# Economics (2022 - 2024)

## Major in Economics: General Information

The economics major offers two concentrations, policy and theory, as described below. Students with permission from the director of undergraduate studies may change from one concentration to the other, but certain rules apply. In either case, no course may be taken for which the student does not have the appropriate prerequisites; this includes mathematics prerequisites.

Students should review the Department of Economics website for more information about the major and meet with an adviser in the department to plan their course of study. Advisers are located at 19 West Fourth Street, Rooms 836 and 837. Students are strongly advised to begin this sequential major as early as possible. Ideally, six full semesters are required to complete the major. It is impossible to complete the major in fewer than five semesters. Students considering honors in the major should speak to an economics adviser and complete the statistics requirement as soon as possible.

A grade of C or better is required for a course to be counted toward the major, as well as to satisfy the mathematics prerequisites. No course for the major may be taken Pass/Fail. If a student fails a course required for the major, the course must be retaken in the department; a course taken outside the University cannot be substituted for a failed course.

Students must pay close attention to the prerequisites for each course, as they are strictly enforced. Students who do not meet the minimum C requirement in a prerequisite course(s) will be de-enrolled at the beginning of each semester. A grade of P, I, or W does not satisfy the minimum grade requirement.

Transfer credit toward the major will be awarded on a case-by-case basis. Transfer students must consult the department's website for details.

The department requires that all economics majors take an exit exam before graduation. No preparation is necessary, and the grade has no impact on a student's academic record. The exam takes only one hour. Students are contacted by the department in their senior year with logistical details. The results are used by the department to evaluate the major.

## Advanced Standing Credit

Advanced Placement (AP), A Level, International Baccalaureate (IB), or equivalent credits place students out of one or both of Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2) and also count towards the total number of courses required for the major or minor. For AP, a score of 4 or 5 is acceptable. For IB, the College accepts only High Level (HL) exams with a score of 6 or 7; for A Level examinations, CAS accepts a score of B or higher.

However, AP, A Level, IB, or equivalent credit in statistics is not acceptable for the economics major or minor. In addition, advanced standing credit in calculus does not substitute for either or both semesters of Mathematics for Economics I, II (MATH-UA 131, 132; formerly MATH-UA 211, 212), although students may take a placement exam administered by the Department of Mathematics and attempt to place ahead in—or out of—this required sequence.

## Policy Concentration

The policy concentration of the major in economics is intended for the student who is primarily interested in applying economic analysis to an understanding of economic problems and policies. The elective courses allow students to focus on specific problems and topics that match their interests and career plans. This concentration corresponds most closely to the economics major that is offered by other leading colleges and universities. It is particularly well suited for students planning careers in law, public policy, business, or any other field in which a thorough understanding of economics is beneficial. Students in the policy concentration can pursue a Ph.D. in economics or finance if they supplement their course work with additional courses in mathematics.

The policy concentration requires at least ten courses (40 points) in the Department of Economics.

Seven core courses are required:

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11)
- Intermediate Macroeconomics (ECON-UA 12) or Macroeconomic Analysis (ECON-UA 13)
- Statistics (ECON-UA 18) or Analytical Statistics (ECON-UA 20)
- One course chosen from International Economics (ECON-UA 238), Urban Economics (ECON-UA 227), or Money and Banking (ECON-UA 231)
- Introduction to Econometrics (ECON-UA 266)

Policy concentration majors must also take three electives in the department. Of these three electives, at most one can be numbered ECON-UA 200-299 and at least two must be numbered ECON-UA 300-399. With permission, students in the policy track will be allowed to take courses from the theory track.

A student may choose to take two out of the three courses International Economics (ECON-UA 238), Urban Economics (ECON-UA 227), or Money and Banking (ECON-UA 231). One of them will count toward the core course requirement (above), and the other will count toward the 200-level elective requirement.

