A major in Economics gives students a greater understanding of how people, businesses, and governments respond to their economic environments. Many of the issues that fill the newspapers—jobs, wages, taxes, the cost of living, inequality, pollution, poverty, and economic growth—are, in fundamental ways, economic issues. The daily decisions of businesses and consumers are largely economic. Economists seek to understand the decisions of businesses, consumers, and current economic issues by developing a systematic and thorough understanding of precisely how the economic system operates, including the mechanisms by which resources are allocated, prices determined, income redistributed, and economic growth promoted.
The analytical method of economics recognizes that various choices are open to a society in solving its economic problems. Students are often attracted to economics as a discipline precisely because they want to understand the decisions of people and businesses and to better understand and evaluate economic policy. To begin to approach these issues as an economist requires an understanding of economic theory, empirical methodology, and an understanding of the institutional details and advanced practice gained from intensive study of specific subfields of economics. Consequently, the Economics major is organized around a progression of courses that first provides a broad introduction to economics, then develops the theoretical tools that provide the foundation of modern economic thought, and finishes with advanced courses designed to provide greater in-depth knowledge of specific fields (such as labor markets, industrial organization, international economics, public finance, banking and finance, macroeconomics, microeconomics, and econometrics).
An Economics major is valuable in the job market because the major is designed to train people to think analytically and clearly about a wide variety of issues. Economics graduates go on to pursue careers in a variety of fields including finance, data analytics, and public policy. An Economics major is also good preparation for graduate work in a number of areas: business, law, public policy, economics, public administration, industrial relations, international relations, urban and regional planning, and environmental studies.
How to Get in
Declaring the Major
- Complete one calculus course, MATH 211, MATH 221 or MATH 222 (MATH 221 or MATH 222 for the Mathematical Emphasis option), and
- Complete any one ECON course (except ECON 100) at UW–Madison, and
- Achieve a 2.000 GPA in all ECON courses and major courses (i.e., calculus) at the time of declaration.
Students may not be declared in both the Economics major and the Certificate in Economic Analytics.
For instructions on how to declare the Economics major, visit https://econ.wisc.edu/undergraduate/declaring-an-econ-major/
University Requirements
All undergraduate students must complete both the following Core General Education (Core GenEd) and University Degree and Quality of Work requirements. The requirements below apply to students whose first term at UW-Madison or whose earliest post-high school college attendance at any institution is Summer 2026 or later.
Students whose first term at UW-Madison or whose earliest post-high school college attendance at any institution occurred before Summer 2026 should refer to the archived Guide for the requirements that apply to them.
Core General Education (Core GenEd) Requirements
| Civics & Perspectives | 3 credits of Civics & Perspectives coursework. |
| Communication & Literacy | 6 credits of Communication & Literacy coursework. This requirement may be partially satisfied by a qualifying placement test score. For more information see this tiny url: https://go.wisc.edu/qualifyingenglishplacement |
| Humanities & Arts | 6 credits of Humanities & Arts coursework. |
| Mathematics & Quantitative Reasoning | 6 credits of Mathematics & Quantitative Reasoning coursework. This requirement may be partially satisfied by a qualifying placement test score. For more information see this tiny url: https://go.wisc.edu/qualifyingmathplacement |
| Natural Science & Wellness | Complete both:
|
| Social & Behavioral Science | 3 credits of Social & Behavioral Science coursework. |
| Total Credits | 30 credits. |
For more information see the policy.
University Degree and Quality of Work Requirements
All undergraduate degree recipients must complete the following minimum requirements. Requirements for some programs will exceed these requirements; see program requirements for additional information.
| Total Degree | 120 degree credits. |
| Residency | Complete 30 credits in residence. A course is considered “in residence” if it is taken when in undergraduate degree-seeking status and:
|
| Quality of Work | Achieve at least the minimum grade point average specified by the school, college, and/or academic program. |
| Math | Demonstrate minimal mathematics competence by: |
| English Language | If required to take the UW-Madison English as a Second Language Assessment Test (MSN-ESLAT), demonstrate minimal English language competence by:
|
| Language | Complete one:
|
| Major Declaration | Declare and complete the requirements for at least one major. |
College of Letters & Science Degree Requirements: Bachelor of Science (BS)
Students pursuing a Bachelor of Science degree in the College of Letters & Science must complete all of the requirements below. Some courses satisfy more than one L&S degree requirement (visit College of Letters & Science: Requirements for details).
