A major in economics gives students a greater understanding of how people, businesses, and governments respond to their economic environments. Many of the issues that fill the newspapers — jobs, wages, taxes, the cost of living, inequality, pollution, poverty, and economic growth — are, in fundamental ways, economic issues. The daily decisions of businesses and consumers are largely economic. Economists seek to understand the decisions of businesses, consumers, and current economic issues by developing a systematic and thorough understanding of precisely how the economic system operates, including the mechanisms by which resources are allocated, prices determined, income redistributed, and economic growth promoted.
The analytical method of economics recognizes that various choices are open to a society in solving its economic problems. Students are often attracted to economics as a discipline precisely because they want to understand the decisions of people and businesses and to better understand and evaluate economic policy. To begin to approach these issues as an economist requires an understanding of economic theory, empirical methodology, and an understanding of the institutional details and advanced practice gained from intensive study of specific subfields of economics. Consequently, the undergraduate economics major is organized around a progression of courses that first provides a broad introduction to economics, then develops the theoretical tools that provide the foundation of modern economic thought, and finishes with advanced courses designed to provide greater in-depth knowledge of specific fields (such as labor markets, industrial organization, international economics, public finance, banking and finance, macroeconomics, microeconomics, and econometrics).
An economics major is valuable in the job market because the major is designed to train people to think analytically and clearly about a wide variety of issues. Economics graduates go on to pursue careers in a variety of fields including finance, data analytics, and public policy. An economics major is also good preparation for graduate work in a number of areas: business, law, public policy, economics, public administration, industrial relations, international relations, urban and regional planning, and environmental studies.
How to Get in
Declaring the Major
- Complete one calculus course, MATH 211, MATH 217, MATH 221 or MATH 222 (MATH 217, MATH 221 or MATH 222 for the Mathematical Emphasis option), and
- Complete any one ECON course (except ECON 100) at UW–Madison, and
- Achieve a 2.000 GPA in all ECON courses and major courses (i.e., calculus) at the time of declaration.
Students may not be declared in both the Economics major and the Certificate in Economic Analytics.
For instructions on how to declare the Economics major, visit https://econ.wisc.edu/undergraduate/declaring-an-econ-major/
University General Education Requirements
All undergraduate students at the University of Wisconsin–Madison are required to fulfill a minimum set of common university general education requirements to ensure that every graduate acquires the essential core of an undergraduate education. This core establishes a foundation for living a productive life, being a citizen of the world, appreciating aesthetic values, and engaging in lifelong learning in a continually changing world. Various schools and colleges will have requirements in addition to the requirements listed below. Consult your advisor for assistance, as needed. For additional information, see the university Undergraduate General Education Requirements section of the Guide.
| General Education |
* The mortarboard symbol appears before the title of any course that fulfills one of the Communication Part A or Part B, Ethnic Studies, or Quantitative Reasoning Part A or Part B requirements. |
College of Letters & Science Degree Requirements: Bachelor of Science (BS)
Students pursuing a Bachelor of Science degree in the College of Letters & Science must complete all of the requirements below. The College of Letters & Science allows this major to be paired with either the Bachelor of Arts or the Bachelor of Science degree requirements.
Bachelor of Science Degree Requirements
| Mathematics | Complete two courses of 3+ credits at the Intermediate or Advanced level in MATH, COMP SCI, or STAT subjects. A maximum of one course in each of COMP SCI and STAT subjects counts toward this requirement. |
| Language | Complete the third unit of a language other than English. |
| LS Breadth | Complete: • 12 credits of Humanities, which must include at least 6 credits of Literature; and • 12 credits of Social Science; and • 12 credits of Natural Science, which must include 6 credits of Biological Science and 6 credits of Physical Science. |
| Liberal Arts and Science Coursework | Complete at least 108 credits. |
| Depth of Intermediate/Advanced Coursework | Complete at least 60 credits at the Intermediate or Advanced level. |
| Major | Declare and complete at least one major. |
| Total Credits | Complete at least 120 credits. |
| UW-Madison Experience | Complete both: • 30 credits in residence, overall, and • 30 credits in residence after the 86th credit. |
| Quality of Work | • 2.000 in all coursework at UW–Madison • 2.000 in Intermediate/Advanced level coursework at UW–Madison |
Non–L&S students pursuing an L&S major
Non–L&S students who have permission from their school/college to pursue an additional major within L&S only need to fulfill the major requirements. They do not need to complete the L&S Degree Requirements above.
