Major Information

WHAT THE MAJOR IN ECONOMICS IS LIKE

Prerequisites: Economics 1 and 10, with an average grade no lower than C, and Mathematics 3. (A student who fails to achieve the minimum grade average for the prerequisites may, with the permission of the Vice Chair, substitute grades in Economics 21 and 20 for those in Economics 1 and 10, respectively. Another statistics course may be substituted for Economics 10 with permission of the Vice Chair.)

These prerequisite courses introduce students to the economic way of thinking. “The Price System,” Economics 1, is an in-depth introduction to microeconomics, studying supply and demand in both product and factor markets. Economics 10, “Introduction to Statistical Methods,” introduces the student to the basic concepts and methods of statistics. Math 3, “Introduction to Calculus,” introduces the basic ideas of differential and integral calculus. The emphasis in the prerequisites is on fundamental ideas and problem solving. Economics 10 and Math 3 are included in this classification because of the importance of quantitative skills in analyzing basic economic phenomena.
Requirements: Nine courses in addition to the prerequisites, with a GPA for these nine courses of no less than 2.0. The nine courses must include the following:

1. Economics 20, 21 and 22.
2. Any two of the following sequences: (depending on the sequences chosen, one or two additional courses may be needed) 24-44 or 24-55 or 24-27-44 or 24-39-44; 25-45 or 25-35 or 25-35-45; 26-36 or 26-36-46; 27-47 or 27-24 or 27-24-47; 28-48 or 28-38 or 28-38-48 (72 or 56 can be substituted for 38); 29-39 or 29-39-49; 80-81 or 80-82 or 81-82 or 80-81-82. At least one of the sequences must include a 40-level or 80-level course in which a major paper is required. This requirement will serve as the culminating experience in the major. With the permission of the Vice Chair, a student may substitute other courses to fulfill these requirements.

The first requirement insures that majors are proficient in each of the three core areas of economics – microeconomics, macroeconomics and econometrics. Economics 20, “Econometrics,” studies the statistical analysis of economic data and provides an overview of how to carry out and interpret empirical research, preparing students for the culminating experience in the major. Economics 21, “Microeconomics,” covers many of the same topics as Economics 1 at a more advanced level through the use of calculus. Economics 22, “Macroeconomics,” helps to develop an advanced understanding of the aggregate economy.

The second requirement insures that majors are proficient in at least two fields of concentration and have completed a culminating experience in one field. These fields, represented by the sequences above, can generally be thought of as Development Economics (the “4s”) Industrial Organization (the “5s”), Money and Finance (the “6s”), Labor (the “7s”), Public (the “8s”), International (“the 9s”) and Advanced Theory (“the 80s”). The culminating experience is a senior seminar in which students read and discuss the important literature in the field and produce a major paper of their own, which is typically empirical.

FILING MAJOR CARDS
Students typically file a major card during their sophomore year. Submitting your Economics major card with the Registrar’s Office is the only way you will have priority when signing up for Economic classes. The plan of study listed on your major card is not set in stone, but it is important to put some thought into your major card so that it represents your best guess of the courses you actually plan to take. You’ll want to pay particular attention to the prerequisites for each course and to the term in which courses are expected to be offered in order to ensure that you are eligible to take your desired classes in the desired terms. It is important to realize that filing a major card does not guarantee you a place in your desired course in the desired term. You must register on time, and may still be placed on a wait list. Since course schedules and interests may change, major cards can be re-filed if the plan of study changes, but it is important that you always have a plan in mind that will fulfill all of the requirements of the major. Note that if you intend to pursue Honors in the Economics Department, you still need to file a major card that meets the requirements for a standard major, since participation in Honors is not automatic.

To file a major card in Economics, you must do the following:
(1) Obtain blank major cards from the Economics office or Registrar’s office;
(2) Carefully read the section on Economics Major Requirements in the College Bulletin on Organization, Regulations and Courses (ORC);
(3) See a regular faculty department member (that is, not a visiting professor) during office hours to verify that the proposed plan meets the requirements;
(4) Fill out three major cards with your approved plan in ink. Don’t neglect to fill in the prerequisite section appropriately, being sure to note any substitutions (such as Math 8 for Math 3, etc.);
(5) Submit these three copies to a faculty department member (non-visiting) for signature;
(6) File one card with the Economics office (room 311), one card with the Registrar’s office and keep one for your records.

Double Major: In addition to filing a standard major card, double majors are required to file a separate signed form available from the registrar’s office or the economics office, listing the courses for both majors.