Economics
This program will officially come to a close by spring of 2026. Explore CAPS’s exciting, new undergraduate offerings, including the reimagined Integrated Studies undergraduate degree programs.
Economics is an excellent course of study to pursue because it contributes to a broad liberal arts education. It can help students to develop superior problem-solving skills, whether they are in the work force or considering graduate work in business, law, engineering or the social sciences.
The economics major will familiarize students with the problems of a modern economy and the tools of analysis developed by economists. It emphasizes both the development of analytic models and their application to such real-world problems as inflation, unemployment, taxation, poverty, pollution, government decision making and regulation.
Contact Info
Contact: | Kilinyaa Cothran |
Phone: | 314-935-6700 |
Email: | cothran@wustl.edu |
Website: | https://caps.wustl.edu/programs/undergraduate/bachelors-economics |
Bachelor of Science in Economics
All School of Continuing & Professional Studies undergraduate students must satisfy the same general-education requirements.
Note: For both the major in economics and the minor in economics, calculus (Math 155, at least) is strongly recommended.
Total units required: 30
Required courses (18 units):
Code | Title | Units |
---|---|---|
Econ 101M | Introduction to Microeconomics | 3 |
or Econ 1011 | Introduction to Microeconomics | |
Econ 102M | Introduction to Macroeconomics | 3 |
or Econ 1021 | Introduction to Macroeconomics | |
Econ 406 | Intermediate Microeconomics | 3 |
Econ 407 | Intermediate Macroeconomics | 3 |
Econ 414 | Econometric Techniques | 3 |
Math 205 | Applied Statistics | 3 |
or Math 305 | Probability and Statistics | |
Total Units | 18 |
Elective courses (12 units; at least 9 units at the 300-400 level):
- Electives can be drawn from U07 electives or the following courses (other courses with permission):
- Recommended:
- U20 Math 155 Calculus I is strongly recommended.
The Minor in Economics
Total units required: 15
Required courses (12 units):
Code | Title | Units |
---|---|---|
Econ 101M | Introduction to Microeconomics | 3 |
or Econ 1011 | Introduction to Microeconomics | |
Econ 102M | Introduction to Macroeconomics | 3 |
or Econ 1021 | Introduction to Macroeconomics | |
Econ 406 | Intermediate Microeconomics | 3 |
Econ 407 | Intermediate Macroeconomics | 3 |
Total Units | 12 |
Elective course (3 units):
- One economics elective having Introduction to Microeconomics (Econ 101M) and/or Introduction to Macroeconomics (Econ 102M) as a prerequisite.
This program is offered either mostly or fully online. Students entering the U.S. on an F-1 or J-1 Visa must enroll in a program full time. F-1 students are only permitted to enroll in one online course per semester and J-1 students may only enroll in non-credit online courses that do not count toward their degree program. The School of Continuing & Professional Studies (CAPS) cannot guarantee face-to-face enrollment options each semester of full time enrollment, therefore cannot issue an I-20 or DS 2019 to F-1 and J-1 students for this program. If you are an F-1 or J-1 student and wish to enroll in a CAPS program while here on a Visa, please contact our recruitment team to discuss your options for face-to-face program enrollment. F-1 and J-1 students should not enroll in online courses or programs without first consulting the university’s Office for International Students and Scholars (OISS).
Visit online course listings to view semester offerings for U07 Econ.
U07 Econ 1011 Introduction to Microeconomics
Determination of prices; distribution of national income; theory of production. For a thorough introduction to economics, U07 1021 or 102M / Introduction to Macroeconomics also should be taken.
Credit 3 units. Arch: NSM, SSC Art: NSM, SSC EN: S
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U07 Econ 101M Introduction to Microeconomics
Online version of U07 1011; fulfills the same program requirements. Determination of prices; distribution of national income; theory of production. For a thorough introduction to economics, Econ 1021 or U07 102M also should be taken.
Credit 3 units. UColl: OLI
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U07 Econ 1021 Introduction to Macroeconomics
Business fluctuations: inflation, recession; monetary and fiscal policy; economic development. For a thorough introduction to economics, Econ 1011 should also be taken.
Credit 3 units. Arch: NSM, SSC Art: NSM, SSC EN: S
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U07 Econ 102M Introduction to Macroeconomics
Online version of U07 1021; fulfills the same program requirements. Business fluctuations: inflation, recession; monetary and fiscal policy; economic development. For a thorough introduction to economics, U07 1011/Introduction to Microeconomics should also be taken.
Credit 3 units. UColl: OLI
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U07 Econ 220 Financial Statement Analysis
Accounting terminology and theory form the base for all later knowledge in the financial services area. This course presents the highlights of basic and intermediate accounting. The goal is to enable students to evaluate accounting statements when making financial decisions, not to train professional accountants. The focus is on the principal financial statements (balance sheet, income statement, statement of cash flows, etc.) and core analytical tools.
