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Economics

Economics is the study of how societies allocate limited resources to achieve competing ends. Using both empirical and deductive methods, economics analyzes incentives, constraints, organizational forms, and market forces to understand patterns of production, exchange, and consumption of goods and services. It treats diverse issues such as wealth and poverty, government expenditures and taxation, prosperity and depression, inflation and unemployment, relations between management and labor, economic growth, environmental protection, health care delivery, the war on drug abuse, free trade versus protectionism, U.S. competitiveness in international markets, and the quality of American education.

The Department of Economics offers degree programs for undergraduates and for graduate students. It also partners with the Departments of Philosophy and Sociology to offer the undergraduate major in ethics and public policy, an interdisciplinary program administered by the Department of Philosophy (College of Liberal Arts and Sciences); see Ethics and Public Policy in the Catalog.

Undergraduate Programs

• Major in economics (Bachelor of Arts, Bachelor of Science, Bachelor of Business Administration)
• Minor in economics

The Tippie College of Business and the College of Liberal Arts and Sciences offer the major in economics. Students may complete the major with their choice of three degrees. The Bachelor of Arts and Bachelor of Science are awarded by the College of Liberal Arts and Sciences; the Bachelor of Business Administration is awarded by the Tippie College of Business.

The B.A. in economics is designed to achieve a balance of economic theory, mathematical tools, and field applications. The B.S. maintains a similar balance but emphasizes development of analytical tools; it prepares students for graduate work in economics or related business and technical fields. The B.B.A. emphasizes economic foundations of business fields: accounting, finance, marketing, business law, and management.

Each program provides an excellent educational background for a variety of positions in business and government. Graduates find employment in banking, financial institutions, industrial firms, and trade organizations and in federal, state, and local government agencies dealing with economic policy, regulation, and analysis. Economics also provides excellent preparation for the study of law and for graduate study in fields such as business management, public administration, hospital and health administration, urban and regional planning, transportation, journalism, political science, and statistics.

All students majoring in economics choose one of three tracks: business economics, policy economics, or analytical economics. They complete three sets of requirements for the major: mathematics and statistics courses that provide the skills needed for understanding economic theory and data; economic theory courses that provide the tools needed for analyzing economic issues; and field courses that apply economic tools to business, social, or specialized analytical issues. The applied field course requirement varies, depending on the student's choice of track.

Bachelor of Arts

The Bachelor of Arts with a major in economics requires a minimum of 120 s.h., including 32 s.h. of work for the major. The program provides a balance of economic theory, mathematical tools, and field applications. It offers good educational background for a variety of positions in business and government as well as for the study of law and for graduate study.

The major requires a set of courses in mathematics and statistics (11 s.h.), a set in economic theory (6 s.h.), and a set of applied field courses (15 s.h.). Students must choose one of three tracks: business economics, policy economics, or analytical economics. The applied field courses vary depending on the student's choice of track.

The analytical economics track is for students planning to earn a graduate degree in a discipline that is highly quantitative or who plan to pursue technical and/or analytical work in the public or private sector. The business economics track is designed for students who intend to work in the private sector. The policy economics track is for students interested in earning a degree in law or a graduate degree in a discipline that is not highly quantitative, or in seeking a decision-making position in the public or private sector.

All B.A. students majoring in economics must complete the College of Liberal Arts and Sciences General Education Program.

The economic theory courses 06E:104 (ECON:3100) Microeconomic Theory or 06E:106 (ECON:3140) Advanced Microeconomics, and 06E:105 (ECON:3120) Macroeconomics; and three of the five applied field courses in each track must be taken at The University of Iowa.

Students should pay close attention to the order in which they take courses, since some courses are prerequisites for others; see "Prerequisites" below. For help in developing a study plan, visit the Department of Economics web site.

The economics major for the Bachelor of Arts requires the following course work.

Mathematics and Statistics Courses
 

Economic Theory Courses
 

Applied Field Courses

Five courses are required; course selection is determined by the student's choice of track.

Analytical Economics Track

Four of these:

Business Economics Track

Five of these:

Policy Economics Track

Four of these:

Prerequisites

Prerequisites for most 100-level courses in economics: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics

Prerequisites for 06E:104 (ECON:3100) Microeconomic Theory: 06E:001 (ECON:1100) Principles of Microeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for 06E:105 (ECON:3120) Macroeconomics: 06E:002 (ECON:1200) Principles of Macroeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisite for 06E:071 (ECON:2800) Statistics for Strategy Problems: 22S:008 (STAT:1030) Statistics for Business

Prerequisites for courses numbered 06E:171 (ECON:4100) and above: 06E:104 (ECON:3100) Microeconomic Theory or 06E:105 (ECON:3120) Macroeconomics, or both, depending on the course

Bachelor of Science

The Bachelor of Science with a major in economics requires a minimum of 120 s.h., including 33-35 s.h. of work for the major. The program addresses economic theory, mathematical tools, and field applications, with an emphasis on developing skill using analytic tools. It offers good educational background for a variety of positions in business and government as well as for the study of law and for graduate study.

