Economics 4th Year Syllabus

[Francoise Witsell]

We are proud to offer one of the most rigorous undergraduate economics programs in the US. No matter where you want to go next, our program will provide a challenging intellectual environment to help you build essential skills for a wide variety of fulfilling and interesting career choices.

The Undergraduate Economics Association (UEA) is a group of undergraduates interested in economics who meet regularly to support academic endeavors, improve employment opportunities, and expand networks within and beyond MIT. They provide peer support and host various events and opportunities over the course of the academic year.

At Yale, economics is regarded and taught as part of a liberal arts education, not as a preparation for any particular vocation. It can, however, provide a good background for several professions. The economics major strengthens critical reasoning skills and gives students experience manipulating and analyzing data, skills that will serve students well on the job market both inside and outside academia. Recent majors have pursued careers in business, government, and nonprofits. Others have entered law, medical, or business school, or have gone on to graduate work in economics, often after working in related fields for two or three years.

Introductory microeconomics ECON 108 or ECON 110 or ECON 115. You can skip or Cr/D/F introductory microeconomics courses based on pre-college testing or other circumstances, but in this case, an extra elective course is required.

Introductory macroeconomics ECON 111 or ECON 116. You can skip or Cr/D/F introductory macroeconomics courses based on pre-college testing or other circumstances, but in this case, an extra elective course is required.

Four electives Any ECON course numbered 123 or above can count as an elective, if not already applied towards the core requirements. With DUS approval, a non-ECON course that is related to economics can be used to fulfill one of the electives.

Distinction in the major To earn Distinction, a student must write a senior thesis earning a grade of A- or better and receive A- or better in three-quarters of the courses that are counted toward the major (not including introductory microeconomics, introductory macroeconomics, the math requirement or courses taken outside of Yale). Economics courses taken beyond the requirements of the major are counted toward the Distinction calculation.

ECON 110 and 111 are smaller, slightly more discussion-oriented versions of introductory microeconomics and macroeconomics. Those with little or no experience in calculus may be better served by ECON 108, which covers microeconomics with greater discussion of quantitative methods and examples. ECON 108, 110, and 115 are similar in substance; ECON 111 and 116 are similar in substance as well.

The Economics department has faculty representatives/advisers for each residential college. Students majoring in economics should consult with an economics adviser for their college during course enrollment. Questions concerning the major or programs of study may also be directed to the college representative. College representatives can be found on the department website.

Professors Joseph Altonji, Donald Andrews, Costas Arkolakis, Orazio Attanasio, Dirk Bergemann, Steven Berry, Xiaohong Chen, Ray Fair, John Geanakoplos, Pinelopi Goldberg, Philip Haile, Marina Halac, Gerald Jaynes, Amit Khandelwal, Yuichi Kitamura, Alvin Klevorick, Samuel Kortum, Giovanni Maggi, Konstantinos Meghir, Mushfiq Mobarak, Giuseppe Moscarini, Kaivan Munshi, Christopher Neilson, William Nordhaus, Gerard Padr i Miquel, Rohini Pande, Benjamin Polak, Mark Rosenzweig, Larry Samuelson, Katja Seim, Anthony Smith, Philipp Strack, Aleh Tsyvinski, Edward Vytlacil, Fabrizio Zilibotti

The Cambridge IGCSE Economics syllabus develops an understanding of economic theory, terminology and principles. Learners study the economics of different countries and how these interrelate. They also learn to work with simple economics data and to use the tools of economic analysis. Learners apply understanding of economics to current economic issues.

As the awarding standard has now returned to the pre-pandemic standard, we are working to produce up-to-date grade descriptions for most of our general qualifications. These will be based on the awarding standards in place from June 2023 onwards.

Teachers at registered Cambridge schools can unlock over 30 000 teaching and learning resources to help plan and deliver Cambridge programmes and qualifications, including Schemes of work, Example candidate responses, Past papers, Specimen paper answers, as well as digital and multimedia resources.

