(Last Updated: 05/18/07) MAJOR In order to allow students to select an approach to the study of economics that is more suitable to their personal aptitudes and interests, a major in economics can be taken in either of two concentrations as described below. If a student fails a course required for the major, the course must be retaken in the department; a course taken outside the University will not be allowed to substitute for a failed course. No course for the major may be taken as "Pass/Fail." Transfer students should note that normally the only courses that will be accepted toward the major in economics are courses that have been passed with a grade of C or better at universities with an intensive four-year program. AP credit in Statistics is not acceptable for the economics major. A grade of C or better is required for a course to count toward the major in economics. AP credit does not reduce the total number of courses required for the major or minor. AP credit does not apply to V31.0005 POLICY CONCENTRATION The policy concentration is intended for the student who is primarily interested in applying economic analysis to an understanding of economic problems and policies. The introductory and intermediate courses provide the student with a solid foundation of economic theory with an emphasis on economic applications. The elective courses allow students to focus on specific problems and topics that match their interests and career plans. The policy concentration corresponds most closely to the economics major that is offered by the leading colleges and universities around the country. While mathematics is used to build an understanding of theory, the primary focus is on graphical analysis, the intuition behind the theory, and applications. This concentration is particularly well-suited for students planning careers in law, public policy, business, or any other field in which a thorough understanding of the economic way of thinking would be beneficial. However, students in the policy concentration can also pursue a Ph.D. in economics or finance if they supplement their coursework with additional courses in mathematics. The 10 courses are to be taken in the Department of Economics are as follows: Six (6) core courses: V31.0001, V31.0002, V31.0018 (6 points), V31.0238, V31.0010, V31.0012. Four (4) electives: At least two of the four electives must be numbered V31.0300-399. A typical sequence of courses is indicated by sophomore year: V31.0001, V31.0002, V31.0018; junior year: V31.0010, V31.0012, V31.0238; senior year: four electives. Note: Statistics is to be taken as early as possible. Senior level courses (300 level and above) will presume a knowledge of Statistics. Students are strongly advised to pay close attention to the prerequisites for each course. Students should be aware that Precalculus (V63.0009), or its equivalent, is required for the principles classes (V31.0001 and V31.0002). A course in calculus (V63.0121) is required for the intermediate courses and statistics (V31.0010, V31.0012, and V31.0018). Both Principles I (V31.0001) and Principles II (V31.0002) are required for intermediate macro and intermediate micro. Grade of 'C' or better is needed to pass the mathematics requirements. THEORY CONCENTRATION The theory concentration is intended for the student who wishes to begin the formal study of economic reasoning with an emphasis on mastering the analytical tools. This concentration relies on a higher level of abstraction and focuses on techniques of economic analysis rather than on the understanding of specific economic problems or institutions. It is particularly well suited for students who intend to pursue a Ph.D. degree in economics or those pursuing careers or higher degrees in quantitative fields such as finance. At least 40 points (10 courses) are to be taken in the Department of Economics that must include V31.0005, V31.0006, V31.0020, V31.0011, V31.0013, V31.0266, and four economics electives. Two of those electives must be courses numbered V31.0300-399 and designated as theory classes. Furthermore, students must complete V63.0121, V63.0122, and V63.0123. These calculus courses should be completed before or during the student's first year in the program. A typical course sequence is sophomore year: V31.0005, V31.0006, V31.0020; junior year: V31.0011, V31.0013, and V31.0266, one elective; senior year: three electives. CHANGING CONCENTRATIONS Students with permission from the director of undergraduate studies may change from the policy concentration to the theory concentration, or vice versa; however, certain rules apply. In either case no course may be taken for which the student does not have the appropriate prerequisites; this includes the mathematics prerequisites. Transferring between concentrations after students have completed any of the intermediate courses is very difficult, more so in going from the policy to the theory concentration. Students who are unsure about which concentration to take should seek departmental advice before beginning their major. For those switching into the theory concentration from policy, Principles I or Principles II can be substituted for a 100 or 200 level elective. For those switching from theory to policy, V31.0005 Introduction to Economic Analysis may substitute for V31.0002 Economic Principles II. JOINT MAJORS NYU offers joint majors between economics and mathematics and between economics and computer science. If you are interested in pursuing a joint major, you should contact advisers in both departments as soon as possible. You should pursue the theory concentration, not the policy concentration, if you are interested in either of these joint major options.