GRADUATE PROGRAM
1999 - 2000

For additional information, write to the Department of Economics at the University of Chicago, 1126 East 59th Street, Chicago, Illinois 60637; FAX 773/702-8490.

APPLICATION MATERIALS may also be obtained by writing the Social Sciences Division Admissions Office at the University of Chicago, 1130 E. 59th Street, Chicago, Illinois 60637 or by visiting the world-wide web at:
http://catalogues.uchicago.edu/divisions/ssd-request.html

In keeping with its long-standing tradition and policies, the University of Chicago, in admissions, employment, and access to programs, considers students on the basis of individual merit and without regard to race, color, religion, sex, sexual orientation, age, national or ethnic origin, handicap, or other factors irrelevant to participation in the programs of the University. The Affirmative Action Officer is the employee designated by the University to coordinate its adherence to this policy, and the related Federal and State Laws and regulations.

Your chief consideration in choosing a department at which to do graduate work in economics must be the quality of its faculty as economists and as teachers of economics. The Department of Economics at Chicago has always ranked among the handful of leading departments in the world, and in the latest survey of professional opinion it ranks first. It has claimed a disproportionate share of the honors the economics profession can bestow. Milton Friedman, Gary S. Becker, Robert Fogel, and Robert E. Lucas have all won Nobel Prizes. Four of the six recipients of the American Economic Association's Walker Medal were members of the faculty (J.M. Clark, F.H. Knight, Jacob Viner, and T.W. Schultz). Current faculty members who have received the John Bates Clark Medal are Milton Friedman, Gary Becker and James Heckman. Since World War II, the Department has had relative to its size a larger number of faculty than any other serving as presidents of the American Economic Association. Former faculty members and students hold leading positions as economists inside and outside academic life.

These honors are only one class of testimony to an accepted fact: 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.

Chicago is known for its leadership not only in using this tool but also in teaching its students how to use it. Chicago has more than its share of gifted teachers, but the two principal reasons for its excellence in teaching are the rigorous system of examinations in the first two years of graduate study and the so-called "workshop" (that is, seminar) system for advanced students. Both are unique to Chicago. In preparing for the examinations by taking courses and working together in study groups, graduate students at Chicago acquire an unmatched mastery of economics. The workshop system then guides them through their Ph.D. dissertations. There are sixteen workshops, in a wide variety of fields of research (see the list beginning on page 20), meeting in small groups weekly to hear and discuss papers by students, faculty, and leading scholars from outside Chicago. A vigorous placement effort, the wide contacts of a faculty central to the discipline, and above all the high quality of the economists produced by this program assure students with degrees from Chicago the best academic or non-academic jobs that their effort and abilities warrant. Chicago has an unexcelled Ph.D. program, with recent graduates employed at numerous top-ranked Universities, private firms and such agencies as the World Bank, the International Monetary Fund, and the Federal Reserve system.

The Department has other noteworthy features. It is socially coherent and located in one place, making its twenty-eight faculty members accessible on a casual basis to the students and to each other. The economists at the Graduate School of Business, the Law School, and at the Harris Graduate School of Public Policy Studies (constituting together a first-rate economics department in their own right), have unusually close relations with the Department physically and intellectually, greatly enriching the student experience. For example, the Business School is an international center for the study of, among other things, the mathematical theory of corporate finance, as the Law School is for the study of law and economics; both fields can be offered for examinations and dissertations in the Department. The Journal of Political Economy, second-ranking in circulation among American journals in economics only to the American Economic Review is published at Chicago, as are Economic Development and Cultural Change, the Journal of Law and Economics, the Journal of Business, the Journal of Labor Economics, and the Journal of Legal Studies, all major journals in their fields of economics. The Department is unusually cosmopolitan, with approximately 225 registered graduate students and approximately 485 undergraduate majors from all parts of the world, as well as an international faculty. It is said that the average location of the department is 20,000 feet over the South Atlantic, for a distinguished faculty is naturally involved in the world's thinking and the world's work. The result back home in Chicago, reinforced by the city's role as the air travel center of the United States, is a steady stream of return visitors from other universities, some for visits to a workshop and others for longer term participation in the intellectual life of the Department. Over the academic year more than a hundred outside speakers give papers to the workshops. The Chicago student's exposure to new ideas when they are in fact new is unequaled.

