Economics
Overview
"Economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions." - John Maynard Keynes
The goal of the Economics program at New College is to provide students with analytical tools that will enable them to better understand and assess the events and decisions that affect society at large as well as impact their own professional and personal lives. An understanding of economic principles is crucial to evaluating major national policy issues such as health care reform and international policy issues such as the desirability of free trade agreements. Students who master the “economic way of thinking” will be equipped to make intelligent decisions in their professional lives, whether they become entrepreneurs, financial advisors, lawyers, administrators for non-profit organizations, or seek to pursue any number of other occupational careers. On a personal level, an understanding of basic economics is useful in making such critical decisions as whether to pursue a graduate education, whether to buy a house, or how best to invest one’s retirement portfolio.
The Economics Area of Concentration (AOC) offers three tracks to meet a range of student interests and provide solid training for future study or work in the discipline. Students can pursue an Economics AOC, a Financial Economics AOC, a Quantitative Economics AOC, a joint Economics AOC, or a secondary field (minor) in Economics. Owing to extensive overlap in course requirements, students cannot pursue a double AOC in Economics and Quantitative Economics. The economics faculty also offers a secondary field (minor) in Finance.
Faculty in Economics
Tracy Collins, Associate Professor of Economics
Tarron Khemraj, Professor of Economics and International Economics/William and Marie Selby Chair
Andrew Humphries, Visiting Assistant Professor of Economics
Sherry Yu, Associate Professor of Economics and Finance
Requirements for the AOC in Economics
Note: The Economics discipline currently offers Principles of Economics as the combined introductory course in Economics. Starting from Fall 2025, Principles of Microeconomics and Principles of Macroeconomics will be offered each semester and serve as the one-year introductory sequence in Economics. Principles of Economics will be available for the academic year 2024-2025 only.
Economics Track1
A minimum of ten (10) academic units.
| Code | Title |
|---|---|
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Introductory Microeconomics and Introductory Macroeconomics: | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Intermediate Economics Courses | |
| Intermediate Microeconomics | |
| Intermediate Macroeconomics | |
| Mathematics Tools for Economics | |
| Math Tools for the Social Sciences* | |
or MATH 2311 | Calculus I |
| Introductory Course in Quantitative Data Analysis or Statistics | |
Select one from the following examples: | |
| Introductory Econometrics and Big Data Applications | |
| Introduction to Applied Statistics | |
| Quantitative Political Analysis I* | |
| Quantitative Political Analysis II | |
| Additional Courses | |
| Select five additional courses in Economics, with at least one course primarily focused on quantitative analysis. Only one of the additional courses can be a tutorial. | |
| Highly Recommended | |
| Intermediate-level Statistics course | |
| Internships or Summer Research Projects for experience in the world of work | |
| Additional Requirements | |
| Senior Thesis or Professional Field Experience Internship in Economics, and Baccalaureate Exam 2 | |
- 1
Except for a few very limited circumstances, courses must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of the course you wish to transfer.
- 2
A member of the Economics faculty must be a signatory to the Thesis Prospectus/Area of Concentration form and the thesis sponsor, and at least one other member of the Economics faculty must serve on the thesis committee.
Financial Economics Track1
The Financial Economics AOC allows students to graduate with an Economics degree by focusing on empirical and applied economics with financial applications. This AOC provides students with a robust curriculum with advanced training in financial analysis. Students are expected to either conduct economic research with financial applications in the thesis project or pursue senior projects with a finance-related field experience. Due to the substantial overlap, students pursuing Financial Economics AOC cannot enroll in the Finance secondary field (minor).