**Mathematics requirement: **In addition to the ten ECON-UA courses noted above, policy concentration students must complete Mathematics for Economics I and Mathematics for Economics II (MATH-UA 131, 132; formerly MATH-UA 211, 212) with a C or better. Advanced Placement (or equivalent) credit in calculus cannot substitute for them and does not allow a student to place ahead in the two-semester sequence. We strongly recommend that students take Introduction to Microeconomics (ECON-UA 2) and Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) in the same semester. Note that Mathematics for Economics I is a prerequisite for Mathematics for Economics II.

Policy concentration majors are not required to take Mathematics for Economics III (MATH-UA 133; formerly MATH-UA 213). However, they may choose to take MATH-UA 133 as an ECON-UA 200-level elective.

**Prerequisites: **Algebra, Trigonometry, and Functions (MATH-UA 9; formerly Algebra and Calculus), or its equivalent, or placement into either Calculus I (MATH-UA 121) or Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) is required for both Introduction to Macroeconomics (ECON-UA 1) and Introduction to Microeconomics (ECON-UA 2).

Introduction to Microeconomics (ECON-UA 2), Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211), and Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212) are all required for Intermediate Microeconomics (ECON-UA 10).

Introduction to Macroeconomics (ECON-UA 1) and Intermediate Microeconomics (ECON-UA 10) are the prerequisites for Intermediate Macroeconomics (ECON-UA 12).

## Theory Concentration

The theory concentration of the major in economics is intended for the student who wishes to begin the formal study of economic reasoning and master 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 higher degrees in quantitative fields such as finance.

The theory concentration requires at least ten courses (40 points) in the Department of Economics.

Six core courses are required:

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Analytical Statistics (ECON-UA 20)
- Microeconomic Analysis (ECON-UA 11)
- Macroeconomic Analysis (ECON-UA 13)
- Introduction to Econometrics (ECON-UA 266)

Theory concentration majors must also take four electives in the department. Of these four electives, at most two can be numbered ECON-UA 200-299 and at least two must be numbered ECON-UA 300-399.

**Mathematics requirement: **In addition to the ten ECON-UA courses noted above, theory concentration students must complete Mathematics for Economics I and Mathematics for Economics II (MATH-UA 131, 132; formerly MATH-UA 211, 212) with a C or better. Advanced Placement (or equivalent) credit in calculus cannot substitute for them and does not allow a student to place ahead in the two-semester sequence. We strongly recommend that students take Introduction to Microeconomics (ECON-UA 2) and Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) in the same semester. Note that Mathematics for Economics I is a prerequisite for Mathematics for Economics II.

Theory concentration majors are not required to take Mathematics for Economics III (MATH-UA 133; formerly MATH-UA 213) unless they are pursuing a joint major between economics and either computer science or mathematics; see below. However, they may choose to take MATH-UA 133 as an ECON-UA 200-level elective for the stand-alone economics major.

**Prerequisites: **Students must observe all prerequisites for courses in the theory concentration, as they will be strictly enforced. See course descriptions for prerequisites.

## Joint Major in Economics and Computer Science

The prerequisite for declaring this major is completion of either CSCI-UA 101 or 102 (depending on placement) with a C or better. This is an interdisciplinary major (twenty-two courses/88 points) offered by the Department of Economics with the Department of Computer Science. Only those students that are following the theory track in economics are eligible to pursue this joint major. The major has requirements in three departments, including mathematics. A grade of C or better is necessary in all courses used to fulfill joint major requirements; courses graded Pass/Fail do not count. Interested students should consult with the directors of undergraduate studies in both departments for additional information.

The economics requirements (nine courses/36 points) are as follows:

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Microeconomic Analysis (ECON-UA 11)
- Macroeconomic Analysis (ECON-UA 13)
- Analytical Statistics (ECON-UA 20) or Mathematical Statistics (MATH-UA 234); students taking the MATH-UA 234 option must complete one additional ECON-UA elective (two total).
- Introduction to Econometrics (ECON-UA 266)
- Two ECON-UA theory electives at the 300 level
- One additional ECON-UA elective

The computer science requirements (nine courses/36 points) are as follows:

- Introduction to Computer Science (CSCI-UA 101)
- Data Structures (CSCI-UA 102)
- Computer Systems Organization (CSCI-UA 201)
- Operating Systems (CSCI-UA 202)
- Basic Algorithms (CSCI-UA 310)
- Plus four computer science electives at the 400 level. One of these electives may be replaced by Linear Algebra (MATH-UA 140), or by Strategic Decision Theory (ECON-UA 310), Advanced Microeconomic Theory (ECON-UA 365), or Topics in Economic Theory (ECON-UA 375).

