Economics

Economics

REQUIREMENTS FOR THE MAJOR

There are two tracks for the major in Economics equal in rigor, but different in scope and focus. The track in Economics emphasizes modern economic theory along with associated analytical and mathematical tools.  The track in Political Economy emphasizes the roots of modern economics in the history of economic thought and the interconnections between social forces, political institutions, and economic power. Either track offers excellent preparation for graduate study in a variety of professional schools and professional careers in many areas, including business and public administration.

Prospective majors should discuss their programs with any member of the department no later than the second semester of their sophomore year. At the time of declaring the major, the student meets with the department chair and chooses a major adviser, who will advise her on the choice of program and courses. Students planning to major in Economics or Political Economy should complete both intermediate macro- and microeconomic theory by the beginning of their junior year.

Students who wish to complete a double or joint major that includes Economics should consult the chair of the department or the major adviser as early as possible. Students interested in pursuing a Ph.D. in economics should take more mathematics than required for the economics major or choose the Economics and Mathematics interdisciplinary major. Any interested student should seek guidance from the Economics and/or Mathematics faculty on which mathematics courses to take.

All majors should file the "Major Requirements Declaration" form, available from the department office by the end of their sophomore year, or as soon as possible thereafter.

Economics

The Economics track major requires twelve courses in economics, including:

ECON BC 1003 Introduction to Economic Reasoning
ECON BC 1007 Mathematical Methods for Economics* (or MATH V 1101 & V 1201 Calculus I and Calculus III)
ECON BC 2411 Statistics for Economics (or STAT W 1111 or W 1211 Introduction to Statistics) 
ECON BC 3018 Econometrics
ECON BC 3033 Intermediate Macroeconomic Theory
ECON BC 3035 Intermediate Microeconomic Theory
ECON BC 3041 Theoretical Foundations of Political Economy;

plus three electives in economics, two of which must be upper-level (that is, they must have intermediate micro- or macroeconomic theory as a prerequisite); and either ECON BC 3061-62 Senior Thesis, or ECON BC 3063 Senior Seminar and an additional upper-level elective in economics.

*Students will not receive credit for ECON BC 1007 Mathematical Methods for Economics if they have already taken ECON BC3035 Intermediate Microeconomic Theory. Such students must instead complete the mathematics requirement by taking Math V 1201 (Calculus III).

Political Economy

The Political Economy track major requires thirteen courses, including:

ECON BC 1003 Introduction to Economic Reasoning
ECON BC 1007 Mathematical Methods for Economics (or MATH V1101 Calculus I)
ECON BC 3033 Intermediate Macroeconomic Theory
ECON BC 3035 Intermediate Microeconomic Theory
ECON BC 3041 Theoretical Foundations of Political Economy;

plus three electives in economics, two of which must be upper-level electives (that is, they must have intermediate micro- or macroeconomic theory as a prerequisite); three interdisciplinary electives (see further conditions below), and either ECON BC 3061-62 Senior Thesis, or ECON BC 3063 Senior Seminar and an additional upper-level elective in economics.

Interdisciplinary electives: The three interdisciplinary electives may be taken from any Related Area of Study (listed below), or in an area approved by the major adviser. Two of the interdisciplinary electives must be “linked” to one of the economics electives taken to fulfill the major requirement, and at least one of the linked interdisciplinary electives must be at the 3000-level or higher. The remaining “unlinked” interdisciplinary elective requirement may be satisfied by taking any course in a Related Area of Study, or a statistics course, such as ECON BC2411 Statistics for Economics, STAT W1111, STAT W1201, or ECON BC3018 Econometrics.

Linking interdisciplinary electives to economics electives: If a course is “linked,” this means that it addresses subject matter that is related to the subject matter of the economics elective to which it is paired. There are many possible ways to link a course to an economics elective. Some suggestions are given below. Whether a course qualifies as a linked course must be approved by the student’s major adviser.

Related Areas of Study

Departments

• Anthropology
• Asian and Middle Eastern Cultures
• Environmental Science
• History
• Philosophy
• Political Science
• Psychology
• Sociology
• Spanish and Latin American Cultures
• Women's Studies

Regional or Interdisciplinary Programs

• Africana Studies
• American Studies
• Human Rights Studies
• Jewish Studies
• Science and Public Policy
• Urban Studies

We recommend that all Political Economy track majors—especially those who plan to go on to business school or to graduate school in public administration or international relations—take Economics BC 2411 or equivalent.

Suggestions for Linking Interdisciplinary Electives to Economics Electives

Here is a list of suggestions for Interdisciplinary Electives that link to Economics Elective Courses. It is NOT an exhaustive list. You should feel free to propose alternative courses that form similar links. All linked courses must be approved by the student’s major adviser.

