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College of Arts & Sciences

Mathematical Economics

120

Semester Hours

46

Credit Hours

30

Core Hours

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Mathematical Economics combines the study of mathematics, statistics, and economics. A strong preparation in the fundamentals of both economics and mathematics is crucial to success in the increasingly complicated international business world. At its core Mathematical Economics is the study of economic phenomena through mathematical methods and modeling. 

Careers

Grow Your Future

There are excellent job opportunities in all areas of risk management. Many of the Mathematical Economics majors go into the actuarial profession after graduation. The major is also provides a strong foundation for graduate work in mathematics, economics, finance, and operations research.

Career opportunities in Mathematical Economics

  • economist   
  • management accountant
  • actuary
  • bank examiner  
  • market research analyst
  • financial analyst  
  • marketing/sales manager
  • financial planner  
  • claims examiner  
  • investment manager
  • international trade specialist  
  • real estate investor
  • statistician
  • teacher
  • professor

Current Curriculum Information

Access Major Template

source: myUK: GPS

  • Mathematical Economics (BA) 120 hours

Click to toggle each Academic Year. Click each course for more information.

Freshman Year

Fall Semester
  • UK Core - Comp. & Comm. I3
  • Foreign Language 1014
  • Premajor Calculus I3
  • UK Core - Humanities3
    • Total15
Spring Semester
  • UK Core - Comp. & Comm. II3
  • Foreign Language 1024
  • Premajor Calculus II3
  • UK Core - Community, Culture and Citizen3
    • Total15
    • Total Freshman Hours30

Sophomore Year

Fall Semester
  • ECO 201 - PRINCIPLES OF ECONOMICS I3

    The study of the allocation of scarce resources from the viewpoint of individual economic units. Topics include household and firm behavior, competitive pricing of goods and resources, and monopoly power.

  • STA 291 - STATISTICAL METHODS0

    Introduction to principles of statistics. Statistical description of sample data including frequency distributions, measures of central tendency, and measures of dispersion. Theoretical distributions, statistical estimation, and hypothesis testing. Introduction to simple linear regression and correlation.

  • MA 213 - CALCULUS III4

    A course in multi-variable calculus. Topics include vectors and geometry of space, three-dimensional vector calculus, partial derivatives, double and triple integrals, integration on surfaces, Green’s theorem. Optional topics include Stokes’ theorem and the Gauss’ divergence theorem. Lecture, three hours; recitation, two hours per week. Prereq: MA 114 or MA 138 or equivalent.

  • Foreign Language 2013
  • UK Core - Arts and Creativity3
    • Total16
Spring Semester
  • ECO 202 - PRINCIPLES OF ECONOMICS II3

    A study of how society’s needs are satisfied with the limited resources available. Topics include contemporary issues such as inflation, unemployment, economic growth, international dependencies, and how public policy deals with them. A critical understanding of the U.S. and global economies will enhance your value as a manager or executive of a business (whether for-profit or non-profit), as a family member dealing with jobs and financial decisions, and as a voter in a democracy. The course will allow you to become knowledgeable of, and able to critically think about, the major macroeconomic issues of unemployment, jobs, recessions, economic growth, inflation, deflation, oil prices, monetary policy, the Federal Reserve, fiscal policy, budget deficits, the national debt, international trade, international finance, and the financial system.

  • MA 214 - CALCULUS IV3

    MA 214 is a course in ordinary differential equations. Emphasis is on first and second order equations and applications. The course includes series solutions of second order equations and Laplace transform methods.

  • Foreign Language 2023
  • A&S Natural Sciences Course (100+ level)3
  • A&S Lab or Field Work1
  • UK Core - Social Sciences3
    • Total16
    • Total Sophomore Hours32

Junior Year

Fall Semester
  • ECO 391 - ECONOMIC AND BUSINESS STATISTICS.3

    A survey of statistical techniques relevant to modern economics and business, with major emphasis on correlation and regression, Bayesian decision theory, index numbers, time series analysis, and forecasting models.

  • MA 320 - INTRODUCTORY PROBABILITY3

    Set theory; fundamental concepts of probability, including conditional and marginal probability; random variables and probability distributions moments; moment-generating and characteristic functions; random experiments; distribution of random variables and functions of random variables; limit theorems.

  • Economics Course (300+ level)3
  • UK Core - Statistical Inferential Reason3
  • UK Core - Natural, Physical and Math3
    • Total15
Spring Semester
  • ECO 401 - INTERMEDIATE MICROECONOMIC THEORY3

    An analysis of the behavior of consumers and firms, price determination, various market structures, and income distribution. Prereq: ECO 201 or equivalent with a grade of C or higher and ECO 202 or equivalent with a grade of C or higher.

  • MA 322 - MATRIX ALGEBRA AND ITS APPLICATIONS3

    Algebra of matrices, elementary theory of vector spaces and inner product spaces, the solution of simultaneous linear equations using Gaussian elimination and triangular factorization. Orthogonal projections, pseudo inverse and singular value decomposition, least squares approximation. Determinants, eigenvalues and eigenvectors, diagonalization.

