Economics

University of California, Berkeley

This is an archived copy of the 2015-16 guide. To access the most recent version of the guide, please visit http://guide.berkeley.edu.

About the Program

Bachelor of Arts (BA)

The Department of Economics is home to over 1100 undergraduate students. Economics majors can enroll in a broad array of economics courses, ranging from economic history to advanced macroeconomics. Students are encouraged to study abroad, participate in research, and take advantage of the many opportunities Berkeley has to offer.

Declaring the Major

As an impacted major with a highly competitive admissions process, the economics major is capped. Students who want to apply to the economics major must have completed or be currently enrolled in all the major prerequisites. After fall 2004, students admitted to Berkeley as freshmen must apply by their fifth semester of post-high school coursework unless they have fewer than 80 total units. This total includes coursework in progress but excludes high school enrichment units, e.g., Advanced Placement, International Baccalaureate, or other college units earned prior to high school graduation. Transfer students admitted to Berkeley in fall 2006 and later are required to enroll in missing prerequisites and apply to the major during their first semester at Berkeley. The unit cap does not apply to transfer students.

For more information, please visit the department's website.

Honors Program

Students interested in graduating with honors in economics should consult with a faculty adviser no later than the first semester of their senior year. The department recommends a student for graduation with honors based on: evidence of superior performance provided by a thesis written in the senior year and the student's course grade record overall and in the major. The minimum major grade point average (GPA) requirement is 3.5 in upper division economics courses and 3.3 GPA overall. The senior thesis may be an extension of a seminar paper prepared under the continued guidance of a faculty member through enrollment in ECON H195A/ECON H195B.

Minor Program

There is no minor program in economics.

Visit Department Website

Major Requirements

In addition to the University, campus, and college requirements, listed on the College Requirements tab, students must fulfill the below requirements specific to their major program.

General Guidelines

  1. All courses taken to fulfill the major requirements below must be taken for graded credit, other than courses listed which are offered on a Pass/No Pass basis only. Other exceptions to this requirement are noted as applicable.
  2. No more than one upper division course may be used to simultaneously fulfill requirements for a student's major and minor programs, with the exception of minors offered outside of the College of Letters & Science.
  3. A minimum grade point average (GPA) of 2.0 must be maintained in both upper and lower division courses used to fulfill the major requirements.

For information regarding residence requirements and unit requirements, please see the College Requirements tab.

Prerequisites

Five courses

Select one calculus sequence from the following: 1
Calculus
   and Calculus
Analytic Geometry and Calculus
   and Analytic Geometry and Calculus (or equilivalent)
Select one statistics course from the following: 1
Introduction to Probability and Statistics
Introductory Probability and Statistics for Business
Introduction to Probability and Statistics for Life Scientists
Concepts of Probability
Select one of the following:
Introduction to Economics
Introduction to Economics--Lecture Format (or equivalent)
Select one of the following:
Economic Analysis--Micro
Economic Analysis--Macro
Economic Theory--Micro (or equivalents)
Economic Theory--Macro
1

 At least one semester of the calculus/statistics requirement must be completed at UC Berkeley.

Upper Division Requirements

Seven courses

Select one course from the following, to complete the sequence begun as a prerequisite:
Economic Analysis--Micro
Economic Analysis--Macro
Economic Theory--Micro
Economic Theory--Macro
Select one econometrics class from the following:
Economic Statistics and Econometrics
Econometric Analysis
Select five additional upper division economics courses

College Requirements

Undergraduate students in the College of Letters & Science must fulfill the following requirements in addition to those required by their major program.

For detailed lists of courses that fulfill college requirements, please see the College of Letters & Sciences  page in this Guide.

Entry Level Writing

All students who will enter the University of California as freshmen must demonstrate their command of the English language by fulfilling the Entry Level Writing requirement. Fulfillment of this requirement is also a prerequisite to enrollment in all reading and composition courses at UC Berkeley. 

American History and American Institutions

The American History and Institutions requirements are based on the principle that a US resident graduated from an American university should have an understanding of the history and governmental institutions of the United States.

American Cultures

American Cultures is the one requirement that all undergraduate students at Cal need to take and pass in order to graduate. The requirement offers an exciting intellectual environment centered on the study of race, ethnicity and culture of the United States. AC courses offer students opportunities to be part of research-led, highly accomplished teaching environments, grappling with the complexity of American Culture.

Quantitative Reasoning

The Quantitative Reasoning requirement is designed to ensure that students graduate with basic understanding and competency in math, statistics, or computer science. The requirement may be satisfied by exam or by taking an approved course.

Foreign Language

The Foreign Language requirement may be satisfied by demonstrating proficiency in reading comprehension, writing, and conversation in a foreign language equivalent to the second semester college level, either by passing an exam or by completing approved course work.

Reading and Composition

In order to provide a solid foundation in reading, writing and critical thinking the College requires two semesters of lower division work in composition. Students must complete a first-level reading and composition course by the end of their second semester and a second-level course by the end of their fourth semester.

Breadth Requirements

The undergraduate breadth requirements provide Berkeley students with a rich and varied educational experience outside of their major program. As the foundation of a liberal arts education, breadth courses give students a view into the intellectual life of the University while introducing them to a multitude of perspectives and approaches to research and scholarship. Engaging students in new disciplines and with peers from other majors, the breadth experience strengthens interdisciplinary connections and context that prepares Berkeley graduates to understand and solve the complex issues of their day.

