Undergraduate Economics Program
Burton Hollifield, Associate Dean, Undergraduate Programs; PNC Professor of Finance; Professor of Financial Economics
Jennifer Wegner, Assistant Dean, Undergraduate Programs
Location: Tepper Quad, Suite 2400
Email: econprog@andrew.cmu.edu
Advising Appointment Online Scheduler: https://go.oncehub.com/CMUEconomics
www.tepper.cmu.edu/prospective-students/undergraduate/economics
At its most fundamental level, economics is the study of how scarce resources are allocated. What will be produced and consumed, how much, and by whom? These questions are central to the well-being of people throughout the world. Economists identify, model, and analyze problems with the objective of developing practical and efficient solutions to challenges confronting society. Economists are also active participants in the processes and institutions through which economic policies are implemented. In the public arena sphere, economists contribute to design of programs and incentive systems to foster efficient implementation of policies. In the private sector, economists bring modeling and data-analytic skill to bear, both in identifying ways to enhance productive efficiency within the firm and in developing strategies to enhance effectiveness of the firm as it competes in the global marketplace. Increasingly, economists are taking advantage of advances in technology to design new exchange systems in applications as diverse as global electronic markets, kidney exchanges, pollution control, and school choice mechanisms.
Carnegie Mellon University enjoys a rich history of innovative research in the field of economics. The university has a distinctive culture that fosters collaborative, problem-oriented, theoretically rigorous, and empirically tested research. The success of this distinctive approach is manifest in the international recognition accorded past and present faculty, including nine Nobel Prizes in Economics. In the classroom, faculty bring the same rigorous, innovative approach to help develop the tremendous intellectual potential and analytic skills of students who are drawn to study economics at Carnegie Mellon. Project courses and hands-on applications in classes enable our students to gain valuable practical experience in honing their skills in economic reasoning, modeling, and data analysis.
The Undergraduate Economics Program has a unique position at Carnegie Mellon University. It is the sole undergraduate program that is a joint program of the Tepper School of Business and the Dietrich College of Humanities and Social Sciences. The combination of research strength and commitment to liberal arts and interdisciplinary studies provides our undergraduates with a world-class economics program.
Economics majors are considered members of both colleges and enjoy the full support and services of both. Undergraduate economics students should consult the program's handbook for details about applicable Tepper and Dietrich academic policies and procedures.
Educational Objectives
The Undergraduate Economics Program offers a range of degrees in economics designed to develop strong analytical skills and a solid foundation in the discipline of economics. More specifically, measurable objectives for our economics curriculum are the following:
- Students should be able to identify, explain, and use economic concepts, theories, models, and data-analytic techniques.
- Students should acquire and use knowledge of economics, mathematics, statistics, and computing flexibly in a variety of contexts, providing the foundation for success in graduate studies and careers in the public and private sectors.
- Students should be able to apply their economic tools to formulate positions on a wide range of social and economic problems and engage effectively in policy debates.
- Students should use the investigative skills necessary for conducting original economic research and participating effectively in project teams.
- Students should be able to deliver effective presentations in which they combine visual communication design with oral arguments and/or the written word.
Advising
The Undergraduate Economics Program is committed to providing students with the opportunity to have meaningful and informative discussions about their academic, intellectual, and career interests with a wide range of advisors and mentors. Advising meetings are extended discussions which may address both immediate and long-term interests, concerns, and desires/needs. Students pursuing a degree in economics are assigned an economics advisor who meets with them on a regular basis. Any CMU undergraduate student interested in taking an economics courses is invited to meet with an economics advisor. To facilitate scheduling advising meetings, please use the online appointment scheduler. First-year students who major in economics enter Carnegie Mellon University as Dietrich College students and are assigned a Dietrich College Academic Advisory Center (AAC) advisor. While the AAC advisors are the advisors of record until students formally declare their majors, students who are considering majoring in economics are encouraged to contact the Undergraduate Economics Program academic advisor so that they will have access to program resources; program-level advising; and the community of faculty, staff, and students.
College Honors
College Honors is granted to graduating students who qualify and complete the year-long senior honors thesis. As members of both The Marianna Brown Dietrich College of Humanities and Social Sciences and the Tepper School of Business, economics students who meet the eligibility requirements may choose the college honors program in which they'd like to participate. To be eligible, students must meet the criteria for the Dietrich College Senior Honors Program or the Tepper College Senior Honors Program (see student handbook). Students pursuing college honors will enroll in either 73-500 Tepper College Honors Thesis I & 73-501 Tepper College Honors Thesis II or 66-501 Dietrich College Senior Honors Thesis I & 66-502 Dietrich College Senior Honors Thesis II.
Academic Standards and Policies
Undergraduate economics students are in the unique position of belonging to two CMU colleges, Marianna Brown Dietrich College of Humanities and Social Sciences and the Tepper School of Business. Students in any of the economics majors follow the college-level policies of Dietrich College. In addition to completing the degree requirements, students must complete a minimum 360 units and fulfill both the Dietrich General Education requirements and all University requirements.
Minimum Grade Standard
All economics courses (73-xxx and higher) counting towards an economics degree must be completed with a grade of “C” or higher. Students who fail to receive a grade of “C” or better in an economics course prerequisite will be dropped or not permitted to enroll in the associated economics course.
External Transfer Credit
Courses taken at higher education institutions outside of Carnegie Mellon can be considered for transfer credit if the course and the institution offering them are of a comparable level and rigor as determined by CMU faculty. Transfer credit for any Carnegie Mellon course must be approved through the Tepper process. Retroactive equivalency approval is not granted for economics courses.
Economics electives may transfer for economics majors, additional majors, or minors. Economic theory courses may be approved for transfer in extenuating circumstances.
- BA in Economics: May transfer a maximum of 18 units of economics elective course credit
- BS in Economics/Additional Major in Economics: May transfer a maximum of 18 units of economics elective course credit
- BS in Economics and Math: May transfer a maximum of 9 units of economics elective course credit
- BS in Economics and Politics/Additional Major in Economics and Politics: May transfer a maximum of 9 units of economics elective course credit
- BS in Economics and Statistics/Additional Major in Economics and Statistics: May transfer a maximum of 9 units of economics elective course credit
- Minor in Economics: May transfer a maximum of 18 units of economics elective course credit
Degree Options
In order to accommodate students’ wide variety of goals, five primary degree programs are available:
- Bachelor of Arts in Economics
- Bachelor of Science in Economics
- Bachelor of Science in Economics and Mathematical Sciences (jointly administered with the Department of Mathematics)
- Bachelor of Science in Economics and Politics (jointly administered with the Institute for Politics and Strategy)
- Bachelor of Science in Economics and Statistics (jointly administered with the Department of Statistics and Data Science)
The five major degree programs have been designed to provide students with a solid understanding of the central theories and analytical tools of the field of economics, while maintaining the flexibility necessary to meet the needs of a diversity of career paths. The five degrees produce strong analytical thinkers who are able to model and analyze complex problems. Graduates of the Undergraduate Economics Program gain employment as economic analysts in both the private and public sectors; pursue advanced professional degrees in business, law, and public policy; as well as enter into Ph.D. programs in economics, statistics, finance, and related fields.
For students who major in other academic fields, additional major programs in Economics, Economics and Politics, and Economics and Statistics, and a minor degree program in Economics are available.
B.A. in Economics
The B.A. in Economics provides a strong foundation in economic analysis and quantitative methods. The curriculum's breadth incorporates the study of political, historical, and social institutions so that students may use the economic toolkit to address the current challenges humanity faces. Built into the degree is the opportunity to study political, historical, cultural, and social institutions from other CMU departments; these courses are referred to as "Special Electives". The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies. Students pursuing this degree will be well-equipped to pursue graduate work (professional and academic), enter directly into the business world, or pursue public service.
All economics courses counting towards an economics degree must be completed with a grade of "C" or higher.
B.A. in Economics Curriculum
| Total Number of Units for the Major: | 157/166 |
Mathematics Prerequisites (19 units)
| Courses | Units | |
| 21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
Sophomore Economics Colloquium (3 units)
| Units | ||
| 73-210 | Economics Colloquium I | 3 |
Writing Requirement (9 units)
| Units | ||
| 73-270 | Professional Communication for Economists | 9 |
Economic Theory Requirements (36 units)
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
Quantitative Analysis Requirements (27 Units)
| Units | ||
| 36-200 | Reasoning with Data | 9 |
| or 36-207 | Probability and Statistics for Business Applications | |
| or 70-207 | Probability and Statistics for Business Applications | |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
Economics Electives (36 Units)
Students must take four economics elective courses. Economics elective courses are those numbered 73-300 through 73-495.
Special Electives (18 Units)
Students must take two special elective courses. Students should consult the degree audit system for courses that satisfy the special electives requirement. The list below is a sample of the courses that qualify as special electives; this is not a full list of qualifying courses. Students should consult an academic advisor when choosing special electives.
Course List
| Sample List of Special Elective Courses | Units | |
| 19-402 | Telecommunications Technology and Policy for the Internet Age | 12 |
| 19-403 | Policies of Wireless Systems | 12 |
| 19-411 | Science and Innovation Leadership for the 21st Century: Firms, Nations, and Tech | 9 |
| 19-421 | Emerging Energy Policies | 9 |
| 19-424 | Energy and the Environment | 9 |
| 19-443 | Climate Change Science and Adaptation | 9 |
| 19-425 | Sustainable Energy for the Developing World | 9 |
| 66-221 | Topics of Law: Introduction to Intellectual Property Law | 9 |
| 79-245 | Capitalism and Individualism in American Culture | 9 |
| 79-262 | Modern China: From the Birth of Mao ... to Now | 9 |
| 79-266 | Russian History and Revolutionary Socialism | 9 |
| 79-280 | Coffee and Capitalism | 9 |
| 79-283 | Hungry World: Food and Famine in Global Perspective | 9 |
| 79-288 | Bananas, Baseball, and Borders: Latin America and the United States | 9 |
| 79-300 | History of American Public Policy | 9 |
| 79-305 | Moneyball Nation: Data in American Life | 9 |
| 79-310 | U. S. Business History: 1870 to the Present | 9 |
| 79-315 | Thirsty Planet: The Politics of Water in Global Perspective | 9 |
| 79-320 | Women, Politics, and Protest | 9 |
| 79-343 | Education, Democracy, and Civil Rights | 9 |
| 79-383 | The History of Capitalism | 9 |
| 80-136 | Social Structure, Public Policy & Ethics | 9 |
| 80-249 | AI, Society, and Humanity | 9 |
| 80-305 | Decision Theory | 9 |
| 80-321 | Causation, Law, and Social Policy | 9 |
| 80-324 | Philosophy of Economics | 9 |
| 80-335 | Social and Political Philosophy | 9 |
| 80-348 | Health, Human Rights, and International Development | 9 |
| 84-310 | International Political Economy | 9 |
| 84-318 | Politics of Developing Nations | 9 |
| 84-362 | Diplomacy and Statecraft | 9 |
| 84-387 | Technology and Policy of Cyber War | 9 |
| 88-411 | Rise of the Asian Economies | 9 |
Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
| Units | ||
| 73-497 | Senior Project | 9 |
| or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |
| or 66-501 & 66-502 | Dietrich College Senior Honors Thesis I and Dietrich College Senior Honors Thesis II | |
| Note: Students in the BA in Economics who complete a Dietrich or Tepper Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. | ||
Sample Schedule for B.A. in Economics
The sample schedule below is an illustration of how students might plan their four-year schedules. There is some flexibility in scheduling the requirements, and students are encouraged to meet with an economics advisor to tailor their courses to their own particular needs.