Options in the Major
The department offers two major options. Students may declare only one option and must complete all requirements including Residence and Quality of Work standards. Options are:
Option A: Economics provides a well-rounded major in economics that is valuable for employment following graduation, or subsequent graduate work in business, law, public policy, and related disciplines.
Option B: Economics—Mathematical Emphasis provides students with the mathematical and statistical background needed for in-depth study of the analytical aspects of economics. Its requirements are designed to prepare students for graduate study in economics and related fields, or for careers as professional economists in business or government. For specific Mathematical Emphasis requirements, see the section below.
Requirements for the Economics Major
Math and Statistics
| Code | Title | Credits |
|---|---|---|
| Mathematics (complete one): | 5-10 | |
| Calculus and Analytic Geometry 1 | ||
| Calculus with Algebra and Trigonometry I and Calculus with Algebra and Trigonometry II | ||
| Survey of Calculus 1 and Survey of Calculus 2 | ||
| Survey of Calculus 1 and Quantitative Tools for Economics | ||
| Statistics (complete one): | 3-4 | |
| Statistics: Measurement in Economics (Recommended) | ||
| Introduction to Applied Econometrics | ||
| Introductory Econometrics | ||
| Introduction to Probability and Mathematical Statistics I | ||
| Introduction to the Theory of Probability | ||
| Introduction to Theory and Methods of Mathematical Statistics I | ||
| Introductory Applied Statistics for Engineers | ||
| Data Science Modeling II | ||
| Total Credits | 8-14 | |
Economics
30 credits to include:
| Code | Title | Credits |
|---|---|---|
| Microeconomics Macroeconomics (complete one): | 4-8 | |
| Principles of Microeconomics and Principles of Macroeconomics | ||
| Principles of Economics-Accelerated Treatment | ||
| Intermediate Theory (complete one): | 6-8 | |
| Intermediate Microeconomic Theory and Intermediate Macroeconomic Theory | ||
| Intermediate Microeconomic Theory - Advanced Treatment and Intermediate Macroeconomic Theory - Advanced Treatment (Honors Econ ) | ||
| Two Core ECON courses: 1 | 6-8 | |
| Introduction to Applied Econometrics | ||
| Study Abroad in Advanced Economics | ||
| Introductory Econometrics | ||
| The Financial System | ||
| Analytical Public Finance | ||
| Macroeconomic Policy | ||
| Human Resources and Economic Growth | ||
| Wages and the Labor Market | ||
| The Economic Approach to Human Behavior | ||
| Behavioral Economics | ||
| Industrial Structure and Competitive Strategy | ||
| Economic Forecasting | ||
| International Macroeconomics | ||
| International Trade | ||
| International Industrial Organizations | ||
| Industrial Organization and Imperfect Competition | ||
| Economics of Growth | ||
| Markets with Frictions | ||
| Game Theory and Economic Analysis | ||
| Law and Economics | ||
| Insuring Life's Risks: Health, Aging, and Policy | ||
| The Economics of Health Care | ||
| Fundamentals of Data Analytics for Economists | ||
| Honors Tutorial in Research Project Design | ||
| Markets and Models | ||
| Population Economics | ||
| Issues in International Macroeconomics | ||
| Issues in International Trade | ||
| Issues in International Finance | ||
| Topics in Economics | ||
| Topics in Economic Data Analysis | ||
| Electives | 6-14 | |
Complete any Core econ course not used above or one of these courses: | ||
| Introduction to Finance | ||
| Development of Economic Thought | ||
| The Real Estate Process | ||
| Study Abroad in Intermediate Economics | ||
| Data Visualization for Economists | ||
| Investment Theory | ||
| Sports Economics | ||