Unit Requirements

  • 120 total units, including at least 60 L&S units

  • Of the 120 units, 36 must be upper division units

  • Of the 36 upper division units, 6 must be taken in courses offered outside your major department

Residence Requirements

For units to be considered in "residence," you must be registered in courses on the Berkeley campus as a student in the College of Letters & Science. Most students automatically fulfill the residence requirement by attending classes here for four years. In general, there is no need to be concerned about this requirement, unless you go abroad for a semester or year or want to take courses at another institution or through University Extension during your senior year. In these cases, you should make an appointment to see an adviser to determine how you can meet the Senior Residence Requirement.

Note: Courses taken through UC Extension do not count toward residence.

Senior Residence Requirement

After you become a senior (with 90 semester units earned toward your BA degree), you must complete at least 24 of the remaining 30 units in residence in at least two semesters. To count as residence, a semester must consist of at least 6 passed units. Intercampus Visitor, EAP, and UC Berkeley-Washington Program (UCDC) units are excluded.

You may use a Berkeley summer session to satisfy one semester of the Senior Residence requirement, provided that you successfully complete 6 units of course work in the Summer Session and that you have been enrolled previously in the college.

Modified Senior Residence Requirement

Participants in the UC Education Abroad Program (EAP) or the UC Berkeley Washington Program (UCDC) may meet a Modified Senior Residence requirement by completing 24 (excluding EAP) of their final 60 semester units in residence. At least 12 of these 24 units must be completed after you have completed 90 units.

Upper Division Residence Requirement

You must complete in residence a minimum of 18 units of upper division courses (excluding EAP units), 12 of which must satisfy the requirements for your major.

Plan of Study

For more detailed information regarding the courses listed below (e.g., elective information, GPA requirements, etc.), see the College Requirements and Major Requirements tabs.

Freshman
FallUnitsSpringUnitsSummerUnits
MATH 16A53-4MATH 16B53MATH 53 (optional)54
OR
 
OR
  
   
Reading and Composition A4Reading and Composition B4 
L&S Breadth4ECON 1 (SBS Breadth)4 
Lower Division Elective4
OR
  
   
 Lower Division Elective4 
 15-16 15 4
Sophomore
FallUnitsSpringUnitsSummerUnits
ECON 100A4ECON 100B4Internship 
OR
 
OR
 
OR
 
  Study Abroad 
STAT 2064UD Econ Elective4 
OR
 L&S Breadth3 
 American Cultures Reqt4 
L&S Breadth4  
UD non-Econ Elective3  
 15 15 0
Junior
FallUnitsSpringUnitsSummerUnits
ECON 1404Upper Division Economics Elective4Internship 
OR
 Upper Division Economics Elective4
OR
 
 Lower or Upper Division Elective4Study Abroad 
L&S Breadth4L&S Breadth3 
L&S Breadth4  
Upper Division Non-Economics Elective3  
 15 15 0
Senior
FallUnitsSpringUnits 
Upper Division Economics Elective74Upper Division Economics Elective4 
Lower or Upper Division Elective4Upper Division Elective3 
Lower or Upper Division Elective4
OR
  
Lower or Upper Division Elective3  
 Lower or Upper Division Elective4 
 Lower or Upper Division Elective4 
 15 15
Total Units: 124-125
1

 This is a sample program plan. This plan assumes that the student has completed the Entry Level Writing, American History and Institutions, Quantitative Reasoning, and Foreign Language requirements prior to admission, and does not require MATH 32.

2

 To declare the Economics major, students must complete all prerequisite courses and apply to the major no later than their fifth semester at Berkeley. A minimum prerequisite GPA of 3.0 is also required.

3

 The economics major is impacted and cannot guarantee enrollment in specific courses.

4

 Students are strongly advised to work with an academic adviser to determine a personal program plan. Your program plan will differ depending on previous credit received, your course schedule, and available offerings.

5

MATH 53 is a prerequisite to enroll in ECON 101A. ECON 101A ECON 101B and ECON 141 (more quantitatively rigorous versions of ECON 100A, ECON 100B, and ECON 140) are recommended for students interested in research or pursuing a PhD in Economics, and require the MATH 1A-MATH 1B series as prerequisites. ECON 100A/ECON 101A and ECON 100B/ECON 101B can be taken out of order. ECON 140/ECON 141 should be taken the semester following completion of ECON 100A/ECON 101A and ECON 100B/ECON 101B.

6

 Statistics prerequisite should be completed no later than fall semester of 2nd year. Other options to this prerequisite are: STAT 131A, STAT 134, or IND ENG 172.

7

 For students intending to complete the Economics Honors Program, one approved research course can be used to fulfill both the "Research Requirement" for the Honors Program and an upper division elective. Discuss your plans for this Program with an Economics Adviser. The Economics Honors Program is optional.

8

 ECON H195B is the Honors Thesis Course for students intending to complete the Economics Honors Program. Discuss your plans for this Program with an Economics Adviser. The Economics Honors Program is optional.

Accelerated Program Plans

For students considering graduating in less than four years, it's important to acknowledge the reasons to undertake such a plan of study. While there are advantages to pursuing a three-year degree plan such as reducing financial burdens, they are not for everyone and do involve sacrifices; especially with respect to participating in co-curricular activities, depth of study,  and summer internships, which typically lead to jobs upon graduation. All things considered, please see the tables for three and three and a half year degree options.