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 36-200 Reasoning with Data | 21-256 Multivariate Analysis | 73-230 Intermediate Microeconomics | 73-240 Intermediate Macroeconomics |
| 21-120 Differential and Integral Calculus | 73-103 Principles of Macroeconomics | 73-210 Economics Colloquium I | 73-274 Econometrics I |
| 73-102 Principles of Microeconomics | ----- | 73-265 Economics and Data Science | 73-270 Professional Communication for Economists |
| -----* | ----- | Special Elective | Economics Elective |
| ----- | ----- | ----- | ----- |
| ----- | |||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| Special Elective | Economics Elective | 73-497 Senior Project | Economics Elective |
| ----- | ----- | Economics Elective | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents courses that are not directly required for the major.
B.S. in Economics
The B.S. in Economics provides a strong foundation in economic theory and advanced quantitative analysis. The curriculum focuses on using "real-world" data to forecast behavior and to investigate the relationships between observed phenomenon and economic models. Combining these sophisticated economic modeling data analytic skills with our wide range of economic electives provides students with a rigorous analytical foundation that will allow them to pursue any career that interests them. The capstone of the curriculum is the Senior Project course where students use their qualitative and quantitative skills to contribute to the body of knowledge in empirical, experimental, and/or theoretical studies. Students completing this degree will be well-equipped to pursue graduate work (professional and academic) or enter directly into the business world or public service.
All economics courses counting towards an economics degree must be completed with a grade of "C" or higher.
B.S. in Economics Curriculum
| Total Number of Units for the Major | 167/176 |
Mathematics Requirement (29 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| 21-240 | Matrix Algebra with Applications | 10 |
| or 21-241 | Matrices and Linear Transformations | |
Sophomore Colloquium (3 Units)
| Units | ||
| 73-210 | Economics Colloquium I | 3 |
Quantitative Analysis Requirements (27 Units)
| Units | ||
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
Writing Requirement (9 Units)
| Units | ||
| 73-270 | Professional Communication for Economists | 9 |
Economic Theory Requirements (36 Units)
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
Economics Electives (54 Units)
Students must take six economics elective courses. Economics elective courses are those numbered 73-300 through 73-495 (excluding 73-374 Econometrics II).
Senior Work (9 Units; 18 Units for students working on an honors thesis in economics)
| Units | ||
| 73-497 | Senior Project | 9 |
| or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |
| or 66-501 & 66-502 | Dietrich College Senior Honors Thesis I and Dietrich College Senior Honors Thesis II | |
| Note: Students in the BS in Economics who complete a Dietrich or Tepper Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. | ||
Sample Course Schedule for the B.S. in Economics
The sample schedule below is an illustration of how students might plan their four-year schedules. There is some flexibility in scheduling the requirements, and students are encouraged to meet with an economics advisor to tailor their courses to their own particular needs.
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 36-200 Reasoning with Data | 21-256 Multivariate Analysis | 73-265 Economics and Data Science | 73-240 Intermediate Macroeconomics |
| 21-120 Differential and Integral Calculus | 73-103 Principles of Macroeconomics | 73-230 Intermediate Microeconomics | 73-274 Econometrics I |
| 73-102 Principles of Microeconomics | ----- | 73-210 Economics Colloquium I | 73-270 Professional Communication for Economists |
| -----* | ----- | 21-240 Matrix Algebra with Applications | Economics Elective |
| ----- | ----- | ----- | ----- |
| ----- | |||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 73-374 Econometrics II | Economics Elective | 73-497 Senior Project | Economics Elective |
| Economics Elective | Economics Elective | Economics Elective | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents courses not directly required for the major.
B.S. in Economics and Mathematical Sciences
The B.S. in Economics and Mathematical Sciences is a collaborative effort between the Department of Mathematical Sciences and the Undergraduate Economics Program. The curriculum provides students with courses that complement and develop depth of understanding of economic theory, applied economics, and applied mathematics. This degree program equips students with the mathematical tools that are essential for success in Ph.D. programs in economics; mathematics; and key functional areas of business including finance, accounting, marketing, and information systems. Students pursuing this degree will be well prepared for the beginning of their research careers in academia, government, and industry. Interested students may submit an application, and acceptance into the program is based on meeting the following requirements:
- Cumulative QPA of at least 3.5
- Earned a "B" or better in 21-127 or 21-128
- Earned a "B" or better in 21-241
- Completed 73-102
- Earned a "B" or better in 73-103
- Earned a "B" or better in either 73-230 or 73-240
- Personal statement
In order to graduate with the B.S. in Economics and Mathematical Sciences, students must maintain a cumulative Q.P.A. of 3.33. All economics courses counting towards an economics degree must be completed with a grade of "C" or higher.
B.S. in Economics and Mathematical Sciences Curriculum
| Total Number of Units for the Major | 251 |
Economic Theory Requirements (36 Units)
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
Sophomore Colloquium (3 units)
| 73-210 | Economics Colloquium I | 3 |
Quantitative Analysis Requirements (36 Units)
| Units | ||
| 36-200 | Reasoning with Data | 9 |
| 36-225 | Introduction to Probability Theory | 9 |
| or 36-235 | Probability and Statistical Inference I | |
| or 36-217 | Probability Theory and Random Processes | |
| or 21-325 | Probability | |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
Mathematical Sciences Requirements (85 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus Passing the MCS assessment test is an acceptable alternative to completing 21-120. | 10 |
| 21-122 | Integration and Approximation | 10 |
| 21-127 | Concepts of Mathematics | 12 |
| 21-228 | Discrete Mathematics | 9-12 |
| or 15-251 | Great Ideas in Theoretical Computer Science | |
| 21-241 | Matrices and Linear Transformations | 10 |
| 21-259 | Calculus in Three Dimensions | 9-10 |
| or 21-256 | Multivariate Analysis | |
| or 21-268 | Multidimensional Calculus | |
| or 21-269 | Vector Analysis | |
| 21-260 | Differential Equations | 9 |
| 21-355 | Principles of Real Analysis I | 9 |
| 21-356 | Principles of Real Analysis II | 9 |
Programming Requirement (10 Units)
| Units | ||
| 15-110 | Principles of Computing | 10 |
Writing Requirement (9 Units)
| Units | ||
| 73-270 | Professional Communication for Economists | 9 |
Economic Electives (27 Units)
Students must take three economics elective courses. Economics elective courses are those courses numbered 73-300 through 73-495, (excluding 73-374 Econometrics II). Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.
Recommended Economics Electives:
| 73-315 | Market Design | 9 |
| 73-338 | Financial Crises and Risk | 9 |
| 73-347 | Game Theory Applications for Economics and Business | 9 |
| 73-365 | Firms, Market Structures, and Strategy | 9 |
| 73-421 | Emerging Markets | 9 |
Mathematical Science Depth Electives (27 Units)
Students must take three advanced mathematics depth courses. Students are encouraged to work with their advisors to structure a set of courses which meet these requirements based on their particular interests, subject to course availability.
Recommended Mathematical Science Depth Electives:
| 21-270 | Introduction to Mathematical Finance | 9 |
| 21-292 | Operations Research I | 9 |
| 21-301 | Combinatorics | 9 |
| 21-341 | Linear Algebra | 9 |
| 21-369 | Numerical Methods | 12 |
| 21-370 | Discrete Time Finance | 9 |
| 21-371 | Functions of a Complex Variable | 9 |
| 21-393 | Operations Research II | 9 |
| 21-420 | Continuous-Time Finance | 9 |
| 21-484 | Graph Theory | 9 |
Note: Only one of the following courses may count towards the required Mathematical Sciences Depth Electives: 21-365 Projects in Applied Mathematics or 21-366 Topics in Applied Mathematics.
Senior Work (9 units; 18 units for students completing an honors thesis in economics)
| 73-497 | Senior Project | 9 |
| or 73-500 & 73-501 | Tepper College Honors Thesis I and Tepper College Honors Thesis II | |
| or 66-501 & 66-502 | Dietrich College Senior Honors Thesis I and Dietrich College Senior Honors Thesis II | |
| Note: Students in the BS in Economics and Math who complete a Dietrich or Tepper Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. | ||
DOUBLE-COUNTING RESTRICTION
The 3 economics electives and 3 math electives cannot double count with another major or minor.
Sample Course Schedule for the B.S. in Economics and Mathematical Sciences
The sample schedule below is an illustration of how students might plan their four-year schedules. There is some flexibility in scheduling the requirements, and students are encouraged to meet with an economics advisor to tailor their courses to their own particular needs.
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 15-110 Principles of Computing | 21-122 Integration and Approximation | 21-241 Matrices and Linear Transformations |
| 73-102 Principles of Microeconomics | 21-256 Multivariate Analysis | 21-127 Concepts of Mathematics | 73-240 Intermediate Macroeconomics |
| 36-200 Reasoning with Data | 73-103 Principles of Macroeconomics | 73-230 Intermediate Microeconomics | 73-274 Econometrics I |
| -----* | ----- | 73-265 Economics and Data Science | 73-270 Professional Communication for Economists |
| ----- | ----- | 73-210 Economics Colloquium I | Economics Elective |
| 36-225 Introduction to Probability Theory | |||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-260 Differential Equations | 21-355 Principles of Real Analysis I | 73-497 Senior Project | 21-356 Principles of Real Analysis II |
| 73-374 Econometrics II | Economics Elective | 21-228 Discrete Mathematics | ----- |
| Economics Elective | Mathematics Elective | Mathematics Elective | ----- |
| Mathematics Elective | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
*In each semester, ----- represents courses not directly required for the major. Please note that students pursuing the B.S. in Mathematical Sciences and Economics must fulfill the Mellon College General Education requirements and not the Dietrich College General Education requirements.
B.S. in Economics and Politics
Politics and economics are deeply interconnected. Political institutions and decision-making impact economic growth, income distribution, and many other aspects of economic life. Both fiscal and monetary policies affect the economy, but these policies are often employed with political considerations in mind and can influence political activity. Conversely, economic outcomes shape political preferences and policy choices. The overlap between these two disciplines is endless. For example, while the United Nations is often thought of in purely political terms, the Security Council can and does impose sanctions on countries- an example of an economic policy used for political change.
The Economics and Politics major is offered jointly between the Undergraduate Economics Program (UEP) and the Institute for Politics and Strategy (IPS). Students are equal members of both academic units and receive advising from both units. The major will appeal to any student interested in the design, evaluation, and political implementation of policy. It will be especially attractive to students considering careers in politics, government agencies, political and business consulting, lobbying, or the law.
The BS in Economics and Politics is an interdisciplinary major. The major will develop the political context and underpinnings of economic policy making. It will explore how political institutions resolve the tradeoffs and disagreements associated with policymaking and how they can facilitate or impede desirable economic outcomes.
IPS strengths lie in topics like national security, grand strategy, and globalization. Economic policy is just one facet of grand strategy, through which an administration pursues domestic and international goals. This major will also address key issues such as the complementarity between the multilateral economic institutions such as the IMF and World Bank and the use of economic coercion, and enable students to understand economic statecraft more broadly. Whether coercion is successful depends not just on the levers of power but on also on variations in authoritarian regime structure, and complex linkages in the international economy. This is also important for our understanding of the relationship between international economics on human rights practices, extending even to how treaty commitments can facilitate compliance with a global initiative to combat climate change. And, not least important, there is broad recognition that the viability of the “Euro Zone” depends on whether the political-economic agreements necessary to mitigate institutional weaknesses are politically feasible or destined to failure.
Economics and Politics is available as both a primary and additional major.
Curriculum
Students must earn a grade of "C" or better in all courses taken in the Department of Economics (73-xxx).
Prerequisites
Students must complete all of the following courses.
| 21-120 | Differential and Integral Calculus | 10 |
| or 21-112 | Calculus II | |
| 36-200 | Reasoning with Data | 9 |
Foundations (48 units)
Students must complete all of the following courses.
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| 84-104 | Decision Processes in American Political Institutions | 9 |
| 84-275 | Comparative Politics | 9 |
| 73-210 | Economics Colloquium I | 3 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
Core (63 units)
Students must complete all of the following courses.
