Economics

Economics is concerned with the wealth of nations—its origins in production and exchange, its allocation among competing uses, its distribution among individuals, and its accumulation or decline. At Yale, economics is regarded and taught as part of a liberal education, not as a preparation for any particular vocation. It can, however, provide a good background for several professions. Recent majors have entered law or business school or have gone on to graduate work in economics, often after working in related fields for two or three years. Others have pursued careers in business, government, or finance. Many Yale students, regardless of what major they later choose, take introductory courses in micro- and macroeconomics. Microeconomics examines how individuals, firms, markets, and governments allocate scarce resources; macroeconomics is concerned with the determination East Asian Studies Economics 71 programs of study of output, unemployment, inflation, and exchange rates. Students are encouraged to study both in order to gain an understanding of the scope of economics. Freshmen must take a microeconomics course before taking macroeconomics. Most prospective Economics majors take introductory microeconomics in the fall and introductory macroeconomics in the spring of freshman year.

Programs of Study  Select Program African American Studies African Studies American Studies Anthropology Applied Mathematics Applied Physics Archaeological Studies Architecture Art Astronomy Biological Sciences and Biomedical Engineering Biology Biomedical Engineering Chemical Engineering Chemistry Classics Cognitive Science College Seminars Computer Science Computing and the Arts Directed Studies East Asian Languages and Literatures East Asian Studies Economics Electrical Engineering Engineering and Applied Science English Language and Literature Environmental Engineering Environmental Studies Ethics, Politics, and Economics Ethnicity, Race, and Migration Film Studies Forestry & Environmental Studies French Geology and Geophysics Germanic Languages and Literatures German Studies Hellenic Studies History History of Art History of Science, History of Medicine Humanities International Studies Italian Judaic Studies Latin American Studies Linguistics Literature Mathematics Mechanical Engineering Modern Middle East Studies Molecular Biophysics and Biochemistry Music Near Eastern Languages and Civilizations Operations Research Perspectives on Science and Engineering Philosophy Physics Political Science Portuguese Psychology Religious Studies Russian and East European Studies Slavic Languages and Literatures Sociology South Asian Studies Southeast Asia Studies Spanish and Portuguese Statistics Teacher Preparation and Education Studies Theater Studies Women's, Gender, and Sexuality Studies Related Links Programs of Study Introduction to Academics at Yale Additional Resources YCPS: Economics Dept of Economics Online Course Information

Introductory economics is offered in both lecture and seminar formats. ECON 115a or b, Introductory Microeconomics, and 116a or b, Introductory Macroeconomics, are large lecture courses intended for students from all classes. (The fall term of Introductory Macroeconomics is limited to upperclassmen.) The seminars ECON 110a, An Introduction to Microeconomic Analysis, and 111b, An Introduction to Macroeconomic Analysis, cover the same topics as ECON 115a or b and 116a or b but are taught in smaller sections open only to freshmen. These courses have limited enrollment and require preregistration for each term. The Economics department’s undergraduate Web site gives further details about the preregistration process.

In addition to the options above, ECON 108a or b, Quantitative Foundations of Microeconomics, is an alternative to ECON 115a or b intended for students with limited or no experience in calculus. It places greater emphasis on quantitative methods and examples. Enrollment in the course is limited and requires permission of the DUS. For information on how to apply, visit the Economics undergraduate Web site.

Some students already have a background in economics from high school. However, in such cases an introductory microeconomics course is often still the best place to start. The level of analysis in these courses greatly exceeds that in most high school courses. Some exceptions do apply.

Students who earn a score of 5 on the Microeconomics or Macroeconomics AP test and a score of 5 on the AP Calculus BC test may petition the DUS to place out of the corresponding introductory courses and instead enroll in intermediate-level courses (ECON 150a or 152a for microeconomics, ECON 153b or 154b for macroeconomics). Freshmen without the requisite AP Calculus score should take a mathematics course such as MATH 115a or 120a in the fall term and then petition the DUS to place out of introductory micro- or macroeconomics.

Students may substitute a score of 7 on the International Baccalaureate higher-level Economics examination or A on the GCE A-level Economics examination for AP test scores in economics. In addition, a score of 7 on the International Baccalaureate higher-level Mathematics examination or A on the GCE A-level Mathematics examination may be substituted for the AP Calculus score.

Students who enroll directly in intermediate-level courses should note that placing out of introductory economics does not reduce the number of courses required for the Economics major. For more detailed information regarding placement in economics courses, visit the Economics department’s undergraduate Web site.

The Economics major has a one-term mathematics requirement that students may satisfy by taking one term of MATH 112a or b or 115a or b, Calculus of Functions of One Variable I or II, 118a or b, Introduction to Functions of Several Variables, or 120a or b, Calculus of Functions of Several Variables. Regardless of their mathematics background, prospective majors are advised to take a mathematics course in the freshman year.

The Economics major also requires study of econometrics in order to familiarize students with the tools necessary for analyzing economic data. Many students find it useful to take a second mathematics course or a statistics course as freshmen in preparation for econometrics courses.

For more information about the program, see the Economics department’s undergraduate Web site.

Copyright © 2009 Yale University. All rights reserved. Contact us at freshman.affairs@yale.edu Contact the site editor.
Yale College Office of Web Strategy & Utilization, 55 Whitney Ave., Suite 630, New Haven, CT 06510   USA.