Resources for CICER students (work in progress)

This page—an ongoing project—aims to empower students in the Cornell Institute for China Economic Research (CICER) Summer Programs with a curated toolkit for their edification: video lectures, foundational readings, online course recommendations, career insights from experts, and more.

A note about the MIT resources: MIT courses are extremely challenging. Please take the prerequisites, or you’ll have a bad time. But if you have a bad time, please don’t give up. Josh Angrist himself had a bad time as a younger man when he went to Hebrew University in Jerusalem, Israel to pursue a Masters degree in (what else?) Economics. He performed poorly and flunked out before he could graduate. But he picked himself up, dusted himself off, tried again, and ended up at Princeton, where he got his Masters and his PhD in Economics. And you all know what happened next. We all struggle at times, but struggling doesn’t make you unworthy. Perseverance and determination will (make you worthy, that is).

“If you work really hard, and you’re kind, amazing things will happen.” - Conan O’Brien (not an economist)

Papers, etc.

1. Will Studying Economics Make You Rich? A Regression Discontinuity Analysis of the Returns to College Major | American Economic Journal: Applied Economics

   • Interview with lead author Zach Bleemer: The returns to an economics degree | AEA Research Highlights

   • Careers in Economics | American Economic Association

2. Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania | American Economic Review

   • Interview with David Card | Federal Reserve Bank of Minneapolis (2006)

   • David Card - Interview - NobelPrize.org

   • Interview with Dave Card, Professor and Labor Economist and 2021 Winner of the Nobel Prize in Economics, UC-Berkeley | The Mixtape with Scott Cunningham

3. Gary S. Becker – The Economic Way of Looking at Life | Nobel Prize Lecture

   • New Nobel Laureate Takes Economics Far Afield | The New York Times (1992)

   • The Prize That Even Some Laureates Question | The New York Times (2007)

   • The New York Times obituary of Gary Becker (2014)

   • How Gary Becker Transformed the Social Sciences | The New York Times (2014)

4. Assessing Soviet Economic Performance During the Cold War: A Failure of Intelligence? | Texas National Security Review

5. Martin Ravillion - Poverty in China Since 1950: A Counterfactual Perspective

6. The Secret Document That Transformed China | NPR

More from Josh Angrist and friends

1. Mastering Econometrics with Joshua Angrist | Marginal Revolution University

2. Principles of Economics: Microeconomics | Marginal Revolution University

3. Principles of Economics: Macroeconomics | Marginal Revolution University

MIT Principles of Economics course + prerequisites

Principles of Microeconomics | Economics | MIT OpenCourseWare (free)

Prerequisite: One of the following

1. Single Variable Calculus | Mathematics | MIT OpenCourseWare (free, no certificate, start anytime)

or

2. Calculus 1A: Differentiation, Calculus 1B: Integration and Calculus 1C: Coordinate Systems & Infinite Series (free without certificate, not free with certificate, instructor paced)

MITx MicroMasters Program in Data, Economics, and Design of Policy

The MITx MicroMasters Program in Data, Economics, and Development Policy teaches students how to use economic theory and data analysis to design and evaluate policies that improve lives. The program offers two tracks: the Credential Track, which leads to a MicroMasters credential from MIT, and the Blended Master’s Track, which allows top-performing students to apply to MIT’s on-campus Masters in DEDP program. A bachelors degree is not required for admission to the on-campus Masters program.

Note that DEDP instructors Professors Abhijit Banerjee and Esther Duflo shared the 2019 Nobel Prize in Economics (with Michael Kramer, now at University of Chicago). That is very unique.

Note also that MITx course descriptions do not come close to describing what background knowledge is actually required to be successful. Please pay heed to my recommendations below. They are based on personal experience.

Prerequisites:

• One of the following:

  1. Single Variable Calculus | Mathematics | MIT OpenCourseWare (free, no certificate, start anytime)

  or

  2. Calculus 1A: Differentiation, Calculus 1B: Integration and Calculus 1C: Coordinate Systems & Infinite Series (free without certificate, not free with certificate, instructor paced)

     I recommend this sequence because all DEDP courses are instructor paced and they use the same website as the DEDP courses.

• Proficiency in R programming and knowledge of statistics through linear regression (for the required course Data Analysis for Social Scientists, as well as certain electives)

  3. Associate Data Scientist in R | DataCamp (mainly for exposure to R and its features–you will not master R through DataCamp regardless of what their advertisements say)
  4. Data Analysis with R Specialization | Coursera (mainly for applying what you learn from DataCamp)

• Introduction to Probability and Statistics | MIT Open Learning Library

  • Note that this course requires knowledge of calculus. You can get by without knowledge of multivariable calculus. But if you’re thinking about pursuing a PhD, or even a bachelors degree in Applied Eathematics, Computer Science, Engineering or a host of other subjects, you will have to take that course too.

• More recommended resources:

  1. Thinking Clearly with Data: A Guide to Quantitative Reasoning and Analysis by Ethan Bueno de Mesquita and Anthony Fowler | Princeton University Press

     • An absolute must read for students who are just starting out in statistics/econometrics

  2. Mastering ’Metrics: The Path from Cause to Effect by Joshua D. Angrist and Jörn-Steffen Pischke | Princeton University Press

     • Recommended companion text for the required Data Analysis for Social Scientists course

MITx MicroMasters Program in Statistics and Data Science

If you’re thinking about pursuing an PhD in Economics or a career that requires you to analyze data at all, you will need training in the subject matter these courses focus on. This means Statistics, broadly defined, and Computer Science. Programming and quantitative skills are strongly complementary in many roles, such as “Data Scientist”, “Data Analyst”, “Quantitative Analyst/Researcher” ($$$$$$!!!!!!!) and of course “Economist”.

