College of Social and Behavioral Science
Department Office: 308 Business Classroom Building, (phone) 581-7481, (fax) 585-5649
Mailing Address: 1645 Campus Center Dr. Room 308, Salt Lake City UT 84112-9300
Web Address: www.econ.utah.edu.
Department Chair, Korkut Erturk, Ph.D.
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Professors. J. Gander, L. Girton, M. Glick, E.K. Hunt, K. Jameson, D. Kiefer, P. Philips, S. Reynolds.
Associate Professors. G. Berik, C. Bilginsoy, N. Cagatay, W. Carlisle, H. Ehrbar, K. Erturk, R. Fowles, G. Lozada, T. Maloney, N. Waitzman.
Assistant Professor. M. Vernengo
Adjunct Professors. D. Cameron, D. Kaplan, S. Karsten, J. Short, K. Smith, C. Zick.
Research Assistant Professor. D.A. Campbell.
Advisers. Department Chair, K. Erturk, 581-7481; Undergraduate Adviser, 308 Bu C, 581-7481.
An economy is a social system where people engage in the production and distribution of goods and services. How does this happen? Who chooses what will be produced? What are prices and how are they determined? Do free markets improve the quality of life? How do poorer countries accelerate growth? What causes unemployment and inflation? Is there a role for government intervention in an economy? What is the role of money? Economics explores these sorts of questions. It addresses issues related to decision making with scarce resources, the history, organization, and direction of firms, industries, national, and international economies, and the structure and functions of social and economic institutions. The methods of economic analysis relate to public and private organizations. Economic analysis is widely applied to real world problems. Economics majors learn how to think critically about complex problems and how to analyze quantitative data. Because economic analysis is clear and precise, the major is attractive to job recruiters and graduate school advisers. An economics major is one of the best choices for students who wish to pursue careers in law, management, finance, public service, public administration, business, government, and teaching. Economics is an excellent choice for students who want to obtain advanced degrees in business. The most prestigious Master’s of Business Administration (MBA) programs prefer economics majors to business majors and other programs view economics as equally attractive. Economics is increasingly a popular undergraduate prelaw major. Several graduate schools in the United States offer programs leading to advanced degrees in both law and economics. As part of a liberal education, economics helps students understand how information is gathered, analyzed, interpreted, and used for policy and managerial decision making.
Students must have completed ECON 2010 and ECON 2020 or one upper-division (3000 level or above) Economics class prior to Fall Semester 1998, in order to meet eligibility requirements to allow choice of meeting quarter or semester system degree requirements.
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B.A., B.S.
Students must complete a minimum of 36 semester credit hours in Economics courses. At least 18 semester credit hours in Economics must be completed at the University of Utah. There are six (6) required courses: ECON 2010 (Principles of Microeconomics, 3 semester credit hours); ECON 2020 (Principles of Macroeconomics, 3 semester credit hours); ECON 3620 (Mathematics for Economists, 3 semester credit hours); ECON 3640 (Probability & Statistical Inference, 3 semester hours); ECON 4010 (Intermediate Microeconomics, 3 semester credit hours); and ECON 4020 (Intermediate Macroeconomics, 3 semester credit hours). In addition, students must choose two upper division courses from groups 1,2, or 3 (Econometrics, Thought, History). These two courses must not be from the same group. A minimum of four upper division (3000 or above), elective courses (12 credit hours) in Economics required. All courses for the major must be taken for a letter grade and completed with a C- (1.7) or better, and students must have a cumulative grade point average of at least 2.0 in Economics.
In addition to the Economics credits, a minimum of 13 semester credit hours is required from related areas of study, all of which must be upper division (3000 and above). All courses from Anthropology, Family and Consumer Studies, Geography, Political Science, Psychology, Sociology and Women Studies are eligible, as are all upper-division classes from Business, Humanities, Sciences, and Ethnic Studies.
