Course Policies for the Economics Major and Minor

Economics courses fall into four broad categories:

• introductory courses in microeconomics and macroeconomics
• core (intermediate) courses in microeconomics and macroeconomics
• core courses in statistics and econometrics, and
• advanced economics electives. 

In this section, you’ll find information relevant to each of these categories, and also our recommendations for Math courses to complement your Economics major.

These courses are meant to provide a broad introduction to the field of Economics, and to familiarize students with the language of Economics.  These courses are large (350-450 students).  Students from all over the university take them for a variety of reasons: preparation for the Economics major, preparation for other majors at Cornell (AEM, PAM, ILR, and several others), and as an elective course.  Both ECON 1110 and 1120 are taught during Cornell’s summer and winter sessions in small class settings. Students interested in this option should consult Cornell’s School of Continuing Education and Summer Sessions.

ECON 1110 & ECON 1120 can be taken in either order, and neither has a prerequisite.  They can even be taken at the same time.

See Credit Policies for the Economics Major and Minor

These courses cover the core economic methodologies of microeconomics and macroeconomics that will be used in advanced economics electives.  They require and build upon the material taught in ECON 1110 and ECON 1120.They also require MATH 1110.  Class sizes are typically 75-90 students.  ECON 3030 and 3040 are sometimes (but not always) taught during Cornell’s summer sessions in small class settings. Students interested in this option should consult Cornell’s School of Continuing Education and Summer Sessions.

Economics majors should complete their introductory & core courses in microeconomics and macroeconomics as early as possible. 

ECON 3030 & ECON 3040 can be taken in either order.  They can be taken at the same time, but we recommend taking them at different times so that you are able to devote sufficient attention to each one.  

These courses MUST be taken at Cornell.

The prerequisites for each course are ECON 1110, ECON 1120, and MATH 1110.  

We offer two sequences that cover Statistics & Econometrics. The two sequences cover roughly the same set of topics and use the same statistical computing packages. Both sequences can serve as a prerequisite for any advanced elective that requires statistics.

ECON 3110 & ECON 3120

• Provides a more applied treatment
• Many students choose this sequence
• Both classes are taught in the Fall and Spring, so you can choose if you would like to take this sequence as Fall-Spring or Spring-Fall

ECON 3130 & ECON 3140

• Requires MATH 1120
• Provides a more advanced/theoretical treatment
• Students with stronger mathematical backgrounds and/or those planning to pursue graduate study in economics should choose this sequence
• ECON 3130 is only taught in the Fall and ECON 3140 is only taught in the Spring, so you must take the sequence Fall-Spring

More Information About Statistics and Econometrics

If you start with ECON 3130, you can switch to ECON 3120. However, if you start with ECON 3110, you will not be able to switch to ECON 3140 because the material taught in ECON 3130 is more advanced than the material taught in ECON 3110

Ideally, you should take core statistics & econometrics as early as you can.  The basic structure of the Economics major is that you first learn core methodologies, and then you use these methodologies in your advanced economics electives.  Taking these courses early will give you more flexibility in taking your advanced economics electives. You can have a gap between courses (e.g. you could take ECON 3110 in Fall 2023 and ECON 3120 in Fall 2024).

These courses MUST be taken at Cornell.

After completing your introductory and core courses, your remaining economics courses will be a series of advanced Economics electives.  We offer a broad range of electives, and students have the freedom to design a set of courses that best matches their interests while also following the requirements below.

3000-Level Advanced Electives vs. 4000-Level Advanced Electives:

Advanced Economics electives are categorized as electives that require core courses vs. electives that do not require core courses. 

Courses numbered 3150-3999 do not require any core courses

Courses numbered 4000-4989 require at least one core course.

The Economics major requires six advanced Economics electives.  Of these, at least three must be 4000-level electives.

Courses numbered 4900-4989 are small seminar courses. These courses are capped at 25 students and involve a substantial writing component.  

Other Information

Courses taught by other departments can be counted toward the Economics major only if they are cross-listed with Economics (meaning they have an Econ course number).   

You do not have to register for the course under the economics number for it to count towards the major!

Undergraduate Economics majors can take graduate-level Economics courses with the permission of the instructor and your advisor. .

Graduate courses will not count towards the Economics major or minor.

Please note that Independent Study courses (ECON 4999) and Curricular Practical Training courses (ECON 4997/4998) can never be counted toward the Economics major.

Required Math for the Economics Major

Successful completion of MATH 1110 (a grade of C or better) is required for admission to the Economics major, and it is a prerequisite for the core Economics courses—ECON 3030, ECON 3040, ECON 3110, ECON 3120, ECON 3130, and ECON 3140 (note that ECON 3130 and ECON 3140 also require MATH 1120).

For admission to the Economics major, credit for MATH 1110 must appear on your Cornell transcript. There are many ways to get credit for MATH 1110, including placement credit (see the Math Department's Advanced Placement for Calculus page.)