The major requires a set of courses in mathematics and statistics (17-19 s.h.), a set in economic theory (6 s.h.), and a set of applied field courses (12 s.h.). Students must choose one of three tracks: business economics, policy economics, or analytical economics. The applied field courses vary depending on the student's choice of track.

The analytical economics track is for students planning to earn a graduate degree in a discipline that is highly quantitative or who plan to pursue technical and/or analytical work in the public or private sector. The business economics track is designed for students who intend to work in the private sector. The policy economics track is for students interested in earning a degree in law or a graduate degree in a discipline that is not highly quantitative, or in seeking a decision-making position in the public or private sector.

All B.S. students majoring in economics must complete the College of Liberal Arts and Sciences General Education Program.

The economic theory courses 06E:104 (ECON:3100) Microeconomic Theory or 06E:106 (ECON:3140) Advanced Microeconomics, and 06E:105 (ECON:3120) Macroeconomics; and three of the four applied field courses in each track must be taken at The University of Iowa.

Students should pay close attention to the order in which they take courses, since some courses are prerequisites for others; see "Prerequisites" below. For help in developing a study plan, visit the Department of Economics web site.

The economics major for the Bachelor of Science requires the following course work.

Mathematics and Statistics Courses
 

The department recommends that students planning to pursue a graduate degree in economics take 22S:130 (STAT:3100)-22S:131 (STAT:3101) rather than 22S:120 (STAT:3120). It also recommends that they take additional courses in mathematics, including 22M:027 (MATH:2700) Introduction to Linear Algebra, 22M:028 (MATH:2850) Calculus III, and 22M:100 (MATH:3600) Introduction to Ordinary Differential Equations.

Economic Theory Courses
 

Applied Field Courses

Four courses are required; course selection is determined by the student's choice of track.

Analytical Economics Track

Three of these:

Business Economics Track

Four of these:

Policy Economics Track

Three of these:

Prerequisites

Prerequisite for 22S:120 (STAT:3120) Probability and Statistics and 22S:130 (STAT:3100) Introduction to Mathematical Statistics I: 22M:026 (MATH:1860) Calculus II or 22M:032 (MATH:1560) Engineering Mathematics II: Multivariable Calculus

Prerequisites for most 100-level courses in economics: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics

Prerequisites for 06E:104 (ECON:3100) Microeconomic Theory: 06E:001 (ECON:1100) Principles of Microeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for 06E:105 (ECON:3120) Macroeconomics: 06E:002 (ECON:1200) Principles of Macroeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for courses numbered 06E:171 (ECON:4100) and above: 06E:104 (ECON:3100) Microeconomic Theory or 06E:105 (ECON:3120) Macroeconomics, or both, depending on the course

Prerequisite for 06E:184 (ECON:4800) Introduction to Econometrics: 22S:120 (STAT:3120) Probability and Statistics or 22S:131 (STAT:3101) Introduction to Mathematical Statistics II

Bachelor of Business Administration

The Bachelor of Business Administration with a major in economics requires a minimum of 120 s.h., including 18 s.h. of work for the major. The program emphasizes economic foundations of business fields: accounting, finance, marketing, business law, and management. It provides good educational background for a variety of positions in business and government as well as for the study of law and for graduate study.

All students must complete the B.B.A. common requirements: the General Education courses, the prerequisites to the business core, and the business core; see "Common Requirements" in the Bachelor of Business Administration section of the Catalog.

The major requires a set of courses in mathematics and statistics, which students take as part of the B.B.A. common requirements; a set in economic theory (6 s.h.); and a set of applied field courses (12 s.h.). Students majoring in economics choose one of three tracks: business economics, policy economics, or analytical economics. The applied field courses vary depending on the student's choice of track.

The analytical economics track is for students planning to earn a graduate degree in a discipline that is highly quantitative or who plan to pursue technical and/or analytical work in the public or private sector. The business economics track is designed for students who intend to work in the private sector. The policy economics track is for students interested in earning a degree in law or a graduate degree in a discipline that is not highly quantitative, or in seeking a decision-making position in the public or private sector.

Students may request permission to apply a limited amount of transfer credit or correspondence credit toward requirements for the major, but they should take the economic theory courses 06E:104 (ECON:3100) Microeconomic Theory or 06E:106 (ECON:3140) Advanced Microeconomics, and 06E:105 (ECON:3120) Macroeconomics at The University of Iowa.

Students should pay close attention to the order in which they take courses, since some courses are prerequisites for others; see "Prerequisites" below. For help in developing a study plan, visit the Department of Economics web site.