A minimum of eleven (11) academic units.
| Code | Title |
|---|---|
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Principles of Microeconomics* and Principles of Macroeconomics* | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Intermediate Economics Courses (one is required) | |
| Intermediate Microeconomics | |
| Intermediate Macroeconomics | |
| Mathematics Tools for Economics | |
| MATH 2055 | Math Tools for the Social Sciences* |
| or MATH 2311 | Calculus I |
| Introductory Course in Quantitative Data Analysis or Statistics | |
| Select one from the following examples: | |
| Introductory Econometrics and Big Data Applications | |
| Introduction to Applied Statistics | |
| Quantitative Political Analysis I* | |
| Quantitative Political Analysis II | |
| Research Methods in Economics | |
| Econometrics | |
| Finance Core Courses | |
| Introduction to Accounting and Finance | |
Corporate Finance | |
Money and Banking | |
Investment Analysis | |
Fixed Income and Derivatives | |
| Additional Requirements | |
| Senior Thesis or Professional Field Experience Internship in Financial Economics, and Baccalaureate Exam 2 | |
- 1
Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of the course you wish to transfer.
- 2
A member of the Economics faculty must be a signatory to the Thesis Prospectus/Area of Concentration form and the thesis sponsor, and at least one other member of the Economics faculty must serve on the thesis committee.
Quantitative Economics Track1
The Quantitative Economics AOC allows students to graduate with a STEM degree by focusing on empirical and applied economics, as well as developing solid econometrics and mathematical modeling skills to analyze economic issues. This AOC provides students with a quantitative curriculum with advanced training in Econometrics, Mathematics, and/or Computer Science. Empirical and data analytical skills are increasingly demanded by employers, and graduates with this AOC will be able to solve sophisticated economic problems using both analytical and applied approaches. This AOC is also recommended for students interested in pursuing graduate studies in Economics, Finance, Statistics, and Data Analytics. Students are expected to conduct empirical research and must include a substantial quantitative economics component in their thesis project.
A minimum of twelve (12) academic units.
| Code | Title |
|---|---|
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Principles of Microeconomics* and Principles of Macroeconomics* | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Intermediate Economics Courses | |
| Intermediate Microeconomics | |
| Intermediate Macroeconomics | |
| Mathematics Courses (three) | |
| Calculus I | |
| Calculus II* | |
| Calculus III | |
or MATH 4226 | Real Analysis I* |
| Research Methods Course | |
| Econometrics | |
| Probability or Linear Algebra Course | |
| Select Probability courses or Linear Algebra: | |
| Probability I | |
| Probability II and Linear Algebra | |
| Introductory Course in Quantitative Data Analysis or Statistics | |
| Select one from the following examples: | |
| Introductory Econometrics and Big Data Applications | |
| Introduction to Applied Statistics | |
| Quantitative Political Analysis I* | |
| Quantitative Political Analysis II | |
| Additional Courses | |
| Select three additional 2000+ courses in Economics, of which none can be a tutorial. Up to two courses can be Finance-related. | |
| Additional Requirements | |
| Senior Thesis in Quantitative Economics and Baccalaureate Exam | |
Requirements for the Joint AOC in Economics
A minimum of seven (7) academic units.
| Code | Title |
|---|---|
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Introductory Microeconomics and Introductory Macroeconomics: | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Intermediate Economics Courses | |
| Intermediate Microeconomics | |
| Intermediate Macroeconomics | |
| Introductory Course in Quantitative Data Analysis or Statistics | |
| Select one from the following examples: | |
| Introductory Econometrics and Big Data Applications | |
| Introduction to Applied Statistics | |
| Quantitative Political Analysis I* | |
| Quantitative Political Analysis II | |
| Additional Courses | |
| Select three additional 2000+ courses in Economics, of which none can be tutorials. | |
| Highly Recommended | |
| Intermediate-level Statistics course | |
| Internships or Summer Research Projects for experience in the world of work | |
| Additional Requirements | |
| Senior Thesis with a substantial Economics component, and a Baccalaureate Exam 2 | |
- 1
Except for a few very limited circumstances, course must be taken at New College even if you took a similar class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of the course you wish to transfer.
- 2
A member of the Economics faculty must be a member of the thesis committee.