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 84-265 | Political Science Research Methods | 9 |
| 84-326 | Theories of International Relations | 9 |
| 84-310 | International Political Economy | 9 |
Communication (9 units)
Students must complete one course from the following list.
| 73-270 | Professional Communication for Economists | 9 |
| 84-250 | Writing for Political Science and Policy | 9 |
Electives (27 units)
Majors are required to take 27 units (three courses) from the elective lists below. At least one course (9 units) must be taken from Economics (73-xxx) and at least one course (9 units) must be taken from the Institute for Politics and Strategy (84-xxx). Students may complete electives through coursework in the Carnegie Mellon University Washington Semester Program (CMU/WSP) Politics and Public Policy elective sequence.
| Economics Electives | ||
| 73-328 | Health Economics | 12 |
| 73-332 | Political Economy | 9 |
| 73-338 | Financial Crises and Risk | 9 |
| 73-352 | Public Economics | 9 |
| 73-353 | Financial Regulation in the Digital Age | 9 |
| 73-359 | Benefit-Cost Analysis | 9 |
| 73-365 | Firms, Market Structures, and Strategy | 9 |
| 73-421 | Emerging Markets | 9 |
| 73-427 | Sustainability, Energy, and Environmental Economics | 9 |
| Politics and Strategy Electives | ||
| 84-200 | Security War Game Simulation | 6 |
| 84-304 | In the News: Analysis of Current Events | 6 |
| 84-307 | Economic and Political History of Contemporary China | 9 |
| 84-308 | Political Economy of Latin America | Var. |
| 84-312 | Terrorism in Sub-Saharan Africa | 6 |
| 84-313 | International Organizations and Law | 9 |
| 84-315 | Political Economy of International Migration | 9 |
| 84-316 | Political Economy of Transatlantic Partnership | 9 |
| 84-318 | Politics of Developing Nations | 9 |
| 84-319 | Civil-Military Relations | 9 |
| 84-322 | Nonviolent Conflict and Revolution | 9 |
| 84-323 | War and Peace in the Contemporary Middle East | 9 |
| 84-324 | The Future of Democracy | 9 |
| 84-325 | Contemporary American Foreign Policy | 9 |
| 84-327 | Repression and Control in Dictatorships | 9 |
| 84-328 | Military Strategy and Doctrine | 9 |
| 84-329 | Military Strategic Theory | 6 |
| 84-352 | Representation and Voting Rights | 9 |
| 84-362 | Diplomacy and Statecraft | 9 |
| 84-363 | Comparative Legal Systems | 9 |
| 84-364 | Comparative Presidential Behavior: Leadership, Personality, and Decision Making | 9 |
| 84-365 | The Politics of Fake News and Misinformation | 9 |
| 84-366 | The American Presidency | 9 |
| 84-369 | Decision Science for International Relations | 9 |
| 84-370 | Nuclear Security & Arms Control | 9 |
| 84-372 | Space and National Security | 9 |
| 84-373 | Emerging Technologies and the Law | 9 |
| 84-380 | US Grand Strategy | 9 |
| 84-383 | Cyber Policy as National Policy | 6 |
| 84-386 | The Privatization of Force | 9 |
| 84-387 | Technology and Policy of Cyber War | 9 |
| 84-388 | Concepts of War and Cyber War | 6 |
| 84-389 | Terrorism and Insurgency | 9 |
| 84-390 | Social Media, Technology, and Conflict | 9 |
| 84-393 | Legislative Decision Making: US Congress | 6 |
| 84-402 | Judicial Politics and Behavior | 9 |
| 84-405 | The Future of Warfare | 9 |
| 84-421 | Advanced Topics in American Politics | 9 |
| CMU/WSP Politics and Public Policy Electives | ||
| 84-330 | The Shading of Democracy: The Influence of Race on American Politics | 6 |
| 84-331 | Money, Media, and the Power of Data in Decisionmaking | 6 |
| 84-332 | Effects of US Policy on Businesses: Perspectives of Asian Americans | 6 |
| 84-333 | Power and Levers for Change in Washington, DC | 12 |
| 84-334 | The History and Practice of Economic Statecraft | 6 |
| 84-335 | Intelligence and Policy | 6 |
| 84-336 | Implementing Public Policy: From Good Idea To Reality | 12 |
| 84-337 | Biomedical Science Research, Policy, and Governance | 6 |
| 84-338 | Political News Coverage in the Era of Trump, Twitter, and "Fake News" | 6 |
| 84-339 | Seminar in Public Policy Research | 12 |
| 84-340 | Making Change: How Organized Interests Work in Washington | 12 |
| 84-343 | Language and Power: How to Understand and Use Political Speech | 6 |
| 84-346 | Legal Issues in Public Administration | 6 |
| 84-348 | Advocacy, Policy and Practice | 6 |
| Additional Electives | ||
| 19-411 | Science and Innovation Leadership for the 21st Century: Firms, Nations, and Tech | 9 |
| 19-425 | Sustainable Energy for the Developing World | 9 |
| 70-365 | International Trade and International Law | 9 |
| 70-430 | International Management | 9 |
| 79-280 | Coffee and Capitalism | 9 |
| 79-318 | Sustainable Social Change: History and Practice | 9 |
| 80-135 | Introduction to Political Philosophy | 9 |
| 80-136 | Social Structure, Public Policy & Ethics | 9 |
| 80-321 | Causation, Law, and Social Policy | 9 |
| 80-335 | Social and Political Philosophy | 9 |
| 80-348 | Health, Human Rights, and International Development | 9 |
| 80-447 | Global Justice | 9 |
| 88-366 | Behavioral Economics of Poverty and Development | 9 |
| 88-419 | International Negotiation | 9 |
| 88-444 | Public Policy and Regulations | 9 |
CAPSTONE (15-21 units)
Students must complete all of the following courses.
| 84-450 | Policy Seminar 12 units if taken during CMU/WSP, 6 units if taken in Pittsburgh | 6 |
| 73-497 | Senior Project or Senior Honors Thesis | 9 |
| Note: Students in the BS in Economics and Politics who complete a Dietrich or Tepper Honors Thesis in economics may use 73-497 (Senior Project) as an economics elective. | ||
DOUBLE-COUNTING RESTRICTION
A maximum of four courses may double count with another major or minor.
SAMPLE Four Year Plan
These sample curricula represent a plan for completing the requirements for the B.S. in Economics and Politics. Economics and Politics students are encouraged to spend a semester studying and interning in Washington, DC, through the CMU/WSP, and/or study abroad. The plan below demonstrates that a semester off-campus fits well into the curriculum. Students may declare the BS in Economics and Politics as early as the second semester of the freshman year and should consult frequently with the Economics and Politics advisors about their course of study. Please note that this is only a sample plan of study and not the only possible plan of study. The Economics and Politics major and Dietrich College General Education curricula provide a high degree of flexibility in sequencing and coursework. Double counting between the major and General Education requirements is unlimited. The plan below shows a very conservative view of double counting.
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 21-256 Multivariate Analysis | 73-210 Economics Colloquium I | 73-240 Intermediate Macroeconomics |
| 36-200 Reasoning with Data | 73-103 Principles of Macroeconomics | 73-230 Intermediate Microeconomics | 73-274 Econometrics I |
| 73-102 Principles of Microeconomics | 84-275 Comparative Politics | 73-265 Economics and Data Science | 84-265 Political Science Research Methods |
| 84-104 Decision Processes in American Political Institutions | Foundations: Communications (First Year Writing) | 84-310 International Political Economy | Communication Course (84-250 or 73-270) |
| Grand Challenge Seminar | Disciplinary Perspectives: Humanities | 84-326 Theories of International Relations | Foundations: Intercultural & Global Inquiry |
| 99-101 Computing @ Carnegie Mellon | Foundations: Computational Thinking | ||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| Equity and Justice | Study Abroad or CMU/WSP | 73-497 Senior Project | 84-450 Policy Seminar |
| Disciplinary Perspectives: Logic & Math | Explore | Disciplinary Perspectives: The Arts | Disciplinary Perspectives: Additional |
| Foundations: Contextual Thinking | Explore | Economics & Politics Elective | Explore |
| Foundations: Scientific Thinking | Explore | Economics & Politics Elective | Explore |
| Economics & Politics Elective | Explore | Explore | Explore |
B.S. in Economics and Statistics
Amanda Mitchell, Statistics & Data Science Academic Program Manager
Kathleen Conway, Economics Senior Academic Advisor
Statistics & Data Science Location: Baker Hall 129
statadvising@andrew.cmu.edu
Economics Location: Tepper 2400
econprog@andrew.cmu.edu
The B.S. in Economics and Statistics is jointly advised by the Department of Statistics and Data Science and the Undergraduate Economics Program.
The Major in Economics and Statistics provides an interdisciplinary course of study aimed at students with a strong interest in the empirical analysis of economic data. With joint curriculum from the Department of Statistics and Data Science and the Undergraduate Economics Program, the major provides students with a solid foundation in the theories and methods of both fields. Students in this major are trained to advance the understanding of economic issues through the analysis, synthesis and reporting of data using the advanced empirical research methods of statistics and econometrics. Graduates are well positioned for admission to competitive graduate programs, including those in statistics, economics and management, as well as for employment in positions requiring strong analytic and conceptual skills - especially those in economics, finance, education, and public policy.
All economics courses counting towards an economics degree must be completed with a grade of "C" or higher.
The requirements for the B.S. in Economics and Statistics are the following:
I. Prerequisites38-39 units
1. Mathematical Foundations38-39 units
Calculus
| 21-120 | Differential and Integral Calculus | 10 |
and one of the following:
| 21-256 | Multivariate Analysis | 9 |
| 21-259 | Calculus in Three Dimensions | 9 |
| 21-268 | Multidimensional Calculus | 10 |
Note: Passing the MSC 21-120 assessment test is an acceptable alternative to completing 21-120.
Note: Taking/having credit for both 21-111 and 21-112 is equivalent to 21-120. The Mathematical Foundations total is then 48-49 units. The Economics and Statistics major would then total 201-211 units.
Linear Algebra
One of the following three courses:
| 21-240 | Matrix Algebra with Applications | 10 |
| 21-241 | Matrices and Linear Transformations | 10 |
| 21-242 | Matrix Theory | 10 |
Note: 21-241 and 21-242 are intended only for students with a very strong mathematical background.
II. Foundations18-36 units
2. Economics Foundations18 units
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
3. Statistical Foundations9-18 units
Sequence 1 (For students beginning their freshman or sophomore year)
Beginning*
Choose one of the following courses:
| 36-200 | Reasoning with Data * | 9 |
| 36-220 | Engineering Statistics and Quality Control | 9 |
| 36-247 | Statistics for Lab Sciences | 9 |
*A score of 5 on the Advanced Placement (AP) Exam in Statistics may be used to waive this requirement. Other courses emphasize examples in engineering and Architecture (36-220) and the laboratory sciences (36-247).
Note: Students who enter the program with 36-235 or 36-236 should discuss options with an advisor. Any 36-300 or 36-400 level course in Data Analysis that does not satisfy any other requirement for the Economics and Statistics Major may be counted as a Statistical Elective.
Intermediate*
Choose one of the following courses:
| 36-202 | Methods for Statistics & Data Science ** | 9 |
| 36-290 | Introduction to Statistical Research Methodology | 9 |
| 36-309 | Experimental Design for Behavioral & Social Sciences | 9 |
- *
Or extra data analysis course in Statistics
- **
Must take prior to 36-401 Modern Regression, if not, an additional Advanced Statistics Elective is required.
