Curriculum and FAQs

Curriculum

An overview of the economics major and a current list of courses with descriptions is available here. Economics courses at Williams offer the advantages of a liberal arts college setting, including small class sizes and significant interaction between faculty and students. The department offers a wide variety of courses, including introductory classes designed to serve the needs of potential majors and non-majors alike, core courses in economic theory and econometrics, numerous lower-level and upper-level electives, tutorials, and senior seminars involving a significant research and writing component. The offering of electives is flexible and designed to serve the teaching and scholarly interests of faculty members as well as the interests of students. Department members are also encouraged to develop new courses. A number of department members teach in several inter-departmental programs in the College (Political Economy, Environmental Studies, Afro-American Studies, Women’s and Gender Studies, Asian Studies, and several geographic Area Studies progams).

Frequently Asked Questions

Should I Major in Economics to Prepare for a Career in Business?
Economics is the study of the allocation of scarce resources among competing ends. As a social science, it is devoted to developing a better understanding of many kinds of human interaction. It is important to stress that training in economics is not the same as training in business management. Businesses have specific goals of their own, including the making of profits, and professional training in business is about learning how to pursue those goals more effectively. This requires learning quite specialized techniques and skills that are not the proper focus of an undergraduate liberal arts education. Our undergraduate economics courses do not focus on these specialized business skills and techniques; therefore, students who major in economics or take many courses in it solely because they believe that it is the subject that is “closest to business” are likely to be frustrated and unhappy in their economics courses. We advise students to acquire a broad exposure to the arts, social sciences and natural sciences, and to major in the subject that most excites them and engages their interest rather than attempt to acquire extensive pre-professional training while undergraduates.

I’m an Economics Major considering Study Abroad. What do I have to do?
See the information provided here.

Can I Get Credit for Coursework Done Elsewhere?
The normal requirement that nine economics courses be taken at Williams will usually be waived only on the basis of transferred credit deemed acceptable by the department. Credit is granted based on grades consistent with college policy on various examinations: Students who receive a 5 on the Microeconomics AP or Macroeconomics AP exam, or a 5 on each, may place out of Economics 110 or 120, or both, respectively, but major credit will be given for only one course. The Department will grant major credit for both Economics 110 and 120 to a student who receives a 6 or 7 on the higher-level Economics IB examination, and that student can place into any 200-level course or intermediate level micro or macro course. For A levels credit, the Department will grant major credit for both Economics 110 and 120 to a student who receives a grade of A or B.

What Kind of Mathematical Skills Will I Need to Major in Economics?
Prospective majors please note that instructors in all sections of Economics 251, 252, 253, and 255 feel free to use elementary calculus in assigned readings, lectures, problem sets, and examinations; therefore, Mathematics 103 or its equivalent is one of the required prerequisites for all of these courses. By elementary calculus is meant differentiation of single variable polynomial functions and conditions for a maximum or minimum; it does not include integration or multivariable calculus. Instructors in advanced electives (courses numbered 350 and above) may also use elementary calculus in assigned readings, lectures, problem sets, and examinations.  Students are also reminded that some elective courses now have specific mathematics requirements beyond Math 103; see course descriptions.

Students in the class of 2009 and succeeding classes must complete Economics 255 or the equivalent to satisfy their empirical methods major requirement. Please note that Statistics 101 or 201 is a prerequisite from Economics 255. Students in the class of 2009 or later who are considering majoring in economics are thus strongly encouraged to take Statistics 101 or 201 early in their college careers. Students may take the combination of Statistics 201 and 346 instead of Economics 255. Economics 253 can not be substituted for Economics 255.

Students interested in graduate study in economics will need to study more advanced mathematics; see your advisor for specific suggestions. Graduate training in economics requires more mathematical sophistication than does undergraduate economics. We encourage students who are considering pursuing a Ph.D. in Economics to take Statistics 201, Economics 255, Mathematics 105 (or 106), Mathematics 209, Mathematics 211 and Mathematics 301. As graduate schools also look for evidence of research experience and promise, we strongly encourage interested students to write a senior honors thesis in Economics.

How Do I Major with Honors?
See the information provided here.