Requirements for a Secondary Field (minor) in Economics
A minimum of five (5) academic units.
| Code | Title |
|---|---|
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Introductory Microeconomics and Introductory Macroeconomics: | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Intermediate Economics Course | |
| Intermediate Microeconomics | |
or ECON 3550 | Intermediate Macroeconomics |
| Additional Courses | |
| Select three additional courses in Economics, none of which can be a tutorial | |
| Additional Requirement | |
| At least one member of the Economics faculty must be a signatory to the Thesis Prospectus/Area of Concentration form. | |
Requirements for a Secondary Field (minor) in Finance
A minimum of five (5) academic units.
The student must fulfill all the normal requirements for a disciplinary concentration in Economics along with completing the courses required for a secondary field in Finance.
| Code | Title |
|---|---|
| Required Courses in Finance 1 | |
| Introduction to Accounting and Finance | |
| Corporate Finance | |
| Money, Banking, and Financial Markets | |
| Introductory Economics Courses | |
| Select Principles of Economics or the sequence of Introductory Microeconomics and Introductory Macroeconomics: | |
| Principles of Economics | |
| Introductory Microeconomics* and Introductory Macroeconomics* | |
| Additional Courses | |
| Select three additional Finance-related courses from the following list: | |
Math for Economics or Calculus I | |
Introductory Econometrics | |
Investment Analysis | |
| Econometrics | |
Fixed Income and Derivatives | |
International Economics | |
| Additional Requirements | |
| Senior Thesis in Economics/Finance and Baccalaureate Exam | |
- 1
Except for Math and Stats courses, none of the elective courses listed above can be used to double-count for any track in the
Economics AOC. Except for a few very limited circumstances, courses must be taken at New College even if you took a similar
class elsewhere. A New College faculty advisor may offer an exception after reviewing the course outline and assignments of the
course you wish to transfer.
Recommended Courses for Students Seeking Graduate Education in Economics
Students interested in attending graduate programs in Economics are strongly recommended to take–at minimum–Econometrics, Calculus I, Calculus II, Calculus III, Linear Algebra, Functional Analysis, Real Analysis, Differential Equations, Numerical Methods, Mathematical Statistics and/or Probability Theory, advanced courses in Statistics, as well as one or two computer programming courses.
Sample Pathways to Complete AOC Requirements
New College students must satisfy both the general education (Chart Your Course: CYC) and Economics AOC requirements. In addition to the economics classes, you will need nine CYC classes. With so many opportunities each term, the pathway below is provided as an example of how a student could complete the requirements for graduation. We have put some checkpoints in place so that you make the most of your time at New College. Each term you will meet with a faculty advisor to discuss courses, tutorials, internships, and/or other academic experiences. Schedule a meeting with your faculty advisor to discuss which courses to take as well as how best to sequence them. Each student completes a Provisional AOC plan in the fifth contract to select an AOC, and each student submits a Thesis Prospectus/AOC form in the sixth contract.
Note: CYC courses are part of a college-wide requirement for graduation.
A Sample Four-Year Pathway in Economics
| First Year | |||||
|---|---|---|---|---|---|
| Fall Term | ISP | Spring Term | |||
| CYC Course 1 | Group ISP is recommended | Intro Macro | |||
| CYC Course 2 | CYC Course 3 | ||||
| Intro Micro | Econ Topics Course 1 | ||||
| Intro Stats | Math for Economics or Equivalent | ||||
| Second Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 4 | Econ related ISP or internship | CYC Course 5 | |||
| Intermediate Micro | Intermediate Macro | ||||
| Econ Topics Course 2 | Econ Topics Course 3 | ||||
