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Bulletin

Economics

Undergraduate Requirements

Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors

Departmental advisers

Each program has a separate departmental adviser. It is strongly recommended that students speak with the appropriate economics adviser at all times of program planning. Advisers’ names can be found on the advisers’ page of the Economics Department Web site.

Students contemplating graduate work in economics are advised to choose either the economics-mathematics or economics-statistics major and should speak with an adviser in the department during their sophomore year.

Students contemplating one of the interdepartmental majors should speak to both the adviser from the Economics Department and the adviser from the other department early in the sophomore year.

Economics core courses

All of the core courses must be completed no later than the spring semester of the student’s junior year and must be taken at Columbia. Students who take any core course during the fall semester of his or her senior year must obtain written permission from his or her economics advisor.  Unless otherwise specified below all students must complete the following core courses:

  1. ECON W1105 Principles of economics
  2. ECON W3211 Intermediate microeconomics–it is recommended that this course be completed no later than the fall semester of the junior year
  3. ECON W3213 Intermediate macroeconomics–it is recommended that this course be completed no later than the fall semester of the junior year
  4. ECON W3412 Introduction to econometrics

Prerequisites

Course prerequisites are strictly enforced. Prerequisites must be taken before the course, not after or concurrently.

Economics courses taken before the successful completion of any of its prerequisites, even with instructor approval, will not be counted toward the major, concentration, or interdepartmental majors. Exemptions from a prerequisite requirement may only be made, in writing, by a departmental adviser. Students who take courses out of sequence (before or concurrently with its prerequisites) are subject to a penalty to be assessed by the department’s director of undergraduate studies. The penalty requires students to complete additional, specific courses in economics.

The prerequisites for required courses are as follows:

Course

Prerequisites

ECON W1105 Principals of economics, MATH V1101 Calculus I

None

STAT W1211 Introduction to statistics(with calculus)

MATH V1101

ECON W3213 Intermediate macroeconomics

MATH V1101, ECON W1105

ECON W3211 Intermediate microeconomics

MATH V1201, ECON W1105

ECON W3412 Introduction to econometrics

MATH V1201, STAT W1211, ECON W3211 or W3213

ECON 2000-level electives

ECON W1105

ECON 3000 and 4000-level electives

ECON W3211, ECON W3213

ECON W4020 Economics of uncertainty and information

ECON W3211, ECON W3213, STAT W1211

ECON W4211 Advanced microeconomics

ECON W3211, ECON W3213; MATH V2010;
Corequisites: MATH V2500 or MATH W4061

ECON W4213 Advanced macroeconomics

ECON W3211, ECON W3213, ECON W3412, MATH V2010

ECON V3025 Financial Economics, ECON W4280 Corporate finance

ECON W3211, ECON W3213, STAT W1211
ECON W4412 Advanced econometrics

ECON W3211, ECON W3213, ECON W3412, MATH V2010
ECON W4480 Gender and applied economics

ECON W3211, ECON W3213, ECON W3412

ECON seminars (except W4950)

ECON W3211, ECON W3213, ECON W3412

ECON W4950 Economics and philosophy seminar

ECON W3211, ECON W3213, STAT W1211

Barnard electives

Please see the Barnard bulletin

It is strongly recommended that students take ECON W3412 Introduction to econometrics in the semester immediately following the completion of the statistics course.

Grading

No course with a grade of D or lower, including calculus and statistics courses, can count toward the major, concentration, or interdepartmental majors. Economics core courses with a grade of D or F must be retaken and completed with a grade of C- or better.

Students who must retake a core course are permitted to take a higher-level economics course that has that core course as a prerequisite if it is taken concurrently with the retaking of that core course. For example, if a student fails ECON W3211 Intermediate microeconomics, they must retake it and in the same semester may enroll in an elective course for which it is a prerequisite, provided that all other prerequisites for the elective have been completed.

Only ECON W1105 may be taken for a grade of Pass/D/Fail and the student must receive a grade of P it to count toward the requirements for the major, concentration, or interdepartmental majors.

