ECON 101 Lecture Notes - Lecture 7: Gary Becker, California Institute Of Technology, Allan H. Meltzer
Document Summary
Misconception 1: economics is all mathematics and statistics: Some students chose not to major in economics, as they assume that economics is all mathematics and statistics. Mathematics and statistics are used in economics but mathematics and statistics are definitely not common at the undergraduate level. Economics majors are usually required to take one course in statistics and one in math (usually an introductory course in calculus) Sometimes even students who say, "math isn"t my subject" are happy with the amount of math that they need in economics. Truth is, economics is not a very math-intensive course of study at the undergraduate level in many colleges and universities. In economics, there are many diagrams but there is not a large amount of math. A proviso: the amount of maths in the economics curriculum varies across universities and colleges. Some departments of economics do not allow students to study a lot of mathematics or statistics, but others do.
