement by placement (based on the Calculus Accreditation Examination administered by the College). In this case, students should continue their mathematics training with the highest mathematics level for which they qualify.

Core Curriculum

The core curriculum consists of four courses. Students may use the standard or honors sequence to satisfy this requirement.

Standard Core Sequence  
ECON 20000 The Elements of Economic Analysis I 100
ECON 20100 The Elements of Economic Analysis II 100
ECON 20200 The Elements of Economic Analysis III 100
ECON 20300 The Elements of Economic Analysis IV 100
or Honors Core Sequence  
ECON 20010 The Elements of Economic Analysis: Honors I 100
ECON 20110 The Elements of Economic Analysis: Honors II 100
ECON 20210 The Elements of Economic Analysis: Honors III 100
ECON 20310 The Elements of Economic Analysis: Honors IV 100

Students who wish to begin the core curriculum during their first year must demonstrate competence with the skills developed in the fundamentals sequence:

  • Students must either pass the economics placement test or complete ECON 19800 Introduction to Microeconomics prior to starting ECON 20000 The Elements of Economic Analysis I (or ECON 20100 The Elements of Economic Analysis II). No standardized external exams (IB, AP, nor A-Levels) will substitute. Note that the placement test will only be offered Monday evening of the first week of Autumn Quarter.
  • Students must satisfy the calculus requirement as discussed in the subsection “Calculus.”

Empirical Methods

In order to satisfy the empirical methods component of the economics major, students must complete the following as a three-quarter sequence:

One of the following: 100

MATH 19620

Linear Algebra  

or STAT 24300

Numerical Linear Algebra

or MATH 20250

Abstract Linear Algebra

or MATH 20800

Honors Analysis in Rn II
One of the following: 100

STAT 23400

Statistical Models and Methods  

or STAT 24400

Statistical Theory and Methods I

or STAT 24410

Statistical Theory and Methods Ia
One of the following: 100

ECON 21000

Econometrics  

or ECON 20900

Econometrics: Honors
Total Units 300

These courses in the empirical methods sequence must be completed in consecutive quarters. Students may begin the sequence with either a linear algebra course or a statistics course and must finish the sequence with a course in econometrics. Students should not take courses out of order and should not begin the empirical methods sequence earlier than concurrently with ECON 20000 The Elements of Economic Analysis I. Students must complete the empirical methods sequence by the end of third year.

MATH 19520 Mathematical Methods for Social Sciences and MATH 19620 Linear Algebra are not a two-quarter sequence. These two courses serve very different purposes:

  • Students should complete MATH 19520 Mathematical Methods for Social Sciences prior to or concurrently with ECON 20000 The Elements of Economic Analysis I (see the subsection on “Fundamentals" for appropriate guidance).
  • Students should complete MATH 19620 Linear Algebra as part of the empirical methods sequence.

Students may not use AP Statistics credit earned in high school to satisfy the statistics requirement. Students with AP credit will need to expand on their training with either STAT 23400 Statistical Models and Methods, STAT 24400 Statistical Theory and Methods I, or STAT 24410 Statistical Theory and Methods Ia.

Students who wish to pursue more advanced training in empirical methods may complete either STAT 24300 Numerical Linear Algebra or MATH 20250 Abstract Linear Algebra or MATH 20800 Honors Analysis in Rn II; either STAT 24400 Statistical Theory and Methods I or STAT 24410 Statistical Theory and Methods Ia; and ECON 20900 Econometrics: Honors.

Electives

Students choose a minimum of four additional economics courses to broaden their exposure to areas of applied economics or economic theory. Of the BA degree's four elective requirements, three must be economics courses offered by the University of Chicago. These courses must have a higher course number than ECON 20300 The Elements of Economic Analysis IV.

