The Department of Economics of the University of Pennsylvania (commonly referred to as Penn Economics) is part of the school's Arts and Sciences division. Penn Economics is generally associated with the saltwater school of economic thought (along with University of California, Berkeley, Brown University, Harvard University, Princeton University, Columbia University, MIT and Yale University). It is located in the Ronald O. Perelman Center for Political Science and Economics in Philadelphia, Pennsylvania. History The social sciences began to be offered in Penn's curriculum beginning in the 1870s. Then, Robert Ellis Thompson (1844–1924) was chosen as Penn's first Professor of Social Sciences in 1874. In 1883, Edmund J. James, the first professor of economics, joined the university as a professor and began teaching courses in economics. He was a founding member of the American Economic Association and the American Academy of Political and Social Science. Other notably economists who joined the department in the nineteenth century included Roland P. Falkner (1888), James Harvey Robinson (1891), Albert S. Bolles (1891), Sidney Sherwood (1891), Emory R. Johnson (1893), and Joseph French Johnson (1893). The university as a whole modeled its graduate school on the German model of education, emphasizing a combination of research and pedagogy. Upon graduation, students received a Bachelor of Science in Economics. In 2013, the department received $25 million for the establishment of the Ronald O. Perelman Center for Political Science and Economics, where it currently resides. Academics The Department's undergraduate program is one of the largest in the School of Arts and Sciences. Students enrolled in Wharton as undergraduates share some of the classes with students from the Economics Department, but the two degrees have otherwise separate curriculum. The department offers two majors: an economics major and a mathematical economics major. It also offers graduate courses leading to a Ph.D. in economics. There are currently more than 100 students within the graduate program. Penn Institute for Economic Research The Department houses the Penn Institute for Economic Research (PIER). Founded in 1993 with a donation from William P. Carey, an American philanthropist and businessman, PIER conducts academic research and publishes a working paper series. Its former directors include Lawrence R. Klein, Antonio Merlo, and Enrique G. Mendoza. Academic journals The Department is the editorial home of the International Economic Review, one of the leading general audience journals in economics. It is also affiliated with Capitalism: A Journal of History and Economics.