Degree Rationale

Politics and economics are deeply interconnected. Political institutions and decision-making impact economic growth, income distribution, and many other aspects of economic life. Both fiscal and monetary policies affect the economy: but these policies also reflect political considerations and influence political outcomes. For example, while the United Nations is often thought of in purely political terms, the Security Council can and does impose sanctions on countries—an example of an economic policy used for political change.

The Economics and Politics major is offered jointly between the Carnegie Mellon Institute for Strategy & Technology (CMIST) and the Undergraduate Economics Program (UEP). The major will appeal to any student interested in the design, evaluation, and political implementation of economic policy. It will be especially attractive to students considering careers in politics, government agencies, political and business consulting, lobbying, or the law.

The BS in Economics and Politics is an interdisciplinary major. The major will develop the political context and underpinnings of economic policy making. It will explore how political institutions resolve the tradeoffs and disagreements associated with policymaking and how they can facilitate or impede desirable economic outcomes.

CMIST strengths lie in topics such as emerging technology, national security, and grand strategy. Economic policy is one facet of grand strategy through which governments pursue domestic and international goals. This major will enable students to understand economic statecraft from a broad perspective. It will address key issues such as how multilateral economic institutions such as the IMF and World Bank use economic coercion.  Whether coercion is successful or not depends not only on the levers of power but also on variations in regime structures, alongside complex linkages in the international economy. For example, the viability of the “Euro Zone” depends on whether the political economic agreements necessary to mitigate institutional weaknesses are politically feasible or destined to failure. In short, international economics affects everything from human rights practices to trade patterns to energey markets to tech company investments to global compliance with climate change treaties.

Economics and Politics is available as both a primary and an additional major. The requirements are the same for both.