ECONOMICS

Economics is the study of the ways in which society allocates its scarce resources among alternative uses and the consequences of these decisions. The areas of inquiry deal with a varied range of topics such as international trade, domestic and international financial systems, labor market analysis, and the study of less developed economies. Broadly speaking, the goal of an economics major is to train students to think analytically about social issues, and as such provide a solid foundation for not only further study and careers in economics, but also for careers in law, public service, business, and related fields.

The Economics Department offers a general economics major, a concentration, and five interdisciplinary majors structured to suit the interests and professional goals of a heterogeneous student body. All of these programs have different specific requirements but share the common structure of core theoretical courses that provide the foundation for higher-level elective courses culminating in a senior seminar. Students are urged to carefully look through the details of each of these programs and to contact an appropriate departmental advisor to discuss their particular interests.

Economics Course Descriptions

DEPARTMENTAL OFFICE
1022 International Affairs; (212) 854-3680
www.columbia.edu/cu/economics

DIRECTOR OF UNDERGRADUATE STUDIES
Susan Elmes
1006 International Affairs; (212) 854-9124
se5@columbia.edu

ADVISORS AND MAJOR PROGRAMS
See the department website for advisor information.

Economics

Economics-Mathematics

Economics-Operations Research

Economics-Philosophy

Economics-Political Science

Economics-Statistics

FACULTY

Professors
Kyle Bagwell
Jagdish N. Bhagwati
Patrick Bolton (also Public Affairs)
André Burgstaller (Barnard)
Alessandra Casella
Yeon-Koo Che  
Pierre-Andre Chiappori
Graciela Chichilnisky
Richard Clarida  
Janet Currie (chair)
Donald Davis
Padma Desai
Phoebus J. Dhrymes
Prajit Dutta
Ronald E. Findlay
Glenn Hubbard
W. Bentley MacLeod (also Public Affairs)
Perry Mehrling (Barnard)
Robert Mundell  
Brendan O’Flaherty
Edmund S. Phelps
Michael Riordan
Jeffrey Sachs
Xavier Sala-i-Martin
Bernard Salanié
Joseph Stiglitz
Edward Vytlacil
David Weiman (Barnard)
David Weinstein
Michael Woodford

Associate Professors
Mitali Das
Alan Dye (Barnard)
Lena Edlund
Sharon Harrison (Barnard)
Lalith Munasinghe (Barnard)
Rajiv Sethi (Barnard)

Assistant Professors
Stefania Albanesi
Douglas Almond (also Public Affairs)
Massimiliano Amarante
Mariana Colacelli (Barnard)
Rajiv Dehejia
Katherine Ho
Wojciech Kopczuk (also Public Affairs)
Dennis Kristensen
Leigh Linden (also Public Affairs)
Malgosia Madajewicz (also Public Affairs)
Kristin Mammen (Barnard)
Alexei Onatski
Cristian Pop-Eleches
Bruce Preston
Randall Reback (Barnard)
Sanjay Reddy (Barnard)
Wolfram Schlenker (also Public Affairs)
Eric Verhoogen (also Public Affairs)
Till von Wachter

Adjunct Faculty
Seamus O'Cleireacain
Carl Riskin

Lecturer
Susan Elmes
Sunil Gulati

On Leave
Prof. Casella for the Fall 2007 semester
Profs. Davis and Desai for the Spring 2008 semester
Profs. Almond, Amarante, Chichilnisky, Mundell, O’Flaherty, Phelps, Pop-Eleches, Stiglitz, Verhoogen, Weinstein, and Woodford for the academic year

REQUIREMENTS FOR A MAJOR IN ECONOMICS
The economics major requires a minimum of 32 credits in economics, 6 credits in mathematics, and 3 credits in statistics, for a total of 41 credits.

Program of Study: The department encourages majors, joint majors and concentrators to speak with their advisor during their junior year. The names of advisors can be found on the advisors' page of the department website. Students contemplating graduate work in economics should speak with an advisor in the economics department during their sophomore year.

  1. Core Courses: 13 credits, which must include

W1105 must be taken before both W3211 and W3213, and either W3211 or W3213 must be taken before W3412. Please note that in addition to ECON W1105, MATH V1101-Calculus I is a prerequisite for ECON W3213, and MATH V1201-Calculus III is a prerequisite for ECON W3211. A core course taken in a semester before the successful completion of any of its prerequisites will not be counted towards the economics major.