  • UK Core - Global Dynamics3
  • A&S Natural Sciences Course (100+ level)3
  • A&S Approved Elective (300+ level)3
    • Total15
    • Total Junior Hours30

Senior Year

Fall Semester
  • ECO 402 - INTERMEDIATE MACROECONOMIC THEORY3

    National income concepts, the determination of aggregate income and employment, the theory of money and inflation and problems of economic growth. Prereq: ECO 202 or equivalent and ECO 401 taken previously or permission of instructor.

  • Math Sequence (1st Course)3
  • Economics Course (300+ level)3
  • A&S Humanities (100+ level)3
  • A&S Approved Elective (300+ level)3
    • Total15
Spring Semester
  • Math Sequence (2nd Course)3
  • Economics Course (300+ level)3
  • A&S Humanities (100+ level)3
  • A&S Approved Elective (300+ level)3
  • A&S Approved Elective (100+ level)3
    • Total15
    • Total Senior Hours30
  • Mathematical Economics (BS) 120 hours

Click to toggle each Academic Year. Click each course for more information.

Freshman Year

Fall Semester
  • UK Core - Comp. & Comm. I3
  • Foreign Language 1014
  • Premajor Calculus I3
  • UK Core - Humanities3
    • Total15
Spring Semester
  • UK Core - Comp. & Comm. II3
  • Foreign Language 1024
  • Premajor Calculus II3
  • UK Core - Community, Culture and Citizen3
    • Total15
    • Total Freshman Hours30

Sophomore Year

Fall Semester
  • ECO 201 - PRINCIPLES OF ECONOMICS I3

    The study of the allocation of scarce resources from the viewpoint of individual economic units. Topics include household and firm behavior, competitive pricing of goods and resources, and monopoly power.

  • STA 291 - STATISTICAL METHODS0

    Introduction to principles of statistics. Statistical description of sample data including frequency distributions, measures of central tendency, and measures of dispersion. Theoretical distributions, statistical estimation, and hypothesis testing. Introduction to simple linear regression and correlation.

  • MA 213 - CALCULUS III4

    A course in multi-variable calculus. Topics include vectors and geometry of space, three-dimensional vector calculus, partial derivatives, double and triple integrals, integration on surfaces, Green’s theorem. Optional topics include Stokes’ theorem and the Gauss’ divergence theorem. Lecture, three hours; recitation, two hours per week. Prereq: MA 114 or MA 138 or equivalent.

  • Foreign Language 2013
  • UK Core - Arts and Creativity3
    • Total16
Spring Semester
  • MA 214 - CALCULUS IV3

    MA 214 is a course in ordinary differential equations. Emphasis is on first and second order equations and applications. The course includes series solutions of second order equations and Laplace transform methods.

  • ECO 202 - PRINCIPLES OF ECONOMICS II3

    A study of how society’s needs are satisfied with the limited resources available. Topics include contemporary issues such as inflation, unemployment, economic growth, international dependencies, and how public policy deals with them. A critical understanding of the U.S. and global economies will enhance your value as a manager or executive of a business (whether for-profit or non-profit), as a family member dealing with jobs and financial decisions, and as a voter in a democracy. The course will allow you to become knowledgeable of, and able to critically think about, the major macroeconomic issues of unemployment, jobs, recessions, economic growth, inflation, deflation, oil prices, monetary policy, the Federal Reserve, fiscal policy, budget deficits, the national debt, international trade, international finance, and the financial system.

  • Foreign Language 2023
  • A&S Natural Sciences Course (100+ level)3
  • A&S Lab or Field Work1
  • UK Core - Social Sciences3
    • Total16
    • Total Sophomore Hours32

Junior Year

Fall Semester
  • ECO 391 - ECONOMIC AND BUSINESS STATISTICS.3

    A survey of statistical techniques relevant to modern economics and business, with major emphasis on correlation and regression, Bayesian decision theory, index numbers, time series analysis, and forecasting models.

  • MA 320 - INTRODUCTORY PROBABILITY3

    Set theory; fundamental concepts of probability, including conditional and marginal probability; random variables and probability distributions moments; moment-generating and characteristic functions; random experiments; distribution of random variables and functions of random variables; limit theorems.

  • Economics Course (300+ level)3
  • UK Core - Statistical Inferential Reason3
  • UK Core - Natural, Physical and Math3
    • Total15
Spring Semester
  • ECO 401 - INTERMEDIATE MICROECONOMIC THEORY3

    An analysis of the behavior of consumers and firms, price determination, various market structures, and income distribution. Prereq: ECO 201 or equivalent with a grade of C or higher and ECO 202 or equivalent with a grade of C or higher.

  • MA 322 - MATRIX ALGEBRA AND ITS APPLICATIONS3

    Algebra of matrices, elementary theory of vector spaces and inner product spaces, the solution of simultaneous linear equations using Gaussian elimination and triangular factorization. Orthogonal projections, pseudo inverse and singular value decomposition, least squares approximation. Determinants, eigenvalues and eigenvectors, diagonalization.

