<p>In very practical terms it will mean smaller class size for undergrads, and the possibility of more opportunities to get involved in research. Every hire IS expected to do some undergraduate teaching.</p>
<p>Columbia’s econ department has been swamped in recent years by a tidal wave of undergrad majors. Class size has been a real problem, and with it the difficulty of interacting enough with faculty to get recommendations for grad school. The departmental web page has acknowledged these problems.</p>
<p>A rising department also has the ability to attract the best grad students. This, in turn, has an impact on the undergrads because grad students serve as TAs in the introductory classes.</p>
<p>So there are real potential benefits to undergrads apart from the buzz of being at a place where things are really happening in the field. The question, of course. is how long will everyone stay. The fact that Columbia got such a large percentage of its first picks means that economists recognize the ambitions of the department and want to be part of it.</p>