Many people who'd love to study economics never start, because they're sure it's "all math." Maybe you had a tough time with calculus years ago, or you've opened an economics journal and seen pages of equations.
Here's the reassuring truth: yes, you can study economics without a strong math background. Some parts of economics use a lot of math, many use very little, and the math you do need can be learned step by step, starting from where you are.
How Much Math Does Economics Really Use?
It depends enormously on what you study and where.
- Introductory economics mostly uses graphs, percentages, and basic algebra.
- Mainstream graduate programs, especially PhD programs at research universities, are heavily mathematical. Calculus, linear algebra, and optimization are standard.
- Applied fields such as labor, health, development, and urban economics use statistics to analyze data, but the core ideas can be understood in plain language.
- Many heterodox traditions, such as institutional, Austrian, feminist, and Marxian economics, rely heavily on history, case studies, and careful reasoning, with less formal math. (New to the term? Here's what heterodox economics is.)
- Economic history and the history of economic thought are mostly reading, writing, and argument.
Some of the most influential economists wrote with few equations. Keynes's General Theory is mostly prose. Hayek's most famous paper contains no mathematics at all. Elinor Ostrom won the Nobel Prize for fieldwork on how communities manage shared resources.
Which Math Skills Are Worth Learning?
You don't need to become a mathematician, but a few skills will open up a lot of economics:
- Reading graphs and tables. Most economic arguments are shown visually.
- Algebra and percentages. Growth rates, inflation, interest, and elasticities.
- Basic statistics. Averages, variation, correlation, and the difference between correlation and causation.
- Regression. The workhorse tool of econometrics, used to test economic ideas against data. Modern software does the heavy lifting; your job is to understand what the results mean.
- Calculus (optional, depending on your goals). Useful for mainstream theory and for reading many journal articles, but not required for many careers in policy, journalism, or advocacy.
How to Build Your Skills Without the Anxiety
Start with questions, not equations. Math is easier to learn when it answers a question you care about, like whether a minimum wage increase reduced jobs in your city.
Learn one tool at a time. Pick up the skills as your projects need them, rather than trying to learn everything up front.
Use real data. Free sources like FRED (from the Federal Reserve Bank of St. Louis) let you chart inflation, unemployment, and wages in minutes. Seeing real numbers makes the concepts stick.
Get 1-on-1 help. The biggest reason people struggle with math isn't ability; it's falling behind in a class that can't slow down. One-on-one tutoring is one of the most effective forms of instruction we know of. In Benjamin Bloom's famous 1984 study, students tutored 1-on-1 outperformed 98% of students taught in a conventional classroom.
Free resources help too. The CORE Econ project's free textbook The Economy teaches economics through real-world problems and data, with very approachable math.
What Careers Need Less Math?
Plenty of economics-related careers value clear thinking and good writing more than advanced math, including:
- policy analysis in government, think tanks, and nonprofits
- economic journalism and communications
- union research and advocacy
- business strategy and market research
- teaching
Careers in quantitative finance, central bank research, or academic economics at research universities do typically require more math, and you can build toward them over time if that's where your interests lead.
Studying Economics at Elton
Elton University's economics master's is built for students who come from many backgrounds, including those who aren't "math people" yet. You work 1-on-1 with professors who build your quantitative skills step by step, starting from where you are, until you can read the research with confidence and run your own analyses.
You can study any school of thought, mainstream or heterodox, in any field. Some, like econometrics and financial economics, use more math; others, like economic history, institutional, and feminist economics, use less. Your professors help you choose the path that fits your goals, and support you every step of the way.
Curious whether economics is right for you? Talk to an admissions officer or explore Elton's economics program. Elton University is a 501(c)(3) nonprofit university — EIN 86-2426898.
Sources
- Chang, H.-J. (2014). Economics: The User's Guide. Pelican.
- CORE Team (2017). The Economy. Oxford University Press.