The department strictly enforces the rule regarding the grade of UW. In particular a student who has completed substantial work in a class (for example, taken the midterm) is ineligible for the grade of UW. Students who hope to get a UW must contact the instructor of the class in writing before the midterm to request the grade of UW.

Economics electives

Only those courses identified in the Economics Department listings in this bulletin may be taken for elective credit. All 3000-level or higher electives offered by the Economics Department have at least ECON W3211 and ECON W3213 as prerequisites. However, some electives have additional prerequisites and students should ensure that all prerequisites have been completed. Seminars do not count as electives.

Seminars

Seminars can be taken only after all of the required core courses in economics have been completed and do not count as electives. Each seminar is limited to fifteen students, with priority given to seniors. For ECON W4921 Political economy seminar and ECON W4950 Economics and philosophy seminar, priority will be given to economics–political science and economics-philosophy majors, respectively.

Seminars are not available for on-line registration. Students must sign up in person at the Economics Department. Seminar registration is conducted on a first-come, first-served basis at 9 a.m. on the first day of each semester (not the first day the seminar meets). The department registers the first fifteen qualified students. Every seminar requires a research paper and a class presentation.

Please see the department’s Web site for registration dates and more detailed information.

Mathematics

Students must consult with the Mathematics Department for the appropriate placement in the calculus sequence.

Students must complete one of the following sequences:

  1. MATH V1101 and V1201 Calculus I and III
  2. MATH V1207 and V1208 Honors mathematics A and B

In addition:

  1. Students who receive a grade of D or F in MATH V1201 Calculus III must retake the course but may enroll in ECON W3211 Intermediate microeconomics concurrently.
  2. Students who receive a grade of D or F in MATH V1207 Honors mathematics A may either retake the course or take MATH V1201 Calculus III and enroll in ECON W3211 Intermediate microeconomics concurrently.

Statistics

Unless otherwise specified below, all students must take STAT W1211 Introduction to statistics (with calculus), or a higher level course such as SIEO W3600 Introduction to probability and statistics, SIEO W4150 Introduction to probability and statistics, or STAT W4107 Statistical inference.

Barnard courses

A limited number of Barnard economics electives count toward the major, concentration, and interdepartmental majors. Students should pay careful attention to limit of Barnard electives indicated in their program’s requirements. In addition, students may receive credit for the major, concentration, and interdepartmental majors only for those Barnard economics courses listed in this bulletin. However, students may not receive credit for two courses whose content overlaps. Barnard and Columbia economics electives with overlapping content include but are not limited to:

  1. ECON BC3029 Economic development and W4321 Economic development
  2. ECON BC3038 International monetary theory and W4505 International money and finance
  3. ECON BC3019 Labor economics and W4400 Labor economics
  4. ECON BC3047 International trade and W4500 International trade
  5. ECON BC3039 Environmental and natural resource economics and W4329 Economics of sustainable development
  6. ECON BC3041 Theoretical foundations of political economy and G4235 Historical foundations of modern economics

Students should always first consult with their economics adviser to confirm that the Barnard elective they wish to take does not overlap with a Columbia elective that they have already taken.

Continuing Education courses

The Department of Economics no longer accepts any of the courses offered through the School of Continuing Education for credit towards the economics major, concentration, or interdepartmental majors. The department now offers ECON W4280 Corporate finance for interested students.

Other department and school courses

Please note that with the exception of the above Barnard courses, no other courses offered through the different departments and schools at Columbia count toward the economics majors or concentration.

Transfer credits

No more than 12 transfer credits will be accepted toward the economics major, concentration, or interdepartmental majors including credits toward the calculus and statistics requirements.

Approval of transfer credits to fulfill economics requirements must be obtained in writing from the department’s appointed adviser (see the departmental Web site’s undergraduate adviser page for contact information). Approval is granted only for courses that are considered to be comparable to those offered at Columbia.

