Columbia University Department of Economics: A Comprehensive Overview

Columbia University's Department of Economics is a leading center for economic research and education, offering a wide array of programs for undergraduate and graduate students. With a rich history and a commitment to rigorous scholarship, the department provides students with the tools and knowledge necessary to succeed in various fields, from academia to the private sector.

A Legacy of Economic Thought

Columbia University's involvement with economics dates back to its early years. In the eighteenth century, Alexander Hamilton, an alumnus of Columbia, laid the groundwork for the nation's economic system through his influential reports as the first Secretary of the Treasury. The Department of Economics officially gained recognition as an integral part of the School of Political Science in 1880. Today, the department maintains its position as one of the top institutions globally for studying, conducting research, and teaching economics.

Undergraduate Programs: A Foundation for Future Economists

The Department of Economics offers a diverse range of undergraduate programs designed to cater to the varied interests and professional goals of its students. These include a general economics major and five interdisciplinary majors. All programs share a common structure of core theoretical courses that provide the foundation for higher-level elective courses culminating in a senior seminar.

Major in Economics

The economics major at Columbia University provides a scientific approach to the study of micro and macroeconomic theory. Students learn how to conduct formal modeling of economic relationships, test hypotheses against data, and think critically about economic problems and policy issues.

Interdisciplinary Majors

In addition to the general economics major, the department offers five interdisciplinary majors:

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Financial Economics: This major explores the role of financial markets and intermediaries in the allocation of capital.
Economics and Mathematics: This program provides students with a grounding in economic theory and rigorous training in mathematics.
Economics-Philosophy: This interdisciplinary major introduces students to the methodologies of economics and philosophy, focusing on areas of mutual concern, such as rationality, justice, and freedom.
Political Economy: This major combines the methodologies of economics and political science, addressing issues of interest to both disciplines.

Core Requirements and Prerequisites

All economics programs begin with an introductory 1000-level course (Principles of Economics) and progress through the required 3000-level core economics courses (Intermediate Micro, Intermediate Macro, and Econometrics). Most elective courses are offered at the 3000 and 4000 level and require students to have completed at least UN 3211 Int Micro and UN 3213 Int Macro. The department strictly enforces all course prerequisites, which must be taken before the course. Students who take a course out of sequence will not receive credit towards their major.

Senior Seminars and Honors

All majors are required to write a research paper in either a senior seminar or the honors seminar. Seminars are small, discussion-based courses focused on a research topic in economics. The honors seminar is a full-year course that satisfies the seminar requirement upon completion of both semesters.

Research Opportunities

Students have the opportunity to work as research assistants (RAs) with faculty members or Ph.D. students, earning credits for their work. These positions typically entail an average of 3 hours of work per week per credit. Research credit cannot be used as a substitute for elective or seminar requirements. Students considering graduate work or writing a senior thesis are encouraged to take one or more RA positions.

Advising Resources

The Department of Economics offers a variety of advising resources to provide prospective and current undergraduate majors and concentrators with the information and support needed to successfully navigate through the program. Graduate student advisors can discuss major requirements, scheduling, and course selection, as well as review student checklists and discuss progress in the major. Faculty advisors are available to discuss students' academic and career goals, both in terms of the undergraduate career and post-graduate degrees and research.

Graduate Programs: Advanced Study in Economics

The Department of Economics offers both a Master of Arts (M.A.) and a Doctor of Philosophy (Ph.D.) program.

Master of Arts Program

The Master of Arts program is designed for students who wish to prepare for careers in economics or improve their knowledge of economic theory and its applications. This M.A. program offers a rigorous and technical approach to the study of economics, making it an excellent choice for those seeking a quantitative degree with a focus on applied econometrics or economic modeling. It prepares students for work in various roles that require the ability to conduct applied economic research.

