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Majors, Minors and Honors

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 the economics major. A grade of C or better is required for a course to count toward the major in economics. AP credit does not reduce the total number of courses required for the major or minor. AP credit does not apply to V31.0005

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 coursework with additional courses in mathematics.

The 10 courses are to be taken in the Department of Economics are as follows:

Six (6) core courses:

V31.0001, V31.0002, V31.0018 (6 points), V31.0238, V31.0010, V31.0012.

Four (4) electives:

At least two of the four electives must be numbered V31.0300-399.

A typical sequence of courses is indicated by sophomore year: V31.0001, V31.0002, V31.0018; junior year: V31.0010, V31.0012, V31.0238; 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).

A course in calculus (V63.0121) is required for the intermediate courses and statistics (V31.0010, V31.0012, and V31.0018).

Both Principles I (V31.0001) and Principles II (V31.0002) are required for intermediate macro and intermediate micro.

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 that must include V31.0005, V31.0006, V31.0020, V31.0011, V31.0013, V31.0266, and four economics electives. Two of those 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 course sequence is sophomore year: V31.0005, V31.0006, V31.0020; junior year: V31.0011, V31.0013, and V31.0266, one elective; 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, Principles I or Principles II can be substituted for a 100 or 200 level elective. For those switching from theory to policy, V31.0005 Introduction to Economic Analysis may substitute for V31.0002 Economic Principles II.

Joint Major in Economics and Computer Science

This is an interdisciplinary major offered by the Department of Computer Science with the Department of Economics. There are requirements in three departments, including mathematics. A grade of C or better is required in all courses.

The mathematics requirements are V63.0120, V63.0121, V63.0122, and V63.0123.

The computer science requirements are V22.0101, V22.0102, V22.0201, V22.0202, V22.0310, and four computer science electives numbered V22.0400 or higher. One of these electives may be replaced by any one of V63.0124, V31.0310, V31.0337, V31.0365, or V31.0375.

The economics requirements are V31.0005, V31.0006, V31.0011, V31.0013, V31.0020, V31.0266, plus any three economics elective courses, at least two of which must be theory electives numbered V31.0300 to V31.0399. One of these electives may be replaced by V22.0444.

Joint Major in Economics and Mathematics

A joint major is offered by the Departments of Economics and Mathematics. In the economics department, joint majors with mathematics may only take the theory sequence. Nine courses must be taken from each department.

The mathematics requirements are a total of nine courses.

You must take the following six courses:
     Calculus I - V63.0121
     Calculus II - V63.0122
     Calculus III - V63.0123
     Linear Agebra - V63.0140
     Analysis I - V63.0325
     Analysis II - V63.0326

Three courses must be completed from the following:
     Vector Analysis - V63.0224
     Theory of Probability - V63.0233
     Mathematical Statistics - V63.0234
     Probability & Statistics - V63.0235
     Ordinary Differential Equations - V63.0262
     Combinatories - V63.0240
     Partial Differential Equations - V63.0363
     Logic - V63.0245
     Chaos & Dynamical Systems - V63.0264
     Theory of Numbers - V63.0248
     Mathematics of Finance - V63.0250
     Numerical Analysis - V63.0252
     Function of Complex Variables - V63.0282
     Algebra I - V63.0343
     Algebra II - V63.0344

Interested students should consult with the director of undergraduate studies in both departments for additional information.

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 count 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 (6 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 (6 courses) to be taken in the Department of Economics to include V31.0005, V31.0006, V31.0020, at least one of 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 school are strongly urged to take honors.

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

Students can choose to obtain Honors or Highest Honors. Students who wish to obtain Honors register for a two course sequence: Topics in Econometrics or Introduction to Econometrics must be completed by the Fall of the senior year. Honors Seminar is taken in the Spring of the Senior year.

Students who wish to obtain Highest Honors, register for a three course sequence usually beginning in the Spring of their junior year: Topics in Econometrics (or Introduction to Econometrics), Honors Tutorial, and Honors Thesis.

Interested students should consult with the director of undergraduate studies.
Honors students will be required to take at least 46 credits in the Policy Concentration or at least 44 credits in the Theory Concentration.

Students will need to begin the process during the spring semester of their junior year.

HONORS:
Honors in Policy concentration: Six core courses (V31.0001, V31.0002, V31.0018, V31.0010, V31.0012, and V31.0238); three electives (at least two of these must be 300-level electives); Topics in Econometrics (V31.0380); and Honors Seminar (V31.0404)

Honors in Theory concentration: Six core courses (V31.0005, V31.0006, V31.0020, V31.0011, V31.0013, and V31.0266); four electives (at least three of these must be 300-level electives); and Honors Seminar (V31.0404)

HIGHEST HONORS:
Highest Honors in Policy concentration: Six core courses (V31.0001, V31.0002, V31.0018, V31.0010, V31.0012, and V31.0238); two electives (at least one of these must be a 300-level elective); Topics in Econometrics (V31.0380); and two honors courses (V31.0410 and V31.0450)

Highest Honors in Theory concentration: Six core courses (V31.0005, V31.0006, V31.0020, V31.0011, V31.0013, and V31.0266); three electives (at least two of these must be 300-level electives); and two honors courses (V31.0410 and V31.0450)