Table of Contents

1. Why Study Economics?
2. Sampling the Discipline: An Introduction to Economics
3. So You Want More Economics?

I. Why Study Economics?

Economics is an integral part of a well-rounded liberal arts education. Recent surveys of liberal arts colleges and universities indicate that Economics continues to rank among the most popular majors chosen by undergraduates, and the majority of students enroll in introductory courses in economics during their undergraduate careers.

Given the impact of economic forces on our daily lives, the strong interest in economics is understandable. Completion of introductory courses in Economics provides individuals with a logical and consistent framework for understanding such basic concepts as inflation, the function of money, and budget deficits. By providing an introduction to economic analysis, students who take Economics courses are better able to think critically about policy proposals that emerge from Washington and are debated in the mass media. In addition, students gain a working knowledge of how the economy operates and adjusts to changing economic conditions.

Taking economics courses, however, provides more than mere insights into the functioning of economies. Economics is a field of growing importance as preparation for both a variety of careers and programs of advanced study. The discipline occupies a strategic place among the social sciences, and is important to the study of the humanities as well. An understanding of economics is relevant to advanced study in such fields as History, Political Science, Sociology, Geography, and Anthropology. Since economic institutions are an important element of any larger social or political system, and since major social and political changes are often influenced by economic forces, an understanding of economics is important for mastery of these related disciplines. In addition, economics often provides a useful framework for clarifying interrelationships among other social sciences. In the study of humanities such as Philosophy or English, a knowledge of economics is useful in understanding the development and history of the fields themselves.

Many careers which require the understanding and analysis of contemporary events will also be enhanced by the study of economics. These include such professions as law, journalism, public policy, diplomacy, education, environmental science, medical administration, and international affairs. Economics provides a better understanding of the economic and public policy environment in which virtually every profession will be pursued. Hence, economics courses are an integral part of any undergraduate curriculum.

For all of the career possibilities available to the student of economics, well developed analytical skills and written and oral communication skills will prove to be great assets. Students are strongly encouraged to cultivate these skills in their undergraduate curriculum.

If graduate level training is necessary to prepare you for your chosen career, you should examine the catalogues of appropriate graduate schools as early as possible. This will help you structure your liberal arts education to include any necessary prerequisites. Also, be sure to consult faculty members in the Department of Economics and make use of the Office of Career Planning.

II. Sampling the Discipline: An Introduction to Economics

The purpose of a liberal arts education is to provide students with a wealth of knowledge in diverse areas of study. Economics is definitely a discipline that enhances one's undergraduate education, as it focuses on issues that affect everyone on a daily basis. Economists address the following questions in their work: What is the return an individual can expect from attending college?; How will proposed health care reforms affect U.S. economic performance?; How will NAFTA affect the Mexican and U.S. economies?; What effects, if any, will the current budget deficits have on the future growth of the American economy and the economic well-being of its citizens? Clearly, these issues are of interest to everyone, not just economists. The introductory courses in economics use the principles of economic analysis to provide students with a better understanding of these and other "economic problems." Whether one is interested in biochemistry, art history, or business, the introductory courses in economics provide students with a level of economic literacy sufficient to understand how the economy operates, as well as how government policies affect the performance of the economy.

Every student will benefit from the exposure to economic analysis provided in the introductory courses. In addition to increasing one's understanding of how economies function, many students find that training received in the introductory courses provides insights into the study of other disciplines. Students studying the transition of Russia and the republics from communism to democracy find economic analysis particularly useful in understanding the difficulties experienced by the Russian people as they move from state-controlled markets to "free markets." Individuals with an interest in environmental studies apply economic analysis to problems such as optimal pollution control policies.

In fact, students in a wide variety of disciplines find the knowledge gained in the introductory economics courses highly valuable, and frequently inquire about additional course work in economics. Many students select intermediate level courses in the Economics Department that match their interests. International Trade and the World Financial System (Econ 248) is an extremely popular course among Political Science and International Studies majors. Students interested in careers in medicine frequently choose to take The Political Economy of Health Care (Econ 220) and/or Public Economics (Econ 245). Other intermediate- and advanced–level course offerings in the Economics Department cover a broad range of issues and topics, and are valuable to students in a number of disciplines outside the social sciences.