ECON 2010 Principles of Microeconomics (3)
ECON 2020 Principles of Macroeconomics (3)
ECON 3620 Mathematics for Economists (3)
ECON 3640 Probability & Statistical Inference (3)
ECON 4010 Intermediate Microeconomics (3)
ECON 4020 Intermediate Macroeconomics (3)
Total Hours: 18
Choice of two of the following; cannot be in the same group:
Group 1:
ECON 4650 Econometrics (3)
Group 2: Thought
ECON 5050 John M. Keynes (3)
ECON 5060 History of Economic Doctrines (3)
ECON 5080 Marxian Economics (3)
Group 3: History
ECON 5400 Middle East Economic History (3)
ECON 5410 European Economic History and Development (3)
ECON 5430 Asian Economic History and Development (3)
ECON 5460 Latin American History and Development (3)
ECON 5470 American Industrialization and Economic Development (3)
Total Hours: 6
Choose 4 upper division (3000 or above) Economics Electives - total of 12 semester credit hours.
Total Hours: 12
College Requirement of Allied Credit:
Total Hours: 13
Note: Prerequisites are strictly enforced
There are three (3) required courses: ECON 2010, ECON 2020, and one course from the group ECON 4010, 4020 (economic theory), 5050, 5060, 5080 (economic thought), 5400, 5410, 5430, 5460, 5470 (economic history).
Students must also complete three (3) additional upper division electives (total 9 credit hours). All minor courses must be taken for a letter grade and completed with a C- (1.7) or better, and students must have a cumulative grade point average of 2.0 in Economics courses.
Required
ECON 2010 (3)
ECON 2020 (3)
ECON History or Theory or Thought (3)
Electives
Economics Hours (9)
Please refer to Education in the Colleges section for information on teaching major and minor course requirements and state secondary teacher certification.
M.A., M.S., M.Phil., Ph.D.
For additional information, see the Graduate Information section of this catalog.
The Economics Department cooperates with the College of Business in the M.B.A. and Ph.D. in business administration programs, and with the University Statistics Committee on the granting of the M.Stat. degree. An emphasis option in health-services administration is available with the M.A. and M.S. degrees.
The M.S. or M.A. degree in economics is oriented toward the preparation of professional economists who might work in a variety of contexts, either in the public or private sectors. To this end, two qualitatively different degree programs are offered. One program is oriented toward a broad, general training in economics. The other program is oriented toward applied analytical and research work in economics. Both programs have a common core and the same admission requirements, but the applied program requires a strong quantitative background and a GPA of 3.5 or better. Also, the required course curriculum consists of theory and quantitative courses. The qualitative difference is recognized by the awarding of a special letter from the department (in addition to the master’s degree) certifying that the student is equipped to do advanced analytical and applied research using the latest research tools. In what follows, the admission requirements are outlined, the common core is explained, and each program is discussed.
The admission requirements for a master’s degree in economics are:
1. Completion of all work required for a bachelor’s degree.
2. GPA of 3.0 or better.
3. Successful completion of ECON 4010 (Intermediate Microeconomic Analysis), ECON 4020 (Intermediate Macroeconomic Analysis), and ECON 4650 (Principles of Econometrics).
4. Acceptable scores on the Graduate Record Examination (GRE).
5. Three academic letters of reference.
All students wishing to enter the master’s program must apply to the program regardless of their academic background. Students who do not have a background in economics and/or who are academically weak (GPA below 3.0) may be admitted by the Graduate School in a non-matriculated status. This status usually requires the student to take specific courses determined by the Master’s Committee at the time of the application review. These courses do not count toward the master’s degree. Upon completion of these courses with grades of B or better, the student may apply for regular admission into the program.
Students do not become degree candidates until an Application for Admission to Candidacy for the Master’s Degree has been approved by the Graduate School. To avoid delays in being advanced to candidacy, upon acceptance into the program the student is encouraged to register with the appropriate departmental adviser who must approve all course work offered toward the degree.
There is a common core consisting of ECON 6610, (microeconomics), ECON 6620 (macroeconomics), and ECON 6630 (applied econometrics). Students transferring credits will be evaluated on an individual basis. The prerequisites for the core are ECON 4010 (Intermediate Microeconomics), ECON 4020 (Intermediate Macroeconomics), and ECON 4650 (Principles of Econometrics). Students who have not taken these classes or their equivalents must take them as indicated earlier in this section.
