Insight from a PhD student: Do you have to be good at math to pursue economics?
I recently had the privilege of speaking to an Economics PhD student at Columbia University about his experiences in the field of econ. We were able to speak on a wide array of topics, and I was able to gain some great recommendations and insight from him on how to best navigate the world of econ. Though, in this blog post, I wanted to narrow in on one specific point he made. Many aspiring economists tend to ask the infamous question, “do I have to be good at math to perform well in econ?” Just as my conversation with him began, he answered that question before I could even ask it. He jumped straight into explicitly stating the importance of being good at math to succeed in economics. One of the major reasons economics piqued my interest was because I absolutely adore math, so hearing this from him reconfirmed my passion for the field, and I was relieved that my love for math and the social sciences could reconcile in econ. Though, I have heard from many of you guys, EconoMath’s subscribers, that you enjoy the social science aspect of economics but have “arithmophobia” (fear of numbers and math), so the intensity of the math in econ is the tipping point for whether you choose the field or not. Given this is the case, I want to share exactly what the Columbia PhD student told me.
First of all, he qualified that at the undergraduate level, there is not a lot of advanced math within the individual economics classes themselves because they are more introductory and theory-based. That being said, pursuing economics later after undergraduate school requires some intense understanding of mathematical concepts, so you will want to load up on individual math courses outside of your general econ classes. In fact, he spoke of how many of his peers in his PhD program who majored in math in college are performing much better than those who majored in econ. He believes that the economics material you learn in undergrad can often feel irrelevant to the “real economics” that students later get into at higher levels of schooling and research.
So, what does this mean for you? If you only want to major in economics but do not wish to get involved with research or pursue mainstream economics as a career path, then a strong interest in or hold on math is not necessary. However, if economics sounds like a potential future profession to you, then it is important to understand that math is here to stay!
Okay, so you said I need to load up on additional math courses outside of economics courses in college; which ones?
Linear algebra - Lots of linear algebra. “Everything is linear algebra,” he claims. I personally have only been exposed to linear algebra at a very introductory level, and while it was very basic and just foundational, it was still super cool! It was nice having both pure and applied math. He spoke of how the presence of this field of math in economics tends to surprise people, so he wanted to emphasize it.
Calculus - “Definitely take the highest level of calculus that you can. You need to know multivariable at the very least.” Many other external sources have identified calculus as the most common branch of math in economics, so becoming familiar with concepts ranging from differential equations to optimization is necessary.
Real Analysis - According to him, many people will stress the vitality of understanding real analysis, but in his personal experience, he did not find that it was particularly prevalent beyond his first year [of PhD]. He qualified that working with theory is an exception.
Statistics - Having a base stats knowledge for econometrics is definitely important, and having an understanding of basic probability theory is expected by PhD programs. Especially if research is something you are planning on getting into, econometrics and stats are inescapable. According to Cornell University’s Economics Department’s Recommendations, a lot of econometrics borrows from integral calculus (MATH 1120).
Linear algebra - Did I mention linear algebra? At the end of the conversation about math, the student once again emphasized that linear algebra is an absolute must.
Beyond the mathematics courses that directly use math skills, the PhD student also highlighted that if you wish to begin pursuing research at the undergraduate level, then you should definitely go in having a strong coding base knowledge. Just as with many professions, programming with Java and Python is pretty foundational nowadays. Though, in addition to that, knowing the R and Stata languages is necessary for research in economics. If you have had any exposure to data science, machine learning, or general computer science, it shouldn’t surprise you now that linear algebra has been given so much importance.
Is there not any way for me to continue economics without math?
If math isn’t your thing, there are other options. It’s important to assess your goals and plans.
If you are studying economics as a stepping stone to a career in a non-mainstream economics field like business, public policy, or international affairs, then the economics you learn won’t be as heavy in math, as you will probably not be performing calculations with differential equations or working with Euclidean vector spaces on the daily, depending on your specific job.
Though, if you’re studying economics… well, to do economics… but still feel hesitant about your math abilities…
know that math is learnable. It all comes down to practice and approaching problems through a different perspective. If you struggle with math, I can almost guarantee that it is not because you don’t actually understand the content; it’s because you just need to look at the problem differently. Instead of trying to memorize steps and formulas, try visualizing and thinking about processes more logically. It’s also important to be conscientious of your mindset. If you continue telling yourself that math is difficult, then it will be difficult. If you think of it as not numbers and equations but instead as a puzzle or a game, then you will find yourself enjoying math. Our brains are more powerful than we realize; sometimes we just need to trick them into believing something we otherwise would not have.
If you’re tired of my lecture, are still not convinced, and just want me to move on, that’s fair enough. Will do.
If you feel strongly against math, then you don’t have to intensely load up on math courses. Just be comfortable with the possibility that you may have difficulty understanding the models and working with functions in your core econ classes later. Plus, the good thing about econ is that it is an extremely vast field, so you can still pursue it without too much math if you go into subspecialty careers like economics history. However, if you wish to go into mainstream economics but do not want to do math, just know that your ability to do research will be constrained.
Sorry, no sugar-coating here.
I don’t mean to say this to discourage anyone who is disinterested in math. I just want to be transparent based on the advice I have received from multiple economists so that you know what you are getting into. I don’t want to provide you with any false assurance. I hope hearing from the real experts clarified whatever confusion you may have had and that this post was helpful to you!
P.S. I have been wanting to make a post on specific applications of math in economics for a while now, so stay tuned for that soon! I know my knowledge in that realm at this point is really introductory and basic, but I love exploring whatever I can—whether it be through courses or just YouTube videos—so I hope I can share the little bit that I know with those of you that may be interested :)
