MAJOR

In order to allow students to select an approach to the study of economics that is more suitable to their personal aptitudes and interests, a major in economics can be taken in either of two concentrations as described below.

If a student fails a course required for the major, the course must be retaken in the department; a course taken outside the University will not be allowed to substitute for a failed course. No course for the major may be taken as “Pass/Fail.”

Transfer students should note that normally the only courses that will be accepted toward the major in economics are courses that have been passed with a grade of C or better at universities with an intensive four-year program.

AP credit in statistics is not acceptable for economics majors.

A grade of C or better is required for a course to be counted toward the major in economics.

Policy concentration. The policy concentration is intended for the student who is primarily interested in applying economic analysis to an understanding of economic problems and policies. The introductory and intermediate courses provide the student with a solid foundation of economic theory with an emphasis on economic applications. The elective courses allow students to focus on specific problems and topics that match their interests and career plans.

The policy concentration corresponds most closely to the economics major that is offered by the leading colleges and universities around the country. While mathematics is used to build an understanding of theory, the primary focus is on graphical analysis, the intuition behind the theory, and applications. This concentration is particularly well-suited for students planning careers in law, public policy, business, or any other field in which a thorough understanding of the economic way of thinking would be beneficial. However, students in the policy concentration can also pursue a Ph.D. in economics or finance if they supplement their course work with additional courses in mathematics.

At least 42 points (10 courses) are to be taken in the Department of Economics: V31.0001, V31.0002, V31.0010, V31.0012, V31.0018 (6 points), and five additional 4-point courses. Of these five electives, at least two must be numbered V31.0300-399. Students are required to take V31.0238 or an approved alternative with significant international content as one of their electives.

A typical sequence of courses consists of the following: by sophomore year, V31.0001, V31.0002, and V31.0018; by junior year, V31.0010, V31.0012, and V31.0238; by senior year, four electives. Note: Statistics is to be taken as early as possible. Senior-level courses (300 level and above) will presume a knowledge of statistics

Students are strongly advised to pay close attention to the prerequisites for each course. Students should be aware that Precalculus (V63.0009), or its equivalent, is required for the principles classes (V31.0001 and V31.0002). Students intending to major in economics must have a working knowledge of algebra and introductory calculus. Furthermore, a course in calculus (V63.0017, V63.0121, or the equivalent) is required for the intermediate courses and statistics (V31.0010, V31.0012, and V31.0018). A grade of C or better is needed to pass the mathematics requirements.

Theory concentration. The theory concentration is intended for the student who wishes to begin the formal study of economic reasoning with an emphasis on mastering the analytical tools. This concentration relies on a higher level of abstraction and focuses on techniques of economic analysis rather than on the understanding of specific economic problems or institutions. It is particularly well suited for students who intend to pursue a Ph.D. degree in economics or those pursuing careers or higher degrees in quantitative fields such as finance.

At least 40 points (10 courses) are to be taken in the Department of Economics: V31.0005, V31.0006, V31.0020, V31.0011, V31.0013, V31.0266, and four economics electives. Two of these electives must be courses numbered V31.0300-399 and designated as theory classes. Furthermore, students must complete V63.0121, V63.0122, and V63.0123. These calculus courses should be completed before or during the student’s first year in the program.

A typical sequence of courses consists of the following: by sophomore year, V31.0005, V31.0006, and V31.0020; by junior year, V31.0011, V31.0013, V31.0266, and one elective; by senior year, three electives.

Changing concentrations. Students with permission from the director of undergraduate studies may change from the policy concentration to the theory concentration, or vice versa; however, certain rules apply. In either case, no course may be taken for which the student does not have the appropriate prerequisites; this includes the mathematics prerequisites.

Transferring between concentrations after students have completed any of the intermediate courses is very difficult, more so in going from the policy to the theory concentration. Students who are unsure about which concentration to take should seek departmental advice before beginning their major. For those switching into the theory concentration from policy, V31.0001 or V31.0002 may be substituted for a 100- or 200-level elective. For those switching from theory to policy, V31.0005 may substitute for V31.0002.

MINOR

Students may minor in economics in either concentration. A minor enables a student to acquire a useful understanding of economic concepts and analysis without the same degree of coverage as would be obtained in a major. A grade of C or better is required for a course to be counted toward the minor in economics. Note: If a student fails a course required for the minor, the course must be retaken in the department; a course taken outside the University will not normally be allowed to substitute for a failed course. No course for the minor may be taken as “Pass/Fail.”

Policy minor. At least 26 points (six courses) to be taken in the Department of Economics, including V31.0001, V31.0002, V31.0018, either V31.0010 or V31.0012, and two additional 4-point courses for which the student has the prerequisites.

Theory minor. At least 24 points (six courses) to be taken in the Department of Economics, including V31.0005, V31.0006, V31.0020, either V31.0011 or V31.0013, and any other two electives in the theory sequence for which the student has the prerequisites.

Honors Program

Honors may be taken in either concentration. Students interested in going to graduate school or professional schools are strongly urged to take honors.

A 3.65 overall grade point average and a 3.65 average in economics courses are required.

Students in the policy concentration who seek honors on their transcripts and who maintain a 3.65 average are encouraged to take, but are not required to take, the honors sections of V31.0010 and V31.0012. Honors students in both concentrations are required to take V31.0390 (Honors Seminar), V31.0410 (Honors Tutorial), and V31.0450 (Honors Thesis). Honors students are required to take at least 46 points in the policy concentration or at least 44 points in the theory concentration. Honors students are required to take at least two 300-level electives. Students will need to begin the process during the fall semester of their junior year.

Note: V31.0390 is a prerequisite for V31.0410, which is a prerequisite for V31.0450.

Honors Seminar is given in the spring semester and should be taken in the student’s junior year. Honors Tutorial is given in the fall semester and is taken in the student’s senior year. Honors Thesis is given in the spring semester.

Interested students should consult with the director of undergraduate studies. For general requirements, see the Honors and Awards section.