MA in Global Political Economy and Finance
The MA in global political economy and finance provides students with a sophisticated understanding of the world economy in historical context, the political economic analysis of the dynamics of contemporary world capitalist society, and state-of-the-art tools of political economic and financial analysis.

The program offers the training required to pursue advanced degrees in economics, finance, business, law, international relations, public policy, and related fields, and provides students with the analytical and policy skills required for careers in the fields of finance, government, business, labor organization, and international development. In addition to offering a rigorous course of study in economic and statistical analysis, this program provides a thorough grounding in historical and contemporary political economy and finance, culminating in an internship or mentored research project. A flexible elective option allows for concentrations in classical political economy, international and development economics, financial economics, environmental economics, or the economics of labor markets and race, class, and gender.

The MA in global political economy and finance consists of seven required courses and three electives, as listed below. There is no written exam for the MA in global political economy and finance, which will be awarded on completion of the required credits.

Core
Three courses
GECO 6190 Graduate Microeconomics
GECO 6191 Graduate Macroeconomics
GECO 6181 Introduction to Econometrics

GECO 6189, Mathematics for Economics, or the approval of the instructor, is a prerequisite to GECO 6181. With the agreement of the MA faculty advisor, candidates with a strong background in economics may substitute appropriate upper-level courses for these core requirements.

Political Economy
Two courses
GECO 5104 Historical Foundations of Political Economy I
GECO 5108 World Political Economy

Finance
One course
GECO 6140 Financial Markets and Valuation

Internship or Mentored Research
One course
GECO 6198 Internship (arranged with MA faculty advisor) or
GECO 6993 Mentored Research

Electives
Three courses
The remaining three courses required for the MA in global political economy and finance can be chosen from the courses offered by the Economics department or from courses in other departments that are approved by the MA faculty advisor.

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MA in Economics
The MA in economics provides the analytical skills of a master's-level program in economics with the flexibility of a wide range of elective choices, allowing each candidate to shape an individual concentration. Concentrations in fields such as economics and finance, classical political economy, interdisciplinary political economy, urban economics, or development economics are possible.

A total of thirty credits is required for the MA in economics. A maximum of three credits may be transferred from other institutions. Students may apply for transfer credits after completing six credits at The New School for Social Research. All courses are for three credits.

The requirements for the MA in economics comprise: (a) four core courses; (b) five elective courses, up to three of which can be taken in other departments of The New School for Social Research or at Milano The New School for Management and Urban Policy; (c) an internship or mentored research.

There is no written examination for the MA in economics, which will be awarded on completion of the required credits.

Core
Four courses
GECO 6190 Graduate Microeconomics
GECO 6191 Graduate Macroeconomics
GECO 5104 Historical Foundations of Political Economy I
GECO 6181 Introduction to Econometrics

GECO 6189, Mathematics for Economics, or the approval of the instructor is a prerequisite to GECO 6181. With the agreement of the MA faculty advisor, candidates with a strong background in economics may substitute appropriate upper-level courses for these core requirements.

Electives
Of the five elective courses required for the MA in economics, two must be taken from the courses offered or cross-listed by the Economics department, and three may be courses at the graduate level offered by other departments of The New School for Social Research or at Milano The New School for Management and Urban Policy. The student's faculty advisor must approve the elective program.

Internship or Mentored Research
One course
GECO 6198 Internship (arranged with MA faculty advisor) or
GECO 6993 Mentored Research

Students admitted to the MA program before fall semester 2000 may receive the MA in economics under the old requirements, including the "en passant" method. Please see the Department of Economics Procedures Guide for these requirements.

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MS in Economics
The MS in economics is designed for students who are interested in pursuing economics in more depth than the MA allows, particularly to advance their research skills in economic modeling and econometrics, without being committed to completing a PhD degree. The forty-five-credit program provides students with a solid grounding in the history and contemporary development of political economic tools and, through education in the contemporary quantitative tools of analysis, extends this training to include a significant part of the required PhD analytical core.

Required Coursework
The requirements for the MS in economics will include six core courses, eight elective courses, and the passing of the MS examination.

Core Courses
Students must complete the following four core courses:
GECO 6190 Graduate Microeconomics
GECO 6191 Graduate Macroeconomics
GECO 5104 Historical Foundations of Political Economy I
GECO 6181 Introduction to Econometrics

and any two of the following courses:
GECO 6281 Advanced Econometrics I
GECO 6200 Advanced Microeconomics I
GECO 6202 Advanced Macroeconomics I
GECO 6204 Advanced Political Economy I
GECO 6206 Post-Keynesian Economics

GECO 6189, Mathematics for Economics, or the approval of the instructor is a prerequisite to GECO 6181. With the agreement of their faculty advisor, candidates with a strong background in economics may substitute appropriate upper-level (200-level) courses for these core requirements.

