Economics

The Department of Economics offers an A.B Degree in Economics and a minor in Economics. The department also jointly manages the A.B. in Political Economy with the Department of Government.

Major in Economics

A major in Economics at Georgetown University requires the completion of 11 courses, as specified below. Of those eleven courses, at least six must be taken in the Economics department at Georgetown.

Requirements for the Major in Economics

  • Principles of Microeconomics and Macroeconomics (2 courses)
    • ECON 1001 (Principles of Microeconomics)
    • ECON 1002 (Principles of Macroeconomics)

Students with a score of 5 on the AP exam in Microeconomics and/or Macroeconomics will earn credit for the corresponding Principles course(s). Students with a score of 6 or 7 on the IB Higher Level (HL) exam in Economics will earn credit for both Principles courses. 

ECON 1003 (Principles of Economics: Micro & Macro combined) may be taken instead of 1001 and 1002 (but not by students who have already taken ECON 1001 and/or 1002, or who have received course credit via AP or IB). Students who take ECON 1003 instead of 1001 and 1002 will be required to take an additional economics elective, to bring the total number of courses taken to 11.

  • Mathematics for Economics (1 course)
    • ECON 1357 (Mathematics for Economics)

MATH 1360 (Calculus II) or equivalent AP or IB credit is an acceptable substitute for ECON 1357.

  • Intermediate Microeconomics and Macroeconomics (2 courses)
    • ECON 2101 (Intermediate Microeconomics) 
    • ECON 2102 (Intermediate Macroeconomics)
  • Statistics (1 course)
    • ECON 2110 (Economic Statistics) or MATH 2140 (Intro to Mathematical Statistics)
  • Econometrics (1 course)
    • ECON 2120 (Introduction to Econometrics)*
      *This course must be taken before the start of Senior year
  • Economics Electives (4 courses)
    • At least 2 electives must be at 4000-level
    • 4000-level courses typically require at least one of the following prerequisites: 2101, 2102, or 2120
    • Students who took ECON 1003 instead of 1001 and 1002 must take five (5) economics electives
Honors Program

Students who hope to graduate with Honors must meet the following requirements:

  • Earn an A or A- in ECON 2101 and ECON 2102
  • Maintain a 3.67 grade average in Economics courses
  • Take three (3) 4000-level electives.

If you have already taken the honors classes they will count towards the requirement to graduate with Honors in Economics. Courses taken pass/fail will not, under any circumstances, count towards eligibility for Honors in the major.

Graduate Study

Students who anticipate graduate study in economics should take the Calculus sequence in the Mathematics department (MATH 1350, 1360, 2370) and Linear Algebra (MATH 2250).

Integrated Writing Requirement

The field of Economics explores complex economic systems through a combination of deductive and inductive reasoning. Early economists attempted to communicate this reasoning and results of their analyses using words alone. This resulted in long, often convoluted books that were prone to error. Over the years, economists developed mathematical models and statistical tools, which facilitated analysis, reduced error and enabled far greater transparency and brevity in the expression of results. These techniques can be difficult for undergraduates to grasp at first, which is why they are the focus of most of our teaching effort. Yet, as we teach students to build, solve, test and present economic models, we are in effect teaching them to “write” economics.

Of course, models have not entirely displaced words. Students still must learn to explain the motivation, logic and conclusions of their work verbally. This skill is especially vital for communicating with non-economists. To that end, the economics programs integrate writing in three principal ways:

