Overview of Economics Curriculum

The Economics Major provides broadly applicable skills that will set up students to be successful in a variety of careers. Upon graduation, our students will be able to:

• Recognize the vast array of economic decisions that are made by individuals, households, firms, and governments, and see how these decisions are connected via markets or non-market interactions.
• Develop mathematical models to help understand and predict of economic phenomena, including how government interventions influence those economic outcomes.
• Conduct empirical analyses of economic phenomena using appropriate quantitative strategies.

Economics courses fall into four broad categories:

• introductory courses in microeconomics and in macroeconomics
• core theory courses in microeconomics and in macroeconomics
• core quantitative courses in probability & statistics and in econometrics
• economics electives

We encourage Economics Majors to take the core theory and quantitative courses early in their academic career. The Economics Major is structured such that students first learn core methodologies, and then they use these methodologies in their economics electives. Taking the core courses early will give students more flexibility in taking their economics electives.

Our two introductory courses (Econ 1110: Introductory Microeconomics and Econ 1120: Introductory Macroeconomics) introduce students to the vast array of economic decisions that are made by individuals, households, firms, and governments. Through a broad range of real-world examples, these courses show how these decisions are connected via markets or non-market interactions. 

These courses are large (500-600 students for ECON 1110, 300-400 students for ECON 1120) as students from all over the university take them for a variety of reasons: preparation for the Economics major, preparation for other majors at Cornell (ILR, Public Policy, AEM, and several others), and as an elective course. In practice, however, the large class size is not a drawback: Students have opportunities to work together in small groups both inside and outside of class, and peer tutors in the Economics Support Center are available to help from 10am to 5pm every day.

• ECON 1110 & ECON 1120 can be taken in either order, and they can even be taken at the same time. Neither has a prerequisite.
• For Economics Majors: ECON 1110 and ECON 1120 will count toward the Economics Major only if the student receives credit with a B- or better (click here for details).
   

Our two intermediate theory courses (Econ 3030: Microeconomic Theory and Econ 3040: Macroeconomic Theory) teach students how to develop and analyze mathematical models in order to understand and predict economic phenomena. Topics include taxes, monopoly, public goods, game theory, and economic growth.

These courses require and build upon the material taught in ECON 1110 and ECON 1120. Both courses also require knowledge of single-variable calculus (MATH 1110). Class sizes are typically 90-160 students.

• ECON 3030 & ECON 3040 can be taken in either order. While they can be taken at the same time, we recommend taking them at different times so that you are able to devote sufficient attention to each one.
• For Economics Majors: ECON 3030 and ECON 3040 must be taken at Cornell (i.e., during Cornell Regular Sessions, Cornell Summer Sessions, Cornell Winter Sessions, or Cornell in Washington; courses taken during Study Abroad do not count as being taken at Cornell).

Our two intermediate quantitative courses (Econ 3110/3130: Probability & Statistics and Econ 3120/3140: Econometrics) teach students the quantitative data analysis skills necessary to conduct empirical analyses of economic phenomena, including the ability to recognize the appropriate quantitative strategies needed to answer different types of questions.

We offer two sequences that cover roughly the same set of topics:

• ECON 3110 & ECON 3120: This sequence provides a more applied treatment, and we expect the majority of Economics Majors to choose this sequence. ECON 3110 and ECON 3120 are both taught in the Fall and in the Spring, so you can choose if you would like to take this sequence as a Fall-Spring or a Spring-Fall sequence.
• ECON 3130 & ECON 3140: This sequence provides a more advanced/theoretical treatment. Students with stronger mathematical backgrounds and/or those planning to pursue graduate study in economics should consider this sequence (and note that MATH 1120 is an additional prerequisite for this sequence). ECON 3130 is only taught in the Fall and ECON 3140 is only taught in the Spring, so you must take this sequence as a Fall-Spring sequence.

Please note:

• Probability & Statistics (ECON 3110 or ECON 3130) is a prerequisite for Econometrics (ECON 3120 or ECON 3140), so you must take the courses in this order. In particular, the sequences are designed such that Econometrics picks up from where Probability & Statistics ends.
• If you start with ECON 3130 for Probability & Statistics, you can switch to ECON 3120 for Econometrics. However, if you start with ECON 3110 for Probability & Statistics, you will not be able to switch to ECON 3140 for Econometrics because it requires the more advanced material taught in ECON 3130.