Advanced Statistics Elective
Choose two of the following courses:
| 36-303 | Sampling, Survey and Society | 9 |
| 36-311 | Statistical Analysis of Networks | 9 |
| 36-313 | Statistics of Inequality and Discrimination | 9 |
| 36-315 | Statistical Graphics and Visualization | 9 |
| 36-318 | Introduction to Causal Inference | 9 |
| 36-461 | Special Topics: Statistical Methods in Epidemiology | 9 |
| 36-462 | Special Topics: Methods of Statistical Learning | 9 |
| 36-463 | Special Topics: Multilevel and Hierarchical Models | 9 |
| 36-464 | Special Topics: Applied Multivariate Methods | 9 |
| 36-465 | Special Topics: Conceptual Foundations of Statistical Learning | 9 |
| 36-466 | Special Topics: Statistical Methods in Finance | 9 |
| 36-467 | Special Topics: Data over Space & Time | 9 |
| 36-468 | Special Topics: Text Analysis | 9 |
| 36-469 | Special Topics: Statistical Genomics and High Dimensional Inference | 9 |
| 36-490 | Undergraduate Research | 9 |
| 36-493 | Sports Analytics Capstone | 9 |
| 36-497 | Corporate Capstone Project | 9 |
Sequence 2 (For students beginning later in their college career)
Advanced Statistics Electives
Choose three of the following courses:
| 36-303 | Sampling, Survey and Society | 9 |
| 36-311 | Statistical Analysis of Networks | 9 |
| 36-313 | Statistics of Inequality and Discrimination | 9 |
| 36-315 | Statistical Graphics and Visualization | 9 |
| 36-318 | Introduction to Causal Inference | 9 |
| 36-461 | Special Topics: Statistical Methods in Epidemiology | 9 |
| 36-462 | Special Topics: Methods of Statistical Learning | 9 |
| 36-463 | Special Topics: Multilevel and Hierarchical Models | 9 |
| 36-464 | Special Topics: Applied Multivariate Methods | 9 |
| 36-465 | Special Topics: Conceptual Foundations of Statistical Learning | 9 |
| 36-466 | Special Topics: Statistical Methods in Finance | 9 |
| 36-467 | Special Topics: Data over Space & Time | 9 |
| 36-468 | Special Topics: Text Analysis | 9 |
| 36-469 | Special Topics: Statistical Genomics and High Dimensional Inference | 9 |
| 36-490 | Undergraduate Research | 9 |
| 36-493 | Sports Analytics Capstone | 9 |
| 36-497 | Corporate Capstone Project | 9 |
**All Special Topics are not offered every semester, and new Special Topics are regularly added. See section 5 for details.
III. Disciplinary Core126 units
1. Economics Core45 units
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-270 | Professional Communication for Economists | 9 |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
2. Statistics Core36 units
| 36-235 | Probability and Statistical Inference I *# | 9 |
| 36-236 | Probability and Statistical Inference II ** | 9 |
| 36-401 | Modern Regression | 9 |
| 36-402 | Advanced Methods for Data Analysis | 9 |
*In order meet the prerequisite requirements for the major, a grade of C or better is required in 36-235 (or equivalents), 36-236 or 36-326 and 36-401.
#It is possible to substitute 36-218, 36-219, 36-225or 21-325 for 36-235. 36-235 is the standard introduction to probability, 36-219 is tailored for engineers and computer scientists, 36-218 is a more mathematically rigorous class for Computer Science students and more mathematically advanced Statistics students (Statistics students need advisor approval to enroll), and 21-325 is a rigorous Probability Theory course offered by the Department of Mathematics.
**It is possible to substitute 36-226 or 36-326 for 36-236. 36-236 is the standard introduction to statistical inference.
Please note that students who complete 36-235 are expected to take 36-236 to fulfill their theory requirements. Students who choose to take 36-225 instead will be required to take 36-226 afterward, they will not be eligible to take 36-236.
3. Statistical Computing9 units
| 36-350 | Statistical Computing | 9 |
4. Advanced Electives36 units
Students must take two advanced Economics elective courses (numbered 73-300 through 73-495, excluding 73-374 ) and two (or three - depending on previous coursework, see Section 3) advanced Statistics elective courses (numbered 36-303, 36-311, 36-313, 36-315, 36-318, 36-46x, 36-490, 36-493 or 36-497).
| Total number of units for the major | 191-201 units |
| Total number of units for the degree | 360 units |
Professional Development
While not required, students are strongly encouraged to take advantage of professional development opportunities and/or coursework. One option is 73-210 Economics Colloquium I, a fall-only course that provides information about careers in Economics, job search strategies, and research opportunities. The Department of Statistics and Data Science also offers a series of workshops pertaining to resume preparation, graduate school applications, careers in the field, among other topics. Students should also take advantage of the Career and Professional Development Center.
Additional Major in Economics and Statistics
Students who elect Economics and Statistics as an additional major must fulfill all Economics and Statistics degree requirements. Majors in many other programs would naturally complement an Economics and Statistics Major, including Tepper's undergraduate business program, Social and Decision Sciences, Policy and Management, and Psychology.
With respect to double-counting courses, it is departmental policy that students must have at least six courses [three Economics (73-xxx) and three Statistics (36-xxx)] that do not count for their primary major. If students do not have at least three ECON and three STA classes, they will need to take additional advanced data analysis or economics electives, depending on where the double-counting issue is.
Students are advised to begin planning their curriculum (with appropriate advisors) as soon as possible. This is particularly true if the other major has a complex set of requirements and prerequisites or when many of the other major's requirements overlap with the requirements for a Major in Economics and Statistics.
Many departments require Statistics courses as part of their Major or Minor programs. Students seeking transfer credit for those requirements from substitute courses (at Carnegie Mellon or elsewhere) should seek permission from their advisor in the department setting the requirement. The final authority in such decisions rests there. The Department of Statistics and Data Science does not provide approval or permission for substitution or waiver of another department's requirements.
If a waiver or substitution is made in the home department, it is not automatically approved in the Department of Statistics and Data Science. In many of these cases, the student will need to take additional courses to satisfy the Economics and Statistics major requirements. Students should discuss this with a Statistics advisor when deciding whether to add an additional major in Economics and Statistics.
Sample Program
The following sample program illustrates one way to satisfy the requirements of the Economics and Statistics Major. Keep in mind that the program is flexible and can support other possible schedules (see footnotes below the schedule).
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 36-202 Methods for Statistics & Data Science | 36-235 Probability and Statistical Inference I | 36-236 Probability and Statistical Inference II |
| 36-200 Reasoning with Data | 21-256 Multivariate Analysis | 73-230 Intermediate Microeconomics | 21-240 Matrix Algebra with Applications |
| 73-102 Principles of Microeconomics | 73-103 Principles of Macroeconomics | 73-210 Economics Colloquium I | 73-240 Intermediate Macroeconomics |
| ----- | ----- | 73-265 Economics and Data Science | 73-274 Econometrics I |
| ----- | ----- | ----- | |
| ----- | |||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 36-350 Statistical Computing | 36-402 Advanced Methods for Data Analysis | Statistics Elective | Statistics Elective |
| 36-401 Modern Regression | 73-270 Professional Communication for Economists | Economics Elective | Economics Elective |
| 73-374 Econometrics II | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | |
*In each semester, ----- represents other courses (not related to the major) which are needed in order to complete the 360 units that the degree requires.
Prospective PhD students are advised to add 21-127 fall of sophomore year, replace 21-240 with 21-241, add 21-260 in spring of junior year and 21-355 in fall of senior year.
Additional Majors & Dual Degrees
Dual Degrees
A student pursuing a primary degree outside of the department may obtain a dual degree in any of the economics majors by completing all of the requirements of the major along with the Dietrich College general education requirements. In addition, the student’s total units completed must be at least 90 units in excess of the requirement for the student’s other degree(s) or at least 450 units, whichever is greater. Interested students should meet with an economics advisor.
Additional Major in Economics
All university students are eligible to pursue an additional major in economics in conjunction with a major in any department in the university other than economics. The requirements for the Additional Major in Economics are the same as those for the B.S. in Economics, except that the Dietrich College General Education requirements are waived.
DOUBLE-COUNTING RESTRICTION
4 of the advanced economics electives required for the additional major must be unique to the additional major and cannot double count with any other major or minor. There are no double counting restrictions between the additional major and a student's home college general education requirements.
Additional Major in Economics and Politics
All university students are eligible to pursue a major in economics and politics in conjunction with a major in any department in the university other than economics or the Institute for Politics and Strategy. The requirements for the Additional Major in Economics in Politics are the same as those for the B.S. in Economics and Politics, except that the Dietrich College General Education requirements are waived.
DOUBLE-COUNTING RESTRICTION
4 courses within the additional major may double count with another major or minor. There are no double counting restrictions between the additional major and a student's home college general education requirements.
Additional Major in Economics and Statistics
Amanda Mitchell, Statistics & Data Science Academic Program Manager
Kathleen Conway, Economics Senior Academic Advisor
Statistics & Data Science Location: Baker Hall 129
statadvising@andrew.cmu.edu
Economics Location: Tepper 2400
econprog@andrew.cmu.edu
The B.S. in Economics and Statistics is jointly advised by the Department of Statistics and Data Science and the Undergraduate Economics Program.
The Major in Economics and Statistics provides an interdisciplinary course of study aimed at students with a strong interest in the empirical analysis of economic data. With joint curriculum from the Department of Statistics and Data Science and the Undergraduate Economics Program, the major provides students with a solid foundation in the theories and methods of both fields. Students in this major are trained to advance the understanding of economic issues through the analysis, synthesis and reporting of data using the advanced empirical research methods of statistics and econometrics. Graduates are well positioned for admission to competitive graduate programs, including those in statistics, economics and management, as well as for employment in positions requiring strong analytic and conceptual skills - especially those in economics, finance, education, and public policy.
All economics courses counting towards an economics degree must be completed with a grade of "C" or higher.
The requirements for the B.S. in Economics and Statistics are the following:
I. Prerequisites38-39 units
1. Mathematical Foundations38-39 units
Calculus
| 21-120 | Differential and Integral Calculus | 10 |
and one of the following:
| 21-256 | Multivariate Analysis | 9 |
| 21-259 | Calculus in Three Dimensions | 9 |
| 21-268 | Multidimensional Calculus | 10 |
Note: Passing the MSC 21-120 assessment test is an acceptable alternative to completing 21-120.
Note: Taking/having credit for both 21-111 and 21-112 is equivalent to 21-120. The Mathematical Foundations total is then 48-49 units. The Economics and Statistics major would then total 201-211 units.
Linear Algebra
One of the following three courses:
| 21-240 | Matrix Algebra with Applications | 10 |
| 21-241 | Matrices and Linear Transformations | 10 |
| 21-242 | Matrix Theory | 10 |
Note: 21-241 and 21-242 are intended only for students with a very strong mathematical background.
II. Foundations18-36 units
2. Economics Foundations18 units
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
3. Statistical Foundations9-18 units
Sequence 1 (For students beginning their freshman or sophomore year)
Beginning*
Choose one of the following courses:
| 36-200 | Reasoning with Data * | 9 |
| 36-220 | Engineering Statistics and Quality Control | 9 |
| 36-247 | Statistics for Lab Sciences | 9 |
*A score of 5 on the Advanced Placement (AP) Exam in Statistics may be used to waive this requirement. Other courses emphasize examples in engineering and Architecture (36-220) and the laboratory sciences (36-247).
Note: Students who enter the program with 36-235 or 36-236 should discuss options with an advisor. Any 36-300 or 36-400 level course in Data Analysis that does not satisfy any other requirement for the Economics and Statistics Major may be counted as a Statistical Elective.
Intermediate*
Choose one of the following courses:
| 36-202 | Methods for Statistics & Data Science ** | 9 |
| 36-290 | Introduction to Statistical Research Methodology | 9 |
| 36-309 | Experimental Design for Behavioral & Social Sciences | 9 |
- *
Or extra data analysis course in Statistics
- **
Must take prior to 36-401 Modern Regression, if not, an additional Advanced Statistics Elective is required.