All of the core courses must be completed no later than the first semester of the student's senior year. Students are expected to complete W3211 and W3213 no later than the fall semester of their junior year. In addition, W3211, W3213, and W3412 must be taken at Columbia; Barnard's corresponding courses do not count toward the Columbia economics major. However, Barnard's two-semester sequence of Introduction to economics (BC 1001 and BC 1002) may be taken instead of W1105, but students will receive only 4 credits toward their economics major.

Students who receive a D or F in a core course must retake the course to achieve a grade of C- or better. However students are permitted to take a higher-level economics course (one that has that core course as a prerequisite) only if s/he takes it concurrently with the retaking of the core course. For example, if a student failed W3211 and wishes to take a 4000-level economics elective in the next semester, the student may do so only if s/he re-takes W3211 and the elective in the same semester, provided that all the other prerequisites for the elective have been completed.

  1. Electives: 15 credits. Majors must take a minimum of five electives, of which no more than one may be taken at the 2000-level (including Barnard courses).

Only those courses listed in the Economics Department Course Descriptions in the GS Bulletin (which includes some Barnard courses) may be taken for elective credit towards the economics major. All 3000-level or higher electives offered by the economics department have W3211 and W3213 as prerequisites.

Electives may not be taken before or concurrently with the prerequisite courses ECON W3211 and W3213. If an elective is taken before or concurrently with its prerequisites, it will not count towards the major or concentration. Note that the instructor's permission to take the course without having taken all of the prerequisites does not imply that the department will accept credit for the course towards the economics degree. If a student receives either a D or F in W3211 or W3213, s/he must retake that course before or concurrently with the elective(s) that require the course as a prerequisite. An elective taken in a semester before the successful completion of any of its prerequisites will not be counted towards the economics major.

Seminars do not count as electives.

Barnard Courses: No more than three Barnard economic electives will count towards the major, of which no more than one (1) may be at the 2000 level. Students may only take (for credit towards their major) those Barnard courses listed in the Economics Department Course Descriptions in the GS Bulletin. The department does not allow students to count towards their economics major or concentration Barnard economic electives that substantially overlap in content with economic electives taken at Columbia. The department considers the following Barnard and Columbia economic electives as overlapping in content:

This list is not exhaustive, and the department reserves the right to deny any course deemed overlapping to be counted towards the major or concentration. Students should always first consult with their economics advisor to confirm that the Barnard elective they wish to take does not in any way overlap with a Columbia elective.

School of Continuing Education and Special Programs Courses: Please note that the only course in the School of Continuing Education that will count towards the economics major and concentration is BUSI W3003-Corporate Finance. As of fall 2004, this course was closed to all GS, CC, and BC students in the fall and spring semesters; however the course is open to all undergraduates during the summer term (BUSI S3003). Please note that ECON W2261-Accounting and Finance and BUSI W3001-Introductory Finance are prerequisites for this course. Inquire with the School of Continuing Education for course and registration information. The following Business courses do not count towards the Economics major:

Other Department and School Courses: Please note that with the exception of the above Barnard and Continuing Education courses, all other courses from the different departments and schools at Columbia do not count toward the economics majors or concentration.

  1. Seminars: 4 credits. Every major must take at least one seminar. Seminars can be taken only after all of the core courses in economics have been completed. Each seminar requires a research paper and a class presentation. Seminars are not electives and will not count as electives. Each seminar is limited to 15 students, with priority given to seniors.

For W4921 and W4950, due to limited enrollment, priority will be given to economics-political science majors and economics-philosophy majors, respectively. Please note that all economics seminars are closed to online and phone registration; instead, students must sign up at the Economics Department office. Seminar sign-ups are conducted on a first-come, first-served basis on the first day of each semester (not the first day when the seminar meets). The department will register the first 15 students who qualify to enroll. Students must read and observe the rules, regulations, and assigned dates for seminar sign-ups that are posted on the department website.

  1. Mathematics: Students must complete one of the following sequences:

Students must complete MATH V1101 (or MATH V1107) before taking W3213 and must complete MATH V1201 (or V1207) before taking W3211. Students who receive a grade of B or better in MATH V1101 will be allowed to register for MATH V1201 without having taken MATH V1102-Calculus II; students who receive a B- or lower in MATH V1101 must take MATH V1102-Calculus II before s/he can take MATH V1201. Students who do not receive a grade of B or better in MATH V1101 and proceed to take MATH V1201 shall still be required to take Math V1102. Students who receive a D or an F in MATH V1201 must retake the course and may enroll in ECON W3211 concurrently. Students who receive a D or an F in MATH V1207 may either retake the course or may take MATH V1201 and may enroll in ECON W3211 concurrently.

