<p>
</p>
<p>If you want to be a consultant/analyst, then frankly, the answer to this question is: “Neither”. Instead, you should probably major in business administration at the Haas School, or if you are going to major in economics, then specialize in purely empirical and applied work such as econometrics - or perhaps even better, major in statistics. Mathematics and heavy economic theory are practically worthless if you want to become a consultant or policy analyst. {On the other hand, they are extremely useful - arguably de rigueur - if you want to earn a PhD in economics and pursue a career in academia.} </p>
<p>
</p>
<p>Again, the answer is “neither”. MBA programs have practically nothing to do with mathematical economic theory. If you talk to MBA students about the Slutsky equation, separating equilibria, Kaldor-Hicks efficiency, or Walrasian vs. Hicksian demand, nobody will have any idea what the heck you’re talking about, nor will they care. Advanced economic theory - heck, even most basic economic theory - is essentially useless for managers because economics deals with markets and abstracts firms away, but managers actually have to deal with those firms. Granted, basic industrial organization theory might be useful to strategy consultants. But nobody is going around calculating Perfect Bayesian equilibria points. </p>
<p>About the only useful high-level economic theory that might be useful to MBA students is finance theory. But if you’re well tooled on that, then frankly, you’re probably better served with a MFin program rather than an MBA. </p>
<p>On the other hand, if you want to enter the PhD program in business economics at HBS, then you need as much economics and mathematical theory as you can muster.</p>