Overview of the Economics Program
Economics is the study of how people and organizations make decisions, how they interact with each other, and how institutions and policies can be designed to improve people’s lives. The ambition of those who study economics is to understand the world around them both as it is and as it ought to be. The basic principles of economics are applied to a wide range of social and political challenges that confront us today. These include international trade, environmental protection, health care, development, domestic taxes, Federal Reserve policies, labor outsourcing, and the regulation of private business.
The economics curriculum at St. Olaf includes theory, applications, institutional studies, and quantitative analysis. Where appropriate, economics courses also pursue historical and ethical concerns.
The department offers areas of emphasis for its majors who desire more focused study in finance, management, international economics, and policy analysis. The department also supports several programs available to students regardless of major: an interdisciplinary concentration in management studies, the programs of the Finstad Office for Entrepreneurial Studies, study abroad, and internship opportunities.
The economics major serves as excellent preparation for careers in a wide variety of fields, including economic analysis, banking, accounting, consulting, health administration, finance, business management, teaching, and international affairs. The major also provides a solid foundation for students wishing to pursue graduate studies in economics, business, public policy, and law.
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Requirements of the Major
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Distinction
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Areas of Emphasis
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Concentrations and Interdepartmental Programs
Requirements of the Major
Majors in economics must meet the following minimum requirements: two courses in mathematics, (1) Mathematics 120, 121, or its equivalent, and (2) either a mathematics course that has Mathematics 120 as a prerequisite or Economics 233; Economics 261 and 262; Statistics 263, or Statistics 272 plus Economics 385; and at least four courses in economic analysis.
Economics 233 may substitute for the required second mathematics course only if it is completed before both Economics 261 and 262 or before one of those courses and concurrently with the other. Economics 261 and 262, and Statistics 263, or Statistics 272 plus Economics 385, cannot be taken S/U. The economics major requires four courses in economic analysis with a minimum of one at Level II and two at Level III unless the student completes an Area of Emphasis. Majors who also complete an Area of Emphasis within the department must complete three additional courses in economic analysis, at least one of which must be at Level III.
In the course of their studies, economics majors should also gain working knowledge of a statistical computing package, a text processor, and an electronic spreadsheet.
Students considering graduate work in economics are advised to take additional courses in economic analysis (including Economics 385) and mathematics (Mathematics 126 or 128, 220, 226, 230, and 244).
Distinction
Information about the criteria considered in conferring
distinction is available on-line and in
the Economics Department office (Holland 414-D).
Special Programs
Areas of Emphasis
Areas of emphasis provide the opportunity for economics majors to pursue a more structured program of study beyond the normal major requirements. The department offers two management studies areas of emphasis and two economics areas of emphasis. Contracts for each area of emphasis must be individually negotiated with the appropriate director before the end of the student’s junior year. Students may be certified in one management studies and one economics area of emphasis.
Management studies areas of emphasis include finance and management. Each requires five management studies courses including a Level III Management Studies course that also satisfies one of the requirements for the economics major. A grade of C or better must be earned in each of the five courses.
The finance area of emphasis requires Management Studies 225, either Management Studies 237 or 259, Management Studies 281, plus two approved electives, at least one at Level III. The management area of emphasis requires Management Studies 225, Management Studies 237, Management Studies 251, plus two approved electives, at least one at Level III.
The international economic analysis and policy area of emphasis requires Economics 382 (International Economics); two Level II international-related courses chosen from the following: Economics 218, 238 and 243, and ID 249; and one elective outside the department that has an international emphasis, such as a course taken abroad.
The public policy area of emphasis includes Economics 371 (Economics of Public Policy) and two economics analysis courses chosen from the following list: Economics 242, 244, 245, 249 and 385.
A grade of C or above is required for all courses in the area of emphasis. The Level III course for either area of emphasis may also be counted toward the economics major.
Concentrations and Interdepartmental Programs
The Economics Department participates in international studies programs and encourages its majors to take advantage of study in other countries. The department also participates in several interdisciplinary majors and concentrations, including American studies, Asian studies, management studies, Hispanic studies, statistics, environmental studies, women’s studies, and the social studies education major.