3.5 Year Plan

3 Year Plan

Student Learning Goals

Mission

Economics is the study of how people make choices under conditions of scarcity and the results of those choices for society. Limited resources make tradeoffs necessary for consumers, businesses, and nations. Microeconomics studies how consumers make choices in using their time and spending their income and how businesses make choices in producing and selling goods and services. Macroeconomics studies the determination of national income and how it deviates from its potential (full employment) over the business cycle. The important outcomes for the national economy are income and how it is distributed, unemployment, inflation, economic growth, and how well financial markets and international trade are functioning. Economics is important in studying the impact of government policies, ranging from regulatory activities in individual markets to general measures for stabilizing and steering the economy at large. The effect of alternative economic policies on the welfare of the population is a core concern in economics. Undergraduates should have the following knowledge and skills when they graduate with an economics major from UC Berkeley. The Department of Economics wants their majors to have knowledge of economics principles with the skills to apply this knowledge in the following ways.

Learning Goals of the Major

Critical Thinking Skills

  • Apply economic analysis to evaluate everyday problems.
  • Apply economic analysis to evaluate specific policy proposals.
  • Compare two or more arguments that have different conclusions to a specific issue or problem.
  • Understand the role of assumptions in arguments.

Quantitative Reasoning Skills

  • Understand how to use empirical evidence to evaluate an economic argument.
  • Interpret statistical results.
  • Conduct appropriate statistical analysis of data, and explain the statistical problems involved.
  • Obtain and/or collect relevant data using specific qualitative and/or quantitative research methods.

Problem-Solving Skills

  • Solve problems that have clear solutions.
  • Propose solutions for problems that do not have clear answers, and indicate under what conditions they may be viable solutions.

Specialized Knowledge and Application of Skills

  • In specific content areas (fields) of economics, develop deeper critical and quantitative thinking skills, and apply problem-solving skills to complex problems.

Communication Skills

  • Communicate effectively in written, spoken, and graphical form about specific economic issues.
  • Formulate a well-organized written argument that states assumptions and hypotheses, which are supported by evidence.
  • Present an economic argument orally.

Lifelong Learning Skills

  • Possess a working knowledge of information databases (e.g., Econ Lit, Nexis-Lexis).
  • Know how to locate and use primary data sources (e.g., BLS Household Survey, UN Human Development Index).
  • Understand and evaluate current economic events and new economic ideas.

Career & Internship Information

Career Services Overview

The UC Berkeley Career Center prepares undergraduates, graduate students, and alumni to make informed decisions about their futures by providing comprehensive resources, programs, and counseling on career development, internships, employment, and graduate school.  Whether it be through a resume critique, an alumni networking event, or an interviewing skills workshop, the Career Center is committed to help all students achieve:

  • Career Clarity: providing students the opportunity to identify their career direction.
  • Career Competitiveness: providing students the opportunities to enhance their marketability via real world experiences.
  • Career Connections: providing students opportunities to engage with alumni and employers.

Common Career Paths for Economics Majors

Career Destinations Survey

Every year the Career Center surveys graduating seniors about their post-graduation plans to better understand the career outcomes of our alumni including: career fields, job titles, specific employers, entry-level salaries, and graduate/professional school destinations. The data profiles by major provide an impressive overview of the diverse interests and achievements of recent graduates from UC Berkeley, including specific data for the Economics Department .  Each survey year includes the August, December, and May graduating cohorts for that survey year.This data is designed to provide students, alumni, and employers with critical information about where Cal students go after graduation. As expected, college major does not restrict the employment or graduate school options that Cal students pursue. With careful planning , you can develop career-related skills and experiences that can prepare you for almost any job or graduate school field.

Sample Career Pathways

Economics majors go on to pursue a wide variety of career options including, but not limited to:

  • Economics: Data collection, research analysis, forecasting, planning, consulting and policy advising roles in many industries including private sector consulting and research firms, retail, insurance, transportation, healthcare, federal, state and local government agencies, public utilities, or labor unions.
  • Banking and finance: Financial analysis, commercial banking, mortgage and lending services, credit analysis, branch management, securities sales and research.
  • Management: Business and industry including banks, retail stores, restaurants, hotels, healthcare, manufacturing, government and nonprofit organizations.
  • Insurance: Claims, underwriting, risk management, sales, loss control, and actuarial science.
  • Sales: Industrial sales, consumer product sales, financial services sales, advertising sales, ecommerce, high tech forms, media.
  • Education: Teaching, research and administrative roles in colleges, universities, and secondary schools.

Visit our Connecting Majors to Careers resource to explore additional career paths most commonly associated with over 80 majors, including Economics .

Career and Internship Resources

The Career Center offers a wide variety of programs and resources to support students of all majors and class levels.

  • Job Search Tools :  Resume and cover letter writing, job search strategies, networking tools, interviewing skills, and more.
  • Career Counseling :  A wide variety of scheduled and drop-in appointment options based on major and topic.
  • Internships :  Internship listings, search strategies, FAQs, and more.
  • Career Exploration : Resources to explore career options, identify career goals, and develop effective career plans.
  • Events and Workshops :  Over 70 events each semester including workshops, alumni networking events, career panels, conferences, and on-campus Career Chats.
  • Career Fairs and Employer Information Sessions :  We offer 14 career fairs each year across a variety of career fields and partner with numerous employers for on-campus information sessions.
  • Graduate and Professional School :  Counseling and resources to help students research and apply for graduate and professional school including medical school and law school .

*The above services are available to all currently enrolled UC Berkeley students and members of the Career Center’s Alumni Advantage program.

Advising

Student Services

The economics student services mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment. Professional and peer advisers work as a team to provide accurate information in a timely manner. We partner with faculty to assist students in engaging with the campus and the global economic community. We value fairness, diversity, and the important roles our students, faculty, and staff in the Department of Economics play at the University of California, Berkeley.