One of the following courses may count as an outside elective:

Computer Science  
CMSC 10600 Fundamentals of Computer Programming II 100
CMSC 12100 Computer Science with Applications I 100
CMSC 12200 Computer Science with Applications II 100
CMSC 15100 Introduction to Computer Science I 100
CMSC 15200 Introduction to Computer Science II 100
CMSC 16100 Honors Introduction to Computer Science I 100
CMSC 16200 Honors Introduction to Computer Science II 100
Statistics  
STAT 24500 Statistical Theory and Methods II 100
STAT 25100 Introduction to Mathematical Probability 100
STAT 25300 Introduction to Probability Models 100
STAT 26100 Time Dependent Data 100
Mathematics  
MATH 20500 Analysis in Rn III 100
MATH 20900 Honors Analysis in Rn III 100
MATH 27300 Basic Theory of Ordinary Differential Equations 100

Courses in other degree programs may be considered for elective credit through petition. To be considered, these courses must require the equivalent prerequisite course work of ECON 20100 The Elements of Economic Analysis II. Graduate level economics courses will be counted for elective credit, but consultation with the Undergraduate Office in advance of course registration is required.

A University of Chicago Booth School of Business course may be considered for elective credit if the course requires the equivalent of ECON 20100 The Elements of Economic Analysis II as a prerequisite and is numbered as a Chicago Booth 40000 or higher course. Additionally, the course needs to pertain to the application of economic theory to a course subject that is not offered by the Department of Economics. Courses such as accounting, investments, and entrepreneurship will not be considered for economics elective credit. Consideration for elective credit must be done by petition before a student registers for the course. There will be no retroactive consideration for credit.

Summary of Requirements

GENERAL EDUCATION  
One of the following: 200

MATH 13100-13200

Elementary Functions and Calculus I-II  

MATH 15100-15200

Calculus I-II  

MATH 16100-16200

Honors Calculus I-II  
Total Units 200
MAJOR  
One of the following: 100

MATH 13300

Elementary Functions and Calculus III *  

MATH 15300

Calculus III *  

MATH 16300

Honors Calculus III *  
One of the following: 400

ECON 20000-20100-20200-20300

The Elements of Economic Analysis I-II-III-IV  

ECON 20010-20110-20210-20310

The Elements of Economic Analysis: Honors I-II-III-IV  
MATH 19520 Mathematical Methods for Social Sciences ** 100
or MATH 20400 Analysis in Rn II
or MATH 20700 Honors Analysis in Rn I
MATH 19620 Linear Algebra 100
or MATH 20250 Abstract Linear Algebra
or STAT 24300 Numerical Linear Algebra
or MATH 20800 Honors Analysis in Rn II
STAT 23400 Statistical Models and Methods 100
or STAT 24400 Statistical Theory and Methods I
or STAT 24410 Statistical Theory and Methods Ia
ECON 21000 Econometrics 100
or ECON 20900 Econometrics: Honors
Four electives + 400
Total Units 1300
*

 Credit may be granted by examination.

**

 Students are encouraged to take prior to or concurrently with ECON 20000 or ECON 20010.

+

These courses must include three economics courses numbered higher than ECON 20300 and must follow guidelines in the preceding Electives section.

  • Application
  • Personal Statement
  • Application Fee or Automatic Fee Waiver
  • Secondary School Report and Transcript
  • Two Teacher Evaluations
  • Standardized Test Scores. We understand that access to the SAT and ACT is not available in all countries. While we hope that you will make your best effort to take one of these tests if you can, we will give full consideration to the applications without an ACT or SAT score from students in these countries.
  • Midyear Report (first-year applicants only)
  • English Language Proficiency Test Scores (international applicants only). The University of Chicago only admits students who have demonstrated a superior level of English language competence: we strongly recommend a score of 100 or higher on the Internet-Based TOEFL or 600 or higher on the Paper-Based TOEFL. Minimum required scores on the IELTS (students must take the Academic test, not the General Training test) are an overall score of 7, with subscores of 7 each. The minimum acceptable score on the PTE is 70.
  • College Official's Report and Transcript (transfer students only)
  • Financial Aid Application
  • Interview

Scholarships

First-year international applicants are eligible for both need-based and merit-based aid.

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