Admission Requirements

The Department of Economics enrolls an entering class of approximately 35 graduate students every autumn. For admission to graduate study, a Bachelor's degree (or equivalent) is required; for some foreign students, this may mean a degree beyond the baccalaureate. This degree need not be in economics. 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 a year of college calculus (at a minimum) 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 they arrive.

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.

Normally we do not admit students who intend to do only a MA degree. The program is designed as a Ph.D. program and there are no Master's level courses or self-contained Master's level program.

Admission Procedure

Students should plan to enter in the Autumn Quarter. The sequence of courses makes admission for Winter, Spring, and Summer highly impractical.

The filing deadline for fellowship and admission applications for both domestic and foreign students is January 5. For application forms, write to the Dean of Students, Division of Social Sciences, University of Chicago, 1130 E. 59th Street, Chicago, IL 60637.

All applicants are required to submit scores from the Graduate Record Examination Verbal, Analytic, and Quantitative aptitude tests. (The GRE Economics subject test is not required.) Foreign students are also required to take the Test of English as a Foreign Language (TOEFL). Information about these tests may be obtained from the Educational Testing Service, Princeton, New Jersey 08540.

Admissions and aid decisions are announced in March or April.

Criteria for Admission

A number of criteria are used by the Committee on Admissions 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), 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 available; no arbitrary cut-offs in terms of a student's grade point average or scores on the GRE are used. Applications must be complete for the January review, including scores from the GRE. Applicants should plan to take the GRE no later than October. Foreign applicants are asked to take TOEFL as well. In deciding when to register for GRE and TOEFL, applicants should particularly note our yearly cycle in order to assure that their applications receive full consideration.

Financial Aid

A number of merit-based University scholarships and fellowships are awarded each year for Ph.D. study in the Department of Economics. Unlike programs at many other schools, however, the Department does not have teaching or research assistantships available to entering graduate students. Students admitted without financial assistance should plan to support themselves during their program. Unfortunately, it is not realistic to assume that satisfactory performance in the first year will guarantee subsequent scholarship aid, although the University is committed to rewarding truly outstanding performance if possible. Loan funds are available for U.S. citizens and permanent residents. Partial financial support in the form of part time employment as teaching assistants, lecturers, and research assistants for Department faculty members are possible options for many advanced students.

Applicants with outstanding undergraduate records are urged to compete for national fellowships such as the National Science Foundation awards. A national award brings more than financial support; it is also a form of academic recognition for excellence. Students who enter national fellowship competitions but fail to receive awards in no way jeopardize their chances for University fellowship support.

The Department of Economics offers a program of study leading to the Ph.D. degree in Economics. The program 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, as well as in specialized fields. In addition, Ph.D. requirements include two field exams ("prelims"), the completion of a doctoral thesis, satisfaction of either a mathematics or foreign language requirement, and courses in several elective fields.

With good preparation, students normally take five years to complete the Ph.D. program. 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. Requirements for the M.A. are listed below.

Ph.D. students are often permitted to choose an elective field outside the Department of Economics. Satisfactory grades on course work done at the graduate level at another institution may be used to satisfy part of the course requirements by petition to the Director of the Graduate Program.

The usual load is three courses per quarter; this permits completion of nine courses during the regular academic year of three quarters. The comprehensive examination for the core fields is given in the Summer Quarter. An examination in each field of concentration is given once a year.

A typical program of a Ph.D. candidate consists of the following sequence:

First Year: Courses in price theory, the theory of income, and quantitative methods to prepare for the "core" exam.

First Summer: Core examination taken.

Second Year: Courses in applied fields. Examinations (prelims) in two specialized fields.

Third & Fourth Year: Participation in workshops, decision on a thesis topic, and presentation of a thesis seminar at which the Department formally approves the topic.

Fifth Year: Completion of the thesis and presentation of a public lecture at which the Department formally approves the thesis.