These courses are also very rigorous. The courses in Probabilty and Fundamentals of Statistics are quite similar in content to what I had to learn during my first year PhD Econometrics sequence at Cornell. If you take these courses, at a minimum, if you one day find yourself in a similar situation, you will be better prepared than you would otherwise be, which is very valuable.

Students who 1) complete this microcredential and 2) have a bachelors degree are eligible for admission to the on-campus PhD Program in Social & Engineering Systems at MIT. The microcredential is not required, but it will enhance your probability of admission if you do well in it.

Prerequisites:

• One of the following:

  1. Single Variable Calculus | Mathematics | MIT OpenCourseWare (free, no certificate, start anytime)

  or

  2. Calculus 1A: Differentiation, Calculus 1B: Integration and Calculus 1C: Coordinate Systems & Infinite Series (free without certificate, not free with certificate, instructor paced)

     I recommend this sequence because all DEDP courses are instructor paced and they use the same website as the DEDP courses.

• Proficiency in Python programming, ideally through this sequence of courses from MIT:

  • Computational Thinking using Python | MIT on edX

  • Note that Python is extremely popular in the private sector. Being good at Python can be what determines whether or not you get a certain job, perhaps your dream job.

• Introductory Statistics (algebra based instead of calculus based) will also probably be very useful

The Credibility Revolution

Preparing for a PhD

1. Resources for students | American Economic Association

2. Advice for Applying to Grad School in Economics - Susan Athey | Stanford Graduate School of Business

3. Advice posts for PhD students - Chris Blattman | The University of Chicago

4. Ph.D. Program Preparation | Yale University

5. Applying to the Ph.D. program in Economics at NYU - FAQ

6. Undergraduate mathematics preparation for a PhD in economics | College of William & Mary

7. Pursuing a PhD | Washington University in St. Louis

8. Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond | Federal Reserve Bank of New York

Predoctoral research opportunities

Note: These are well-paying jobs that are basically required for admission to highly ranked Economics PhD programs today.

1. Pathways to Research and Doctoral Careers | PREDOC.org

2. Econ RA Listings (@econ_ra) / X

3. Research Assistant Positions – at NBER | NBER

4. Research Assistant Positions – not at the NBER | NBER

Economics Masters Programs

These five programs are all very highly regarded and are good substitutes for predoctoral research jobs if your ultimate goal is to pursue a PhD in Economics. I have classmates at Cornell who have gone to some of these programs. They are also very highly regarded in the private sector and graduates have gone on to work at organizations like McKinsey ($$$).

All of these programs, with the exception of the new one at NYU Stern, are all very well established with long records of student success in both PhD admissions and private sector job outcomes. The NYU Stern program is new, but NYU has one of the best Economics departments and business schools in the world, and their curriculum is very carefully designed by people who know what top PhD programs want to see in candidates because they run such a program themselves.

1. M.A. Economics | Duke University

2. Master of Arts in Economics | University of Texas at Austin

3. Master’s Program | Department of Economics - UW Madison

4. MS in Quantitative Economics | NYU Stern

5. Master’s Program - Agricultural Economics and Economics | Montana State University

WARNING: NOT ALL ECONOMICS MASTERS PROGRAMS ARE CREATED EQUAL

There are Economics Masters programs out there that will NOT prepare you for graduate school because their curriculum is not nearly rigorous enough. If your goal is to pursue a PhD in Economics or a related field, and you find a program that is not on the above list that sounds interesting to you, make sure it’s not just an undergraduate curriculum that has been relabeled, or you will end up wasting your time and money.

This is not to say that such programs are never worth pursuing. Depending on your goals, such a program might be. Just make sure you’re making an informed choice and the correct choice given your goals.

Summer programs for undergraduates

1. Expanding Discovery in Economics+ | The University of Chicago Booth School of Business

Bonus: Chicago Price Theory with Gary Becker and Kevin Murphy

Chicago Price Theory | University of Chicago

Bonus: Free to Choose with Milton Friedman

Bonus: For the late bloomers

It can be very hard to go back to school once you’ve gone out into the real world. But thanks to the internet, even if you have obligations like a full time job and the bills that come with independent living, if you have sufficient determination, you can still do it.

All of the following are resources that I have personally used. Unfortunately none of them are free. But in proportion to the benefits that they give, they are a huge bargain.

1. Department of Mathematics NetMath® | University of Illinois, Urbana-Champaign

   These are credit bearing courses that you can take online to prepare for any kind of degree program that requires knowledge of mathematics to be eligible for admission. (Not just Economics.) This program changed my life.

2. Distance Calculus @ Roger Williams University

   Ditto. This program is led by a UCSD Mathematics PhD who is a truly dedicated instructor.

3. Math Courses - Westcott Courses

   Westcott offers one of the only classes you can take online to learn how to write mathematical proofs, which is an essential skill for any aspiring Economics PhD student. Nancy Davis is also a truly dedicated instructor who will give you the individual attention you need to succeed.