About the Program

Economics is the social science that inquires into "the nature and causes of the wealth of nations" (Adam Smith, 1776). The principal aim of an economics program in the liberal arts is not to train students in how to manage a business or maximize the value of an investment portfolio, but to show how alternative economic systems arise, why they succeed, and why they fail.

The Economics Program at Bard offers a wide range of courses in economic theory, quantitative research methods, applied economics, economic history and economic thought. Because issues of public policy invariably have an economic dimension, all informed citizens should be familiar with basic economic principles. Students typically begin their study of economics by taking introductory microeconomic or macroeconomic theory. The Economics Program also offers several courses of general interest at the 100 level (without prerequisites) that provide an introduction to economics principles and issues for students who have not taken the introductory theory sequence. Recent examples are “Economics from the Ground Up”, “Globalized Food Systems”, “Economic Dimensions of Public Issues,” and “Economic Dimensions of Global Issues’.

A large number of 200 and 300 level courses in applied economics, economic history and economic thought are offered regularly. The 200 level courses typically assume knowledge of introductory theory and are of special interest to students concentrating in political studies, historical studies, sociology, philosophy, human rights, global and international studies, social policy and environmental and urban studies. Students who have completed introductory theory are encouraged to take at least one 200 level applied course before proceeding to more advanced coursework in economics. The 300 level upper college courses and seminars provide advanced treatment of theory, research methodology and applications for moderated economics majors.

Program Requirements

Major Requirements

For economics majors, the curriculum is organized according to the following structure.

1. The core theory and methods courses: Econ 101, Introduction to Microeconomics, Econ 102 Introduction to Macroeconomics, Econ 201 Intermediate Microeconomics, Econ 202 Intermediate Macroeconomics, and Econ 229 Statistics. The core courses should not be taken pass/fail.
2. Economic History and Economic Thought requirements: A course in economic history, such as Econ 212, 213, 215, 216 or 218, and a course in economic thought, such as Econ 210 and 211.
3. At least three electives in economics, at least two of which must be at the 300 level. Finance (FIN) courses and 100 level ECON courses do not satisfy this requirement. With permission from the adviser and program chair, two 300 level courses in a related discipline may be used to substitute for one of the three economics electives. This option may be particularly useful for students with an interdisciplinary concentration or a joint-major.
4. A yearlong senior project in economics.

The required senior project and the economic history and economic thought requirement are distinctive features of Bard’s economics curriculum. The economic thought course introduces students to the analytical history of ideas about how economies work and ought to work. Economic history is the history of actual economies – their growth and decline; their diverse systems for allocating goods and resources; their success and failure at meeting economic goals. Both fields are important for understanding the purpose and value of economics as a disciple. Both help us to improve the coherence, relevance and performance of our models and methods.

 

Sample Program of Study

First Year	Sophomore Year	Junior Year	Senior Year
ECON 101	ECON 102	ECON 201	Sr. Project I (fall)
MATH 141 or 142	ECON 200-level elective	ECON 202	Sr. Project II (spring)
FYSEM I (fall)	ECON history course	ECON 300-level elective	ECON thought course
FYSEM II (spring)	Moderation (Spring)	ECON 229	ECON 300-level elective

Mathematics Requirements and Recommendations

Econ 101 and 229 require knowledge of algebra, Econ 101 and 202 requires precalculus, and Econ 201 requires Calculus I. Students should follow the mathematics placement guidelines and take recommended math review workshops if needed before enrolling in the core courses.

Economics majors are encouraged to complete the calculus sequence. Student preparing for graduate school, see below for further recommendations.

Moderation

Three economics courses are required for Moderation, including Econ 101 and 102 and a 200 level course. In addition, students are expected to write two short essays describing their experience with and interest in economics, and complete a moderation exercise where simple analytical tools are used analyze an economic policy question. The moderation board meeting is typically held in the second semester of a student’s sophomore year. The board should comprise of three faculty members, at least two of whom should be from the economics program. If a student has an intention of pursuing an interdisciplinary concentration or a joint major, a faculty member from that concentration or program should be asked to serve on the moderation board.

Fields of Specialization

Within economics, students are encouraged to take applied courses in a variety of fields. However, the academic program should be constructed in a way that a coherent sequence of courses would culminate in a senior project. To help guide this process, economics courses have been classified in the following fields of specialization.

·         Economic theory and methodology

·         Economic thought

·         Economic history

·         Macroeconomic theory and policy

·         Industrial Organization and Theory of the Firm

·         Labor and household economics

·         Economic development

·         Environmental and ecological economics

·         International economics

Double Majors and Concentrations

The economics major may be combined with several interdisciplinary concentrations such as Global and International Studies, Social Policy, Human Rights, and Environmental and Urban Studies. Students may moderate, simultaneously or separately, in the concentration. To graduate with an economics major and interdisciplinary concentration, all course requirements for both the major and the concentration should be completed, and single senior project that satisfies the requirements of the major program and the concentration must be completed.

Student may do a joint major with another program (e.g. mathematics, political studies) where major requirements of both programs are satisfied, and a single senior project that satisfies the requirements of both programs is completed. Students should moderate in both programs separately for a joint major, and obtain permission from both programs and the executive committee.

A third option is to complete a double major where a student completes the major requirements of two programs independently. Because this option necessarily involved completion of two senior projects, it is strongly discouraged by the economics program.

 
The BA/BS program in Economics and Finance

Students in the joint BA/BS program are not allowed to major in economics for their BA degree. Students in any other liberal arts and science program at Bard are able to complete a BA degree in their discipline and a BS degree in Economics and Finance after five years of coursework. See the Economics and Finance program website for details.

Preparation for Graduate School

Student preparing for graduate school are encouraged to take 300 level economic theory courses (Econ 301, 302), Econometrics (Econ 329) and/or Mathematical Economics (Econ 205). Coursework in mathematics beyond Calculus I is also strongly recommended (e.g. Calculus II, Calculus III, Probability and Statistics, Linear Algebra).

For students considering a Ph.D. in economics, additional training in Mathematics is recommended. Many Ph.D. programs expect knowledge of, in addition to courses listed above, differential equations, proofs and fundamentals, and real analysis.