The Journal of Economic Education

ISSN: 0022-0485 (Print) 2152-4068 (Online) Journal homepage: http://www.tandfonline.com/loi/vece20

Engaging Undergraduates in Economics

Kiran Gajwani & Jeffrey Miron

To cite this article: Kiran Gajwani & Jeffrey Miron (2015) Engaging Undergraduates
in Economics, The Journal of Economic Education, 46:2, 200-206, DOI:
10.1080/00220485.2015.1015193

To link to this article: http://dx.doi.org/10.1080/00220485.2015.1015193

Published online: 20 Apr 2015.

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 THE JOURNAL OF ECONOMIC EDUCATION, 46(2), 200–206, 2015
Copyright 
C Taylor & Francis Group, LLC
ISSN: 0022-0485 / 2152-4068 online
DOI: 10.1080/00220485.2015.1015193

FEATURES AND INFORMATION

Engaging Undergraduates in Economics

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Kiran Gajwani and Jeffrey Miron

Siegfried and Stock (2007) explore the undergraduate training of PhD economists. Their findings
show that among U.S. undergraduate economics programs, the Harvard University Economics De-
partment produces many eventual economics PhD recipients. In this article, the authors discuss
Harvard’s undergraduate economics program and highlight some key features. Harvard undergrad-
uate economics students are not explicitly pushed into economics PhD programs. Instead, they are
exposed to economics research early and often, allowing them to see and experience the potential of
economics training to explore a variety of interesting questions and career possibilities. Additionally,
while acknowledging the benefits of small classes and cohorts at liberal arts colleges, the Harvard
undergraduate economics program believes it is possible for large economics departments to create
an economics community and actively engage undergraduates in economics.
Keywords doctoral studies, economics, Harvard, PhD, undergraduate
JEL codes A22, A23

Across the United States, the proportion of undergraduate degrees awarded annually in economics
has remained roughly around 1.5 percent since the mid-1990s (National Center for Education
Statistics [NCES] 2013), as shown in figure 1. The proportion of these students enrolling in U.S.
economics doctoral programs, however, has been declining while foreign student enrollment in
these programs has been rising (Siegfried and Stock 2007; henceforth, SS 2007).
Among U.S. undergraduate economics programs, the Harvard University Economics De-
partment produces many eventual economics PhD recipients. Harvard ranked first among U.S.
institutions in absolute numbers of undergraduate economics majors who eventually earned a
PhD in 2008–12 (Stock and Siegfried 2015; henceforth, SS 2015). Adjusted for institution size,
it ranked fourth.1 In this article, motivated by SS (2007), we discuss the structure of the Harvard
University undergraduate economics program and highlight some key features. Causal claims for

Kiran Gajwani (e-mail: kgajwani@fas.harvard.edu) is a lecturer/advisor in the Department of Economics at Harvard

University. Jeffrey Miron (e-mail: miron@fas.harvard.edu) is Director of Undergraduate Studies in the Economics
Department at Harvard University and Director of Economic Studies and Senior Fellow at the Cato Institute. Gajwani is
the corresponding author.
 ENGAGING UNDERGRADUATES IN ECONOMICS 201
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FIGURE 1 Percent of total undergraduate degrees awarded in economics (1995–2012). Source: Own calculations based
on data from the 2013 Digest of Education Statistics, National Center for Education Statistics, Washington, DC.

our relatively high rate of graduate-school-bound alumni are not the intention of this article; we
merely highlight potential explanations for this trend.
We believe that one key to successful matriculation of undergraduate economics students
into economics PhD programs is not to push students into such programs. Instead, the Harvard
economics department exposes undergraduates—early and often—to research, research skills,
and the variety of interesting questions one can pursue with economics training. We aim to show
students what one can do with economics tools, leading them to pursue work and career paths
that genuinely excite them. Some of these paths lead naturally to doctoral studies, but our goal is
broader.

