Course Offerings

Economics (2022 - 2024)

Some courses are designated either "P" or "T" (or both). "P" alone represents courses open only to students in the policy concentration; "T" alone represents courses open only to students in the theory concentration; and "P, T" represents courses that are open to students in either concentration. Students in the policy concentration can take courses in the theory concentration with permission of the instructor.

Students must pay careful attention to prerequisites, as they are strictly enforced in this sequential major, and should refer to Albert for up-to-date listings of 200 and 300 level elective course offerings each semester.

Introductory Core Courses

Introduction to Macroeconomics (P, T)
ECON-UA 1 Formerly Economic Principles I. Prerequisite: Algebra, Trigonometry, and Functions (MATH-UA 9; formerly Algebra and Calculus) or equivalent, or placement into either Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) or Calculus I (MATH-UA 121). Offered every semester. 4 points.
Focuses on the economy as a whole (the "macroeconomy"). Begins with the meaning and measurement of important macroeconomic data (on unemployment, inflation, and production), then turns to the behavior of the overall economy. Topics include long-run economic growth and the standard of living; the causes and consequences of economic booms and recessions; the banking system and the Federal Reserve; the stock and bond markets; and the role of government policy.

Introduction to Microeconomics (P, T)
ECON-UA 2 Formerly Economic Principles II. Prerequisite: Algebra, Trigonometry, and Functions (MATH-UA 9; formerly Algebra and Calculus) or equivalent, or placement into either Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) or Calculus I (MATH-UA 121). Offered every semester. 4 points.
Focuses on individual economic decision-makers—households, business firms, and government agencies—and how they are linked together. The emphasis is on decision making by households and firms and how these decisions shape our economic life. Explores the different environments in which businesses sell their products, hire workers, and raise funds to expand their operations; the economic effects of trade between nations; and the effects of various government policies, such as minimum-wage legislation, rent controls, antitrust laws, and more.

Statistics (P)
ECON-UA 18 Prerequisite: Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) or Calculus I (MATH-UA 121). Restrictions: not open to any student who has taken Analytical Statistics (ECON-UA 20); not open to seniors. Offered every semester. 4 points.
Provides a foundation in probability and statistics for students majoring in economics. Topics: introduction to random variables and probability distributions; relations between random variables; introduction to statistical estimation theory; properties of estimators; statistical inference; simple linear regression.

Analytical Statistics (T)
ECON-UA 20 Prerequisite: Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212). Restrictions: not open to any student who has taken Statistics (ECON-UA 18); not open to seniors. Offered in the spring. 4 points.
Provides a rigorous foundation in probability and statistics. Topics: random variables and probability distributions; relations between random variables; estimation theory; properties of estimators; statistical inference; introduction to linear regression.

Intermediate Core Courses

Intermediate Microeconomics (P)
ECON-UA 10 Prerequisites: Introduction to Microeconomics (ECON-UA 2) and Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212). Not open to seniors. Offered every semester. 4 points.
How producers, consumers, and resource owners acting through the market determine the prices and output of goods, the allocation of productive resources, and the functional distribution of incomes. The price system as a network of interrelated decisions, with the market process serving to communicate information to decision makers.

Microeconomic Analysis (P, T)
ECON-UA 11 Prerequisites: Introduction to Microeconomics (ECON-UA 2), and either Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212) or Calculus III (MATH-UA 123) or Honors Calculus III (MATH-UA 129). Not open to seniors. Offered in the fall. 4 points.
Rigorous examination of consumer choice, profit maximizing behavior on the part of firms, and equilibrium in product markets. Topics include choice under uncertainty, strategic interactions between firms in noncompetitive environments, intertemporal decision-making, and investment in public goods.

Intermediate Macroeconomics (P)
ECON-UA 12 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and either Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Not open to seniors. Offered every semester. 4 points.
Study of aggregate economic analysis with special attention paid to the determination of the level of income, employment, and inflation. Critically examines both the theories and the policies associated with them.

