Mathematics and economics are complementary disciplines. Most branches of
modern economics use mathematics and statistics extensively, and some important areas of mathematical
research have been motivated by economic problems. Economists and mathematicians have made important
contributions to each other's disciplines. Economist Kenneth Arrow, for example, did path-breaking work
in the field of mathematical optimization; and in 1994 mathematician John Nash was awarded the Nobel
Prize in economics for introducing a theory of equilibrium in non-cooperative games that has become
central to contemporary economic theory. Haverford's Area of Concentration in Mathematical Economics
enables students in each of the disciplines not only to gain proficiency in the other, but also to
understand the ways in which they are related and complementary.
Students enrolling in the Area of Concentration in Mathematical Economics must
be majoring in either mathematics or economics. Mathematics majors pursuing the concentration take
four economics courses that provide a solid grounding in economic theory, as well as two mathematics
electives on topics that have important applications in economics. Economics majors in the concentration
take four mathematics courses (all beyond the level of mathematics required for the economics major),
and two economics electives that involve significant mathematics.
Economics students with a variety of backgrounds and career interests can benefit
from completing the Area of Concentration in Mathematical Economics. The mathematics courses required
by the concentration are extremely valuable for students interested in pursuing graduate study in economics.
A strong mathematical background is also an asset for students going on to business school or public policy
school. Completing the concentration is also advantageous to students looking for employment in a wide
variety of economics-related jobs requiring quantitative and analytical skills, in government, business
and finance.
The Area of Concentration in Mathematical Economics also benefits mathematics majors.
Many students find mathematics more exciting and meaningful when they see it applied to a discipline they
find interesting and concrete. Almost every undergraduate mathematics course covers topics useful in economic
applications: optimization techniques in multivariable calculus, quadratic forms in linear algebra, fixed
point theorems in topology. In intermediate and advanced courses in economics, mathematics majors can see
these how these tools and methods are applied in another discipline.
Associate Professor Richard Ball, Concentration Coordinator for 2006-2007 This page is maintained by
lbutler@haverford.edu.
It was last updated 4/13/07.
Requirements
For students majoring in mathematics, the requirements of the concentration consist of six courses:
For students majoring in economics, the requirements of the concentration consist of six courses:
The three electives required for the concentration (parts 2. and 3. of the requirements above) should be
chosen in consultation with the concentration coordinator. Examples of mathematics electives that are
relevant to economics include Math 204 (Differential Equations), Math 210 (Linear Optimization and Game
Theory; cross-listed as Econ 210), Math 218 (Probability), Math 222 (Scientific Computing) and Math 335
(Topology I). Examples of economics electives with significant mathematical
content include Econ 210 (Linear Optimization and Game Theory; cross-listed as Math 210), Econ 311
(Theory of Non-Cooperative Games) and Econ 312 (General Equilibrium Theory). The economics
and mathematics departments at Bryn Mawr, Swarthmore and the University of Pennsylvania offer a number
of courses that may be used as electives for the concentration.