Students are advised to become completely familiar with the degree requirements contained herein. Requests for clarification of rules should be directed to the Student Affairs Administrator. The rules are subject to changes by the faculty from time to time, and students in the program are urged to consult the most recent booklet. Any variation in the requirements must be requested in writing and approved by the Department Chairman or the Director of the Graduate Program.

The major items in these requirements are as follows:

I. Fields of Economics for the Ph.D. Degree
II. Requirements for the Ph.D. Degree
III. Requirements for the M.A. Degree
IV. Written Examination Rules
V. Joint Degree Program in Law and Economics

Students may take courses for a quality letter grade -- A, B, C, D -- or for an "R." The grade of "I" or Incomplete is normally assumed to lead to a letter grade by completing the required work; if an "I" grade is not changed to a quality grade it has the same meaning as a grade of "R". A grade of "R" means only that tuition has been paid for a particular course; no other inference can be drawn from the grade.Students are required to take letter grades only for the courses used to meet the distribution requirements.

An "R" grade--which, it should be noted, cannot be changed to a quality grade at a later time--should be taken only after careful consideration of the possible consequences. Course grades are useful to both the student and members of the faculty who advise the student. The grades are valuable as predictive devices with respect to the successful completion of the requirements for a degree and may also have influence on financial aid decisions. Quality grades in the core courses may be considered together with performance on the Core Examination to demonstrate competence equivalent to a Ph.D. Pass on the Ph.D. Core Examination.

I. FIELDS OF ECONOMICS FOR THE PH.D. DEGREE

1. Agricultural Economics
2. Applied Economics and Policy
3. Capital Theory
4. Economic History
5. Econometrics and Statistics
6. Empirical Methods
7. Financial Economics
8. Growth and Development
9. Labor / Human Capital
10. Industrial Organization
11. International Economics
12. Mathematical Economics
13. Money and Banking
14. Public Finance
15. Public Sector Economics
16. For the Ph.D. degree only, one other field, subject to department approval. This field may be outside economics. For the M.A. degree, only one of a student's 9 courses may be counted toward the distribution requirement under field 16. That course must be in the Division of the Social Sciences, the Law School, the Graduate School of Business, the Department of Mathematics, the Department of Statistics or the Harris Graduate School of Public Policy Studies.

II. REQUIREMENTS FOR THE PH.D. DEGREE

A. RESIDENCY REQUIREMENTS

Students must complete twelve (12) quarters of residency (six quarters of Scholastic Residence and six quarters of Research Residence) unless the Ph.D. is awarded earlier. Upon the completion of Research Residence, students continue to register in Advanced Residence for three quarters out of four until the Ph.D. is awarded.

B. REQUIREMENTS FOR ADMISSION TO PH.D. CANDIDACY

1. Core and Preliminary Examination Requirements

a. Core requirements. The core courses consist of Economics 301-02-03 (Price Theory), 310-11-12 (Quantitative Methods), and 330-31-32 (Theory of Income). The Core Examination, given in the Summer Quarter of each year, tests mastery of material in these nine courses. To be admitted to Ph.D. Candidacy, a student must demonstrate competence in this material either by:

i. Receiving a grade of Ph.D. Pass on the Core Examination; or by:

ii. Performance on the Core Examination together with quality grades in Core Courses that the Core Examination Committee judges to demonstrate competence equivalent to (i).

All students are expected to satisfy the Core requirement within one year of entering the Ph.D. program. Students who have not satisfied the Core requirement by the end of the Summer Quarter of their second year may not remain in the program.

b. Preliminary Examination Requirements. Successful performance on any two written preliminary examinations to be chosen from the list in "I." above. If field 16 is chosen, the program of work must be approved by the Department.

Each of the required preliminary examinations may be taken only twice. When four grades other than Ph.D. Pass are received on preliminary examinations (i.e., M.A. Pass; Fail), students may not continue for the Ph.D. degree.

