AMANDA BAYER, Professor1
JOHN P. CASKEY, Professor
STEPHEN S. GOLUB, Professor
PHILIP N. JEFFERSON, Professor3
MARK KUPERBERG, Professor1
ELLEN B. MAGENHEIM, Professor
STEPHEN A. O’CONNELL, Professor and Chair1
ERIN TODD BRONCHETTI, Associate Professor
DAIFENG HE, Associate Professor
SYON BHANOT, Assistant Professor
JENNIFER PECK, Assistant Professor
MARC REMER, Assistant Professor
TAO WANG, Assistant Professor
JOSEPH HARGADON, Visiting Professor (part time)
MEGAN SALLADINO, Administrative Assistant II
1 Absent on leave, fall 2019.
2 Absent on leave, spring 2020.
3 Absent on leave, 2019-2020.
The Academic Program
The economics curriculum is structured so that students achieve the following goals:
- Learn and apply models and tools for analyzing economic processes, decisions, and institutions;
- Analyze and evaluate public policy; and
- Think critically about the outcomes of public and private economic institutions and systems domestically and globally.
The Economics Department offers a course major, honors major, and honors minor. A course minor is not offered.
ECON 001 or its equivalent is a prerequisite for all other work in the department. In addition, all majors in economics must satisfy a theory requirement by taking ECON 011 (Intermediate Microeconomics) and ECON 021 (Intermediate Macroeconomics). They must also satisfy a statistics requirement. The statistics requirement is typically satisfied by taking ECON 031. It can alternatively be satisfied, however, by taking ECON 035 (which requires either ECON 031 or STAT 051 as prerequisite), by taking STAT 111 (which requires STAT 051), or by taking STAT 051 in combination with either STAT 011 or STAT 021. STAT 011 and STAT 021 alone are not sufficient.
In order to read the literature in economics critically, a knowledge of elementary calculus is extremely useful. Students need to take MATH 015 (or receive MATH 015 credit or placement out of MATH 015 from the Mathematics Department) prior to taking ECON 011 or ECON 021. Since ECON 011 and ECON 021 are required for the economics major, MATH 015 is a requirement for the major. Students can take ECON 001, ECON 031, and other courses that do not have ECON 011 or ECON 021 as a prerequisite before they meet the MATH 015 requirement. Students can find further information regarding math placement and credit at: www.swarthmore.edu/NatSci/math_stat/ap_pi.html.
In addition, the department very strongly recommends that students take either MATH 025 or 026 (Basic Calculus). MATH 027 (Linear Algebra), MATH 034 (Several Variable Calculus), and MATH 044 (Differential Equations) are valuable for those intending to focus on the more technical aspects of economics. Students planning to attend graduate school in economics should give serious thought to taking additional mathematics courses, including MATH 063 (Introduction to Real Analysis).
To graduate as a course major, a student must:
- Have at least eight credits in economics.
- Meet the theory and statistics requirements.
Note: Course students should take these courses before the second semester of their senior year to be prepared for the comprehensive examination. Note also that some seminars and courses have ECON 011, 021, and/or 031 as prerequisites.
- In the senior year, pass the comprehensive examination given early in the spring semester.
Course majors must pass the Comprehensive Examination which is given in January or February of each year and covers the theory and statistics requirements. The exam is given only once a year and students must take it at Swarthmore College. All students will take the examination in their senior year. The only exception is for students who are graduating early; those students can take the comprehensive exam in the spring semester prior to their final semester at Swarthmore.
Acceptance Criteria: The Course Program
Except for students who have been granted advanced standing, applicants should have:
- Completed at least two economics courses at Swarthmore.
- Have an overall grade average of C or better.
- Have a grade of B or better in at least one economics course taken at Swarthmore.
- Should not have any D’s or NC’s in any economics course. These conditions include the grade equivalent(s) for any course(s) taken Credit/No Credit. [Note: Regarding the “grade of B or better” requirement, a B in a course taken elsewhere may not suffice. Students who expect to satisfy the requirement with course work done at other schools should consult the chair about grade equivalencies ahead of time. For example, an A- is typically required in the case of a course taken in summer school.]
Students have one year from the date of their application to satisfy these requirements. Failure to do so within one year will mean rejection.
Students who wish to apply for a double major must submit a copy of their Sophomore Plan to both departments.
