Economics
Phone: 703-993-1151
Web: economics.gmu.edu
Faculty
Distinguished professor emeritus: Buchanan
Professors:Bennett, Boettke, Boudreaux (chair), Congleton, Cowen, Crain, Heiner, Iannaccone, Klein, Levy, McCabe, Phillips (emeritus) Roberts, Rowley, Smith, Snavely (emeritus), Stratmann, Tullock, Vaughn (emerita), Wagner, Williams
Associate professors: Caplan, Hanson, Houser, Meyer, Ramirez, Reid, Tabarrok, Thorbecke, Wiest, Wilson
Instructor:Rustici
Course Work
The Economics Department offers all course work designated ECON in the Course Description chapter of the catalog.
Undergraduate Programs
Economics, BA
This program is designed primarily for students with a stronger interest in the liberal arts. It is appropriate for those who prefer a less quantitative degree program and may be especially appropriate for students planning to attend law school or graduate programs in business or public administration.
In addition to satisfying the university-wide general education requirements and the requirements for a BA degree in LAHS, candidates must complete the following:
- 36 credits of economics courses including 12 credits of required courses (ECON 103, 104, 306, and 311); and 24 credits of economics electives at the 300 and 400 level. (ECON 103 and 104 fulfill the university general education requirement in behavior and social science, and 3 credits of the college level requirement in social science.)
- DESC 210, or STAT 250 and 350
- MATH 108 (fulfills university requirement in quantitative reasoning)
- IT 103 (fulfills university information technology proficiency requirement)
Students must earn a GPA of at least 2.00 in ECON courses.
Some economics courses may fulfill the university-wide general education global understanding requirement and the CAS non-Western culture requirement. Check with the departmental advising office for more information. Economics majors can fulfill the university-wide general education synthesis requirement with ECON 309.
Economics, BS
The BS degree program is designed for students who desire a more technical program with a stronger emphasis on economic and quantitative analysis. It is especially appropriate for students who anticipate a career as an economic analyst in government, consulting, trade associations, or other private-sector positions that emphasize economic research and analysis. The requirements are also appropriate for students planning postgraduate education in economics, or in more quantitative business administration programs.
In addition to satisfying the university-wide general education requirements, students must complete the following:
- 39 credits of economics courses, including 15 credits of required courses (ECON 103, 104, 306, 311, and 345); and 24 credits of economics electives at the 300 and 400 level. (ECON 103 fulfills the university general education requirement in social and behavioral science.)
- STAT 362, ACCT 203, or MSOM 300
- DESC 210, or STAT 250 and 350
- MATH 113 and 114 (fulfills university-wide general education quantitative reasoning requirement)
- IT 103 (fulfills university-wide general education information technology proficiency requirement)
- 8 credits of a laboratory science sequence (fulfills university-wide general education natural science requirement)
Students must earn a GPA of at least 2.00 in ECON courses.
If ECON 340 Mathematical Economics is chosen as an elective, students need not take MATH 114. However, MATH 114 is strongly recommended for students considering graduate school in economics, and is required for admission to most graduate programs. An additional calculus course beyond MATH 114 is also advisable for students considering graduate study in economics.
Some economics courses may fulfill the university-wide general education global understanding requirement. Check with the departmental advising office for more information. Economics majors can fulfill the university-wide general education synthesis requirement with ECON 309.
Writing-Intensive Requirement
The university requires all students to complete at least one course designated as writing intensive in their majors at the 300 level or above. Students majoring in economics fulfill this requirement by successfully completing ECON 320, 345, 350, 360, or 365.
Minor in Economics
The minor consists of 21 credits in economics with a minimum GPA of 2.00: ECON 103, 104, and 306; and 12 credits of economics electives at the 300 or 400 level. A minimum of 9 credits of upper-level economics course work must be taken at Mason. With permission of the department chair or undergraduate coordinator, a course in a closely related field may be substituted for 3 credits of economics electives. A course in statistics is highly recommended: DESC 210, or STAT 250 or 344 may substitute for up to 3 credits of economics electives.