The mathematics requirements (four courses/16 points) are as follows:

- Discrete Mathematics (MATH-UA 120)
- Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211)
- Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212)
- Mathematics for Economics III (MATH-UA 133; formerly MATH-UA 213)

## Joint Major in Economics and Mathematics

A joint major (eighteen courses/72 points) is offered by the Departments of Economics and Mathematics. In the economics department, joint majors with mathematics must follow the theory concentration. Nine courses must be taken from each department. A grade of C or better is necessary in all courses used to fulfill joint major requirements; courses graded Pass/Fail do not count. Interested students should consult with the directors of undergraduate studies in both departments for additional information.

The economics requirements (nine courses/36 points) are as follows:

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Microeconomic Analysis (ECON-UA 11)
- Macroeconomic Analysis (ECON-UA 13)
- Analytical Statistics (ECON-UA 20) or Mathematical Statistics (MATH-UA 234); students taking the MATH-UA 234 option must complete one additional ECON-UA elective (four total).
- Introduction to Econometrics (ECON-UA 266)
- Plus any three economics elective courses, at least two of which must be theory electives numbered ECON-UA 300-399.

Of the nine mathematics courses (36 points), the following five are required (note that students must choose one calculus track or the other and cannot mix courses from the two tracks; note further that the Mathematics for Economics sequence is the preferred sequence for this joint major):

- Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) or Calculus I (MATH-UA 121)
- Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212) or Calculus II (MATH-UA 122)
- Mathematics for Economics III (MATH-UA 133; formerly MATH-UA 213) or Calculus III (MATH-UA 123) or Honors Calculus III (MATH-UA 129)
- Linear Algebra (MATH-UA 140) or Honors Linear Algebra (MATH-UA 148)
- Analysis (MATH-UA 325) or Honors Analysis I (MATH-UA 328)
- Four additional courses must be completed from the following choices: Theory of Probability (MATH-UA 233) or Honors Theory of Probability (MATH-UA 238); Mathematical Statistics (MATH-UA 234), Probability and Statistics (MATH-UA 235), Combinatorics (MATH-UA 240), Theory of Numbers (MATH-UA 248), Mathematics of Finance (MATH-UA 250), Mathematical Modeling (MATH-UA 251), Numerical Analysis (MATH-UA 252), Linear and Nonlinear Optimization (MATH-UA 253), Ordinary Differential Equations (MATH-UA 262) OR Honors Ordinary Differential Equations (MATH-UA 268), Partial Differential Equations (MATH-UA 263), Chaos and Dynamical Systems (MATH-UA 264), Functions of a Complex Variable (MATH-UA 282), Honors Analysis II (MATH-UA 329), Algebra (MATH-UA 343) OR Honors Algebra I (MATH-UA 348), Honors Algebra II (MATH-UA 349), Topology (MATH-UA 375), Differential Geometry (MATH-UA 377), Honors I (MATH-UA 393), Honors II (MATH-UA 394), Honors III (MATH-UA 397) or Honors IV (MATH-UA 398).
- Note that if MATH-UA 235 is taken, then MATH-UA 233 or MATH-UA 238 and/or MATH-UA 234 may not be counted toward the major requirements; also note that if MATH-UA 233 or MATH-UA 238 and/or 234 is taken, then MATH-UA 235 may not be counted toward the major requirements.

## Minor in Economics

Students may minor in economics in either the theory or policy concentration. A grade of C or better is required for a course to be counted toward the minor in economics. If a student fails a course required for the minor, the course must be retaken in the department; a course taken outside the University cannot be substituted for a failed course. No course for the minor may be taken as Pass/Fail.

