Department of Economics PRE-HONOURS SOCIAL & INFORMATION NIGHT Dr. Jeffrey Church // Dr. Daniel Gordon March 16, 2018 • 4pm to 6pm • Hunter Hub for Entrepreneurial Thinking
DR. JEFFREY CHURCH Professor and Undergraduate Director
Economics at UCalgary ▪ Our department is a vibrant hub of economic scholarship — our faculty publish in top journals and are regularly recognized for their research contributions — our faculty are consulted for advice on economic policy issues by NGOs, governments, and companies ▪ Our undergraduate program is home to approximate 700 majors in economics — Opportunities to differentiate your degree include the concentration in Applied Energy Economics, Co-Op option, the Summer Internship in Regulatory Economics, and HONOURS
OBJECTIVES FOR AN ECONOMICS MAJOR ▪ Develop the economist’s toolbox — Economic theory ▪ Economics is a theoretical science ▪ Deduce how choices will be made based on self interest ▪ Importance of incentives arises because of scarcity — Statistics and econometrics ▪ Test predictions using data and statistical analysis ▪ Measure magnitude of responses
OBJECTIVES FOR AN ECONOMICS MAJOR (cont.) ▪ Create new knowledge — Apply theory and econometrics to create new knowledge — Research is problem solving ▪ Ask and answer new questions — Communicate results ▪ Deepen your knowledge base — When and why markets work well — When and why government intervention is required — Understanding of economic history and effects of different institutions
HONOURS vs. THE TRADITIONAL MAJOR ▪ More economics! — 20 to 24 ECON courses vs. 14 to 20 ECON courses ▪ Specialized courses — Statistics and econometrics — Mathematical economics — Theory and application ▪ Enhanced technical training — Analytical rigour, modelling, mathematical tools, and econometric knowledge and ability, sophistication and ability of economic reasoning
MAJOR vs. HONOURS ADDITIONAL REQUIREMENTS ▪ Mathematics and statistics — MATH 211 — ECON 387 and ECON 389 (mathematical economics) — ECON 495 and ECON 497 (econometrics) ▪ Theory — ECON 557 and ECON 559 (in your 4 th year) ▪ Application — More 400- and 500-level courses (at least 7 courses versus 4 courses) ▪ More in-depth specialization in economics ▪ Higher academic performance — both in economics and in non-ECON courses — To get in (and stay in) you’ll need to achieve at least a 3.3 GPA — You’ll need to achieve at least a 3.3 GPA in your final 30 classes (or 90 credits)
RECOMMENDED OPTIONS ▪ 400- or 500-level ECON courses with a writing requirement ▪ ECON 471 : Industrial Organization — Game theory, imperfect competition, economic reasoning, application of theory to the real world ▪ MATH 403 — Expand mathematical toolset to include techniques often used in graduate programs ▪ ECON 483 : History of Economic Thought ▪ ECON 425 : International Trade ▪ ECON 401 : Public Sector Economics: Expenditures
PAYOFF PREPARATION FOR GRADUATE SCHOOL ▪ A master’s degree in economics can be completed in one year — Working degree in Canada — Opens a lot of opportunities — Double your starting salary ▪ Our graduates are valued by the best graduate programs in Canada — UBC, Toronto, Queen’s, Western — Funding can be extensive ( $35,000 /year) ▪ We have also recently sent graduates to — London School of Economics — University of Geneva — Barcelona Graduate School of Economics
OUR GRADUATES’ INTERNATIONAL REACH ▪ London School of Economics — over the last 10 years, three of our students have graduated from LSE ▪ Oxera in Berlin — Consulting firm in antitrust and regulation — https://www.oxera.com/our-people/key-people/senior-consultants/Bertram- neurohr.aspx ▪ London Economics in London — Exploration and infrastructure — Issues in the economics of space — as in outer space — https://londoneconomics.co.uk/blog/practice-area/exploration-and-infrastructure ▪ KPMG-UK in London — Economic analyst — competition — https://home.kpmg.com/uk/en/home/services/advisory/risk-consulting/forensic- landing/economics/competition-economics.html
HONOURS SEQUENCING ▪ Sequencing is very important — economics is a craft learned over time — MATH 211 (Linear Algebra) ECON 387 (Mathematical Economics I)* — ECON 389 (Mathematical Economics II) ECON 497 (Econometrics I) and ECON 557 and ECON 559 (Micro. and Macro. Theory) — ECON 495 (Econometrics I) ECON 557 and ECON 559 (Micro. and Macro. Theory) ▪ In a perfect world — — MATH 211 in 2 nd year — ECON 387 and ECON 389 in 3 rd year — ECON 495 and ECON 497 in 3 rd and/or 4 th year — ECON 557 and ECON 559 in 4 th year *In Fall 2018 , we will allow MATH 211 and ECON 387 to be co-requisites
