The program in Political Economy offers students majoring in economics or political science an interdisciplinary second major that provides the opportunity to gain an understanding of the theoretical bases of both fields and to undertake research on current policy issues in political economy.

Students majoring in political science gain an appreciation of the deductive methods of economics and the role of economic forces in politics. Economics majors see the wider applicability of economic theory and learn how politics interact with economic behavior in the real world.

This approach to political economy emphasizes (1) theories of individual and group decision making and (2) the effect of institutional structure on the performance of economic and political systems. Perspectives gained in these core areas can enrich students’ further study of such diverse fields as public policy making, economic history, American political institutions, and industrial organization.

Central to the program is the senior seminar, taught by one of the faculty members of the Center in Political Economy. Enrollment in the senior seminar is restricted to seniors who are second majors in political economy and to senior economics and political science students with strong backgrounds in both fields. New theoretical developments and recent empirical studies in political economy form the foundation of the seminar. Students prepare term papers that demonstrate their ability both to understand theory and to apply it to substantive issues.

Students choosing political economy as a second major will be especially well prepared for graduate study in economics, political science, or business, and for both academic and nonacademic careers in policy analysis, business administration, law, government realtions, and other fields.

Second Major

A student majoring in economics or political science who selects a second major in political economy is assigned an adviser from the program who assists in organizing the student’s course of study.

Requirements are as follows:

1. At least 18 units of approved courses at the 300 level or above. None of the 18 units may be counted toward the first major, and no more than 3 of the 18 units may be earned in the department of the first major.

Economics majors must include among the 18 units of required credit at least 9 units of political science; political science majors must include at least 9 units of economics. Published prerequisites for courses numbered 300 and above must be fulfilled to satisfy the requirements for enrollment (including Econ 103b, 104b, 401 or 402). Econ 103b, 104b may not be counted toward the 18-unit requirement.
2. At least 3 units of credit in each of the core areas of the program; namely (1) theory of decision making and (2) institutions.
3. Senior Seminar in Political Economy (Pol Econ 498) in addition to the 18 required units (see above).

Students with a strong record of academic achievement may apply for the Honors program at the end of the junior year. First majors in economics with the second major in political economy are asked to complete 12 units of political science, completing 21 rather than 18 hours in the second major. Three of the four political science courses required are to be completed at the 400 or 500 level. First majors in political science with the second major in political economy are asked to complete 12 units of economics, choosing either Price Theory (Econ 401) or Income and Employment Theory (Econ 402), also completing 21 rather than 18 hours in the second major. Two of the four economics courses must be taken at the 400 level.

Honors students are also required to enroll in honors research (Pol Econ 488) and to complete a thesis (approximately 40 pages or 10,000 words) based on research undertaken under the supervision of one of the fellows of the Center in Political Economy. Interested students should see the director of the program to discuss research projects.