Research Paper Option:

i. Each field examination committee may choose to allow students the option of substituting a sole-authored and original research paper for the preliminary examination. If a committee chooses to offer this option, each student in that field desiring to write a paper must designate one committee member as the primary reader and choose a topic with the approval of that reader. The primary reader may add requirements (e.g., submission of a proposal) at his discretion. The completed research paper must be submitted to the Department at a date designated by the committee, but in all cases no later than the beginning of registration for the fall quarter of the students' fourth year. The grade for the paper (Ph.D. Pass, M.A. Pass, or Fail) must be approved by all members of the committee.

ii. Students may write a paper to satisfy at most one of their two prelim field requirements, and all field committees will offer a written examination.

c. Applications For Core And Preliminary Examinations. Students planning to take a core or preliminary examination must apply to the department to take the exam, and no one will be admitted to an examination without prior application. Students taking the research paper option must present an application signed by the member of the examination committee who has agreed to act as the primary reader and by the chair of the examination committee.

2. Distribution Requirement

Demonstration of competence in at least five of the fields listed under "I" above. Competence may be shown by graduate course credit, (300 course level or above at Chicago, or by petition for courses beyond the B.A. elsewhere) with a grade of C or better, or by passing an appropriate preliminary examination at the Ph.D. Level.

3. Mathematics and Foreign Language Requirement

All Ph.D. students, before admission to Ph.D. candidacy, must demonstrate effective command of relevant mathematical tools, including calculus and matrix algebra. The Department of Economics will accept three courses in calculus (Math 151, 152, and 153, or equivalent) as meeting the calculus requirements; and one course in linear algebra (Math 250, Bus. 370 or equivalent) as meeting the matrix algebra requirement. Course credit with a passing grade in Economics 304 will satisfy both the calculus and matrix algebra requirements.

In place of demonstration of competence in matrix algebra, students may opt to demonstrate proficiency at a high level in a foreign language by means of an examination administered by the University of Chicago; and students must demonstrate to the satisfaction of the Department the ability to translate, at sight, with reasonable ease, material in economics in the foreign language. Any foreign language other than Chinese, French, German, Italian, Japanese, Russian, Spanish or Swedish must be approved by the Department of Economics.

4. Thesis Prospectus and Thesis Seminar

To be admitted to Ph.D. Candidacy, students must have a written thesis prospectus and must give a thesis seminar.

When students have satisfied the requirements under headings 1-3 above, they may form a tentative thesis committee. The tentative thesis committee ordinarily consists of three faculty members from the Department, but faculty members from other parts of the University and from other institutions may also serve on the tentative thesis committee. In the latter cases the composition of the tentative thesis committee must be approved by the Director of the Graduate Program.

The student, before appearance at the thesis seminar, shall prepare a thesis prospectus (not to exceed 50 double-spaced typewritten pages) explaining the thesis topic, the existing state of knowledge on the topic, its potentialities, and the proposed plan of attack on the research problem. Any thesis proposal exceeding 50 pages will be returned to the student for modification.

When the tentative thesis committee has approved the prospectus and agreed on a date for the thesis seminar, the candidate shall reserve a room for the thesis seminar with the Student Affairs Administrator, at least two weeks prior to the date of the seminar. The prospectus shall then be duplicated by the Department and circulated to all faculty members of the Department, two weeks in advance of the oral presentation. The two-week circulation period and the thesis seminar must occur while school is in session. This rule must be strictly adhered to.

The student's tentative thesis committee is expected to attend the meeting of the seminar at which the student presents the topic, and that meeting shall be conducted by the chairman of the tentative thesis committee. The purposes of the seminar are: 1) to help the student define and solve the research problem, and 2) to assist the Department in evaluating the student. Approval of the thesis proposal shall be by vote of the faculty at the conclusion of the thesis seminar.

5. Completion Time

Students must be admitted to Ph.D. Candidacy by the end of their fourth year in residence.

Before registering for their fourth year in the program, students must provide the department with:

• a short (one page) description of their thesis project;
• a brief (one paragraph) memo from their (tentative ) thesis Committee chairman giving his/her view of the project.

Students who have not been admitted to candidacy by the end of their fourth year will be placed on probation for one quarter. Any further extensions must receive the approval of the Departmental faculty. Students who do not receive such permission will not be permitted to register and will be withdrawn from the program. Any such student may later petition for reinstatement. In this case tuition will be charged for the intervening time period.

C. REQUIREMENTS FOR THE PH.D. IN ADDITION TO ADMISSION TO CANDIDACY

1. The Eight Month Requirement

Admission to Ph.D. candidacy must have been granted at least eight months before the awarding of the Ph.D. degree.

