The requirements for a major in economics are as follows: ten courses which must include both Principles of Microeconomics (ECON-001) and Principles of Macroeconomics (ECON-002) or Principles of Economics (ECON-003), Intermediate Microeconomics (ECON-101 or 103), Intermediate Macroeconomics (ECON-102 or 104), Economic Statistics (ECON-121), and Introduction to Econometrics (ECON-122). (Note that starting in 2015, ECON 103 and 104 will no longer be offered, but students who have already taken either of these classes will have them count under the previous rules.) The remaining four (or five, for those who take 003 instead of 001 and 002) electives must include at least two 400-level courses. Most courses beyond Micro and Macro Principles require, as a prerequisite, Calculus I (MATH-035). Introduction to Econometrics must be taken before the fall semester of senior year. First- and second-year students who are considering an economics major should meet with the director of undergraduate studies early in their careers at Georgetown to develop a plan to meet requirements and accommodate their own interests as they pursue their major. Students can, however, discuss their plans with any professor in the department. Students with a strong background (but NO AP or IB credit) in economics should consider starting with ECON-003 instead of 001 and 002.
Preparation for a career in economics requires a strong foundation in theory and quantitative methods. Students who anticipate doing graduate work in economics should take the Calculus sequence in the Department of Mathematics and Statistics (MATH-035, 036, 137, 150), and other higher level mathematics classes.
The requirements of the major are as follows:
Prerequisite: Calculus (MATH-035) or equivalent AP credit
Ten Economics courses:
- Principles courses (either ECON-003 or both ECON-001 and 002)
- Intermediate Microeconomics (ECON-101 or 103)
- Intermediate Macroeconomics (ECON-102 or 104)
- Economic Statistics (ECON-121)*
- Introduction to Econometrics (ECON-122)
- Four (or five, for those taking 003 instead of 001 and 002) electives, including at least two 400-level courses
*Students who have taken Math-040 or Math-140 will be given credit for ECON-121 up to the Class of 2016. Starting with the Class of 2017, Math-040 and Math-140 will no longer count as a substitute and all economics majors must take ECON-121.
Students can graduate with honors in economics if: (1) they have already taken Honors Intermediate Microeconomics (ECON-103) and Honors Intermediate Macroeconomics (ECON-104), or if they attain an A or A- in each of Intermediate Microeconomics (ECON-101) and Macroeconomics (ECON-102); (2) they attain a 3.67 grade average in economics courses; and (3) they take at least three 400-level courses. A thesis is not required to graduate with departmental honors.
Integrated Writing Requirement
The economics program integrates writing in three principal ways:
- Tests and homework assignments require students to give short written explanations of the reasoning behind their answers, usually in one or two paragraphs. It is common in the 100 and 200-level core courses and universal in the 400-level advanced courses.
- Short papers require students to develop arguments, explain theories, or present evidence, based on some type of research. They are common in upper-level courses with a substantial policy component. Examples include: ECON156, ECON471, ECON475, ECON484
- The senior thesis in economics provides majors with the opportunity to develop the skills and techniques needed for carrying out a substantive original research project in economics.
The requirements for a minor in Economics are Principles of Microeconomics (ECON-001) and Principles of Macroeconomics (ECON-002), or Principles of Micro and Macro Combined (ECON-003), Intermediate Microeconomics (ECON-101 or ECON-103) or Intermediate Macroeconomics (ECON-102 or ECON-104), Economic Statistics (ECON-121) (may be substituted with MATH-040 Probability and Statistics, MATH-140, or OPIM-172, 173 or 174 Business Statistics), and two (or three, for those who take 003 instead of 001 and 002) electives. To earn a minor in Economics, at least 50% of the courses must be taken in the Economics Department at Georgetown.
For a score of 5 on the Microeconomics exam, the student will receive three credits for ECON-001 (Principles of Microeconomics). For a score of 5 on the Macroeconomics exam, the student will receive three credits for ECON-002 (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-001, 002 and 003). Students with a score of 5 on only one of the AP exams normally take the opposite principles course. If the student takes ECON-003 (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-003.
Students who study abroad for a single semester may receive credit for at most two economics courses while studying abroad. Students who study abroad for two semesters may receive credit for up to three economics courses.
Courses taken abroad may be substituted for Intermediate Microeconomics (ECON-101), Intermediate Macroeconomics (ECON-102), Statistics (ECON-121), Econometrics (ECON-122), or 400-level courses, 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 submit a syllabus (not a course description) for the course to the Director of Undergraduate Studies. It is not necessary to submit a syllabus for approval of a non-400-level economics elective. However, to ensure credit, students should also secure approval of these courses prior to departure.
(For course listings for Economics see http://courses.georgetown.edu)