This major can be paired with either the Bachelor of Arts or the Bachelor of Science degree requirements.
Bachelor of Science Degree Requirements
| Communication | Complete both:
|
| Quantitative Reasoning | Complete both:
|
| Ethnic Studies | one 3+ credit course with the Ethnic Studies designation |
| Language | the third unit of a language other than English |
| Mathematics | Complete two courses of 3+ credits at the Intermediate or Advanced level in MATH, COMP SCI, or STAT subjects. A maximum of one course in each of COMP SCI and STAT subjects counts toward this requirement. |
| L&S Breadth: Humanities | Complete 12 credits with the Humanities or Literature designation, which must include at least 6 credits with the Literature designation. |
| L&S Breadth: Social Sciences | Complete 12 credits with the Social Science designation. |
| L&S Breadth: Natural Sciences | Complete 12 credits, which must include both:
|
| Liberal Arts and Science (LAS) Coursework | at least 108 credits |
| Depth of Intermediate/Advanced Coursework | at least 60 credits at the Intermediate or Advanced level |
| Major | Declare and complete at least one major. |
| Total Credits | at least 120 credits |
| UW-Madison Experience |
|
| Quality of Work |
|
Non–L&S students pursuing an L&S major
Non–L&S students who have permission from their School/College to pursue an additional major within L&S only need to fulfill the major requirements. They do not need to complete the L&S Degree Requirements above.
Options in the Major
The department offers two major options. Students may declare only one option and must complete all requirements including Residence and Quality of Work standards. Options are:
Option A: Economics provides a well-rounded major in economics that is valuable for employment following graduation, or subsequent graduate work in business, law, public policy, and related disciplines.
Option B: Economics—Mathematical Emphasis provides students with the mathematical and statistical background needed for in-depth study of the analytical aspects of economics. Its requirements are designed to prepare students for graduate study in economics and related fields, or for careers as professional economists in business or government. For specific Mathematical Emphasis requirements, see the section below.
Requirements for the Economics Major
Math and Statistics
| Code | Title | Credits |
|---|---|---|
| Mathematics (complete one): | 5-10 | |
| Calculus and Analytic Geometry 1 | ||
| Survey of Calculus 1 and Survey of Calculus 2 | ||
| Survey of Calculus 1 and Quantitative Tools for Economics | ||
| Statistics (complete one): | 3-4 | |
| Statistics: Measurement in Economics (Recommended) | ||
| Introduction to Applied Econometrics | ||
| Introductory Econometrics | ||
| Introduction to Probability and Mathematical Statistics I | ||
| Introduction to the Theory of Probability | ||
| Introduction to Theory and Methods of Mathematical Statistics I | ||
| Introduction to Statistics for Science and Engineering | ||
| Data Science Modeling II | ||
| Total Credits | 8-14 | |
Economics
30 credits to include:
| Code | Title | Credits |
|---|---|---|
| Principles of Economics (complete one): | 4-8 | |
| Principles of Microeconomics and Principles of Macroeconomics | ||
| Principles of Economics-Accelerated Treatment | ||
| Microeconomic Theory (complete one): | 3-4 | |
| Intermediate Microeconomic Theory | ||
| Intermediate Microeconomic Theory - Advanced Treatment (Honors Econ ) | ||
| Macroeconomic Theory (complete one): | 3-4 | |
| Intermediate Macroeconomic Theory | ||
| Intermediate Macroeconomic Theory - Advanced Treatment | ||
| Two Core ECON courses: 1 | 6-8 | |
| Introduction to Applied Econometrics | ||
| Study Abroad in Advanced Economics | ||
| Introductory Econometrics | ||
| The Financial System | ||
| Analytical Public Finance | ||
| Macroeconomic Policy | ||
| Human Resources and Economic Growth | ||
| Wages and the Labor Market | ||
| Behavioral Economics | ||