Macroeconomic Analysis (P, T)
ECON-UA 13 Prerequisite: either Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Not open to seniors. Offered in the spring. 4 points.
Study of aggregate economic analysis, with attention paid to the determination of the level of income, employment, and inflation. Critically examines both the theories and the policies associated with them.

Introduction to Econometrics (P, T)
ECON-UA 266 Prerequisites: Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212), plus either Statistics (ECON-UA 18) or Analytical Statistics (ECON-UA 20). Not open to any student who has taken Topics in Econometrics (ECON-UA 380). Offered every semester. 4 points.
Application of statistics and economic theory to problems of formulating and estimating models of economic behavior. Matrix algebra as the main tool of analysis. Acquaints students with basic estimation theory and techniques in the regression framework. Heteroskedastic errors and time-series data, instrumental variables estimation, and discrete choice models are also covered.

Elective Courses: 200 Level

Economic History of the United States (P, T)
ECON-UA 205 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Analytic survey of the structure of the U.S. economy. National income and its distribution; population and land; capital accumulation and development of financial institutions; labor and labor unions; technological change; the market, both domestic and foreign; and the economic effects of government policy.

History of Economic Thought (P, T)
ECON-UA 206 Formerly ECON-UA 106. Prerequisite: Introduction to Macroeconomics (ECON-UA 1). Offered every semester. 4 points.
Moves from mercantilism to the classical school's main figures (Smith, Malthus, Ricardo, Mill, and others). Ends with Marx's reaction to classical doctrines and the Marginalist Revolution of the late 19th century, which set the foundation of modern neoclassical economics. Topics: factors determining the value of commodities; principles that ought to govern the allocation of wealth; and theories of economic growth and historical change, including predictions about the future of capitalism.

Ethics and Economics (P, T)
ECON-UA 207 Prerequisite: Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Topics: the ethical presuppositions of modern economic theory (especially welfare economics), utilitarian ethics, the moral status of free exchange, the ethical implications of imperfect knowledge between bargaining parties, cost-benefit analysis and human rights, the economic content of the "general welfare," and laissez-faire.

Policy Ideas in the History of Economic Thought (P)
ECON-UA 208 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Selected policy recommendations drawn from classical to present-day economic thought. Some of the thinkers are Adam Smith, Jeremy Bentham, John Stuart Mill, Philip Wicksteed, Arthur C. Pigou, John Maynard Keynes, Friedrich Hayek, and such modern behavioral economists as Richard Thaler. Policies and writers may vary each year. Topics range widely: the protection of domestic industry, use of taxes to deal with external effects, property rights, the government direction of investment, and alternatives to revealed preference as a welfare standard.

Financial Crises (P)
ECON-UA 225 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Examines various policy options that may prevent and mitigate financial crises and the restructuring of the global financial architecture to prevent or limit future crises. Focuses primarily on the United States and on the most recent financial crisis, but also treats earlier financial crises in the U.S. (such as the Great Depression) and past financial bubbles, such as the 17th-century Dutch tulip mania and the 1997 Asian crisis.

Urban Economics (P, T)
ECON-UA 227 Identical to SCA-UA 751. Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every semester. 4 points.
Urbanization trends, functional specialization, and the nature of growth within the city; organization of economic activity within the city and its outlying areas, the organization of the labor market; urban poverty; the urban public economy; housing and land-use problems; transportation problems; and special problems within the public sector.

Money and Banking (P, T)
ECON-UA 231 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every semester. 4 points.
Money supply; banking as an industry; banks as suppliers of money; the Federal Reserve System and monetary control; monetary theory; and contemporary monetary policy issues.

Poverty and Income Distribution (P, T)
ECON-UA 233 Prerequisite: Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Defines poverty and welfare. Analyzes who the poor are, why some people are rich and others poor, equality of opportunity, income and status, inequality, trends in the degree of inequality, government's role in income distribution, and international comparisons of inequality.

