1. How do I get advice on planning my program?

The Department has a group of faculty advisers who are prepared to assist you in planning your studies in economics. The advisers schedule office hours so that at least one is available every day of the week. The schedule for each quarter is posted at the Department's Undergraduate Office, Andersen 303, 847-467-7263. Routine questions can often be answered by the Undergraduate Secretary, Scott Zacher, in room 303.

You should also see an advisor concerning such issues as waivers of requirements or departmental credit for courses taken elsewhere. Particularly complex questions may be referred by the advisor to the Director of Undergraduate Studies, Professor Mark Witte.

Special bulletins on various topics--the honors program, major credit for courses taken elsewhere, the four-year BA/MA program, and so forth--are available at the Undergraduate Office and on the Department's World-Wide Web site.

Majors are not assigned an adviser and are free to seek advice from any member of the Department. New majors who have not had much contact with the faculty are usually best off meeting with one of the departmental advisers. As students get better acquainted with faculty through their courses, they might want to adopt as a principal adviser an instructor who had an opportunity to observe and evaluate their work and with whom they feel comfortable.

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2. In what order should I take courses?

You should take 201 first, then 202. 201 begins with a brief overview of microeconomics (fundamentals of how supply and demand interact to determine what is produced and how income is distributed), then turns to macroeconomics (the study of economy-wide problems such as inflation and unemployment). 202 assumes that you have already been introduced to microeconomics and begins with more advanced analyses of how households and firms behave; it covers no macroeconomics. Economics 201 and 202 must be completed before taking any 300-level courses.

Statistics 210 must be taken before Economics 281. You might wish to take it along with Economics 201 or 202. Economics 281 should be completed as early as possible -- certainly before taking any 300-level field course. Students with a strong mathematical background can have Economics 281 waived by taking Economics 381-1,2 Econometrics. More information on this option can be found under question 10. We suggest that you talk with an Economics advisor before selecting the Economics 381-1,2 option.

Mathematics 220 is a prerequisite for Economics 310-1. (Alternatively, students can take Mathematics 212 and 213 Single Variable Calculus I and II in place of Mathematics 220.)

Economics 310-1 is a prerequisite for 310-2.

Economics 310-1 is usually a prerequisite for 311. Even when the instructor does not require it, it is advisable to complete 310-1 before taking 311, because theories of consumer and producer behavior developed in 310-1 are useful background for many topics in macroeconomics.

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3. What are prerequisites for Economics courses?

CORE INTRODUCTORY COURSES

201: None
202: 201

CORE INTERMEDIATE COURSES

281: 201, 202, Math 220, Stat 210
310-1: 201, 202, Math 220
310-2: 201, 202, 310-1, Math 220
311: 201, 202, Math 220

COURSES FOR NON-MAJORS OR RELATED COURSES

213: None
250: 201, 202
260: 201, 202

FIELD COURSES

310-1 is standard for all field courses. Consequently Math 220 is an implicit prerequisite as it is a prerequisite for 310-1.

310-2 is a prerequisite for all courses in industrial organization and public finance. 311 is added where appropriate for courses with macroeconomic content. 281 (or 381-1 or Math 386-1) is a prerequisite for all field courses except 380-1,2. Math 224 & 230 or Math 232 is a prerequisite for 316, 380, 381, 395, 398. Math 232 is a course that the Mathematics Department developed for us and combines material in 224 & 230.

In summary, the prerequisites for the field courses are 201, 202, 281, 310-1, Math 220, Stat 210, plus the additional prerequisites listed below:
305: 311
307: 310-2
308: 311
309: 310-2
315: 311
316: 310-2, 311, Math 224 & 230 or 232
317: 311
318: 310-2, 311
321: 311
322: 311
323-1: 311
323-2: 311
324: 311
325: 310-2, 311
326: 310-2, 311
330: 310-2
331: 310-2
336: 310-2
337: 310-2
339: 310-2, 311
340: 310-2
341: 310-2
349: 310-2
350: 310-2
351: 310-2
354: 310-2
355: 310-2
359: 310-2
360: 311
361: 310-2, 311
362: 311
370: 310-2
380-1: 310-2, 311, Math 224 & 230 or 232, but not 281 or Statistics 210
380-2: 310-2, 311, 380-1, Math 224 & 230 or 232, but not 281 or Statistics 210
381-1: Stat 210, Math 224 & 230 or 232, but not 281 or 310-1
381-2: 311, 381-1, Math 224 & 230 or 232, but not 281 or 310-1
383: 311
395: 310-2, 311, Math 224 & 230 or 232
398: 310-2, 311, Math 224 & 230 or 232, four 300-level

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4. How do I select 300-level field courses and related courses?