Please visit our website for more information about our advising services: https://www.econ.berkeley.edu/undergrad/home/advising

Courses

Economics

ECON 1 Introduction to Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
A survey of economics designed to give an overview of the field.

ECON 2 Introduction to Economics--Lecture Format 4 Units

Terms offered: Spring 2017, Spring 2016, Spring 2015
The course provides a survey of economics principles and methods. It covers both microeconomics, the study of consumer choice, firm behavior, and market interaction, and macroeconomics, the study of economic growth, unemployment, and inflation. Special emphasis is placed on the application of economic tools to contemporary economic problems and policies. Economics 2 differs from Economics 1 in that it has an additional hour of lecture per week and can thus cover topics in greater depth. It is particularly appropriate for intended economics majors.

ECON C3 Introduction to Environmental Economics and Policy 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Introduction to microeconomics with emphasis on resource, agricultural, and environmental issues.

ECON 24 Freshman Seminar 1 Unit

Terms offered: Fall 2011, Spring 2008, Fall 2004
The Freshman Seminar Program has been designed to provide new students with the opportunity to explore an intellectual topic with a faculty member in a small seminar setting. Freshman seminars are offered in all campus departments. Topics vary from department to department and semester to semester. Enrollment limited to 15 freshman.

ECON 84 Sophomore Seminar 1 or 2 Units

Terms offered: Spring 2017, Spring 2016, Spring 2015
Sophomore seminars are small interactive courses offered by faculty members in departments all across the campus. Sophomore seminars offer opportunity for close, regular intellectual contact between faculty members and students in the crucial second year. The topics vary from department to department and semester to semester. Enrollment limited to 15 sophomores.

ECON 98 Directed Group Study 1 - 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Written proposal must be approved by Department Chair. Seminars for the group study of selected topics, which will vary from year to year. Topics may be initiated by students.

ECON 100A Economic Analysis--Micro 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Resource allocation and price determination.

ECON 100B Economic Analysis--Macro 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
A study of the factors which determine national income, employment, and price levels, with attention to the effects of monetary and fiscal policy.

ECON 101A Economic Theory--Micro 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Theory of resource allocation and price determination with an emphasis on microeconomic principles.

ECON 101B Economic Theory--Macro 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
A study of theories of the determination of national income, employment, and price levels, with attention to the effects of monetary and fiscal policy.

ECON C102 Natural Resource Economics 4 Units

Terms offered: Fall 2017, Fall 2016, Fall 2015
Introduction to the economics of natural resources. Land and the concept of economic rent. Models of optimal depletion of nonrenewable resources and optimal use of renewable resources. Application to energy, forests, fisheries, water, and climate change. Resources, growth, and sustainability.

ECON C103 Introduction to Mathematical Economics 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Selected topics illustrating the application of mathematics to economic theory. This course is intended for upper-division students in Mathematics, Statistics, the Physical Sciences, and Engineering, and for economics majors with adequate mathematical preparation. No economic background is required.

ECON 104 Advanced Microeconomic Theory 4 Units

Terms offered: Spring 2017, Spring 2016, Spring 2015
This course explores some issues in advanced microeconomic theory, with special emphasis on game-theoretic models and the theory of choice under uncertainty. Specific applications will vary from year to year, but will generally include topics from information economics and models of strategic interaction.

ECON 105 History of Economic Thought 4 Units

Terms offered: Fall 2017, Summer 2017 First 6 Week Session, Fall 2016
A survey of the theories of major economists from Adam Smith to Keynes.

ECON C110 Game Theory in the Social Sciences 4 Units

Terms offered: Fall 2017, Fall 2016, Fall 2015
A non-technical introduction to game theory. Basic principle, and models of interaction among players, with a strong emphasis on applications to political science, economics, and other social sciences.

ECON N110 Game Theory in the Social Sciences 4 Units

Terms offered: Summer 2017 8 Week Session, Summer 2016 10 Week Session, Summer 2016 8 Week Session
A non-technical introduction to game theory. Basic principle, and models of interaction among players, with a strong emphasis on applications to political science, economics, and other social sciences.

ECON 113 American Economic History 4 Units

Terms offered: Spring 2017, Spring 2015, Spring 2014
A survey of trends in the American economy; emphasis on factors explaining economic growth and on the changing distribution of the gains and losses associated with growth.

ECON N113 American Economic History 4 Units

Terms offered: Summer 2010 8 Week Session, Summer 2009 10 Week Session, Summer 2009 8 Week Session
A survey of trends in the American economy; emphasis on factors explaining economic growth and on the changing distribution of the gains and losses associated with growth.

ECON 115 The World Economy in the Twentieth Century 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Development of the world economic system with particular reference to world-wide trading relationships. This course is equivalent to HISTORY 160; students will not receive credit for both courses.

ECON 119 Psychology and Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Fall 2016
This course presents psychological and experimental economics research demonstrating departures from perfect rationality, self-interest, and other classical assumptions of economics and explores ways that these departures can be mathematically modeled and incorporated into mainstream positive and normative economics. The course will focus on the behavioral evidence itself, especially on specific formal assumptions that capture the findings in a way that can be incorporated into economics. The implications of these new assumptions for theoretical and empirical economics will be explored.

ECON 121 Industrial Organization and Public Policy 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
The organization and structure of production in the U.S. economy. Determinants of market structure, business behavior, and economic performance. Implications for antitrust policy.

ECON 122 Industrial Organization Seminar 4 Units

Terms offered: Fall 2012, Spring 2010, Spring 2009
Seminar on problems in the field of industrial organization. Seminar paper is required.