| Money and Banking | ||
| Environmental Economics | ||
| The Economics of Growing-up and Getting Old | ||
| Economics of Poverty and Inequality | ||
| Energy, Resources and Economics | ||
| Contemporary Economic Issues | ||
| Urban and Regional Economics | ||
| Economic Decision Analysis | ||
| Government and Natural Resources | ||
| Latin American Economic Development | ||
| The American Economy to 1865 | ||
| The American Economy Since 1865 | ||
| Economic Growth and Development in Southeast Asia | ||
| Economic Problems of Developing Areas | ||
| Agricultural and Economic Development in Africa | ||
| Philosophy and Economics | ||
| Quantitative Methods in Agricultural and Applied Economics | ||
| Natural Resource Economics | ||
| Population and Society | ||
| Energy Economics | ||
| Total Credits | 30 | |
Requirement for the mathematical emphasis:
Residence and Quality of Work
- 2.000 GPA in all ECON and major courses
- 2.000 GPA on 15 upper-level major credits taken in residence2
- 15 credits in ECON, taken on the UW–Madison campus
Honors in the Economics Major
To participate in Honors in the Economics Major, students must be declared in the Mathematical Emphasis option. For further information, see the Mathematical Emphasis requirements and consult your Economics undergraduate advisor.
Footnotes
- 1
At least two core ECON courses must be taken in residence at UW–Madison, and not via transfer or a UW–Madison Study Abroad program.
- 2
Intermediate and Advanced level ECON courses are Upper Level in the major.
University Degree Requirements
| Total Degree | To receive a bachelor's degree from UW–Madison, students must earn a minimum of 120 degree credits. The requirements for some programs may exceed 120 degree credits. Students should consult with their college or department advisor for information on specific credit requirements. |
| Residency | Degree candidates are required to earn a minimum of 30 credits in residence at UW–Madison. "In residence" means on the UW–Madison campus with an undergraduate degree classification. “In residence” credit also includes UW–Madison courses offered in distance or online formats and credits earned in UW–Madison Study Abroad/Study Away programs. |
| Quality of Work | Undergraduate students must maintain the minimum grade point average specified by the school, college, or academic program to remain in good academic standing. Students whose academic performance drops below these minimum thresholds will be placed on academic probation. |
Learning Outcomes
- Understand the fundamental concepts of economics and how those concepts apply to real world issues.
- Construct and evaluate economic models, their assumptions, and conclusions.
- Acquire a diverse set of skills and strategies in mathematical reasoning/statistical and computational techniques/deductive logic/problem solving.
- Use mathematics/computational/statistical techniques to analyze real world situations and policies.
- Use economic analysis to critically evaluate public policy proposals.
Four-Year Plan
This Four-Year Plan is only one way a student may complete an L&S degree with this major. Many factors can affect student degree planning, including placement scores, credit for transferred courses, credits earned by examination, and individual scholarly interests. In addition, many students have commitments (e.g., athletics, honors, research, student organizations, study abroad, work and volunteer experiences) that necessitate they adjust their plans accordingly. Informed students engage in their own unique Wisconsin Experience by consulting their academic advisors, Guide, DARS, and Course Search & Enroll for assistance making and adjusting their plan.