HONOURS ADMISSION ▪ Complete at least 10 courses ▪ Apply via your Student Centre account by February 1 ▪ If you want to apply after February 1 , speak with Erin our undergraduate advisor ▪ Attain and maintain a GPA of 3.3+ — Admission GPA : calculated using your last 20 courses (or from 10 to 20 courses, if you haven’t completed 20 yet) — Continuing GPA : maintain a GPA of 3.3+ (which will be calculated cumulatively after the winter term using your spring , summer , fall , and winter grades ) In your last year, you can apply for late entry to the honours program when you apply for convocation if you’ve satisfied all of the requirements
HONOURS PROGRAM STATEMENT OF PURPOSE ▪ The objective of Econ, 497, Econ 557 and 559 are to act as bridge courses between intermediate theory and undergraduate econometrics and first year graduate courses ▪ Econ 497, 557, and 559 should — and traditionally have — given our students a MARKED competitive advantage in graduate programs Recruited and coveted by the best Canadian graduate programs — The claim we aspire to make with 100% confidence is: — Students with A grades in our honours micro theory, macro theory, and econometric courses can go on to excel in graduate school, not only surviving but thriving in the best graduate programs in Canada (i.e., University of British Columbia, University of Toronto, and Queen’s University) ▪ These courses are more difficult than other 400 level courses. While it is very important that the grades at the top of the distribution send signals to graduate schools, the grades at the bottom of the distribution can, and should, reflect effort as well as achievement. ▪ Instructors of these courses should endeavour to provide an experience in these courses that nurtures, encourages, develops, and prepares our honours students for graduate school.
DR. DANIEL GORDON Professor and Honours Advisor
The Power of Economics BA Major or BA Honours ▪ Life is choices: Make decisions NOW that will impact your life ▪ These choices impact opportunities for employment, the type of employment available to you, the income you make, the doors that will be open to you ▪ Choices are difficult because of opportunity cost and uncertainty ▪ *** Nevertheless decisions must be made
Einstein’s most famous equation: P=MC? Why the Honours Program? The Short Answer (..well, three short answers) ▪ Expands opportunities available to you, ▪ Opens doors that are now closed to you ▪ Allows you to Achieve your potential Think of the Honours program as investment in your personal capital that you will take with you as you go through life. BUT … there is an opportunity cost!
Monopolists are good for the environment In making the choice, the first thing is What do you want from your academic program? If you wake at night wondering why the sample selection problem causes so much trouble for applied econometrics, or why the government doesn’t monopolize the fishery to internalize the stock externality, or what were the interesting economic consequences of the Black Plague , or stuff like this….. An Honours BA degree may just be what you’re looking for.
All problems are economic problems BA Honours ▪ provides insight and understanding to the models that economists use to tackle problems ▪ will take you to the next level of understanding of economic issues ▪ will force you to think seriously and deeply about economic issues.
What role for government in a market economy? ▪ Senior courses covering micro and macro theory, mathematical economics and econometrics ▪ Apply and test your theoretical and empirical skills with current research ▪ Self select into a community of individuals with similar interests — enjoy a designated office for Honours students ▪ But there is no doubt that the level of presentation is technical in maths and stats
Why not let the market save endangered species? OK, so I take a BA honours and I have to go on to econ grad school, right?? ▪ Wait a minute, you take the honours program because you want to achieve an advanced understanding of economics ▪ This understanding offers the opportunity and opens the doors to many different roads to travel including econ graduate school
Experimental economics — the new way to go My personal experience ▪ Students with BA (honours) have gone to excel at MBAs and MPPs (—and their technical skills are far superior to the average student in these programmes) ▪ Some have gone on to study the law, particularly business, tax, labour and environmental law. ▪ Gone to advanced study in actuarial and accounting programmes ▪ Research economist with BA Honours
Recommend
More recommend