Advanced Statistics Elective
Choose two of the following courses:
| 36-303 | Sampling, Survey and Society | 9 |
| 36-311 | Statistical Analysis of Networks | 9 |
| 36-313 | Statistics of Inequality and Discrimination | 9 |
| 36-315 | Statistical Graphics and Visualization | 9 |
| 36-318 | Introduction to Causal Inference | 9 |
| 36-461 | Special Topics: Statistical Methods in Epidemiology | 9 |
| 36-462 | Special Topics: Methods of Statistical Learning | 9 |
| 36-463 | Special Topics: Multilevel and Hierarchical Models | 9 |
| 36-464 | Special Topics: Applied Multivariate Methods | 9 |
| 36-465 | Special Topics: Conceptual Foundations of Statistical Learning | 9 |
| 36-466 | Special Topics: Statistical Methods in Finance | 9 |
| 36-467 | Special Topics: Data over Space & Time | 9 |
| 36-468 | Special Topics: Text Analysis | 9 |
| 36-469 | Special Topics: Statistical Genomics and High Dimensional Inference | 9 |
| 36-490 | Undergraduate Research | 9 |
| 36-493 | Sports Analytics Capstone | 9 |
| 36-497 | Corporate Capstone Project | 9 |
Sequence 2 (For students beginning later in their college career)
Advanced Statistics Electives
Choose three of the following courses:
| 36-303 | Sampling, Survey and Society | 9 |
| 36-311 | Statistical Analysis of Networks | 9 |
| 36-313 | Statistics of Inequality and Discrimination | 9 |
| 36-315 | Statistical Graphics and Visualization | 9 |
| 36-318 | Introduction to Causal Inference | 9 |
| 36-461 | Special Topics: Statistical Methods in Epidemiology | 9 |
| 36-462 | Special Topics: Methods of Statistical Learning | 9 |
| 36-463 | Special Topics: Multilevel and Hierarchical Models | 9 |
| 36-464 | Special Topics: Applied Multivariate Methods | 9 |
| 36-465 | Special Topics: Conceptual Foundations of Statistical Learning | 9 |
| 36-466 | Special Topics: Statistical Methods in Finance | 9 |
| 36-467 | Special Topics: Data over Space & Time | 9 |
| 36-468 | Special Topics: Text Analysis | 9 |
| 36-469 | Special Topics: Statistical Genomics and High Dimensional Inference | 9 |
| 36-490 | Undergraduate Research | 9 |
| 36-493 | Sports Analytics Capstone | 9 |
| 36-497 | Corporate Capstone Project | 9 |
**All Special Topics are not offered every semester, and new Special Topics are regularly added. See section 5 for details.
III. Disciplinary Core126 units
1. Economics Core45 units
| 73-230 | Intermediate Microeconomics | 9 |
| 73-240 | Intermediate Macroeconomics | 9 |
| 73-270 | Professional Communication for Economists | 9 |
| 73-265 | Economics and Data Science | 9 |
| 73-274 | Econometrics I | 9 |
| 73-374 | Econometrics II | 9 |
2. Statistics Core36 units
| 36-235 | Probability and Statistical Inference I *# | 9 |
| 36-236 | Probability and Statistical Inference II ** | 9 |
| 36-401 | Modern Regression | 9 |
| 36-402 | Advanced Methods for Data Analysis | 9 |
*In order meet the prerequisite requirements for the major, a grade of C or better is required in 36-235 (or equivalents), 36-236 or 36-326 and 36-401.
#It is possible to substitute 36-218, 36-219, 36-225or 21-325 for 36-235. 36-235 is the standard introduction to probability, 36-219 is tailored for engineers and computer scientists, 36-218 is a more mathematically rigorous class for Computer Science students and more mathematically advanced Statistics students (Statistics students need advisor approval to enroll), and 21-325 is a rigorous Probability Theory course offered by the Department of Mathematics.
**It is possible to substitute 36-226 or 36-326 for 36-236. 36-236 is the standard introduction to statistical inference.
Please note that students who complete 36-235 are expected to take 36-236 to fulfill their theory requirements. Students who choose to take 36-225 instead will be required to take 36-226 afterward, they will not be eligible to take 36-236.
3. Statistical Computing9 units
| 36-350 | Statistical Computing | 9 |
4. Advanced Electives36 units
Students must take two advanced Economics elective courses (numbered 73-300 through 73-495, excluding 73-374 ) and two (or three - depending on previous coursework, see Section 3) advanced Statistics elective courses (numbered 36-303, 36-311, 36-313, 36-315, 36-318, 36-46x, 36-490, 36-493 or 36-497).
| Total number of units for the major | 191-201 units |
| Total number of units for the degree | 360 units |
Professional Development
While not required, students are strongly encouraged to take advantage of professional development opportunities and/or coursework. One option is 73-210 Economics Colloquium I, a fall-only course that provides information about careers in Economics, job search strategies, and research opportunities. The Department of Statistics and Data Science also offers a series of workshops pertaining to resume preparation, graduate school applications, careers in the field, among other topics. Students should also take advantage of the Career and Professional Development Center.
Additional Major in Economics and Statistics
Students who elect Economics and Statistics as an additional major must fulfill all Economics and Statistics degree requirements. Majors in many other programs would naturally complement an Economics and Statistics Major, including Tepper's undergraduate business program, Social and Decision Sciences, Policy and Management, and Psychology.
With respect to double-counting courses, it is departmental policy that students must have at least six courses [three Economics (73-xxx) and three Statistics (36-xxx)] that do not count for their primary major. If students do not have at least three ECON and three STA classes, they will need to take additional advanced data analysis or economics electives, depending on where the double-counting issue is.
Students are advised to begin planning their curriculum (with appropriate advisors) as soon as possible. This is particularly true if the other major has a complex set of requirements and prerequisites or when many of the other major's requirements overlap with the requirements for a Major in Economics and Statistics.
Many departments require Statistics courses as part of their Major or Minor programs. Students seeking transfer credit for those requirements from substitute courses (at Carnegie Mellon or elsewhere) should seek permission from their advisor in the department setting the requirement. The final authority in such decisions rests there. The Department of Statistics and Data Science does not provide approval or permission for substitution or waiver of another department's requirements.
If a waiver or substitution is made in the home department, it is not automatically approved in the Department of Statistics and Data Science. In many of these cases, the student will need to take additional courses to satisfy the Economics and Statistics major requirements. Students should discuss this with a Statistics advisor when deciding whether to add an additional major in Economics and Statistics.
Sample Program
The following sample program illustrates one way to satisfy the requirements of the Economics and Statistics Major. Keep in mind that the program is flexible and can support other possible schedules (see footnotes below the schedule).
| First-Year | Second-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 21-120 Differential and Integral Calculus | 36-202 Methods for Statistics & Data Science | 36-235 Probability and Statistical Inference I | 36-236 Probability and Statistical Inference II |
| 36-200 Reasoning with Data | 21-256 Multivariate Analysis | 73-230 Intermediate Microeconomics | 21-240 Matrix Algebra with Applications |
| 73-102 Principles of Microeconomics | 73-103 Principles of Macroeconomics | 73-210 Economics Colloquium I | 73-240 Intermediate Macroeconomics |
| ----- | ----- | 73-265 Economics and Data Science | 73-274 Econometrics I |
| ----- | ----- | ----- | |
| ----- | |||
| Third-Year | Fourth-Year | ||
|---|---|---|---|
| Fall | Spring | Fall | Spring |
| 36-350 Statistical Computing | 36-402 Advanced Methods for Data Analysis | Statistics Elective | Statistics Elective |
| 36-401 Modern Regression | 73-270 Professional Communication for Economists | Economics Elective | Economics Elective |
| 73-374 Econometrics II | ----- | ----- | ----- |
| ----- | ----- | ----- | ----- |
| ----- | ----- | ----- | |
*In each semester, ----- represents other courses (not related to the major) which are needed in order to complete the 360 units that the degree requires.
Prospective PhD students are advised to add 21-127 fall of sophomore year, replace 21-240 with 21-241, add 21-260 in spring of junior year and 21-355 in fall of senior year.
Minor in Economics
In addition to preparing students to be better informed global citizens and consumers, the Minor in Economics provides students with the economic and data analytical toolkit that is the foundation of business/organizational decision-making.
All university students are eligible to pursue the Minor in Economics in conjunction with a major in any other department in the university.
All economics courses counting towards the minor must be completed with a grade of "C" or higher.
Minor in Economics (Total Number of Units for the Minor: 82)
Mathematics Requirements (10 Units)
| Units | ||
| 21-120 | Differential and Integral Calculus | 10 |
| 21-256 | Multivariate Analysis | 9 |
| or 21-259 | Calculus in Three Dimensions | |
| or 21-268 | Multidimensional Calculus | |
| or 21-269 | Vector Analysis | |
Economic Theory Requirements (27 Units)
| Units | ||
| 73-102 | Principles of Microeconomics * | 9 |
| 73-103 | Principles of Macroeconomics | 9 |
| 73-230 | Intermediate Microeconomics | 9 |
| or 73-240 | Intermediate Macroeconomics | |
| *Students who place out of 73-102 based on the economics placement exam will receive a pre-req waiver for 73-102 and are waived from taking 73-102 | ||
Please note that 21-256 (or it's equivalents) is a pre-requisite for 73-230 and 73-240.
Quantitative Analysis Requirements (18 Units)
The quantitative analysis path is often determined by the major requirements. The sequence is designed to give students an understanding of probability theory, regression analysis, and quantitative economic analysis. Students are encouraged to talk with an economics advisor to determine which requirements best complement their primary fields of study. Students who have taken coursework in intermediate-level regression analysis and data visualization may petition to substitute 73-274 Econometrics I or 73-423 Forecasting for Economics and Business for 73-265 Economics and Data Science. Please talk with an economics advisor to discuss your quantitative coursework.
| Units | ||
| 36-200 | Reasoning with Data | 9 |
| or 15-259 | Probability and Computing | |
| or 21-325 | Probability | |
| or 36-207 | Probability and Statistics for Business Applications | |
| or 36-218 | Probability Theory for Computer Scientists | |
| or 36-219 | Probability Theory and Random Processes | |
| or 36-220 | Engineering Statistics and Quality Control | |
| or 36-225 | Introduction to Probability Theory | |
| or 36-247 | Statistics for Lab Sciences | |
| or 70-207 | Probability and Statistics for Business Applications | |
| 73-265 | Economics and Data Science | 9 |
Economics Electives (27 Units)
Students must take three economics elective courses. Economics elective courses are those numbered 73-3xx through 73-49x. Students are encouraged to work with their economics advisor to structure a set of courses to meet these requirements based on their particular interests, subject to course availability.
Double-Counting Restriction
For students pursuing the minor in Economics, 73-265 and the 3 economics electives must be unique for the minor and cannot double count with any other major or minor.
Course Descriptions
About Course Numbers:
Each Carnegie Mellon course number begins with a two-digit prefix that designates the department offering the course (i.e., 76-xxx courses are offered by the Department of English). Although each department maintains its own course numbering practices, typically, the first digit after the prefix indicates the class level: xx-1xx courses are freshmen-level, xx-2xx courses are sophomore level, etc. Depending on the department, xx-6xx courses may be either undergraduate senior-level or graduate-level, and xx-7xx courses and higher are graduate-level. Consult the Schedule of Classes each semester for course offerings and for any necessary pre-requisites or co-requisites.
- 73-003 Transfer Credit
- All Semesters
This number "holds" a place for an economics transfer credit courses so that these courses can be used in the academic audit system. Student receiving 73-003 credit have met the requirement of earning the equivalent of a "C" in their non-CMU economics course; however, have not earned the equivalent of a "B" which would provide credit for a CMU economics course equivalency.