| Freshman | |||
|---|---|---|---|
| Fall | Credits | Spring | Credits |
| Quantitative Reasoning A | 4 | ECON 101 | 4 |
| Communication A | 3 | Ethnic Studies | 3 |
| Foreign Language | 4 | MATH 221 | 5 |
| Physical Science Breadth | 3 | Foreign Language | 4 |
| 14 | 16 | ||
| Sophomore | |||
| Fall | Credits | Spring | Credits |
| ECON 102 | 4 | ECON 301 | 4 |
| Biological Science Breadth | 3 | ECON 310 | 4 |
| Foreign Language | 4 | Humanities Breadth | 4 |
| Literature Breadth | 3 | Foreign Language | 4 |
| INTER-LS 210 | 1 | ||
| 15 | 16 | ||
| Junior | |||
| Fall | Credits | Spring | Credits |
| ECON 302 | 4 | Econometrics (ECON 400 or 410) | 4 |
| Economics elective or core econ course | 4 | Humanities Breadth | 3 |
| Literature Breadth | 3 | Communication B | 4 |
| Science Breadth | 4 | Elective | 3 |
| 15 | 14 | ||
| Senior | |||
| Fall | Credits | Spring | Credits |
| Core econ course | 4 | Elective | 4 |
| Core course | 4 | Elective | 4 |
| Elective | 3 | Elective | 4 |
| Elective | 4 | Elective | 3 |
| 15 | 15 | ||
| Total Credits 120 | |||
Three-Year Plan
This Sample Three-Year Plan is a tool to assist students and their advisor(s). Students should use it —along with their DARS report, the Degree Planner, and Course Search & Enroll tools — to make their own three-year plan based on their placement scores, credit for transferred courses and approved examinations, and individual interests.
Three-year plans may vary considerably from student to student, depending on their individual preparation and circumstances. Students interested in graduating in three years should meet with an advisor as early as possible to discuss feasibility, appropriate course sequencing, post-graduation plans (careers, graduate school, etc.), and opportunities they might forgo in pursuit of a three-year graduation plan.
Departmental Expectations
A three-year degree is feasible for students with a variety of backgrounds and specific preparation. Students planning to graduate within three years with an Economics major should consult with an advisor as soon as possible, and should ideally be entering the University with a minimum of 30 advanced standing credits, and have satisfied the following requirements with course credit or via placement examination:
- ECON 101 Principles of Microeconomics
- Communication Part A
- Quantitative Reasoning Part A
- Placement into MATH 221 Calculus and Analytic Geometry 1
- 3 credits of Literature, 3 credits of Biological Science
- 3-4 units of foreign language
Summer coursework is not required to finish in three years, but students planning to finish in three years will find it easier if they take either an intermediate theory course during Summer One or an advanced elective during Summer Two.
| First Year | |||||
|---|---|---|---|---|---|
| Fall | Credits | Spring | Credits | Summer | Credits |
| ECON 102 | 4 | ECON 301 | 4 | ECON 302 | 4 |
| MATH 221 | 5 | Communication B | 4 | ||
| Literature Breadth | 3 | Biological Science Breadth | 3 | ||
| Physical Science Breadth | 3 | Elective (Intermediate or Advanced level) | 4 | ||
| 15 | 15 | 4 | |||
| Second Year | |||||
| Fall | Credits | Spring | Credits | Summer | Credits |
| ECON 310 | 4 | ECON 400 or 410 | 4 | Summer Internship (optional) | 0 |
| Core Econ Course or elective | 3 | Physical Science Breadth | 3 | ||
| Ethnic Studies/Humanities Breadth | 4 | Humanities Breadth | 4 | ||
| Elective (Intermediate or Advanced level) | 4 | Intermediate or Advanced COMP SCI, MATH, or STAT (if BS) or Elective (Intermediate or Advanced level) (if BA) | 4 | ||
| 15 | 15 | 0 | |||
| Third Year | |||||
| Fall | Credits | Spring | Credits | ||
| Core econ Course | 3 | Electives (Intermediate or Advanced level) | 12 | ||
| Electives (Intermediate or Advanced level) | 11 | ||||
| 14 | 12 | ||||
| Total Credits 90 | |||||
Advising and Careers
Academic Advising
Academic advising, along with general information about the undergraduate major and coursework, is available in Room 7238 of the Social Science Building. Find us on the campus map.