2. The Thesis

a. The final thesis committee is ordinarily the same as the tentative thesis committee, but the candidate may request a change in the composition of the committee. Any such request must be approved by the Director of the Graduate Program.

b. A Ph.D. thesis submitted for final approval will ordinarily contain a central core not in excess of 60 double-spaced, typewritten pages. This central core must be self-contained, but may be supplemented by supporting material. In scope and quality, the central core shall be comparable to a first-rate journal article.

c. After the central core of a candidate's thesis has been approved by the thesis committee, the candidate shall prepare copies of the central core for distribution to the faculty of the Department. All duplication costs shall be borne by the candidate. (The student should consult with the Student Affairs Administrator regarding the preparation of the copies of the central core.) The central core must be circulated for three weeks while school is in session.

Final acceptance of the thesis shall follow the final examination and be by vote of the members of the Department upon the recommendation of the thesis committee.

d. When the central core is circulated, a date must be announced for the Public Lecture. While the Public Lecture may be held at any time during the three week circulation period, subject to the approval of the Director of the Graduate Program, it is preferable that it be scheduled at the end of this period. The dissertation chairman must be present at the Public Lecture.

In special circumstances the Public Lecture can be waived. This requires a formal petition from the dissertation chairman, stipulating the reason for this course of action. The petition must be approved by the Department faculty.

e. Final acceptance of the thesis shall follow the Public Lecture and the three week circulation period, and will depend upon (a) acceptance of the thesis by the dissertation committee, and (b) approval of the core by the Department faculty. At the end of the circulation period, the chairman of the dissertation committee must submit a memo to the Director of the Graduate Program stipulating whether there are any faculty objections to approval of the thesis. If objections are raised, the matter will be brought to a faculty vote. The memo must be received before the Department can certify that a candidate has satisfied all of the requirements for a Ph.D. degree.

f. All requirements for the Ph.D. degree must be satisfied at least three weeks before the Convocation at which the degree is granted.

g. At least three weeks before Convocation, one copy of the thesis on 8 1/2 x 11 bond paper, and $32 (in cash or money order) to cover the cost of binding, must be given to the Student Affairs Administrator. Failure to do so will result in the removal of one's name from the Convocation List. In addition, two copies of the thesis must be filed with the Office of Academic Publications.

h. All final copies of the dissertation must fulfill the "University-wide Requirements for the Ph.D. Dissertation" as specified by the Office of Academic Publications.

III. REQUIREMENTS FOR THE M.A. DEGREE

There are two alternative sets of requirements that can be used for the M.A. Degree:

A. Receiving a passing grade in the nine Core courses: Economics 301, 302, 303, Economics 310, 311, 312, and Economics 330, 331, 332. At least five of the grades in these courses must be "B-" or better. In addition, a grade of M.A. Pass on the Core Examination is required.

B. Receiving a passing grade in nine courses of registration in graduate level courses in economics. At least five of the grades in these courses must be "B-" or better, and the following courses are required: Economics 301, Economics 310, and Economics 330. In addition, two of the courses must be in one field as specified in Fields of the M.A. and Ph.D. Degrees above, and one preliminary examination must be passed at the M.A. level. Normally this examination is in the field in which the two courses are taken, but an M.A. Pass on the Core Examination may be substituted.

IV. WRITTEN EXAMINATION RULES

Candidates for degrees in economics must complete Core and Preliminary Examinations in a timely way. It is very important, therefore, that students, before applying for a written examination, consult with their counselors regarding the examination rules and the adequacy of their preparation for the examinations for which they are applying.

A. STUDENTS MAY NOT CONTINUE FOR THE PH.D. DEGREE IF:

1. They have not received a Ph.D. pass on the Core Examination by the end of the Summer Quarter of their second year in the Department.

2. They have received four grades other than Ph.D. Pass (i.e., either Fail or M.A. Pass) in their writings of the Preliminary (Field) Examinations. Each of the required Preliminary Examinations may be taken only twice.