For policies governing all minors, see the Academic Policies chapter of this catalog.
Minor in Economic Systems Design
The design of processes that efficiently allocate resources and foster exchange are crucial in society, organizations, personal interactions, and individual decision making. Economic systems design is the scientific study of the design, development, testing, and understanding of economic institutions. Economic systems design explores problems in the design of allocation systems, and provides a method to develop and test the properties of such systems. A minor in economic systems design prepares students to undertake the scientific process of understanding and developing systems of exchange and their incentives. This minor is both unique and extremely marketable. The skills offered through this minor can be of use to e‑commerce designers, policy analysts, systems designers, engineers, and computer scientists.
Requirements
This minor consists of three required courses (9 credits) and two elective courses (6 credits) distributed as follows:
Required Courses:
ECON 440: Economic Systems Design I: Principles and Experiments
ECON 441: Economic Systems Design II: Case Studies and Analysis
ECON 442: Economic Systems Design III: Implementation
Elective Courses
6 credits of electives, chosen in consultation with an advisor in the minor. Typical courses include MIS 491, MATH 441, SYST 420 and 470, CS 480 and 483, and ECON 335 and 415.
For policies governing all minors, see the Academic Policies chapter of this catalog.
Teacher Licensure
Students who wish to become teachers should consult the CEHD chapter and attend an information session early in their undergraduate career. For more information, call 703-993-2892, e-mail gseadmit@gmu.edu, or go to gse.gmu.edu.
Bachelor’s/Accelerated Master’s Program
Highly qualified undergraduates may apply to the accelerated master’s degree program and obtain both bachelor’s and master’s degrees in economics following satisfactory completion of 144 credits. Well-prepared undergraduates are encouraged to apply as they near completion of 90 credits. Admitted students are able to use up to 6 graduate credits in partial fulfillment of requirements for the undergraduate degree. Upon completion and conferral of the undergraduate degree with satisfactory performance (3.00 in each course, grade of B or better) in graduate courses, students are given advanced standing in the master’s program. All other master’s degree requirements must be met. Graduates are exceptionally well-prepared for a professional school, or a PhD program in economics or a related discipline. Interested students should contact the department for details about the application process.
Graduate Programs
Economics, MA
The MA in economics strengthens students’ knowledge of economic theory and improves their skills in applying the theory to economic problems. Graduates are qualified to read and judge other research and to conduct their own, either individually or as members of research teams in government or business. They are also prepared to write policy analysis articles. Students who plan to pursue a PhD in economics should apply directly to the doctoral program.
Admission Requirements
Applicants should hold an undergraduate degree, which does not have to be in economics, from an accredited institution. They should have satisfactorily completed intermediate microeconomics and macroeconomics as well as MATH 108 or equivalent, and have completed at least one semester of calculus before enrolling in any graduate courses. Students entering the master’s program should be familiar with basic statistics as well. Students also should have earned a GPA of 3.00 in the last two years of undergraduate work and in all economics courses as well as satisfactory scores on the GRE (subject exam is optional).
All applicants must submit two letters of recommendation and a brief personal statement explaining their interest in the program.
Degree Requirements
- 30 graduate credits in economics distributed as follows:
- Three required courses (9 credits): ECON 611, 612, and 615
- Seven elective courses (21 credits) in economics; they may be chosen from any of the fields offered by the department. ECON 630 Mathematical Economics and ECON 535 Survey of Applied Economics are strongly recommended.
- Students may receive departmental permission to substitute up to 6 credits of electives taken outside economics in closely related fields. Students may also elect the thesis option, which offers 6 credits for independent research and writing under the supervision of a faculty member in lieu of 6 credits of electives.
- Passing grades on comprehensive exams in micro- and macroeconomics (exams offered twice each year)
Although the department does not guarantee availability of courses every semester, a typical first-year sequence includes ECON 611 and 630, and an elective in the fall; and ECON 612 and 615, and an elective in the spring. If possible, part-time students should arrange their work schedules to take two courses per semester in the first year. Master’s degree students must enroll at the Arlington Campus for core theory courses.