The objective of the general program is to provide broad, general training in economics. The admission requirements are outlined in the preceding paragraphs. The student, however, has a high degree of flexibility in designing his or her program of study. Upon admission into the program, the student is assigned a faculty adviser. Together, the student and adviser design the student’s 30 semester hours (minimum) of course work, including three hours for the research project. The student may elect to write a master’s thesis (which carries 6 credit hours).
To continue in the program in good academic standing, the student must maintain a B average or better and demonstrate progress toward the degree. Normally, for a full-time student (three courses per semester) the program requires at least three semesters of work. Part-time students require five semesters of work. Class scheduling problems could extend the time required for completion of all work. Other problems requiring an extended time for completion will be evaluated by the student’s adviser. A recommendation will be made to the Master’s Committee, which will then rule on the student’s petition for an extension of time. In any case, the maximum completion time allowed is four years. Maximum credit allowed per semester is 16 hours.
The objective of the applied program is to provide highly technical and analytical training in economics for the public or private sector. To be admitted into this program, the student must have a GPA of 3.5 or better before being matriculated and must have a strong mathematical and statistical background. Students who meet these requirements or indicate an intention to acquire such a background can petition the Master’s Committee to enter the applied program.
The applied program consists of courses in economic theory, econometrics, and mathematics. The student, in consultation with his or her adviser, will elect either to write a thesis demonstrating superior research ability or to take more course work in certain applied economics courses or appropriate courses outside of the department (particularly in computer applications) and complete a research project in applied economics.
In addition, qualified students are encouraged to seek and complete a research internship requiring a minimum of six hours per week of work for fifteen weeks. The Master’s Committee will cooperate with the internship-granting agency or firm to determine the appropriate credit (a maximum of three credit hours) and supervision arrangements.
As is evident from the requirements, the applied program is not designed for every student. Upon successful completion of all the requirements, the student will receive a special certificate from the Department of Economics testifying to his or her superior research and analytical abilities. This certificate is awarded separately from the master’s degree. Its basis is the recommendation from the faculty of the Master’s Committee, the student’s faculty adviser and the internship supervisor.
. Students who choose the thesis option must fulfill the following requirements for a master’s degree.
1. Successful completion, with at least a 3.0 average, of a minimum of 24 hours of approved graduate course work in economics (and other acceptable areas)
2. Successful completion of the University’s language requirement of one language at standard proficiency (not required for M.S. candidates).
3. Successful completion of the master’s thesis, for which 6 credit hours are granted.
4. Successful oral defense of the thesis, which includes an examination of all work taken in the Master’s Program.
Students who select the project option must fulfill the following requirements for a master’s degree.
1. Successful completion, with at least a 3.0 average, of a minimum of 27 hours of approved graduate course work in economics (and other acceptable areas).
2. Successful completion of the University’s language requirement of one language at standard proficiency (not required for M.S. candidates).
3. Successful completion of a research project (see details below), for which three credit hours are granted.
4. Successful oral defense of the research project, which includes an examination on all work taken in the Master’s Program.
The research-project format is common to both the applied and general degree programs and receives three credit hours. The basis of the project can be a research paper written for a previous course. Normally, the instructor for that course will be the student’s faculty adviser for the research project. The Master’s Committee will also supervise the project.
Students register for ECON 6955 (three credit hours) for the semester in which they expect to defend their project. Also note that students must register for ECON 6980 for any semester in which there is no other registration. This includes the semester in which a project defense actually occurs, for those who did not finalize their project during ECON 6955.
(Econometrics). The department participates in the University Master’s Program in Statistics. The M.Stat. (Econometrics) degree program provides training in applied statistics relating to problems in economic theory and forecasting.
For detailed course requirements see the Graduate Study at the University of Utah bulletin.
The Ph.D. degree program prepares students for professional careers in teaching, research, business, and government. The program provides a broad mastery of both theoretical and applied fields of economics. Both orthodox and heterodox approaches to economics are integral parts of the program. The department attempts to provide students receiving financial aid with teaching opportunities.
