The International Economics major is designed to help students develop the ability to conduct an innovative, well-informed, rigorous, quantitative analysis of all aspects of the world economy. This ability is essential to understanding the economic forces at work in the world and making sound decisions in the face of them. All students are expected to master the theoretical and empirical tools necessary to conduct such analyses.
Students who select the IECO major will gain experience in the following areas:
- The basic elements of microeconomic theory including consumer choice, the impact on resource allocation of different market structures, game theory, general equilibrium analysis, and asymmetric information.
- The measurement of output and prices, along with theories of economic growth, business cycles, and fiscal and monetary policy.
- The fundamentals of international trade and finance.
- Elementary statistics, probability theory, statistical inference, electronic data acquisition, and computer applications.
- The theory and applications of regression analysis, with emphasis on the main techniques for estimating economic relationships and testing economic hypotheses.
The application of economic theory and empirical analysis to a range of topics including labor, industrial organization, development, and the public sector.
- The elements of original research and writing, from posing a question, to summarizing the literature, modeling, gathering data, establishing causality and drawing conclusions.