**Policy minor: **At least 24 points (six courses) are to be taken in the Department of Economics, including Introduction to Macroeconomics (ECON-UA 1), Introduction to Microeconomics (ECON-UA 2), Statistics (ECON-UA 18), International Economics (ECON-UA 238), and two additional 4-point courses numbered ECON-UA 200-299. All prerequisites will be strictly enforced, including mathematics prerequisites. Note that Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211), or alternatively Calculus I (MATH-UA 121), is a prerequisite for Statistics (ECON-UA 18) but does not count toward the 24 points required for this minor.

**Theory minor: **At least six courses (24 points) are to be taken in the Department of Economics, including Introduction to Macroeconomics (ECON-UA 1), Introduction to Microeconomics (ECON-UA 2), Analytical Statistics (ECON-UA 20), either Microeconomic Analysis (ECON-UA 11) or Macroeconomic Analysis (ECON-UA 13), and any other two electives in the theory sequence for which the student has the prerequisites. All prerequisites (including any in MATH-UA courses) will be strictly enforced. Note that Math for Economics I (MATH-UA 131; formerly MATH-UA 211) and Math for Economics II (MATH-UA 132; formerly MATH-UA 212) are prerequisites for Analytical Statistics (ECON-UA 20), Microeconomic Analysis (ECON-UA 11), and Macroeconomic Analysis (ECON-UA 13), but do not count toward the 24 points required for the minor.

## Honors Program in Economics

Honors may be taken in either the policy or the theory concentration of the major in economics. Honors students are required to participate in a year-long honors program in their senior year and write a thesis under faculty supervision. Students interested in graduate or professional school are especially urged to pursue honors. Interested students must consult with the director of undergraduate studies for permission to enter the honors program. Ideally, students should speak to the economics department advisers early in their sophomore year to begin planning for honors.

A 3.65 overall GPA and a 3.65 average in economics courses are both required. Students who wish to obtain honors register for a three-course sequence beginning no later than the spring semester of their junior year: Introduction to Econometrics (ECON-UA 266), Honors Tutorial (ECON-UA 410), and Honors Thesis (ECON-UA 450). When seeking departmental approval to enroll in the Honors Tutorial (ECON-UA 410), each honors student must submit a plan of study indicating the electives he or she intends to enroll in. At least one advanced elective (ECON-UA 300-399) must be completed prior to, or concurrently with, the Honors Tutorial.

Honors students are required to take at least twelve courses (48 points), as outlined below.

### Honors in Policy Concentration

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Statistics (ECON-UA 18)
- Intermediate Microeconomics (ECON-UA 10) or Microeconomic Analysis (ECON-UA 11)
- Intermediate Macroeconomics (ECON-UA 12) or Microeconomic Analysis (ECON-UA 13)
- Introduction to Econometrics (ECON-UA 266)
- Four ECON-UA electives
- At least two of these four electives must be 300-level electives, and one of the four must be chosen from International Economics (ECON-UA 238), Urban Economics (ECON-UA 227), or Money and Banking (ECON-UA 231)

- The two honors courses, Honors Tutorial (ECON-UA 410) and Honors Thesis (ECON-UA 450)

Note that honors students may not replace any of the four electives with either or both of the Honors Tutorial and Honors Thesis. Students pursuing honors are strongly encouraged, but not required, to take Advanced Econometrics (ECON-UA 402).

### Honors in Theory Concentration

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Analytical Statistics (ECON-UA 20)
- Microeconomic Analysis (ECON-UA 11)
- Macroeconomic Analysis (ECON-UA 13)
- Introduction to Econometrics (ECON-UA 266)
- Four ECON-UA electives (at least two of which must be 300-level electives)
- The two honors courses, Honors Tutorial (ECON-UA 410) and Honors Thesis (ECON-UA 450)

Note that honors students may not replace any of the four electives with either or both of the Honors Tutorial and Honors Thesis. Students pursuing honors are strongly encouraged, but not required, to take Advanced Econometrics (ECON-UA 402).