- 73-060 Economics: BaseCamp
- Fall: 3 units
This short course will launch you into the economics intellectual space and get you thinking like an economist. Through a series of presentations by some of CMU's great economics thinkers you will learn how economic reasoning harnessed to data can lead to better policy design and better business decision making. Presentations may cover the economics of bitcoin and crypto-currency, online market design, financial crises, the future of work, how to become involved in economics research, healthcare, the environment, and other topics. The presentations will be curated by one of CMU's research economists and there will be plenty of opportunities for discussion and debate. The course will also introduce you to the CMU approach to economics and map out the CMU economics major landscape.
- 73-065 Nudging Behavior in Business and Public Policy
- Spring: 3 units
This course applies the insights of Behavioral Economics to inform business and policy decisions. A nudge encourages desired behavior by framing the decision or environment such that various cognitive processes and heuristics are engaged in favor of the desired outcome. The use of this branch of social science has been used successfully by the UK and US governments by the Behavioural Insights Team and Social and Behavioral Sciences Team, respectively. Nudges have also been used effectively by the United Nations, via UNICEF, to address and change a variety of behaviors such as gender violence and sanitation practices. In 2016 the Supreme Committee for Delivery and Legacy founded the Qatar Behavioral Insights Unit (QBIU) and it was incorporated as a foundation under the Qatar Financial Center in 2019. This foundation is known as B4Development (B4D) and would be of interest and importance to CMUQ students. One of the partners of B4D is the Qatar Foundation.
- 73-102 Principles of Microeconomics
- Fall and Spring: 9 units
The course is an introduction to microeconomic principles and how to think like an economist. Market and policy outcomes are largely a function of individual decisions. These questions typically take the form: how much and what combination of things should I buy? When do we want businesses to go bust? Should the government fund student tuition? It's my hope that you'll also start to think about everyday questions from an economic lens: why were bicycles so hard to find this past summer? Is Uber surge pricing just a rip-off? Is illegal streaming bad for consumers? Throughout the semester, we will build a toolkit to allow us to understand how these decisions interact and explain market successes, market failures, and the role of government in the marketplace. Toward the end of the semester, we'll change a few underlying assumptions and address a variety of questions related to strategic interaction. Some of the topics we will begin to introduce include credible threats, commitment problems, and the strategic use of information. Not open to students who have received credit for 73-100. While there are no calculus pre-requisites for this course, students are encouraged to enroll in 73-102 after they've passed 21-111. (Lecture, 2 hours; Recitation, 1 hour).
- 73-103 Principles of Macroeconomics
- All Semesters: 9 units
A one-semester course that teaches the fundamentals of macroeconomics. Students will learn how macroeconomic analysis can explain national economic activity and how government intervention might stabilize an economy. Topics include: defining and measuring national wealth, economic growth, credit markets, unemployment, interest rates, inflation, and the monetary system. Additional emphasis will be paid to: long-term economic development, political economy, financial crises and topics that are central to contemporary macroeconomic debates such as the impact of technological change, migration, and trade on the macroeconomy. Students will access macroeconomic databases, and then use basic statistics to describe and isolate empirical patterns in macro-data. Not open to students who have received credit for 73-100. (Lecture, 2 hours; Recitation, 1 hour).
Prerequisite: 73-102 Min. grade C
- 73-111 Internship I
- All Semesters
By permission of the Undergraduate Economics Program.
- 73-112 Internship II
- All Semesters: 3 units
The goal of this course is for you to reflect critically and constructively on your internship and to help you identify a path that will allow you to build on your internship experiences. By permission of the Undergraduate Economics Program. Open only to declared Economics, Economics and Mathematical Sciences, Economics and Politics, and Economics and Statistics majors.
- 73-113 Internship III
- All Semesters: 3 units
The goal of this course is for you to reflect critically and constructively on your internship and to help you identify a path that will allow you to build on your internship experiences. By permission of the Undergraduate Economics Program. Open only to declared Economics, Economics and Mathematical Sciences, Economics and Politics, and Economics and Statistics majors.
- 73-155 Markets, Models, and Math
- Spring: 9 units
The Markets, Models and Math (M3) course is designed to allow students to reflect on the thought processes that drive science, viewed through the lens of economics. While the economics focus will highlight the way economists use data and models to understand the economic phenomena we see in the real world, the course is also designed to add depth of understanding for students who major in some other discipline, for the simple reason that the things economists study touch on all aspects of human existence, whether it is understanding the cost-benefit trade-offs in architectural design, in the engineering of new products or production technologies, or understanding the grand arc of political discourse in history or the way it has shaped our laws.
Prerequisites: 21-111 and 73-102 Min. grade C
- 73-158 Markets, Models, and Math
- Spring: 9 units
The Markets, Models and Math (M3) course is designed to allow students to reflect on the thought processes that drive science, viewed through the lens of economics. While the economics focus will highlight the way economists use data and models to understand the economic phenomena we see in the real world, the course is also designed to add depth of understanding for students who major in some other discipline, for the simple reason that the things economists study touch on all aspects of human existence, whether it is understanding the cost-benefit trade-offs in architectural design, in the engineering of new products or production technologies, or understanding the grand arc of political discourse in history or the way it has shaped our laws. The course is also meant to introduce, in an intuitive way, the kinds of mathematical tools and reasoning that economists use, what the economic historian Philip Mirowski has called "the unreasonable efficacy of mathematics in economic analysis".
Prerequisites: 21-111 and 73-102 Min. grade C
- 73-199 Experiential Learning in Business and Economics
- All Semesters: 3 units
Students will collaborate to create an economic newsletter called "Southwestern PA Economy in a Snapshot," a regional version of the well-known national version produced by the New York Fed (https://www.newyorkfed.org/ medialibrary/media/research/snapshot/snapshot_january2021.pdf?la=en). The newsletter will lay the groundwork for a regular online publication produced by Carnegie Mellon Economics, a combination of data analysis/visualization and economic commentary. The ultimate goal is for the newsletter to be a to-go economics document for policy makers and business leaders in Pittsburgh and the surrounding region. Students will use a combination of data science skills, computer programming skills, and a basic knowledge of the relevant economic data. They will produce a professional, co-authored report that will serve as a valuable resume item for future career prospects. They will form small teams, each of which will create an Economic Commentary that uses the newsletter's data to provide analysis of a contemporary economic issue that is important for the Pittsburgh region. During the tenure of the course, students will also acquire new skills in computer programming, data analysis and economics. The course will "contribute. to a broader body of knowledge" by obtaining, organizing and publicizing regional economic data where no such product currently exists. It will "identify and develop skills needed to approach and tackle a practical problem or issue." That is, students will take skills obtained in the single pre-req course (Principles of Macroeconomics) and combine them with skills that almost all 1st year students take in data analysis and produce a professional piece of economic analysis. They will see how their academic education can be applied in way that this useful to business people and policy makers.
Prerequisite: 73-102 Min. grade C
- 73-210 Economics Colloquium I
- Fall: 3 units
Economics majors meet weekly for discussions about current research by faculty or students, presentations on economics from economists outside academia, and expository talks on selected economics topics not part of the usual curricula. The colloquium provides students with opportunities to grow personally and intellectually by introducing them to campus resources (including special interest to undergraduates such as preparation for graduate school) and using the economic toolbox to examine current economic topics in the press. It is recommended that students take this course during the sophomore year so that economics majors realize the range of resources that exist on campus. (Colloquium, 1 hour)
- 73-230 Intermediate Microeconomics
- Fall and Spring: 9 units
This course builds on the Principles of Economics course. It focuses on the following topics: theory of the consumer, theory of the producer, perfectly competitive market equilibrium, imperfect competition, and market failures due to asymmetric information such as adverse selection and moral hazard. (Lecture, 3 hours; Recitation, 1 hour).
Prerequisites: (21-259 or 21-256 or 21-269 or 21-268) and (73-100 Min. grade C or 73-102 Min. grade C)
- 73-240 Intermediate Macroeconomics
- Fall and Spring: 9 units
Through macroeconomic models built upon microeconomic foundations, insights are developed into economic growth processes and business cycles. Topics include aggregation and measurement, national income, business cycle measurement, economic welfare theorems and social inefficiencies, the effect of government fiscal policy upon employment and productivity, and the relationship between investment, interest rates and economic growth. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 and 73-100 Min. grade C) or (73-103 Min. grade C and 21-256 and 73-102 Min. grade C) or (73-100 Min. grade C and 21-259) or (73-103 Min. grade C and 73-102 Min. grade C and 21-259)
- 73-255 Independent Study in Economics
- Fall and Spring
The Independent Study course in economics allows students to pursue their own research interests in any of a variety of topics in economics. A typical independent study course involves a semester long project under the supervision of an appropriate faculty advisor. The nature and scope of the project are determined by the student and faculty advisor; the project proposal must be approved by an Undergraduate Economics Program staff member. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and 73-160 Min. grade C
- 73-258 Developing Blockchain Use Case
- Intermittent: 6 units
Blockchains, or distributed ledger and consensus technologies, hold tremendous promise for improving markets and organically handling private, secure data. As CMU develops its own blockchain and token---CMU Coin---a central concern is to determine the set of applications that such technology would be most useful for. This course is designed for students to propose and, potentially, develop applications or use cases for a campus blockchain. http://tinyurl.com/cmucoincourse The course begins with a brief introduction to blockchain using Bitcoin as an example of a blockchain protocol. We will examine the market failure Bitcoin was intended to resolve as well as the role of cryptography and distributed systems in enabling this new technology to create societal value. The course will go on to discuss the boundaries of the role of cryptography in blockchain. Next, we will use these tools to evaluate existing, real-world blockchain use cases with an eye towards developing our own applications of these emerging technologies. Along the way, we will learn practical development skills in distributed ledger technologies to understand blockchain programming and application development. Finally, students will propose their own blockchain use cases for CMU's own proprietary blockchain. No formal prerequisites, but familiarity with programming is highly recommended.