International Economics (P)
ECON-UA 238 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every semester. 4 points.
Focuses on international trade in goods, services, and capital. Topics include gains from trade and their distribution; analysis of protectionism; strategic trade barriers; the trade deficit; exchange rate determination; and government intervention in foreign exchange markets.

Privatization (P)
ECON-UA 270 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
Analyzes the principles and practices underlying the privatization of public enterprises and governmental functions. Evaluates the criticism directed at public ownership and examines an alternative to privatization: reforming state-owned enterprises and public administration. Topics: the roles of ownership and competition in stimulating efficiency, the implications of separation of ownership from management in distinguishing between private and public enterprises, conditions for successful divestiture programs, privatization's employment impact, and contracting out of government services.

Topics in Economic Analysis I (P)
ECON-UA 290 Prerequisites: Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2). Offered every year. 4 points.
For departmental or visiting faculty who wish to give courses in fields that are not in the permanent course offerings. A specific topic presented in any one semester is unlikely to be repeated. Students may count only one such "topics course" for the major.

Politics and Finance: Honors Seminar (P)
ECON-UA 296 Identical to POL-UA 396. Prerequisites: Introduction to Microeconomics (ECON-UA 2), Power and Politics in America (POL-UA 300), a 3.5 GPA, and permission of the Department of Politics. Offered every year. 4 points.
Examines how legislation and regulation influence the structure of financial markets and how players in these markets intervene in the political process to create or modify legislative and regulatory outcomes. Particular emphasis is placed on the United States, with some international comparisons. A brief introduction to political theory is provided. The approach is similar to that used in microeconomics, except that transactions are made through voting institutions rather than through economic exchange.

Elective Courses: 300 Level

Note: Students must carefully check each ECON-UA 3## course description for co- and prerequisites. Several courses below either recommend or require Introduction to Econometrics (ECON-UA 266); this is noted in the appropriate course descriptions.  

Game Theory and Strategy (P)
ECON-UA 309 Prerequisites: Intermediate Microeconomics (ECON-UA 10) and Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212). Offered every year. 4 points.
An applied overview of game theoretical concepts that emphasizes their use in real-world situations. Students develop tools that allow them to formally analyze outcomes in strategic situations and apply game theoretical analysis to a variety of disciplines.

Strategic Decision Theory (T)
ECON-UA 310 Prerequisite: Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
Introduction to noncooperative game theory. Focuses on a rigorous development of the basic theory with economic applications such as competition among oligopolists, how standards are set, auction theory, and bargaining. Topics: games in strategic form, Bayesian games, and games in extensive form.

Industrial Organization (P)
ECON-UA 316 Prerequisite: Intermediate Microeconomics (ECON-UA 10). Recommended co- or prerequisite: Introduction to Econometrics (ECON-UA 266). Offered every semester. 4 points.
How firms behave in imperfectly-competitive markets. Uses game theory to understand strategic decisions. Topics: price discrimination; peak load pricing; productivity; Bertrand, Cournot, and Hotelling oligopoly models; entry; mergers and merger regulation; monopoly regulation; patents; auctions; and two-sided platforms. Moves from theoretical and mathematical models to real-world data and problem sets.

Market Structure and Performance (T)
ECON-UA 317 Prerequisite: Microeconomic Analysis (ECON-UA 11). Recommended co- or prerequisite: Introduction to Econometrics (ECON-UA 266). Offered every other year. 4 points.
Relies extensively on game-theoretic tools to model strategic market behavior and econometric methods for testing hypotheses regarding firm conduct and market performance. Analyzes profit-maximizing business strategies of firms with market power, as well as strategic interactions among firms in various types of imperfectly competitive markets. Addresses both static modes of competition and dynamic competition in research and development and product design. Examines the scope of effective public policies designed to improve market performance.