Sampling various areas and professors is a perfectly reasonable approach and is encouraged, but you can also benefit by selecting courses that address your interests and goals. For example, if you are concerned about international economic issues and developing nations, you will certainly want to include 361 International Trade, 362 International Finance and 326 Economics of Developing Countries in your program; and good choices for related courses would be those that study the history and politics of parts of the world that interest you. Or if you are considering a career in finance or banking, you will certainly want to take 308 Money and Banking and possibly 362 International Finance, 360 Corporate Finance, or 309 Public Finance. There are so many possible themes and variations that the best approach is to discuss your intellectual and career interests with a faculty adviser and together map out a program that particularly suits you.

While each student will create a unique program, the following general recommendations can be offered for four of the most common areas of interest:

Business or Management Concentration: 308, 323-1,2, 339, 349, 350, 355, 360, 361, 362, 380-1,2

Pre-Law Concentration: 309, 323-1,2, 340, 349, 350, 351, 370

Public Sector Concentration: 307, 309, 323-1,2, 336, 341, 349, 350, 355, 359, 370

International Studies Concentration: 308, 322, 325, 326, 361, 362

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5. Can my related courses also be used to satisfy WCAS distribution requirements?

Yes, if they are on the list of WCAS-approved courses to meet distribution requirements.

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6. I am a double major in one of the departments whose courses count toward the related-course requirement. May I count courses in my other major as related courses for my economics major?

Yes.

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7. I received AP credit for Math 220. Does that fulfill the calculus requirement?

Yes.

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8. I did not receive AP credit for Math 220, but on the basis of some high school training in calculus, I began my study of calculus at Northwestern with Math 224 or Math 230 or Math 232. Have I satisfied the calculus requirement?

Yes, provided that you receive a grade of C- or higher in 224 or 230 or 232.

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9. How much mathematics do I need to know? How much should I take?

While only differential calculus is required, students are strongly advised to continue to study of the calculus through Mathematics 224 and 230 and to do so early in their studies. Alternatively we recommend Math 232 instead of 224 & 230. Some 300-level field courses (380-1,2, 381-1,2, 395 and 398) have Mathematics 224 & 230 or 232 as prerequisites, and a good knowledge of the calculus is required to read much of the scholarly literature in the fields of economics and business. Also, a basic knowledge of calculus and statistics is increasingly important for graduate study in business.

Students contemplating graduate study in economics or finance should take additional courses in mathematics, at least Math 300 Foundations of Higher Mathematics, or better yet the 320 or (with the permission of the Math Department) 321 Real Analysis sequences. Other particularly useful math classes include 234 Multiple Integration and Vector Calculus; 240 Linear Algebra; 250 Elementary Differential Equations, 310-1,2,3 Probability and Stochastoc Processes, and 368 Introduction to Optimization.

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10. Which econometrics course should I take?

The vast majority of the work of economists economists combines economic theory with data to explain and predict actual events. Econometrics is the field of economics that studies how theory and data can be used to draw meaningful conclusions about outcomes of practical interest. In the real world, unlike the laboratory, many things change at the same time. For this reason, multi-variate regression analysis is an important econometric tool. Econometric analysis is widely used by economics and other disciplines in a variety of setting, including public policy analysis and many business and finance applications. Consultants and financial analysts are expected to be able to understand, and conduct, regression analyses.

Learning about econometrics is a core requirement for a Major or Minor in Economics. The Economics Department has three different options you can choose for meeting this requirement. Which option you choose will depend on your level of interest in conducting applied analysis.