Credit 3 units.
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U07 Econ 313 Economies in Transition and Development
This course examines transition and development in world economies experiencing unprecedented change. In the course we'll cover the main episodes and events in the development of the world economy in the past 300 years, split into two main parts. The first part will be about the development of the Western world, beginning at the time of the Malthusian era, moving on to the take-off of growth in the Industrial Revolution and the Great Divergence in living standards that followed, ending with the Golden Era of the 1950s and 1960s and the challenges faced at the start of the 21stCentury. The second main part of the course will cover the histories of other major regions - the Soviet Union, Asia, Latin America and Africa as they catch up, fall behind, and converge with the lead established by the West. This course will consider the economic history of "what" happened as well as touch on theories of "why" these events happened and "how" we can use these economic history lessons going forward. Prerequisites: U07 Econ 1011 and U07 Econ 1021.
Credit 3 units.
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U07 Econ 335A Money and Banking
Money and the monetary system; money creation by the banking system; central bank functions; monetary theory and economic policy. Prerequisite: Econ 1011 & 1021.
Credit 3 units.
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U07 Econ 3391 Economies as Cultural Systems
Many contemporary approaches to economics downplay or bracket the importance of culture in the workings of economic systems. In this class we will focus on approaches to distribution and exchange in which culture and social institutions figure prominently, if not pre-eminently. We will sample a diverse array of economies, from gift exchange to the ceremonial destruction of wealth, from Melanesia to Wall Street, in order to evaluate some of the assumptions that undergird market capitalism. These assumptions include the perception of market actors exclusively as calculative, maximizing individuals. Topics to be covered include the Industrial Revolution; utilitarianism; economic anthropology; the formal vs. substantivist debates; ethnography of finance, and Marxist sociology.
Same as U69 Anthro 3391
Credit 3 units. UColl: CD
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U07 Econ 352 Health Economics
Analysis of consumer demand for health care, medical technology, and the role of health insurance. Emphasis placed on behavior of the physician (whether he acts as an agent for the consumer or on his own behalf); on the use of paramedics, preventive care, outpatient care, and the general market organization of the health industry. The major concern will be the rising cost of health care and appropriate public policy responses. Prerequisite: Econ 1011 or 101M.
Credit 3 units. Art: SSC BU: BA EN: S UColl: OLI
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U07 Econ 3531 Law and Economics
The application of economics concepts and analysis to legal and public-policy issues. We broadly examine the roles of prices and markets, the causes of market failures and the criteria for "corrective" intervention. Specific topics include (1) the long-run and short-run economic interests of individual, corporate and public sector clients in a variety of legal contexts, (2) the normative judgments that are implicit in many economic policies and the legal structures implementing such policies; and (3) the uses and limits of economic analysis and economic data in solving a variety of social problems. Prerequisite: U07 Econ 1011.
Credit 3 units.
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U07 Econ 355 Environmental Economics
Environmental Economics is a subfield of economics concerned with environmental issues, both theoretical as well as applied and public-policy oriented. Central to environmental economics is the concept of market failure, particularly the existence of externalities. Correcting for externalities and crafting acceptable public policy responses will be a central focus of this course. Topics explored will include: consumer theory and valuation; pollution and production theory; environmental protection and welfare; the Coase Theorem; resource management; and economic growth and environmental sustainability. Prerequisite: U07 Econ 1011 (or equivalent).
Credit 3 units.
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U07 Econ 362 Investment Chart Analysis
Investment Chart Analysis, also known as "Technical Analysis," represents one of two major methods of analyzing securities (e.g., stocks, futures and commodities, foreign exchange, etc.), with the other method being "Fundamental Analysis." Technical Analysis involves studying the statistics generated as a result of market activity. In other words, we look at supply and demand in a market, with the goal of predicting what direction, or trend, will continue in the future. The purpose of this course is to present the basic skills used in Investment Chart Analysis. Topics covered will include: an overview (including the difference between "fundamental" and "technical" analysis), the definition of a chart, how to recognize and use trends, how to characterize indicators (i.e., of a change in trend) and how to use basic statistics (such as a moving average) as indicators of changes in trends. The course grade will reflect weekly homework assignments, a midterm exam and a final exam. Data, charts, modeling and back test analytic programming software included. Computer literacy required. Prerequisites: Econ 1011, Econ 1021, Math 205.
Credit 3 units.
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U07 Econ 3711 International Agricultural Development & Policy
Examination of selected aspects of international agricultural development and public policy choices related to development outcomes. The focus is on low- and middle-income countries, where the bulk of agricultural output comes from subsistence agriculture. Important questions that will be considered include: What are the strategic roles of agriculture in national development strategies? How can agricultural transformation be accelerated? How can rural economic development be promoted to generate jobs and reduce poverty in rural areas? Additional considerations will include sustainability, along with the gender and environmental aspects of farm-household decision-making and production. Prerequisites: Econ 101M and Econ 102M, approved substitutes or instructor permission. ACTRAC students must have completed U07 Econ 406 (or an approved substitute) and U07 Econ 414 (or L11 Econ 413).