- 73-265 Economics and Data Science
- All Semesters: 9 units
This course is at the intersection of economic analysis, computing and statistics. It develops foundational skills in these areas and provides students with hands-on experience in identifying, analyzing and solving real-world data challenges in economics and business. Students will learn the basics of database and data manipulation, how to visualize, present and interpret data related to economic and business activity by employing statistics and statistical analysis, machine learning, visualization techniques. Students will also be taught a programming language suitable for data science/analysis. Databases will include leading economic indicators; emerging market country indicators; bond and equity returns; exchange rates; stock options; education and income by zip code; sales data; innovation diffusion; experimental and survey data and many others. Applications will include analyzing the effectiveness of different Internet pricing strategies on firm sales, the impact of taking online classes on a worker's earnings, the relationship between regional employment and trade policies; constructing investment risk indices for emerging markets; predicting employee productivity with machine learning tools; assessing health (sleep and exercise) improvements associated with wearable technologies (e.g. FitBit). Additionally, the course will provide students with communication skills to effectively describe their findings for technical and non-technical audiences. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (36-247 or 70-207 or 15-259 or 36-217 or 36-219 or 36-218 or 36-225 or 36-207 or 36-202 or 36-201 or 36-200 or 21-325 or 36-220) and (73-100 Min. grade C or 73-102 Min. grade C)
- 73-270 Professional Communication for Economists
- Fall and Spring: 9 units
A writing course specifically designed for second-year and third-year Economics majors and additional majors. Students gain experience with technical writing techniques and skills needed for both their eventual professional careers. The course emphasizes both individual and group projects. (Seminar, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (76-108 or 76-107 or 76-106 or 76-101 or 76-102) and 73-102 Min. grade C and 73-103 Min. grade C
- 73-274 Econometrics I
- Spring: 9 units
This course will provide an introduction to the analysis of economic field data. The first part of the course will discuss how data is generated and how this affects the inferences we can make. In particular, we will look at the difficulties of working with field data and learn how non-random sampling leads to poor inferences. We will then move on to some simple statistical techniques, in particular OLS and its extensions as well as Maximum Likelihood Estimators. We will also learn about the large sample properties of these estimators. At the end of the course, students should be able to understand what inferences can be made with field data and some basic statistical techniques that can be used to uncover patterns in the data. (Lecture, 3 hours; Recitation, 1 hour). Students pursuing the ECOMTH or MTHECO degrees may enroll in 73-274 after the completion of 36-225. Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-269 or 21-256 or 21-259 or 21-268) and 73-265 Min. grade C and (73-240 Min. grade C or 73-230 Min. grade C)
- 73-315 Market Design
- Intermittent: 9 units
In this course, we consider the design of various market mechanisms. We learn the typical causes of market failures and why we need to design new markets. For each topic, we start with a case study of a problem, develop a theory to address it, and consider its possible solutions. The class is roughly divided into three parts: matching, auctions, and further topics. In the first part, we study markets where there is no money and no prices (matching markets). Instead, we have people preferences over possible matching outcomes. Examples include placing doctors in residency positions, assigning students to schools, and assigning kidneys to transplant patients. We will learn algorithms that have desirable theoretical properties and are often used in practice. In the second part, we consider the problem of allocating of single or multiple goods (a house, a painting, or the rights to a natural resource such as oil or timber) using auctions. We discuss how different types of auctions work in theory and practice. We will look at the auctions used in financial markets to sell treasury bills, the auctions used by Google, Microsoft and Facebook to sell advertising, and the auctions used by governments to sell radio spectrum licenses. In the third part, we consider further important topics of market design. We will look into problems of high-frequency trading, digital markets, the allocation of refugees among European countries, and proposals to fix market for carbon pollution permits. An important goal of the course is to show how recent achievements of game theory and mechanism design lead to important practical applications and to inspire you to use these ideas in your life and workplace. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-269 or 21-268 or 21-259 or 21-256) and 73-230 Min. grade C
- 73-327 Advanced Topics In Macroeconomics And Real Business Cycles
- Intermittent: 9 units
For analysts and decision makers in a variety of positions, such as business managers and government policy makers, a thorough understanding of the economy as a whole helps to make well-informed decisions. Examples of important knowledge about the economy are its sources of growth, the main impulses that cause the economy to fluctuate over time and enter into booms and recessions, the way in which these impulses propagate over time, and the state of the economy in general. The main objective of this course is to lay the foundation for such an understanding and present a framework within which we can (and will) evaluate a variety of aggregate phenomena. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-269 or 21-268 or 21-259 or 21-256) and 73-240 Min. grade C
- 73-328 Health Economics
- Fall: 12 units
This course will teach the student to use economic analysis to understand critical issues in health care and and health policy. We will address issues such as the following: 1. What factors best explain the level and rate of growth of U.S. health expenditures? 2. Does the recent high rate of growth of U.S. health care expenditures make U.S. firms less competitive in international markets? 3. What are some of the likely consequences (intended and unintended) of the proposed reforms to Medicare? 4. Can physicians induce demand for their services? 5. What are the impacts of managed care on the health care system? 6. Do strong affiliations between physicians and health plans hurt competition? (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses. Junior standing required.
Prerequisites: 21-120 and 73-102 Min. grade C
- 73-332 Political Economy
- Spring: 9 units
The Political Economy course looks at how groups within society organize for self-governance. The course will begin with an overview of the ways groups of individuals organize for collective action by examining different types of political institutions, the role these institutions play in different contexts, and the economic and strategic micro-foundations that give rise to these institutions. We will then examine the empirical evidence supporting this taxonomy, leading to a more detailed consideration of institutions that moderate social conflicts. The next part of the course examines basic results in social choice theory: the Condorcet paradox, Arrow's Impossibility Theorem, majority rule, median voter theories, and modern treatments of probabilistic voting models that allow for strategic behavior, misrepresentation of preferences, and policy manipulation. From this basis for understanding collective choice mechanisms, we will then examine how institutions foster cooperation, looking in detail at problems of public goods allocation, redistribution of income, the organization of clubs - interest groups and lobbying associations --in the private sector, and the organization of legislative activities in the public sector. In our examination of voting and electoral mechanisms, we will look at practical applications of the theory to problems of gerrymandering, voter suppression, and propaganda that feature prominently in contemporary political discourse.
Prerequisites: (73-230 Min. grade C or 73-160 Min. grade C) and (36-201 or 36-200)
- 73-338 Financial Crises and Risk
- Fall: 9 units
This course provides an in-depth examination of the causes of financial crises as well as what governments can do to prevent them or at least reduce their cost. The course is designed to to provide an understanding of individual attitudes towards risk and individual decision making about savings and investment under uncertainty, and to use this understanding to evaluate the various economic roles played by financial institutions in helping individuals manage risk, especially those roles which may lead to economic instability and crises. In addition, the course may cover bubbles and swindles, especially when these spillover to the broader macroeconomy; the role of information in banking in normal times and in bank runs; crisis resolution techniques; and the extensive history of attempts to improve regulation so as to reduce the frequency and cost of crises. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-259 or 21-256 or 21-269) and 73-102 Min. grade C and 73-240 Min. grade C
- 73-341 Managing through Incentives
- Intermittent: 9 units
We live in an exciting age of information and knowledge when inspiring employees within a firm becomes increasing important. Aligning the objectives of workers, managers, and owners by providing them with appropriate incentives becomes an emerging paradigm in the modern business world. In this course, we learn how to reason about incentives between managers and employees, between managers and owners, and within a team of co-workers. We cover a broad range of topics including objective and subjective performance measurements, relative performance evaluations, relational contracts, and executive compensation. The course relies on business case discussions, rigorous theoretical material, and numerous class activities. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-256 or 21-269) and (36-219 or 36-220 or 36-201 or 36-202 or 70-207 or 36-207 or 36-200 or 36-217 or 36-225 or 36-218) and 73-230 Min. grade C
- 73-347 Game Theory Applications for Economics and Business
- Fall: 9 units
An introduction to the theory of non-cooperative games with an emphasis on economic applications. After an initial examination of two-person, zero-sum games, the notion of a Nash equilibrium in an n-person, non-cooperative game is considered. Existence of and refinements to the equilibrium concept are discussed in the context of both normal and extensive form games. Economic applications may include various topics, including Cournot and Bertrand oligopoly models, general competitive exchange equilibrium, and free rider problems. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-120 or 21-112) and 73-102 Min. grade C
- 73-348 Behavioral Economics
- Spring: 9 units
This course introduces students to behavioral economics which is a subfield of economics that incorporates insights from other social sciences, such as psychology, into economic models and aims to explain the anomalies challenging some of the classical economic models. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (36-200 or 36-225 or 36-207 or 70-207 or 36-217) and 21-120 and (73-100 Min. grade C or 73-102 Min. grade C)
- 73-352 Public Economics
- Fall: 9 units
In this course, students analyze the role of governments in market economies and their impact on the behavior and welfare of citizens. Reasons for government intervention in markets are examined in light of some of the economic challenges faced by modern societies in an increasingly globalized marketplace. Topics include: taxation and expenditure policies, externalities and market failure, social security, public assistance and income redistribution programs. There will also be some coverage of the role of local governments in the economy with respect to such issues as crime, urban development and education. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-268 or 21-269 or 21-259 or 21-256) and 73-230 Min. grade C
- 73-353 Financial Regulation in the Digital Age
- Spring: 9 units
The financial crisis and the digitalization of the financial markets have focused attention on the role of regulation for our financial system and the broader economy in recent years. Among the settings that are especially important in the digital economy are electronic trading, big data, algorithms, robo investing, winner-take-all economics, securities offerings, property rights and cyber assets. The course will address the foundations of regulation ("why regulate?") from various perspectives within a market economy, highlighting the sources of "market failure" (such as externalities, adverse selection, and natural monopoly) and potential remedies (such as disclosure, taxes and fees, antitrust prohibitions, privacy requirements, price regulation and guarantees). The conflicting goals among regulators (and why we have multiple regulators) and their impact on the meaning of regulation will be considered along with regulatory competition/arbitrage. Portions of the course will tackle relatively broad questions such as: Why regulate? Why could it be beneficial to restrict permitted algorithms? Are our markets rigged? How suitable are antitrust remedies in the digital era? What is the law of unintended consequences? What is the objective of a policy advocate? Are regulators and regulatory policies a systemic risk? How can regulators enhance the predictability and credibility of their policies? Should we bar insider trading? Should regulations be determined and motivated based upon cost-benefit analysis? How can we evaluate the success or failure of particular regulations and whether they have achieved their objectives? To what extent did the Dodd-Frank Act ensure financial stability?(Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-259 or 21-269 or 21-268) and 73-230 Min. grade C
- 73-359 Benefit-Cost Analysis
- Intermittent: 9 units
The evaluation of public private sector projects. The theory of benefit-cost analysis and related techniques, such as cost-effectiveness analysis. Attention is given to such issues as valuing goods and services that are not normally traded in the marketplace (e.g., the value of an individuals life) and the social rate of discount. Applications are considered in detail. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (73-102 Min. grade C or 73-100 Min. grade C) and (36-225 or 70-207 or 36-217 or 36-207 or 36-200 or 36-202 or 36-220)
- 73-365 Firms, Market Structures, and Strategy
- Fall: 9 units
This course is concerned with the economic analysis of industrial markets that are not perfectly competitive. The effects of imperfect competition on firms' decisions (pricing, location, advertising, research and development, among others) are reviewed. Implications of these effects in terms of public policy are also discussed from a variety of perspectives. Finally, applications to actual markets are considered. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-256 or 21-268 or 21-269 or 21-259) and 73-230 Min. grade C
- 73-366 Designing the Digital Economy
- Spring: 9 units
This class analyzes the economics of e-commerce and technology. It will identify the critical features that differentiate the technology firms from traditional industries, and examine the implications for business strategy. The class will discuss topics such as network effects, switching costs, and platform markets. To complement the economic theory, we will also consider a case study of a fi rm each week. These have three aims: to provide applications for the concepts developed in the lectures; to inform you about different industries; and to help develop your written, rhetorical and presentation skills. Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-259 or 21-269 or 21-268 or 21-256) and 73-230 Min. grade C and (73-265 Min. grade C or 73-274 Min. grade C or 73-374 Min. grade C or 73-407 Min. grade C or 36-202 or 36-208 or 36-220 or 36-226 or 70-208)
- 73-374 Econometrics II
- Fall: 9 units
The material covered in this course extends from the material covered in Econometrics I (73-274). The course will include both the theory behind the methods and a hands-on analysis of actual data, providing students the tools for both research and industry jobs. Theories and methodologies covered will include: nonlinear regression models, qualitative response regression models, panel data estimators, simultaneous-equation models, and time series. (Lecture, 3 hours; Recitation, 1 hour). Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-269 or 21-259 or 21-268 or 21-256) and 73-230 Min. grade C and 73-274 Min. grade C
- 73-395 Independent Study in Economics
- Fall and Spring
The Independent Study course in economics allows the student to pursue his or her own research interests in any of a variety of topics in economics. A typical independent study course involves a semester long project under the supervision of an appropriate faculty advisor. The nature and scope of the project are determined by the student and faculty advisor. Minimum grade standard of "C" applies only to economics courses.