## Joint Honors Program in Economics and Mathematics

Honors students are required to take twenty courses (80 points). A 3.65 overall GPA and a 3.65 average in economics and mathematics courses are required. Honors students must participate in a year-long research program in their senior year and write a thesis under faculty supervision. Students interested in graduate or professional school are especially urged to pursue honors. Interested students must consult with the directors of undergraduate studies in both departments for advisement and for permission to enter the honors program. Ideally, students should speak to the Departments of Economics and Mathematics early in their sophomore year to begin planning for honors. Note that students may satisfy their research requirement with either the economics honors sequence (ECON-UA 410 and 450), mathematics Independent Study (MATH-UA 997 and 998), or the SURE or AM-SURE program in the Department of Mathematics.

The economics requirements (eleven courses/44 points) are as follows:

- Introduction to Macroeconomics (ECON-UA 1)
- Introduction to Microeconomics (ECON-UA 2)
- Microeconomic Analysis (ECON-UA 11)
- Macroeconomic Analysis (ECON-UA 13)
- Analytical Statistics (ECON-UA 20) if not taking Mathematical Statistics (MATH-UA 234)
- Introduction to Econometrics (ECON-UA 266)
- Plus any three economics elective courses, at least two of which must be theory electives numbered ECON-UA 300-399. Note that students who take MATH-UA 234 instead of ECON-UA 20 for the statistics requirement must take a total of four ECON-UA electives.
- The two honors courses, Honors Tutorial (ECON-UA 410) and Honors Thesis (ECON-UA 450); alternates: Independent Study (MATH-UA 997 and 998), or the SURE or AM-SURE programs in the Department of Mathematics.

The mathematics requirements (nine courses/36 points) are as follows:

- Mathematics for Economics I (MATH-UA 131; formerly MATH-UA 211) or Calculus I (MATH-UA 121)
- Mathematics for Economics II (MATH-UA 132; formerly MATH-UA 212) or Calculus II (MATH-UA 122)
- Mathematics for Economics III (MATH-UA 133; formerly MATH-UA 213) or Calculus III (MATH-UA 123) or Honors Calculus III (MATH-UA 129)
- Linear Algebra (MATH-UA 140) or Honors Linear Algebra (MATH-UA 148)
- Honors Analysis I (MATH-UA 238)
- Two electives from the following:
- Theory of Probability (MATH-UA 233), or Honors Theory of Probability (MATH-UA 238) if not taken in the honors elective category (below)*
- Mathematical Statistics (MATH-UA 234)*
- Probability and Statistics (MATH-UA 235)*
- Combinatorics (MATH-UA 240)
- Theory of Numbers (MATH-UA 248)
- Mathematics of Finance (MATH-UA 250)
- Mathematical Modeling (MATH-UA 251)
- Numerical Analysis (MATH-UA 252)
- Linear and Nonlinear Optimization (MATH-UA 253)
- Ordinary Differential Equations (MATH-UA 262) or Honors Ordinary Differential Equations (MATH-UA 268) if not taken in the honors elective category (below)
- Partial Differential Equations (MATH-UA 263)
- Chaos and Dynamical Systems (MATH-UA 264)
- Functions of a Complex Variable (MATH-UA 282)
- Topology (MATH-UA 375)
- Differential Geometry (MATH-UA 377)

- Two honors electives from the following:
- Honors Theory of Probability (MATH-UA 238)
- Honors Ordinary Differential Equations (MATH-UA 268)
- Honors Analysis II (MATH-UA 329)
- Honors Algebra I and/or II (MATH-UA 348, 349)
- Honors I, II, III, and/or IV (MATH-UA 393, 394, 397, 398)

*Note that if MATH-UA 235 is taken, then MATH-UA 233 or MATH-UA 238 and/or MATH-UA 234 may not be counted toward the major requirements; also note that if MATH-UA 233 or MATH-UA 238 and/or 234 is taken, then MATH-UA 235 may not be counted toward the major requirements.