Typically, a student who wants to major in the Honors Program first applies for the program through the Sophomore Plan. In the Sophomore Plan, the student should indicate the intention to apply for the Honors Program and should list all preparations that the student plans to take as part of that program. The student would usually take at least one preparation in the junior year. Approval of a student’s Honors Program must be granted by the department. Changes of major and/or honors status can be made at any time by picking up forms and instructions in the Registrar’s Office.
The Honors Exam for Majors and Preparations
Honors majors in economics must complete 3 preparations. All preparations in economics consist of 2 credits. Most preparations involve taking a 2 credit seminar, but some preparations may combine a course and a 1 credit seminar. A complete list of preparations, with their prerequisites, appears below.
External examiners will determine a student’s Honors performance in an individual preparation based on a 3 hour written exam, an oral exam, and if applicable, a seminar paper. (Honors majors do not take the comprehensive exam given to course majors.)
Acceptance Criteria: The Honors Program
Applicants for an honors major should have satisfied all of the requirements for acceptance as an economics course major and, in addition, should have a straight B or better grade average in economics courses. This condition includes the grade equivalent(s) for any course(s) taken credit/no credit.
Applicants for an honors minor should have satisfied all of the requirements for acceptance as an economics course major and, in addition, should have a straight B or better grade average in economics courses. This condition includes the grade equivalent(s) for any course(s) taken Credit/No Credit. While minors are not required to complete a specific number of economics courses, they must satisfy all the prerequisites for their honors preparation.
External examiners will determine a student’s honors performance in an individual preparation based on a 3 hour written exam, an oral exam, and if applicable, a seminar paper. (Honors minors do not take the comprehensive exam given to course majors.)
Acceptance Criteria: The Honors Minor
Applicants for an honors minor should have satisfied all of the requirements for acceptance as an economics course major and, in addition, should have a straight B or better grade average in economics courses. This condition includes the grade equivalent(s) for any course(s) taken credit/no credit.
Application Process Notes for the Major
Normally, any student planning to major in economics, whether in the Course or Honors Program, applies for the major by submitting a Sophomore Plan in the spring of the Sophomore year. (Except for students who have been granted advanced standing, applicants should have completed at least two economics courses at Swarthmore.) A student who will be away that semester should submit the paper before leaving at the end of the fall semester. In the Sophomore Plan, students should state their reasons for wanting to major in economics along with any associated considerations, and they should indicate the courses and seminars essential to their plan of study. Through the paper, students are preregistered for seminars offered over the following two years; thus, students are strongly urged to select their seminars carefully. Moreover, if a student decides to change seminars, the department’s program coordinator should be informed as soon as possible, since entry into oversubscribed seminars is first-come, first-served, with seniors in the Honors Program having absolute priority.
ECON 101: Advanced Microeconomics (2 credits)
Prerequisites: ECON 011 and multivariable calculus (MATH 033, 034, or 035).
Enrollment is restricted to juniors and seniors.
ECON 102: Advanced Macroeconomics (2 credits)
Prerequisites: ECON 011 and ECON 021, and multivariable calculus: MATH 033, 034, or 035 (or MATH 025 or 026 with permission of the instructor).
Recommended: MATH 043 or 044.
ECON 122: Financial Economics (2 credits)
Prerequisites: ECON 011, ECON 031 or ECON 035, and MATH 025 or higher calculus.
ECON 135: Advanced Econometrics (1 credit) and ECON 035: Econometrics (1 credit)
Prerequisites: ECON 035 and linear algebra (Math 027, 028, or 028S).
ECON 141: Public Economics (2 credits)
Prerequisite: ECON 011 and ECON 031 (or its equivalent).
ECON 151: International Economics (2 credits)
Prerequisites: ECON 011 and ECON 021.
ECON 155: Behavioral and Experimental Economics (2 credits)
Prerequisites: ECON 011 and ECON 031 (or its equivalent).
ECON 162: Regulating Markets: How and Why the US Government Intervenes (2 credits)
Prerequisites: ECON 011 and ECON 031 (or its equivalent).
ECON 175: Health Economics (2 credits)
Prerequisites: ECON 011 and ECON 031 (or its equivalent).
ECON 176: Environmental Economics (2 credits)
Prerequisites: ECON 011 and ECON 031 (or its equivalent) and single-variable calculus (MATH 025 or higher).
ECON 181: Economic Development (2 credits)
Prerequisites: ECON 011, ECON 021, and either ECON 031, STAT 011, or STAT 021.
Interdisciplinary Majors and Minors including Economics
Certain economics courses can be counted toward programs in Black Studies, Asian Studies, Environmental studies, Latin American and Latino Studies, Peace and Conflict Studies, and Gender and Sexuality Studies.