Most students will continue to take Economics 281 Introduction to Applied Econometrics. However, students contemplating writing an honors thesis or who have a strong mathematical or statistical background may proceed directly to Economics 381-1,2 Econometrics. Economics 381-1,2 does not have a prerequisite of Economics 281, and should be regarded as an alternative to Economics 281.

Students looking for a very rigorous treatment of econometrics are directed to the third option, which involves a year-long sequence in statistics and econometrics in the Mathematical Methods in the Social Sciences Program.

Look over these three options and decide which one is closest to your background and interests:

Option A: This is the standard option. After taking this option, students should be able to understand (and critique) empirical results that are presented in a more advanced class. In addition you should be able to conduct straightforward regressions as part of a class problem set.

Option B: After taking this option, students should be able to fully understand empirical papers that use standard methods. You should be able to assemble data sets and conduct and troubleshoot regressions in an independently written paper, such as a senior thesis. This option is recommended for students who hope to write an honors thesis and students who have strong mathematical or statistical backgrounds, such as students in the MENU program.

Option C: This option gives a more advanced treatment of the theory and practice of econometrics. It should be good preparation for a student who wants to go on to graduate school in economics. However, it also appeals to any student with a very strong mathematical background.

Details of the three options are listed below. We encourage you to speak with an Economics Department Advisor or any of the instructors who teach econometrics courses to determine which option is best for you. Whatever option you choose, we recommend that you complete your study or econometrics as early as possible in your study of economics, preferably in your sophomore year.

OPTION A

Course:
Economics 281 Introduction to Applied Econometrics (offered at least once each quarter)

Prerequisites:
Statistics 210 Introductory Statistics for Social Sciences or equivalent
Math 220 Differential Calculus of One Variable Functions

Notes:
If you complete Economics 281 and decide that you enjoy econometrics, you are encouraged to also take Economics 381-1,2 which count towards your elective courses for a Major or Minor in Economics.

OPTION B

Courses:
Economics 381-1,2 Econometrics (two-course sequence, starting in either fall or winter each year)

Prerequisites:
Statistics 210 Introductory Statistics for Social Sciences or equivalent
Math 220 Differential Calculus of One Variable Functions
Math 224 & 230 or Math 232
Economics 310-1 Microeconomics I (recommended for 381-1, required for 381-2)
Economics 311 Macroeconomics (recommended for 381-1, required for 381-2)

Notes:
Students completing Economics 381-1 will have the Economics 281 core requirement waived for a Major or Minor in Economics.

OPTION C

Courses:
Math 385 Probability and Statistics for MMSS Students followed by Math 386-1,2 Econometrics for MMSS Students (this is a 3-course sequence starting in the fall quarter)

Prerequisites:
Economics 310-1 Microeconomics I (recommended for 386-1, required for 386-2)
Economics 311 Macroeconomics (recommended for 386-1, required for 386-2)

Plus Either
Math 290-1,2,3 Accelerated Mathematics: First Year
Or
Math 220, 224 Differential and Integral Calculus of One Variable Functions (many students place out of these courses)
Math 230 Differential Calculus of Multivariable Functions
Math 234 Multiple Integration and Vector Calculus
Math 240 Linear Algebra

Notes:
Students completing Math 385 will have the Statistics 210 related-course requirement waived for a Major or Minor in Economics. Students completing Math 386-1 will have the Economics 281 core requirement waived for a Major or Minor in Economics. Math 386-1,2 will be regarded as equivalent to Economics 381-1,2 and students completing these courses will receive two elective course credits towards a Major or Minor in Economics.

Students interested in this option should speak with the Director of Undergraduate Studies,who will request permission numbers for you to enroll in Math 385 and 386-1,2 which are part of the Mathematical Methods in the Social Sciences Program.

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11. How can I find out which economics courses will be offered over the next few quarters?

Late in the winter quarter, the Department prepares a tentative list of courses for the next academic year. The plan is posted on the Department's web site as soon as it is available. As revisions occur -- and there usually are several revisions -- the web site is continually updated, so it is the best source of current information.