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Ph.D. Program

The Ph.D. program trains students to conduct cutting-edge research in economics. Students in the program conduct research in all major areas of economics, including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics. The program provides strong training in both theoretical and applied economics. The first two years of the program are largely devoted to rigorous coursework, after which students focus on their own research under the supervision of faculty advisors. Admission to the Ph.D. program is highly selective, with approximately 25 students admitted each year from over 1,000 applicants. The Ph.D. program has a long and illustrious history. Alumni of the program include some of the most distinguished economists of the last century - including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S.

Key Policies and Procedures

Transfer Credit

Students who have taken economics courses at other institutions may apply for transfer credit. The Transfer Credit page provides information on eligible courses and the application process. All students who plan to study abroad or take summer courses outside of Columbia University must contact Sunil Gulati in advance to get preliminary approval for any economics courses.

Course Restrictions

Barnard Economics Core Courses and seminars do NOT count towards the Columbia Economics Major or concentration. Additionally, ECON UN2261 Accounting and Finance for Economics does NOT count as an economics elective. Students are required to take a minimum number of courses in the Columbia Economics Department. For all majors and interdepartmental majors, students must complete a minimum of five lecture courses in the Columbia department. At least two of the three 3000-level economics core courses must be taken in the department and no corresponding Barnard courses are accepted.

Grading Policies

No course with a grade of D or lower, including calculus and statistics courses, can count toward the major, concentration, or interdepartmental majors. Students who receive a grade of D or F in a core course are permitted to take a higher-level elective course that has that core course as a prerequisite, so long as it is taken concurrently with the retaking of that core course.

Location and Facilities

Columbia University is located on the Upper West Side of Manhattan. The Department of Economics is housed on the 10th and 11th floors of the International Affairs Building (IAB), located on the southeast corner of Amsterdam Avenue and West 118th Street.

Faculty

The Department of Economics boasts a distinguished faculty with expertise in a wide range of fields. Notable faculty members include:

Andrew Barth: Senior Lecturer in the Discipline of Economics and Director of Undergraduate Studies.
Haoge Chang: Assistant Professor of Economics (Econometrics).
Yeon-Koo Che: Kelvin J. Lancaster Professor of Economics (Contracts and Organization, Industrial Organization, Microeconomics).
Pierre-André Chiappori: E. Gerald Corrigan Professor of Economics.
Richard Clarida: C. Lowell Harriss Professor of Economics.
Susan Elmes: Senior Lecturer in the Discipline of Economics.
Harrison Hong: John R. Eckel, Jr. Professor of Business Administration (Finance).
R. Glenn Hubbard: Dean Emeritus and Russell L. Carson Professor of Finance and Economics.
Serena Ng: Edwin W. and Alda M. Winans Professor of Economics.
Xavier Sala-i-Martin: Jerome H. and Matthew S. Grossman Professor of Economics.
Joseph E. Stiglitz: University Professor.
David Weinstein: Carl S. Shoup Professor of the Japanese Economy.
Ebonya Washington: Laurans A. and Arlene Mendelson Professor of Economics.

Resources and Opportunities

The Department of Economics provides numerous resources and opportunities for its students, including:

Econ-advising: Available to assist all students with academic planning.
Academic Resources Fair: Provides answers to common questions for new and transfer students.
Opportunities Page: Posts information on research credit opportunities.
WIKI Page: Contains information about opportunities both inside and outside of the department.
FAQ Page: Provides comprehensive information and answers to frequently asked questions about the departmental majors and requirements.

Prizes and Fellowships

The Department of Economics offers several prizes and fellowships to recognize and support outstanding students:

Sanford S. Parker Prize: Awarded annually to a Columbia College graduating student who majored or concentrated in economics and plans on continuing his or her studies in an economics Ph.D.
Parker Summer Fellowship: Provides financial support for Columbia College underclassmen who take unpaid summer internships that focus on research.
GS Summer Fellowship: Provides financial support for GS underclassmen who take unpaid summer internships that focus on research.

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