Economic Science

The Department of Social Science & Policy Studies offers a major in Economic Science that prepares students for careers in public administration, labor-management relations, or the economic, finance, international, marketing, and general management areas of industry. It also provides students with an excellent foundation for graduate study in economics, business, and law. "Economic Science" is an established term often used to refer to scientifically rigorous analysis in economics. For example, the "Nobel Prize in Economics" is actually called "The Bank of Sweden Prize in Economic Sciences;" the NSF Directorate that funds economic research is the "Directorate for Social, Behavioral, and Economic Sciences;" the "Economic Science Association" is a professional organization for academic economists and other behavioral scientists who apply scientific methods to the study of economics.

The rationale for calling our major "economic science" is to emphasize that we approach the study of economics via the utilization of computational tools. WPI's particular use of computational tools to do economics is quite unique, somewhat path breaking, and is beginning to get significant attention from the economics profession. Integrated into teaching, it emphasizes adherence to rigorous methodological standards for economic experimentation and problem solving.

Students majoring in economic science will study microeconomic theory and macroeconomic theory at both the introductory and intermediate levels and also choose from several upper level courses and Independent Studies that cover the following subject areas: development economics, environmental economics, government and business, history of economic thought, information economics and policy, international economics, labor economics, managerial economics, public sector economics, economics of health care, regional economics, and money, credit, & banking. In addition, to develop a capability in an area of economic modeling, students majoring in economic science will study econometrics, system dynamics, or both. If desired, students may apply one of these two modeling techniques to concentration areas in Sustainable Economic Development and Computational Economics.

 

RequirementsMinimum Units
1. Economics (Note 1).3
2. Economics and/or Management (Note 2)2/3
3. Other Social Science1
4. Modeling Techniques2/3
5. Mathematics (Note 3)2
6. Basic Science1
7. Electives2/3
8. MQP1

NOTES:

  1. Must include courses in both micro and macro economic theory at the intermediate level and in econometrics and international trade (available through the Consortium or independent study).
  2. Must include financial accounting, ACC1100. May include other relevant management courses as approved by the Departmental Program Review Committee.
  3. Must include differential equations, integral calculus, and statistics.

Curriculum Guidelines for Economic Science

Recommendations for complying with the program distribution requirements are described below. Students earn a Bachelor of Science degree in Economic Science after completing 15 units of coursework. This coursework includes the program distribution requirement (10 units), the Humanities and Arts Requirement (2 units), the Interactive Qualifying Project (1 unit), free electives (5/3), and physical education (1/3).

Economics (3 units)

Students can choose from among the following courses in economic science (ECON2110 and ECON2120 are required):

In addition, students may arrange to take Economics courses at other Worcester Consortium schools. ISPs can also be arranged on a variety of economic topics.

Economics and/or Management (2/3 unit)

Students can take additional courses or ISPs in Economics or choose from among the following courses in management (ACC1100 is required):

Other Social Science (1 unit)

Students fulfill this requirement by taking 3 courses in social science fields other than economics, including law, political science, psychology, public policy, sociology, and system dynamics.

Modeling Techniques (2/3 units)

Students may choose from among the following social science modeling courses:

ISPs in advanced econometrics may also be used to fulfill this requirement.

Mathematics (2 units)

Must include differential equations, integral calculus, and statistics. MA1021-24, MA2051, and MA2611 are recommended.

Basic Science (1 unit)

Students may take any combination of courses in the physical, chemical, or biological sciences.

Electives (2/3 unit)

Electives must be approved by the Economics Science Program Review Committee.

Major Qualifying Project (1 unit)

The MQP is expected to provide an integrative capstone experience in economic science.

Descriptions of Concentration Areas Available in Economic Science

Economic Science majors may focus their studies by choosing a Concentration within one of the following two specific areas of Economics: Sustainable Economic Development and Computational Economics. These concentration areas reflect the growing importance of environmental issues and computation tools within the discipline of economics and are areas of strength in teaching and research in economic science at WPI. Concentrations within the Economics Science major comply with WPI's requirements for concentrations. Students must complete an MQP and two units of integrated study in the area of their Concentration.

Sustainable Economic Development. The term sustainable economic development means choosing policies that balance environmental preservation and economic development so as to meet the needs of the present generation without seriously compromising the needs of future generations. For the global system to sustain itself indefinitely, renewable resources must not be used faster than the rate at which they can be regenerated, nonrenewable resources (taking recycling into account, which is also a limited process) must not be used faster than the rate for which they can be substituted, and pollution must not be generated faster than the rate at which it can be absorbed. Additionally, the developmental agenda must not create social conflicts that limit further development and disrupt society. The sustainable development concentration examines the economic, psychological, social, political, legal, and technical issues surrounding the creation of policies aimed at establishing sustainable economic systems at the local, national, and international levels.

  1. 1 unit from the following list of courses in economic development:
    • ECON2125 Development Economics
    • ECON2117 Environmental Economics
    • CE3070 Urban Environmental Planning
    • CE3074 Environmental Analysis
    • HI3333 Topics in American Technological Development
  2. 1 unit from the following list of environmental courses in other social science disciplines, humanities, and biology, or additional courses from list 1:
    • BB1002 Environmental Biology
    • BB4140 Ecological Management
    • GOV2311 Legal Regulation of the Environment
    • GOV2312 International Environmental Policy
    • GOV2405 Environmental Problems and Human Cognition
    • PY2717 Philosophy and the Environment

Computational Economics. Students in the computational economics concentration supplement their knowledge of traditional tools of economic analysis by studying modern computational techniques. The computational concentration allows students to investigate issues that are particularly challenging when tackled with analytical methods. Student projects may address problems of complex macroeconomic modeling, chaos, computational finance, design of automated Internet markets, and artificial life. This concentration draws on the expertise and talent of the faculty in various departments throughout the university.

  1. 1 unit from the following list of courses in system dynamics:
    • SD1510 Introduction to System Dynamics Modeling
    • SD1520 System Dynamics Modeling
    • SD2530 Advanced Topics in System Dynamics Modeling
    • SD3550 System Dynamics Seminar
  2. 1 unit from the following list of courses offered in other departments:
    • BB4250 Ecological Simulation Modeling
    • CS2022/MA2201 Discrete Mathematics
    • CS4032/MA3257 Numerical Methods for Linear and Nonlinear Systems
    • CS4033/MA3457 Numerical Methods for Calculus and Differential Equations
    • CS4341 Introduction to Artificial Intelligence
    • ES3011 Control Engineering I
    • OIE3460 Simulation Modeling and Analysis
    • OIE3501 Management Science II: Risk Analysis
    • MA2210 Mathematical Methods in Decision Making
    • MA2431 Mathematical Modeling with Ordinary Differential Equations
    • MA3471 Advanced Ordinary Differential Equations
    • MA4235 Mathematical Optimization
    • MA4411 Numerical Analysis of Differential Equations
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Last modified: November 27, 2007 08:46:24