PPE is a highly flexible degree which allows you to shape your own path through it. You may choose to specialise in two branches at the end of the first year, or continue with all three. You can also explore a wide variety of disciplines under the overarching headings of Philosophy, Politics and Economics. For example, you can specialise in Sociology or International Relations by choosing the relevant Politics options.

In turn, the study of politics provides a thorough understanding of the impact of political institutions on modern societies. It helps you to evaluate the choices that political systems must regularly make, to explain the processes that maintain or change those systems, and to examine the concepts and values used in political analysis.

Economics is the study of how consumers, firms and government make decisions that collectively determine how resources are allocated. An appreciation of economics has become increasingly necessary to make sense of governmental policy-making, the conduct of businesses and the enormous economic transformations throughout the world.

'PPE this year has been a thoroughly enjoyable course. The three branches are perfect for a generalist like myself, and jumping from an economics problem set to a politics essay and then a logic exercise means you'll certainly never get bored. You'll have the opportunity to explore the perennial questions, of what's right and wrong, and how we ought to govern. You come to your own conclusions, and then pit your ideas against incredibly bright peers and expert tutors. I've had a great time so far.'

'I enjoy PPE because it allows me to develop distinct lenses through which to engage with foundational questions about things that are entrenched in our common-sense understanding of the world. Why should I be moral? How do I know anything? How important is free speech? What happens if the banks close tomorrow? What does it mean to be efficient? Each discipline gives you different tools to examine the world as it is, and to think about how it should be. For example, Economics will allow you to quantify and model total welfare, whilst Philosophy will require you to question how welfare is defined in the first place and whether it can be aggregated at all. These diverse ways of knowing will sometimes reinforce and sometimes challenge each other, and that process is genuinely exciting.'

Your weekly timetable will usually include six to eight lectures and two to three tutorials and classes, supplemented by private study, which will be mainly spent preparing essays or problem sets for tutorials and classes.

Teaching in all three PPE subjects is normally done in tutorials rather than classes. Where a class does form part of the teaching for a paper, it will typically include around six to ten students, although one computer-based training course in Politics may have up to 24 students in it.

Most tutorials, classes, and lectures are delivered by staff who are specialists in their subject. Many are world-leading experts with years of experience in teaching and research. Some teaching may also be delivered by postgraduate students, typically doctoral students who are also expert in the relevant field.

* Although a background in Mathematics is not an essential requirement for admission, it is recommended, and PPE applicants should have sufficient interest in, and aptitude for, mathematics to cope with the mathematical elements of the course. Mathematics is a particular advantage for the Economics component of the course, as well as for the first year logic course in philosophy, and for understanding theories and data in politics. It is recommended to have learnt the basics of differentiation before starting your university course in PPE. Many successful applicants have studied Maths to at least AS-level, or another equivalent.

You may like to consider taking Maths to AS-level, or an equivalent qualification such as IB Standard Level, even if you do not pursue it further. However, we do understand that these qualifications may not be available to all students.

Extra tuition will be available to students that have not studied Maths A-Level who require any assistance. View the PPE admissions statistics for information on the success rates for applicants applying with different A-level subjects.

If your personal or educational circumstances have meant you are unlikely to achieve the grades listed above for undergraduate study, but you still have a strong interest in the subject, then applying for PPE with a Foundation Year might be right for you.

Admissions tutors will want to find out if you can think clearly and analytically. They are less concerned with what you know than with how you think and use your knowledge. They will seek evidence of interest in all three subjects.

'PPE encouraged me, more than anything else, to think critically about the social world and our place in it. It taught me how to test and challenge arguments and disentangle their constituent parts. That experience has been crucial to my pursuing a career as a barrister. First, because the philosophical skills that I acquired have proven invaluable in thinking about, developing, and challenging legal arguments in practice. And second, because it's helped me to continuously reflect upon the social impact of the law and its relationship with political power.'

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