| Industrial Structure and Competitive Strategy | ||
| Economic Forecasting | ||
| International Macroeconomics | ||
| International Trade | ||
| International Industrial Organizations | ||
| Industrial Organization and Imperfect Competition | ||
| Economics of Growth | ||
| Markets with Frictions | ||
| Game Theory and Economic Analysis | ||
| Law and Economics | ||
| Insuring Life's Risks: Health, Aging, and Policy | ||
| Experimental Economics | ||
| The Economics of Health Care | ||
| Fundamentals of Data Analytics for Economists | ||
| Honors Tutorial in Research Project Design | ||
| Markets and Models | ||
| Population Economics | ||
| Issues in International Macroeconomics | ||
| Issues in International Trade | ||
| Issues in International Finance | ||
| Topics in Economics | ||
| Topics in Economic Data Analysis | ||
| Electives | 6-14 | |
Complete any Core econ course not used above or one of these courses: | ||
| Introduction to Finance | ||
| Development of Economic Thought | ||
| The Real Estate Process | ||
| Study Abroad in Intermediate Economics | ||
| Data Visualization for Economists | ||
| Investment Theory | ||
| Sports Economics | ||
| Economics of Race in the United States | ||
| Money and Banking | ||
| Microeconomics in Popular Culture | ||
| Environmental Economics | ||
| The Chinese Economy | ||
| The Economics of Growing-up and Getting Old | ||
| Economics of Poverty and Inequality | ||
| Energy, Resources and Economics | ||
| Contemporary Economic Issues | ||
| Urban and Regional Economics | ||
| Economic Decision Analysis | ||
| Government and Natural Resources | ||
| Latin American Economic Development | ||
| The American Economy to 1865 | ||
| The American Economy Since 1865 | ||
| Economic Growth and Development in Southeast Asia | ||
| Economic Problems of Developing Areas | ||
| Agricultural and Economic Development in Africa | ||
| Philosophy and Economics | ||
| Quantitative Methods in Agricultural and Applied Economics | ||
| Natural Resource Economics | ||
| Energy Economics | ||
| Total Credits | 30 | |
Requirement for the mathematical emphasis:
Residence and Quality of Work
- 2.000 GPA in all ECON and major courses
- 2.000 GPA on 15 upper-level major credits taken in residence2
- 15 credits in ECON, taken on the UW–Madison campus
Honors in the Economics Major
To participate in Honors in the Economics Major, students must be declared in the Mathematical Emphasis option. For further information, see the Mathematical Emphasis requirements and consult your Economics undergraduate advisor.
Footnotes
- 1
At least two core ECON courses must be taken in residence at UW–Madison, and not via transfer or a UW–Madison Study Abroad program.
- 2
Intermediate and Advanced level ECON courses are Upper Level in the major.
Learning Outcomes
- Understand the fundamental concepts of economics and how those concepts apply to real world issues.
- Construct and evaluate economic models, their assumptions, and conclusions.
- Acquire a diverse set of skills and strategies in mathematical reasoning/statistical and computational techniques/deductive logic/problem solving.
- Use mathematics/computational/statistical techniques to analyze real world situations and policies.
- Use economic analysis to critically evaluate public policy proposals.
Four-Year Plan
This Four-Year Plan is only one way a student may complete an L&S degree with this major. Many factors can affect student degree planning, including placement scores, credit for transferred courses, credits earned by examination, and individual scholarly interests. In addition, many students have commitments (e.g., athletics, honors, research, student organizations, study abroad, work and volunteer experiences) that necessitate they adjust their plans accordingly. Informed students engage in their own unique Wisconsin Experience by consulting their academic advisors, Guide, DARS, and Course Search & Enroll for assistance making and adjusting their plan.