Math AP Credits: Students who have received AP credit from the Mathematics Department may enroll as follows: students with a score of 5 on the BC exam may enroll in MATH V1201; students with a score of 4 or 5 on the AB exam or a 4 on the BC exam may enroll in MATH V1102.

Math Transfer Credits: Students who wish to apply any GS-approved math transfer courses toward the major must get written approval from the Mathematics Department that certifies the transfer course(s) as sufficient to fulfill one or both calculus requirement(s) for the major; a copy of the approval must be filed with the undergraduate administrator in the Economics Department.

  1. Statistics: All students must take STAT W1211 (or a higher level course, such as SIEO W4150 or STAT W4107). Students must complete the statistics course before taking W3412-Intro to Econometrics. It is strongly recommended that students take W3412 in the semester immediately following the completion of their statistics course.

Grades: All courses required for the economics major, including calculus and statistics, must be completed with a grade of C- or better in order for the credits to count toward the major. Core courses with a grade lower than C- must be retaken and completed with a grade of C- or better. Only ECON W1105 may be taken for a Pass/Fail grade.

Prerequisites: Students are advised that the department strictly enforces all course prerequisites. All prerequisite courses for a course cannot be taken concurrently with or after the course—they must be taken before the course. Students who take courses out of sequence (before or concurrently with its prerequisites) will be subject to a penalty to be assessed by the department’s director of undergraduate studies.

 

The prerequisites for required courses are as follows:

 

Course

Prerequisite(s)

ECON W1105

MATH V1101-Calc. I

None

 

STAT W1211

MATH V1101-Calc. I

ECON W3213

MATH V1101-Calc. I, ECON W1105

ECON W3211

MATH V1201-Calc. III, ECON W1105

ECON W3412

 

MATH V1201-Calc. I; STAT W1211; ECON W3211 or W3213

ECON 2000-level electives

ECON W1105

ECON 3000-4000-level electives

ECON W3211, W3213

ECON W4020

ECON W3211, W3213; STAT W1211

ECON W4211

ECON W3211, W3213; MATH V2010; Co-requisites: MATH V2500 or W4061

ECON W4213

ECON W3211, W3213, W3412; MATH V2010

ECON W4280

ECON W2261, W3211, W3213; STAT W1211

ECON seminars (except W4950)

ECON W3211, W3213, W3412

ECON W4950

ECON W3211, W3213, STAT W1211

Barnard electives

Barnard prerequisites–see Barnard academic bulletin

Transfer Credit: No more than 12 transfer credits will be accepted toward the economics major, including credits towards the calculus and statistics requirements.

General Studies' approval of transfer credits toward general requirements for the bachelor's degree does not grant approval of said credits towards the economics major. Approval of transfer credits (from transfer courses before starting at Columbia University) to fulfill economics requirements must be obtained in writing from the director of undergraduate studies in the economics department. A copy of the approval must be sent to the undergraduate administrator in the department. Approval will be granted only for courses taken at other institutions that are considered to be comparable to those offered at Columbia. Similarly, summer courses at other institutions that a student would like to count toward the major must be approved in writing by the transfer credit advisor in the economics department before he/she takes the course. Please consult the FAQ page on the department website for more information regarding transfer credit approval.

Additional work: Students contemplating graduate work in economics are advised to choose either the economics-mathematics major or the economics-statistics major (see the director of undergraduate studies for advice).

REQUIREMENTS FOR A CONCENTRATION IN ECONOMICS

Departmental Advisor: Please see the department website for advisor schedule and information.

Required courses: The requirements are the same as those for the major except: (1) a seminar is not required, and (2) the student must take three electives, of which no more than one may be taken at the 2000 level, and no more than two may be Barnard courses (at any level). This program requires a minimum of 22 credits in economics, 6 credits in mathematics, and 3 credits in statistics, for a total of 31 credits.

All of the core courses as outlined in the economics concentration must be completed no later than the first semester of the student's senior year. Students who receive a D or F in a core course must retake the course to achieve a grade of C- or better, however students are permitted to take a higher-level economics course (that has that core course as a prerequisite) only if s/he takes it concurrently with the retaking of that core course. For example, if a student failed W3211 and wishes to take a 4000-level economics elective in the next semester, the student may do so only if s/he re-takes W3211 and the elective in the same semester, provided that all the other prerequisites for the elective have been completed.

Requirement Regulations: Be advised that the regulations outlined in the economics major section regarding core courses, electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites, and transfer credits also apply toward the concentration.

REQUIREMENTS FOR A JOINT MAJOR IN ECONOMICS AND MATHEMATICS
The major in economics and mathematics provides the student with a grounding in economic theory comparable to that provided by the general economics major, while it also exposes the student to rigorous and extensive training in mathematics. The program is strongly recommended to any students planning to do graduate work in economics.

