Economics

Mission

The Department of Economics at the University of Massachusetts Lowell aims to generate innovations in knowledge through the rigorous work of its research faculty, to disseminate this knowledge, and to create synergies between high-quality academic research, teaching activities and community engagement. In doing so, we are committed to the highest quality of teaching excellence and student support. We provide students with the skills necessary to make sense of everyday real-world events, as well as the technical abilities needed to be successful in a wide range of demanding career paths and also in graduate studies in a broad set of fields. Moreover, we seek to foster an environment with diverse backgrounds and perspectives as well as the inclusion of traditionally underrepresented groups in the discipline of Economics, all of which we believe are critical in generating a vibrant academic community.

Requirements of the Major

Learning Outcomes

  1. Evaluate the role of demand and supply in a market economy in allocating resources and shaping income distribution.
  2. Assess the determinants of aggregate output, unemployment, inflation, and evaluate the impact and uses of monetary and fiscal policy as related to aggregate economic activity.
  3. Assess the role that different market systems play in achieving allocative and productive efficiency.
  4. Identify the sources and consequences of market failures and the appropriate scope of government regulations to address them.
  5. Assess the role of government economic policies from the perspective of efficiency and distributional equity.
  6. Interpret economic data, draw appropriate inferences from economic studies, and critically evaluate claims based on empirical evidence.
  7. Apply economic theory to the framing and analysis of both individual and societal economic problems using graphs, algebra, and statistical methods.