Summer courses taken at other institutions must be approved in writing by the department's transfer credit adviser before the course is taken.

Instructions on how to request transfer credit approval can be found in transfer credit section of the FAQ page on the department’s Web site.

For a Major in Economics

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

The economics major requires a minimum of 32 points in economics, 6 points in mathematics, and 3 points in statistics, for a total of 41 points as follows:

  1. Economics core courses (13 points)
  2. Mathematics sequence (6 points)
  3. Statistics (3 points)
  4. Economics electives (15 points)
    • A minimum of five electives, of which no more than one may be taken at the 2000 level (including Barnard courses). No more than three may be Barnard courses
  5. Economics seminar (4 points)

For a Concentration in Economics

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

The economics concentration requires a minimum of 22 points in economics, 6 points in mathematics, and 3 points in statistics, for a total of 31 points as follows:

  1. Economics core courses (13 points)
  2. Mathematics sequence (6 points)
  3. Statistics (3 points)
  4. Economics electives (9 points)
    • A minimum of three electives, of which no more than one may be taken at the 2000 level (including Barnard courses). No more than two may be Barnard course

For a Major in Economics-Mathematics

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

The major in economics and mathematics provides students with a grounding in economic theory comparable to that provided by the general economics major, while it also exposes students to rigorous and extensive training in mathematics. The program is strongly recommended for any student planning to do graduate work in economics.

Two advisers are assigned for the interdepartmental major, one in the Department of Economics and one in the Department of Mathematics. Please note that the economics adviser can only advise on the economics requirements and the mathematics adviser can only advise on the mathematics requirements.

The economics-mathematics major requires a total of 53 points: 26 points in economics and 27 points in mathematics and statistics as follows:

  1. Economics core courses (13 points)
  2. Economics electives (9 points)
    • Three electives at the 3000 level or above, of which no more than two may be Barnard courses
  3. Mathematics (24 points)
    • One of the following sequences:
    • MATH V2500 Analysis and optimization
    • Three electives in mathematics from the following list:
      • MATH E1210 Ordinary differential equations
      • MATH V1202 Calculus IV
      • Any mathematics course at the 3000 level or above
  4. Statistics (3 points)
  5. Economics seminar (4 points)

Students who fulfill the statistics requirement with STAT W3000 and STAT W4107 or with SIEO W4105 and STAT W4107 may count STAT W3000 or SIEO W4105 as one of the three required mathematics electives.

For a Major in Economics–Operations Research

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

The major in economics and operations research provides students with a foundation in economic theory comparable to that provided by the general economics major, while it also introduces students 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.

Two advisers are assigned for the interdepartmental major, one in the Department of Economics and one in Operations Research. Please note that the economics adviser can only advise on the economics requirements and the operations research adviser can only advise on the operations research requirements.

The economics-operations research major requires a total of 52 points: 23 points in economics, 12 points in mathematics, 14 points in industrial engineering and operations research (IEOR), and 3 points in computer science as follows:

  1. Economics core courses (13 points)
  2. Economics electives (6 points)
    • Two electives at the 3000 level or above, of which no more than one may be a Barnard course
  3. Mathematics (12 points)
  4. Industrial engineering and operations research (14 points)
    • IEOR E3600 Introduction to probability and statistics
    • IEOR E3608 Introduction to mathematical programming
    • IEOR E3106 or E4106 Introduction to operations research: stochastic models
    • One elective in operations research or statistics. (See The Fu Foundation School of Engineering and Applied Sciences Bulletin for complete listings)
  5. Computer science (3 points)
    • One of the following:
      • COMS W1003 Introduction to computer science and programming in C
      • COMS W1004 (preferred) Introduction to computer science and programming in JAVA
      • COMS W1005 Introduction to computer science and programming in MATLAB
      • COMS W1007 Object-oriented programming and design in JAVA
  6. Seminar (4 points)

For a Major in Economics-Philosophy

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

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, 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.
Two advisers are assigned for the interdepartmental major, one in the Department of Economics and one in the Department of Philosophy. Please note that the economics adviser can only advise on the economics requirements and the philosophy adviser can only advise on the philosophy requirements.