Departmental Advisors: Two advisors are assigned for the joint major, one in the Department of Economics and one in the Department of Mathematics—please see the department website for all advisor schedules and information. Please note that the economics advisor can only advise on the economics requirements and the mathematics advisor can only advise on the mathematics requirements.

Requirement Regulations: Students are advised that the regulations outlined in the economics major section regarding core courses, electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites, and transfer credits also apply toward the economics-mathematics major.

Transfer Credits: As a rule, no more than 12 transfer credits in economics or mathematics will be accepted toward the major requirements. These transfer credits must be approved in writing by an undergraduate departmental advisor from the corresponding department. The regulations regarding transfer credits outlined in the economics major section also apply to the economics-mathematics joint major. All current and prospective joint majors should read that section carefully.

Program of Study: This program requires a total of 53 credits: 26 credits in economics and 27 credits in mathematics and statistics. The specific requirements are outlined below.

  1. Economics:

  2. Mathematics and Statistics:

REQUIREMENTS FOR A JOINT MAJOR IN ECONOMICS AND STATISTICS
The major in economics and statistics provides the student with a grounding in economic theory comparable to that provided by the general economics major, and additionally exposes the student to a significantly more rigorous and extensive statistics training than is provided by the general major. This program is recommended for students with strong quantitative skills and for those students who are contemplating graduate studies in economics. This degree is particularly useful for those who want to work in research institutions, government agencies, or other organizations that require extensive empirical analysis.

Departmental Advisors: Two advisors are assigned for the joint major, one in the Department of Economics and one in the Department of Statistics—please see the department website for all advisor schedules and information. Please note that the economics advisor can only advise on the economics requirements and the statistics advisor can only advise on the statistics requirements.

Requirement Regulations: Students are advised that the regulations outlined in the economics major section regarding core courses, electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites, and transfer credits also apply toward the economics-statistics major.

Transfer Credits: As a rule, no more than 12 transfer credits in economics or statistics will be accepted toward the major requirements. These transfer credits must be approved in writing by an undergraduate departmental advisor from the corresponding department. The regulations regarding transfer credits outlined in the economics major section also apply to the economics-statistics joint major. All current and prospective joint majors should read that section carefully.

Program of Study: This program requires a total of 53 credits: 23 credits in economics, 15 credits in statistics, 12 credits in mathematics, and 3 credits in computer science. The specific requirements are outlined below.

  1. Economics:

  2. Statistics:

  3. Math and Computer Science Requirements:

REQUIREMENTS FOR A JOINT MAJOR IN ECONOMICS AND PHILOSOPHY
Economics-philosophy is an interdisciplinary major that, while introducing students to the basic methodologies of economics and philosophy, stresses areas of particular concern to both. These include subjects such as rationality and decision-making, justice and efficiency, freedom and collective choice, and the logic of empirical theories and their testing. Many of the issues are dealt with historically, and classic texts of Plato, Kant, Mill, Marx, and Smith are reviewed.

Departmental Advisors: Two advisors are assigned for the joint major, one in the department of Economics and one in the department of Philosophy—please see the department website for all advisor schedules and information. Please note that the economics advisor can only advise on the economics requirements and the philosophy advisor can only advise on the philosophy requirements.

Requirement Regulations: Students are advised that the regulations outlined in the economics major section regarding core courses (excluding W3412), electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites, and transfer credits also apply toward the economics-philosophy major.

Transfer credits: As a rule, no more than 12 transfer credits in economics or statistics will be accepted toward the major requirements. These transfer credits must be approved in writing by an undergraduate departmental advisor from the corresponding department. The regulations regarding transfer credits outlined in the economics major section also apply to the economics-philosophy joint major. All current and prospective joint majors should read that section carefully.

Program of Study: This program requires a total of 44 credits: 16 credits in economics, 15 credits in philosophy, 6 credits in mathematics, 3 credits in statistics, and 4 credits in the interdisciplinary seminar, ECPH W4950. The specific requirements are outlined below.

  1. Math and Statistics Requirements:

  2. Economics:

  3. Philosophy:

  4. Seminar:

REQUIREMENTS FOR A JOINT MAJOR IN ECONOMICS AND POLITICAL SCIENCE
The economics-political science major is an interdisciplinary major that introduces students to the methodologies of economics and political science and stresses areas of particular concern to both. This program is particularly beneficial for students planning to do graduate work in schools of public policy and international affairs.