The economics major for the Bachelor of Business Administration requires the following course work.

MATHEMATICS AND STATISTICS COURSES

Students take these courses as part of the B.B.A. common requirements.

ECONOMIC THEORY COURSES
 

APPLIED FIELD COURSES

Four courses are required; course selection is determined by the student's choice of track.

Analytical Economics Track

Three of these:

Business Economics Track

Four of these:

Policy Economics Track

Three of these:

Prerequisites

Prerequisites for most 100-level courses in economics: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics

Prerequisites for 06E:104 (ECON:3100) Microeconomic Theory: 06E:001 (ECON:1100) Principles of Microeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for 06E:105 (ECON:3120) Macroeconomics: 06E:002 (ECON:1200) Principles of Macroeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisite for 06E:071 (ECON:2800) Statistics for Strategy Problems: 22S:008 (STAT:1030) Statistics for Business

Prerequisites for courses numbered 06E:171 (ECON:4100) and above: 06E:104 (ECON:3100) Microeconomic Theory or 06E:105 (ECON:3120) Macroeconomics, or both, depending on the course

B.A. or B.S. with Teacher Licensure

Economics majors in the College of Liberal Arts and Sciences (B.A. and B.S. students) who are interested in earning licensure to teach in elementary and/or secondary schools must complete the College of Education's Teacher Education Program (TEP) in addition to the requirements for the major and all requirements for graduation. The TEP requires several College of Education courses and student teaching. Contact the Office of Education Services for details.

Students must satisfy all degree requirements and complete Teacher Education Program licensure before degree conferral.

Four-Year Graduation Plan

The following checkpoints list the minimum requirements students must complete by certain semesters in order to stay on the University's Four-Year Graduation Plan. (Courses in the major are those required to complete the major; they may be offered by departments other than the major department.)

Bachelor of Arts, Bachelor of Science

Before the third semester begins: at least one-quarter of the semester hours required for graduation

Before the fifth semester begins: at least one-half of the semester hours required for graduation, 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics, and the math component of quantitative courses required for major

Before the seventh semester begins: three-quarters of the semester hours required for graduation, 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics, and one 100-level economics course

Before the eighth semester begins: three 100-level economics courses and the statistics component of the quantitative course requirement

During the eighth semester: enrollment in all remaining course work in the major, all remaining General Education courses, and a sufficient number of semester hours to graduate

Bachelor of Business Administration

The following checkpoints are designed for students who enter the University as first-year pre-business students. In order to stay on the plan, students must maintain the grade-point average required for guaranteed admission to the Tippie College of Business and must apply for admission to the college by the established deadline.

Students must take 06B:100 (BUS:3000) Business Communication and Protocol during their first year after admission to the Tippie College of Business.

Before the third semester begins: 06E:001 (ECON:1100) Principles of Microeconomics or 06E:002 (ECON:1200) Principles of Macroeconomics, 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business, and 22S:008 (STAT:1030) Statistics for Business, or equivalents; and at least one-quarter of the semester hours required for graduation

Before the fifth semester begins: 06A:001 (ACCT:2100) Introduction to Financial Accounting, 06A:002 (ACCT:2200) Managerial Accounting, and 06E:001 (ECON:1100) Principles of Microeconomics or 06E:002 (ECON:1200) Principles of Macroeconomics (whichever has not already been taken), or equivalents; all General Education requirements; and at least half of the semester hours required for graduation

Before the seventh semester begins: business core requirements, approximately half of the course work in the major (varies by major), and three-quarters of the semester hours required for graduation

Before the eighth semester begins: approximately three-quarters of course work in the major

During the eighth semester: all remaining course work in the major, and a sufficient number of semester hours to graduate

Honors

Bachelor of Arts, Bachelor of Science

College of Liberal Arts and Sciences students majoring in economics are encouraged to take part in the economics honors program, which provides opportunities for high-achieving students to pursue special research interests. To enter the economics honors program, students must be members of the University of Iowa Honors Program, which requires students to maintain a cumulative University of Iowa g.p.a. of at least 3.33 (contact the University of Iowa Honors Program for more information). They also must complete 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics before the senior year. Interested students should consult the department's honors advisor by the second semester of their junior year.

Honors students typically register for 06E:194 (ECON:3999) Honors Seminar in the fall of the senior year. To graduate with honors in the major, they define and complete a research project under the guidance of a supervising faculty member, earning up to 6 s.h. in 06E:195 (ECON:4999) Honors Thesis in Economics. They present the thesis orally to a committee of three faculty members, typically the undergraduate honors advisor, the student's research supervisor, and a third faculty member agreed upon by the student and the honors advisor.