The requirements for admission to the Ph.D. program are:
1. The completion of all work required for a bachelor’s degree.
2. GPA of 3.0 or better or its equivalent.
3. The successful completion of intermediate microeconomic and macroeconomic theory.
4. Acceptable GRE scores.
5. Three academic reference letters.
6. A brief statement of personal academic goals.
Foreign students must demonstrate their proficiency in English, usually by taking the TOEFL examination. A master’s degree in economics is not a requirement. Preparation in mathematics through calculus, statistics, and linear algebra is strongly recommended. It may be necessary for students not fully prepared for a graduate program to take remedial courses. Students who lack the proper background in theory, statistics, and mathematics must take courses to remedy these deficiencies prior to their first year of study. These courses are usually offered during the summer term.
The Ph.D. program consists of four parts:
I. the core program
II. methodology seminars
III. fields of specialization and electives seminars
IV. dissertation research and candidacy.
The requirements for the doctorate are formulated in terms of mastery of these four components. Overall, students must maintain a 3.0 GPA in their graduate course work.
Core Program. Entering students must be proficient in college algebra, introductory calculus, and statistics. All Ph.D. students are expected to be full-time during their first year, registering for 12 credit hours per semester. The core areas taken in the first year consists of: Microeconomic Theory (ECON 7005 and ECON 7006), Macroeconomic Theory (ECON 7007 and ECON 7008), Quantitative Methods (ECON 7001 and ECON 7002) and Political Economy (ECON 7003 and ECON 7004). There are three qualifying exams that are given during the summer following the first year covering Micro, Macro and Political Economy. Students are allowed to retake qualifying exams once.
Methodology Seminars. The research methodology requirement consists of two advanced seminars: Econometrics (ECON 7590 or ECON 7800), and either History (ECON 7400) or Doctrines (ECON 7600).
Fields of Specialization and Elective Seminars. Before the second year, the student selects fields of specialization. These add depth and application to the student’s economic training. Students take two two-semester fields or four one-semester fields or any combination that results in a total of four courses. Prior knowledge of a field at an advanced undergraduate level is recommended. Such knowledge may be obtained through course work or directed reading. A comprehensive examination is taken upon completion of each field. If the examination is failed, it may be retaken once.
Field offerings will be determined by graduate student survey from the following options:
Development
Econometrics
Economic History
International
History of Thought
Money and Macro
Gender
Health Economics
Industrial Organization
Labor
Natural Resource and Environmental Economics
Public Economics
Altogether the methodology, field and electives seminars must total 24 credit hours (equivalent to 8 courses).
Finance, available from the Finance Department, counts as a two-semester field.
Dissertation Research. Students in their third year participate in a yearlong dissertation workshop. During the dissertation stage, students enroll for Dissertation Research, ECON 7970. A minimum of fourteen credit hours of ECON 7970 is required. The Dissertation Workshop counts toward the 14 credit hours of required ECON 7970. Dissertation research begins with a formal defense of the student’s dissertation topic and ends with a final defense. Upon completion of the Dissertation Workshop, the student selects a thesis topic and forms a dissertation committee.
The Department awards graduate assistantships and endeavors to provide some financial support for as many students as possible. A tuition waiver is included in the assistantship award. Assistantships are awarded initially on the basis of academic record. The Department generally does not award assistantships to students beyond their first three years. The Department does occasionally hire fourth-year or other unfunded students to assist in faculty research, teach courses, staff the computer lab, or provide grading assistance.
Graduate student financial aid is awarded on the basis of merit. Student without departmental funding or sufficient personal sources of financial support to complete the program are discouraged from enrolling. Good performances in the Ph.D. program do not guarantee future financial support for previously unfunded students. The department chair or Ph.D. Committee can also withdraw funding as a result of poor performance as a research assistant or teaching assistant.
Graduate students are eligible for fellowships offered by the University. One of these is the University Graduate Research Fellowship. Two others are the Marriner S. Eccles Graduate Fellowship in Political Economy and the Howard-Karsten Graduate Fellowship; both are limited to U.S. citizens.
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Economics 