| Student Choice 1 | Student Choice 2 | ||||
| Third Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 6 | Econ related ISP or internship | CYC Course 7 | |||
| Econ Topics Course 4 | Econ Topics Course 5 | ||||
| Student Choice 3 | CYC Course 8 | ||||
| Student Choice 4 | Student Choice 5 | ||||
| Fourth Year | |||||
| Fall Term | Spring Term | ||||
| Make decision: (i) internship/industry study + oral bacc. exam or (ii) senior thesis + oral bacc. exam | Write up of Academic Senior thesis or industry study or Internship | ||||
| CYC Course 9 | Oral bacc. exam | ||||
| Thesis Tutorial | |||||
| Student Choice 6 | |||||
| Student Choice 7 | |||||
A Sample Four-Year Pathway in Quantitative Economics
| First Year | |||||
|---|---|---|---|---|---|
| Fall Term | ISP | Spring Term | |||
| CYC Course 1 | Group ISP is recommended | CYC Course 2 | |||
| Intro Micro | Intro Macro | ||||
| Statistics for Economics or equivalent | Econ Topics Course 1 | ||||
| Calculus I | Calculus II | ||||
| Second Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 3 | Econ related ISP or quant internship | LAC Course 4 | |||
| Intermediate Micro | Intermediate Macro | ||||
| Probability I & II (one unit) | Econometrics | ||||
| Student Choice 1 | Student Choice 2 | ||||
| Third Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 5 | Econ related ISP or quant internship | CYC Course 6 | |||
| Econ Topics Course 1 | Econ Topics Course 2 | ||||
| Econ Topics Course 2 | CYC Course 7 | ||||
| Student Choice 3 | CYC Course 8 | ||||
| Fourth Year | |||||
| Fall Term | Spring Term | ||||
| Must have a senior thesis topic | Thesis Writing | ||||
| Econ Topics Course 3 | Oral bacc. exam | ||||
| Thesis Tutorial | |||||
| CYC Course 9 | |||||
| Econ Topics Course 4 | |||||
A Sample Four-Year Pathway in Economics for Students Intending to Attend Graduate School
| First Year | |||||
|---|---|---|---|---|---|
| Fall Term | ISP | Spring Term | |||
| CYC Course 1 | Group ISP is recommended | CYC Course 2 | |||
| Intro Micro | Intro Macro | ||||
| Intro Stats | Econ Topics Course 1 | ||||
| Calculus I | Calculus II | ||||
| Second Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 3 | Econ related ISP or internship | CYC Course 4 | |||
| Intermediate Micro | Intermediate Macro | ||||
| Econ Topics Course 2 | Econ Topics Course 3 | ||||
| Real Analysis I | Real Analysis II | ||||
| Third Year | |||||
| Fall Term | ISP | Spring Term | |||
| CYC Course 5 | Econ related ISP or internship | Econometrics | |||
| Econ Topics Course 4 | CYC Course 6 | ||||
| Linear Algebra | Programming Course 2 | ||||
| Intro to Programming | CYC Course 7 | ||||
| CYC Course 8 | |||||
| Fourth Year | |||||
| Fall Term | Spring Term | ||||
| CYC Course 9 | Thesis Writing | ||||
| Thesis Tutorial | Suggestion: more advanced math | ||||
| Upper level Math or Stats class | Bacc. exam | ||||
| Student Choice | |||||
Sample Two-Year Pathway for Economics: Transfer Students
| Third Year | |||||
|---|---|---|---|---|---|
| Fall Term | ISP | Spring Term | |||
| Intro Micro | Independent Study | Intro Macro | |||
| Intro Stats | Math for Social Sciences | ||||
| Econ Topics Course 1 | Econ Topics Course 2 | ||||
| CYC Course 1 | CYC Course 2 | ||||
| Fourth Year | |||||
| Fall Term | ISP | Spring Term | |||
| Intermediate Micro | ISP or internship | Internship | |||
| Econ Topics Course 3 | Intermediate Macro | ||||
| CYC Course 3 | CYC Course 4 | ||||
| Econ Topics Course 4 | Econ Topics Course 5 | ||||
| Senior Practicum Tut. | |||||
Alternative Thesis Project: Professional Field Experience Internship
The economics discipline offers students two options in completing their final senior project: (1) completion of an academic research project; or (2) under the co-sponsorship of Dr. Sherry Yu and Dr. Tarron Khemraj, the completion of a senior project in the form of a professional field experience internship accompanied by a written analytic/research component related to economic issues and policies. Everyone must take the oral baccalaureate exam.
