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. Because issues of public policy invariably have an economic dimension, all informed citizens should be familiar with basic economic principles. The Economics Program offers several courses of general interest at the 100 level (no prerequisites) and courses of special interest to students concentrating in political studies, historical studies, sociology, philosophy, American studies, or Community, Regional, and Environmental Studies.

Students of economics may select from more than three dozen courses, which are grouped into six areas of specialization:

(1) international trade, growth, and development
(2) applied macroeconomics
(3) applied microeconomics
(4) resource economics
(5) economic policy
(6) economic history, thought, and methodology

Microeconomics explores how people and groups of people choose among alternative actions within the context of institutional constraints and examines the consequences of those choices for human welfare. Macroeconomics investigates the behavior of the economy as a whole, focusing on the determinants of output and employment, inflation and deflation, capital formation and growth, and cyclical disturbances. The study of the use and pricing of productive resources–labor, land, and capital–has been called mezoeconomics.

Students concentrating in economics normally take at least 10 courses according to the following structure:

• Introduction to Macroeconomics (Economics 101), Introduction to Microeconomics (102), Intermediate Macroeconomics (201), Intermediate Microeconomics (202), and Statistical Methods for the Social Sciences (229);
• either Topics in Macroeconomics (301) or Topics in Microeconomics (302);
• any course in the history of economic thought, such as Economics 210 or 211;
• any course in economic history, such as Economics 212, 213, 215, or 216;
• and two field courses with macroeconomic and/or microeconomic applications.

At least three courses should be at the 300 level. Elementary calculus is a prerequisite of 301 or 302; Mathematics 111 or 113 is recommended. Additional choices of interest to students preparing for graduate school include Economics 329, Econometrics; Economics 305, Mathematical Economics; Mathematics 211, Differential Equations; and Mathematics 224, Linear Algebra for Applications.

Four economics courses, including 101 and 102, are required for Moderation. During the junior year students choose an area of concentration to lay the groundwork for a Senior Project. In tutorials or Major Conferences, juniors can pursue areas of interest in depth.