Prerequisites: (21-256 or 21-269 or 21-259 or 21-268) and (73-230 Min. grade C or 73-240 Min. grade C)
- 73-408 Law and Economics
- Intermittent: 9 units
This course will provide a broad overview of the scholarly field known as "law and economics." The focus will be on how legal rules and institutions can correct market failures. We will discuss the economic function of contracts and, when contracts fail or are not feasible, the role of legal remedies to resolve disputes. We will also discuss at some length the choice between encouraging private parties to initiate legal actions to correct externalities and governmental actors, such aas regulatory authorities. Extensive attention will be given to the economics of litigation, and to how private incentives to bring lawsuits differ from the social value of litigation. The economic motive to commit crimes, and the optimal governmental response to crime, will be studied in depth. Specific topics within the preceding broad themes include: the Coase Theorem; the tradeoff between the certainty and severity of punishment; the choice between ex ante and ex post sanctions; negligence versus strict liability; property rules; remedies for breach of contract; and the American rule versus the English rule for allocating litigation costs. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and 73-102 Min. grade C
- 73-415 Data Driven Business and Public Policy Decision Making
- Intermittent: 9 units
In this course students will learn to leverage data to inform business and policy decisions. The course will teach students various methods for data description, including techniques of data visualization and statistical techniques. Students will learn how to assess the precision of estimation techniques. The final part of the course covers examples taken from epidemiology, economics, business and public policy. (Lecture, 3 hours: Recitation: 1 hour). Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-259 or 21-269 or 21-256 or 21-268) and 73-230 Min. grade C and 73-265 Min. grade C
- 73-421 Emerging Markets
- Fall: 9 units
The goal of the course is to study the economic and institutional forces that spur or hinder business activity and growth in emerging economies. The course is designed to provide both quantitative and theoretical foundations for the study of emerging markets. On the quantitative side, the course will introduce students to the empirical analysis of the growth forces and obstacles facing emerging markets by providing numerous hands-on opportunities using real-world data. On the theory side, the course will provide an overview of fiscal, trade and exchange rate policies adopted in emerging economies. The course will focus on successful emerging economies such as India, China, S. Korea and Ireland with broader lessons and comparisons drawn from developed countries. The course will also look at distressed economies, such as North Korea and Venezuela analyzing the challenges and opportunities faced by these developing nations today. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (70-207 or 15-259 or 36-207 or 36-202 or 36-200) and 73-102 Min. grade C and 73-103 Min. grade C
- 73-423 Forecasting for Economics and Business
- Spring: 9 units
Governments forecast economic indicators (e.g., GDP, job growth, etc.); businesses forecast sales; portfolio managers forecast asset return; the list goes on. Accurate forecasts are critical to robust organizational decision-making. This course will introduce students to modern methods for forecasting in economic and business applications. Topics covered include Bayesian, statistical, and online learning approaches to forecast construction and assessment, univariate and multivariate time series models and algorithms, and principled combination of multiple methods and data sources along with subject matter expertise to improve performance. Methods will be motivated by applications in macroeconomics, technology, marketing, and finance, with cases drawn from forecasting processes in a variety of business and government organizations. Students will implement forecasting methods in R, including in a real data forecasting competition.
Prerequisites: (21-259 or 21-256 or 21-269 or 21-268) and (73-230 Min. grade C or 73-240 Min. grade C or 73-274 Min. grade C)
- 73-427 Sustainability, Energy, and Environmental Economics
- Fall: 9 units
Topics related to sustainability and the environment are increasingly important to businesses, policymakers, and the general public. This course applies the tools of economic analysis to the problems of environmental protection, natural resource management, and energy production and use. The course will begin by introducing students to how an economist approaches problems of market failure commonly found in environmental contexts. Next, we will explore models that characterize solutions to such environmental issues. We will then address questions regarding measurement, policy design, and, finally, we will apply the tools that we have developed during the semester to the problems of climate change, and the optimal management of non-renewable resources. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (73-100 Min. grade C or 73-102 Min. grade C) and (36-200 or 36-225 or 70-207 or 36-202 or 36-207 or 36-217 or 36-220)
- 73-469 Global Electronic Markets: Economics and the Internet
- Fall: 9 units
The information revolution brought about by the Internet is having a dramatic impact on the organization of economic activity. Long-term contractual relationships that once governed corporate procurement are being dismantled as manufacturers use the Internet to market directly to the public. New transportation networks that used to simply move goods from point A to point B are evolving into dynamic inventory pipelines that allow manufacturers to track and even reroute shipments in real time. At the same time, individuals are making use of sophisticated search engines to comparison shop at a scale that would have been physically exhausting even five years ago. We will use the basic tools of economic analysis to understand how and why the changes in information technology are reshaping the economic landscape. (Lecture, 3 hours). Minimum grade standard of "C" applies only to economics courses.
Prerequisites: (21-268 or 21-269 or 21-256 or 21-259) and (73-230 Min. grade C or 73-160 Min. grade C)
- 73-476 American Economic History
- Fall: 9 units
The study of economic history provides important perspective on current economic institutions and policies. A failure to understand the historical evolution of economic institutions or the variety of past economic experience is perhaps the worst shortcoming of many economists. The study of economic history provides an opportunity to test currently fashionable theories against data different from those used in their construction. In fact, this is a course in applied economics. The theories developed in the intermediate courses will be applied to episodes from the past in ways that increase understanding both of the specific historical episodes considered and the economic theories employed. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: 21-120 and (73-230 Min. grade C or 73-160 Min. grade C)
- 73-495 Advanced Independent Study in Economics
- All Semesters
The Independent Study course in economics allows the student to pursue his or her own research interests in any of a variety of topics in economics. A typical independent study course involves a semester long project under the supervision of an appropriate faculty advisor. The nature and scope of the project are determined by the student and faculty advisor. Minimum grade standard of "C" applies only to economics courses.
Prerequisites: (21-269 or 21-256 or 21-268 or 21-259) and (73-240 Min. grade C or 73-230 Min. grade C)
Course Website: http://tepper.cmu.edu/prospective-students/course-page/73495/advanced-independent-study-in-economics
- 73-497 Senior Project
- Fall: 9 units
A fourth-year project course, open only to Economics primary and additional majors with Senior standing. The senior project is a capstone course in economics. The purpose of the course is to showcase the analytical and quantitative skills that you have acquired as an undergraduate at Carnegie Mellon. The course project should reflect some independent applied research that is genuinely your own work. Thus a "book report" or a "literature review" are not sufficient exercises to satisfy this requirement. The following research approaches are acceptable for the research project: an empirical study based on a data set that you put together, an experimental study based on an experiment that you conducted, an analysis of survey data based on a survey that you conducted, a theoretical analysis based on a model that you have developed, based on your own algorithm. Students who write an honor thesis are exempted from this class. (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.
Prerequisites: (21-269 or 21-268 or 21-259 or 21-256) and (36-303 or 36-226 or 73-265 Min. grade C or 73-274 Min. grade C or 73-374 Min. grade C or 73-407 Min. grade C) and 73-230 Min. grade C and 73-240 Min. grade C
- 73-500 Tepper College Honors Thesis I
- Fall and Spring
Economics majors with outstanding academic records and intellectual promise will be given the opportunity to undertake original research under the direction of individual faculty members. Research topics are selected by students and approved by faculty. Prerequisites: Senior standing in the Economics Program and permission of the Economics faculty. Minimum grade of "C" required in all economics and statistics pre-requisite courses.
Prerequisites: (21-259 or 21-268 or 21-256 or 21-269) and (73-274 Min. grade C or 36-226 Min. grade C or 73-265 Min. grade C) and 73-230 Min. grade C and 73-240 Min. grade C
- 73-501 Tepper College Honors Thesis II
- Fall and Spring
Economics majors with outstanding academic records and intellectual promise will be given the opportunity to undertake original research under the direction of individual faculty members. Research topics are selected by students and approved by faculty. Prerequisites include: Senior standing in the Economics Program and permission of the Economics faculty. Minimum grade of "C" required in all economics and statistics pre-requisite courses, and a minimum grade of "B" required in Tepper College Honors Thesis I.
Prerequisites: (21-269 or 21-256 or 21-259 or 21-268) and 73-230 Min. grade C and 73-240 Min. grade C and 73-500 Min. grade B and (73-374 Min. grade C or 73-265 Min. grade C)
Faculty
LAURENCE ALES, Associate Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2008–
SERRA BORANBAY AKAN, Assistant Teaching Professor of Economics – Ph.D., Northwestern University; Carnegie Mellon, 2013–
JAMES A. BEST, Assistant Professor of Economics – Ph.D., University of Edinburgh; Carnegie Mellon, 2018–
DAVID CHILDERS, Assistant Professor of Economics – Ph.D., Yale University; Carnegie Mellon, 2016–
KAREN B. CLAY, Professor of Economics and Public Policy, H. J. Heinz III College – Ph.D., Stanford University; Carnegie Mellon, 1998–
ROBERT M. DAMMON, Richard C. Green Professor of Financial Economics – Ph.D., University of Wisconsin; Carnegie Mellon, 1984–
KENNETH B. DUNN, Professor of Financial Economics, Emeritus – Ph.D., Purdue University; Carnegie Mellon, 1979–
DENNIS N. EPPLE, Thomas Lord University Professor of Economics – Ph.D., Princeton University; Carnegie Mellon, 1974–
SELMAN EROL, Assistant Professor of Economics – Ph.D., University of Pennsylvania; Carnegie Mellon, 2016–
CHRISTINA FONG, Senior Research Scientist in Social and Decision Sciences, Dietrich College of Humanities and Social Sciences – Ph.D., University of Massachusetts; Carnegie Mellon, 2001–
JOHN GASPER, Associate Teaching Professor of Economics – Ph.D., Carnegie Mellon University; Carnegie Mellon, 2010–
MARTIN GAYNOR, E.J. Barone University Professor of Economics and Health Policy, H. J. Heinz III College – Ph.D., Northwestern University; Carnegie Mellon, 1995–
BURTON HOLLIFIELD, Associate Dean, Undergraduate Programs; PNC Professor of Finance; Professor of Financial Economics – Ph.D., Carnegie Mellon University; Carnegie Mellon, 1999–
KARAM KANG, Associate Professor of Economics – Ph.D., University of Pennsylvania; Carnegie Mellon, 2012–
ALEXEY KUSHNIR, Associate Professor of Economics – Ph.D., Pennsylvania State University; Carnegie Mellon, 2014–
FINN KYDLAND, The Richard P. Simons Distinguished Professorship; University Professor of Economics, Emeritus; Nobel Laureate (2004) – Ph.D., Carnegie Mellon University; Carnegie Mellon, 1977–
REBECCA LESSEM, Associate Professor of Economics – Ph.D., University of Wisconsin-Madison; Carnegie Mellon, 2011–
BENNETT T. MCCALLUM, H. J. Heinz Professor of Economics, Emeritus – Ph.D., Rice University; Carnegie Mellon, 1981–
ROBERT A. MILLER, Richard M. Cyert and Morris DeGroot Professor of Economics and Statistics – Ph.D., University of Chicago; Carnegie Mellon, 1982–
NICHOLAS Z. MULLER, Professor of Economics, Engineering, and Public Policy – Ph.D., Yale University; Carnegie Mellon, 2017–
ANH NGUYEN, Assistant Professor of Economics – Ph.D., Columbia University; Carnegie Mellon, 2018–
JOHN R. O'BRIEN, Associate Professor of Accounting and Experimental Economics, Emeritus – Ph.D., University of Minnesota; Carnegie Mellon, 1984–
MARGARITA PORTNYKH, Distinguished Service Professor of Economics – Ph.D., Clemson University; Carnegie Mellon, 2018–
MARYAM SAEEDI, Assistant Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2016–
ALI SHOURIDEH, Associate Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2016–
FALLAW B. SOWELL, Associate Professor of Economics – Ph.D., Duke University; Carnegie Mellon, 1988–
CHESTER S. SPATT, Pamela R. and Kenneth B. Dunn Professor of Finance – Ph.D., University of Pennsylvania; Carnegie Mellon, 1979–
STEPHEN E. SPEAR, Professor of Economics – Ph.D., University of Pennsylvania; Carnegie Mellon, 1982–
ARIEL ZETLIN-JONES, Associate Professor of Economics – Ph.D., University of Minnesota; Carnegie Mellon, 2012–