Electives
Of the eight elective courses required for the MS in economics, three must be taken from the courses offered or cross-listed by the Economics department and five may be courses at the graduate level offered by other departments of The New School for Social Research or at Milano The New School for Management and Urban Policy. The student's faculty advisor must approve the elective program.

Examination
The MS in economics requires that a student pass the MS examination, which will be offered twice a year. A qualifying paper may be substituted for the MS examination with departmental approval.
  

PhD in Economics
The department offers a distinctive PhD program in economics. Required core courses in microeconomics, macroeconomics, and econometrics are supplemented by core courses in Marxian, post-Keynesian, and neo-Ricardian theory, and two areas of concentration.

A student who enters the Department of Economics is not automatically accepted for study toward the PhD degree. Separate admission into the PhD program must be obtained.

Required Coursework
A total of sixty credits is required for the PhD degree, including the thirty required for the MA degree. Up to nine credits may be taken as Directed Dissertation Study (GECO 7991). The following courses must be included within the sixty credits.

Core Courses
Students must complete the following three core courses:
GECO 6200 Advanced Microeconomics I
GECO 6202 Advanced Macroeconomics I
GECO 6281 Advanced Econometrics I

and one of the following:
GECO 6204 Advanced Political Economy I or
GECO 6206 Post-Keynesian Economics

A student must obtain a grade of 3.0 or better in each of the four core courses. Students who obtain a grade of less than 3.0 in a core course, may retake the examination in that course within one year of the end of the semester in which the core course was taken. No core course examination can be taken more than twice. Students are not required to take a PhD qualifying examination in the core course material, although they are free to select advanced macroeconomics, advanced microeconomics, advanced political economy, or advanced econometrics as elective fields from the areas of concentration.

Areas of Concentration
In addition to core theory courses, each student chooses two areas of concentration. The Department of Economics regularly offers the following areas of concentration:

• Advanced macroeconomics
• Advanced microeconomics
• Advanced political economy
• Economic development
• Finance
• History of economic thought
• International economics
• Labor economics
• Money and bankings

The following areas of concentration are offered subject to staff availability:

• Class and gender
• Economic history
• Industrial organization
• Race and class
• Public finance

Students not wishing to select both areas of concentration from the above list may define one concentration for themselves. Students may also submit a research essay in lieu of one PhD qualifying examination, subject to departmental approval (see below). Students may also define an interdisciplinary area of concentration.

Seminar Requirement
Three credits must be fulfilled in the form of seminar requirements. Seminar credits can be earned only after a student has completed Advanced Microeconomics I, Advanced Macroeconomics I, and Advanced Econometrics I. Seminar credits can be earned only from work associated with an upper-level course. Seminar credits cannot be earned through Directed Dissertation Study. All seminar credits require faculty approval. Transfer credit cannot be used to fulfill the seminar requirement.

Grade Average
A final grade-point average of 3.5 or better is required for the PhD degree.

PhD Qualifying Examination
A student may request permission from the department to take the PhD qualifying examination after:

• having completed forty-five credits with an overall grade point average in courses taken at The New School for Social Research of 3.5 or better and
• having satisfactorily completed the three-semester requirement in economic analysis and the econometrics core requirement.

The PhD qualifying examination will consist of either:

• a three-hour written exam in each of the two areas of concentration chosen or
• a three-hour written exam in one area of concentration and a research paper of high scholarly quality in the second area. Permission to submit a paper in lieu of examination must be obtained from a faculty member who agrees to be the student's supervisor. This permission must then be approved by the department. The paper will be read and graded by two faculty members, one of whom will be the student's supervisor. Further information on this option is available in the Economics Department Procedures Guide. See the academic calendar for examination dates.

Mathematics Requirement
Although there are no formal requirements in mathematics, students are expected to acquire sufficient competence to enable them to pass all courses using mathematical techniques, such as the PhD theory core courses. Competence in mathematics, as demonstrated by a grade of 3.5 or higher in GECO 6189 or the equivalent, may be substituted for the language requirement.

Language Requirement
The Department of Economics requires literacy in one foreign language relevant to the student's intended program of study. Literacy must be shown by translating from the chosen language a substantial section of a reading on economics designated by the chair. Requests to take the exam may be submitted to the department secretary. Alternatively, a student may satisfy the language requirement by showing competence in mathematics.