Email: econadvise@ssc.wisc.edu
Economics Career Development Office
The Economics Career Development Office (ECDO) provides career advising to help economics students explore career options and search for jobs and internships including reviewing application materials (cover letter and resume). Career advisors work with students to develop an individualized job/internship search strategy based on the student's background and career goals. Career advising is open to declared economics majors or anyone considering majoring in economics who would like economics-specific career advice. Set up an appointment or email your questions to econcareers@ssc.wisc.edu
Preparation for PhD Programs in Economics
Students interested in pursuing graduate study should pursue Option B (mathematical emphasis) and augment the standard curriculum with higher-level mathematics and statistics courses. These may include:
| Code | Title | Credits |
|---|---|---|
| Introduction to Probability and Mathematical Statistics I | ||
| Introduction to Probability and Mathematical Statistics II | ||
| The Theory of Single Variable Calculus | ||
| Introduction to the Theory of Probability | ||
| Analysis I | ||
| Analysis II | ||
| Introduction to Stochastic Processes |
It is important to consult early in the second year with the undergraduate advisor and/or the faculty member who directs the undergraduate program to design a plan of coursework.
Directed Study
Directed Study (ECON 698, ECON 699) enables advanced students to pursue economic topics not covered in the regular course offerings. A student interested in Directed Study should prepare a research proposal and/or reading list; specific course requirements are arranged with an instructor who agrees to supervise the directed study project. Enrollment requires the consent of the instructor; a GPA of 3.00 or above in ECON; completion of the Intermediate economic theory courses (ECON 301 & ECON 302); at least one CORE ECON course.
Any undergraduate economics student considering a Directed Study should meet with an Undergraduate Academic Advising Economics advisor often for consultation.
Internships
Students can earn one credit for approved internships appropriate to the study of economics under course ECON 228. Students must enroll for ECON 228 in the same semester/session in which the internship is granted. Students should work a minimum of 100 hours per term. Prerequisites are declaration in the major economics major; a major GPA of 2.200 or higher; completion of at least four ECON courses at UW–Madison; completion of at least one Intermediate Theory course (ECON 301 & ECON 302); and departmental approval.
L&S Career Resources
Every L&S major opens a world of possibilities. SuccessWorks at the College of Letters & Science helps students turn the academic skills learned in their major, certificates, and other coursework into fulfilling lives after graduation, whether that means jobs, public service, graduate school or other career pursuits.
In addition to providing basic support like resume reviews and interview practice, SuccessWorks offers ways to explore interests and build career skills from their very first semester/term at UW all the way through graduation and beyond.
Students can explore careers in one-on-one advising, try out different career paths, complete internships, prepare for the job search and/or graduate school applications, and connect with supportive alumni and even employers in the fields that inspire them.
- SuccessWorks
- Set up a career advising appointment
- Enroll in a Career Course - a great idea for first- and second-year students:
- INTER-LS 210 L&S Career Development: Taking Initiative (1 credit)
- INTER-LS 215 Communicating About Careers (3 credits, fulfills Comm B General Education Requirement)
- Learn about internships and internship funding
- INTER-LS 260 Internship in the Liberal Arts and Sciences
- Activate your Handshake account to apply for jobs and internships from 200,000+ employers recruiting UW-Madison students
- Learn about the impact SuccessWorks has on students' lives
People
Faculty
- Aizawa, Naoki, Associate Professor
Labor Economics, Health Economics, Public Economics - Barwick, Panle, Professor
