Course Catalog: 2021-22

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.

Professors Barbezat (Chair), Honig, Kingston, Reyes and Sims; Associate Professors Baisa and Ishii*; Assistant Professors Blackwood*, Debnam Guzman*, Gebresilasse, Hyman*, Theoharides, and White*; Visiting Assistant Professors Khan and Porter; Visiting Lecturer Georgiou.

*On leave 2021-22

Major Program. Economics majors must take a total of nine courses in economics, which include ECON 111/111E, the core theory courses, and at least one upper-level elective numbered 400 to 490. Honors students must take a total of ten courses, and for honors students at least two courses must be upper-level electives numbered 400 to 490. All students must successfully complete a comprehensive exam.

In its simplest form, the economics major consists of a total of nine full-semester courses in economics. These courses include: (1) An Introduction to Economics (111/111E); (2) Three core theory courses in Microeconomics (300 or 301), Macroeconomics (330 or 331), and Econometrics (360 or 361); (3) At least five other courses in economics, usually electives numbered 200-290 or 400-490, at least one of which is numbered 400-490.

The following sections clarify the details of these requirements.

Declaring an Economics Major. It is recommended that students take several economics courses prior to adding the economics major. Students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an economics elective (numbered 200-290) before being allowed to add the economics major. Major declarations should occur by the end of sophomore year, or by the end of junior year at the latest. Major declarations may not be made in the senior year, except by petition in exceptional circumstances. To be considered for an exception to this rule, students must write to the department chair explaining the circumstances of the late declaration.

Introduction to Economics. The economics major begins with ECON 111/111E, a survey of current economic issues and problems and an introduction to the basic tools essential for all areas of economics. ECON 111/111E is a requisite for all other courses in economics, and for many courses there is no other requisite. After completing ECON 111/111E a student may enroll in a variety of applied courses. Students may be excused from the requirement of taking ECON 111/111E by demonstrating an adequate understanding of basic economic principles. Four specific ways of being excused from the ECON 111/111E requirement are: (1) Attaining a grade of 4 or 5 on both the macroeconomic and microeconomic portion of the Advanced Placement Exam; (2) Passing a placement exam that is given by the department typically at the beginning of each semester; (3) Attaining a grade of 6 or 7 on the higher level International Baccalaureate in Economics; (4) Attaining a grade of A on the A levels.

Electives. We offer many electives, covering a wide variety of topics in economics. The elective courses numbered in the 200s require only Economics 111/111E as a prerequisite, and are most appropriate for students relatively early in their study of economics. The elective courses numbered in the 400s require one or more of the core theory courses as prerequisites. They are appropriate for students a bit further along in their study of economics, primarily (though not exclusively) juniors and seniors.

The Core. All majors must complete the sequence of core theory courses in microeconomics, macroeconomics, and econometrics: ECON 300 or 301, 330 or 331, and 360 or 361. We would like to provide some guidance regarding the core sequence. First, to ensure appropriate preparation, students must attain a grade of B or better in ECON 111/111E or a grade of B- or better in an elective (numbered 200-290) before taking a core theory course. Entering students who place out of ECON 111/111E may register for a core course with consent of the instructor. Second, these courses can be taken in any order, but it is recommended that a student take either ECON 300/301 or 330/331 before enrolling in ECON 360/361. Third, it is not generally advisable to take more than one of the core theory courses in a given semester. Fourth, students should make every effort to complete the sequence of core theory courses by the end of the Junior year, or at the very latest by the end of the 7^th semester (usually the fall semester of senior year). Failure to do so jeopardizes a student’s chances of graduating with an economics major. Only in truly exceptional circumstances will exceptions be made to this rule. Fifth, a student who receives a grade of F in a core theory course must retake that core theory course. A student who receives a grade of D in a core theory course may not count that course towards the major and must take ECON 390 (a special topics course focusing on that area of core theory) and receive a grade of C- or better in that special topics course. Sixth, the core theory courses must be completed at Amherst. In cases where there is compelling pedagogical rationale, a student may be permitted to substitute one or two non-Amherst courses for the core courses.  Such exceptions require a discussion with the Economics major advisor. Following the discussion, exceptions may be requested by written petition to the Department. Requests will be considered only if the request is submitted prior to initiating the course work. 