Departmental Advisors: Two advisors are assigned for the joint major, one in the Department of Economics and one in the Department of Political Science—please see the department website for all advisor schedules and information. Please note that the economics advisor can only advise on the economics requirements and the political science advisor can only advise on the political science requirements.

Requirement Regulations; Students are advised that the regulations outlined in the economics major section regarding core courses, electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites and transfer credits also apply toward the economics–political science major.

Transfer credits: As a rule, no more than 12 transfer credits in economics or statistics will be accepted toward the major requirements. These transfer credits must be approved in writing by an undergraduate departmental advisor from the corresponding department. The regulations regarding transfer credits outlined in the economics major section also apply to the economics-political science joint major. All current and prospective joint majors should read that section carefully.

Program of Study: This program requires a total of 54 credits: 19 credits in economics, 15 credits in political science, 6 credits in mathematics, 6 credits in statistical methods, one 4-credit seminar in political science, and the 4-point seminar in economics–political science (ECPS W4921) that is specially designed as an interdisciplinary research seminar for students in the major.

The political science courses are grouped into three areas: (1) American politics, (2) comparative politics, and (3) international relations. For the political science part of the major, students are required to select one area as a major field and one as a minor field. The corresponding introductory courses in both fields must be taken, plus two electives in the major, and one in the minor field. The specific requirements are outlined below.

  1. Mathematics and Statistics:

  2. Economics:

  3. Political Science: (See political science requirements.) A total of 15 credits of political science courses distributed as follows and approved in advance by the advisor:

  4. Seminars: Two seminars—4 credits each, constituting a total of 8 credits—in political science and economics:

REQUIREMENTS FOR A JOINT MAJOR IN ECONOMICS AND OPERATIONS RESEARCH
The economics and operations research major provides the student with a foundation in economic theory comparable to that provided by the general economics major while at the same time introducing the student to the field of operations research. The program is recommended for students with strong quantitative skills who are contemplating graduate studies in operations research, or business.

Departmental Advisors: Two advisors are assigned for the joint major, one in the Department of Economics and one in the Department of Operations Research—please see the department website for all advisor schedules and information. Please note that the economics advisor can only advise on the economics requirements and the operations research advisor can only advise on the operations research requirements.

Requirement Regulations: Students are advised that the regulations outlined in the economics major section regarding core courses, electives, Barnard courses, School of Continuing Education courses, math courses, statistics courses, grades, prerequisites and transfer credits apply toward the economics–operations research major as well.

Transfer credits: As a rule, no more than 12 transfer credits in economics or statistics will be accepted toward the major requirements. These transfer credits must be approved in writing by an undergraduate departmental advisor from the corresponding department. The regulations regarding transfer credits outlined in the economics major section also apply to the economics-operations research joint major. All current and prospective joint majors should read that section carefully.

Program of Study: This program requires a total of 52 credits: 23 credits in economics, 12 credits in mathematics, 14 credits in industrial engineering and operations research (IEOR), and 3 credits in computer science. The specific requirements are outlined below.

  1. Economics:

  2. IEOR:

  3. Mathematics:

  4. Computer Science:

DEPARTMENTAL HONORS
Students who wish to be considered for departmental honors in economics must:

Students must consult and obtain approval of the departmental undergraduate director in order to be admitted to the workshop. Please note that W4999 may be taken to fulfill the seminar requirement for the economics major and all economics joint majors. Students who wish to write a senior thesis (W4999) must 1) have completed the core requirements for the major and 2) speak with the director of undergraduate studies in the Economics Department.

Please read the department honors section in the department FAQ page for more information.

ONLINE INFORMATION
Department website: www.columbia.edu/cu/economics

Students may access current information online: a comprehensive FAQ page; requirement changes to the majors and concentration; sample programs; and checklists; faculty office hours, contact information and fields of specialization; advisor information; recent course evaluations; teaching assistant information; research assistant opportunities; list of tutors; and information on the Columbia-Barnard Economics Society.

FAQ page: www.columbia.edu/cu/economics/undergraduate/s5_4_3.html

The department has a very comprehensive FAQ page that contains answers to a great variety of questions. Students are encouraged to visit the page frequently and prior to contacting an economics advisor.

EVENING COURSES
The economics programs of study (majors and concentrators) require daytime study. The department regularly offers evening and late afternoon sections of core courses (W1105-Principles of Economics, W3211-Intermediate Microeconomics, W3213-Intermediate Macroeconomics, W3412-Introduction to Econometrics), including W2261-Introduction to Accounting and Finance, during the academic year; however, the department does not regularly offer evening sections of electives.

COURSES OF INSTRUCTION (for a detailed description of each course, see the Economics Course Descriptions)