Should I Major in Economics to Prepare for a Career in Business?
Economics is the study of the allocation of scarce resources among competing
ends. As a social science, it is devoted to developing a better understanding of
many kinds of human interaction. It is important to stress that training in economics
is not the same as training in business management. Businesses have specific
goals of their own, including the making of profits, and professional training in
business is about learning how to pursue those goals more effectively. This requires
learning quite specialized techniques and skills that are not the proper focus
of an undergraduate liberal arts education. Our undergraduate economics courses
do not focus on these specialized business skills and techniques; therefore, students
who major in economics or take many courses in it solely because they believe
that it is the subject that is “closest to business” are likely to be frustrated and
unhappy in their economics courses. We advise students to acquire a broad exposure
to the arts, social sciences and natural sciences, and to major in the subject
that most excites them and engages their interest rather than attempt to acquire
extensive pre-professional training while undergraduates.
I’m an Economics Major considering Study Abroad. What do I have to do?
See the information provided at http://www.williams.edu/Economics/studyabroad.htm
Can I Get Credit for Coursework Done Elsewhere?
The normal requirement that nine economics courses be taken at Williams will
usually be waived only on the basis of transferred credit deemed acceptable by
the department. Credit is granted based on grades consistent with college policy
on various examinations:
Students who receive a 5 on the Microeconomics AP or Macroeconomics
AP exam, or a 5 on each, may place out of Economics 110 or 120, or both,
respectively, but major credit will be given for only one course.
The Department will grant major credit for both Economics 110 and 120 to
a student who receives a 6 or 7 on the higher-level Economics IB examination,
and that student can place into any 200-level course or intermediatelevel
micro or macro course.
For A levels credit, the Department will grant major credit for both Economics
110 and 120 to a student who receives a grade of A or B.
What Kind of Mathematical Skills Will I Need to Major in Economics?
Prospective majors please note that instructors in all sections of Economics
251, 252, 253, and 255 feel free to use elementary calculus in assigned readings,
lectures, problem sets, and examinations; therefore, Economics 110 and 120 and
Mathematics 103 or its equivalent are required as prerequisites for these courses,
with the exception of 251 which has only Economics 110 and Mathematics 103
as prerequisites. By elementary calculus is meant differentiation of single variable
polynomial functions and conditions for a maximum or minimum; it does not include
integration or multivariable calculus. Instructors in advanced electives
(courses numbered 350 and above) may also use elementary calculus in assigned
readings, lectures, problem sets, and examinations.
Students interested in graduate
study in economics will need to study more advanced mathematics; see your
advisor for specific suggestions. Students are also reminded that some courses
now have specific mathematics requirements; see course descriptions.
Graduate training in economics requires more mathematical sophistication
than does undergraduate economics. We encourage students who are considering
pursuing a Ph.D. in Economics to take Economics 255, Mathematics 105 (or
106), Mathematics 209, Mathematics 211 and Mathematics 301. As graduate
schools also look for evidence of research experience and promise, we strongly
encourage interested students to write a senior honors thesis in Economics.
Students in the class of 2009 and succeeding classes must complete Economics 255 or the equivalent to satisfy their empirical methods major requirement. Please note that Statistics 101 or 201 is a prerequisite from Economics 255. Students in the class of 2009 or later who are considering majoring in economics are thus strongly encouraged to take Statistics 101 or 201 early in their college careers. Students may take the combination of Statistics 201 and 346 instead of Economics 255. Economics 253 can not be substituted for Economics 255.
How Do I Major with Honors?
See the information provided at http://www.williams.edu/Economics/honors.htm