Industrial Organization, Applied Microeconomics, Environmental Econometrics - Bernard, Benjamin, Assistant Professor
Game Theory, Microeconomic Theory, Financial Economics - Boerma, Job, Assistant Professor
Macroeconomics, Public Finance - Braxton, Carter, Assistant Professor
Macroeconomics, Labor Economics, Consumer Finance - Camboni, Matteo, Assistant Professor
Microeconomic Theory, Economics of Organizations - Chiang, Harold, Assistant Professor
Econometrics - Corbae, Dean, Professor
Macroeconomics - Coulibaly, Louphou, Assistant Professor
International Finance and Macroeconomics, Monetary Economics - Cox, Lydia, Assistant Professor
International Trade and Macroeconomics - Deneckere, Raymond, Professor
Microeconomic Theory, Industrial Organization - Engel, Charles, Professor
International Economics, Macroeconomics - Fu, Chao, Professor
Labor Economics - Gregory, Jesse, Associate Professor
Labor Economics, Public Economics - Agustin Gutierrez, Postdoctoral Fellow
International trade, Macroeconomics, Labor Economics - Hansen, Bruce, Professor
Econometrics - Hendricks, Kennan, Professor
Industrial Organization - Houde, Jean-Francois, Professor
Industrial Organization - Kang, Karam, Associate Professor
Political Economy, Industrial Organization, Environmental Economics - Kennan, John, Professor
Labor Economics - Kirpalani, Rishabh, Assistant Professor
Macroeconomics, Public Finance, International Economics, Financial Economics - Lentz, Rasmus, Professor
Labor Economics, Macroeconomics, Microeconomics - Magnolfi, Lorenzo, Assistant Professor
Industrial Organization, Applied Microeconomics, Applied Econometrics - Martellini, Paolo, Assistant Professor
Macroeconomics, Labor Economics, Urban Economics - Mommaerts, Corina, Assistant Professor
Public Economics, Labor Economics - O’Connell, Martin, Assistant Professor
Public Economics, Industrial Organization - Porter, Jack, Professor
Econometrics - Quint, Daniel, Associate Professor
Microeconomic Theory, Industrial Organization - Rojas-Ampuero, Fernanda, Assistant Professor
Labor Economics - Rostek, Marzena, Professor
Microeconomic Theory, Market Design, Finance - Ruhl, Kim, Professor
International Economics - Seshadri, Ananth, Professor
Macroeconomics, Public Finance - Shi, Xiaoxia, Professor
Econometrics - Smith, Jeffrey, Professor
Labor Economics, Public Economics - Smith, Lones, Professor
Microeconomic Theory - Sorensen, Alan, Professor
Industrial Organization - Sullivan, Christopher, Assistant Professor
Industrial Organization, Applied Microeconomics - Swanson, Ashley, Associate Professor
Industrial Organization, Health Economics, Education Economics - Taber, Christopher, Professor
Labor Economics, Applied Econometrics, Public Economics - Weretka, Marek, Associate Professor
Economic Theory, Finance - West, Kenneth, Professor
Macroeconomics, Econometrics - Williams, Noah, Professor
Macroeconomics - Wiswall, Matthew, Professor
Applied Microeconomics, Applied Econometrics, Labor Economics, Education and Demographic Economics - Wright, Randall, Professor
Macroeconomics, Finance - Yata, Kohei, Assistant Professor
Econometric Theory, Applied Econometrics
Affiliated Faculty
- Chang, Briana
Financial Intermediation, Information Frictions, Search and Matching Theory - Chinn, Menzie
- Chung, Kevin
Quantitative Marketing - Montgomery, James
Economic Sociology, Religion, General Social Theory, Demography and Ecology, Social Psychology and Microsociology - Sarada
Economics of Entrepreneurship and Innovation - Schechter, Laura
Development Economics, Behavioral and Experimental Economics, Risk Analysis - Smeeding, Timothy
Poverty, Intergenerational Mobility, Inequality, Wealth
Instructional Staff
- Alder, Simeon, Faculty Associate
Macroeconomics, Growth and Development, Matching - Chan, Stella, Lecturer
- Eudey, Gwen, Senior Lecturer
Open Economy Macroeconomics - Friedman, Matthew, Lecturer
- Glawtschew, Rebecca, Lecturer
- Hansen, David, Lecturer
Development Economics and Labor Economics - Hansen, Korinna, Senior Lecturer
Applied Microeconomics, Health Economics - Johnson, David, Senior Lecturer
- McKelvey, Christopher, Lecturer
Development Economics - Pac, Gregory, Senior Lecturer
- Rick, Steven, Senior Lecturer
- Trost, Steve, Lecturer
For a public directory of our faculty, please visit the Faculty page on our website.