Why Should I Study Economics?

Understanding the Discipline of Economics

Why are some countries rich and some countries poor?

Why do women earn less than men?

How can data help us understand the world?

Why do we ignore information that could help us make better decisions?

What causes recessions?

Economics can help us answer these questions. Explore these short articles which illustrate what economics is and how it connects to our everyday lives.

Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.

Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.

What do economists do?

Economists have all kinds of jobs, such as professors, government advisors, consultants, and private sector employees. Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena. And, their contributions inform everything from public policy to household decisions.

Economics intersects many disciplines. Its applications include health, gender, the environment, education, and immigration. You can check out the field’s classification system (called JEL codes) for more topics that economists study.

Why should I care about economics?

Economics affects everyone’s lives. Learning about economic concepts can help you to understand the news, make financial decisions, shape public policy, and see the world in a new way.

If you are a student, you might be wondering about how much economists earn or how to apply to graduate school in economics. Explore these resources on everything from learning more about economics to preparing for a career in economics. For students interested in economics, explore more about economics at the American Economic Association web page. Browse resources pages to learn more, and follow current economics topics on Facebook (AEAjournals) and Twitter (@AEAjournals).

Much more than finance, banking, business and government, a degree in economics is useful to all individuals and can lead to many interesting career choices. In the video, below, learn how four diverse individuals offer their insights on how a background in economics can be a tool for solving very human problems.

Source: American Economics Society

Why Study Economics?

Careers

An economics degree can prepare graduates for a variety of positions in both business and government. Business economists research and provide information on market conditions, forecasting, government regulations, facilities planning, product ­planning and pricing. Government economists analyze economic conditions and estimate the economic impact of public policies.

Job titles include

research assistant

program analyst

budget analyst

financial analyst

long-range planner

Get more information about careers in economics at the Career Center.

Flexible options

The department offers several degree options that allow students to tailor their program to their interests. Students can choose to major in economics and can add a track in financial economics. Students wanting a blend of business and economics can choose the business administration major with a concentration in economics.

The department also offers a minor in economics for students who are interested in the field.

Students benefit from:

Economics is about more than supply & demand.

It encompasses everything from the foundations of individual decision making to the design of public policy making. Which is why studying it is so essential.

Most textbooks will tell you that economics is the study of resource allocation. True. But we believe that’s far too narrow of a definition. Economics is, more broadly, the study of how our decisions, and the institutional contexts in which we make those decisions, impact our success in achieving our wants and addressing our needs. That’s why we believe everyone needs to learn more about it.

This STEM designated major provides a toolkit for thinking about how the economy works and how economic policies affect us. It teaches students to think about real world problems in an analytically rigorous way. And it provides the skills to analyze complex data, which is increasingly valuable in our data-driven world. See what you can do with an economics degree.

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