The Undergraduate Curriculum
The Course XIV Program leads to the degree of Bachelor of Science in Economics. In
addition to fulfilling the 17 General Institute Requirements1, an economics major must take
the following subjects2:
- 14.01 Principles of Microeconomics
- 14.02 Principles of Macroeconomics
- 14.04 Intermediate Microeconomic Theory
- 14.05 Intermediate Applied Macroeconomics
- 14.30 Introduction to Statistical Methods in Economics (or 6.041/6.431, or 1.010, or
18.440)
- 14.32 Econometrics
- 14.33 Econ. Research & Communication
- Thesis (14.33 is a prerequisite.)3
- 60 units of Economics Electives (or five full subjects)
1
Note that up to three Economics elective subjects may be used in partial satisfaction of the
HASS requirement, that 14.30 (Statistics) may be counted toward the REST requirement,
and that 14.33 (Economics Research and Communication) may be used to satisfy the
Institute laboratory requirement.
2
Students must earn grades of C or better in 14.01, 14.02, 14.04, 14.05, 14.30, and 14.32 in
order to fulfill departmental requirements.
3
May be replaced by an elective subject in economics.
Courses 14.01 and 14.04 provide a strong background in microeconomic analysis, and
14.02 and 14.05 do the same for macroeconomics. These are the two broad and
fundamental areas of modern economics. 14.30 and 14.32 give a grounding in techniques
for analyzing data and testing economic models. 14.33 requires a term paper that analyzes a
body of data on an economic question.
The 60 units (or five full subjects) of electives may be satisfied from the following list of
undergraduate subjects designed generally to enrich the background of the student in
economic institutions and the analysis of policy problems. Especially recommended are
those that are designed for more advanced undergraduates, with the prerequisite of
intermediate microeconomics or macroeconomics. These subjects include 14.13, 14.16,
14.26, and 14.45. The full list follows:
- 14.06 Advanced Macroeconomics
- 14.11 Topics in Economics
- 14.12 Economic Applications of Game Theory
- 14.13 Psychology and Economics
- 14.15J Networks
- 14.16 Strategy and Information
- 14.19 Market Design
- 14.20 Industrial Organization and Public Policy
- 14.21J Health Economics
- 14.23 Government Regulation of Industry
- 14.26 Economics of Incentives
- 14.36 Advanced Econometrics
- 14.41 Public Economics
- 14.42 Environmental Policy and Economics
- 14.43J Energy Decisions, Markets, and Policies
- 14.44 Energy Economics
- 14.45 Financial Economics
- 14.51 Urban and Regional Economics
- 14.54 International Trade
- 14.64 Labor Economics and Public Policy
- 14.70J The Development of Medieval Economies (HASS-D)4
- 14.71 Economic History of Financial Crises
- 14.72 Capitalism and Its Critics (HASS-D)4
- 14.73 The Challenge of World Poverty
- 14.74 Foundations of Development Economics
- 14.75 Political Economy and Development
Only one HASS-D (14.63, 14.70J, or 14.72) may be used as an elective.
UROP's do not count toward the department elective requirement.
Economics majors have the option of taking up to two Sloan classes as restricted electives,
chosen from 15.021J, 15.411, 15.412, 15.433, and 15.437. If students take 15.411, they
may not take 14.45 and receive restricted elective credit for both.
Further training in mathematics beyond the Institute requirements is strongly
recommended, especially if students are interested in graduate study in economics. Subjects
such as 18.03 (Differential Equations), 18.100 (Analysis I), and 18.06 (Linear Algebra) are
especially valuable. Students with a special interest in formal statistics and econometrics
would be well advised to substitute for 14.30 a subject such as 18.440 (Probability and
Random Variables).
Undergraduate Research