Risk and Fluctuation in Financial Markets (P, T)
ECON-UA 320 Prerequisites: either Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11), and either Intermediate Microeconomics (ECON-UA 12) or Microeconomic Analysis (ECON-UA 13), and Introduction to Econometrics (ECON-UA 266). Offered every fall. 4 points.
Two approaches have dominated the global financial crisis discussion since 2008: rational expectations and behavioral finance. Introduces concept of uncertainty expectations, which recognize limits to what economists and market participants can know. Topics include reviewing survey data, coding information in narrative reports, the implications of alternative theoretical approaches and empirical evidence for finance reform, and limiting vulnerability to future crises.

Economic Development (P, T)
ECON-UA 323 Prerequisites for students in policy concentration: Intermediate Microeconomics (ECON-UA 10) and Intermediate Macroeconomics (ECON-UA 12). Prerequisites for students in theory concentration: Microeconomic Analysis (ECON-UA 11) and Macroeconomic Analysis (ECON-UA 13). Recommended co- or prerequisite: Introduction to Econometrics (ECON-UA 266). Offered every year. 4 points.
Economic underdevelopment in Asia, Latin America, and Africa. Macroeconomic topics: economic growth, income distribution, poverty, and underdevelopment as a circular, self-reinforcing trap. Microeconomic topics: markets for land, labor, and credit. Emphasizes market fragmentation, limited information, and incentive problems. Such international issues as trading patterns, capital flows, and global financial crises are studied from the viewpoint of developing countries.

Monetary and Banking Theory (P, T)
ECON-UA 331 Prerequisite: Intermediate Microeconomics (ECON-UA 10); or Microeconomic Analysis (ECON-UA 11) and Intermediate Macroeconomics (ECON-UA 12); or Macroeconomic Analysis (ECON-UA 13) and either Statistics (P) (ECON-UA 18) or Analytical Statistics (ECON-UA 20) Offered every year. 4 points.
Builds on intermediate-level courses in this area by focusing on the theoretical foundations of monetary exchange, the deeper determinants of asset demands, and the economic rationale for the existence of banks.

International Finance Theory (P, T)
ECON-UA 336 Prerequisite: Intermediate Microeconomics (ECON-UA 10); or Microeconomic Analysis (ECON-UA 11) and Intermediate Macroeconomics (ECON-UA 12); or Macroeconomic Analysis (ECON-UA 13). 4 points.
Financial and macroeconomic issues in international economics, the balance of payments, gold and other assets in international portfolios, exchange rate determination, problems of simultaneous achievement of internal and external policy goals, and interdependence of countries' macroeconomic policies.

Ownership and Corporate Control in Advanced and Transition Economies (P, T)
ECON-UA 340 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
Particular attention is paid to the role of capital markets (takeovers and other shareholder control devices), banks and other financial institutions, and various corporate institutions (such as boards of directors and meetings of shareholders) in facilitating or hindering corporate control and the efficient allocation of resources.

Behavioral Economics (P)
ECON-UA 342 Prerequisite: Topics in Econometrics (ECON-UA 380), or both Microeconomic Analysis (ECON-UA 11) and Introduction to Econometrics (ECON-UA 266). Offered every year. 4 points.
Topics covered include prospect theory, mental accounting, other-regarding preferences, and hyperbolic discounting. We examine evidence of departures from the assumptions made in the canonical economic model and then ask how such departures can be formalized theoretically and how the resulting models can be tested empirically.

Political Economy (P, T)
ECON-UA 345 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
Analyzes the interplay of political science and economics. First focuses on the formal modeling of political behavior and political institutions: the theory of social choice (how groups of rational individuals make decisions) and collective action (how groups of rational individuals take action), then discusses the connection between politics and economics and investigates the effect of political variables on the determination of economic outcomes. Raises such questions as: How can special groups of individuals enhance their well-being by political action? What is lobbying? What is the effect of contributions on political outcomes?

