As a 2004 Earlham graduate who majored in economics and minored in mathematics, I would like to share my experience with you. I am currently a graduate student pursuing my masters degree in economics at New York University.
Two important ideas I hope to convey are:
Needless to say, the empirical work of economics is built on mathematics, especially probabilities and statistics. Economic theory and modeling, understanding of some basic economic concepts, and solving economic systems also rely on mathematical fields including calculus, differential equations and linear algebra. This highlights the relation between economics and mathematics and also draws attention to the necessity of understanding of mathematics in order to succeed as an economist.
Unfortunately, the emotion that mathematics creates in some students is that of intimidation. However, the economics student must understand that mathematics, as hard or intimidating as it might seem, is a tool. It is a tool, which if grasped, will make comprehending economic concepts and theories much easier and more efficient.
Basically, mathematics is a must-know tool for successful economists. Majoring in mathematics would be a great idea for a student intending to earn a doctorate in economics. If a mathematics major is not possible, then the student should consider a minor. At the very least, the economics student must be sure to cover those mathematical subjects that are intensively utilized in economics.
A great website to check is that of Dr. Thomas Sargent, a prominent macroeconomist at NYU. The website has a "math courses" link listing some recommended mathematics courses. Even though these courses are at the graduate level, the list should give an undergraduate student an idea as to what kind of classes in mathematics would be most beneficial in economics.
I hope you find this advice helpful. Feel free to contact me at ieh203@nyu.edu.
Best of Luck,
Ishaq El Husseini, ' 04