Departmental Honors Program. The economics department strongly encourages our majors to consider doing a senior honors thesis in economics. To be eligible to enter the honors program, a senior (or second-semester junior in an E Class) must satisfy several requirements. First, the student must have already completed Microeconomic Theory (ECON 300 or 301), Macroeconomic Theory (ECON 330 or 331) and Econometrics (ECON 360 or 361) with an average grade of 11.00 or higher. (For reference, conversion equivalents are A = 13, A- = 12, B+ = 11, B = 10, etc.) No exceptions to this rule will be allowed. Normally, all of these core courses must be taken at Amherst (see above re exceptional circumstances). Therefore, a student considering writing a thesis and intending to study abroad should plan their course of study carefully, in consultation with economics faculty. Second, to be eligible to enter the honors program, a student must also have already completed one upper-level elective numbered 400 to 490. One possible exception is for students who have studied abroad for their entire junior year and have, in that time, taken a rigorous upper-level economics course that is approved by the department as a substitute. Third, those students in the honors program must take at least two upper-level electives numbered 400 to 490 (rather than just one) during their time at Amherst. We strongly encourage students to take these earlier rather than later, as they provide wonderful opportunities to develop one’s thinking about possible honors research topics. Lastly, we recommend that students who intend to enter the honors program take the advanced core theory courses, gain some experience doing economic research, and talk to faculty about economic research.

All honors students enroll in ECON 498, the Senior Departmental Honors Seminar, in the fall semester of their senior year. Within ECON 498, however, there are two alternative paths. Most students will enroll in Section 1, a seminar/workshop that supports students in undertaking independent research for their honors projects. This will be supplemented by work with a preliminary faculty advisor. Students who have already formulated a strong research plan in consultation with a faculty member, usually by developing their ideas in a 400-level economics course, can enroll in Section 2, 3... (the section number depends on the faculty advisor). These students will work closely with a faculty advisor from the beginning of the fall semester to further develop their thesis. In addition, they may participate in aspects of Section 1 such as group presentations. All students, regardless of section, will be expected to submit and present to the department a final thesis proposal at the end of the fall semester.

In the spring semester, all students complete their honors essay under the guidance of an individual faculty advisor by enrolling in ECON 499. At the end of the spring semester, all students will submit their written honors essay to the department for evaluation and will make an oral presentation to the department discussing their work.

Both ECON 498 and 499 can both be counted towards the major total course requirement (ten courses for honors students). Successful completion of ECON 498 and 499 will serve to satisfy the comprehensive exam requirement in economics for honors students. We encourage all students to discuss the possibility of honors work with their advisor and any faculty members in economics.

Comprehensive Exam. A comprehensive exam is given during the second week of the second semester to economics majors who have completed the core theory courses.

Graduate Study. Students who intend to pursue graduate study in economics are strongly advised to take additional courses in mathematics. Such students should plan on taking Intermediate Calculus and Linear Algebra, at a minimum, and ideally Multivariable Calculus and Introduction to Analysis in addition. (The course numbers are: MATH 121, 272, 211, and 355.)

Courses from Other Institutions. Non-Amherst College courses (including courses taken abroad) may be used as elective courses (excluding the upper-level electives). Students may not take more than two electives elsewhere except with prior written approval from the Department. Such non-Amherst courses must be taught in an economics department and must require at least ECON 111 or equivalent as a prerequisite. The student must receive one full Amherst College course credit for the work. Therefore, if a student were to take five courses abroad, which included two economics courses and for which Amherst College awarded four course credits, the work done abroad would be counted as the equivalent of one elective course in economics. If only one of the five courses were an economics course, the student would not receive any elective credits. Students who transfer to Amherst and wish to receive credit towards the major requirements for previous work must obtain written permission from the Department Chair.

Pass/Fail Courses. ECON 111/111E may be taken on a Pass/Fail basis only by seniors or second semester juniors, and only with the consent of the instructor. Other departmental courses may be taken on a Pass/Fail basis at the discretion of the instructor. Majors may not use the Pass/Fail option in a course used to satisfy a major requirement.

The Economics Student Handbook. All students considering majoring in economics should read the Economics Student Handbook, which contains important additional information about the economics major. The Handbook is available on the department webpage and in the department office.

In response to the COVID-19 situation, current senior majors who were full-time students in both Fall and Spring of 2020-2021 can graduate with one fewer economics course, for a total of 8 economics courses for non-thesis writers and 9 for thesis writers. All majors will still be required to take the core economics courses (Microeconomic Theory, Macroeconomic Theory, and Econometrics) and all majors still must take at least one 400 level course, and thesis students are still required to take at least two 400 level courses.