Labor Economics (P, T)
ECON-UA 351 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Recommended co- or prerequisite: Introduction to Econometrics (ECON-UA 266). Offered every semester. 4 points.
Examines the determinants of wage and employment levels in perfect and imperfect labor markets, including the concept of education and training as human capital. Models of labor market dynamics are also examined, including those of job search and matching. The role of public policy in the functioning of labor markets is highlighted throughout.

Public Economics (P, T)
ECON-UA 353 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
In alternate years, stresses policy implications and the development of theory. Analysis of government economic policies and behavior. Normative and positive economics; the fundamental welfare theorems. What goods should the government provide (public goods)? When should the government tax private behavior (externalities)? Income redistribution and the welfare program. Who pays the tax (tax incidence)? The role of debt policy. On what should taxes be levied (optimal taxation)?

Health Economics (P, T)
ECON-UA 354 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
Uses models and techniques from industrial organization, labor economics, information economics, public economics, and behavioral economics to understand the incentives of consumers, physicians, hospitals, insurance companies, and the government as they interact in healthcare markets. Identifies and models the various economic tradeoffs in the demand for, and provision of, healthcare, and analyzes government healthcare policy through the lens of economics.

Experimental Economics (P, T)
ECON-UA 360 Prerequisite: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11). Offered every year. 4 points.
Economics, like other sciences, can be a laboratory science in which economic theories are tested, rejected, and revised. Reviews the methodology of such laboratory experiments and investigates the use of experiments in a wide variety of fields. These include competitive markets, auctions, public goods theory, labor economics, game theory, and individual choice theory.

Elements of Financial Economics (T)
ECON-UA 363 Prerequisite: Microeconomic Analysis (ECON-UA 11). Restriction: open to students from the Stern School of Business only if FINC-UB 43 has not been taken. Offered every year. 4 points.
Offers a survey of financial decision-making theoretical models and financial market equilibrium. Topics include: applications of arbitrage pricing to interest rates and asset prices; the role of markets in the efficient allocation of risk sharing; dynamic asset strategies and the Black Scholes model; expected utility, risk aversion, and portfolio choice; and recursive dynamic models.

Advanced Microeconomic Theory (T)
ECON-UA 365 Prerequisite: Microeconomic Analysis (ECON-UA 11). Offered every other year. 4 points.
Introduces some of the main model-building techniques developed by microeconomists. Three basic topics are covered: the static theory of consumer behavior both in a certain world and in an uncertain world; the theory of general equilibrium; and the theory of dynamic optimization. The advanced mathematical techniques needed to understand the material are reviewed.

Markets with Frictions (P, T)
ECON-UA 366 Prerequisites: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11); Intermediate Macroeconomics (ECON-UA 12) or Macroeconomic Analysis (ECON-UA 13); and Statistics (ECON-UA 18) or Analytical Statistics (ECON-UA 20). 4 points.
Considers the equilibrium and efficiency properties of markets in which there are information frictions (in the sense that market participants have limited information regarding the quality and price of various goods) and transaction frictions (in the sense that market transactions are carried out in a decentralized fashion). These frictions provide a simple explanation for unemployment, credit rationing, wage inequality, price dispersion, and other phenomena that cannot be understood in the context of the neoclassical framework.

Advanced Macroeconomics (P, T)
ECON-UA 367 Prerequisites: Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11); Intermediate Macroeconomics (ECON-UA 12) or Macroeconomic Analysis (ECON-UA 13); and Statistics (ECON-UA 18) or Analytical Statistics (ECON-UA 20), or permission of the instructor. Offered every year. 4 points.
Explores theoretical and empirical issues of central importance to macroeconomic research and policy. Topics include: economic growth, consumption and savings, investment, and business cycle fluctuations. Also explores the relationship between monetary policy and output, and optimal monetary policy. Examines the implications of macroeconomic theory for macroeconomic data. Readings include original research articles.

