EconomicsDEPARTMENT OFFICE: 210 Economics Building IntroductionEconomics is the study of how individuals, organizations, and societies deal with scarcity—the fact that resources are not sufficient to satisfy everyone’s wants. Because scarcity requires choice among alternative uses of resources, economists study both the technology by which resources are turned into the products people want and the preferences through which people choose among alternatives. Further, since society is composed of many individuals and groups, economists study markets, governments, and other institutions through which a society might gain the advantages of cooperation and resolve the conflicts due to competing goals. The economics curriculum develops tools and uses them to analyze a wide range of societal problems, and also to study the role of the government in solving these problems. Economics is a different discipline from business administration. However, there are substantial overlaps. Both disciplines study the behavior of people and firms within the context of market, legal, and other institutions. In evaluating economic institutions, economists tend to emphasize the viewpoint of the larger society, and business scholars tend to emphasize the viewpoint of firms. A more complete discussion is available in the department Undergraduate Handbook, which contains a comparison between the economics major at UCSD and a business administration major at UC Berkeley. The department Undergraduate Handbook is available on the Internet at the department Web site at http://www.econ.ucsd.edu/ugradprog. The handbook contains answers to frequently asked questions, gives practical tips for avoiding problems, and provides a more detailed discussion of the department’s majors than is possible in the general catalog. It is important for students contemplating a major in the department to be familiar with the handbook and the prerequisite requirements listed therein. Time-sensitive information, job and internship announcements, and other important information are sent to all declared majors and minors through campus email. Students interested in the Education Abroad Program (EAP) are encouraged to check out the brochure “Opportunities in Business and Economics” that is available at the EAP office. The Undergraduate ProgramLower-Division Economic CoursesMicroeconomics and macroeconomics—ECONOMICS 1A-B-CThe department offers three lower-division economics classes, Economics 1A-B-C. Economics 1A introduces microeconomics: supply and demand, markets, income distribution, perfect and imperfect competition, and the role of government. Economics 1B introduces macroeconomics: unemployment, inflation, business cycles, and monetary and fiscal policy. Modern economics is somewhat mathematical, and calculus is the standard working tool. Economics 1C, therefore, introduces basic mathematical concepts used in conjunction with basic micro and macro principles to expose students to standard tools of economic analysis: mathematical foundations of marginal analysis, basics of graphical, algebraic and statistical modeling, policy analysis, discounting, and strategic interaction. The courses are to be taken in sequential order. Accounting CourseThe department offers an accounting course, Economics 4. Economics 4 is a lower-division requirement for the B.S. in management science and the management science minor. The course is a prerequisite for Economics 173, Corporate Finance. Economics 4 can be used as an optional part of an economics major or minor; and the course is open to students who take no other courses from the department. Upper-Division Economics CoursesThe upper-division economics core courses are offered according to the following academic schedule: Fall—100A, 110A, 120A-B-C, 170A, 171, 172A, and 172C; Winter—100A-B, 110A-B, 120A-B-C, 170A-B, and 172A-B; Spring—100B, 110B, 120A-B-C, 170B, 171, and 172B-C. The 100, 110, 120 and 170 core courses are sequential. That is, “A” must be taken before “B” before “C”. Economics 172A must be taken first. Economics 172B and 172C may be taken in either order or concurrently. Entry to the MajorsAny student in good standing may declare a major in the department by filling out a form at the Office of the Registrar. The major codes are as follows: Economics, EN 25; Management Science, EN 26; and Joint Mathematics-Economics, EN 28. The Economics Major (B.A.)The economics B.A. program is designed to provide a broad understanding of resource- allocation and income-determination mechanisms. Both the development of the tools of economic analysis and their application to contemporary problems and public policy are stressed. A student majoring in economics must meet the following requirements:
Majors are strongly encouraged to complete the lower-division requirements (1 and 2) before beginning the upper-division requirements (3 and 4). Further, majors are strongly encouraged to take Economics 100A-B and either 110A-B or 120A-B-C prior to the senior year, since numerous upper-division electives have core-course prerequisites. The following schedule, though not the only possibility, is a well-constructed one for majoring in economics. FRESHMAN YEAR SOPHOMORE YEAR JUNIOR YEAR SENIOR YEAR A detailed description of the economics major is contained in the Undergraduate Handbook, available in the Undergraduate Program section of the department Web site. The Management Science Major (B.Sc.)Management science builds on a set of related quantitative methods commonly used to solve problems arising in the private (business and finance) and public (government) sectors. While students will gain some familiarity with the traditional functional fields of business management, this program is more tightly focused and more quantitative than a traditional business administration major. It is not, however, a program in applied mathematics or operational research, since the economic interpretation and application of the tools are continually stressed. Rather, it is a quantitative major in applied economics with a management focus. Before beginning upper- division work, a major must complete Economics 1A-B-C, Mathematics 20A-B and 20C/21C, and Mathematics 20F. These courses provide both the understanding of basic principles and the mathematical maturity needed to understand the quantitative techniques of management science. The management science major requires a total of 15 upper-division courses. Nine of these are specified: Economics 170A-B (Management Science Microeconomics), Economics 120A-B-C (Econometrics), Economics 171 (Decisions Under Uncertainty), and Economics 172A-B-C (Introduction to Operations Research). The 170 sequence concerns the nature and interdependence of managerial resource allocation decisions. Economics 120A-B-C teaches the theory and use of