All students can benefit from exposure to economics, and are therefore encouraged to take advantage of the wide variety of course offerings available within the Economics Department. By taking economics courses, students gain an understanding of the economy in which they participate, and are able to draw upon the principles of economic analysis to develop a better understanding of material in other disciplines. Finally, economics courses offer students the opportunity to develop the analytical and quantitative skills that virtually all employers value.

III. So You Want More Economics?

Many students will want to continue their course work in economics beyond the introductory level. A sizable fraction will go on to major in Economics, which is also referred to as a concentration in Economics. Some students decide instead to pursue a Correlate Sequence in Economics. Current requirements for the concentration may be found in the College Catalogue. Descriptions of the correlate sequences, and their requirements, can be obtained from the Economics Department Office in Blodgett Hall.

IV. Economics in Your Chosen Career

The training you receive in Economics while at Vassar will not merely enhance your educational experience, it will also make you more attractive to prospective employers and graduate programs. Employers and graduate schools seek individuals who have completed a liberal arts program of study that includes exposure to economic analysis and quantitative reasoning.

Many students will leave Vassar and enter graduate and professional programs. Economics provides an excellent foundation for graduate study in a number of disciplines, including: public policy, international studies, law, business, and economics.

The discussion below outlines how courses of study in Economics can facilitate employment in your desired career upon graduation, as well as provide a superior preparation for graduate study.

Getting a Job after Graduation

Economics is one of the best preparations for a career which can be entered with a Bachelor's degree. In addition to economic consulting work in both the private and public sectors, employment prospects in government, journalism, administration, sales, finance, investment banking, and venture capital are enhanced with an Economics degree. Work in these fields requires superior analytical ability, so one's employment prospects will be further improved by supplementing study in economics with skills in statistics, mathematics, and computer science.

Economics majors with a view toward such employment should construct a program of study in consultation with their advisor as early as possible. It is recommended that students interested in economic consulting work take Empirical Economics (210), which equips them with the skills required for empirical economic research. Preparation for a career in journalism would be advanced by taking courses in Macroeconomics (200, 304), Public Economics (245), and International Economics (248, 345, 346). Students interested in investment banking or venture capital are encouraged to takes courses in Financial Markets, Banking, and Monetary Policy (225), International Economics ( 248, 345, 346), and Industrial Organization (355).

A minimum preparation in economics for non-majors interested in seeking employment in these areas would include: Introductory Macroeconomics (100), Introductory Microeconomics (101), Principles of Accounting (120), and Introduction to Statistics and Empirical Economics (209). These four courses, which constitute the recommended minimum, should be supplemented by the introductory courses in calculus and computer science: Introduction to Calculus (Math 115), and Computer Science I (Cmpu 122). Students are encouraged to build upon this base of six courses in consultation with their advisor.

Business School

Increasingly, business schools emphasize both previous work experience and a broad, well-rounded liberal arts education at the undergraduate level. Hence, many individuals receive their undergraduate degree and work for two years before entering an MBA program.

Students seeking this career path should tailor their undergraduate training to provide both skills valued by employers and adequate preparation for eventual enrollment in business school. Students who attend business schools can seek concentrations in several different fields: accounting, corporate finance, business economics, international business, industrial and labor relations, management information systems, management, marketing, and operations research. A student's interests will influence the type of courses taken as an undergraduate, as well as the type of employment sought upon graduation. Well-chosen internships and summer positions during one's college education can provide valuable exposure to potential careers in these fields.

Independent of one's field of interest, a common core of courses is necessary for both seeking employment in these fields and continuing study at graduate schools of business administration. At a minimum, students should complete both Introductory Macroeconomics (Econ 100) and Introductory Microeconomics (Econ 101), as well as Principles of Accounting (120). These courses will provide an overview of economic analysis. Careers in business increasingly require students to have strong quantitative skills, and familiarity with computers. Introduction to Calculus (Math 115), Computer Science I (Cmpu 122) and Introduction to Statistics and Empirical Economics (Econ 209) will provide a sufficient grounding in quantitative analysis for most students. Beyond this core of courses, one's interests will influence the subsequent set of courses chosen.

