UChicago changes requirements for economics major

TheBanker
Sat, 15 Apr 2017 04:36:43 +0000

The department seems to be responding to calls to make the economics major less theoretical and more “useful”.

There are now two standard tracks, A and B. For Track A, Econ 203 (a core macro class) is cut and replaced by one of six macro econ electives. For Track B, in addition to cutting Econ 203, Math 196 (linear algebra) and Stat 234 (statistical models and methods) are combined into a single class, Statistical Methods in Economics. For Track B, the required number of econ electives goes from 4 to 5.

Generally, all three of these classes have very limited applications for other classes, or simply fall short. Econ 203 is needed for many of the macro-oriented electives, but it’s easy to avoid taking macro electives in the first place, and students often view 203 as a rite of passage more than anything else. Math 196 is highly theoretical with almost zero practicality. Stat 234 is an overview of statistical theory and application, but it typically falls short of the requirements needed in classes like econometrics, which places a burden on both instructors and students.

Important to note is that Track A and B described above are the minimum set of requirements for the major. The beauty of the economics major is that one can customize its difficulty, and the honors options seem unchanged.

These changes may make the economics major easier and more accessible to students. Keep in mind that economics is already by far the most popular major in the college. What sort of impact will this have, if any?