Why Study Economics?

Why Study Economics?

Economics is an integral part of a well-rounded liberal arts education. Recent surveys of liberal arts colleges and universities indicate that Economics continues to rank among the most popular majors chosen by undergraduates, and the majority of students enroll in introductory courses in economics during their undergraduate careers.

Given the impact of economic forces on our daily lives, the strong interest in economics is understandable. Completion of introductory courses in economics provides individuals with a logical and consistent framework for understanding such basic concepts as inflation, the function of money, and budget deficits. By providing an introduction to economic analysis, students who take economics courses are better able to think critically about policy proposals that emerge from Washington and are debated in the mass media. In addition, students gain a working knowledge of how the economy operates and adjusts to changing economic conditions.

Taking economics courses, however, provides more than mere insights into the functioning of economies. Economics is a field of growing importance as preparation for both a variety of careers and programs of advanced study. The discipline occupies a strategic place among the social sciences, and is important to the study of the humanities as well. An understanding of economics is relevant to advanced study in such fields as History, Political Science, Sociology, Geography, and Anthropology. Since economic institutions are an important element of any larger social or political system, and since major social and political changes are often influenced by economic forces, an understanding of economics is important for mastery of these related disciplines. In addition, economics often provides a useful framework for clarifying interrelationships among other social sciences. In the study of humanities such as Philosophy or English, a knowledge of economics is useful in understanding the development and history of the fields themselves.

Many careers which require the understanding and analysis of contemporary events will also be enhanced by the study of economics. These include such professions as law, journalism, public policy, diplomacy, education, environmental science, medical administration, and international affairs. Economics provides a better understanding of the economic and public policy environment in which virtually every profession will be pursued. Hence, economics courses are an integral part of any undergraduate curriculum.

For all of the career possibilities available to the student of economics, well developed analytical skills and written and oral communication skills will prove to be great assets. Students are strongly encouraged to cultivate these skills in their undergraduate curriculum.

If graduate level training is necessary to prepare you for your chosen career, you should examine the catalogues of appropriate graduate schools as early as possible. This will help you structure your education to include any necessary prerequisites. Also, be sure to consult faculty members in the Department of Economics.

An Introduction to Economics

The purpose of a liberal arts education is to provide students with a wealth of knowledge in diverse areas of study. Economics is definitely a discipline that enhances one's undergraduate education, as it focuses on issues that affect everyone on a daily basis. Economists address the following questions in their work:What is the return an individual can expect from attending college?; How will proposed health care reforms affect U.S.economic performance?; How will NAFTA affect the Mexican and U.S.economies?; What effects, if any, will the current budget deficits have on the future growth of the American economy and the economic well-being of its citizens? Clearly, these issues are of interest to everyone, not just economists. The introductory courses in economics use the principles of economic analysis to provide students with a better understanding of these and other "economic problems." Whether one is interested in biochemistry, art history,or business, the introductory courses in economics provide students with a level of economic literacy sufficient to understand how the economy operates, as well as how government policies affect the performance of the economy.

Every student will benefit from the exposure to economic analysis provided in the introductory courses. In addition to increasing one's understanding of how economies function, many students find that training received in the introductory courses provides insights into the study of other disciplines. Students studying the transition of Russia and the republics from communism to democracy find economic analysis particularly useful in understanding the difficulties experienced by the Russian people as they move from state-controlled markets to "free markets." Individuals with an interest in environmental studies apply economic analysis to problems such as optimal pollution control policies.

By taking economics courses, students gain an understanding of the economy in which they participate, and are able to draw upon the principles of economic analysis to develop a better understanding of material in other disciplines. Finally, economics courses offer students the opportunity to develop the analytical and quantitative skills that virtually all employers value.