  1. Explaining rationale
    Tests and homework assignments require students to give short written explanations of the reasoning behind their answers, usually in one or two paragraphs. While not the norm in the first-year Principles sequence due to large class size, it is common in the 1000 and 2000-level core courses and universal in the 4000-level advanced courses.
  2. Writing short papers
    Short papers require students to develop arguments, explain theories or present evidence based on research. Such essays help students learn to organize their thinking and writing.  Example assignments include writing short essays that discuss the causes and possible solutions to poverty, drafting policy memos in response to case studies, and writing summaries of academic literature. Most 4000-level courses require short papers in addition to exams.
  3. Producing a senior thesis
    The senior thesis in economics provides students with the opportunity to develop the skills and techniques needed for carrying out a substantive original research project in economics. To achieve this purpose, the course focuses on the writing and presentation of a thesis. Students may choose from a wide variety of topics. Along the way, students learn how to evaluate scholarly literature, formulate and model a hypothesis, locate data and test the hypothesis, write an elegant paper and give a convincing presentation. This course marks the culmination of the economics and international economics majors and an introduction to the world of scholarly research.
    Each student is responsible for writing an article-length paper, approximately 20-25 pages in length. In the paper, students are expected to evaluate, critique, test, and build upon a current debate of their choosing in the field of economics. Students should develop competing hypotheses, model them formally, and test them using quantitative methods. The papers are written as if they were being presented at a professional conference or submitted to a scholarly journal. The thesis is written in a series of steps, each of which is marked by the completion of a short paper or class presentation. The senior thesis course is open to all ECON and IECO majors. It is a requirement for honors in IECO and is taken by many ECON majors.

Minor in Economics

A minor in Economics at Georgetown University requires the completion of seven courses in Economics. Of the seven economics courses, at least four must be taken in the Economics department at Georgetown.

Requirements for the Minor in Economics

  • Principles of Microeconomics and Macroeconomics (2 courses)
    • ECON 1001 (Principles of Microeconomics)
    • ECON 1002 (Principles of Macroeconomics)

Students with a score of 5 on the AP exam in Microeconomics and/or Macroeconomics will earn credit for the corresponding Principles course(s). Students with a score of 6 or 7 on the IB Higher Level (HL) exam in Economics will earn credit for both Principles courses. 

ECON 1003 (Principles of Economics: Micro & Macro combined) may be taken instead of 1001 and 1002 (but not by students who have already taken ECON 1001 and/or 1002, or who have received course credit via AP or IB). Students who take ECON 1003 instead of 1001 and 1002 will be required to take an additional economics elective, to bring the total number of courses taken to seve.

Mathematics for Economics (1 course)

  • ECON 1357 (Mathematics for Economics)

MATH 1360 (Calculus II) or equivalent AP or IB credit is an acceptable substitute for ECON 1357.

Intermediate Microeconomics or Macroeconomics (1 course)

  • ECON 2101 (Intermediate Microeconomics) or ECON 2102 (Intermediate Macroeconomics)

Statistics (1 course)

  • ECON 2110 (Economic Statistics) or any of the following statistics courses in other disciplines: GOVT 2201, INAF 3200, MATH 2140 or OPAN 2101

Students interested in taking ECON 3001 (Econometrics) as an elective must take ECON 2110 or MATH 2140 as a prerequisite for that course.

  • Economics Electives (2 courses)
    • Two (2) Economics electives
    • Students who took ECON 1003 instead of 1001 and 1002 must take 3 economics electives

AP Policy

For a score of 5 on the Microeconomics exam, the student will receive three credits for ECON 1001 (Principles of Microeconomics). For a score of 5 on the Macroeconomics exam, the student will receive three credits for ECON 1002 (Principles of Macroeconomics). Students with a score of 5 on both of the AP exams may proceed to upper-level courses and cannot take any of the principle courses (ECON 1001, 1002 and 1003). Students with a score of 5 on only one of the AP exams normally take the other principles course. If the student takes ECON 1003 (Principles of Economics: Macro and Micro), they will forfeit the AP credit in economics. COL students with a strong high school background in micro and macro economics and/or who have taken both AP economics but did not score a 5 on either of the AP exams are encouraged to take ECON 1003.

Study Abroad and Transfer Credit

Economics majors may receive credit for a maximum of two courses in a semester abroad, and three courses in a full year. Economics minors may receive credit for a maximum of one course in a semester abroad. Additionally, please note that, once matriculated, students may transfer a maximum of three courses into the major or two courses into the minor, inclusive of study abroad and all summer study away from Georgetown..

Courses taken abroad may be substituted for Intermediate Microeconomics (ECON 2101), Intermediate Macroeconomics (ECON 2102), Economic Statistics (ECON 2110), Econometrics (ECON 2120), or as electives (including at the 4000-level), but only if the substitution has been approved by the Economics Department prior to enrollment. Students seeking approval for one of these courses need to follow the procedure outlined on the Economics department website.

For course listings for Economics see the Schedule of Classes.