THE MAKING OF PHD ECONOMISTS

SS (2007, 2015) investigate the undergraduate training of PhD economists, noting the absence
of this discussion in the literature. SS (2007, 463) discuss their prior research on undergraduate
economics study (e.g., the role of introductory economics courses and trends in undergradu-
ate economics degree attainment) and PhD economics programs (e.g., time to completion, the
job market, and attendance and dropout decisions). Other research has also explored women’s
underrepresentation in all levels of economics programs as well as at the faculty level (Hasle-
hurst, Hopkins, and Thorpe 1998; Hale and Regev 2011; Goldin 2013); Americans’ declining
interest in economics PhD programs (Rao 1993; Ehrenberg 2005); and the changing nature of
undergraduate economics programs, such as increasing technical requirements (Johnson, Perry,
and Petkus 2012; Siegfried and Walstad 2014) and more discussion-based courses and research
projects (Watts and Becker 2008; McGoldrick 2008).
 202 GAJWANI AND MIRON

Broadly speaking, SS (2007, 2015) find that universities with PhD programs produce the most
eventual PhD economists. They further show that relative to institution size, selective liberal arts
colleges are also strong producers of eventual PhD economists. They additionally explore the
relationship between one’s undergraduate institution and admission into top-15 PhD programs,
PhD dropout rates, and time-to-degree; however, that is beyond the scope of this article.
While their findings are fascinating, the obvious problem in examining the undergraduate
origins of eventual PhD economists is selection versus treatment. For example, SS (2007) point
out that faculty children are overrepresented at selective liberal arts colleges. Additionally, a
greater proportion of students matriculating at top PhD-granting universities might initially be
more inclined to pursue graduate studies. However, while many factors leading to the pursuit
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of doctoral studies in economics are likely beyond the influence of an undergraduate program,
a student’s undergraduate experience plays a role. For example, Ehrenberg (2005) anecdotally
discusses how his efforts to involve undergraduates in research have encouraged some students
to consider economics PhD programs.
Thus, the relatively larger number of eventual PhD economists coming out of Harvard’s under-
graduate economics program suggests there may be some scope for the nature of an undergraduate
program to impact students’ post-baccalaureate pursuits. In the remainder of this article, we dis-
cuss the structure of the Harvard undergraduate economics program as it relates to exposing
students to the study of economics.

UNDERGRADUATE ECONOMICS AT HARVARD

The undergraduate economics program at Harvard is the largest major in the university, with
roughly 200 to 250 students per graduating class.2 The basic requirements of the program consist
of eleven courses, two of which are single-variable calculus and statistics. We also offer two
honors options. One requires a thesis, while the other requires extra economics coursework; both
require multivariable calculus and an honors general exam.3
The program is designed to provide a solid understanding of micro- and macroeconomic theory
and econometrics and to apply these tools in field courses, in an effort to expose undergraduates to
“what economists really do” with their theoretical and econometric tools. We require all students
to take at least one higher-level economics elective, at least one economics course that requires
producing a research paper, and at least one additional economics course that requires significant
research-based writing.
We make minimal efforts to explicitly encourage students to pursue doctoral study in eco-
nomics. The nature of a PhD program, its focus on research, and the necessity for higher math
skills mean that unprepared or unmotivated students will likely struggle in a PhD program. In-
stead, the Harvard program actively exposes students to research—early and often—and provides
both mandatory and optional opportunities to engage in research. We also introduce students to
the variety of interesting questions one can pursue with a background in economics. Through
this, we believe more students discover an enjoyment of research, and economics more broadly,
compared to an undergraduate program without this experience.
 ENGAGING UNDERGRADUATES IN ECONOMICS 203

