Bachelor in Economics

General

Program Description

Overview

Economics at Earlham introduces students to the theoretical and empirical tools of economic analysis. Our students develop and hone the skills required to undertake independent research.

Our faculty is involved locally and beyond from studying Richmond’s Blight Elimination Program to collaborating on a GLCA collaborative project which tracks economics, socio-communal, and foreign policy issues in India.

Our interdisciplinary approach broadens students’ perspectives and experiences. Your classmates will include students from Earlham's Environmental Studies, International Studies, Business, and Nonprofit Management, and Peace and Global Studies programs.

Highlights

You can travel overseas to participate in our London program, often led a member of the Department's faculty

Economics majors pursue further study at a number of leading universities, including Brown, Duke, Harvard, Michigan, Minnesota, North Carolina State, Virginia, and Yale.

Others have made successful careers in consulting, banking, government, the private nonprofit sector, and teaching. Employers of our graduates include E-Trade Financial, U.S. Census Bureau and the Organization for Economic Cooperation and Development.

Special Learning Opportunities

Our professors regularly lead Ford/Knight Student-Faculty research project with students.

Professor of Economics Rajaram Krishnan received an AsiaNetwork/Freeman Foundation grant to do research with students in Singapore and China.

Our students have completed internships at banks, investment firms, the mayor’s office and the International Office of Migration, among others.

Plan of Study

General Education Requirements

The Department offers two courses that meet the Abstract Reasoning component of the Analytical Reasoning Requirement, ECON 101 and 103; and one course that fulfills the Domestic component of the Perspectives on Diversity Requirement, ECON 345. The Department also offers an occasional Earlham Seminar.

Economics Major

Students concentrating in Economics take a minimum of 36 credits. All majors must take the following courses which total 24 credits:

  • ECON 101 Introduction to Macroeconomics
  • ECON 103 Introduction to Microeconomics
  • ECON 204 Statistics for Economics
  • ECON 301 Intermediate Macroeconomics
  • ECON 303 Intermediate Microeconomics
  • ECON 305 Econometrics
  • ECON 310 History of Economic Thought
  • ECON 488 Senior Capstone

In addition, majors must take four more upper-level Economic courses (numbers 300 or above) totaling 12 credits. No more than 2 of these 12 elective credits can be at the 400 level.

The Quantitative Major

Students pursuing the Quantitative Major in Economics take a minimum of 38 credits. All majors must take the following courses which total 32 credits:

  • ECON 101 Introduction to Macroeconomics
  • ECON 103 Introduction to Microeconomics
  • ECON 204 Statistics for Economics
  • ECON 205 Mathematical Foundations for Economics
  • ECON 308 Quantitative Intermediate Macroeconomics
  • ECON 309 Quantitative Intermediate Microeconomics
  • ECON 305 Econometrics
  • ECON 306 Applied Econometrics
  • ECON 313 Game Theory
  • ECON 488 Senior Capstone

In addition, Quantitative Economics majors must take two more upper-level Economic courses (numbers 300 or above) totaling six credits.

While not required, students in the Quantitative Economics major who are interested in pursuing graduate study in Economics are strongly encouraged to take Calculus A, Calculus B, Introduction to Proofs, Multivariate, Linear Algebra, Differential Equations, and Mathematical Statistics in the Mathematics Department.

The following policies apply to both Economics majors:

  • Students may transfer in only three courses totaling nine credits towards their major.
  • ECON 301, ECON 303, ECON 305, ECON 306, ECON 308, ECON 309, ECON 310 and ECON 313 must be taken at Earlham — courses may not be transferred in and substituted for these courses. In the event a student takes any of these courses in their Senior year and fails them, they may petition the Department to take an equivalent course at another college or university. However, the transfer of these credits must fall within the nine credit constraints stated above.
  • Economic majors must be in residence in their Senior year to take ECON 486 and ECON 488. Only if a student plans to graduate in less than four years, can they take ECON 486 and ECON 488 during their third year, though they still must meet all the prerequisites?
  • Students who fail ECON 486 in the Fall semester may petition the Department to have a retake of ECON 486 in the Spring semester and to do their Senior Capstone Thesis work the following Fall semester. The granting of such an arrangement will be made on a case-by-case basis. A student may not petition to take ECON 486 for the first time in the Spring semester.
  • Completion of AP Exams or IB A levels in Economics does not substitute for the Department's introductory courses.
  • Students may earn credit toward the major for courses taken on off-campus study programs when the courses would count toward the major if they were offered on campus. Because off-campus courses vary a lot in their demands and quality, the Department will need to examine the course syllabus after a student returns from an off-campus program to determine whether the course counts toward the Economics major.

The Minor

Students obtaining a Minor in Economics must take a minimum of 18 credits. The following courses which total nine credits are required of all Economics minors:

  • ECON 101 Introduction to Macroeconomics
  • ECON 103 Introduction to Microeconomics
  • ECON 204 Statistics for Economics

In addition, minors must earn nine elective credits in Economics courses numbered 200 or higher. A student may transfer in one course of up to three credits toward the Minor.

International Admissions

A Global Learning Community

Rooted in the Quaker values of equality, justice, respect, and collaboration, an Earlham education creates an unending desire to see the world differently and to bring about change. Earlham prepares you for the challenges and decisions of your college career and for your life after college.

As an international student, you play a key role in bringing the world to Earlham. We recognize and value the distinct perspectives you bring with you and how they can enrich experiences in and out of the classroom.

International students make up approximately 21% of the total student body at Earlham. Our dynamic campus includes more than 200 international students, faculty, and language assistants from more than 60 countries.

We look forward to welcoming you to campus, too!

Standardized Test Scores

Standardized test scores are required of all international applicants.

If English is not your primary language, you must submit an English Proficiency exam and meet the required criteria. You may also submit an SAT or ACT score to enhance your competitiveness for admission and for scholarship consideration.

If English is your primary language, you may submit your SAT or ACT scores instead of an English Proficiency exam.

Current accepted tests and minimum required scores are:

Test Required Recommended
SAT – EBRW 400 600
ACT – Reading 20 26
TOEFL - total 80 92
IELTS – total 6.0 7.0
Duolingo - total 105 115
GTEC - total 1192 1255
ISE - total ISE II Merit ISE III Pass

While we understand the many issues present in standardized testing, Earlham’s current registration with SEVIS requires compliance with these test score requirements. SEVIS is the Student and Exchange Visitor Information System used by the Department of State on behalf of the Department of Homeland Security (in other words, important US governmental agencies). Therefore, the International Student Advisers must use test scores to substantiate academic preparedness and English proficiency when preparing an I-20 (the document needed to apply for a student visa) for an admitted student.

Last updated Apr 2020

About the School

Earlham is a national liberal arts college with a reputation for excellent teaching and preparing students to make a profound positive difference in the world.

Earlham is a national liberal arts college with a reputation for excellent teaching and preparing students to make a profound positive difference in the world. Read less