statistics and econometrics. The 172 sequence provides a general survey of optimization and problem-solving techniques employed by management scientists. Of the six management science electives, three from the following “restricted” list must be taken: Economics 173 (Corporate Finance), Economics 174 (Insurance, Economics, and Finance), Economics 175 (Financial Investments), Economics 176 (Marketing), Economics 178 (Economic and Business Forecasting), or Economics 179 (Decisions in the Public Sector). At least one restricted elective must be either Economics 173 or 175. Each of these courses focuses on an important set of managerial problems. The remaining three electives may be chosen from among other upper-division economics courses.. Each of these courses focuses on an important set of managerial problems. The remaining three electives may be chosen from among other upper-division economics courses. The following schedule, though not the only possibility, is a well-constructed one for a student majoring in Management Science. FRESHMAN YEAR SOPHOMORE YEAR JUNIOR YEAR SENIOR YEAR A detailed description of the management science major is contained in the Undergraduate Handbook, available on the department Web site. Joint Major in Mathematics and Economics (B.A.)Majors in mathematics and the natural sciences often feel the need for a more formal introduction to issues involving business applications of science and mathematics. Extending their studies into economics provides this application and can provide a bridge to successful careers or advanced study. Majors in economics generally recognize the importance of mathematics to their discipline. Undergraduate students who plan to pursue doctoral study in economics or business need the more advanced mathematics training prescribed in this major. This major is considered to be excellent preparation for Ph.D. study in economics and business administration, as well as for graduate studies for professional management degrees, including the MBA. The major provides a formal framework making it easier to combine study in the two fields. Course requirements of the Joint Major in Mathematics and Economics consist principally of the required courses of the mathematics major and the economics/management science majors: Lower-Division Requirements:
Upper-Division Requirements: Fifteen upper-division courses in mathematics and economics, with a minimum of seven courses in each department, chosen from the courses listed below (prerequisites are strictly enforced):
Other courses which are strongly recommended are: Mathematics 130B, 131, 181B, 190, and 193A-B and Economics 109, 113,175, and 178. Further information may be obtained in the mathematics and economics undergraduate offices. HonorsCurrently, honors programs exist for the economics major and for the management science major. There are two levels of honors. For the lower level, indicated by the phrase “with distinction” on the diploma, you must satisfy the first two of the following three requirements. For the higher level, indicated by the phrase “with highest distinction” on the diploma, you must satisfy all three requirements. There is no application to the honors program. Register for either major under the regular major code (EN25 for economics, EN26 for management science). Your final degree check will indicate which level of honors you receive.
Grade Rules for MajorsAll courses used in meeting requirements for a departmental major must be taken on a letter-grade basis, and must be passed with a grade of C– (C minus) or better. These rules apply to lower-division as well as upper-division courses, and to courses taken from other departments (such as required mathematics courses). Exceptions are courses such as Economics 195 and Economics 199, for which P/NP grading is mandatory. However, no more than twelve units taken P/NP may be counted toward a major. Advanced Placement CreditsBecause no high school economics course provides the kind of background needed for upper-division economics and management science, we are strict on allowance of credits. The policy is as follows: If the AP score is 5, accept AP Micro (AP Macro) as equivalent to Economics 1A (Economics 1B) in meeting major or minor requirements. If the score is 3 or 4, the student is required to take Economics 1A (1B) for the major or minor. Minors and Programs of ConcentrationThe economics minor or program of concentration consists of eight courses: introductory microeconomics (Economics 1A); introductory macroeconomics (Economics 1B); mathematical tools (Economics 1C); and five upper-division economics courses, which are otherwise not restricted. The management science minor, paralleling the economics minor, consists of nine courses: introductory micro (Economics 1A); introductory macro (Economics 1B); mathematical tools (Economics 1C); financial accounting (Economics 4), and any five from the following list (Caution: some courses have prerequisites):
Grades of P/NP are acceptable for minor courses. If courses are taken for a letter grade, passing is considered with a “D” or better. To declare a minor or program of concentration, obtain a minor declaration form, fill it out, and turn it in to Sequoyah Hall 245. Students should check with their colleges regarding area of focus, programs of concentration, and project minors. The Graduate ProgramThe department offers the M.A., C.Phil., and Ph.D. degrees in economics. However, a student must be admitted to the Ph.D. Program in order to be eligible for an M.A. or C.Phil. The department also offers the Ph.D. degree in economics and international affairs jointly with the Graduate School of International Relations and Pacific Studies. The main Ph.D. requirements are that a student pass qualifying exams in microeconomics, macroeconomics, econometrics, select courses of specialization, and prepare an acceptable dissertation. The Ph.D. Degree in economics and international affairs also requires successful completion of a language requirement and additional electives offered by IR/PS. Detailed descriptions of the Ph.D. programs are available by writing to the Graduate Admissions Officer in care of the Department of Economics. Information is also available on the Internet at the department Web site at http://www.econ.ucsd.edu. Residence and other campus wide regulations are described in the graduate studies section of this catalog. Departmental Ph.D. Time Limit PoliciesStudents must be advanced to candidacy by the end of five years. Total university support cannot exceed six years. Total registered time at UCSD cannot exceed seven years. Students will not be permitted to continue beyond the pre-candidacy and total registered time limits. Students will not be permitted to receive UCSD administered financial support beyond the support limit. |