Recommended Math for the Economics Major

Economics courses frequently use math techniques at a level beyond MATH 1110. Statistics and econometrics classes use material from integral calculus (MATH 1120), and core microeconomics, core macroeconomics, and many advanced electives use material from multivariable calculus (MATH 2130 or MATH 2220). 

Even though we do not require it, taking additional math courses beyond MATH 1110 can be beneficial.. We recommend that Economics majors take math at least through a multivariable calculus course. This requires two or three more math courses beyond MATH 1110 because all multivariable calculus courses require MATH 1120 (integral calculus).

There are two paths our majors commonly take after MATH 1120

• MATH 2210 and MATH 2220: This two-course sequence covers both linear algebra (MATH 2210) and multivariable calculus (MATH 2220). Linear algebra is a valuable skill that can be useful for econometrics and advanced theory courses, and it is also necessary if you want to consider graduate work in economics. MATH 2210 and MATH 2220 is the main sequence on linear algebra and multivariable calculus taken by most Math majors.

• MATH 2130: a course on multivariable calculus designed for students who do not intend to go much further in math. MATH 2130 is the multivariable calculus course that is most tightly connected to the multivariable calculus used in undergraduate economics (with a focus on applications of the math). If you are primarily taking math courses to help get the most out of the Economics major, this course may be right for you.

   

  Another option to consider for those students not wanting to take on MATH 2210 and MATH 2220, but who would like to learn some linear algebra along with multivariable calculus, is to take both MATH 2130 and MATH 2310. MATH 2310 is a linear algebra course that emphasizes practical applications more than MATH 2210. 

   

Math Preparation for Economics Graduate Programs

If you are considering graduate school in Economics, you need to take even more math. Economics research makes heavy use of mathematics, and economics Ph.D. programs assume students enter the program with a strong mathematics background. When Ph.D. programs review applications for admission, one of the biggest concerns is a student’s mathematical preparation for graduate work in economics.

In preparation for economics graduate work, at a minimum, you should complete MATH 1110, MATH 1120, a course on linear algebra, a course on multivariable calculus, and a course on analysis. The first four courses are discussed in the section above. 

For analysis, there are two main options:

• MATH 3110: Analysis involves reading and eventually constructing formal mathematical proofs. By taking analysis, you can gain experience in constructing formal mathematical proofs. MATH 3110 is the analysis course designed for students who begin the course with a limited background/comfort level in reading formal proofs.
• MATH 4130:  an honors version of analysis, designed for students who begin the course with experience and comfort reading formal mathematical proofs. This course has the advantage of permitting you to take the next course in analysis, which is MATH 4140.

Beyond analysis, we encourage you to take one or more additional math courses (and you will be even more competitive if you double major in math).  There are many paths that you could take, depending on your interests:

• Advanced analysis: MATH 4140.
• Differential equations and dynamical systems: MATH 3230 and MATH 4200.
• Advanced linear algebra: MATH 4310 (Note: Unlike for analysis, the honors version of advanced linear algebra (MATH 4330) is much harder than MATH 4310.)
• Stochastic processes: MATH 4740.

You might also consider taking courses in Operations Research and Information Engineering (ORIE) in the College of Engineering. This department offers numerous courses on optimization (for example, ORIE 3300, ORIE 3310, and ORIE 4320), as well as courses on game theory (for example, ORIE 4350).

Before taking any advanced math course, it is a good idea to obtain a copy of the syllabus and show it to your Economics advisor or the Director of Undergraduate Studies to make sure that it contains material that is useful for economics. 

Other Thoughts on Math Courses

For students who are interested in the Economics major but who are worried about their mathematical background as they enter Cornell, there is significant academic support for both MATH 1110 and MATH 1120. You can enroll in one of the Academic Support Courses provided by the Cornell Learning Strategies Center (MATH 1011 to support MATH 1110, and MATH 1012 to support MATH 1120). In addition, you can use the services and resources of the Cornell Mathematics Support Center.

The Math Department strongly discourages students from taking two courses at the same time from the calculus (differential, integral, and multivariable) and linear algebra group, especially if one course is a prerequisite for the other. The temptation to double up in an effort to get to advanced Math courses more quickly can often lead to poor grades in one or both courses and an unnecessarily stressful semester. If you feel that you must take two of these courses at the same time, please speak with the Math Director of Undergraduate Studies to assess whether this is in any way possible.

Some students arrive at Cornell with placement credit for MATH 1110, but worry that they might not have the comfort level with calculus necessary for the core Economics courses. If you want to solidify your basic calculus, you can forgo your placement credit and take MATH 1110. Alternatively, you could enroll in MATH 1120 during your freshman year, and learning this new material can help reinforce the material that you learned prior to coming to Cornell.