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Planning your Economics Major

The following is intended to help you decide which courses to take to qualify for admission to an economics major, which “core” courses to take as an economics major, and when to take them.

  • The basic introductory economics courses are ECO 100 (microeconomics) and ECO 101 (macroeconomics). You can place out of one or both with grades of 5 on the corresponding AP exams. If you achieve this, and are deemed by the Mathematics department to have knowledge equivalent to completion of MAT 103 which currently requires 4 or better on the AP math AB exam, you have the opportunity to explore many practical applications of the ideas in introductory economics, and learn a little new theory, by taking ECO 200, Advanced Principles of Economics – Concepts and Applications, in your first year. Freshmen are only rarely permitted to enroll in ECO 300-302 or 310-312; to do so you must be exempt from ECO 100, 101 and 202 as appropriate, and deemed by the mathematics department to have knowledge equivalent to the completion of MAT 200 or MAT 201-202.
  • Modern economics is inherently quantitative. If you were not strong at high school algebra and geometry, you should not consider an economics major. We offer our “core” courses (micro, macro, and econometrics) in two variants or tracks. For the less-math-track, you need mathematics only at the level of MAT 103 (Univariate Calculus); for the more-math-track, you need at least MAT 200 (Linear Algebra and Multivariate Calculus for Economists), offered both semesters by the Mathematics department. If you are better at mathematics, you can instead take MAT 201 (Multivariable Calculus) and MAT 202 (Linear Algebra with Applications). Note that MAT 201 on its own will not suffice for parts of the more-math-track core courses, especially econometrics. Even more advanced courses in the mathematics department are also available; consult the economics department representative if you are interested in these to prepare for an economics major or graduate study. Many economics departmentals (non-core electives) require only the less-math-track core, although several do require one or another of the more-math-track core courses. The more-math-track takes you closer to the current research literature in economics, and this can be an advantage in your junior independent work and senior thesis. Each year, approximately half of our majors do each track of the core. You can also mix between the two tracks, taking one or two of the micro, macro, and econometrics core courses in one track and the rest in the other. 
  • Probability theory and statistics also constitute essential background for studying economics, regardless of which math track you are taking. Our requirements can be met by taking ECO 202 (Statistics and Data Analysis for Economics), or ORF 245. A grade of 5 in the statistics AP gets you an exemption from this requirement.
  • All these requirements – ECO 100, 101, 202, and MAT 200 if you are planning to follow the more-math-track – must be taken for letter-grade credit, and you must get grades of C- or better in each, to qualify for admission to an economics major. All requirements must be met by the end of your second year. You will not be permitted to take any of these courses in your junior year as an economics major.
  • There are three “core” courses in the economics major – micro, macro, and econometrics. They must be completed during or before your junior year. ECO 300 (micro) and 302 and 312 (econometrics) are offered only in the Fall; 301 and 311 (macro) only in the Spring. ECO 310 (more-math-track micro) is usually offered in both terms. Moreover, anyone who is contemplating doing an empirical senior thesis (which means virtually all economics majors) is strongly urged to take ECO 313, Econometric Applications, and those contemplating theoretical research are recommended to take one or both of ECO 317 (Economics of Uncertainty) and ECO 418 (Strategy and Information). 
  • If you are planning to spend a semester abroad in your junior year, you should plan ahead and take the appropriate core courses of the economics major during your sophomore year. We approve core courses taken elsewhere only in very exceptional circumstances; only if they are of comparable standards and taken at institutions of comparable quality. We will not allow you to postpone core courses to the senior year.
  • Here are some common programs. They are only suggestions, and different choices or sequencing may be appropriate in individual cases. Also, electives are not specifically shown; you can fit them into your junior year or even sophomore year schedule, subject of course to your fulfilling the prerequisites in each case. Please consult your advisers or one of the economics departmental representatives to tailor your choices to your individual needs and interests.