Economics

The study of economics also stresses the application of economic theory and econometrics to current problems in a number of fields, from the economic theory of governmental formation, taxation, and expenditure criteria, to social policy areas such as poverty, discrimination, economic growth, energy, and the environment. In addition, students may be exposed to international economics, institutional and development economics, and the analysis of industrial organization, regulation, and the role of corporate power in the economy.

Economic problems center around the utilization of limited resources to provide goods and services for society. As a social science, economics is concerned with people in their roles as economic decision-makers. Economists study how business and personal decisions are made under conditions of uncertainty and incomplete information, and they provide insight into problems involving both short- and long-term planning, such as investment and savings decisions. A strong grounding in both theoretical and applied aspects of economics allows students to use their knowledge to understand economic behavior and provides a basis for evaluating economic policy.

Economics graduates are in considerable demand by both the private and public sectors. Large corporations use economists to fill a variety of management, administrative, and financial positions, and most undergraduates hired receive additional on-the-job training. Federal, state, and local governments employ economists to conduct economic research and to assume managerial and administrative responsibilities. Research firms, consulting firms, public interest groups, and banks and other financial institutions also actively recruit economics majors.

Another career path for those with undergraduate economics degrees is a professional career in law, business, public administration, or even medicine. The fields of law and economics are becoming increasingly interrelated as more of the private sector comes under the influence of public regulation and public sector intervention. Likewise, business schools are including more economics in their master's (MBA) programs, and economic considerations are becoming increasingly important in the organization and management of large business firms.

For those with advanced degrees, the principal career options are teaching, research, and administration. Private corporations in both the industrial and financial sectors, government agencies at the federal and local level, nonprofit research organizations, and private consulting firms are other employers of graduate economists. The government's involvement in regulating economic affairs in such diverse areas as utility rate regulation, environmental standards, occupational health and safety regulation, medical and other services for the elderly, and assistance to low-income households is increasing. This involvement has created a considerable and growing demand for people with administrative capabilities, combined with an understanding of economic incentives, economic systems, and the role of the public sector.

In pursuing an economics major, students develop analytical skills, a strong quantitative background, and clarity and precision of thought and expression. Students also gain knowledge of economic institutions and an understanding of how a complex economic system works. These abilities may be applied to job responsibilities in a variety of sectors and occupational groups.