For example, students interested in seeking positions in companies involved in East Asia can augment a major in Asian studies with several economics courses. Beyond the set of core courses in economics, completion of Microeconomic Theory (Econ 201), International Trade and the World Financial Systems (Econ 248), and International Trade Theory and Policy (Econ 345) provide excellent training in economic analysis germane to conducting business in a global environment.

Students interested in positions in investment banking and consulting are strongly encouraged to major in Economics. After completing the introductory courses in economics, these students can select from the following courses: Microeconomic Theory (Econ 201), Macroeconomic Theory (Econ 200), Empirical Economics (Econ 210), Financial Markets, Banking and Monetary Policy (Econ 225), The Economics of Finance (Econ 270), and Industrial Organization (Econ 355).

As a final example, individuals interested in advertising, marketing, and sales can augment the core courses in economics with a sampling of courses from the following list: Microeconomic Theory (Econ 201), Empirical Economics (Econ 210), Industrial Organization (Econ 355), and Topics in Industrial Organization (Econ 356).

The demand for individuals with both a solid liberal arts education and exposure to quantitative reasoning and economic analysis is strong. As companies increase their global operations and the non-profit sector seeks individuals with business backgrounds and training, this demand will persist. As a result, enrollment in economics courses that complement one's career interests increases the value of the liberal arts education received at Vassar and enhances one's "marketability" upon graduation.

Law School

While there is no single best course of undergraduate study to prepare for law school, economics has proven to be a popular and effective preparation for a career in the law.

Regardless of whether one chooses to declare a major in economics, including several pertinent economics courses in one's undergraduate education provides excellent preparation for law school. In particular, the analytical methods of economic analysis develop the critical thinking skills necessary for success in law school. Moreover, certain legal specialties, such as antitrust law and tax law, require familiarity with economic models of imperfect competition and methods of quantitative analysis. Hence, a common core of Economics courses can serve to hone one's analytical abilities. Specialized interests, such as patent law and intellectual property rights, can be served with the selection of relevant Economics courses, such as Industrial Organization (Econ 355).

Completion of a core set of classes in economics, including: Introduction to Macroeconomics (Econ 100), Introduction to Microeconomics (Econ 101), Introduction to Statistics and Empirical Economics (Econ 209), and Law and Economics (Econ 238) is strongly recommended. Beyond these courses, one's interests should guide additional course selections.

For example, individuals interested in legal advocacy may elect to complete some of the following courses: The Economics of Gender (Econ 204), Public Economics (Econ 245), and Labor Economics (Econ 320). Students with particular interests in labor law and discrimination are strongly advised to augment the above Economics courses with Empirical Economics (Econ 210).

Students interested in corporate law and securities are best served by completing courses from the following list: Microeconomic Theory (Econ 201), Financial Markets, Banking and Monetary Policy (Econ 225), and Industrial Organization (Econ 355).

At a minimum, students interested in attending law school are strongly encouraged to complete the introductory courses in Economics. Interests in particular legal specialties can be served by taking additional field-courses in economics. Regardless of one's undergraduate major, admissions committees at law schools often view applicants with substantial training in economics and formal analytic and quantitative reasoning very favorably. All students planning to attend law school should keep this in mind when designing their programs of study.

Graduate Programs in Public and International Affairs

For students who want to become involved in public policy and international affairs, there are many Master's and Ph.D. programs in public policy, international relations, and government. The range of employment opportunities open to graduates of such programs includes: policy-making at the federal and state level; strategic planning for multi-national corporations; and consulting for international agencies.

Most Master's and Ph.D. programs of this type encourage prospective enrollees to work for a couple of years in government, public service, or for an agency involved with public programs before applying to a graduate program. Work experience provides exposure to the actual work one will be doing after receiving the graduate degree. It also allows the graduate program to do a more effective job of training the student, and demonstrates one's commitment to pursuing a career in this area.