ECON 123 Government Regulation of Industry 3 Units

Terms offered: Fall 2014, Spring 2014, Spring 2013
Problems of public policy in the field of industrial organization. Analysis of regulatory consequences with particular attention to economic performance.

ECON 124 Special Topics in Industrial Organization 4 Units

Terms offered: Spring 2016, Spring 2015, Spring 2014
Analysis of market structure, conduct and performance in selected industries. See course announcement for current topics.

ECON C125 Environmental Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017, Summer 2016
Theories of externalities and public goods applied to pollution and environmental policy. Trade-off between production and environmental amenities. Assessing nonmarket value of environmental amenities. Remediation and clean-up policies. Environment and development. Biodiversity management.

ECON 131 Public Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
This course focuses on the role of the government in the economy from a theoretical and empirical perspective. The aim of the course is to provide an understanding of the reasons for government intervention in the economy, analyzing the merits of possible government policies, and the response of economic agents to the government's actions. The course covers the analysis of tax policy, social insurance programs, public goods, environmental protection, and the interaction between different levels of government. Special emphasis is set on current government policy issues such as social security reform, income tax reform, and budget deficits.

ECON 132 Seminar in Public Sector Economics 4 Units

Terms offered: Fall 2015, Fall 2014, Fall 2013
Enrollment will be limited. A seminar paper is required.

ECON 133 Global Inequality and Growth 4 Units

Terms offered: Summer 2017 First 6 Week Session, Spring 2017, Summer 2016 First 6 Week Session
This course provides an introduction to the analysis of economic inequalities and the interplay between inequality and economic growth. It focuses on three sets of core questions: 1) How does inequality evolve over the path of development? 2) What are the theories that can explain the degree of economic inequalities and its dynamic? 3) How do policies affect inequalities, and what types of policies can foster equitable growth? The course addresses these issues from a global and historical perspective: it comprehensively deals with the United States today, but also with inequality in China, India, Latin America, and Europe, as far back as 1700.

ECON 134 Macroeconomic Policy from the Great Depression to Today 4 Units

Terms offered: Spring 2014, Spring 2013, Spring 2012
This course will analyze the macroeconomic challenges and policy responses in the United States over the past century. Among the key topics studied are the Great Depression and the New Deal; boom and bust monetary and fiscal policy in the early post-World War II period; the Volcker disinflation and the Great Moderation; and the 2008 financial crisis and the Great Recession.

ECON 136 Financial Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Analysis of financial assets and institutions. The course emphasizes modern asset valuation theory and the role of financial intermediaries, and their regulation, in the financial system.

ECON N136 Financial Economics 4 Units

Terms offered: Summer 2010 8 Week Session, Summer 2009 10 Week Session, Summer 2009 8 Week Session
Analysis of financial assets and institutions. The course emphasizes modern asset valuation theory and the role of financial intermediaries, and their regulation, in the financial system.

ECON 137 Aggregate Economics Seminar 4 Units

Terms offered: Spring 2007, Spring 2006, Fall 2003
Enrollment will be limited. A seminar paper is required.

ECON 138 Financial and Behavioral Economics 4 Units

Terms offered: Spring 2017, Spring 2016, Fall 2015
This course is an advanced class in Financial Economics. Topics include moral hazard (principal-agent problems, free cash flow), asymmetric Information (security issurance, dividends), mergers and acquisitions (theory, managerial incentives), corporate governance (separation of ownership and control, internal capital markets, superstar CEOs), corporate fraud (earnings manipulations). This class emphasizes the economic underpinning of financial decision-making and is mathematically and technically demanding. You will be required to do some empirical homework using STATA.

ECON 139 Intermediate Financial Economics 4 Units

Terms offered: Spring 2017
This is a 4-unit advanced undergraduate course designed for undergraduates in Economics, Statistics, Mathematics, and Industrial Engineering/Operations Research who are interested in financial economics and finance. This course will stress the link between financial economics and equilibrium theory. Less attention will be devoted to purely financial topics such as the valuation of derivatives. This course is intended as the segue between a first course in financial economics (at the undergraduate level) and graduate-level courses in financial economics and finance.

The idea is to introduce students to the full range of topics typically covered by a financial economics and/or discrete time asset pricing course at the doctoral level.

ECON 140 Economic Statistics and Econometrics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Introduction to problems of observation, estimation, and hypothesis testing in economics. This course covers the linear regression model and its application to empirical problems in economics.

ECON 141 Econometric Analysis 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Introduction to problems of observation, estimation, and hypothesis testing in economics. This course covers the statistical theory for the linear regression model and its variants, with examples from empirical economics.

ECON C142 Applied Econometrics and Public Policy 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016, Fall 2015
This course focuses on the sensible application of econometric methods to empirical problems in economics and public policy analysis. It provides background on issues that arise when analyzing non-experimental social science data and a guide for tools that are useful for empirical research. By the end of the course, students will have an understanding of the types of research designs that can lead to convincing analysis and be comfortable working with large scale data sets.

ECON 151 Labor Economics 4 Units

Terms offered: Summer 2017 8 Week Session, Spring 2017, Summer 2016 8 Week Session
This course will analyze the economic forces that shape labor markets, institutions, and performance in the U.S., Japan, and at least one European country (usually Germany). Institutions examined include trade unions, legal regulations, and social conventions.

