A comparison of the undergraduate economics major in Europe and in the United States

Abstract

In this work we compare the undergraduate Economics majors and their underlying structure in the top-ranked Economics departments of Europe and the United States. We identify the fundamental courses usually included in an Economics major by means of a cluster analysis. We further distinguish between those courses which are required and those which are usually offered as electives. We find striking differences between the USA and Europe, especially regarding the nature of the main electives offered. The insights from this comparative study could be especially useful for the ongoing restructuring of undergraduate Economics majors in some European countries caused by the Bologna Process.