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Economics is a social science that is at once broad in its subject matter and unified in its approach to understanding the social world. An economic analysis begins from the premise that individuals have goals and that they pursue those goals as best they can. Economics studies the behavior of social systems—such as markets, corporations, legislatures, and families—as the outcome of interactions through institutions between goal-directed individuals. Ultimately, economists make policy recommendations that they believe will make people better off.

Traditionally, economics has focused on understanding prices, competitive markets, and the interactions between markets. Important topics such as monopolies and antitrust, income inequality, economic growth, and the business cycle continue to be central areas of inquiry in economics. Recently, though, the subject matter of economics has broadened so that economists today—and especially economists at Harvard—address a remarkable variety of social science questions. Will school vouchers improve the quality of education? Do politicians manipulate the business cycle? What sort of legal regime best promotes economic development? Why do cities have ghettos? What can be done about grade inflation? Why do people procrastinate in saving for retirement—or in doing their homework?

In understanding what economics is, it is crucial to keep in mind that economics today is a scientific discipline. Bringing their particular perspective to the questions of social science, economists formulate theories and collect evidence to test these theories against alternative ideas. Doing economic research involves asking questions about the social world and addressing those questions with data and clear-headed logic, employing mathematical and statistical tools whenever possible to aid the analysis. An undergraduate education in economics focuses on learning to analyze the world in terms of tradeoffs and incentives—that is, to think like an economist.

Students concentrating in economics begin, ordinarily, in their freshman year, with Social Analysis 10, the full-year introductory course in economics. Because marginal conditions hold a central place among economists' analytical tools, prospective economics concentrators who have not already covered the material in high school should also enroll in the first term of calculus, a prerequisite for the next level of required courses. Although math beyond the level of first-term calculus is not required for the concentration, students who have already covered this material may choose to continue their study of mathematics in order to prepare for courses that assume familiarity with more advanced topics in mathematics or for graduate study in economics.

Concentrators ordinarily take four or five half-courses related to Economics in their sophomore year. Two half-courses make up the intermediate theory sequence: one of 1010a or 1011a, Microeconomic Theory, and one of 1010b or 1011b, Macroeconomic Theory. These courses teach the analytical tools that economists use. The 1011 sequence assumes a more advanced background in mathematics than the 1010 sequence. Sophomores also advised to take an introduction to statistics: the ability to interpret quantitative data and to understand statistical arguments is essential to understanding the economy. The fourth half-course taken in the sophomore year is Economics 970, the spring term sophomore tutorial taught in small groups of about eight to ten students. The sophomore tutorial is an intensive experience aimed at helping concentrators develop the ability to present economic arguments both orally and in writing. Because the Economics Department has a very large number of concentrators, even upper-level courses can be large in size; thus the tutorial provides a key opportunity for small-group “active learning.” Finally, some students choose to fulfill the econometrics requirement (Economics 1123 or 1126) in the sophomore year, although many students wait until the junior year.

Beyond these foundational courses, all concentrators are required to take at least three additional half-courses in the Economics Department. Honors candidates can choose either to write a senior thesis or to take advanced coursework beyond these three half-courses. These additional courses must be chosen to build on the intermediate theory courses, and to further develop the student’s writing skills and skills in statistical and quantitative analysis. The specific requirements are listed below. In 2006-2007, the Economics concentration launched a program of faculty-led junior seminars on a variety of topics; these seminars, limited to 16 students, are designed to introduce students to research in a particular area of economics and to prepare students to undertake their own research. Students should work with faculty members and advisers to design a program that best helps them fulfill concentration requirements while furthering their own educational goals and interests.

In recent years, approximately thirty percent of Economics concentrators have chosen to write a senior thesis. Senior thesis topics usually spring from a question of interest first raised in a field course. Students are therefore strongly advised to take courses before their senior year in areas in which they might want to write their theses. Many theses have subsequently been published in some form. The Economics Department encourages all students to think seriously about writing a thesis, as the thesis experience can be a useful capstone to four years of study. However, concentrators may still be recommended for Honors in Economics (as opposed to High Honors or Highest Honors) without writing a thesis by participating in the concentration’s advanced course track.

Undergraduates are welcome in graduate courses and often do well in them. Because coverage of the professional literature is a primary objective of such courses, they are, as a rule, very demanding and time-consuming for undergraduates.