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Occidental has long had a strong program in economics as an integral part of its liberal arts approach to high-quality undergraduate education.

Economics is the study of decision-making and policy-making in the context of a world constrained by scarcity. We aim to help our students understand how decisions are linked to incentives and how policies can help align individual incentives with social objectives, including an efficient use of the world’s resources and an equitable distribution of its output. We also aim to equip our students with the rigorous theoretical and empirical tools of our profession to enable them to analyze better and guide the decision making of individuals, the conduct of businesses and nonprofit enterprises, and the policies of governments and international organizations.

The Department aims to ensure that students majoring in Economics (1) understand the framework that professional economists use to analyze social and economic issues; (2) recognize how economic behavior and policies can affect both the aggregate level of prosperity and differentials in prosperity across members of society distinguished by characteristics such as race, gender, and socioeconomic status; (3) have proficient decision-making and problem-solving skills; (4) are competent in writing and speaking; and (5) possess critical-thinking skills that enable them to apply the theoretical and empirical tools of professional economists to a wide range of issues.

The Department is characterized by its priority commitment to effective student learning. Courses focus on the concrete application of economics concepts, through examples, exercises, interactive handouts, supplementary readings, discussions, writing assignments, projects, debates, and presentations. Course examinations consist entirely of essay and problem-solving questions, in contrast to the reported results of a recent survey of examinations in introductory economics courses which found that multiple-choice questions constituted an average of 30 percent of examination grades at other liberal arts colleges and 70 percent at universities. The overwhelming majority of students in the Department's introductory classes elects to participate in the Department's optional Cooperative Learning Lab, designed to promote active learning and to encourage students to work together.


At the heart of any economics curriculum are courses in economic theory, but, in addition, economics majors at Occidental explore social issues and policies, learn statistics, calculus, and computer usage, and can write a senior thesis involving independent research.

A major in economics requires a minimum of ten courses. Of these, a core of six must be the following:

  • Economics 101 and 102 (introductory economics);
  • Calculus 1 or equivalent;
  • Economics 250 and 251 (intermediate theory; both require Calculus 1 or equivalent);
  • Economics 272 (econometrics; requires Calculus 1 and Mathematics 146 or equivalents);
  • Economics 490 (proseminar) or Economics 495 (senior seminar).

The remaining three courses consist of 300-level economics electives. A typical schedule might be arranged as follows:

Freshman year:  Economics 101 and Calculus 1
Sophomore year:  Economics 102, 250 or 251, and Math 146
Junior year:  Economics 250 or 251, 272, and 300-level electives
Senior year:  Economics 490 or 495 and 300-level electives

AP exams: Students who have received a score of 5 on both the AP Microeconomics test and the AP Macroeconomics test will be allowed to skip Economics 101 and Economics 102.

The major can be completed in fewer than four years, but it is almost impossible to complete the major in fewer than two years.

In addition to taking classes, economics majors can take advantage of a number of opportunities beyond those normally found on a college campus. Student internships (at an all-time high) are greatly aided by the proximity of downtown Los Angeles and the positions to which departmental alums have risen. Upper-division majors can work as tutors in the Department's Cooperative Learning Lab, as graders for Department faculty, and as Economics Peer Advisors in the Center for Academic Excellence. Students can also do research, including publishable papers, with department professors. Undergraduates also travel to the meetings of the American Economic Association to help interview prospective professors, an opportunity not available at any other school we know. Finally, a student committee manages the Charles R. Blyth Fund, a portion of the college's endowment.

While economics majors often obtain jobs in the business field after graduation, economics involves more than business. If your goal is to offer useful advice on social issues and public policy, a solid background in economics is a distinct advantage, and Occidental's economics program has prepared many now working in government and non-profit organizations as well as in business. We are, in short, an excellent place to acquire the analytical skills for a variety of objectives.

SPECIAL FEATURES:

Pre-Ph.D. Pattern of Study: Students interested in obtaining a Ph.D. in economics are urged to take Mathematics 150, 214, 330, and 372 or complete the emphasis in Mathematical Economics.

ECONOMICS MAJOR WITH AN EMPHASIS IN ECONOMICS FOR BUSINESS AND MANAGEMENT: Economics for Business and Management (ECBM) is an optional emphasis within the Economics major that meets the needs of liberal arts students thinking of a career in business. This emphasis augments the traditional Economics curriculum with classes and experiences that benefit students interested in the fields of business and management. The requirements for the ECBM emphasis are:

  • Meet the requirements for the Economics major;

  • Complete Economics 233 (Accounting and Financial Analysis);

  • Complete an internship approved by the department; and

  • Complete a fourth 300-level class—Economics 350: Managerial Economics, or another 300-level course approved by the student's advisor.