Students interested in graduate study in public or international affairs should construct a program with courses offered in Economics, Political Science, International Studies, Geography, History, and foreign languages. Most of the top graduate programs in these disciplines require applicants to have completed two introductory courses in economics, as well as a course in statistical analysis. Hence, undergraduate training in economics prepares a potential public policy student well. Students majoring in economics should elect from Public Economics (245), International Trade (248, 345), Economic Development (268), International Monetary Theory (346), and Comparative Economics (367).

Preparation in economics for non-majors would include at a minimum the Introductory Macroeconomics and Microeconomics courses (100 and 101), Public Economics (245), and International Trade (248).

Both majors and non-majors are strongly encouraged to complement their academic training with summer internships and field work in their chosen area of public policy.

Graduate Programs in Economics

A major in economics at the undergraduate level is virtually essential for admission to a graduate program in economics. In addition, graduate schools require undergraduate training in mathematics.

A student intending to pursue graduate work in economics will find that Vassar's curriculum in economics offers unusual breadth and depth at the advanced level. The Advanced Topics courses in Microeconomics and Macroeconomics (303 and 304) offer exposure to graduate–level topics and methods. Econometrics (310) provides exposure to the advanced quantitative methods used in economics. Students find that these three advanced courses are of significant help in overcoming the difficult adjustment from work at the intermediate undergraduate level to work at the beginning graduate level at most of the better graduate institutions. Students intending to apply to top-rated graduate economics programs are encouraged to choose Economics 303, 304, and 310 along with other advanced–level electives. Since only two of these three 300–level courses are offered in any given academic year, interested students should plan to complete one of these courses in their junior year.

Proficiency in mathematics is required for advanced work in economics. Students preparing for graduate study should take at a bare minimum the Calculus with Discrete Mathematics sequence (Math 140 and 141), Linear Algebra (Math 224), and Multivariable Calculus (Math 225). Students are advised to elect advanced courses in mathematics from among Real Analysis (Math 325), Theory of Differential Equations (Math 328), Advanced Linear Algebra (Math 375), Methods of Mathematical Modeling (Math 215), and Topics in Differential Geometry and Topology (Math 355).

A reading knowledge of at least one foreign language is usually required for a Ph.D. in economics. French, German, and Spanish are the languages most commonly accepted in fulfillment of this requirement. If one plans to specialize in a particular geographical area such as Latin America, Eastern Europe, or China, the appropriate foreign language will usually be required.

A useful guide to graduate programs in economics is entitled Guide to Graduate Study in Economics and Agricultural Economics in the United States of America and Canada. The guide is published by The Economics Institute and is available in the Vassar College Library.

V. Course Offerings in Economics

The full range of courses offered within the Economics Department can be found in the College Catalogue. Courses are organized by level (e.g 100–level, 200–level, and 300–level), and within level, by denoting core courses and electives separately. Most fields of economics, such as Labor Economics and International Economics, offer electives at both the 200–level and the 300–level.

VI. Opportunities for Research in Economics

Currently, the Economics Department comprises eleven full-time faculty members. In addition, visiting and emeritus professors teach selected courses from time to time. Aside from teaching, faculty members are also actively engaged in academic research, investigating topics on the frontier of economic analysis.

Often, there are opportunities for students to work closely with department faculty on research. In the summer, department faculty will work directly with students under the auspices of various grant programs. During the academic year, some students will work as faculty research assistants, gaining hands-on experience in conducting economic research. Occasionally, students co-author academic articles with departmental faculty. Students may also choose a senior thesis topic in an area related to a faculty member's research interests, and formal or informal thesis-advising relationships will emerge. The opportunity to apply theories and techniques learned in the classroom to current economic issues and problems is an experience that many students find to be challenging and rewarding. For economics majors, these research opportunities provide valuable exposure to the type of research conducted in economic consulting firms and graduate schools.

If you are interest in investigating a particular topic or economic issue further, the Economics Department provides several options. Many students design a program of independent study supervised by a faculty member with research interests and expertise in that area. Students interested in pursuing this option can register for Independent Work (Econ 298) or Senior Independent Work (Econ 399) and make arrangements with a faculty member to supervise the work. In addition, students can meet with faculty working in an area that interests them, and explore the possibilities for collaborative research. Faculty welcome student interest and involvement in their ongoing research, and are happy to meet with students who want to get involved in economic research on a particular issue.