Department of Economics

Chicago is an unusually innovative department of economics. The proportion of new ideas in economics over the last forty years that have emanated from or become associated with Chicago is astonishing. Any definition of the "Chicago School" would have to find room for the following ideas (in chronological order from the 1940s to the present): the economic theory of socialism, general equilibrium models of foreign trade, simultaneous equation methods in econometrics, consumption as a function of permanent income, the economics of the household, the rationality of peasants in poor countries, the economics of education and other acquired skills (human capital), applied welfare economics, monetarism, sociological economics (entrepreneurship, racial discrimination, crime), the economics of invention and innovation, quantitative economic history, the economics of information, political economy (externalities, property rights, liability, contracts), the monetary approach to international finance, and rational expectations in macroeconomics. The unifying thread in all this is not political or ideological but methodological, the methodological conviction that economics is an incomparably powerful tool for understanding society.

The Department of Economics offers a program of study leading to the Ph.D. degree.

Admission Requirements

The Department of Economics enrolls an entering class of approximately thirty to thirty-five graduate students every autumn. For admission to graduate study, a bachelor’s degree (or equivalent) is required; for some international students, this may mean a degree beyond the baccalaureate. This degree need not be in economics, although some background in Economics is desirable. There are no formal course requirements for admission, but a strong background in mathematics is important. At the Ph.D. level, the study of economics requires an absolute minimum of one year of college calculus and a quarter (or semester) each of both matrix algebra and mathematical statistics (that is, statistics using calculus, as distinct from introductory statistics for social science). Prospective students who lack this preparation and have remaining free time in their undergraduate schedules are urged to take some of these courses before beginning graduate study.

In addition, prospective students who plan to concentrate in Econometrics or Mathematical Economics are urged to take advanced courses in mathematics and statistics while they are undergraduates, and those who plan to concentrate in Economic History are urged to take advanced courses in history.

The program is designed as a Ph.D. program and there are no master’s-level courses or a self-contained master’s program. The department does not admit students who intend to do only a master’s degree. Ph.D. students may apply for and receive a master’s degree after completion of a set of courses and examinations taken as part of the doctoral program.

Given the year-long sequence of courses, students should plan to enter in the Autumn Quarter. The application deadline for both domestic and foreign students is December 28. There is a single application for both admission and financial aid. To request that an application packet be mailed to you, write to the Dean of Students, Division of the Social Sciences, The University of Chicago, 1130 East 59th Street, Chicago, IL 60637, or e-mail: ssd-admissions@uchicago.edu. To view the program brochure on line, visit: http://social-sciences.uchicago.edu/admissions/brochures/economics_brochure.html .

Applications may be completed online at: https://grad-application.uchicago.edu. To see the Guidebook for current students, which includes complete course descriptions and faculty bios, visit our website at: http://economics.uchicago.edu.

All applicants are required to submit scores from the Graduate Record Examination (GRE) General Test. Foreign applicants whose native language is not English should also submit scores from the Test of English as a Foreign Language (TOEFL). The University requires a minimum total score of 250 with at least 25 in each section (or, on the paper-based test, a minimum total score of 600 with at least 60 in each section).

The Committee on Admissions employs a number of criteria to evaluate each applicant: previous educational record, letters of recommendation, the applicant’s scores on the Graduate Record Examination (GRE) General Test and on the Test of English as a Foreign Language (TOEFL), the compatibility of the applicant’s research interests with the program strengths in the department, and any special factors that the applicant may bring to the committee’s attention. The committee evaluates each applicant on the basis of all material submitted; no arbitrary cut-offs in terms of a student’s grade point average or test scores are used. Applications must be complete for the January review, including scores from the GRE and TOEFL if appropriate. These exams should be taken no later than October. In deciding when to register for the GRE and TOEFL exams, applicants should particularly note our yearly cycle in order to assure that their applications receive full consideration.

Program of Study

The Department of Economics offers a program of study leading to the Ph.D. degree. The program of study includes courses and comprehensive examinations in the three “Core” subjects of Price Theory; the Theory of Income, Employment, and the Price Level; and Quantitative Methods. In addition to the Core, Ph.D. requirements include demonstration of competence in two Specialized Fields of concentration, courses in three elective Fields for the General Distribution requirement, a Research Paper, the approval of a Thesis Proposal, and the completion of the Doctoral Thesis.

The usual load is three courses per quarter for two years; this permits completion of nine courses during the regular academic year of three quarters. The comprehensive examination for the Core subjects is given in the Summer Quarter. An examination in each Specialized Field of concentration is given once a year.

Ph.D. students may request permission to choose electives outside the Department of Economics for Field or General Distribution requirements. Satisfactory grades on course work done at the graduate level at another institution may also be used to satisfy part of the course requirements for General Distribution by petition to the Director of Graduate Studies.

With good preparation, students normally take five years to complete the Ph.D. Students who begin with the intention of obtaining the Ph.D. but who change their plans or fail to satisfy the Ph.D. requirements will in most cases find themselves eligible for the M.A. degree.

The department devotes a large proportion of its resources to research in economics and to the training of advanced students in research. The research training activities are organized on a continuing basis in workshops and other groups. Each group consists of one or more faculty members and advanced students working on related endeavors. Student members receive individual instruction and participate in the seminars. Research training and facilities for research are available to all qualified students, both those associated with a research group and those engaged in individual research.

The program of a typical Ph.D. student consists of the following: in the first year, courses in price theory, the theory of income, and quantitative methods prepare the student for the “Core” examination; in the second year, courses in Specialized Fields and participation in Workshops prepare the student for Certification in two Specialized Fields (one by exam and one by GPA or exam) and help the student identify a Research Paper Topic; in the third and fourth years, the student completes his/her Research Paper and General Distribution requirements, participates in workshops, formulates a thesis topic, and presents a Thesis Proposal Seminar; in the fifth year, the student completes his/her Doctoral Thesis and gives a Public Lecture.

This text was last revised on 9/09/ 2003.