The economics discipline promotes dialogue between academic research and new professional practices in professional settings that may include consultancy firms, business entities, regulatory authorities, public administrations, not-for-profit organizations, and communities. The general goal of this option is to provide students with an opportunity to apply and expand knowledge under professional supervision within a structured learning experience. Students are expected to commit a minimum of 180 hours to the practicum. Students choosing this option to fulfill their senior thesis project must adhere to the following guidelines.
Transfer students are encouraged to participate in the internship option for graduation at the two-year limit. However, transfers choosing the traditional academic senior thesis must have a thesis topic and thesis tutorial by the Fall of their first year. Students are strongly advised to speak with their academic advisor as soon as possible.
Timeline
In the Fall semester of the senior year, students must enroll in the Senior Practicum for Economics tutorial co-sponsored by NCF's Center for Career Engagement and Opportunity (CEO) and their thesis sponsor(s). During this semester, students will conduct a search and apply for field experiences/practicums in partnership with their CEO career coach and thesis sponsor.
In the Spring semester and/or ISP period of the senior year, students will be engaged in the Senior Practicum by following the current internship guidelines provided by the CEO. An oral baccalaureate exam will also take place in the Spring semester for students to present their internship experience and respond to questions and answers from their thesis committee members.
Analytic/Research Component
The written requirement for this senior project is critical for students to demonstrate their writing, research, and analytical skills. Students should engage in active research on topics related to their practicum site by utilizing theoretical knowledge obtained from courses taken in the Economics discipline and apply them to their specific field experience. Examples may include: industry research and assessment, economic risks, economic issues, externalities, business ethics, market efficiency, competition, economic growth, resource allocation, risk mitigation, taxation, socioeconomic factors, inequality, social welfare, environmental economic policies/issues, incentives, market imperfections, and more. Students are strongly encouraged to identify economic issues encountered in their field experience, analyze and provide policy recommendations to address these issues. This analytic/research component should be written with high quality and be approximately 20 pages in length. Students should also explain what skills and knowledge they have applied from NCF coursework, discuss how this internship will help them with future career goals, and offer suggestions (to both NCF or the employer) to improve the professional field experience.
Oral Baccalaureate Exam
The baccalaureate examination, conducted by the baccalaureate committee, is an oral defense of the student’s performance in three areas: senior project, area of concentration, and the undergraduate education in general. Students are expected to prepare a slideshow presentation and orally report on their field experience. Students will demonstrate their ability to apply the concepts and principles of economics in the internship, the ability to work effectively with the host organization on related economic issues, offer recommendations and solutions to economic problems based on their academic knowledge, and provide insights on how to improve the field experience in the future. The baccalaureate committee members will follow up with rounds of Q&A to assess students’ ability to express ideas and information orally. A satisfactory Baccalaureate Examination Report signed by all of the members of the committee will need to be submitted to the Office of the Registrar.
Recent Thesis Projects in Economics
- Uncle Sam’s Diet: The Economic Effects of Progressive Income Taxation on Efficiency, Distribution, and Growth
- The New Millennium—A Comprehensive Study of the Chinese Housing Market and the Effect of the One-Child Policy
- Lessons from the South African Expanded Public Works Programme
- The Fall of King Coal: An Analysis of the Factors Leading to the Decline of the U.S. Coal Industry
- Corporate Cuba American Money and the Creation of Castro’s Communism
- Modeling International Reserves Composition: Central Bank Demand for Gold
- A Chairman by Chairman analysis of a Dynamic Taylor Rule: Does the Classical Model Stand the Times?
- Social and Economic Consequences of a Natural Experiment in Argentina’s Professional Soccer League
- Analysis of the Environmental and Economic Aspects of the United States Acid Rain Program
- The Troubles and Peace: Economics and Politics in Northern Ireland
- Financial Inequality in Modern European Football: Identifying and Bridging the Gap between Europe’s Elite and Other Clubs
- Microfinance in Bolivia: An Industry Evaluation
- Paths to Success: The Relationship between Health and Education in Developing Countries
- The Political Determinants of China’s Foreign Direct Investment