ECON 152 Wage Theory and Policy 4 Units

Terms offered: Spring 2016, Spring 2015, Fall 2009
This course focuses on theoretical and empirical analysis of wage and employment determination in the labor market. In addition, the role of public policy in affecting wage and employment outcomes in the U.S. labor market is examined. Topics include labor supply, labor demand, minimum wages, the economics of education and training, discrimination and the impact of antidiscrimination programs, changes in wage inequality over time, immigration, unions, unemployment, and poverty.

ECON N152 Wage Theory and Policy 4 Units

Terms offered: Not yet offered
This course focuses on theoretical and empirical analysis of wage and employment determination in the labor market. In addition, the role of public policy in affecting wage and employment outcomes in the U.S. labor market is examined. Topics include labor supply, labor demand, minimum wages, the economics of education and training, discrimination and the impact of antidiscrimination programs, changes in wage inequality over time, immigration, unions, unemployment, and poverty.

ECON 153 Labor Economics Seminar 4 Units

Terms offered: Fall 2015, Fall 2014, Spring 2009
Topics in labor economics. Seminar paper required.

ECON 154 Economics of Discrimination 4 Units

Terms offered: Spring 2016, Spring 2015, Spring 2014
Starting from Becker's classic book on the economics of discrimination, this course will focus on issues of difference and discrimination accociated with race, gender, or nation of birth, focusing particularly on credit and housing markets, education, and health care. The course looks carefully at the ways in which econometrics is used to address questions of discrimination.

ECON 155 Urban Economics 3 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Fall 2016
Application of economic theory to urban problems. Topics covered include location theory, housing, transportation, and the fiscal problems of city government.

ECON 155A Cities and Public Policy 4 Units

Terms offered: Spring 2017, Spring 2016
This is an advanced course considering the economic forces governing cities and a host of attendant public policy issues. Topics covered will include theory and evidence on sources of agglomeration economies and urban growth, housing markets, segregation, neighborhood effects, and place-based policies.

ECON 157 Health Economics 4 Units

Terms offered: Summer 2017 8 Week Session, Spring 2017, Summer 2016 8 Week Session
An economic analysis of policies and institutions in the U.S. health care sector. Topics covered include the supply and demand for health services, conceptual and policy issues relating to the provision of health insurance, and economic analysis of efficient regulatory policies toward the health care sector.

ECON 161 Economics of Transition: Eastern Europe 4 Units

Terms offered: Spring 2016, Spring 2015, Fall 2010
Economic behavior under socialism; socialism vs. capitalism. Transition challenges. Stylized facts of transition. Political economy of reform strategies. Liberalization and the macroeconomic environment. Privatization policies and enterprise restructuring. Legal reform, institutional change, and variation in economic performance across countries. Foreign trade and enlargement of the European Union to transition countries. The Washington consensus, transition, and the institutions of capitalism.

ECON 162 The Chinese Economy 3 Units

Terms offered: Fall 2017, Fall 2016, Spring 2016
The Chinese economy, its institutions, reform and transition to the market, and development.

ECON C171 Economic Development 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Problems of underdevelopment and poverty, policy issues, and development strategy.

ECON N171 Economic Development 4 Units

Terms offered: Summer 2017 8 Week Session, Summer 2016 8 Week Session, Summer 2015 8 Week Session
Problems of underdevelopment and poverty, policy issues, and development strategy.

ECON 172 Case Studies in Economic Development 4 Units

Terms offered: Spring 2017, Spring 2016, Fall 2015
A detailed study of the problems of development in a selected geographical area in Asia or Africa or Latin America.

ECON 173 Economic Development Seminar 4 Units

Terms offered: Fall 2010, Fall 2009, Spring 2009
A seminar paper will be required.

ECON 174 Global Poverty and Impact Evaluation 4 Units

Terms offered: Spring 2017, Spring 2016, Spring 2015
Rather than simply describing the causes and symptoms of global poverty, this course will explore the variety of tools available for rigorously measuring the impact of development programs. Through weekly case studies of field research, the course will cover impact evaluation theory and methods. The course will culminate with a final project in which each student will design an impact evaluation of a policy or intervention.

ECON C175 Economic Demography 4 Units

Terms offered: Spring 2017, Spring 2016, Summer 2015 First 6 Week Session
A general introduction to economic demography, addressing the following kinds of questions: What are the economic consequences of immigration to the U.S.? Will industrial nations be able to afford the health and pension costs of the aging populations? How has the size of the baby boom affected its economic well being? Why has fertility been high in Third World countries? In industrial countries, why is marriage postponed, divorce high, fertility so low, and extramarital fertility rising? What are the economic and environmental consequences of rapid population growth?

ECON N175 Economic Demography 3 Units

Terms offered: Summer 2013 10 Week Session, Summer 2013 8 Week Session
A general introduction to economic demography, addressing the following kinds of questions: What are the economic consequences of immigration to the U.S.? Will industrial nations be able to afford the health and pension costs of the aging populations? How has the size of the baby boom affected its economic well being? Why has fertility been high in Third World countries? In industrial countries, why is marriage postponed, divorce high, fertility so low, and extramarital fertility rising? What are the economic and environmental consequences of rapid population growth?

ECON C181 International Trade 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
The theory of international trade and its applications to tariff protection. This course is equivalent to UGBA 118; students will not receive credit for both courses.

ECON N181 International Trade 4 Units

Terms offered: Summer 2017 First 6 Week Session, Summer 2016 10 Week Session, Summer 2016 First 6 Week Session
The theory of international trade and its applications to tariff protection.

ECON 182 International Monetary Economics 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Fall 2016
The balance of payments, the determination of the trade balance and income under fixed and floating exchange rates, money and prices in open economies, the internationalization of financial markets and its implications, international macroeconomic interdependence, capital flows, and the determination of the exchange rate.

