Economics
Department of Economics
College of Arts and Sciences
415 Fronczak Hall
North Campus
Buffalo, NY 14260-1520
Phone: 716.645.2121, ext. 419
Fax: 716.645.2127
Web: www.economics.buffalo.edu
Isaac Ehrlich
Chair
Peter B. Morgan
Director of Undergraduate Studies
About the Department
Economics is a social science, with emphasis on both words. It is social in its focus on the economic aspects of human behavior and societal activities; for example, on the forces which affect the use of resources, changes in the output of goods and services, and the growth of output over time. Economics is scientific in that its models describe economic events, explain their causes, predict future happenings and prescribe appropriate policies.
Economic analyses are applicable to the efficient use of all kinds of resources and so are used in a very wide variety of professions from business administration, law and banking to health care. Consequently, economics majors can choose from many alternative careers. Many continue on to law and business schools. Many others pursue careers in business or within government agencies. A much smaller number advance to graduate work in economics for careers in academic and research centers.
Economics is a practical science that complements many others (for example, political science, law, geography and industrial engineering), making it valuable as a joint major or as a minor. The instruction provided by this department’s undergraduate program is closely comparable to those in other good undergraduate institutions throughout the country.
Degrees Offered
Undergraduate: B.A., B.A. in Mathematics-Economics, Minor
Combined degrees: B.A./M.A., B.A./M.B.A.
Graduate: M.A., Ph.D.
About Our Degrees
Acceptance Criteria - B.A., Minor
Completion of a minimum of 30 credit hours.
Completion of MTH 121 or MTH 141.
Minimum GPA of 2.0 in two or more economics courses.
Minimum GPA of 2.0 overall.
Acceptance Criteria - B.A./M.A.
Students must apply for and be accepted into both the undergraduate economics major and the M.A. in economics program.
Acceptance Criteria - B.A./M.B.A.
Students must apply for and be accepted into the undergraduate economics major by the beginning of their second year of study, and should apply to the School of Management during their third year of study. Requires the GMAT as part of the application.
Acceptance Information
Deadlines: Rolling
Percentage of applicants accepted: 90%
Number of majors currently enrolled: 160
Degree Requirements
See the Undergraduate Catalog.
Transfer Policy
Every economics major must take at least four upper level (300-level or higher) economics elective courses at the University at Buffalo. These cannot include ECO 497 Internship in Economics or ECO 498 Undergraduate Supervised Teaching. Transfer credit may be given towards the required courses (ECO 405 Microeconomic Theory, ECO 407 Macroeconomic Theory, and ECO 480 Econometrics 1) or for ECO 181 Introduction to Macroeconomics or ECO 182 Introduction to Microeconomics, or for other economics electives. Students who seek transfer credit should consult the director of undergraduate studies in economics and provide documentation, such as course descriptions, syllabi, and exams, for each course for which credit is sought.
About Our Courses
Suggested Introductory Courses
- ECO 181 Introduction to Macroeconomics
- ECO 182 Introduction to Microeconomics
- MTH 121 Survey of Calculus and Its Applications I
ECO 181 and ECO 182 can be taken in any order.
The typical class size for:
Freshman/introductory courses is: 275
Sophomore/intermediate courses is: 30-40
Upper level/advanced courses is: 15-25
For course descriptions, please see the Undergraduate Catalog.
About Our Faculty
The department's faculty is distinguished for its research and teaching accomplishments. All members of the faculty are active and accomplished researchers.
Special Academic Opportunities
Special Economics Programs
For majors who are particularly interested in graduate work in economics, the department offers specific course alternatives, as well as several joint major options.
Independent Study
When no course in a specific area of interest to the student is currently offered, independent study may be an option. It requires a B average, a well formulated project and/or outline of a course of study, and a prior agreement between the student and the particular faculty member who will supervise the work.
Teaching Assistant Program
Students who are at least juniors and have excellent academic records can provide teaching assistance for the introductory microeconomics and macroeconomics courses, earning credit for this under ECO 498. Teaching assistants lead discussion sections in the principle courses, reviewing core concepts and theories, answering questions from the students, preparing and grading quizzes, keeping the records of individual students, and participating in the preparation of final grades. Undergraduate Teaching Assistant application forms are available outside of the department office.
Apprenticeship Program
Students who have a GPA of at least 3.0 and have completed ECO 405, ECO 407 and ECO 480 can apply to become research apprentices. An apprentice works with a faculty member on a research project, and thereby gains first-hand experience in economic research. Academic credit for participating in this program is given through ECO 499 Independent Study.
Omicron Delta Epsilon
This is the international honor society in economics.
Department Honors
The department nominates for honors in economics majors who have taken ECO 406 Topics in Microeconomics and whose GPA in Economics is at least 3.25 (Honors), 3.50 (High Honors) or 3.75 (Highest Honors).
Extracurricular Activities
Undergraduate Economics Club
Undergraduate students engage in a variety of social and academic activities. Past events include panel discussions of major current events, speakers on career opportunities, and faculty-student coffee hours. The club also provides a liaison between the students and Director of Undergraduate Studies and, along with its e-mail list, is a source of information about department events.
See the UB Student Association.
Advising Information
Students considering an economics major should consult the undergraduate advisor in 411 Fronczak and help themselves to the Undergraduate Brochure outside the department office.
Advanced Placement: The department accepts AP Microeconomics and AP Macroeconomics for credit with a grade of 4 or higher.
Complementary Programs and Courses
- Computer science
- Finance
- Mathematics and statistics
Career Information
Skills gained in this program include:
- Designing surveys, planning methods for collecting data
- Gathering economic information
- Recording findings accurately and in detail
- Participating in team work
- Using mathematical, statistical, and computer methods to deal with and interpret data
- Making oral presentations
- Writing clear, concise reports and illustrating them with charts, tables, and graphs to represent statistical data in an easy-to-grasp way
Career Choices
- Accountant
- Actuary
- Auditor
- Bank officer
- Buyer
- City manager
- Controller
- Educator
- Environmental economist
- Foreign exchange trader
- Forensic economist
- Geographer
- Home economist
- Insurance agent
- Investment advisor
- Personnel manager
- Policy economist
- Political scientist
- Securities analyst
- Statistician
- Stockbroker
- Systems analyst
- Trust officer
- Underwriter
- Urban planner
Career Hints
In government and business, a bachelor's degree is sufficient for a beginning job as assistant or trainee. Collecting data is a large part of beginning jobs. An advanced degree--in economics, business administration, or law--is needed for more responsible positions and for teaching in a college or university.
Salary Information
Salaries range greatly from one occupation, position, and work setting to another. According to the September 1998 NACE national salary survey for Bachelor's Degree graduates, economics graduates' salaries averaged $31,294, with a range of $23,920 to $39,000.
What percentage of graduates goes on to graduate school?
5-10%, most usually in economics, management or law.