Certificate in Economic Systems Design
This certificate provides graduate students with a program of courses and laboratory experience. Course work for the graduate certificate can be used for credit toward the MA and PhD in economics. The primary pur-pose is to provide a well-defined target for students who want to advance or update their knowledge in this fast-moving field.
Graduate students in economics, computer science, mathematics, systems engineering, and informatics find this certificate a strong complement to their major area of study. The courses and project work provide skills that can be used in electronic commerce, public policy, and internal firm resource-allocation processes.
Admission Requirements
The program is open to all students who hold a bachelor’s degree from an accredited university. Interested students not already in a degree program should submit an application for graduate studies.
Certificate Requirements
The certificate consists of three graduate courses (9 credits) in economic systems design, and two elective courses (6 credits) chosen in consultation with an advisor in economics. A cumulative GPA of 3.00 is required, and no more than one course with a grade of C may be applied toward the certificate.
Economics, PhD
This program prepares students for careers in academia, business, and government. Core courses train students in modern theory and quantitative techniques, while field courses stress the application of theory to relevant economic problems. Dissertation work requires students to master and apply the skills of original research. The department emphasizes publishing; many students have had articles accepted for publication in professional journals while in the graduate program. Research in the Department of Economics covers a broad spectrum, from problems of immediate policy importance to fundamental questions of economic and social organization.
Admission Requirements
Applicants should hold an undergraduate degree, which does not have to be in economics, from an accredited institution, and have satisfactorily completed intermediate microeconomics and macroeconomics. They also should have one year of calculus and one year of statistics, and one semester each of matrix algebra and econometrics. They also should have earned a GPA of 3.00 in the last two years of undergraduate work and in all economics courses as well as satisfactory scores on the GRE (subject exam is optional).
Applicants must submit two letters of recommendation and a brief personal statement explaining their interest in the program. The department accepts doctoral students only for the fall semester.
Degree Requirements
Students are required to complete 72 credits of course work, of which no more than 24 may be dissertation credits. Once enrolled in 998, a student must maintain continuous registration in 998 or 999 each semester until the dissertation is submitted to and accepted by the university library. Students must pass comprehensive exams in microeconomics and macroeconomics. In addition, students must pass field exams in two of the fields listed below. Exams are usually given in August and January. Students who enter with a master’s degree in economics may have their credit requirement reduced by up to 30 credits at the discretion of the department. Credit is not given for comprehensive and field exams from other universities.
All doctoral students must take a year of microeconomic theory (ECON 811 and 812), a year of macroeconomic theory (ECON 715 and 816), mathematical economics (ECON 630), and econometrics (ECON 637). Also required are two courses beyond the other required courses in each of the student’s two chosen fields in preparation for field exams.
A typical first-year program of study for a full-time doctoral student includes ECON 630, 715, and 811 in the fall; ECON 637, 812, and 816 in the spring; and micro and macro comprehensive exams in August. A typical second-year program includes Field 1 and Field 2 in the fall; Field 1 (continued) and Field 2 (continued) in the spring; and field exams in August.
If possible, part-time students should arrange their work schedules to take two courses per semester in the first year. Doctoral students may not enroll at the Arlington Campus for their required theory and mathematics courses.
Subject to course availability, the department offers exams in the following fields of study: Austrian economics, constitutional and institutional economics, industrial organization, international trade and finance, law and economics, monetary theory, public choice, and public finance. The department also offers a concentration in experimental economics, the application of the laboratory method to test the validity of various economic theories and new market mechanisms. Students should consult the director of the doctoral program and director of the Interdisciplinary Center for Economic Science (ICES) for program details and requirements.
A new joint JD/PhD program with Mason’s School of Law is now available. Please contact the department chair for details or go to www.law.gmu.edu/econ/jointdegrees.html.