Internships: The internship component of the ECBM emphasis is normally satisfied by completing successfully INT 100, INT 200, or Economics 197. An internship completed during the summer or while the student is spending a semester studying off campus may also satisfy this requirement if (1) it involves at least 120 hours of work—paid or unpaid—in a professional setting and (2) it receives the approval of the student’s academic advisor (students with multiple majors and multiple advisors need to seek approval from their Economics advisor). To have such an internship considered for approval, students need to provide their advisor with a statement signed by the on-site supervisor describing the work done by the student, assessing the student’s performance, and attesting that the student completed at least 120 hours of work; students also need to provide full contact information for the on-site supervisor.

If you're interested in business, for your best long-run career path you should also consider obtaining an advanced degree, such as a Master's in Business Administration (MBA). In this case, your goal as an undergraduate should be to develop your skills in writing, speaking, and analysis so that you can do well on a job and also have an excellent chance of getting into a top-notch graduate or professional school. More and more students and graduate schools are finding that the skills developed in a program like Oxy's are exactly the sort needed to do well in post-graduate programs. Please consult professor Studenmund's "The MBA Myth" for more information about Master's programs in business.

ECONOMICS MAJOR WITH AN EMPHASIS IN MATHEMATICAL ECONOMICS: Mathematical Economics is an optional emphasis within the Economics major. This emphasis is intended for students desiring a deeper understanding of the mathematical tools used by economists. It augments the traditional Economics curriculum with Mathematics courses that are strongly recommended for students considering graduate study in Economics. The requirements for the Mathematical Economics emphasis are:

  • Meet the requirements for the Economics major;

  • Complete Math 150 (Statistical Data Analysis) instead of Math 146;

  • Complete Math 120 (Calculus 2) or equivalent, Math 212 (Multivariable Calculus), and Math 214 (Linear Systems); and

  • Complete at least one of the following: Math 210 (Discrete Mathematics, 310 (Real Analysis), 330 (Probability), 332 (Mathematical Statistics), 341 (Ordinary Differential Equations and Dynamical Systems), 342 (Partial Differential Equations), or 370 (Numerical Analysis).

Graduate work in economics requires a high level of competence in math.  If you are considering a Ph.D. in economics, we recommend taking a large number of advanced math courses.  At a minimum, this should include the courses for the mathematical emphasis.  Minoring, or even double-majoring, in math will provide an even stronger foundation for entry into a top graduate program. Please consult professor Slavov's Tips for Applying to PhD Programs in Economics for more information. A strong background in mathematics is also helpful for a variety of jobs available to economics majors, such as those that involve economic research, statistical analysis, economic and business forecasting, and financial analysis.

ECONOMICS MAJOR WITH AN EMPHASIS IN PUBLIC POLICY: Public Policy is an optional emphasis within the Economics major that meets the needs of liberal arts students who are thinking of a career in public policy. This emphasis augments the traditional Economics curriculum with classes and experiences that are geared towards applying the tools of economics to public policy analysis. The requirements for the Public Policy emphasis are:

  • Meet the requirements for the Economics major;

  • Complete either Politics 101 or UEP 101. Another course outside the Economics Department may be substituted with approval by the student’s advisor;

  • Complete an internship, off-campus program, or service learning experience approved by the department; and

  • Complete a fourth 300-level class chosen from among the following-Economics 301, Economics 302, Economics 308, Economics 312, Economics 320, Economics 324, Economics 325, Economics 328, or Economics 361. Other 300-level courses may be substituted with approval by the student’s advisor.

OFF-CAMPUS AND TRANSFER CREDITS

  • A student may skip Economics 101 and Economics 102 only if the student receives transfer credit for both Principles of Microeconomics and Principles of Macroeconomics. Students who have taken only one should either complete the other Principles course off campus or enroll in Economics 101.

  • An off-campus economics course can qualify as an Economics 300-level elective only if the course specifies previous coursework in economics principles as a prerequisite. (Note: the prerequisite must appear in the official course description or syllabus, and prior coursework must be required rather than just recommended.)

  • Economics majors must complete the following courses at Occidental and may not satisfy them with transfer credits: Economics 250, 251, 272, at least two 300-level electives, and their Senior Comprehensives course.

  • Students may take one accounting course for College credit, either at Occidental or through transfer credits. Students may not receive College credit for any other business-related course.

If you have any questions about the Economics Program, feel free to contact us at econ@oxy.edu