Economics
Overview
Economics is the study of decision-making and policy-making in the context of a world constrained by scarcity. We aim to help our students understand how decisions are linked to incentives and how policies can help align individual incentives with social objectives, including an efficient use of the world's resources and an equitable distribution of its output. We also aim to equip our students with the rigorous theoretical and empirical tools of our profession to enable them to better analyze and guide the decision making of individuals, the conduct of businesses and nonprofit enterprises, and the policies of governments and international organizations.
The Department aims to ensure that students majoring in Economics (1) understand the framework that professional economists use to analyze social and economic issues; (2) recognize how economic behavior and policies can affect both the aggregate level of prosperity and differentials in prosperity across members of society distinguished by characteristics such as race, gender, and socioeconomic status; (3) have proficient decision-making and problem-solving skills; (4) are competent in writing and speaking; and (5) possess critical-thinking skills that enable them to apply the theoretical and empirical tools of professional economists to a wide range of issues.
Major Requirements
A major in economics requires a minimum of ten courses.
The major can be completed in fewer than four years, but it is almost impossible to complete the major in less than three years.
For exceptions to the ten course minimum please refer to the section "OFF-CAMPUS AND TRANSFER CREDITS" below.
COURSEWORK
| ECON 101 | Principles of Economics I | 4 units |
| ECON 102 | Principles of Economics II | 4 units |
| Calculus 1 | Scientific Modeling and Differential Calculus | 4 units |
| ECON 250 | Intermediate Microeconomic Theory | 4 units |
| ECON 251 | Intermediate Macroeconomic Theory | 4 units |
| ECON 272 | Applied Econometrics | 4 units |
| | Three 300-level ECON electives | 12 units |
| ECON 495 | Senior Seminar | 4 units |
Two of the three 300-level elections must be completed at Oxy. Please note the COMP 146 (Statistics) is a requirement for ECON 272.
Choosing Electives
The economics department offers many electives, please choose from the following. If you would like to know how these electives might be grouped with other non-economics courses to give more intellectual continuity to a course of study, please refer to the department website: https://www.oxy.edu/academics/areas-study/economics/courses-requirements/choosing-electives.
Please select three of the following electives for your major requirements:
| ECON 301 | Environmental Economics and Policy | 4 units |
| ECON 302 | Industrial Organization | 4 units |
| ECON 305 | Game Theory | 4 units |
| ECON 306 | Advanced Econometrics | 4 units |
| ECON 308 | Public Economics | 4 units |
| ECON 309 | Free Market Economics: The Austrian Perspective | 4 units |
| ECON 311 | International Economics | 4 units |
| ECON 314 | Economic Institutions in Historical Perspective | 4 units |
| ECON 315 | Economics of Financial Markets | 4 units |
| ECON 319 | Law and Economics | 4 units |
| ECON 320 | Economic Development | 4 units |
| ECON 324 | The Economics of Immigration | 4 units |
| ECON 325 | Labor Economics | 4 units |
| ECON 326 | Economics of Human Resource Management | 4 units |
| ECON 327 | Economics of Gender - Marriage, Motherhood, and Money | 4 units |
| ECON 328 | Economics of Race and Gender | 4 units |
| ECON 329 | Family, Neighborhood and Intergenerational Mobility | 4 units |
| ECON 331 | Radical Economic Thought | 4 units |
| ECON 337 | The Great Depression | 4 units |
| ECON 340 | Behavioral Economics | 4 units |
| ECON 350 | Managerial Economics | 4 units |
| ECON 351 | Macroeconomic Policy Since the Great Depression | 4 units |
| ECON 352 | Firm-level International Trade and Investment | 4 units |
| ECON 361 | Topics in Macro-Economic Theory and Policy | 4 units |
| ECON 395 | Special Topics in Economics | 4 units |
| ECON 397 | Independent Study | 2 or 4 units |
Minor Requirements
COURSEWORK
Students must complete the following coursework:
| ECON 101 | Principles of Economics I | 4 units |
| ECON 102 | Principles of Economics II | 4 units |
| ECON 250 | Intermediate Microeconomic Theory | 4 units |
| ECON 251 | Intermediate Macroeconomic Theory | 4 units |
| Calculus 1 | Scientific Modeling and Differential Calculus | 4 units |
Calculus 1: Please note that Calculus 1 is a prerequisite for ECON 250 and ECON 251.
Electives:
| ECON | Two 300-level courses in economics | 8 units |
| | Or | |
| ECON 272 | Applied Econometrics | 4 units |
| | And | |
| ECON | One 300-level course in economics | 4 units |
Please note that either MATH 146 (Statistics) or COMP 146 (Statistics) is a prerequisite for ECON 272.