Credit 3 units. UColl: CD, OLI
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U07 Econ 380 Labor and the Economy
Economic analysis of labor markets. Theory and policy applications of labor supply and labor demand; explanations of wage and income differentials; migration and immigration; discrimination; labor unions; unemployment. Prerequisite: U07 1011 or 101M Introduction to Microeconomics
Credit 3 units. UColl: OLI
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U07 Econ 406 Intermediate Microeconomics
Analytic theory of consumer and producer behavior under perfect and imperfect competition. Coverage of demand theory (indifference curves and utility functions) and preferences under uncertainty, including expected utility and risk aversion. Development of the concepts of competitive equilibrium and Pareto efficiency. Prerequisite: U07 1011 or 101M Introduction to Microeconomics. (Calculus I recommended.)
Credit 3 units.
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U07 Econ 407 Intermediate Macroeconomics
Analysis of forces that determine the general level of prices, output, and employment; relationship between economic growth and business fluctuations; policies of achieving full employment and price stability. Prerequisite: Econ 1021. (Econ 1011 and Calculus I recommended.)
Credit 3 units. UColl: OLI
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U07 Econ 414 Econometric Techniques
Basic techniques of econometric analysis, including multiple and generalized linear regressions, residuals analysis, instrumental variables, simultaneous equation methods, and logit and probit models. Students apply the theory with regression analysis using econometric software packages. Prerequisite: U07 Econ 1011 and 1021, or U20 Math 205 or equivalent.
Credit 3 units.
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U07 Econ 415 International Economics
This course provides an analysis of the international economy, the economic theories that help explain it, and analysis of important current issues of international economic policy. When David Ricardo proposed his famous theory of comparative advantage in 1821, he set out to explain why England exported cloth to and imported wine from Portugal. Today, international trade is much more complex. Apple devices are designed in Silicon Valley while their most expensive component, the hard drive, is manufactured by Toshiba in Philippines before it is finally assembled in China. Can Ricardo's theory explain today's patterns of international production and trade? Today, the number of these currencies has been reduced through the formation of the European Union. What are the cost and benefits of currency unions?
Same as U85 IA 5181
Credit 3 units. UColl: IAC, IAI, OLI
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U07 Econ 427 Economic Systems in Theory and Practice
Theory and practice of mercantilism, capitalism, and socialism. Historical and contemporary examples considered, with contemporary focus on Latin America, Eastern Europe, and Hong Kong. Primary emphasis on choices open to individuals; pecuniary and non-pecuniary prices paid to exercise those choices. Statistical evidence and case studies will be used. Course requirements include weekly written critique. Prerequisite: U07 Econ 1011 or 1021.
Credit 3 units. UColl: OLI
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U07 Econ 435 Open Economy Macroeconomics
This course will begin with a review of international trade theory, of the balance of payment accounts and their relationship to international borrowing and lending. We will then study the asset approach to exchange rates determination, exchange rate behavior in the short and in the long run, and the relationship of exchange rates with prices and output. The course will also explore monetary and fiscal policy under both fixed and floating exchange rates, macroeconomic policy coordination and optimum currency areas, international debt problems of developing countries and their relation to stabilization program. Prerequisite: Econ 4021.
Same as L11 Econ 435
Credit 3 units. A&S IQ: SSC Art: SSC BU: IS EN: S
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U07 Econ 4601 Urban Economics
Economic function of the city and the role of the city in a national economy. Local decision making; financing of local government expenditures. An analysis of selected urban problems, such as causes and effects of housing market segregation; decay and abandonment, landlord-tenant relations, crime, and urban transport systems. Prerequisite: Econ 4011.
Same as L11 Econ 460
Credit 3 units. A&S IQ: SSC Arch: SSC Art: SSC EN: S
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U07 Econ 484 Computational Macroeconomics
This course provides a more in depth look into quantitative methods used in contemporary macroeconomic analysis. We will cover numerical methods used in dynamic optimization. In practice, we will apply these methods to solve two major models used in macroeconomic analysis, using both Excel and Matlab. The Neoclassical Growth Model and its variants are used to study aggregate trends and aggregate effects of government policy. The lifecycle model is used to examine questions involving decision-making over the lifecycle. We will learn how to use empirical observations for the purpose of calibrating model parameters and how to conduct policy evaluation in the context of calibrated models. Our policy evaluation will focus on fiscal policy (taxes) and social security issues. Prerequisites: Econ 4011 and Econ 4021.
Same as L11 Econ 484
Credit 3 units. A&S IQ: SSC Arch: SSC Art: SSC EN: S
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