Bachelor of Business Administration

The Tippie College of Business offers qualified B.B.A. students the opportunity to pursue honors study. For more information, see "Honors" in the Bachelor of Business Administration section of the Catalog and visit the Tippie College of Business Honors Program web site.

Minor

The minor in economics requires a minimum of 15 s.h. in economics courses, including 12 s.h. taken at The University of Iowa in courses numbered above 06E:100 (ECON:3000). Students must maintain a g.p.a. of at least 2.00 in the minor. Course work in the minor may not be taken pass/nonpass.

Courses for Nonmajors

Students in the College of Liberal Arts and Sciences may wish to use economics courses as part of other majors or the General Education Program. The introductory courses 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics are approved for the Social Sciences area of General Education; they introduce the field of economics and the specialized topics of upper-division courses. The intermediate theory courses 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics provide a deeper foundation in the core theories and methods of the discipline. They serve as preparation for upper-division field courses or as terminal courses in an economics study plan.

Course work in economics can be related to majors in many other fields. For example, political science majors could elect 06E:119 (ECON:3220) Policy Analysis and 06E:125 (ECON:3240) Global Economics and Business; international studies majors, 06E:133 (ECON:3330) Environmental and Natural Resource Economics; pre-law students, 06E:171 (ECON:4100) Antitrust Economics and 06E:172 (ECON:3440) Law and Economics; mathematics and engineering majors, 06E:104 (ECON:3100) Microeconomic Theory and 06E:187 (ECON:3850) Mathematical Economics; and statistics majors, 06E:184 (ECON:4800) Introduction to Econometrics.

Undergraduate Economics Forum

Students are invited to join the undergraduate Economics Forum. The group sponsors programs to help students plan for careers or graduate study and holds social events, special lectures, and round-table discussions. It provides opportunities for students to meet other economics majors and department faculty members.

Graduate Programs

• Master of Arts in economics
• Doctor of Philosophy in economics

The department partners with the College of Law to offer a joint degree program; see "Joint Ph.D./J.D." later in this section. It also participates in the M.B.A. program, which is offered by the Tippie School of Management; see Master of Business Administration Program in the Catalog.

Master of Arts

The Master of Arts is offered only to students working toward a Ph.D. in economics.

Doctor of Philosophy

The Doctor of Philosophy program in economics requires a minimum of 72 s.h. of graduate credit. The program provides rigorous training in economic theory, econometrics, and applied economics. It has six components: a coordinated sequence of core courses, a qualifying examination, a research paper, a set of major field courses, a dissertation proposal and comprehensive examination, and a dissertation. Requirements are as follows.

Core Sequence

First semester:

Second semester:

Third semester:

Fourth semester:

Qualifying Examination

The qualifying examination is normally taken the summer after the first year.

Research Paper

The research paper is normally completed the summer after the second year.

Major Field Courses

Each student chooses a major study area in addition to the core courses. The requirement for the major area is a minimum of 24 s.h. of intensive study in a field and in courses that enable students to understand the relationship between their specialty and related fields.

Dissertation Proposal and Comprehensive Examination

Students must defend a dissertation proposal in a comprehensive examination within one year of completing the research paper requirement.

Dissertation

Submission of the completed dissertation and an oral defense of the dissertation research completes the Ph.D. program.

Admission

Applicants must meet the admission requirements of the Graduate College; see the Manual of Rules and Regulations of the Graduate College or the Graduate College section of the Catalog. Application deadline for admission and financial support is January 15 for fall semester entry.

Applicants must take the Graduate Record Examination (GRE) General Test and have their scores sent to the University. Those whose first language is not English and who do not hold a baccalaureate or advanced degree from an accredited college or university in the United States must take the Test of English as a Foreign Language (TOEFL) and have their scores sent to the University.

Applicants must submit a completed Application for Graduate Admission, official transcripts from all institutions they have attended, and all official test scores to the University of Iowa Office of Admissions. They must upload unofficial transcripts, statements of purpose, résumés, and reference information to the Tippie College of Business Ph.D. applicant portal. 

Joint Ph.D./J.D.

The Department of Economics and the College of Law offer a joint Doctor of Philosophy/Juris Doctor program; for information about the J.D. degree, see "Juris Doctor" in the College of Law section of the Catalog. Separate application to each degree program is required. Applicants must be admitted to both programs before they may be admitted to the joint degree program.

Special Seminar

Each year the department offers a seminar program that brings eminent economists from other universities and from government agencies to The University of Iowa campus. Presentations by Department of Economics faculty members and students also are featured.

Courses

Primarily for Undergraduates

Students may take 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics in either order or simultaneously. They are approved for the Social Sciences area of the College of Liberal Arts and Sciences General Education Program. 

For Advanced Undergraduates 

Primarily for Graduate Students

Qualified undergraduates may enroll in graduate-level courses with consent of the department chair. 

Advanced Graduate Seminars