ECON 191 Topics in Economic Research 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
This course discusses recent research and policy developments. The core objective is to expose students to different aspects of research in economics. A sequence of five different frontier research topics are studied in depth each semester. Each topic lasts three weeks, during which students will familiarize themselves with cutting-edge economic research and methodology. Students will then develop their own research ideas and write two medium- size research papers.

ECON H195A Senior Honors Thesis 1 - 3 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Preparation for writing a thesis, finding and organizing a topic, gathering data and getting started. H195A is not prerequisite to H195B.

ECON H195AS Senior Honors Thesis 1 - 3 Units

Terms offered: Prior to 2007
Preparation and writing of an honors thesis under the supervision of a member of the faculty. H195AS is not a prerequisite to H195BS.

ECON H195B Senior Honors Thesis 1 - 3 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Spring 2017
Writing a thesis under the supervision of a faculty member. Applications and details through the departmental undergraduate office. H195A is not prerequisite to H195B.

ECON H195BS Senior Honors Thesis 1 - 3 Units

Terms offered: Prior to 2007
Preparation and writing of an honors thesis under the supervision of a member of the faculty.

ECON 196 Special Topics in Economics 1 - 4 Units

Terms offered: Fall 2017, Fall 2016, Spring 2016
Study in various fields of economics. Topics will vary from semester to semester and will be announced at the beginning of each semester.

ECON 197 Field Studies 1 - 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Summer 2017 Second 6 Week Session
Written proposal must be approved by Department Chair. Supervised field studies in economics. Projects may be initiated by the students.

ECON 198 Directed Group Study 1 - 4 Units

Terms offered: Fall 2017, Spring 2017, Fall 2016
Written proposal must be approved by Department Chair. Seminars for the group study of selected topics, which will vary from year to year. Topics may be initiated by students.

ECON 199 Supervised Independent Study and Research 1 - 4 Units

Terms offered: Fall 2017, Summer 2017 8 Week Session, Summer 2017 Second 6 Week Session
Written proposal must be approved by Department Chair. Enrollment is restricted.

Faculty and Instructors

Faculty

David Sehun Ahn, Associate Professor. Game theory, decision theory, mathematical economics.
Research Profile

Alan J. Auerbach, Professor. Economics, law, tax policy, public finance.
Research Profile

David Card, Professor. Economics, immigration, unemployment, education, the Canadian, labor market conditions, minimum wage.
Research Profile

Stefano Dellavigna, Professor. Behavioral economics, applied microeconomics, behavioral finance, media economics.
Research Profile

J. Bradford Delong, Professor. Economics, globalization, economic growth, convergence, economics of post WWII Europe.
Research Profile

Aaron S. Edlin, Professor. Economics, industrial organization, regulation, antitrust.
Research Profile

Barry Eichengreen, Professor. Europe, China, economic growth, international economics, international finance, international monetary economics, economic history.
Research Profile

Haluk I. Ergin, Associate Professor.

Ben Faber, Assistant Professor.

Joseph Farrell, Professor. Economics, price theory models of anticompetitive exclusive dealing, switching costs, network effects, formal standardization.
Research Profile

Frederico S. Finan, Associate Professor.

Cecile Gaubert, Assistant Professor.

Lisa Goldberg, Adjunct Professor.

Yuriy Gorodnichenko, Associate Professor. Macroeconomics.
Research Profile

Pierre-Olivier Gourinchas, Professor. Economics, exchange rate, lending booms, consumption, capital flows, global imbalances, external adjustment, international prices, international portfolios, financial crises, eurozone crisis.
Research Profile

Bryan Graham, Associate Professor. Econometrics, Social and Economic Networks, Peer Effects.
Research Profile

Benjamin R. Handel, Assistant Professor. Health economics, industrial organization.
Research Profile

Benjamin Hermalin, Professor. Contract theory, corporate governance, executive compensation, economics of leadership and organization, competitive strategy, industrial organization.
Research Profile

Hilary Hoynes, Professor. Poverty, inequality, economic policy, Social Safety Net, labor economics.
Research Profile

Michael Jansson, Professor. Economics, econometrics.
Research Profile

Shachar Kariv, Professor. Economics, experimental economics, behavioral economics, networks, microeconomic theory, social learning.
Research Profile

Michael Katz, Professor. Antitrust, economics of networks industries, intellectual property licensing, privacy, telecommunications policy.
Research Profile

Kei Kawai, Assistant Professor.

Patrick Kline, Associate Professor. Place Based Policies, labor markets, inequality, welfare programs, firm wage setting policies.
Research Profile

Ulrike Malmendier, Professor. Corporate finance, behavioral finance, behavioral economics, applied, microeconomics.
Research Profile

Edward Andrew Miguel, Professor. Africa, education, development economics, human capital, health, ethnic divisions, social capital, civil conflict, war, pre-analysis plans, water.
Research Profile

Conrad Miller, Assistant Professor.

Enrico Moretti, Professor. Labor economics, urban economics.
Research Profile

John Morgan, Professor. Game theory, pricing, competitive strategy, innovation, tech economy, e-commerce, charitable giving, corporate social responsibility, entrepreneurship, survey and poll design, auctions.
Research Profile

Maurice Obstfeld, Professor. Economics, monetary and fiscal remedies for deflation, open-market purchases in a liquidity trap, exchange rates, and monetary policy, international finance, open-economy macroeconomics, macroeconomic history.
Research Profile

Martha Olney, Adjunct Professor. Economics, macroeconomics, discrimination, consumer credit, credit access, and advertising.
Research Profile

Demian Gaston Pouzo, Assistant Professor.

