The quantitative economics major provides an introduction to economic theory and to the language in terms of which this theory is best expressed and understood. This language is mathematics.A quantitative economics major takes half of the major courses with the economics faculty and half of the major courses with the mathematics faculty. In economics, the student learns the basic ideas in microeconomics, macroeconomics and econometrics. Then the student picks two or three economics electives from the 400-level courses. In mathematics, the quantitative economics major learns the languages of linear algebra, multi-dimensional calculus, probability and statistics. The student then selects electives from upper level mathematics course. The major ends with a project course in which the student selects a real-life problem, collects data, does the analysis and writes a paper explaining the solution. These problems are drawn from a broad range of problems and have included papers with titles such as The Effects of the Health Policy on Infant Mortality Rate in the United States, Predicting Flight School Dropout Rates, Policy Making to Deter Illicit Drug Use, and Optimizing an Investment Portfolio.
The quantitative economics major prepares students to move on to graduate work in many economics or management based fields such as economics, finance, business administration or operations analysis. At the graduate level, these areas have become increasing mathematical. In the Navy, a graduate with a quantitative economics major would be well equipped to solve analytical problems in areas such as weapons analysis, manpower studies, and strategic problems.
The major in quantitative economics offers good students a challenging educational program. A quantitative economics major is a mathematics major in that he or she will take mathematics courses with the mathematics majors, and an economics major in that he or she will take economics courses with the honors economics majors. To succeed in the major, a student must enjoy mathematics and feel comfortable in its use.