Economics Requirements

The Economics Department provides a wide selection of courses that analyze interactions within society, including how decisions are made and how resources are allocated. Economists study topics as diverse as climate change, discrimination, education, financial markets, game theory, health equity, monetary policy, and the role of government programs in addressing poverty. Our program will teach you the theoretical and empirical tools that economists use to understand decision-making by individuals, firms, institutions, and governments, and how to apply those tools to solve human problems.

Economics classes emphasize mathematical modeling, data analysis, and critical thinking. Students complete core courses in microeconomics, macroeconomics, and statistical methods and choose from a wide variety of electives. Economics majors may elect a concentration in financial markets. The economics major provides students with an excellent background for employment and graduate work in numerous fields, including economics, public policy and government, technology, consulting, finance, health care, and education.

Chair, Professor Timothy Hubbard

Associate Chair, Associate Professor Daniel LaFave

Professors Michael Donihue, David Findlay, Patrice Franko, Timothy Hubbard, and Andreas Waldkirch; Associate Professors Samara Gunter, Daniel LaFave, Robert Lester, and James Siodla; Assistant Professors Linwood Downs, Kathrin Ellieroth, Yang Fan, Erin Giffin, Jennifer Meredith, Sanval Nasim, Stephanie Owen, Benjamin Scharadin, and Ekaterina Seregina; Visiting Assistant Professors Jordan Bazak, Lackson Mudenda, Michael Solomon, and Yaojue Xu

Economics 133*, 134**, 223**, 224**, 293**, and 393; one economics senior seminar; three additional elective courses in economics at the 200 or 300 level; at least two of these elective courses must be at the 300 level; Mathematics 120* or higher.

Economics 121, 133*, 134**, 211, 212, 223**, 224**, 293**, and 393; one economics senior seminar; two additional elective courses in economics at the 300 level; Mathematics 120* or higher.

A student may elect only one of the majors offered by the Economics Department.

* Students who do not complete Economics 133 and one of the calculus courses required for the majors with a grade of C- or above may not enroll in Economics 223.

** To continue in the major, students must receive a grade of C- or better in Economics 134, Economics 223, Economics 224, and Economics 293 or an approved two-course sequence in research methods and/or statistics offered by another department (e.g., PS214/215; SC212/321). Economics 224 is a prerequisite for all senior seminars. Economics 393 is a prerequisite or concurrent requirement for all senior seminars.

Students may receive credit at the 200-level or above toward the economics or economics-financial markets majors or the economics minor for up to three courses taken off campus. For majors, one of the four upper-level core courses (EC223, EC224, EC293, and EC393) may be completed elsewhere. Senior seminars need to be taken at Colby. EC121, EC133, and EC134 may also be taken elsewhere and do not count toward the three-course transfer limit.

Exceptions to any departmental requirements or policy can be secured only by petitioning the Economics Department and having the petition approved by a majority vote of the Economics Department faculty.

Students who wish to do graduate work in economics are encouraged to consider an honors thesis and take additional courses in mathematics, especially Mathematics 253, 274, 311, and 338, and Computer Science 151.

No course that could fulfill a requirement for either major may be taken satisfactory/unsatisfactory. This includes all courses listed in economics and any course used to fulfill the mathematics and statistics requirements.

Students wishing to further their economics training with a yearlong research project must register for Economics 451 (1 credit) and 491 (3 credits) during the fall of their senior year. At the end of the fall semester, students who are interested in pursuing honors research and who have the Economics Department’s approval then complete a second semester of research by enrolling in Economics 452 (1 credit) and 484 (3 credits). Those completing Economics 452 and 484 with at least an A-, and who have maintained a GPA in the major of at least 3.50, are entitled to graduate with honors in the major. The point scale for the determination of honors in the major applies to all economics courses offered toward the major. Another option, the Senior Thesis, is available to students who want to do a yearlong research project but do not meet the GPA requirement for honors. These students should enroll in Economics 451 and 491 in the fall followed by Economics 452 and 482 in the spring. Further details can be obtained from the department.

The department offers two tracks for a minor in economics. Track 1 requires courses in accounting and introductory finance. Track 2 enables students to select from a variety of policy areas to focus their study of economics in completing the minor.

Track 1. Economics 133, 134, 121, 211; and two Economics electives numbered 200 and above. Also Economics 293; or Statistics 212; or Psychology 214 and 215; or Sociology 271; or Government 281.

Track 2. Economics 133, 134; Mathematics 120, 125, 130, or 135 (or equivalent); Economics 223; and two Economics electives numbered 200 and above. Also Economics 293; or Statistics 212; or Psychology 214 and 215; or Sociology 271; or Government 281.

Independent studies and Economics 293 cannot be used to fulfill the elective course requirements for the minor.

No course that could fulfill a requirement for either track of the economics minor may be taken satisfactory/unsatisfactory. This includes all courses listed in economics and any course used to fulfill the mathematics and statistics requirements.

The economics minor may not be combined with either of the majors offered by the Economics Department.