Dissertation Proposal, Oral Examination, and Dissertation
A student is considered a doctoral candidate only after passing a dissertation proposal defense, which also serves as an oral examination. Students must first submit a dissertation proposal to the supervisor of their dissertation committee. This proposal must be approved by the three members of the dissertation committee prior to the oral examination. Students are also responsible for scheduling a date for their oral exam through the University Records Office. This scheduling must be done six weeks prior to the date of the oral defense. The student must pass this examination in the area of the proposed dissertation research. The language requirement must be met and no more than six credits may be outstanding before the oral examination can be scheduled.

The student must complete and defend the dissertation in a manner acceptable to The New School for Social Research (see "Dissertation Requirements" in the Admissions section of this website).

Admission to the PhD Program

Students in the MA Program in Economics
Students matriculated into the master's program in the Department of Economics at The New School for Social Research may petition for permission to continue study toward the PhD degree as soon as they have registered for thirty credits in the school. A departmental subcommittee will review student records and make decisions on acceptance for continued study. Three conditions must be fulfilled for admission to continued study toward the PhD:

• At least eighteen credits must have been completed in the courses for which the student has registered.
• The student must have earned a cumulative grade point average of 3.5 or better.
• The student must have completed at least one course in the PhD theory core and one graduate-level econometrics course with a grade of 3.5 or better.

Students with Prior Graduate Work
or with an MA from Another Institution
Students who wish to transfer to The New School for Social Research from other institutions must have obtained an overall average of 3.0 or better in their prior graduate work.

Transfer students must apply for transfer credits toward the PhD as soon as possible after completion of a minimum of twelve credits at The New School for Social Research with a grade point average of 3.5 or better. These credits must include the completion of at least one semester of PhD theory core with a grade of 3.5 or better.

Up to thirty points of transfer credit may be granted. Transfer credits may be given for both regular and seminar courses taken at other institutions. No transfer credit will be granted for any course not relevant to the PhD degree in economics or for any course with a grade of less than 3.0.

Once the student's application for transfer credits is reviewed and a decision is made, the student is then eligible for review for continued study toward the PhD. This review takes place as soon as the sum of transfer credits and credits taken at The New School for Social Research has totaled thirty or more.

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Master of Philosophy in Economics
The degree of master of philosophy in economics is conferred upon a registered student who has fulfilled satisfactorily all the requirements of the Economics department of the The New School for Social Research for the PhD in economics except the dissertation and the dissertation proposal defense.

Satisfaction of the PhD Dissertation Requirement in
Economics Extra Muros
At any time within ten years from the date of the award of the MPhil degree and subject to approval for continuation toward the PhD degree in economics by the Economics department chair, a recipient of the MPhil in economics who has not continued studies in residence at the university may present to the Economics department, in lieu of a sponsored dissertation, a substantial body of independent and original published scholarly material toward completion of the requirements for the PhD degree. A recipient of the MPhil degree who has not continued studies in residence at the university is not entitled to regular guidance or supervision by the faculty.

An applicant who wishes to submit material prepared extra muros should ascertain through the chair of the Economics department the specific requirements of the department. The submitted material is reviewed by the chair in consultation with the department faculty to determine whether or not the candidate is eligible to sit for the final examination. If the decision to examine the candidate is favorable, the chair names for this purpose a committee of at least five members, of whom four members are from the department, and names one member as chair.

The final examination is designed to satisfy the examination committee that in its judgment the quality of the candidate's work meets the standards of the university for the award of the PhD degree in economics. The examination may be taken only once, and it is either passed or failed.

The applicant must register for maintenance of status for the term in which he or she sits for the final examination.
   

Economics Department Procedures Guide
More complete details about MA and PhD degree requirements can be found in the Department of Economics Procedures Guide, available from the department student advisors or downloadable from each Economics degree program's Web page.

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Graduate Study Abroad
The Economics department participates in the Democracy & Diversity program in Cape Town, South Africa. Usually held during the university's winter break, Democracy & Diversity is a two-week program of interdisciplinary courses taught jointly by faculty from The New School for Social Research and from South Africa and attended by students from The New School and a number of African and Eastern European universities. Past courses have focused on the politics, culture, and economics of development, including a seminar on Political Democratization and Economic Liberalization. The program is founded and run by the school's Transregional Center for Democratic Studies. The Cape Town program can be taken for credit, and some scholarship funds are available.

The Economics department also offers exchange programs with the Universities of Bremen, Frankfurt, and Siena.

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Milano The New School for
Management and Urban Policy
Students in the Department of Economics can take a wide range of courses in economic policy, public finance, urban economics, and health economics at Milano The New School for Management and Urban Policy (formerly known as the Robert J. Milano Graduate School of Management and Urban Policy), one of the schools that constitute The New School. A selection of courses of interest to economics students can be found at the end of this section of the catalog.

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