Economics from Harvard vs Stanford University: Which institute should you pick

Harvard (#3) and Stanford (#5), two academic behemoths, offer distinctive yet comprehensive economics programmes.

Course structure

At Harvard, the Economics Department mandates a sturdy foundation requiring all students to undertake introductory and intermediate economic theory courses. These courses delve into mathematical models, so basic preparation in calculus is imperative. A unique facet of Harvard’s programme is its emphasis on statistical skills, equipping students to apply real-world data to test economic theories.

The department’s Sophomore tutorial further hones students’ skills by teaching them how to decipher economic research and conduct their research. It also offers a vast course selection, around 19,000, covering diverse topics such as Greek mythology and real-world negotiation. Students can also cross-register at MIT for additional academic options.

Stanford, on the other hand, takes a flexible approach, recognising the diverse interests of its economics majors. They provide a structured framework by categorising courses into Focus Areas, encompassing Behavioral and Experimental economics, Finance, International and Development economics, Government Policy Analysis, Quantitative Methods, and Business Strategy and Regulation.

This structure empowers students to either specialize in a particular area or explore a variety of courses within economics. Beginning with the graduating class of 2025, Stanford has also introduced a Capstone Project requirement, adding a practical dimension to the major and ensuring that students apply their knowledge to real world economic challenges.

Admission

Harvard and Stanford’s Departments of Economics seek diverse applicants, valuing a spectrum of life experiences, perspectives, and backgrounds that can enrich their scholarly communities. Their application review process is characterised by a holistic review, considering each applicant’s academic achievements, recommendation letters, and admission essays.

This thorough evaluation seeks to discern how an applicant’s unique life journey has influenced their past and the potential contributions they can make to the university and the scholarly field of economics.

Scholarships

When students exhibit extraordinary academic and leadership potential, and perhaps have overcome remarkable personal challenges, universities like Harvard and Stanford are happy to support their financial needs, given how much value they bring to a campus.

At Harvard, merit scholarships cover 100 per cent of demonstrated financial need, ensuring that financial barriers do not hinder access to top-tier education. These scholarships are comprised of grant-based funds, eliminating the need for repayment.

Stanford, too, is committed to equitable access, providing need-based financial aid that meets the full demonstrated need of every admitted student. Stanford further eliminates loans for students from families with incomes below a certain threshold, promoting affordability.

Extracurriculars

Harvard offers a diverse range of student organizations and clubs, such as the Harvard Economics Review, providing students with an in-depth exploration of economic topics. Moreover, students can access extensive internship and research opportunities through programs like the Semester Undergraduate Program for Economics Research (SUPER).

Stanford’s prime location in the Bay Area offers students a direct gateway to tech innovation and entrepreneurship. With groups like the Stanford Economics Association and Introductory Economics Center, students engage in economic discussions and networking. Additionally, the Economics Summer Research Assistant Program for 2023 opens doors for research.

Harvard, situated in historic Cambridge, Massachusetts, seamlessly merges tradition with innovation. In contrast, Stanford, nestled in Silicon Valley, exudes a contemporary, entrepreneurial spirit, positioning itself as a hub for technological inventions.

(The writer is the co-founder of Athena Education).