Financial Economics (P)
ECON-UA 368 Prerequisites: Intermediate Microeconomics (ECON-UA 10) and Intermediate Macroeconomics (ECON-UA 12). Restriction: not open to students from the Stern School of Business. Offered every year. 4 points.
Provides theoretical and practical tools for understanding the operation of financial markets, the meaning of risk, and its relation to financial return. Also develops concepts of systematic versus idiosyncratic risk, market efficiency, the equilibrium determination of interest rates both in the overnight, interbank lending market and in the market for corporate debt, term and default premia in the bond market, and average excess stock returns in the equity market.

Topics in Economic Theory (T)
ECON-UA 375 Prerequisites: Microeconomic Analysis (ECON-UA 11) and Macroeconomic Analysis (ECON-UA 13). Offered every year. 4 points.
Explores issues in economic theory using the tools learned in macroeconomics and microeconomics. Focuses on a particular issue each term.

Topics in Economic Analysis II (P)
ECON-UA 390 Prerequisites: Intermediate Microeconomics (ECON-UA 10) and/or Intermediate Macroeconomics (ECON-UA 12), depending on the topic. Offered every year. 4 points.
For departmental or visiting faculty who wish to give courses in fields that are not in the permanent course offerings. A specific topic presented in any one semester is unlikely to be repeated. Students may count only one such "topics course" toward the major.

Honors and Independent Study

Advanced Econometrics (P, T)
ECON-UA 402 Prerequisite: Introduction to Econometrics (ECON-UA 266). Offered every year. 4 points.
Designed for honors economics majors, but students not pursuing honors who satisfy the GPA requirements (3.65 overall and in economics courses) and meet the prerequisite are encouraged to enroll. Preparation for carrying out empirical research in economics, emphasizing the relationship between economic models and observable data. Covers nonlinear methods and a selection of topics in time-series data.

Honors Tutorial (P, T)
ECON-UA 410 Prerequisites: Intermediate Microeconomics (ECON-UA 10), Intermediate Macroeconomics (ECON-UA 12), and Introduction to Econometrics (ECON-UA 266); or Microeconomic Analysis (ECON-UA 11), Macroeconomic Analysis (ECON-UA 13), and Introduction to Econometrics (ECON-UA 266); a 3.65 GPA in the major and overall; and permission of the instructor. Restriction: open only to students in the honors track. Offered in the fall. 4 points.
Trains students to write on economic topics and perform economic analysis efficiently, as well as to develop theoretical skills. Serves as preparation for and prerequisite to Honors Thesis (ECON-UA 450). Students present papers on their original research, and must revise their work in response to student and instructor critique of the content and form of the paper as well as the presentation.

Honors Thesis (P, T)
ECON-UA 450 Prerequisites: Honors Tutorial (ECON-UA 410) and a 3.65 GPA in the major and overall. Restriction: open only to students in the honors track. Offered in the spring. 4 points.
Students interested in pursuing an honors thesis should meet with the director of undergraduate studies in the spring semester of their junior year.

Internship in Economics (P, T)
ECON-UA 997 Departmental permission required. Restrictions: internships may be taken for a maximum of two credits per semester in no more than two semesters; internship credit does not count toward major requirements, but does apply toward completion of the CAS degree. Offered every semester. 1 to 2 points per term.
Internship duties must significantly enhance students' ability to apply economic principles in practice. For successful completion of an internship, the student must prepare a report in which they describe how the internship has enhanced their understanding of economics.

Independent Study (P, T)
ECON-UA 998 Prerequisites: either Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11), and either Intermediate Macroeconomics (ECON-UA 12) or Macroeconomic Analysis (ECON-UA 13); a 3.5 GPA; and permission of the director of undergraduate studies. Restrictions: no more than a total of 8 points of independent study may be taken; independent study does not count toward major requirements, but does apply toward completion of the CAS degree. Offered every semester. 1 to 4 points per term.
The student engages in intensive independent study of an important economic topic under the direction of a departmental faculty member. The results of the study are embodied in a report or paper to be specified by the instructor.