Our Approach to Principles

The exposure to economics applications begins from students’ first economics course: a two-
semester introductory economics course (Economics 10: Principles of Economics), taken by
many freshmen. In addition to learning basic economics principles, students hear 10 to 12 guest
lectures by economics professors. While the topics of discussion vary widely, each lecture has
in common a sense of what an economist does and how one can use economics to investigate
real-world, interesting phenomena. For example, previous guest lectures have covered the role
of psychology in decision-making (David Laibson), U.S. fiscal and monetary policies (Martin
Feldstein and Larry Summers), the economics of health care (David Cutler), currency unions and
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the euro crisis (Gita Gopinath), the importance of culture and social norms in economics (Alberto
Alesina), and the role of religion in early economic thought (Benjamin Friedman).4

Intermediate Theory Options

As in most other programs, students take one semester each of intermediate micro and interme-
diate macro theory in their second year of economics study. However, in addition to the standard
single-variable calculus-based intermediate theory courses, we offer multivariable calculus-based
intermediate theory courses, pitched at a level between undergraduate- and graduate-level eco-
nomic theory. This provides students interested in math and modeling with rigorous exposure to
economic modeling and upper-level theory, which can be useful for those contemplating doctoral
studies as well as other pursuits.

The Sophomore Seminar

During their second year, students also generally take econometrics and a 10-person research
seminar (both required). Thus, a large proportion of sophomores take econometrics as well as
a research seminar (Economics 970), leaving them with two more years to apply these skills.5
Twenty to twenty-five different sophomore research seminars are offered each year, in a variety of
fields, such as immigration, finance, law, natural resources, game theory, and development. Each
seminar has in common that (1) the reading list mainly comprises economics journal articles,
and (2) the course culminates in students producing a serious research paper. This course is often
rated by economics students as one of the most difficult but also most enjoyed courses they take
at Harvard.

The Optional Junior Seminar

Juniors (and seniors, as space allows) have the option of taking an 18-person research seminar
(Economics 980). Three to four seminars are offered each semester, and roughly 40 percent
to 50 percent of economics students take one during their tenure in the department. Similar to
Economics 970, these courses are largely built around reading journal articles and producing a
serious research paper. More generally, our economics electives often include journal articles,
rather than only textbooks; thus, students gain solid skills in the theory courses while also seeing
interesting applications and uses of those skills in their electives.
 204 GAJWANI AND MIRON

The Senior Honors Thesis

To be eligible for the department’s highest level of honors, students must successfully complete
a senior honors thesis under the guidance of a faculty advisor. Approximately 20 to 25 percent of
economics students choose to pursue a thesis. Thesis writers also enroll in a 10-person yearlong
research seminar (Economics 985), each led by one of our lecturer/advisors (discussed below)
or a graduate student. This seminar not only helps students progress with their theses but also
introduces them to the broader meaning of scholarship. Students present their works-in-progress
to other thesis writers and engage in peer review of their classmates’ drafts. Data support the
success of this structure: Student satisfaction with the senior thesis experience in the economics
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department is eight percent higher than the all-Harvard average (own calculations, Harvard
Senior Survey 2014).6 Anecdotally, a few students each year tell us they have decided to pursue
a PhD in the future because of their excellent thesis research experience. To facilitate thesis
writers’ research exploration, the department also offers modest funding for hiring assistants,
conducting small-scale computer-based experiments, purchasing datasets, and so on. We believe
such experiences help students see and experience the potential for interesting research.