Core courses -- 201, 202, 281, 310-1, 310-2, 311 -- are offered every quarter every year and do not close. We try to offer the more popular 300-level electives twice a year; these include:
308 Money and Banking
309 Public Finance
339 Labor Economics
349 Industrial Economics
350 Monopoly, Competition, and Public Policy
360 Corporate Finance
361 International Trade
362 International Finance

We try to offer our key economic history courses at least once each year; these are:
322 Global Economic History
323-1 Economic History of the US to 1865
323-2 Economic History of the US since 1865
324 European Economic History

The game theory and econometrics sequences -- 380-1,2 and 381-1,2 respectively -- are normally offered once each year, as are the following courses:
307 Medical Economics
325 Economic Growth and Development
326 Economics of Developing Countries
330 Behavioral Economics
340 Economics of the Family
351 Law and Economics
355 Transportation Economics
370 Environmental Economics

Courses not mentioned above are offered irregularly and are especially dependent on the availability of particular faculty.

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12. What happens after a class that is closed?

The Department does not use the waiting list feature of CAESAR. It is up to the individual instructor how they manage a waiting list, and whether they establish one at all. The instructor, and not the Department, determines who will be added. The first issue to be settled is whether anyone can be added. Instructors usually will add students if seats are available in the lecture room. Some may even try to arrange for a larger lecture room. If students can be added, more senior students and those who put their names on the waiting list earliest are normally given preference. If you have special reasons for needing the course, you should e-mail the instructor a note explaining the circumstances. In most cases the best thing to do is to attend the first class meeting. If the instructor can add you, she or he will give you a "permission number" to allow you to be added into the class.

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13. I am an Economics Major or Minor, should I take 250 Business and Government?

No. This course is designed for non-majors. You should take 350 Monopoly, Competition, and Public Policy instead which covers the same material but at a higher level.

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14. How do I arrange an independent study? When is it appropriate to do so?

Independent study (Economics 399) provides an opportunity to work closely with a faculty member on a topic of mutual interest. Independent study is usually open only to majors who have completed the core courses. The purpose of an independent study should be (a) to investigate topics not covered by regular courses in the curriculum, or (b) to explore the subject matter of regular courses in greater depth, or (c) to conduct an independent research project. Before approaching a faculty member to request an independent study, you should prepare a proposal that indicates the topic, describes your preparation for pursuing the topic, lists tentative readings that you expect to cover, and describes the nature of written work you plan to complete. With regard to preparation, you should have taken all of the courses that provide background for the topic you have chosen. For example, if you want to do research on the impact of taxation on the distribution of income, you should have taken Economics 309 Elements of Public Finance. The better prepared you are and the more carefully worked out is your proposal, the more likely you are to find a sponsoring faculty member.

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15. Can I get credit toward the major for an internship program?

The Economics Department has no internship program and usually does not give credit for internships. Business internships are increasingly popular with students, because they provide valuable work experience and useful knowledge about professional opportunities. However, they seldom entail the acquisition of new knowledge of economic analysis equivalent to a 300-level course in this department. There are instances in which an intern receives extensive, supervised training by professional economists, but this is rare. As an example, some participants in the Chicago Field Study program have received one 300-level economics credit for internships in the research department of the Federal Reserve Bank of Chicago. Students engaged in the Field Study program are registered for a WCAS course (CFS 393), which is another condition for receiving credit for an internship. In some instances, a student might arrange an independent study (see above) in conjunction with an internship, in which a research project is undertaken that draws on the internship experience. In such a case, credit would be awarded for the work completed in the 399, not merely for the practical experience of the internship; but it is a way of trying to interrelate academic training and professional experience. Each case must be weighed individually, however. If you have an internship opportunity for which you would like to receive major credit, you should consult the Director of Undergraduate Studies well in advance of the start of the program. A final decision about economics credit cannot be made until you have completed the internship.

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16. When should I talk to the Department about Study Abroad?

Students who are contemplating study abroad should consult the Director of Undergraduate Studies to discuss the likelihood of their receiving major credit for courses offered in the programs they are considering. They should also be sure to complete all of the core courses for the major before going abroad.

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17. What is the process for achieving approval for courses taken at other U.S. universities?