The economics-philosophy major requires a total of 44 points: 16 points in economics, 15 points in philosophy, 6 points in mathematics, 3 points in statistics, and 4 points in the interdisciplinary seminar as follows:

  1. Economics core courses (10 points)
  2. Mathematics sequence (6 points) - See the mathematics requirement for the Major
  3. Statistics (3 points) - See the statistics requirement for the Major
  4. Economics electives (6 points)
  5. Philosophy courses (15 points)
    • PHIL C1010 Methods and problems of philosophical thought
    • PHIL V3411 Symbolic logic
    • PHIL V3701 Moral philosophy (or another adviser-approved course in moral or political philosophy)
    • PHIL W3551 (or another adviser-approved course in epistemology or philosophy of science)
    • One of the following:
  6. Seminar (4 points)
    • ECPH W4950 Economics and philosophy seminar (or another adviser-approved seminar in philosophy or economics)

For a Major in Economics–Political Science

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

Political economy 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 to students planning to do graduate work in schools of public policy and international affairs.

Two advisers are assigned for the interdepartmental major, one in the Department of Economics and one in the Department of Political Science. Please note that the economics adviser can only advise on the economics requirements and the political science adviser can only advise on the political science requirements.

The economics-political science major requires a total of 54 points: 19 points in economics, 15 points in political science, 6 points in mathematics, 6 points in statistical methods, 4 points in a political science seminar, and 4 points in the interdisciplinary seminar as follows. 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.

  1. Economics core courses (13 points)
  2. Mathematics sequence (6 points)
  3. Statistical methods (6 points)
    • One of the following:
      • ECON W3412 Introduction to econometrics and one of the statistics courses listed under Regulations for Economics Majors, Concentrators, and Interdepartmental Majors.
      • POLS W4911 Analysis of political data and one of the statistics course listed under Regulations for Economics Majors, Concentrators, and Interdepartmental Majors or POLS W4910 Principles of quantitative political research.
  4. Economics electives (6 points)
    • Two electives at the 3000 level or above
  5. Political science courses (15 points)
    • Major subfield - 9 points, including the introductory course, all in one of the three subfields of American politics, comparative politics, or international relations, coordinated with the economics electives and approved in advance by the adviser
    • Minor subfield - 6 points of courses, including the introductory course in another subfield, coordinated with the economics electives and approved by the adviser
  6. Seminars (8 points)
    • A Political Science Department seminar, to be approved in advance by the adviser, in the major subfield.
    • ECPS W4921 Seminar in political economy.

Students who fulfill their statistical methods requirement with POLS W4910 cannot take ECON W3412.

For a Major in Economics-Statistics

Please read Regulations for all Economics Majors, Concentrators, and Interdepartmental Majors above.

The major in economics and statistics provides students with a grounding in economic theory comparable to that provided by the general economics major, yet additionally exposes students 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.

Two advisers are assigned for the interdepartmental major, one in the Department of Economics and one in the Department of Statistics. Please note that the economics adviser can only advise on the economics requirements and the statistics adviser can only advise on the statistics requirements.

The economics-statistics major requires a total of 53 points: 23 in economics, 15 points in statistics, 12 points in mathematics, and 3 points in computer science as follows:

  1. Economics core courses (13 points)
  2. Economics electives (6 points)
    • Two electives at the 3000 level or above, of which no more than one may be a Barnard course
  3. Mathematics (12 points)
  4. Statistics (15 points)
  5. Computer science (3 points)
    • One of the following:
      • COMS W1003 Introduction to computer science and programming in C
      • COMS W1004 (preferred) Introduction to computer science and programming in JAVA
      • COMS W1005 Introduction to computer science and programming in MATLAB
      • COMS W1007 Object-oriented programming and design in JAVA
  6. ECON W4918 Seminar in econometrics (4 points)
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