Some notes on other Cornell courses on probability and/or statistics:

• While they are taught at a high level, ECON 3110 and ECON 3130 are designed to “stand alone” in the sense that it is fine if either course is the first course in probability & statistics that a student takes.
• There are several introductory statistics offered by other units at Cornell that are taught at a lower level than ECON 3110 (and ECON 3130)—examples include STSCI 2100/ILRST 2100, PUBPOL 2100, PUBPOL 2101, PSYCH 2500, SOC 3010, AEM 2100, and MATH 1710 (statistics AP credit places you out of this set of courses). None of these introductory statistics courses can count in place of ECON 3110 or ECON 3130; however, they also do not have forbidden overlaps with ECON 3110 or ECON 3130, and thus it is fine (but not necessary) for a student to take a more basic course in statistics prior to taking ECON 3110 or ECON 3130.
• There are also higher-level courses on probability & statistics offered by other units at Cornell—see our formal rules on how such courses might intersect with the Economics Major.
   

After developing their skills in the introductory and core methodology courses, students complete their economics requirements by taking a series of economics electives that provide opportunities to apply these skills in a variety of domains. We offer a broad range, and students have the freedom to design a set of courses that best matches their interests.

Our economics electives fall into three categories:

• 2000-level economics electives (numbered 2400-2999)
• 3000-level economics electives (numbered 3150-3999)
• 4000-level economics electives (numbered 4000-4989)

4000-level economics electives (numbered 4000-4989): These are our core electives designed for Economics Majors that require one or more of our calculus-based core methodology courses. These electives provide students with the opportunity to apply and extend the tools that are taught in the core methodology courses. 

• Note: Economics Majors must take at least three 4000-level electives.

3000-level economics electives (numbered 3150-3999): There are two types of courses in this category. First, there are some electives designed for Economics Majors that require only introductory economics, and we list these as 3000-level electives. Second, there are electives designed for other economics-related majors—most often for the ILR Major, the Public Policy Major, or the Dyson Major—that we cross-list with a 3000-level Economics number, thus permitting the course to be counted towards the Economics Major.

2000-level economics electives (numbered 2400-2999): These are courses on an interesting economics topic that are taught in a way that requires no prerequisites. The courses are designed to appeal both to Economics Majors and to non-economics students looking for general electives.

• Note: Economics Majors can count one 2000-level economics elective toward their Economics Major (although they can take additional 2000-level economics electives for general graduation credit).

Two further comments on economics electives:

• A course taught by another department can be counted toward the Economics Major only if it is cross-listed with Economics (i.e., only if it has an ECON number). But note that it is not necessary to enroll under the ECON number for it to count towards the major.

In general, undergraduate students majoring in economics should not take graduate ECON courses; however, there is a small set of students who might benefit from taking one or two (most notably, students who are thinking of graduate work in economics). Click here for additional information.
 

Required Math: MATH 1110: Calculus I

• As a prerequisite for the Economics Major, students must receive credit for MATH 1110 with a C or better (click here for details).
• In addition, MATH 1110 with a C or better is a prerequisite for many ECON courses, including the core courses ECON 3030, ECON 3040, ECON 3110, and ECON 3130 (which also requires MATH 1120).
• Please also note that any subsequent courses that require ECON 3030, ECON 3040, ECON 3110, or ECON 3130 also implicitly require MATH 1110.

Some additional comments:

• 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 could 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.
• Please note that 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.

Recommended Math: While not required, students gain a deeper understanding of economics if they take math through multivariable calculus. This means first completing MATH 1120: Calculus II, after which two main paths are available:

• 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 for graduate work in economics. MATH 2210 and MATH 2220 is the sequence on linear algebra and multivariable calculus taken by most Math majors. (MATH 2230 and MATH 2240 is an honors version of these courses.)
• MATH 1920: Multivariable Calculus for Engineers: For those who want to take just one course beyond MATH 1120, MATH 1920 is an option. As part of the engineering mathematics sequence, this course provides more rapid and utilitarian coverage that involves somewhat less depth and less attention to theoretical background.