B. EXAMINATION GRADES

1. Core Examination

The Core Examination consists of three parts written on separate days in the same quarter, and students writing the examination for the first time must write all parts. They will receive a single grade of Ph.D. Pass, M.A. Pass, or Fail based on their performance on the examination and their grades in the Core courses. Students receiving a grade of Fail or M.A. Pass on one writing of the Core Examination must, on a later attempt to pass this examination at the Ph.D. level, rewrite each part unless they were informed in writing, on the occasion of the grading of their earlier Core examination, that they would be required to rewrite only a specified part of the examination.

The grade of M.A. Pass on the Core Examination is an integral grade covering the entire examination (i.e., it is not possible to receive an M.A. Pass on a single part of the Ph.D. Core Examination).

To recapitulate, the possible outcomes of taking the Core Examination are:

• Ph.D. Pass.
• M.A. Pass and retake either Price or Income or Quantitative Methods.
• M.A. Pass.
• Fail.

Students who write only one part of the examination automatically receive a grade of Fail on the examination unless they were excused from writing the other parts.

2. Preliminary (Field) Examinations

Each Field Examination is graded Ph.D. Pass, M.A. Pass, or Fail. The grade of M.A. Pass is satisfactory for meeting requirements for the M.A. degree, but is unsatisfactory for meeting the Ph.D. Field Examination requirement.

Each Preliminary Examination field will have either two or three courses designated for the examination.

Whenever a course is designated for more than one Field Examination, students can only take the examination in one of the fields.

If a student applies to take a preliminary examination and does not write the examination, a grade of "Fail" is automatically recorded. However, students may withdraw from an examination with the prior approval of the Director of the Graduate Program.

C. EXAMINATION SCHEDULING

1. The scheduling of the Core Examination may not be changed.

2. The scheduling of a Preliminary (Field) Examination may be changed by petition of the chairman of the examination committee. The petition should be made in writing to the Director of the Graduate Program at least six weeks in advance of the examination. It should state the reason for the requested change. The change must be approved by the Director of the Graduate Program before it can go into effect. If the Director considers the request to be valid, a notice will be posted of the proposed change in date outside the department office for ten days. If no written objections to the change are received by the Director within these ten days, the change then will be made. No changes in schedule will be made later than one month prior to the examination.

D. EXAMINATIONS IN ABSENTIA

Students writing an examination in absentia must pay a $60 service charge for each part of the examination at the time they submit their examination application. Proctors for in absentia examinations will be chosen by the Department. For each examination, students should submit names of proposed Proctors who are University of Chicago graduates or affiliates known to the Department of Economics faculty. The Department will select the Proctor either from among these recommendations or from its own list of proctors. If acceptable proctors are not available, then the examination may not be taken in absentia.

V. JOINT DEGREE PROGRAM IN LAW AND ECONOMICS

Qualified students may apply to pursue a joint J.D./ Ph.D. in economics. Students admitted to both the University of Chicago Law School and the Department of Economics complete the standard nine quarters of registration in the Law School and eight (instead of twelve) quarters of Scholastic and Research Residence in the Division of the Social Sciences, then continue to register in Advanced Residence in the Division of the Social Sciences until the Ph.D. is awarded. Students complete all economics program requirements but do not take a Master's degree, the J.D. degree being considered the equivalent. Students ordinarily apply to Economics after a year or more in the Law School although simultaneous admission to both programs may be sought; in this case, students are asked to begin the economics portion of the program first and complete at least the first year, and to defer matriculation in the Law School.

The Department of Economics accepts either of two law and economics courses offered in the Law School -- Economic Analysis of Law I and II-- toward meeting the distribution requirements for the Ph.D. degree in economics. In addition, by petition only, and provided that Industrial Organization is not used as a second field, the above courses constitute a field of specialization in Law and Economics for the purpose of the Preliminary Examination requirements for the Ph.D. degree in economics. The Law School permits students to use two courses taken outside the Law School -- for purposes of the joint degree program, economics courses -- toward fulfillment of the course requirements for the J.D. degree. Thus, students enrolled in the joint program can count up to a total of four courses (two offered by the Department of Economics and two Law and Economics courses in the Law School) toward both the J.D. degree and the Ph.D. degree in economics.