James L. Powell, Professor. Economics, endogeneity in semiparametric binary response models, instrumental variables estimation of nonparametric models, endogeneity in nonparametric and semiparametric regression models.
Research Profile

Andres Rodriguez-Clare, Professor. International trade, economic growth, multinational production, technology diffusion.
Research Profile

Gerard Roland, Professor. Institutions and development, culture and economics, political institutions and economic outcomes, European Parliament and European institutions, reforms in China/North Korea/Eastern Europe.
Research Profile

Christina D. Romer, Professor. Economics, the federal reserve, monetary shocks, the great depression.
Research Profile

David H. Romer, Professor. Economics, the federal reserve, the Bellman equation, measuring monetary shocks.
Research Profile

Jesse Rothstein, Associate Professor. Inequality, unemployment, tax policy, local public finance, value added, teacher quality, black-white gap, segregation, economics of education, labor market.
Research Profile

Emmanuel Saez, Professor. Inequality, taxation, redistribution.
Research Profile

Benjamin Schoefer, Assistant Professor.

Chris Shannon, Professor. Economics, mathematical economics, economic theory.
Research Profile

Carl Shapiro, Professor. Business, economics, game theory, licensing, anti-trust economics, intellectual property, economics of networks and interconnection.
Research Profile

David Sraer, Assistant Professor.

Philipp Strack, Assistant Professor. Gametheory, auctions, Mechanism Design, pricing, Revenue Management, learning, Models of Competition, microeconomic theory, behavioral economics, option pricing.
Research Profile

Laura D'Andrea Tyson, Professor. High-technology competition, US industrial and technology policies, international economy, US trade policy, US competitiveness, emerging market economies, multinational companies in the US economy, gender gap (economic participation, educational attainment, political empowerment and health), research and development tax credit.
Research Profile

Christopher Walters, Assistant Professor. Labor economics, applied econometrics, economics of education, structural modeling.
Research Profile

Glenn A. Woroch, Adjunct Professor. Economics, privacy, telecommunications policy, antitrust policy, intellectual property protection.
Research Profile

Danny Yagan, Assistant Professor.

Gabriel Zucman, Assistant Professor.

Lecturers

Stephen Bianchi, Lecturer.

Archana Dube, Lecturer.

Evgeniya A. Duzhak, Lecturer.

Ted Egan, Lecturer.

Galina Hale, Lecturer.

Raymond J. Hawkins, Lecturer.

Calanit Kamala, Lecturer.

Joseph W. H. Lough, Lecturer.

Dmitry Taubinsky, Lecturer.

Steven A. Wood, Lecturer.

Emeritus Faculty

George A. Akerlof, Professor Emeritus. Economics, macroeconomics, poverty, family problems, crime, discrimination, monetary policy, German unification.
Research Profile

Robert Anderson, Professor Emeritus. Finance, probability theory, mathematical economics, nonstandard analysis.
Research Profile

Pranab Bardhan, Professor Emeritus. Poverty, inequality, globalization, political economy, institutional economics, development economics, international economics.
Research Profile

George F. Break, Professor Emeritus.

Clair Brown, Professor Emeritus. Innovation, management, economics, labor, employment, labor market institutions, semi-conductor industry.
Research Profile

Roger Craine, Professor Emeritus. Economics, exchange rate regime credibility, the agency cost of capital, stochastic-volatility jump-diffusion models, dollarization, monetary policy shocks, security market responses.
Research Profile

Jan De Vries, Professor Emeritus. Economics, demography, history.
Research Profile

Albert Fishlow, Professor Emeritus.

Richard J. Gilbert, Professor Emeritus. Economics, industrial organization, regulation, market power in electricity networks, market structure, organizational structure, and r&d diversity, antitrust policy evolution.
Research Profile

Bronwyn H. Hall, Professor Emeritus. Applied econometrics, economics of technical change, economics of innovation, patent policy, R&D value, taxation, financing R&D.
Research Profile

Theodore E. Keeler, Professor Emeritus.

John M. Letiche, Professor Emeritus. Economics.
Research Profile

Daniel L. Mcfadden, Professor Emeritus.

Michael Reich, Professor Emeritus. Economics, training, pensions, living wages.
Research Profile

Thomas J. Rothenberg, Professor Emeritus. Economics.
Research Profile

Kenneth E. Train, Professor Emeritus. Economics, regulation, econometrics, energy, choice modeling.
Research Profile

Benjamin N. Ward, Professor Emeritus.

Oliver E. Williamson, Professor Emeritus. Economics, corporations.
Research Profile

Contact Information

Department of Economics | Main Office

530 Evans Hall

Phone: 510-642-0822

Fax: 510-642-6615

econdept@berkeley.edu

Visit Department Website

Department Chair

Shachar Kariv, PhD

505 Evans hall

kariv@econ.berkeley.edu

Undergraduate Chair

Martha Olney, PhD

Phone: 510-642-6083

ugrad@econ.berkeley.edu

Director of Student Services

Patrick G. Allen

543 Evans Hall

Phone: 510-642-0824

pallen@econ.berkeley.edu

Lead Undergraduate Adviser

Khia Serneo

539 Evans hall

ugrad@econ.berkeley.edu

Undergraduate Adviser

Ginnie Sadil

539 Evans Hall

Phone: 510-642-1966

gsadil@econ.berkeley.edu

Undergraduate Adviser

Antoine Davis

539 Evans Hall

ugrad@econ.berkeley.edu

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