  • Economics Course (300+ level)3
  • Math/Science Elective (100+ level)3
  • UK Core - Global Dynamics3
    • Total15
    • Total Junior Hours30

Senior Year

Fall Semester
  • ECO 402 - INTERMEDIATE MACROECONOMIC THEORY3

    National income concepts, the determination of aggregate income and employment, the theory of money and inflation and problems of economic growth. Prereq: ECO 202 or equivalent and ECO 401 taken previously or permission of instructor.

  • Math Sequence (1st Course)3
  • Math/Science Elective (100+ level)3
  • Math/Science Elective (100+ level)3
  • A&S Humanities (100+ level)3
    • Total15
Spring Semester
  • Math Sequence (2nd Course)3
  • Economics Course (300+ level)3
  • Math/Science Elective (100+ level)3
  • A&S Approved Elective (100+ level)3
    • Total15
    • Total Senior Hours30

Classes & Requirements

What You'll Study

The mathematical economics major combines mathematics, statistics, and economics. The major offers a strong preparation in the fundamentals of both economics and mathematics. The program prepares students to go directly into the business world with skills that are in high demand, or to go on to graduate study in economics or finance use.

 
Mathematical Economics B.A. Plan Mathematical Economics B.S. Plan

Graduation Requirements

Any student earning a Bachelor of Arts (BA) degree must complete a minimum of 39 hours at the 300+ level. These hours are generally completed by the major requirements. However, keep this hour requirement in mind as you choose your course work for the requirements in the major. Students interested in earning a Bachelor of Science (BS) degree must complete a minimum of 60 hours in biological, physical, mathematical and/or computer sciences. See the complete description of College requirements for a Bachelor of Arts and Bachelor of Sciences degrees in the Arts and Sciences section of the 2015-2016 Undergraduate Bulletin.

UK Core Requirements

  • The Nature of Inquiry in Arts and Creativity (3 hours)
  • The Nature of Inquiry in the Humanities (3 hours)
  • The Nature of Inquiry in the Social Sciences (3 hours)
  • The nature of Inquiry in the Natural, Physical and Mathematical Sciences (3 hours)
  • Composition and Communication I (3 hours)
  • Composition and Communication II (3 hours)
  • Quantitative Foundations (3 hours)
  • Statistical and Inferential Reasoning (3 hours)
  • Community, Culture and Citizenship in the USA (3 hours)
  • Global Dynamics (3 hours)

Total Credit Hours - 30


Premajor Requirements 

  • MA 113 - Calculus I [4 hours]
  • MA 114 - Calculus II [4 hours]

Total Hours - 8

Major Requirements 

Mathematics Core Requirements

  • MA 213 - Calculus III [4 hours]
  • MA 214 - Calculus IV [3 hours]
  • MA 320 - Introductory Probability [3 hours]
  • MA 322 - Matrix Algebra and its Applications [3 hours]

Economics Core Requirements

  • ECO 201 - Principles of Economics I [3 hours]
  • ECO 202 - Principles of Economics II [3 hours]
  • ECO 391 - Economic and Business Statistics [3 hours]
  • ECO 401 - Intermediate Microeconomic Theory [3 hours]
  • ECO 402 - Intermediate Macroeconomic Theory [3 hours]

Other Course Work Required for the Major

  • Choose one of the following sequences: MA 416G and MA 417G, MA 471G and MA 472G, or STA 524 and STA 525 [6 hours]
  • For the Economic component, students will need to choose from 300+ Economics courses [9 hours]
  • For the Statistics component, students will need to take STA 291 or a higher level Statistics class [3 hours]

Total Hours - 46


Featured Career

Economists

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Source: Bureau of Labor Statistics | Click the link for more info.

Median Salary

$95,710

per year in 2014

Number of Jobs

21,500

in 2014

10 Year Job Outlook

1,200

new jobs (average)

Work Environment

Although the majority of economists work independently in an office, some collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines.

Source: Bureau of Labor Statistics

Read More

Similar Occupations

Source: Bureau of Labor Statistics

  • Actuaries
  • Budget Analysts
  • Financial Analysts
  • Market Research Analysts
  • Mathematicians
  • Operations Research Analysts
  • Political Scientists
  • Postsecondary Teachers
  • Statisticians
  • Survey Researchers

A&S Undecided/Exploratory Studies

Understanding that over 70 percent of university students will change their declared major at least once during their college careers, the College of Arts and Sciences has developed an Exploratory Studies program for students who have yet to decide the specific field of study that most closely aligns both their personal interests and their professional career goals and objectives. The Exploratory Studies Program provides students with an extraordinarily diverse educational environment that includes coursework spanning Math and Natural Sciences, Humanities, and Social Sciences and provides students with the unique opportunity to explore multiple areas of interest during their first several semesters on campus. For more information please contact a recruiting representative at asrecruting@uky.edu. 


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