Other Features

Outside the classroom, we endeavor to help students expand their interest in and knowledge of
economics. The undergraduate program Web site7 hosts a regularly updated list of faculty and
graduate students seeking undergraduate research assistants. Additionally, the department offers
daily, walk-in advising office hours with four PhD economists who also serve as lecturers. On a
larger scale, the department recently created an annual economics alumni event, featuring a panel
discussion with four alumni working in varied and interesting economics-related professions.
Conversations with our students suggest that this is a successful way to demonstrate the wide
applicability and potential of economics studies. We also dedicate a portion of our Web site
to discussing and listing examples of the variety of job opportunities available to economics
bachelor’s degree holders.
While many features of the Harvard undergraduate economics program are typical of other
programs, the above points highlight the extent to which—throughout their three to four years
as economics students—we expose students to “real world” economics. We also believe some
aspects of our curriculum are relatively unique among our peers. For example, among the top 25
U.S. universities (as ranked by U.S. News & World Report [2014]), fewer than half seem to have
a seminar requirement (like Economics 970, discussed above) or an elective economics course
that requires producing a research paper (which Harvard has in addition to Economics 970).
This is not to deny that we face challenges. The large size of our program can leave some
students feeling lost in the crowd and disconnected from professors, especially in comparison
to students at liberal arts colleges. We have instituted fundamental changes to address this in
the last five years, and data on student satisfaction indicate a noticeable improvement. One ex-
ample is our new advising system of PhD economists serving as full-time academic advisors
(lecturer/advisors). The advisors collectively hold 30 hours of walk-in office hours each week,
during which students have easy access to individuals with whom they can discuss their interests,
potential research ideas for course papers or theses, summer and career opportunities, and more.
 ENGAGING UNDERGRADUATES IN ECONOMICS 205

These advisors also support a variety of activities to foster a feeling of community among eco-
nomics students. For example, we recently instituted a series of student lunches with economics
faculty members. We also have started using social media as a way to reach students and to engage
them in interesting topics of discussion, share research in the news, and so on. More broadly,
we work to create smaller communities within the major. Some examples are sophomores who
newly declare an economics major, senior thesis writers, and so on.
In the five years since implementing this new system of advising and fostering community,
student satisfaction ratings of Harvard’s undergraduate economics program have increased ap-
proximately 10 percent, outpacing 42 of Harvard’s 47 other majors. This improvement is also
double to triple the average change in satisfaction among Harvard undergraduates overall and
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among social sciences specifically (own calculations, Harvard Senior Survey 2014).

CLOSING THOUGHTS

Rather than pushing undergraduate economics students into economics PhD programs, our mis-
sion is to expose students to economics research early and often, allowing them to see the potential
of economics training to explore a variety of interesting questions and career possibilities. This
does not necessarily require fundamental changes in an economics program; small changes may
be enough to create opportunities for students to connect with economics.
Additionally, while there are certainly benefits of small classes and cohorts at liberal arts
colleges, we believe that large economics departments can take steps to create an economics
community and more actively engage students in economics. Our approach to principles, the
sophomore tutorial series, the new advising system of PhD economists, creating smaller com-
munities of students, and presenting opportunities to explore economics outside the class are
all examples of how we try to do this. Our hope is that other large economics programs strug-
gling with student engagement with economics—as we were—can benefit from some of our
experiences.

ACKNOWLEDGEMENTS

The authors thank Alexandra Phillips and Charles Weber for excellent assistance in gathering
background information, and our colleagues and ASSA 2015 seminar participants for helpful
feedback.

NOTES

1. Adjusted for the total number of economics undergraduates degrees granted, Harvard is absent from the
top 25. However, this is likely due to the large number of Harvard economics majors and the absence
of an undergraduate business program. Indeed, most of the top 25 schools in this list have very small
economics programs and/or offer an undergraduate business program (SS 2007, 2015).
2. The Economics Department also has approximately 55 faculty members, 12 visiting faculty, four lec-
turer/advisors, and roughly 25 graduate students per graduating class.
3. The honors general exam is a comprehensive exam covering intermediate microeconomics, intermediate
macroeconomics, and econometrics.
4. The course exams include questions based on the guest lectures.
 206 GAJWANI AND MIRON

5. Students who start economics classes later in their undergraduate studies take these courses later on; for
example, taking the sophomore seminar in one’s junior year.
6. The Harvard Senior Survey (2014) is given to all graduating seniors and asks a variety of questions about
their undergraduate experience, both general and specific to a student’s major.
7. All references to our Web site are available at http://economics.harvard.edu/pages/undergraduate.

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