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Majors & Minors
Economics
PROGRAM OVERVIEW The Economics program offers the opportunity to study how incentives affect human interaction (microeconomics) and how the economy grows and fluctuates (macroeconomics). The Economics major provides preparation both for students planning to enter the world of work directly after Drake, and for students planning to attend professional or graduate school. The Economics major provides excellent preparation for professional study in law, business, or public administration, because economics is an important analytical tool used in these fields. Students interested in graduate study in economics or a closely-related field (finance, public policy, international relations, etc.) should also consider the major in Quantitative Economics.
Two economics degree options in Economics are offered by the College of Business and Public Administration: a Bachelor of Science in Business Administration (BSBA) with a major in Economics, and a Bachelor of Arts (BA) with a major in Economics. The Bachelor of Arts option can be taken as a second major by students in other colleges at Drake. In addition, a minor in Economics is offered to students in any college.
FACULTY The Economics program is staffed by five full-time faculty members, all of whom have PhDs. Their research interests include labor economics, radical political economy, history of economic thought, macroeconomic theory, developing economies, and economics pedagogy. Collectively, the faculty have recently published three or four peer-reviewed articles per year.
ACADEMIC PREPARATION Students who are comfortable with basic mathematics are likely to excel in economics. Introductory courses in Principles of Macroeconomics and Microeconomics assume only a high school course in algebra, but some advanced courses require basic calculus. Although 100-level mathematics courses are not needed for economics, students planning to major in economics should be careful not to let their quantitative skills lapse.
REQUIREMENTS FOR MAJOR The Economics major requires 27 hours of Economics, three hours of Mathematics, and six hours of Statistics.
REQUIREMENTS FOR MINOR The Economics minor comprises study of economics beyond the introductory level, but short of a full major program. The Economics minor requires 18 hours of Economics and three hours of Mathematics.
DRAKE CURRICULUM The Drake Curriculum, required of all undergraduates, is designed to help students meet personal and professional goals as they acquire fundamental knowledge and abilities in ten Areas of Inquiry, including communication, critical thinking, artistic experience, historical consciousness, information and technology literacy, international and multicultural experiences, scientific and quantitative literacy, values and ethics and engaged citizenship. Students work closely with their academic advisers to craft a program of study in general education that prepares students for civic and professional leadership.
The Drake Curriculum also requires first-year seminars, which foster development of critical thinking and written and oral communication skills through a topical focus; and a Senior Capstone, in which students demonstrate the capacity to bring information, skills and ideas to bear on one project.
CAREER OPTIONS Most students who graduate with an undergraduate major in Economics pursue careers in business or law. Students interested in business are advised to follow the BSBA degree option. Students interested in graduate school in economics or a related field are advised to follow the major in Quantitative Economics.
HONORS Students majoring in Economics are eligible for the Alley Scholarship and the Bohlman Economics Award. In addition, a nonmonetary award is given to the outstanding senior Economics major.