Advanced Placement/International Baccalaureate Credit
Economics before Swarthmore: The Economics Department offers a one-semester Introduction to Economics course (ECON 001) that is the prerequisite for all further study in economics.
The department does not give credit for work done in economics in secondary schools and it does not give credit for Advanced Placement exams. All students planning to study economics are required to begin with ECON 001 unless granted a waiver by the department. To receive a waiver, students must have a score of 5 on both the Microeconomics and Macroeconomics AP exams (or a 6 or 7 on the Economics Higher Level Exam of the International Baccalaureate, or an A on the British A Levels). This waiver does not count as a course credit. Students who receive the waiver cannot enroll in ECON 011 or 021 before taking at least one other economics course.
Work done at a college or university while attending secondary school is eligible for credit subject to the chairperson’s normal discretion in giving credit for such work, but only if the work is credited on an official college or university transcript. With respect to satisfying the prerequisite requirements for other economics courses: either semester of a two-semester introductory course alone counts as the equivalent of ECON 001 but if only one of two introductory semesters is taken, the material covered in the other half must be accessed by auditing (subject to the instructor’s approval) the relevant parts of ECON 001 or by taking the appropriate intermediate theory course (ECON 011 or ECON 021).
Transferring economics credits: Students must consult the department chair before taking a non-Swarthmore course for credit. In turn, when formally requesting a credit transfer, students should always bring evidence-syllabus, papers, and examinations-concerning the content of the course. Problems transferring credit typically arise in connection with courses offered in programs abroad that are labeled as economics though they are in fact courses in law, history, or political science; the department does not accept such credits as being within the domain of economics. It is usually sufficient for partial credit transfer if the course is taught by a qualified economist and is largely analytical in content, as are nearly all courses in economics departments in American colleges and universities.
Transferring credit for introductory economics: Subject to the department’s approval, students may transfer credit for introductory economics taken at other colleges or universities, whether taken in the context of a one or a two semester introductory course.
Transferring credits for business courses: Students must consult the department chair before taking a non-Swarthmore course for business credit. Students should bring all relevant business course materials as well as a completed copy of the Economics Department Credit Transfer form when seeking credit for business courses completed away from Swarthmore. Students can only apply one course in Accounting toward their 8 credit requirement in Economics. Business courses taken at the University of Pennsylvania or other universities beyond this cannot be counted toward the eight credits required for an Economics major. They can be included as part of the 32 credits required for graduation but students can receive no more than two credits in total for such courses. The only exception to this rule is for students who take the equivalent of ECON 033 (Financial Accounting) at another school; the course is not counted against the two allowed business credits, and can be counted as part of the 8 credits needed for the Economics major. No credit is given for night school classes at Wharton.
Swarthmore students can get business credit (subject to the above restrictions), but not economics credit, for finance courses taken outside of the tri-College system. If, however, a student has taken Financial Economics at Swarthmore (ECON 022 or 122), or a similar course elsewhere, no credit will be granted for additional, substantially overlapping, finance courses.
For economics majors, the College offers teacher certification in social studies or citizenship through a program approved by the state of Pennsylvania. For further information about specific requirements for Economics students, please refer to the Educational Studies section of the Bulletin.
Recommended course sequence: Take ECON 001 in the first year. Take ECON 011, 021, and 031 in the sophomore and junior years and certainly before the beginning of the senior year. For students contemplating graduate study in economics, take one or more of: ECON 101, ECON 102, and ECON 135, as well as the Mathematics and Statistics courses discussed at the beginning of this document.
Ranking for entry into seminars: Entry into oversubscribed seminars is first-come, first-served for students in the Honors Program, with priority given to seniors, then to juniors. Any places remaining are allocated on the basis of first-come, first-served for students in the Course Program.
Double major in Economics and Engineering: Double majors may count Operations Research (cross-listed as ECON 032 and ENGR 057) for both majors. It will appear as ENGR 057 on the student’s transcript if it is taken to satisfy engineering or both requirements.
Semester or year away: The Economics Department will facilitate study abroad or elsewhere in the United States. Correspondingly, it has designed a major that can, without difficulty, be completed in no more than four semesters. Moreover, the department is quite liberal in approving transfer credits for courses offered by economics departments elsewhere. Students should, however, be aware of the following considerations: to graduate with an economics major from Swarthmore, a student must have taken at least two economics courses at Swarthmore and must pass the department’s comprehensive exam.