The student first must pick up a substitution form from the Undergraduate Secretary. Along with the form, we will need a class description. Take this completed form and the class description to one of our advisors. If the advisor judges the quality of the course to be comparable to one of our Economics 300-level field courses, he or she will sign the pre-approval side of the form. This form formally states that you will receive credit for the course as long as you pass the class with the grade of C- or better. This signed form is placed in our files. Once the student has completed these courses, it is your responsibility to bring the transcript, along with the original form (which can be obtained from the Undergraduate Secretary) back to an advisor. Again, as long as the student has achieved a grade of C- or better, the advisor will grant final approval for the course(s) to count toward the major. This form will then be sent to the Registrar to be entered into the student's transcript.

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18. What type of course taken elsewhere can count towards an economics major?

An example: A student wants to take two economics courses during the summer semester at Indiana University: a standard public finance course and a standard trade course. What is the normal policy here? Should the advisor give credit for both courses? The answer is that Economics advisors may approve courses taken at other universities in the U.S. The key issue is whether the courses are the equivalent of our 300-level courses, even if we do not have a counterpart course. We routinely approve a full year of courses taken abroad or at another U.S. university. Thus, the Economics department can approve up to three 300-level field courses taken outside of Northwestern.

IMPORTANT: It is department policy that credit will not be awarded to those courses that are specifically appropriate to a business curriculum - in other words, lacking any economics principles in any way. For example: we would not give credit toward your economics major for such business courses with titles such as Management and Entrepreneurship or Bargaining and Negotiation. These classes are appropriate to a business curriculum, not an economics program. Nonetheless, such courses as International Economics or The Economics of European Integration would be worthy of credit as 300-level economics field courses. The first is probably most similar to our 361 International Trade, and it might cover a bit of 362 International Finance. It is important to note that if you have already taken either of these (but especially 361), you could not get credit for the equivalent. You can't repeat a course for credit. Although our department does not have an equivalent course to the Economics of European Integration, it is still a fine course and well worth taking to get the most out of your undergraduate economics experience.

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19. Is there a mailing list for the Undergraduate Newsletter? How can I be sure to get a copy?

We do not distribute the Newsletter by mail. The principal distribution occurs by an e-mail message sent by the Registrar to all students who are declared Economics Majors and Minors, or are enrolled in the Department's intermediate theory courses. It is also available on the Department's web site.

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20. Why doesn't the Department have Preregistion for Majors and Minors?

The Economics Department discontinued having a separate pre-registration for Majors and Minors in 2001. There were three reasons:

(1) The core Economics classes (201, 202, 281, 310-1, 310-2, 311) are offered sufficiently often and with large enrollment caps, so that effectively they never close out. Consequently there is no need for pre-registering these classes.

(2) The original purpose of having pre-registration was to make certain that those students that are NOT Economics majors/minors do not shut majors/minors out of 300-level field courses. However, an analysis of our 300-level field courses, and who registered for them, in recent years reveals that the only students taking these upper-level field courses were Economics majors or minors anyway (or soon-to-be Economics majors/minors). This is because, as you no doubt know, in order to register for these upper level classes, students are first required to take and have the knowledge of most or all our core courses. We can find no evidence that - in practice - non-majors/minors are shutting out Economics majors/minors. When field courses do close out, it is when upperclassmen Economics majors/minors register in sufficient numbers to exclude underclassmen.

(3) The Economics Department usually offers a large percentage of the 300-level field courses at least twice a year, so if you are closed out during regular advanced registration, you will usually have numerous chances to take the class later on (especially if you're a Junior/Sophomore/Freshman).

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21. How do I declare an Economics Major or Minor?

Please link to the instructions for declaring a Major or Minor.

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22. Can I take Economics courses offered in Summer Session or the evening program?

Courses taken in Northwestern's Summer Session automatically count toward the requirements of the Economics Major and Minor. However, courses offered by the School of Continuing Studies' evening program are not generally acceptable toward the Department's requirements. Exceptions to this policy will only be considered in rare cases of hardship, and with the express consent of the Director of Undergraduate Studies.

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