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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.
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 or apply to participate in a research-intensive honors program.
A major in economics requires a minimum of eleven courses. Of these, a core of eight must be the following:
Economics
101 and 102 (introductory economics);
Mathematics 110 (Calculus I) or equivalent;
Economics 250 and 251 (intermediate theory);
Mathematics 146 or 150 (statistics);
Economics 272 (econometrics);
Economics 490 (proseminar) or Economics 495 (senior seminar).
The remaining three courses may be selected from among the 300-level economics courses (electives) described here. A typical schedule might be arranged as follows:
Freshman
year: Economics 101 and Math 110
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
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.
The Department currently offers two optional emphases.
1. Economics for Business and Management (ECBM)
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. It is available to any Economics major.
The
requirements for the ECBM emphasis are as follows:
(1) Meet the requirements for the Economics major;
(2) Complete Economics 233 (Accounting and Financial Analysis);
(3) Complete an internship approved by the department; and
(4) Complete a fourth 300-level class—Economics
350: Managerial
Economics, or another 300-level course approved by the student's advisor.
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.
Note: Students who enrolled at Oxy in the fall of 2004 or earlier may choose to declare an Economics for Business and Management major instead of an emphasis. Please contact the chair of the department for details.
2. Mathematical Economics
Mathematical Economics is an optional emphasis within the Economics major that meets the needs of students desiring a deeper understanding of the mathematical tools used by economists. This emphasis augments the traditional Economics curriculum with Mathematics courses that are strongly recommended for students considering graduate study in Economics. It is available to any Economics major.
The
requirements for the Mathematical Economics emphasis are as follows:
(1) Meet the requirements for the Economics major;
(2) Complete Math 150 (Statistical Data Analysis) instead of Math 146;
(3) Complete Math 120 (Calculus 2) or equivalent, Math 212 (Multivariable
Calculus), and Math 214 (Linear Systems); and
(4) Complete at least one of the following: Math 310 (Real Analysis), 330
(Probability), 332 (Mathematical Statistics), or 341 (Ordinary Differential
Equations and Dynamical Systems).
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.
If you have any questions about the Economics Program, feel free to
contact us at
econ@oxy.edu