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Economics Department
Trident Scholars
Michaelson Lecture
Peter Diamond
Lecture taking place

Quantitative Economics Major

Goal

To support the mission of the U.S. Naval Academy by producing graduates who can think critically, and who can understand, explain, and apply the core principles and quantitative methods of economics to resource allocation problems, the functioning of economic institutions, and the decisions of policy makers and other economic agents within a society.

Objectives and Performance Criteria:

  1. Apply economic reasoning drawn from microeconomics and macroeconomics to problems in several sub-fields of economics.
    • Explain core concepts of economic reasoning
    • Explain fundamental microeconomic models
    • Explain fundamental macroeconomic models
    • Analyze economic problems in sub-fields using appropriate models
  2. Use appropriate empirical models to test empirical economic questions
    • Employ descriptive statistics
    • Employ appropriate statistical models to explore univariate, bivariate, and multivariate relationships in data
    • Distinguish significant and insignificant statistical relationships
    • Apply statistical methods appropriate to analyzing categorical variables, or use appropriate quantitative techniques such as (but not limited to) calibration or laboratory experiments, to investigate empirical economic questions
  3. Describe and integrate the functions of important American and international economic institutions into analysis of public policy.
    • Describe the functions of key macroeconomic institutions in the U.S.
    • Describe the functions of key institutions in sub-fields of economics
  4. Demonstrate lifelong learning skills including the ability to locate appropriate reference material, evaluate popular economic commentary, and understand professional literature.
    • Demonstrate ability to locate materials using library resources and Internet resources
    • Distinguish between professional and popular source materials
    • For popular commentary, summarize the author’s argument, evaluate it using economic reasoning, and evaluate the expertise of the commentator
    • For papers in the professional economics literature, explain an author’s central argument and the empirical results to support it
    • Know how to locate and use primary data sources
  5. Communicate effectively in written, spoken, and graphical form about specific economic issues
    • Formulate a research question
    • Summarize past research findings
    • Formulate a well-organized written argument that states assumptions and hypotheses which are supported by the evidence
    • Present an economic argument orally
  6. Demonstrate analytical / critical thinking skills
    • Identify a question of economic consequence
    • Identify / select appropriate theory, methodology, and /or relevant information / data for analyzing an economic question
    • Organize and present collected information using appropriate tools and methodology
    • Apply the relevant information and data
    • Use theoretical and / or empirical results to draw logical conclusions
    • Propose reasonable solutions or policy options based on evaluation of results

As a general overview, the six objectives are met as follows:

  • SE201 and SE202 (Principles of Micro and Macroeconomics, respectively), the core theory sequence – SE341 Microeconomics and SE312 Macroeconomics – and the requirement to complete at least three 400-level elective courses support Objective 1
  • SE331 Economic Statistics, SE445 Econometrics, SE475 Research Seminar, and empirically-oriented electives support Objective 2.
  • SE202, SE312, and many field courses support Objective 3
  • SE475 supports Objective 4 by requiring the accessing of professional literature. Other core theory and electives have writing requirements in support of Objective 4.
  • SE475 is a capstone research project course, supporting Objective 5. Other core theory and electives have writing and presentation requirements in support of Objective 5.
  • All economics courses support Objective 6
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