ECON BC 2010: The Economics of Gender

• HIST BC 3323: European Women in the Age of Revolution
• HIST BC 3567: American Women in the 20th Century
• POLS BC 3007: Modern Political Movements
• POLS V 3460: Gender and Politics in Comparative Perspective
• SOC V3200: Gender, Class and Race
• SOC V 3302: Sociology of Gender

ECON BC 2014: Topics in Economic History (depends on the topic, for example, if “Globalization and Industrial Revolution”)

• HIST BC 3116: Filthy Lucre: A History of Money
• HIST BC 3180: Merchants, Pirates, and Slaves in the Making of Atlantic Capitalism
• HIST BC 3321: Colonial Encounters: Europe and the Culture of Empire
• HIST BC 3980: World Migration
• HIST BC 4119: Capitalism and Enlightenment
• HIST BC 4327: Consumer Culture in Modern Europe
• POLS V 1601: International Politics
• POLS V 3615: Globalization and International Politics
• POLS V 3633: International Political Economy

ECON BC 3011: Inequality and Poverty

• ANTH 3987: Ethnicity, Class and Race
• HIST BC 4335: Poverty and the Social Order in Europe
• HRPS V 3001: Introduction to Human Rights
• POLS W 3245: Race and Ethnicity in American Politics
• POLS V 3313: American Urban Politics
• SOCI V 3235: Social Movements
• SOCI V 3324: Poverty, Inequality and Policy
• SOCI BC3235: Social Movements

ECON BC 3012: The Economics of Education

• HIST BC 3461/4542: Education in American History
• POLS V 3313: American Urban Politics
• SOCI V 3225: Sociology of Education
• PHIL V 3758: Philosophy of Education

ECON BC 3013: Economic History of the US

• HIST BC 3470: Modern American Social Movements
• HIST BC 3496: History of American Cities
• POLS BC 3200: American Political Development, 1789-1980
• -- Or any course on aspects of the American political system
• SOCI V 3206: Race, Culture, and Identity in the Contemporary United States
• SOCI BC 3227: The Sociology of U.S. Economic Life
• SOCI V 3247: The Immigrant Experience

ECON BC 3017: Economics of Business Organization

• SOCI V 3216: Organizations in Modern Society
• SOCI BC 3903: Work and Culture
• SOCI V 3902: Institutional Analysis in Organizations
• POLS W 4316: The American Presidency
• POLS 3322: The American Congress
• POLS BC 3331: Colloquium on American Political Decisionmaking
• PSYC BC 2151: Organizational Psychology

ECON BC 3029: Development Economics

• HIST BC3668: Social Revolution in Latin America
• POLS 3633: International Political Economy
• POLS V 3615: Globalization and International Politics
• POLS W 4496: Contemporary African Politics
• POLS W4461: Latin American Politics
• POLS V 3620: Contemporary Chinese Politics
• POLS W 4850: Making Markets
• POLS W 4435   Political Corruption and Governance

ECON BC 3038: International Money and Finance

• POLS V 1601: International Politics
• POLS V 3633: International Political Economy
• POLS V 3615: Globalization and International Politics

ECON BC 3039: Environmental and Resource Economics

• ANTH V 3971: Environment and Cultural Behavior;
• SCPP BC 3333: Genetics, Biodiversity and Society; SCPP 3334: Science, State Power and Ethics

ECON BC 3047:  International Trade

• POLS V 1601: International Politics
• POLS V 3615: Globalization and International Politics
• POLS V 3633: International Political Economy
• HIST BC 3980: World Migration

ECON G 4235: Historical Foundations of Modern Economics: Adam Smith to J.M. Keynes

• PHIL V 3230/3250/3270: 17th; 18th, 19th Century Philosophy;
• PHIL V3653:  Mind and Morals; PHIL V 3755: European Social Philosophy;
• POLS 1013, 1014: Political Theory I, II;
• POLS W 3211 Liberalism in America; POLS V 3020: Democracy and its Critics;
• POLS BC 3307: Modern Political Movements

Mathematics Training for the Major

The department expects all majors to have a working knowledge of arithmetic, high school algebra, and the fundamentals of analytic geometry.

Majors in the economics track may complete the mathematics requirement by taking ECON BC 1007 Mathematical Methods for Economics, or MATH V1101 Calculus I and MATH V1201 Calculus III. Students who have received advanced placement credit or have placed out of Calculus I may take either Math Methods or Calculus III to complete the requirement. (Students with 5 on the Calculus BC test may begin with Calculus III.)

Majors in the political economy track may complete the mathematics requirement by taking ECON BC 1007 Mathematical Methods for Economics or MATH V1101 Calculus I. Students who have received advanced placement college credit for calculus have satisfied the mathematics requirement for the political economy track.

Students interested in pursuing a Ph.D. in economics should take more mathematics than required for the economics major or choose the Economics and Mathematics interdisciplinary major. Any interested student should seek guidance from the Economics and/or Mathematics faculty on which mathematics courses to take.

REQUIREMENTS FOR THE MINOR

The minor in economics consists of five courses, including ECON BC1003 or equivalent, ECON BC 3033 or ECON BC 3035, and three electives, one of which must have an intermediate micro- or macroeconomic theory course as a prerequisite.