Second-Stage Writing Requirement
Students majoring in Economics will satisfy the Second-Stage Writing Proficiency Requirement by arranging (with the instructor) for ECON 272 or an eligible ECON 300-level course to be designated as the student's writing course. Students need to notify the instructor of the course they are wishing to designate as their writing course before the end of the semester in which they are taking the course. Writing courses cannot be retroactively counted. Also, students can only designate one course as their writing course in a given semester. Writing proficiency will be determined through faculty assessment of written work and is independent of the course grade. The Second-Stage Writing Requirement must be satisfactorily completed by May of the student's junior year. Students who fail the requirement or who fail to meet the deadline will be required to both take and pass a college writing course in the senior year, WRD 201. Students should familiarize themselves with the departmental writing requirement at the time of declaring the major. See information about the two Stage Writing Proficiency Requirement in the college catalog and consult your major adviser and/or the Writing Programs Director for additional information.
Comprehensive Requirement
Economics students meet their comprehensive requirement by successfully completing
ECON 495 with a grade of C or above in the fall semester of their senior year. Students who will be off campus during the fall semester of their senior year must contact the department chair by the end of their junior year to make alternative arrangements.
College Honors
Majors can earn honors by taking ECON 498 in the spring semester of their senior year and by writing and defending, in that class, a thesis that is judged by the department faculty to be of honors quality. Enrollment in ECON 498 is limited to students with a GPA of 3.5 or higher (both overall and within the department). Interested students should consult with their academic adviser and then apply to the department chair in the fall semester of their senior year.
Transfer Credit Policies
- Students who have passed a microeconomics or macroeconomics class at another college or university will be allowed to skip ECON 101.
- Economics majors must complete the following courses at Occidental and may not satisfy them with transfer credits: ECON 250, ECON 251, ECON 272, at least two 300-level electives, and their Senior Comprehensives course.
- Students may take one accounting course for College credit, either at Occidental or through transfer credits. Students may not receive College credit for any other business-related course.
- Students who have received a score of 4 or 5 on either AP Calculus test have met the departmental Calculus I major requirement (and the calculus pre-requisite for courses that require Calculus I).
- Students who have received a score of 5 on both the AP Microeconomics test and the AP Macroeconomics test will be allowed to skip ECON 101 and ECON 102. Students who have received a score of 4 on both the AP Microeconomics test and the AP Macroeconomics test, or a score of 4 in one and 5 in the other, will be allowed to skip ECON 101. Students who have an AP Microeconomics score of 5 may be allowed to skip ECON 101 after consultation with the economics department.
- Students who have received a score of 7 on the Higher Level (HL) International baccalaureate in micro and macro will be allowed to skip Econ 101 and Econ 102.
- Students who have received a score of 6 on the Higher Level (HL) International baccalaureate 6 in micro and macro will be allowed to skip Econ 101.
- The Economics Department does not accept online courses for transfer.
- For students transferring from another institution or students who have taken a leave of absence for at least one semester at most one 300-level elective course will be accepted toward the major or the minor in transfer. Students in this situation should consult with the department chair about how courses they have taken elsewhere may count toward the 100-level or 200-level Economics requirements.
- Students should reference the Transfer Credit section for more details.
Courses
Economics Courses
Faculty
Regular Faculty
Lesley Chiou, chair
Professor
B.A., University of California, Berkeley; Ph.D., Massachusetts Institute of Technology
Bevin Ashenmiller
Associate Professor
B.A., Princeton University; Ph.D., University of California, Santa Barbara
Jorgen Harris
Assistant Professor
B.A., University of Chicago; M.A., Ph.D., Cornell University
Andrew Jalil
Associate Professor
A.B., Sc.B., Brown University; Ph.D., University of California, Berkeley
Brandon Lehr
Associate Professor
B.A., University of California, Berkeley; Ph.D., Massachusetts Institute of Technology
Mary Lopez
Professor
B.A., University of California, Riverside; M.A., Ph.D., University of Notre Dame
Jesse Mora
Assistant Professor
B.A., Claremont McKenna; M.A., John Hopkins-SAIS; M.A., Ph.D., University of California, Santa Cruz
Diana Ngo
Assistant Professor
B.S., Harvard University; Ph.D., University of California, Berkeley
Woody Studenmund
Laurence de Rycke Professor of Economics
A.B., Hamilton College; M.A., Ph.D., Cornell University
Kirsten Wandschneider
Professor
M.Sc., Ph.D., University of Illinois
Kevin Williams
Assistant Professor
B.A., Claremont McKenna College; M.S., Ph.D., University of California, Davis
On Special Appointment
Daron Djerdjian
Non-Tenure Track Associate Professor
B.A., University of California, Los Angeles; Ph.D., Syracuse University
Daryl Ono
Non-Tenure Track Instructor
B.A., University of California, Los Angeles; Ph.D., Pacific Western University
Victoria Umanskaya
Non-Tenure Track Assistant Professor
B.A. (DHE), Saratov State University; Ph.D., University of Wyoming