Requirements: Economics

Social Sciences Division

Personal fulfillment and effective citizenship require some understanding of the principles of human interaction in society. Economics is the scientific study of choosing how best to use technology and limited resources to maximize individual or social welfare. Through its analysis of behavior, economics can add much to our understanding of vital public-policy issues. A grasp of the principles of economics enables students to analyze problems such as unemployment, economic growth, pollution, inflation, monopoly power, race and gender discrimination, and international trade.

Economics can also be defined by its methods of analysis. In seeking to understand and predict social behavior, economists build, test and revise models. Economics students learn to work with models of the behavior of consumers, producers, suppliers of labor and capital, and government. They study the markets in which these economic agents interact. This technique for understanding the experience of men and women in society differs sharply from the literary and intuitive methods of the humanities and fine arts.

Economics is a highly integrated discipline in which most economists work simultaneously with theory, analytical models, data, quantitative research methods and public-policy issues. Each economics course at Kenyon introduces all of these elements, in varying mixes. The common thread among the courses is reliance on models that explain and predict human behavior. Economics courses at Kenyon are designed to help students develop the ability to think in a rigorous, analytical fashion and to develop communication skills. This emphasis places economics at the heart of liberal arts education.

The Kenyon College faculty voted to change from Kenyon units to semester hours. This change will go into effect for all students who start at the College in the fall of 2024. Both systems will be used throughout the course catalog with the Kenyon units being listed first.

New Students

ECON 101 and 102 form the complementary pair of foundation courses in economics. Both are lecture and discussion courses. The introductory courses survey theories of producer and consumer behavior and show how these theories can be used to predict the consequences of individual, business and government actions. Current public-policy issues are also studied. Different instructors teach sections of these courses using different teaching styles. All sections, however, feature several examinations each semester, and in most sections there are also homework assignments or quizzes. In addition to a major text, most sections introduce readings about current issues. These courses are an excellent introduction to economics for those who plan no further work in the discipline, but they also are the foundation and prerequisite for all upper-level courses and the first courses in the economics major.

Even though ECON 101 and 102 are challenging, most first-year students who take these courses perform well. Those students who are most successful in the principles courses have a strong general preparation for college, reasonably good study habits and academic motivation to keep up with reading and homework assignments every week.

There are significant advantages in taking ECON 101 and 102 as a first-year student. The courses prepare one to take virtually any other economics course starting in the sophomore year. Students who are seriously considering an economics major often find this early start helpful.

Economics majors can participate in off-campus study in the junior year. Those who plan to major in economics and study off campus should seriously consider enrolling in ECON 101 and 102 as first-year students and ECON 201 and 202 as sophomores to provide a sound base for off-campus study.

Requirements for the Major

Successful completion of ECON 101 and ECON 102 with a grade of at least B- in each is a prerequisite for admission to the major program.

A minimum of nine courses within the department is required, including:

ECON 101: Principles of Microeconomics
ECON 102: Principles of Macroeconomics
ECON 201: Microeconomic Theory (prerequisite: ECON 101, 102, a college-level calculus course)
ECON 202: Macroeconomic Theory (prerequisite: ECON 101, 102, a college-level calculus course; ECON 201 is highly recommended)
ECON 205: Introduction to Econometrics (prerequisite: a college-level statistics course)
Three economics elective courses
An economics seminar

The following courses in math and statistics are also required:

College-level statistics (one course)
College-level calculus (one course)*
*This requirement applies to students with an expected graduation date of May 2023 or later.

Senior Capstone

The Senior Capstone involves a systematic effort to understand social behavior using economic principles. The capstone allows majors to gain an appreciation of the integrity of economics as a discipline. Students typically sit for the closed-book exam during the spring semester. Honors majors typically must answer an additional essay question. An honors oral examination is conducted by an outside examiner.

Find out more about the Senior Capstone in economics.

Honors

The Honors Program in economics provides an opportunity for more independent research and study than is available in regular courses of study. Honors candidates must have completed ECON 201, 202 and 205 prior to their senior year. In the honors seminar, students present and discuss with their peers the results of their research. A minimum departmental GPA of 3.5 and a minimum cumulative GPA of 3.33 is required for honors. Those interested in the Honors Program should discuss this possibility with the department chair.

Transfer Credit Policy

For those majors who spend a semester studying off campus, the department will transfer no more than two courses in economics.

For those majors who spend two semesters studying off campus, the department will transfer no more than three courses in economics.

The economics department will award economics credit for no more than 0.5 units/4 semester hours for an accounting or finance course taken at another institution.