Interdisciplinary Major in Applied Mathematical Economics

Modern economics is rapidly supplementing its traditional logical and graphical modes of analysis with mathematical analysis. Modern mathematics is rapidly finding direct application in many academic and career paths. This interdisciplinary major is a blend of mathematics and economics which will appeal to many undergraduate students. The economics student who wants the quantitative tools that are indispensable to modern economic analysis will find this major to be excellent training for employment as a business economist or excellent preparation for graduate study. The mathematics, engineering, or science student who wants to use mathematical expertise to learn a business discipline will find this major to be an interesting and useful application of math.

Marquette's Benefits:

Students majoring in Applied Mathematical Economics take advantage of many opportunities in and out of the classroom. Some of the benefits of the program are:

• The Marquette Economics Association is an active student group which assists and encourages students interested in the professional application of economics.
• The Mathematics Department is housed in the new Cudahy Hall, which offers state-of-the-art computer and classroom facilities.
• The Economics Department is a part of the College of Business Administration, which offers its own computer lab and several high technology classrooms that are utilized to provide up-to-date instruction in quantitative subjects.
• The Department of Economics houses the Center for Applied Economic Analysis. The Center has produced research studies for both government and private businesses. The Housing Start Forecast Division provides housing analysis for a number of private sector organizations in building related industries. The Center for Applied Economic Analysis provides internship opportunities for undergraduate and graduate students, and maintains databases that are available for student use.
• The Department of Economics also offers a Master of Science in Applied Economics degree which emphasizes the development and application of practical skills to solve real problems in business and government.
  

Career Opportunities:

Although most professional economists have graduate degrees, more businesses are discovering that econometric modeling and forecasting is useful and important. As a result, more job opportunities exist for students who have acquired the mathematical and quantitative skills necessary to do modern econometric analysis. Many financial institutions such as banks and insurance companies, public utilities, economic consultants, and public policy organizations in and outside of government do applied economic analysis that employ undergraduates with strong economic and mathematical skills. Internships are available at firms such as Christensen Associates, Allen-Bradley, and Johnson Controls.

Preparation for Graduate School:

A major in Applied Mathematical Economics is excellent preparation for graduate school in Economics, Business, or Public Policy. Graduate programs tend to be significantly more math-intensive than undergraduate programs, so an undergraduate degree that incorporates a significant amount of mathematics gives the student a competitive advantage at admissions and during the course of study.

Curriculum: The Interdisciplinary major in Applied Mathematical Economics requires 42 hours of course work, evenly divided between Economics and Mathematics.

1. Required courses:

ECONOMICS
(18 credit hours)

ECON 043 (Principles of Microeconomics)
ECON 044 (Principles of Macroeconomics)
ECON 110 (Intermediate Microeconomics)
ECON 120 (Intermediate Macroeconomics)
ECON 174 (Intro. to Mathematical Economics)
ECON 175 (Introduction to Econometrics)

MATHEMATICS
(15 credit hours)

MATH 080 (Calculus 1)
MATH 081 (Calculus 2)
MATH 082 (Calculus 3)
MATH 161 (Mathematical Statistics)
or
MATH 164 (Statistical Methods)

2. Elective courses:

ECONOMICS
(3 credit hours)

Any upper-division course in economics

MATHEMATICS
(6 credit hours)

Any two of the following courses:
MATH 121 (Linear Algebra)
MATH 140 (Theory of Differential Equations)
MATH 147 (Computational Models)
MATH 160 (Probability)
MATH 167 (Theory of Optimization)

If you would like to know more about the interdisciplinary major
in Applied Mathematical Economics at Marquette University, please contact:

Dr. Peter Toumanoff
Department of Economics
Marquette University
PO Box 1881,
Milwaukee, WI 53201-1881

Phone: (414) 288-7523
Fax: (414) 288-5757
e-mail: peter.toumanoff@marquette.edu