| Freshman | |||
|---|---|---|---|
| Fall | Credits | Spring | Credits |
| Quantitative Reasoning A | 4 | ECON 101 | 4 |
| Communication A | 3 | Ethnic Studies | 3 |
| Language | 4 | MATH 221 | 5 |
| Physical Science Breadth | 3 | Language | 4 |
| 14 | 16 | ||
| Sophomore | |||
| Fall | Credits | Spring | Credits |
| ECON 102 | 4 | ECON 301 | 4 |
| Biological Science Breadth | 3 | ECON 310 | 4 |
| Language | 4 | Humanities Breadth | 4 |
| Literature Breadth | 3 | Language | 4 |
| INTER-LS 210 | 1 | ||
| 15 | 16 | ||
| Junior | |||
| Fall | Credits | Spring | Credits |
| ECON 302 | 4 | Econometrics (ECON 400 or 410) | 4 |
| Economics elective or core econ course | 4 | Humanities Breadth | 3 |
| Literature Breadth | 3 | Communication B | 4 |
| Science Breadth | 4 | Elective | 3 |
| 15 | 14 | ||
| Senior | |||
| Fall | Credits | Spring | Credits |
| Core econ course | 4 | Elective | 4 |
| Core course | 4 | Elective | 4 |
| Elective | 3 | Elective | 4 |
| Elective | 4 | Elective | 3 |
| 15 | 15 | ||
| Total Credits 120 | |||
Advising and Careers
Academic Advising
Academic advising, along with general information about the undergraduate major and coursework, is available in Room 7238 of the Social Science Building.
Preparation for PhD Programs in Economics
Students interested in pursuing graduate study should pursue Option B (mathematical emphasis) and augment the standard curriculum with higher-level mathematics and statistics courses. These may include:
| Code | Title | Credits |
|---|---|---|
| Introduction to Probability and Mathematical Statistics I | ||
| Introduction to Probability and Mathematical Statistics II | ||
| The Theory of Single Variable Calculus | ||
| Introduction to the Theory of Probability | ||
| Analysis I | ||
| Analysis II | ||
| Introduction to Stochastic Processes |
It is important to consult early in the second year with the undergraduate advisor and/or the faculty member who directs the undergraduate program to design a plan of coursework.
Directed Study
Directed Study (ECON 698, ECON 699) enables advanced students to pursue economic topics not covered in the regular course offerings. A student interested in Directed Study should prepare a research proposal and/or reading list; specific course requirements are arranged with an instructor who agrees to supervise the directed study project. Enrollment requires the consent of the instructor; a GPA of 3.00 or above in ECON; completion of ECON 301 Intermediate Microeconomic Theory and ECON 302 Intermediate Macroeconomic Theory; at least one CORE ECON course.
Any undergraduate Economics student considering a Directed Study should meet with an Economics undergraduate academic advisor often for consultation.
Internships
Students can earn 1 credit for approved internships appropriate to the study of economics under course ECON 228 Internship Economics. Students must enroll for ECON 228 in the same semester/session in which the internship is granted. Students should work a minimum of 100 hours per term. Prerequisites are declaration in the Economics major; a major GPA of 2.200 or higher; completion of at least four ECON courses at UW–Madison; completion of at least one Intermediate Theory course (ECON 301 Intermediate Microeconomic Theory or ECON 302 Intermediate Macroeconomic Theory); and departmental approval.
Study Abroad
Learning in Letters & Science emphasizes discovery, growth, understanding different perspectives, and challenging yourself, which makes studying abroad an excellent fit for many L&S students: studyabroad.wisc.edu
As a university with global influence, we have more than 300 study abroad programs in over 80 countries. These vary in length, academic focus, teaching format, language requirements, cost, and level of independence. There are many programs to complement every major and any year of college (including the final semester)—and all meet UW–Madison’s high academic standards. Students admitted into Letters & Science can even choose a short program in the summer before they start college or their whole first year: studyabroad.wisc.edu/launch. Talk with your academic advisor about how studying abroad might fit with your academic plan.
SuccessWorks
SuccessWorks at the College of Letters & Science helps you turn the academic skills learned in your classes into a fulfilling life, guiding you every step of the way to securing jobs, internships, or admission to graduate school.
Through one-on-one career advising, events, and resources, you can explore career options, build valuable internship and research experience, and connect with supportive alumni and employers who open doors of opportunity.
- What you can do with your major (Major Skills & Outcomes Sheets)
- Make a career advising appointment
- Learn about internships and internship funding
- Try “Jobs, Internships, & How to Get Them,” an interactive guide in Canvas for enrolled UW–Madison students