rubikford Posted May 25, 2007 Share Posted May 25, 2007 Hi. I'm an Econ sophomore at a large research university in California, and I'm interested in pursuing a PhD in Econ. I've been reading most of the threads in here, and so far, they've been pretty helpful, in fact, bolstering my choice to pursue grad school in Econ instead of going to med school, which is what my parents want me to do. Anyway, I'm a bit undecided on whether I should complete a second major in either Math or Statistics. My question, hence, is: Which program should I choose for a second major? Thanks. Quote Link to comment Share on other sites More sharing options...
econyun Posted May 25, 2007 Share Posted May 25, 2007 well... I think...if you aim Phd in Econ.. whether you claim you major Math or Stat makes no big difference... Of course, if you claim you major Stat,let s say..you would have to take more stat courses in the years to come.. but you can also take you math as your elective... To me, math major seems better... except...sometimes Abstract Math or Complex Analysis may be required to take...which are very useful....but not necessary in Economics... Quote Link to comment Share on other sites More sharing options...
sartre Posted May 25, 2007 Share Posted May 25, 2007 I'm in a similar situation, and based on what I've read here, for the content of the stat major at my school (berkeley), Statistics seems like a better option than Math. But it depends on the content of the majors at your school. for me, the applied math major requires: Real Analysis Numerical Analysis Complex Analysis Abstract Algebra Linear Algebra (upper division version in addition to lower division version) three mathemathical econ courses The statistics major has a lot more flexibility. I have to take: Some computation with data course Probability Statistics and I can choose to take: Game Theory Stochastic Processes Time Series and three mathematical econ courses. Since all the core classes for the stat major are recommended, it seems like a better idea to go with statistics and just take analysis as an elective. Again, it depends on the content (and flexibility) of the majors at your school. Quote Link to comment Share on other sites More sharing options...
apropos Posted May 25, 2007 Share Posted May 25, 2007 I think this is also a matter of taste. Remember that college is not only just for preparation for a career in X. I think either math major (with some economics and statistics electives) or statistics major (with some math and economics electives) will be fine. Do you want to understand the formal, rigorous proofs for each and every result that you see in class? Then math major is for you. Would you like to learn tons of useful, readily applicable statistical techniques for analyzing data (with proofs often given in an informal way), looking for patterns, messing with statistical software and writing reports? Then statistics major might be for you. In the end, you will be able to make a more informed decision once you take your first real analysis and mathematical statistics courses. Quote Link to comment Share on other sites More sharing options...
Elly Posted May 25, 2007 Share Posted May 25, 2007 I agree with apropos. You should also consider what interests you within economics: if emperical work is your thing then stats will be much more useful, whereas if theory interests you more, you'll get more value from a pure (or applied) math major. But ultimately, both are useful majors, and you can't go wrong. My only other suggestion is to make sure you take the pertinent electives from the other major early on (eg analysis if you're a stat major, probability/stat theory if you're a math major). That way, if it turns out you really enjoy it, you'll have time to follow up with related classes before you graduate. Quote Link to comment Share on other sites More sharing options...
ekonomiks Posted May 25, 2007 Share Posted May 25, 2007 Now that people do calibration for general equilibrium models, I wonder how useful econometrics is. At places like Minnesota, they don't even require first-year PhD's to take the econometrics sequence anymore (although they do encourage). Quote Link to comment Share on other sites More sharing options...
apropos Posted May 26, 2007 Share Posted May 26, 2007 ekonomiks, I asked a similar question to a well-known macroeconomist at UIB, who himself is a UMN Ph.D. with interests in monetary economics. I was told that that there is certainly a strong demand for Minnesota-style macroeconomists, but at the same time, that there is no such a thing as a Minnesota-style monetary economics any more. The reasons that UMN does not even have any ecometricians on faculty are primarily "religious". UMN simply let the econometricians that they had go elsewhere and didn't hire any new ones to replace them. He believes in the value of estimation, and not surprisingly, IUB is now loaded with econometricians. They have some professors that practice Minnesota-style macro as well. Most of the subjects in applied microeconomics are very empirically driven and it's amazing how much useful econometrics had been motivated by fields such as labor economics. So, UMN's lack of strong econometrics at least in the area of microeconometrics indicates that applied micro is not their priority. Regarding time series modeling, I know for example some people who model things like exchange rates using either exclusively estimation or calibration. I certainly have no clue right now which way is better. I'd go to UMN in a heartbeat if they let me in though (even without funding). Quote Link to comment Share on other sites More sharing options...
apropos Posted May 26, 2007 Share Posted May 26, 2007 BTW, what kind of undergraduate math courses would prepare one for the modern dynamic macroeconomics anyways? (besides, the usual multivariable calculus, linear algebra, analysis, etc) For example, my undergraduate institution doesn't teach anything remotely close to it unless you take a graduate economics course called "dynamic methods in economics" or something like that.. Quote Link to comment Share on other sites More sharing options...
ekonomiks Posted May 26, 2007 Share Posted May 26, 2007 I asked a similar question to a well-known macroeconomist at UIB, who himself is a UMN Ph.D. with interests in monetary economics. I was told that that there is certainly a strong demand for Minnesota-style macroeconomists, but at the same time, that there is no such a thing as a Minnesota-style monetary economics any more. Why isn't there Minnesotan monetary economics? Quote Link to comment Share on other sites More sharing options...
rubikford Posted May 27, 2007 Author Share Posted May 27, 2007 Thanks for the replies. They sure help. I'm about to take real analysis and probability for the next term. Quote Link to comment Share on other sites More sharing options...
buckykatt Posted May 28, 2007 Share Posted May 28, 2007 Maybe a minor consideration, but if you're still unsure whether you want to pursue a career of some kind in medicine, I'd guess that stats would be marginally better. Of course, being someone who hates to get up before 9 or 10, I'd pick econ over medicine any day! :) Quote Link to comment Share on other sites More sharing options...
DismalScientist Posted June 18, 2007 Share Posted June 18, 2007 I agree with Buckykatt. I would think that a degree in Stats is a better fall-back plan than a degree in pure math if you decide at any time not to pursue a Ph.D. in economics and join the private sector. As far as preparation for the Ph.D. in econ, you can't go wrong either way and your choice should primarily be based on your taste. Quote Link to comment Share on other sites More sharing options...
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